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Sibal complains to Sebi on ONGC gas find
New Delhi: Firing the latest salvo in his ongoing spat with ONGC chairman Subir Raha, the director general, Hydrocarbons (DGH), VK Sibal has lodged a complaint with the Securities and Exchange Board of India against Oil and Natural Gas Corporation for making public an oil discovery without informing the stock exchanges. He has sought an investigation into the matter.

In a related development, the Sebi chairman M Damodaran has written a letter to the petroleum secretary SC Tripathi, raising the matter of Sibal's outbursts in the media, regarding premature disclosure of discoveries by ONGC and Gujarat State Petroleum Corporation.

In his letter the Sebi chairman is believed to have pointed out that no communication has been received from the DGH, regarding any development that merits action by Sebi. The chairman is also believed to have taken a dim view of the DGH'S outbursts, saying that it would be appropriate for the DGH to write to Sebi rather than to have Sebi learn of his views, on purported acts of omission and commission by ONGC, through television channels.

With reference to the ongoing controversy, it is believed that the Sebi chairman has also pointed out that there is no mechanism to determine if an announcement is premature or does not comply with the disclosure clause of the listing agreement. Sebi has proposed that the petroleum ministry put in place a mechanism for the purpose.
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Safety In The Market, Australia, launches operations in South India
Chennai: Safety In The Market, Australia, a company that trains stock market traders to do business on the basis of sound mathematical principles, has launched operations in South India. The company was founded by the Australian trader David Bowden and has operations across the globe.

According to company officials, having precise rules to know when there is a buy signal or sell signal in a specific stock is a clear benefit to traders, and it is this knowledge that SITM imparts.

David Bowden's methods are based on the works of W D Gann, a man who lived between 1878 and 1955. Like R N Elliot, who propounded the Elliot Wave theory, Gann believed that markets followed a pattern and the trick to make money is to understand the patterns.

David Bowden is said to have predicted the market crash of May 17, 2004, six months earlier, precisely mentioning the date in his prediction. Incidentally, the May 17 meltdown was not just in India, but also in several markets across the world.

Safety In the Market proposes to teach Gann's techniques to traders through a combination of software and classroom-based training. The cost of the course, post-discount is Rs 66,000.
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KSL announces share split
Mumbai: KSL and Industries has announced a stock spilt of its Rs10 face value share to Rs4 face value share with effect from September 23. A resolution to this effect was passed at the extraordinary general meeting of the company on September 2.

"The share spilt will improve the liquidity of the shares as a result of the increase in floating stock," a press release said quoting Saurabh Kumar Tayal, managing director. The move would enable more retail investors to participate in the company's growth process, the release said.

KSL and Industries is the flagship company of Saurabh Kumar Tayal enterprise. The company is an integrated textile mill and has recently forayed into realty.
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Hind Dorr-Oliver board approves preferential allotment of shares
Hyderabad: The board of directors of Hindustan Dorr-Oliver Ltd (HDO), now a subsidiary of IVRCL Infrastructures & Projects Ltd, has on Monday decided to issue equity through the preferential allotment route.

In a press release here, IVRCL said the HDO board has decided to issue 15.7 lakh shares on preferential allotment basis at Rs320 per share in accordance with the SEBI guidelines.

The HDO board has also decided to issue two lakh warrants in favour of IVRCL. The warrants will be convertible into equivalent number of shares, at the rate of Rs320 per share, within 18 months from the date of allotment of warrants.

Further, the company will also issue one lakh employee stock options convertible into one lakh equity shares on exercise of options to the company's employees at Rs240 per share.

These decisions are subject to the approval of its shareholders at the extraordinary general meeting (EGM) scheduled for October 8, the IVRCL release said.
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GE Shipping board to consider de-merger issue on Sept.15
Mumbai: The board of Great Eastern Shipping will be meeting on September 15 to consider the scheme of arrangement of the proposed de-merger of the company's offshore division.

According to sources, a decision will be taken on the valuation report, which pertains to the swap ratio. The company has appointed two valuers for the de-merger.

The board had earlier proposed to de-merge the offshore division, which accounts for 20 per cent of the company's revenue, into a separate entity.
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