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<keyword id="3265600" type="UNKNOWN" weightage="100" keywordseo="Shree-Sai-Spaces-Creations">Shree Sai Spaces Creations</keyword> and <keyword id="1444395" type="UNKNOWN" weightage="100" keywordseo="Wasankar-Wealth-Management">Wasankar Wealth management</keyword> has come under <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword> scanner for violating <keyword id="6357264" type="ORGANIZATION" weightage="100" keywordseo="capital-market">capital market</keyword> norms. SEBI has ordered attachment of bank accounts, demat accounts and mutual fund folios. 

	The move is part of Sebi's efforts to recover dues worth over Rs 50 crore collectively from both the firms. 
 

	The regulator has ordered attachment of bank accounts, demat accounts and MF folios of Shree Sai Spaces Creations to recover Rs 39,22,03,162 due to the investors, whereas Wasankar Wealth management owes Rs 12,89,01,000. 
 

	The pending dues include fine imposed on them along with interest, charges, expenses and other costs. 
 

	The attachment order comes after the firms violated various capital market norms and also failed to comply with Sebi's earlier directive to refund investors' money along with interests. 
 

	While Shree Sai Spaces Creations raised money from public through 'collective investment schemes' (CIS) without getting regulatory approval, Wasankar Wealth management mobilised funds from 228 investors by issuing preference shares without complying with the public issue norms. 
 

	In two separate orders, Securities and Exchange Board of India (Sebi) has directed banks to attach all accounts including lockers held by the two companies and their directors. 
 

	Similarly, the regulator has directed depositories - NSDL and CDSL - to attach all demat accounts of the defaulters. 
 

	The watchdog has also asked for various details of the accounts held by the firms, including account statements.
 

	The markets regulator has been given powers to attach properties and bank accounts, among other things, of persons and entities which have failed to comply with directions involving payment of penalties and other dues.

	 
	 
	(Image credits: indiatimes)

Shree Sai Spaces Creations and Wasankar Wealth management come under SEBI scanner

New Delhi, Feb 14 () Shree Cement Ltd on Friday reported a consolidated net profit at Rs 311.83 crore for the third quarter ended December 2019. The company had posted a net profit of Rs 329.83 crore in the October-December quarter a year ago, Shree Cement said in a BSE filing. Its total income was at Rs 3,211.65 crore during the quarter under review. It was Rs 3,195.59 crore in the corresponding quarter. Its results are not comparable as it had acquired majority stake in Union Cement Company (UCC), a United Arab Emirates (UAE) based Company on July 11, 2018 through its wholly owned subsidiaries. It had also acquired 100 per cent stake in Raipur Handling and Infrastructure on May 14, 2018 and include results of these companies for entire period. "Hence, results for nine months ended 31st December, 2019 are not comparable with corresponding period of nine months ended 31st December, 2018," it said. Its revenue from the cement segment was at Rs 3,115.22 crore as against Rs 2,918.51 crore in the year-ago period. While revenue from the power segment was at Rs 300.26 crore as against Rs 502.60 crore. Its total expenses was at Rs 2,801.89 crore. Meanwhile, in a separate filing Shree Cement informed the BSE that its board in a meeting held on Friday declared an interim dividend of Rs 110 per equity share of Rs 10 each for the 2019-20 which includes Rs 70 per equity share as normal dividend and Rs 40 per equity share as an additional dividend for the 2019-20. Shares of Shree Cement Ltd on Friday settled at Rs 24,412.75 on the BSE, down 0.90 per cent from the previous close. KRH SHWSHW

Shree Cement posts Rs 311.83 cr profit for Q3

Author <keyword id="5825135" type="General" weightage="80" keywordseo="geetanjali-shree" source="Orion">Geetanjali Shree</keyword>, recipient of the International Booker Prize for 'Tomb of Sand' makes it clear that she did not really have any intentions of writing a novel about a 'major theme' (read <keyword id="6373578" type="General" weightage="80" keywordseo="partition" source="Orion">Partition</keyword>). "I always start with curiosity about a mundane event. In this case, it was about an elderly woman turning her back on life. It can be a very simple image which we see all the time, but it stayed with me. Let us remember that the line between the mundane and epic is very thin. There is this woman in the book, a small one, standing at the time of the day when the shadow is very long -- thus a small image which is going into a long past. For me, something small always connects to big. So, I do not really have to set out in it. I just have to find the quiet and the place for a story to emerge -- it starts small but develops into bigger things," said the author during the concluding day of the Khushwant Singh Literary Festival. Originally written in Hindi as '<keyword id="13355370" type="General" weightage="50" keywordseo="ret-samadhi" source="Orion">Ret Samadhi</keyword>' and translated to English by <keyword id="2926749" type="General" weightage="50" keywordseo="daisy-rockwell" source="Orion">Daisy Rockwell</keyword>, it is the first Hindi novel to be awarded the Booker Prize. The book is the first in any Indian language to win the award. It tells the story of an octogenarian and her battle with depression after the death of her husband and how she comes out of it, to forge new friendships, cross borders and travel to Pakistan to confront the ghosts from Partition and re-looking at herself as a mother, woman and feminist. <keyword id="26256" type="General" weightage="100" keywordseo="shree" source="Orion">Shree</keyword> feels that the border (between India and Pakistan) is something that has been created politically and many people still do not 'accept' it. "Yes, it is something that has been forced down politically. This thought finds its way into this book as well." The Partition has not taken place in many minds, and it is not complete. The author, who took eight years to write the book, remembers it just flowed and the real fun was in the process. "Of course, there were times when I felt stuck and did not know how to proceed. I do not work with an agenda, and was in no hurry -- I could go on and on." While it may also seem the book is about a fraught relationship between a woman and nation, she maintains it was natural for her to include women in the book, and sensitivity as well. "However, the son in the book has a special place as well." Stressing that relationships and memories are the only things that take people forward, Shree says that the only time she will translate is when she has nothing to write.

Booker winner Geetanjali Shree says the line between mundane and epic is thin

New Delhi, Feb 19 () Shares of Shree Cement Ltd jumped as much as 6 per cent in morning trade on Wednesday as the stock is set to enter the Nifty 50 index from next month. NSE Indices, a subsidiary of the National Stock Exchange (NSE), on Tuesday said that Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27. The stock opened on a bullish note on Wednesday at Rs 25,000, then gained further ground and touched a high of Rs 25,222.90, registering a rise of 5.98 per cent over its previous close. The stock, however, pared some gains and was trading at Rs 24,491.80, higher by 2.91 per cent over its last close at 1144 hrs on BSE. Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&amp;T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, as per NSE Indices. Meanwhile, shares of Yes Bank opened weak on Wednesday at Rs 34, then lost ground and touched an intra-day low of Rs 33.60, down 4.13 per cent over its previous close. Shares of Yes Bank were later trading at Rs 34.50, down 1.57 per cent over its last close at 1144 hrs. RUJ DRR

Shree Cement shares surge nearly 6 pc on inclusion in Nifty 50 index

New Delhi, Feb 19 () Shares of Shree Cement Ltd rose over 2 per cent on Wednesday as the stock is set to enter the Nifty 50 index from next month. NSE Indices, a subsidiary of the National Stock Exchange (NSE) on Tuesday said that Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27. On the BSE, the stock opened on a bullish note at Rs 25,000 then gained further ground and touched a high of Rs 25,222.90, registering a rise of 5.98 per cent during the day. The stock, however, pared some gains and closed at Rs 24,406.35, higher by 2.55 per cent over previous close. On the NSE, the stock settled at Rs 24,390, up 2.58 per cent over previous close. The stock has closed in green after settling the last six sessions in red. In terms of volume, more than 1.5 lakh shares were traded on the NSE and 20,000 units exchanged hands on the BSE. Moreover, the spurt in volume was more than 5.99 times during the day on the BSE. Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&amp;T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, as per NSE Indices. Meanwhile, shares of Yes Bank opened weak on Wednesday at Rs 34, then lost ground and touched an intra-day low of Rs 33.60, down 4.13 per cent over its previous close. Shares of Yes Bank closed at Rs 35.30, up 0.71 per cent over its last close on the BSE. RUJ SHWSHW

Shree Cement shares up over 2 pc on inclusion in Nifty 50 index

You might have come across the look-alike copied branded products while shopping online. In a country where first copy is a trend for the ones unable to afford the branded ones, ecommerce sites are gradually turning out to be virtual inventory of Lajpat Nagar market or Sarojini Nagar market in Delhi where copied products of a reputed brand is available at a much lesser rates. 
 As per a news report by The Economic Times, Mumbai-based saree distributor <keyword id="2831895" type="UNKNOWN" weightage="20" keywordseo="Shree-Meena-Creations">Shree Meena Creations</keyword> is dragging Flipkart, Amazon, eBay and about two dozen sellers on these e-commerce platforms to court, accusing them of selling replicas of its copyrighted sarees. 
 
Although most of these sites claim to be delivering 100% original products, this move will certainly create a breach of trust. Shree Meena, a nationwide distributor of sarees and other Indian ethnic wears, says its Joh Rivaaj-branded sarees are priced between 3,600 and 4 lakh but their copies are available online for as low as 1,200 to 2,700. The company's sarees are retailed by top southern retailers including Chennai-based Pothys and Kumaran Silks, RS Brothers in Hyderabad as well as many dealers in Delhi's Chandni Chowk area. 
 Amazon, eBay and Flipkart sell replica sarees and other designer clothing, including those worn by <keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> actors. For example, Amazon sells replicas of a white net saree worn by <keyword id="1655" type="PERSON" weightage="20" keywordseo="Priyanka-Chopra">Priyanka Chopra</keyword>. 
 
Amazon India said sellers were mandated to sell only genuine and original products on its platform, and that it would bring any item that violates the rules down from the website. "In case of repeated offenders we do not hesitate to take strict action and may even go to the extent of delisting them from our marketplace," its spokesperson added. 
 
In its petition, Shree Meena said selling replicas of its products violates copyright laws. Its lawyer doesn't accept the argument that the e-commerce sites aren't responsible for any mis-selling.

Are you sure your branded products online are actually original and not fake?

New Delhi, Shree <keyword id="70097" type="General" weightage="20" keywordseo="Renuka-Sugars" source="Orion">Renuka Sugars</keyword> Ltd has reported a consolidated net loss of Rs 205.6 crore in the second quarter of this fiscal year. Its net loss stood at Rs 141.6 crore in the year-ago period. Total income rose to Rs 2,564.7 crore in the July-September period of this fiscal year from Rs 2,203.3 crore in the corresponding period of the previous year, according to a regulatory filing on Wednesday. Total expenses increased to Rs 2,771.9 crore in the period under review, from Rs 2,335.1 crore a year ago. Shree Renuka Sugars, a subsidiary of Singapore-based Wilmar Sugar Holdings Pte Ltd, is one of India's largest sugar and green energy (ethanol and renewable power) producers.

Renuka Sugars loss widens to Rs 205.6 cr in Sep 2023 quarter

The Competition Commission of India (<keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword>) has approved the business transfer agreement between Shree Cements Limited (SCL) and <keyword id="45043" type="COMPANY" weightage="20" keywordseo="Jaypee-Group">Jaypee Group</keyword>’s flagship company Jaiprakash Associates Limited (JAL). 
	 
	“Considering the facts on record and the details provided in the notice given under sub-section (2) of Section 6 of the Act and assessment of the proposed combination on the basis of factors stated in sub-section (4) of Section 20 of the Act, the Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India in any of the relevant market(s) and therefore, the Commission hereby approves the same under sub-section (1) of Section 31 of the Act,” stated the notice by CCI. 
	 
	Under the agreement, JAL has proposed the sale of a cement grinding unit at Panipat in Haryana with a capacity of 1.5 million tonnes per annum to SCL on September 19, 2014. 
	 
	“The Commission noted that in the relevant market comprising the states of Haryana and Rajasthan as discussed above, the market shares in terms of installed capacity is 23% of SCL and 3% for the cement grinding unit. Thus the post combination market share of the acquirer will increase to 26%. The market is moderately concentrated but the change in market concentration as indicated by incremental HHI would not be significant,” said the notice by CCI. 
	 
	The companies have also informed CCI that the capacity utilization of the plant has been depreciating over the years and reached 42% in 2013-14, further declining to 19% in the first quarter of the current fiscal year. 
	 
	“The parties have stated that this reduction in capacity utilization is due to higher cost of operating the plant vis-à-vis other plants of JAL and high logistics cost of transporting clinker from JAL’s Baga unit in Himachal Pradesh…SCL needs additional cement grinding capacity to fully utilize its available clinker production capacity,” noted the commission.

CCI Approves
Proposed Business Transfer Agreement Between Jaiprakash and Shree Cements

New Delhi, Feb 18 () Shree Cement will replace private lender Yes Bank in the benchmark index Nifty 50 from March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said on Tuesday. Further, Vodafone Idea, Ashok Leyland, Indiabulls Housing Finance, L&amp;T Finance Holdings and Shree Cement will be dropped from Nifty Next 50, NSE Indices said in a statement. Adani Transmission, IDBI Bank, Info Edge (India) Ltd, Larsen &amp; Toubro Infotech and Torrent Pharmaceuticals would be added in Nifty Next 50 index. Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector. NSE Indices' Index Maintenance Sub-Committee has decided to make the replacement of stocks in various indices as part of its periodic review. These changes would become effective from March 27, 2020. Also, NSE Indices has revised the eligibility criteria for inclusion in Nifty's 17 sectoral indices. Under the new criteria, companies should be a part of Nifty 500 at the time of review. In case, the number of eligible stocks representing a particular sector within Nifty 500 falls below 10, then deficit number of stocks shall be selected from the universe of stocks ranked within top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data used for index. At present, companies need to rank within top 800 based on both average daily turnover and average daily full market capitalisation based on previous six months period data for inclusion in the indices. SP RVK

Yes Bank to be dropped from Nifty 50 from Mar 27; Shree Cement to move in

New Delhi, Feb 13 () Shree Renuka Sugars Ltd, a Wilmar group company, on Thursday reported a consolidated net loss of Rs 208.6 crore in the quarter ended December. The company had posted a net profit of Rs 311.1 crore in the year-ago period. Total income dipped to Rs 1,003.9 crore in the third quarter of this fiscal from Rs 1,140 crore in the corresponding period of previous year. "As on December 31, 2019, the current liabilities of the group exceeds its current assets by Rs 3,311 crore. The group has incurred continuing losses in the previous year ended March 31, 2019, and in current nine months period ended December 31, 2019 before exceptional items. The group has negative net worth of Rs 569.9 crore as at December 31, 2019. The group management expects to generate operational cash-inflows in the next 12 months, which will support the group to meets its near future cash obligations," the company said in a regulatory filing. Shree Renuka Sugars Ltd (SRSL) is one of the largest sugar manufacturers and refiners in India. It is present across sugar, ethanol, co-generation, trading and engineering segments. SRSL is a subsidiary of Wilmar Sugar Holdings, Singapore (subsidiary of Wilmar International, Asia's leading agribusiness group). MJH RUJ

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Shree Sai Spaces Creations and Wasankar Wealth management come under SEBI scanner

BI India Bureau

Shree Cement posts Rs 311.83 cr profit for Q3

PTI

Booker winner Geetanjali Shree says the line between mundane and epic is thin

IANS

Shree Cement shares surge nearly 6 pc on inclusion in Nifty 50 index

PTI

Shree Cement shares up over 2 pc on inclusion in Nifty 50 index

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Are you sure your branded products online are actually original and not fake?

BI India Bureau

Renuka Sugars loss widens to Rs 205.6 cr in Sep 2023 quarter

PTI

CCI Approves Proposed Business Transfer Agreement Between Jaiprakash and Shree Cements

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Yes Bank to be dropped from Nifty 50 from Mar 27; Shree Cement to move in

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Renuka Sugars posts Rs 208.6 cr loss in Dec quarter

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