SAT puts a stay on SEBI directive to NSDL
Mumbai: The Securities Appellate Tribunal (SAT) has put a stay on a SEBI directive in the recent IPO investigation order to the National Securities Depository Ltd (NSDL) to revamp its management. SAT has said that SEBI has no power to issue directions to the promoters of a company on revamping management.

The SAT passed the interim order after hearing the plea by NSDL on SEBI's interim order on the IPO allotment scam dated April 27, 2006.

In the 17.14 section of the IPO investigation interim order, SEBI said: "Interim findings in this order demonstrate the contributory negligence on the part of the depositories and their management. It is clear that there have been grave management lapses leading to such a situation.

The promoters of NSDL are IDBI, the NSE and UTI. Other shareholders include SBI, Oriental Bank of Commerce, Citibank, Standard Chartered Bank, HSBC, Dena Bank and Canara Bank.
The SEBI order had further said that the "periodical inspection of DPs being done by the depositories appears to be merely a cosmetic exercise.

Setting aside the SEBI directions, the SAT said: "One of the primary grievances made by the appellant is that even though the impugned order is interim in nature, pending final investigations, the board has recorded firm findings on the issues involved therein, which will prejudice their cause.
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Record date for Infosys bonus issue
Bangalore: The board of Infosys Technologies has set July 14, as the record date for the issue of bonus shares. Shareholders at the company's 25th AGM on Saturday approved the issue of 1:1 bonus (one share for each share held). They also approved the hike in authorised capital from Rs150 crore to Rs300 crore.
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Simplex Infrastructure offers 50 per cent dividend
Mumbai: Kolkata-based infrastructure company Simplex has posted a dip of 18.23 per cent in net profits at Rs10.63 crores for the quarter ended March 31, as against Rs13 crores in the corresponding quarter last year while declaring a dividend of 50 per cent.

However, for fiscal 2005-06, the profits were up 65.4 per cent at Rs41.64 crores as against Rs25.17 crores in the previous fiscal.

The company plans to raise about Rs900 crores, through both equity and debt, to augment growth, Simplex Director Amitabh Mundra informed the press.

The net sales of the company for the fourth quarter stood at Rs396.27 crore as against Rs307.81 crores while for the fiscal it was Rs1344 crores as against Rs999 crore in the previous fiscal.

The company's current order book stands at Rs4500 crores with a major portion of power projects.
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