Sebi bars 2 companies from capital markets

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By PTI | 10 Jul, 2014, 05.56PM IST

In two separate orders dated July 9, the Sebi said that the two companies are restrained from accessing the securities market.

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MUMBAI: Sebi has prohibited Star Precision Electronics India and Teem Laboratories from dealing in the capital markets for failing to resolve investors grievances pending against them as well as not getting registered with the regulator's online complaint redressal system SCORES.

In two separate orders dated July 9, the Securities and Exchange Board of India (Sebi) said that the two companies are restrained from accessing the securities market "till all the investors' grievances against it are resolved and it obtains SCORES authentication".

Both the companies had unresolved investors complaints pending since 2004. While Star Precision had 7 investors grievances pending, Teem Laboratories had 20 such cases unresolved.

"...the company has not shown any tenacity in resolving the investors' grievances and in spite of repeated advices of Sebi, the said investors' grievances are still pending, till date," the market regulator said in the orders.

In August 2012, Sebi had directed all companies whose securities are listed on stock exchanges to obtain SCORES authentication by September 14, 2012.

However, certain companies, including Star Precision and Teem Laboratories, did not obtain SCORES authentication within the time period specified following which a public notice was issued on January 13, 2013, advising them to obtain the same within seven days.

Sebi had said that enforcement actions would be initiated against the companies if they fail to comply with the norms.

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Commercial realty gets a boost as companies gear up to cash in on acche din

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Sobia Khan, Kailash Babar & Ravi Teja Sharma, ET Bureau Jun 30, 2014, 05.47AM IST

BANGALORE | MUMBAI | NEW DELHI: Companies across industries such as IT, consultancy and e-commerce have begun leasing and buying office space in expectations of an economic boom under a stable central government — a development that will rejuvenate the job market.

Top property consultancies in the country such as Cushman & Wakefield, CBRE, JLL, Knight Frank and DTZ say they have mandates from various corporates to lease about 40 million sq ft of space in the top seven cities this year. With firms planning to use more than half this space for expansion, conservative estimates show that they will create around 350,000 jobs in the process.

"There is a sense of urgency among clients today," said Viral Desai, director - office at Knight Frank. "While not much has changed in their business so far, with a new government in place, they are preparing for growth. No one wants to miss the bus," he added. Consulting firm KPMG recently leased over 700,000 sq ft of space in Bangalore and there is buzz in the market that its peers EY, Deloitte and PwC are also looking to ramp up. Many of the big Japanese and Korean firms are looking for space, though demand from the IT industry — doing well on the back of a US recovery — is still the biggest.

Accenture, for example, is looking for about one million sq ft of space in Bangalore, according to property consultants. Another big segment vying for space is e-commerce which has seen multiple rounds of consolidation and entry of big global players such as Amazon and eBay over the last one year, with players adding offices and warehouses on hopes of a boom in consumer spending.

Bangalore-based RMZ said it has already leased 3.25 million sq ft in a business park in the city to corporates such as SAP, Morgan Stanley, ANZ and Honeywell in the last few months. While large scale leasing might not be back just yet, the first signs are here.

"Corporates, both Indian and foreign, foresee 2016 as a big year and they are starting to plan for that growth today," said Bhumesh Gaur, co-chair at India chapter of CoreNet Global, an association of corporate real estate professionals whose members include over 100 India and foreign corporates. A landslide victory for BJP-led National Democratic Alliance in the general elections triggered the new-found excitement in the corporate sector. "In our conversations with companies till a few months ago they were more interested in maintaining status quo as they were uncertain.

There were no large futuristic calls on expansions. That's changing now," said Anckur Srivasttava, chairman of GenReal Property Advisers. Srinivasan Gopalan, chief operating officer at Mumbai-based developer Wadhwa Group, said the company's leasing pipeline has doubled since the election results to nearly 400,000 sq ft now. "Enquiries have gone up substantially," he said.

The development will boost the job market, which has slowed down due to subdued economic growth that hit production and consumption. According to an ET Intelligence Group analysis of close to 250 companies belonging to the S&P BSE 500 index, employment growth slowed to 3.5% in FY13 from 5.7% in the year before and 6.4% in FY11. There could be an improvement this fiscal with corporates planning to use about 25 million sq ft of office space they plan to take on lease in top cities such as Gurgaon, Bangalore, Pune, Hyderabad and Chennai for expanding their businesses. "There is a lot of positivity in the environment now as challenges of project approvals and capital inadequacies are being done away with.

There is significant expectation of de-congestion of growth from now on. Overall growth expectation for the job market in the next one year is very bullish," said Rituparna Chakraborty, senior vice president at HR consultancy firm Team-Lease Services. "The challenge for India now is not job creation but finding the right talent and skillset," he added. Meanwhile, rising demand for office space may lead to supply shortage and high rentals. Over the last few years, as demand for office space declined, as a kneejerk reaction most builders started to defer new office projects and shelved many projects.

According to JLL, across the top seven cities, expected total supply of grade A office space is only about 31 million sq ft in 2014 compared to 44 million sq ft in 2011. "In most cities, enhanced interest from companies has not kept pace with commercial property developers with lack of new launches. The rentals are expected to move up by 5% to 10% this year," said Ashutosh Limaye, head of research at JLL India. Srivasttava of GenReal Property said he expected office rentals to keep rising constantly over the next five years.

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Mining companies face lawsuits as US government rallies to their defence

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A train hauling coal from an Arch Coal Inc mine in the Powder River basin of Montana and Wyoming. Photograph: Elaine Thompson/AP

Coal industry representatives say lawsuits against mines in three western states could have consequences across the US as environmentalists seek changes in how mining is approved on federally owned reserves.

In civil cases unfolding in Colorado, New Mexico and Montana, the group WildEarth Guardians asserts coal companies benefited from lax oversight by federal regulators.

The group says the US Department of Interior approved mining plans without enough public involvement, and gave little heed to the pollution caused by digging, shipping and burning coal. The group asked the courts to stop mining until the plans are re-done.

The cases involve the San Juan coal mine in New Mexico, the Colowyo and Trapper mines in Colorado, and the Spring Creek mine in Montana. Combined, they employed about 1,200 workers and produced 27m tons of coal last year, according to federal records.

Attorneys for the federal government denied the environmentalists' claims and have asked the courts to dismiss the cases. More detailed briefs from the government are due in coming weeks. A fourth case involving several mines in Wyoming was voluntarily dismissed.

New Mexico-based WildEarth Guardians has a lengthy record of litigation against the coal industry. Just in the past five years its attorneys have filed dozens of lawsuits and legal petitions against agencies that regulate mining on federal lands.

Yet all sides in the three lawsuits over the mining plans agree the consequences in those cases could be particularly far-reaching. Coal mines nationwide have gone through the same approval process that's being challenged, according to a National Mining Association attorney. If the government's defense is unsuccessful, mines across the US would be threatened, the group said.

"If WildEarth's request for relief is granted … the result would be devastating economic harm to coal miners, operators and the entire industry that services coal production," mining association attorney Stephen Bell wrote in a recent court brief.

The Washington DC-based mining association, representing hundreds of companies, has intervened in the Montana case on behalf of Spring Creek operator Cloud Peak Energy, of Wyoming.

Montana's attorney general, Tim Fox, also has intervened on the side of the defendants. His office says impeding mining at Spring Creek would deprive Montana of millions of dollars in coal production royalties, state and local taxes and other payments.

Jeremy Nichols with WildEarth Guardians said that while mining has its benefits, the government can't ignore the costs of producing and burning large volumes of coal.

"This problem is not just limited to one mine in one state. It's happening frequently," he said.