SEBI Staff Being Probed In Bribery Cases
Three senior executives of market regulator Sebi are being investigated for alleged cases of irregularities, bribery and corruption, and all of them have been suspended from their respective jobs. Replying to a written question in the Rajya Sabha, Minister of State in the Finance Ministry Namo Narain Meena said that these executives include Assistant General Managers Jerome K Alexander and Rajesh Pratap Singh and Deputy General Manager Avarjeet Singh.
Refining Capacity To Rise 24 % By 2015-16
India’s oil refining capacity will rise 24 per cent to about 267 million tonnes by 2015-16 as both public and private sector refiners have lined up expansions. The country presently has 25 oil refineries with a crude oil processing capacity of 213.066 million tonnes. This will rise to 264.966 million tonnes by 2015-16..
India’s refining capacity is dwarfed by 887 million tonnes a year capacity in the US. But it is more than 104 million tonnes capacity in Germany, 117 million tonnes in Italy, 81 million tonnes in France and 88 million tonnes in the UK.
Top Post In 24 CPSEs Vacant
Posts of Chairman-cum-Managing Director/Managing Director are lying vacant in 24 central public sector enterprises including MMTC, NMDC, NHPC and National Fertilisers Ltd, Parliament was informed. “Full-time Chairman-cum-Managing Director/Managing Director are not in position in 24 central public sector enterprises.
Infosys Faces Second Case Of US Visa Misuse
India’s second largest IT company Infosys has been charged for the second time with misuse of US visas. Satya Dev Tripuraneni, a US citizen and former employee of Infosys in the US, has filed a lawsuit in a California court early this month alleging that though he had brought to the notice of the Infosys management the alleged misuse of visas, no action was taken. Confirming that the suit has been filed, Infosys has said in a statement that the matter is being investigated.
“Shortly after Tripuraneni filed his complaint with the Infosys whistleblower team, as per our policy, the company launched a comprehensive investigation of his allegations,” the statement said.
Tea Production Down 6%
Tea production has dropped by 6% to 338.08 million kg in the first half of 2012 calendar year due to fall in output in North and South India.
India had produced 358.32 million kg of the brew in the January-June period last year. Tea production in North India declined by 6% to 222.76 million kg in January-June, 2012 from 236.20 million kg in the year-ago period, according to the data by Tea Board. The output in South India fell by 6% to 115.32 million kg from 122.12 million kg in the review period. However after a continuous decline in the first five months of 2012, tea production rose by 7% to 122.26 million kg in June this year from 114.71 million kg in June, 2011.
— Business Desk with
inputs from PTI and IANS.
ATM Frauds Triple
Banks have reported 487 cases of ATM frauds in 2011, involving over Rs 7 crore — triple the amount reported four years ago, Parliament was informed on Thursday. As many as 153 incidents of ATM frauds were noticed in the calendar year 2008, involving an amount of Rs 2.46 crore.
serious Frauds By Companies, Brokers
The government is “seriously engaged” in dealing with serious frauds committed by companies, stock brokers and sub-brokers in the corporate sector, the Lok Sabha was informed yesterday.
Corporate Affairs Minister M Veerappa Moily told parliament yesterday, that the Serious Fraud Investigation Office (SFIO) has established Market Research and Analysis Unit to deal with frauds committed by brokers and sub-brokers.
“The ministry is seriously engaging with this matter and a number of measures have been taken,” Moily said. He said around 32,000 companies have adopted guidelines issued by the ministry and the Serious Fraud Investigation Office. This will help the SFIO to deal with the menace in a more effective manner.
“During the last three years - 2009-10, 2010-11 and 2011-12, the SFIO has handled 50 cases out of which investigation have been completed in 45 cases....
During these years prosecution have been filed against 15 companies and 186 individuals,” he said.