Mumbai: Given their economic contributions, India and other emerging countries should have a greater say in decision-making bodies, said Kemal Dervis, head of the United Nations Development Programme (UNDP).
“I think there is need for overall adjustments in the international systems so that the developing countries that are now so important in the world economy get a role that is commensurate to their real weight in this world,” said Dervis, who was in Mumbai to deliver the annual lecture to mark the commencement day of Export-Import Bank of India.
Time for change: A January photo of UNDP administrator Kemal Dervis at the World Economic Forum in Davos.
“After all, what happens in rich OECD (Organisation for Economic Co-operation and Development) countries has a tremendous impact on emerging economies such as India or South Africa. So it seems that India and South Africa should have a real say in some of the financial issues, and not just be at the receiving end of what happens in the rich countries,” he said.
On India’s inclusion to the United Nations Security Council, Dervis said “… the security council structure and the role of the permanent five with veto power does reflect a world of the post-second World War, and, therefore, some substantial changes would seem to be fair and necessary.”
“This 8% plus growth rate that India has achieved was at a time when the global economy was at its best growth performances on record. The question that we are analysing now is whether India can continue with this excellent performance when the world economy stops growing at a significant rate,” he said.
Indiabulls Power wins plant bid, coal mine
Mumbai: Indiabulls Power Services Ltd, a unit of Indiabullls Real Estate, has won a bid to build a 1,600MW plant along with a coal mine in Chhattisgarh, a Indiabulls group spokesman said on Tuesday. The power plant will sell 65% of the power to the government at 81 paise per unit and the rest to private users, Gagan Banga, spokesman, Indiabulls group told Reuters. The company will sell 35% of the power at Rs4 a unit while the overall sale price of power would be Rs2 a unit. The coal mine has reserves of 350 million tonne, which will be used to generate power.
Pantaloon Retail in talks with Godrej Agrovet
New Delhi: Pantaloon Retail India Ltd said its group company was in talks with Godrej Agrovet for a tie-up. Kishore Biyani, Pantaloon’s managing director, said that a possible tie-up could come through Future Ventures Ltd, a group company that has filed for an initial public offering. Godrej Aadhar is a 60-store strong rural retail chain. Balram Yadav, Godrej Agrovet’s chief executive said “we cannot confirm speculation.” Pantaloon clarified to the Bombay Stock Exchange that reports that it would take majority stake in Aadhar were misleading.
Mumbai fails to sell land for first time since 1995
Mumbai: India’s commercial capital failed to sell all plots at an auction on Tuesday for the first time since 1995 as slumping global markets deterred buyers. Mumbai Metropolitan Region Development Authority will raise Rs1,320 crore after two out of five blocks on offer failed to attract any bids, joint metropolitan commissioner Milind Mhaiskar said. That’s less than the minimum Rs1,900 crore it targeted. Jet Airways (India) Ltd was the sole bidder for a commercial plot in the Bandra Kurla Complex, home to a stock exchange and diamond bourse.
Four ethnic Indians in new Malaysian cabinet
Kuala Lumpur: Malaysia’s premier on Tuesday inducted four ethnic Indians including a cabinet minister, S. Subramanian, in his new government line-up while dropping seven serving ministers to streamline the administration.
The other Indians in the cabinet are M. Saravanan, who was appointed deputy minister for the federal territories ministry, S.K. Devamani, deputy minister at the prime minister’s department, and A. Kohilan illay, deputy minister in the plantation industries and commodities ministry.
20 offerings hit Sebi’s clarification hurdle
Mumbai: Market regulator Securities and Exchange Board of India or Sebi, has sought “clarifications” on proposed initial public offers (IPOs) of as many as 20 companies, including leading commodity bourse Multi Commodity Exchange (MCX), Mahindra Holidays and Resorts India Ltd, Oil India Ltd and Anil Ambani group’s telecom tower business arm Reliance Infratel Ltd.
Another 21 IPOs are currently awaiting clearance from Sebi; among these are 15 offers whose bankers have replied to clarifications sought.
Of these, a notice has been issued over the MCX IPO recently, while clarifications are awaited from Reliance Infratel, Oil India, Mahindra Holidays and National Hydroelectric Power Corp. Other such IPOs include Jaiprakash Power Ventures Ltd, PNC Infratech Ltd, Pipavav Shipyard Ltd and Sea TV Network Ltd.
Sebi may issue its observations, which are necessary for the IPOs to proceed, on a draft document filed with it within 30 days from the date of receipt. However, it may seek additional information or clarification within 15 days from the date of receipt of reply.
PPP nominates woman for Speaker’s post
Islamabad: The Pakistan People’s Party (PPP) on Tuesday nominated 51-year-old Fahmida Mirza, a medical graduate, and Faisal Karim Kundi as its candidates for the posts of Speaker and deputy Speaker, respectively, of the lower house of Parliament.
The two candidates are expected to win as the PPP and its allies-Pakistan Muslim League-Nawaz, Awami National Party and Jamiat Ulema-e-Islam have a majority in the National Assembly. If she is elected, Mirza will be the first woman Speaker of Pakistan.
Polling for the posts will be held through secret ballot at 11am on Wednesday and the new Speaker will take charge as custodian of the House the same day.
Regulator investigating trading in RPL stock
New Delhi: The Securities Exchange Board of India or Sebi is investigating trading in Reliance Petroleum Ltd (RPL) stock, minister of state for finance Pawan Kumar Bansal said in Parliamnet on Tuesday. “The Securities and Exchange Board of India has informed that it has initiated an examination in the matter,” he added..
The minister was responding to a question about whether the government had acted against the promoters or affiliates of Reliance Industries Ltd regarding the “recent mammoth insider trading activities” in its Reliance petroleum unit. Reliance Industries raised $1 billion (Rs4,060 crore by selling a 4.01% stake in Reliance Petroleum, the company said on 24 November. Reliance Petroleum, a unit of Reliance Industries, is building the world’s largest refinery.
The market regulator asked exchanges for data after RPL gained 76% between 22 October and 1 November and fell 18% on 6 November, ‘Mint’ reported on 28 November, citing an unidentified official.
Govt yet to decide on keeping 2 airports open
New Delhi: India will consider allowing state-run airports in Bangalore and Hyderabad to continue operations along with the new private airports, the civil aviation minister said on Tuesday.
On 12 March, airport workers across India went on a one-day strike to protest against the government decision to shut down the two airports to make way for new airports built by private developers. “The government can’t go back on legal and contractual obligations... We will review all the positions in due course,” Praful Patel said on the sidelines of an industry conference.
Orchid Chem promoters sell 7% stake, shares fall
Mumbai: Founders of Orchid Chemicals and Pharmaceuticals Ltd on Monday sold 7% of their stake due to margin calls, its managing director said on Tuesday on a day the company’s shares slumped, extending earlier losses.
The founders do not plan to raise their stakes in the firm beyond 17% any time soon, said Orchid’s Raghavendra Rao, who along with his family holds 17% in the drug maker. “I had borrowed money to increase my holdings from 17% to 24% last year,” he told Reuters, adding, “since the margin pressure was there and I couldn’t bring up the required amount, (the lenders) had no option but to sell the shares.” The founder’s sale coupled with offloading of almost a million shares by Bear Stearns Companies Inc. led to the share’s 43% plunge on Monday. Rao clarified Monday’s fall wasn’t related to forex losses. The company’s shares, on Tuesday extended their losses, and closed 10.31% lower at Rs113.95 on the Bombay Stock Exchange.