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Budget carrier <keyword id="2773653" type="UNKNOWN" weightage="80" keywordseo="SpiceJetBSE">SpiceJetBSE</keyword> -0.92 % today said it is negotiating with its aircraft lessors, who have dragged it into litigation over default on rents, to resolve the issue amicably, a day after the <keyword id="6355014" type="ORGANIZATION" weightage="80" keywordseo="Delhi-High-Court">Delhi High Court</keyword> directed aviation regulator DGCA to deregister the airline's six <keyword id="6357957" type="CITY" weightage="80" keywordseo="Boeing">Boeing</keyword> 737-800s. 
 
The airline has reached in-principle understanding with one of the two lessors already, and is in advanced discussions with the other lessor, SpiceJet said in a statement. 
 In a severe blow to the airline, which is still in the revival process, the Court had yesterday ordered the <keyword id="164112" type="POSITION" weightage="80" keywordseo="Directorate-General">Directorate General</keyword> of Civil Aviation to deregister six of SpiceJet's Boeing 737 planes, following the termination of lease agreements by the leasing companies, <keyword id="2773655" type="UNKNOWN" weightage="80" keywordseo="AWAS-Ireland-Ltd">AWAS Ireland Ltd</keyword> and Wilmington Trust SP Services (Dublin) Ltd. 
 Justice <keyword id="945081" type="PERSON" weightage="80" keywordseo="Rajiv-Shakdher">Rajiv Shakdher</keyword> directed the DGCA to "forthwith" deregister the aircraft saying once the creditors fulfilled the conditions prescribed in Aircraft Rules, the aviation regulator was "mandatorily required to cancel registration". 
 
An airline cannot operate an aircraft once it is deregistered by aviation regulator DGCA. "In parallel with the court proceedings, discussions have been ongoing with the lessors for an amicable settlement. SpiceJet fully expects the matter will be resolved shortly and positively with the lessors, and there will be no grounding of aircraft or disruption of operations," the airline said. 
 The airline said these cases originated when it was in financial crisis in December last year, before change of ownership and infusion of fresh <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword>. The airline, in the statement, also said that it was exploring all legal remedies to safeguard its interest to maintain continuity of operations. 
 
The court had said the petitioner companies, AWAS Ireland Ltd and Wilmington Trust SP Services (Dublin) Ltd, had fulfilled the conditions stipulated in the Rules, and therefore, the DGCA had no discretion in the matter. The court also said it "cannot interdict the process of deregistration on the nebulous ground of equity as it would be contrary to the provisions of the Cape Town Convention and Protocol, to which, India is a party." 
 
The Cape Town Convention provides better protection to aircraft lessors and banks. In the statement, SpiceJet said, "The change of ownership and infusion of fresh funding has assured SpiceJet's future, and our creditors are aware and appreciative that the best outcome for all parties would be a fully revived and healthy airline." 
 As part of the airline's revival plan, the erstwhile promoter Maran family transferred its entire 58.46 holding to new promoter <keyword id="6357826" type="PERSON" weightage="80" keywordseo="Ajay-Singh">Ajay Singh</keyword>, who has already pumped in Rs 500 cr in the so far of the over all Rs 1,500 cr investment commitment. The balance Rs 1,000 cr is expected to be infused in two more tranches of Rs 500 cr each by this month and next month.

Spicejet expects to resolve settlement disputes with lessors
shortly

<ul><li>The anchor placement of up to ₹2,340 crore will open up a day in advance.</li><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword>’s IPO would consist of a fresh issue of equity shares worth ₹630 crore.</li><li>A total of 17 investors — both institutional and individual — will be shelling out a part of their shareholdings with Nykaa’s public issue.</li></ul>Fashion and beauty ecommerce platform Nykaa will launch its three-day initial public offering (IPO) on October 28 to raise as much as ₹5,200 crore. The anchor placement of up to ₹2,340 crore will open up a day in advance, on October 27. The IPO will go on till November 1, 2021, the company red herring prospectus (RHP) has revealed. The price band has been fixed at ₹1,085-₹1,125 per equity share, as per a Moneycontrol <a href="https://www.moneycontrol.com/news/business/ipo/nykaa-ipo-to-open-on-october-28-price-band-at-rs-1085-1125-per-share-7613081.html" data-type="tilCustomLink">report</a>. However, Nykaa's RHP doesn't reveal the price band. The company has not revealed the amount it intends to raise in its red herring prospectus, which is the preliminary paperwork for public issue. Economic Times <a href="https://economictimes.indiatimes.com/tech/startups/nykaa-sets-the-date-for-rs-5200-crore-ipo-seeks-valuation-of-7-4-billion/articleshow/87190621.cms" data-type="tilCustomLink">reported</a> the ₹5,300 crore IPO size citing Nykaa’s IPO would consist of a fresh issue of <a href="https://www.businessinsider.in/business/startups/news/nykaa-gets-sebis-approval-for-4000-crore-ipo/articleshow/87019734.cms">equity shares worth ₹630 crore </a>and existing investors in the company ⁠will sell part of their stakes amounting to 4.3 crore equity shares. The company gots Securities and Exchange Board of India’s approval last week. According to sources quoted by The Economic Times, the company will seek a valuation of $7 billion with this public issue. This is a nearly five-fold jump from the last reported $1.2 billion valuation. <a href="https://www.businessinsider.in/business/startups/news/nykaa-will-spend-its-ipo-money-on-setting-up-retail-stores-and-repaying-loans/articleshow/84996894.cms">A total of 17 investors</a> — both institutional and individual — will be shelling out a part of their shareholdings with Nykaa’s public issue. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shareholders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offered shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sanjay Nayar Family Trust </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 4,800,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TPG Growth IV SF Pte. Ltd </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 5,421,510 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lighthouse India Fund III, Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 4,844,620 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lighthouse India III Employee Trust </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 51,530 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yogesh Agencies &amp; Investments Private Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 2,538,450 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J M Financial and Investment Consultancy Services Private Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to 914,000 </td></tr></tbody><tbody></tbody><tbody></tbody></table> Nykaa, in its DRHP, has revealed that the net processed would be used for five purposes. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount from net proceeds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total investment to be made </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment in subsidiaries like FSN Brands or Nykaa Fashion to set up retail stores </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹53.9 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Capital expenditure incurred by the company and fund setting up on new warehouses </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹92.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Repayment of outstanding borrowing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N./A </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expenditure on enhancing brand visibility and awareness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General corporate purpose* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td></tr></tbody><tbody></tbody><tbody></tbody></table>*The amount utilised for general corporate purposes shall not exceed 25% of the net proceeds SEE ALSO <a href="https://www.businessinsider.in/international/news/hm-is-partnering-with-a-building-materials-company-to-achieve-its-sustainability-goals-heres-a-look-at-how-they-work-together-/articleshow/87193030.cms" data-type="tilCustomLink">H&amp;M is partnering with a building materials company to achieve its sustainability goals. Here's a look at how they work together.</a> <a href="https://www.businessinsider.in/stock-market/news/sp-500-hits-record-high-in-7th-straight-winning-session-amid-strong-earnings/articleshow/87194812.cms" data-type="tilCustomLink">S&amp;P 500 hits record high in 7th straight winning session amid strong earnings</a> <a href="https://www.businessinsider.in/stock-market/news/wework-gains-9-in-long-awaited-trading-debut-2-years-after-failed-ipo-attempt/articleshow/87190772.cms" data-type="tilCustomLink">WeWork gains 13% in long-awaited trading debut 2 years after failed IPO attempt</a>

Nykaa may launch its IPO next week to raise a little over ₹5,000 crore

New Delhi, Feb 12 () Markets regulator Sebi has asked NSE to divest its entire 37 per cent stake in Computer Age Management Services Ltd (CAMS) within a year. In a letter dated February 4, Sebi said that NSE's acquisition of shares in CAMS in 2013-14 was done without its approval. While announcing its December quarter results, the bourse said the regulator has directed it to divest the entire stake in CAMS. NSE, which currently owns a little over 37 per cent shareholding in CAMS, said it has already started the process of offloading the stake. The stake is held through one of the subsidiaries NSE Investments Ltd (NSEIL). In the letter to NSE, Sebi said the exchange should have obtained its prior permission for acquisition of stake in CAMS, an associate company. The regulator also directed the bourse to divest the stake within a period of one year along with certain restrictive directions in relation to the shareholding, NSE said quoting the letter. "The company is doing the needful in this regard," NSE said. Under the norms, Sebi's approval is required in case an exchange plans to pick stake in any new firm. In January, CAMS filed draft papers with Sebi for an initial public offering and market sources estimated the IPO size to be anywhere between Rs 1,500 and Rs 1,600 crore. The IPO would see sale of 1.22 crore equity shares through offer-for-sale by Great Terrain Investment, an affiliate of Warburg Pincus, NSE Investments, Acsys Investments, HDFC and HDB Employees Welfare Trust. CAMS claims to be India's largest registrar and transfer agent with a market share of 69.4 per cent, based on mutual fund average assets under management, at the end of November 2019. Meanwhile, NSE also said that it received a showcause notice in October and a supplementary notice in December from Sebi. The notices were in relation to certain alleged irregularities in the appointment of Chief Strategic Advisor and his re-designation as Group Operating Officer and Advisor to Managing Director (MD) by the exchange's former managing MD and CEO. It also pertained to sharing of certain internal information pertaining to NSE with an alleged third party by a former MD and CEO. The exchange said it has sought inspection of records from Sebi in the matter and has also filed a settlement application. SP RAM

Sebi asks NSE to divest entire 37% stake in CAMS

<ul><li>At 7:45 am, the SGX Nifty was down 1.14%, indicating a negative start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The Indian stock market is likely to open in red on Thursday, amid the weak sentiments from the global market. At 7:45 am, the SGX Nifty was down 1.14% pointing towards a negative start for Nifty50. In global markets, the US stocks resumed their heavy sell-off amidst weak macroeconomic indicators and overshadowed recovery outlook on Wednesday. The Dow Jones Industrial Average ended up 525.05 points lower, and the S&amp;P 500 was down 2.37%. These are the stocks to watch out for during the trading session on September 24: Zydus Wellness Zydus Wellness board has approved and authorised the opening of the Qualified Institutional Placement issue at ₹1,775.85 per share on September 23. The shares of Zydus Wellness ended 4% lower yesterday. HDFC Limited Housing Development Finance Corporation Ltd (HDFC) is looking to raise up to ₹5,000 crore by issuing bonds on a private placement basis. The issue size for the secured redeemable Non-Convertible Debentures (NCDs) will be ₹2,500 crore with an option to retain oversubscription of up to ₹2,500 crore, it said in a regulatory filing to stock exchanges. The shares of HDFC Limited ended 0.4% lower yesterday. Infrastructure Leasing &amp; Financial Services (<keyword id="6357293" type="UNKNOWN" weightage="20" keywordseo="ILFS">IL&amp;FS</keyword>) The government of India has extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&amp;FS group by one year. Kotak is also the managing director and chief executive officer of Kotak Mahindra Bank. The shares of IL&amp;FS Transportation Networks ended 4% lower yesterday. Tata Consultancy Services IT major Tata Consultancy Services (TCS) along with the US-based Yale University announced the launch of a new framework that could help ensure privacy and trust in peer-to-peer digital networks. The company said this would be a critical element in enhancing blockchain solutions for greater adoption by consumers. The shares of TCS ended 3% lower yesterday. Future Consumer Future Consumer promoter, Future Capital, invoked 36.6 lakh pledged equity shares. The shares of Future Consumer ended 4% lower yesterday. Sun Pharma Sun Pharma voluntarily recalled one lot of RIOMET ER (metformin hydrochloride for extended-release oral suspension), to the consumer level. The reason for the recall by Sun Pharma came after testing showed high levels of N-nitrosodimethylamine (NDMA), which is above the USFDA norms. The shares of Sun Pharma ended 1.3% lower yesterday. ONGC A fire broke out on Thursday morning at ONGC’s Surat plant. According to <a href="https://www.ndtv.com/india-news/massive-fire-breaks-out-at-ongc-plant-in-gujarats-surat-after-gas-pipeline-blast-2300194">reports</a>, three consecutive blasts took place at two terminals of the Hazira-based ONGC plant in Surat at around 3:30 am. The shares of ONGC ended 2.3% lower yesterday. Angel Broking IPO The ₹600 crore IPO of Angel Broking closes today. The issue was subscribed 1.45 times, a retail portion at 2.8 times on day 2, yesterday. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/airbnb-ceo-brian-chesky-on-the-companys-ipo-when-the-markets-ready-for-airbnb-it-will-go-public/articleshow/78276873.cms" data-type="tilCustomLink">Airbnb CEO Brian Chesky on the company's IPO⁠— 'When the market's ready for Airbnb, it will go public'</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-subsidiary-sells-stake-in-altiostar-to-rakuten-for-45-million/articleshow/78273567.cms" data-type="tilCustomLink">Tech Mahindra subsidiary sells stake in Altiostar to Rakuten for $45 million</a>

Top stocks to watch— TCS, Future Consumer, ONGC, Zydus Wellness, HDFC, IL&FS, Angel Broking, Sun Pharma and others

New Delhi, Jan 10 () Shareholder proxy advisory firm InGovern has petitioned Sebi to force promoters of Sterling and Wilson Solar Ltd to provide an exit offer to minority shareholders alleging failure of promoters to keep the promise made in the IPO document.
 Sterling and Wilson Solar Ltd got listed on the BSE and the NSE on August 20, 2019, after promoters belonging to the Shapoorji Pallonji Group made an offer for sale of shares.
 "The offer for sale of shares resulted in promoters raising Rs 2,850 crore through the IPO," InGovern Research Services said in a report. "While the objects of the IPO were to enable the promoters to repay loans amounting to Rs 2,563 crore to SWSOLAR within 90 days of listing, the company has received only Rs 1,000 crore on December 31, 2019, i.e., 133 days after listing."
 This non-fulfilment of obligations by the promoters as per the objects of the offer has resulted in a loss of over 60 per cent in investment value for IPO investors as stock price has fallen from the issue price of Rs 780 to Rs 310, resulting in a loss of Rs 1,700 crore for public minority shareholders, it alleged.
 Sterling and Wilson Solar hit back at the proxy advisory firm contending that the report is "malicious, misleading, defamatory" and contains "factually incorrect and unverified statements".
 "The author of the report has acted irresponsibly as he has neither found it appropriate to ascertain the facts nor provide us with a draft of the report for our response. This appears an attempt to malign the reputation of the promoters using the media," the company said adding the objects of the IPO was to provide liquidity to the shareholders.
 "The utilisation of the proceeds was an added intent of the promoters and cannot be directly construed to be the object of the offer. The Promoters would like to state that this intent is intact and is suitably demonstrated by facilitating repayment of Rs 1000 crore as committed by December 31, 2019," it said.
 InGovern said the non-utilisation of the IPO proceeds for the stated purpose was tantamount to change of objects of the IPO from what was stated in the prospectus. "This has resulted in aggrieved minority public shareholders."
 It said the SEBI (ICDR) Regulations, 2018, allow for the dissenting shareholders to be provided an exit offer by the promoters, in cases where there is a change in objects of the issue/ offer in the IPO prospectus. In this case, where shareholders have suffered significant erosion in the value of their holdings solely due to the non-utilisation of funds as per the objects of offer of the IPO, Sebi must force the promoters to provide an exit offer to shareholders at a price as per SEBI (ICDR) Regulations, it said.
 Shriram Subramanian, founder and MD of InGovern, said, "Overall, a huge loss of reputation for the promoters of the SWSOLAR, the SP group. With substantial -- over Rs 1,700 crore -- erosion of wealth of public minority shareholders, and loss of investor trust for a group that seemed to have a stellar reputation. In order to redeem this reputation, the SP group should provide an exit option for public minority shareholders. This is a demand from minority shareholders and Sebi should force the promoters to provide an exit option for minority public shareholders."
 The company however denied any wrongdoing. "Being an offer for sale (OFS), the promoters were under no obligation to mention the utilisation of proceeds. In fact, the promoters made this disclosure in good faith even though it was not required by law. There is thus no legal default as is being sought to be made out."
 It went on to deny the allegation of being uncooperative with credit rating agency ICRA saying Sterling and Wilson Pvt Ltd is no longer rated by ICRA for the last few years. "ICRA was unable to withdraw its earlier rating due to its requirement to have an NOC from each and every consortium banker. This matter took time and has now been completely resolved and ICRA has withdrawn its rating of SWPL on January 6, 2020."
 India Ratings is the agency which does the rating of SWPL and in its report, there is no such comment of 'non-cooperation', it said.
 The company said the board of directors while approving the repayment schedule levied additional interest of 100 basis points and there is no financial loss to Sterling and Wilson Solar Ltd on account of reschedulement and "it is illogical to link the stock price reduction to this aspect."
 "The sensationalism in this report is more an attempt to further erode investor wealth rather than its stated objective of working in the interests of the investors," it added. RKL ANZ HRS

Sterling and Wilson promoters must provide exit option to minority shareholders:  InGovern

(Eds: Incorporating related stories) Mumbai, Feb 17 () Continuing its efforts to further strengthen and deepen the capital market, Sebi on Monday approved stricter eligibility norms for investment advisers, capped their fees as well as green signalled regulatory sandbox for live testing of new products. Sebi board, which met for the first time after presentation of the 2020-21 Union Budget, also cleared amendments to fast track issuance of units to existing investors by REITs and InvITs. Addressing media after the meeting here, Sebi Chairman Ajay Tyagi, whose current tenure is ending later this month, said the regulator is actively looking at re-categorising mid-cap and small cap mutual fund schemes. Under the revised framework for investments, those dealing in distribution of securities would be barred from using titles like independent "financial advisers" or "wealth advisers", unless they are registered as investment advisers also. An individual adviser cannot provide distribution services, while firms would need to segregate advisory and distribution activities at client level to avoid conflict of interest, as per the watchdog. The new rules, framed after considering four consultation papers and public comments, also seek to bring in more clarity in payment of fees and introduction of upper limit on fees charged to investors. As part of measures to facilitate latest fintech innovations in the market, Sebi would permit live testing of new products, services and business models on select customers. Besides, a cross domain approach for the regulatory sandbox would be allowed, wherein a regulated entity can test solutions even for those activities for which it is not registered. Among others, changes in investment manager eligibility norms for Infrastructure Investment Trusts (InvITs) have been approved, a move that would help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI). Asserting that whatever action is required would be taken, Tyagi said the watchdog would soon come out with a circular to prevent incidents like Karvy Broking Services Ltd (KSBL), which had allegedly misused clients's securities. Last November, the watchdog barred KSBL from taking new brokerage clients after it was found that the brokerage firm had allegedly misused clients' securities. According to him, only half of the top 500 companies complied with mandate to segregate the post of Chairman and Managing Director and practicalities resulted in Sebi extending the deadline by another two years. In January, Sebi deferred the requirement for splitting post of Chairman and Managing Director of the companies by two years to April 2022. Reflecting on his current tenure, Tyagi described it as "quite a good experience" and mentioned transparent working ways and consultative approach without "regulatory capture" as among the achievements. AA SP RAM RVK

Stricter norms for investment advisers, regulatory sandbox get Sebi board's green signal

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://www.flickr.com/photos/ollesvensson/5068440047/in/photolist-8HT5Dn-c48z6h-kF93D9-4a5Xk2-ewMg35-471EuR-fyfLJ5-5NFhTB-5Z6iue-qVesoj-7XcGMK-jaL5-d6Lpoy-eAosiC-d1pdYj-8Qt9W3-7Y6XVD-7JBmHH-8ajEZM-7ZFXmA-bp9nmx-6HPouy-7YjyRU-d6Lq33-6o2cnx-ipJFc-8ccTJV-37PeZu-83pooq-2vAhTp-7Xf6ng-krRLnG-7Xf65z-8ztJ5W-85pwUH-86Lh7H-pdpBA8-oV9nTP-8GsZGy-ainbZ-dVnWU3-bvpN1s-6q5MDF-8kjqMq-8USgE6-31pnr1-8gXXKS-cT8D2J-bCTPy1-nzxvEj">Olle Svensson/Flickr</a></div></div></div>Stocks on Tuesday gave up most all of their gains from Monday as oil fell, bank stocks got hammered, and markets saw much of the same action that defined price movements earlier this come back. First, the scoreboard:<ul><li>Dow: 16,431.8, -188.9, (-1.1%)</li><li>S&amp;P 500: 1,921.3, -24.2, (-1.3%)</li><li>Nasdaq: 4,503.6, -67, (-1.5%)</li><li>WTI crude oil: $31.90, -4.4%</li></ul><h2>US Economy</h2>It was a busy morning for the US economy as we got housing data, consumer confidence data, and macro commentary from big housing-related companies this morning.Overall, it was another day that pointed to steady but not stellar growth for the US economy, though we did get some worrying signals that consumers finally began to notice - and react to - recent stock market volatility.The <a href="http://www.businessinsider.com/conference-board-consumer-confidence-feb-23-2016-2">February reading</a> on consumer confidence from The Conference Board declined to 92.2 from January's revised 97.8 number, with the report indicating that the short-term outlook for consumers was impacted by the stock market. "Continued turmoil in the financial markets may be rattling consumers, but their assessment of current conditions suggests the economy will continue to expand at a moderate pace in the near-term," said Lynn Franco, director of economic indicators at The Conference Board.And this jives with <a href="http://www.businessinsider.com/toll-brothers-paints-bullish-picture-of-us-economy-2016-2">comments we got from Toll Brothers CEO Douglas Yearley</a> who noted that in February the company's sales were flat, which he said, "is understandable given the recent stock market decline and global economic uncertainty."Elsewhere in Toll Brothers' report, though, we got signs that the US labor market continues to be putting pressure on employers with Toll's CFO Martin Connor saying, "We are experiencing modest lengthening of our production timelines associated with increasing complexity in our homes and a tighter labor market."Toll Brothers shares gained almost 3% on Tuesday.And because it wasn't a busy enough day for the US housing market, <a href="http://www.businessinsider.com/existing-home-sales-january-2016-2">existing home sales in January rose 0.4%</a>, besting expectations for a 2.5% decline and bringing the pace of sales to another post-crisis high. Following the report, Ian Shepherdson at Pantheon Macro said, "In one line: Sales need to correct downwards, temporarily but inventory tight and prices soaring."Case-Shiller home prices, meanwhile, <a href="http://www.businessinsider.com/spcase-shiller-home-price-index-dec-2016-2">showed prices rose 5.7%</a> over last year in December. Inventory tight, prices soaring. <a href="http://www.businessinsider.com/2016-housing-market-affordability-outlook-2015-12">That's the whole story for US housing in 2016</a>.<h2>Home Depot</h2>If you want a company to give you a positive sign on the US economy, look no further than home improvement giant Home Depot. In the fourth quarter, Home Depot <a href="http://www.businessinsider.com/r-recovering-housing-market-drives-home-depot-sales-outlook-2016-2">reported same-store sales</a> that rose 8.9% with the company saying it expects sales to increase 5.1%-6% in 2016. Analysts had expected sales would rise about 3.7%-4.5% this year. Additionally, Home Depot increased its dividend, announced a $5 billion buyback, and shares of the company rose about 1.6% on Tuesday, bringing the stocks' year-to-date gain to 11%. Simply put, there are few simpler ways to play a strong US consumer and tight US housing market than Home Depot. When asked on its <a href="http://seekingalpha.com/article/3921016-home-depot-hd-craig-menear-q4-2015-results-earnings-call-transcript?part=single">conference call</a> about impacts from the economy or the stock market, Home Depot CFO Carol Tome said simply, "we're not seeing that. Our business was good and continues to be good."And if you want a bullish picture on the US economy in one paragraph from a corporate executive, here's Home Depot executive VP of merchandising Edward Decker:In the fourth quarter, total comp transactions grew by 5%. And for the year, we set a new transaction record with over 1.5 billion total transactions. In the quarter, comp ticket increased 2%. Our comp ticket increase reflects about 32 basis points of contraction due to commodity price deflation in products such as lumber and copper. Transactions for tickets under $50, representing approximately 20% of our U.S. sales, were up 3.8% for the fourth quarter. Transactions for tickets over $900, also representing approximately 20% of our U.S. sales, were up 11.9% in the fourth quarter. The drivers behind the increase in big-ticket purchases were appliances, roofing and special-order kitchens. Big-ticket was also driven by several installation service categories such as roofing, sheds and countertops. <h2>Brexit</h2>Look, we get it: you're not that interested in a vote happening in June about whether the UK will leave or remain in the European Union. And while it doesn't seem that likely that the UK will vote to leave the EU, it is not something that should completely overlooked by US investors. For one thing, there is a whole lot of US corporate profitability that comes from the UK and were its business ties with the EU to soften, bottom lines in the US could take a hit. "[G]iven the prominence of the U.K. in driving U.S. global profits, any talk or action that leads to the severing of U.K.-EU ties carries significant risks to the bottom line of corporate America," Joseph Quinlan, head chief market strategist at Bank of America Merrill Lynch's US Trust division, <a href="http://www.businessinsider.com/what-brexit-means-for-corporate-america-2016-2">said in a note Tuesday</a>."A Brexit would squeeze the affiliate earnings of numerous U.S. multinationals strategically ensconced in the United Kingdom, and force many companies to rethink their overall EU strategies."But perhaps more compelling is the precedent angle on what a Brexit would mean. Namely: it would allow - in theory - all other EU members who are unhappy about their standing in the Union to move to leave unless they get what they want.We'd argue that the most important thing is that the UK does not want to be subject to the EU treaty's language that requires all members to work towards becoming an ever-closer union. And so the <a href="https://www.gov.uk/government/speeches/pms-statement-following-european-council-meeting-19-february-2016">deal British prime minister David Cameron brokered</a> with EU leaders last week allows Britain, basically, to stand alone but still inside the "circle of trust," as it were. And as <a href="http://www.businessinsider.com/the-big-takeaway-politically-if-the-uk-leaves-the-eu-2016-2">Barclays' Marvin Barth wrote</a> in a note last month ahead of this officially-announced referendum set for June 23: "In our view, markets are overlooking two crucial aspects of the UK referendum on EU membership. First, the referendum is generally seen as a 'UK' or 'GBP' issue, when it is better seen as a European issue. Second, it has largely been viewed as an economic issue, but should best be analyzed through the lens of political economy."<h2>Hashtag Liquidity Squeeze</h2>Via Barclays<div class="KonaFilter image-container display-table"><div><div class="image">Barclays</div></div></div>The firm writes:The <a href="https://www.sec.gov/comments/s7-16-15/s71615-96.pdf">new SEC proposal</a> would substantially expand requirements with respect to liquidity management practices for fund managers. The proposal is comprehensive and would affect many aspects of funds' operations. However, we believe the most important changes are along four dimensions, discussed in more detail below. <ol><li>Funds would be required to bucket holdings into specific categories based on estimated liquidity.</li><li>Each fund would need to determine a minimum level of "three-day liquid assets" (ie, those that can be converted into cash within three days) that it is required to maintain, based on its experience with inflows and outflows.</li><li>Funds would be permitted to use "swing pricing" to the extent deemed necessary to impose appropriate costs on buyers/sellers in the event of significant inflows/outflows.</li><li>Finally, each fund would be required to disclose its approach to measuring and managing liquidity risk (ie, the decisions made pursuant to 1-3 above).</li></ol>And look, I think the whole reason we're still talking about <a href="http://www.businessinsider.com/category/liquidity">bond market liquidity</a> is because you don't know if you've got a liquid market until you really need to find out. In a way, bond market liquidity always was destined to be the perfect talking point because someone, somewhere, is always going to have trouble finding a market for some bond. Maybe it's a high-grade corporate bond that - shockingly - can't find a bid at (what you think is) a reasonable price. Or maybe it's junior convertible debt from a shale oil company that never really had meaningful production and needed whatever production it did get to sell at $80/barrel in order to help fund (along with your loan!) exploration for future projects. The thing about liquidity, again, is that it comes and goes, it is there and then it isn't, and you can always argue about whether a market is or is not liquid.So the SEC's idea asking funds to put assets in liquidity "buckets" is sensible. Except asking funds to gauge the liquidity of some assets will be an exercise that may, in fact, get the fund into even more trouble should a moment of deep liquidity needs arise because certain assumptions made in good times will (often) not work in bad times. Or merely new ones. Though this is sort of the whole point of risk management. Either way, I think it is fair to credit <a href="http://www.businessinsider.com/howard-marks-liquidity-definition-2015-3">Howard Marks' March 2015 memo </a>with really setting off this conversation.And for that, we thank him. <h2>Railroads</h2>In the run-up to Saturday's expected release of Warren Buffett's 2015 annual letter to shareholders, <a href="http://www.businessinsider.com/warren-buffett-on-america-2015-2">we include his observations last year</a> on American business and why he bought BNSF back in 2009. (Disclosure: I am a shareholder.)Buffett:Late in 2009, amidst the gloom of the Great Recession, we agreed to buy BNSF, the largest purchase in Berkshire's history. At the time, I called the transaction an "all-in wager on the economic future of the United States."That kind of commitment was nothing new for us. We've been making similar wagers ever since Buffett Partnership Ltd. acquired control of Berkshire in 1965. For good reason, too: Charlie and I have always considered a "bet" on ever-rising U.S. prosperity to be very close to a sure thing.Indeed, who has ever benefited during the past 238 years by betting against America? If you compare our country's present condition to that existing in 1776, you have to rub your eyes in wonder. In my lifetime alone, real per-capita U.S. output has sextupled. My parents could not have dreamed in 1930 of the world their son would see. Though the preachers of pessimism prattle endlessly about America's problems, I've never seen one who wishes to emigrate (though I can think of a few for whom I would happily buy a one-way ticket).The dynamism embedded in our market economy will continue to work its magic. Gains won't come in a smooth or uninterrupted manner; they never have. And we will regularly grumble about our government. But, most assuredly, America's best days lie ahead.<h2>Additionally</h2><a href="http://www.businessinsider.com/stocks-hedge-funds-sold-short-in-q4-2016-2">25 stocks hedge funds are shorting like crazy</a>. <a href="http://www.businessinsider.com/us-approves-dell-and-emc-deal-2016-2">Dell's $67 billion takeover of EMC looks like it's actually happening</a>. <a href="https://www.washingtonpost.com/posteverything/wp/2016/02/23/my-very-peculiar-and-speculative-theory-of-why-the-gop-has-not-stopped-donald-trump/?hpid=hp_no-name_opinion-card-f%3Ahomepage%2Fstory">Donald Trump as the EMH-breaking moment for political scientists</a>.<a href="http://www.ft.com/intl/cms/s/0/9b3c71f8-d97f-11e5-a72f-1e7744c66818.html?siteedition=intl#axzz411HS1eyL">Martin Wolf in the FT on helicopter drops</a>. <a href="http://www.businessinsider.com/pinto-jpmorgan-revenues-down-in-1q-2016-2">JPMorgan said bad things</a>. <a href="http://www.businessinsider.com/robinhood-instant-fixes-the-most-annoying-thing-about-the-app-2016-2">Robinhood now lets you instantly re-invest funds on your phone</a>. For free, still. <a href="http://www.businessinsider.com/engineer-lives-in-a-boeing-airplane-2016-2">This guy lives in a Boeing.</a><a href="http://www.businessinsider.com/most-iconic-war-photograph-of-all-time-2015-2">71 years ago today, US Marines raised the flag at Iwo Jima</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/shake-shack-comparison-in-n-out-burger-fries-2016-2">We tried Shake Shack and In-N-Out side by side, and it's clear which one is better</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9rNjN2MDE6ZCvd7MGc0y-1mkXggrAP0u" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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