Metro Observer Daily

  NEW DELHI: The Enforcement Directorate (ED) has attached assets worth over Rs 32 crore of a Madhya Pradesh-based firm in connection with its probe in the coal blocks allocation scam. The central probe agency issued a provisional order, under relevant sections of the Prevention of Money Laundering Act (PMLA), attaching bank balances and immovable assets like land, machinery and power plant of the company — Ms Kamal Sponge and Steel Power Limited (KSSPL)- located in Sagma village of the Satna district of the state. The firm, along with another company Ms Rewti Cements Private Limited, was allocated the Thesgora-B/Rudrapuri coal block in Madhya Pradesh in November 2008 by the coal ministry. “The KSSPL while submitting application of allotment of coal block had mis-represented their net worth and production capacity in order to embellish its claim for the purpose of favorable recommendation for allocation of coal block,” the ED said in a statement. It said the Supreme Court in its ju...

 NEW DELHI: One97 Communications (Paytm) on Wednesday said it has no information that may have a bearing on the price volume behaviour in the scrip and which is yet not disclosed to the stock exchanges. The company said its business fundamentals remain robust. In a filing to BSE , Paytm said it has, from time to time, made all necessary disclosures to stock exchanges within stipulated timeline. "The company would also like to point out the business fundamentals remain robust as demonstrated in our last earning release dated February 04, 2022. We would like to reiterate that the company is committed to comply with the Listing Regulations, likely to have bearing on the price/ volume of the shares of the company would be disclosed, from time to time, to the stock exchanges within stipulated timeline," it said. Paytm comments came after BSE sought clarification from the company with reference to significant movement in its shares. BSE said, it sought such clarification "to ...

The government on February 13 filed the draft red herring prospectus to sell 5% of its equity stake in LIC in March. Life Insurance Corporation of India NEW DELHI:  Even as the finance ministry is keeping an eye on global market conditions and whether they warrant deferring the initial share sale of the state-run Life Insurance Corporation (LIC), it is firming up a long-term, five-year plan to divest up to 25% of its equity in the firm, two officials familiar with the matter said on condition of anonymity. That may mean the initial share sale of 5% being followed up with a so-called FPO or follow-on public offer of 5-10% more within a year, they added. Wide participation of policyholders, employees, retail investors and financial institutions will enhance transparency and efficiency in managing affairs of LIC, in which the government will always hold the majority stake and exercise management control, the two people confirmed, speaking on condition of anonymity. “After the IPO, whi...