Sebis clean chit to Grasim-RIL-L&T deal
Mumbai: The Securities and Exchange Board of India (Sebi) has found nothing wrong in the negotiated deal executed between the Grasim Industries and Reliance Industries Limited (RIL) in which the former has acquired 10.05 per cent stake of L&T from the latter at Rs 306 per share as against the market price of Rs 164.

In a reply to the Investor Grievances Forum (IGF) last week, Sebi said the acquisition of L&T shares is a negotiated deal between the two companies and it does not trigger open offer requirements under the regulations.

The IGF had made an issue of the deal between RIL and Grasim and demanded that the back door entry of Aditya Birla Group on the board of L&T be prevented and Grasim should make an open offer to the small shareholders at the same price at which it acquired 10.05 per cent stake in L&T from RIL.
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Ketan Parikh admits to using Madhavpura money
New Delhi: Ketan Parikh is reported to have confessed to having drawn to the tune of Rs 888 crore from Madhavpura Mercantile Cooperative Bank (MMCB) for stock investments owing to which the bank went into the red.

Deposing before the joint parliamentary committee, probing the stock scam, Parikh said his borrowing far exceeded his limit of Rs 205 crore and he was unable to repay the amount as he fell into a vicious cycle because of the payment crisis in the stock market.

Parikh, who gave a 100-page detailed statement to JPC, claimed that whatever he did was in the interest of the nation and to make Indian bourses globally attractive.
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US 64 NAV at Rs. 6.05
Mumbai: The Net Asset Value (NAV) for Unit Trust of India's US 64 scheme on 3 January was pegged at Rs 6.05 per unit while the total repurchases for the scheme stood at Rs 8.59 crore.

NAV-linked repurchases for the flagship stood at Rs 32 lakh, while the NAV-linked sales of units stood at Rs 43 lakh.
The repurchase price for US 64 units for January has been set at Rs 10.50 per unit under the special scheme.
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Internet trading for regional exchanges planned
Mumbai: DOTEx International and Interconnected Stock Exchanges of India Ltd (ISE) have tied up to provide Internet trading facilities to members of 15 regional stock exchanges.

Members of these exchanges can now start accepting buy and sell orders over the Internet through ISE Securities & Services Ltd (ISS), a fully-owned subsidiary of ISE, which is registered with the National Stock Exchange (NSE) as an exchange subsidiary.
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