Sebi bars Transgene CMD and 5 officials from capital markets
In a suspected case of round tripping through a web of cryptic deals running across India, Hong Kong and Switzerland, Sebi has ordered a detailed probe into the alleged diversion of funds raised by a pharma company through issuance of Global Depository Receipts (GDRs).
Sebi has prima facie found that the firm, Transgene Biotek, transferred $ 29.92 million, out of total GDR proceeds of $ 40.5 million, through a subsidiary "for undisclosed and ulterior purposes under the garb of consideration for technology transfer and for other reasons".After raising of funds, the money was first kept in a Switzerland-based bank and some parts were later transferred to other entities in Hong Kong and Canada, among others, including to a subsidiary.
Govt plans to bring all pharma related Depts under one roof
Government is working on bringing various departments and agencies dealing with the pharma sector under a single authority for better co-ordination and effectiveness."We are working on one proposal to bring all the departments or government agencies which deals with the pharma sector under one single department," Minister of Chemicals and Fertilisers Ananth Kumar said.
Explaining the rationale behind the move, he said: "At present, for research, licensing, patent and pricing of drugs or medicines there is a different department for each, so if all these come under one department there will be better co-ordination and effectiveness."
Nations have to make effort to combat black money menace: Paul
Noting that black money has fallen into the hands of terrorists, NRI industrialist lord Swraj Paul has said that most of the countries are now realising its dangers and they have to make an effort to combat the menace.
"Most of the countries are now realising the dangers of black money, not because of the money itself, but because unfortunately it has fallen into the hands of the terrorists etc. So because of that they will have to make an effort," said lord Paul, Chairman of the Caparo Group of Industries.Commenting on new Indian government's efforts to get the black money stashed abroad by Indians, 83-year-old Paul said: "the world has promised to cooperate. It is not a problem of one country. Money is flowing into terrorism and all countries are affected because of it. It is not going to be one-day affair or a one-year affair."
Royal Enfield on expansion mode; to set up 3rd plant
Revving up the throttle on its expansion plans following 'huge' demand, premium motorcycle manufacturer Royal Enfield is looking at ramping up production at its two facilities here besides setting up a third plant, a top official said.The Eicher Motors' company has been witnessing huge demand for its products soon after launch of various models, including the 'Classic'
range. To augment the expansion plans, the firm recently acquired land near here to set up another facility. Royal Enfield currently has two manufacturing facilities one each at Tiruvottiyur and Oragadam near here.
last year we produced just over 1.70 lakh motorcycles and this year (2014) we will be doing three lakh units. So we are talking about 70-75 per cent increase in capacity from last year to this year," said Eicher Motors MD and CEO Siddhartha lal