SEBI seeks inputs from public on insider trading norms
Mumbai, April 16:
Stock market regulator SEBI's high-level committee, set up to review insider trading norms has asked for inputs and suggestions from the public.
Insider trading is the act of buying or selling scrips by an entity, who is an insider (promoters, key management personnel and the like), on the basis of unpublished price sensitive information.
SEBI has asked people to table the issue they wish to raise, give their suggestions and the rationale behind. The suggestions should be sent by May 16.
raghavendrarao.k@thehindu.co.in
Satyam merger scheme unfair: Minority shareholders
Hyderabad, April 17:
The minority shareholders of Mahindra Satyam have alleged that the scheme of amalgamation of the company with Tech Mahindra has put them in a disadvantageous position and termed the scheme unfair.
The board of Mahindra Satyam had considered the numbers of March 31, 2011, for the scheme of amalgamation. The financials in that year were in the negative as the company posted losses. The board had met on March 21, 2012, to consider and announce the merger.
Arguing for IL&FS in the Andhra Pradesh High Court on Tuesday, Sudipto Sircar, counsel, said the benefit of March 2012 financials (Rs 1,297-crore net profit) were not passed on to the shareholders. This showed that the company's decision was prejudicial to the interest of the shareholders and public at large.
He requested the court to consider shifting of appointed date (for merger) from April 1, 2011, to latest date.
The court has been hearing pleas from minority shareholders and 35 creditors that claimed to have lent Rs 1,200 crore to Satyam during the regime of Ramalinga Raju.
Arguing for the creditors, Niranjan Reddy, objected to the nomenclature of 'Raju companies' while describing the creditors. Mahindra Satyam refused to recognise us as creditors though the investigating agencies and the company itself found that the Rs 1,425 crore had flowed into the company from the creditors, he argued.
Initially, they thought the money was flowed out of Satyam and came back via the creditor firms. But it was proved wrong. If they went ahead with the merger, they might not honour our claims for the repayment of the loans, he said.
The court has posted the matter to Monday.
Top B-schools hold out a safety net
Students can rejoin campus placement programme if entrepreneurial efforts fail
Mumbai, April 17:
While her classmates were busy preparing for the final placements at IIM-Calcutta, Ridhi Agarwal was dreaming a different world — an online grocery store.
Besides the conviction that entrepreneurship is in her blood, what gave Ridhi the courage to strike out was the deferred placement programme offered by her alma mater. This programme allows her to join the campus placement programme a year later, if her venture does not click.
This scheme, also offered by other premier management institutes such as IIM-Ahmedabad, XLRI Jamshedpur, IIM-Bangalore and ISB-Hyderabad, has given wings to the dreams of many like Ridhi, and helped promote the spirit of entrepreneurship among students. The option also encourages students to try out careers based on their interests.
In these times of a global economic slowdown, the deferred placement programme has come as a boon to many students who want to start their own ventures.
For instance, Alosies George, an alumnus of IIM-Calcutta, followed his passion for teaching and opted out of summer placements to join 'Think and Learn', a study centre in Bangalore. He will take the deferred placement option in the final placements while pursuing teaching.
Since the introduction of the placement holiday programme at IIM-A in 2007, 61 students have used this platform to start their own ventures. "Of this, six have returned to take part in the campus placement process. From the graduating batch of 2013, seven students have already opted to pursue entrepreneurial ventures," said Kirti Sharda, Chairperson, Placements, IIM-A.
Started in 2011, IIM-Calcutta's deferred placement programme has seen a similar trend. "The programme is available to all IIM-C students during the final placement season and on opting for it they are allowed to return to the campus after a year to sit through the placement process with the next batch. There are no enrolment criteria for it," said Deep Patel, Head of Entrepreneurship Cell at IIM-C. This year, nine students of IIM-C opted out of placements to pursue their own venture.
Ridhi Agarwal's venture, started with an investment of Rs 5 lakh, is already six months old and doing well.
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