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TOP CORPORATE NEWS – 20 NOV 2019

Corporate-News

CORPORATE NEWS

RBI imposes penalty on Indian Bank.

Indian Bank informed the exchanges that Reserve Bank Of India, vide its letters dated November 18, 2019 (letters received by the Bank on 19.11.2019) has imposed a monetary penalty aggregating to Rs1.75cr (Rupees one crore seventy five lakhs only) on the Bank for non-compliance with the directions issued by RBI in: opening of SB accounts of a co-operative society and non-adherence with directions on KYC / AML norms window dressing of the Balance Sheet as on March 31, 2018 by loan disbursal amounting to Rs508.28cr. delayed reporting of the frauds. This penalty has been imposed in exercise of powers vested in RBI under Section 47(A) (1) (c) read with Section 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Kalpataru Power up 3% on completing sale of Kalpataru Satpura Transco.

Kalpataru Power Transmission informed the exchanges that it has completed sale of its entire stake in one of the subsidiaries viz. Kalpataru Satpura Transco Private Limited today on 20th November, 2019, after obtaining the requisite regulatory and other approvals and compliance with condition precedents. Consequently, Kalpataru Satpura Transco Private Limited has ceased to be the subsidiary of the company effective today.

Birla Corporation acquires 26% stake in AMPSolar Clean Power.

Birla Corporation informed the exchanges that it has acquired 26% ownership (i.e., 7.80% by the company and 18.20% by RCCPL Private Limited, wholly owned subsidiary of the company) comprising of paid-up share capital of Rs.10/ – each and Compulsorily Convertible Debentures of Rs1000/- each of M/s. AMPSolar Clean Power Private Limited. AMPSolar is in the business of generating, producing, accumulating, storing, improving, buying, selling, reselling, transmitting, distributing and supplying electrical power generated using solar energy and other sources of renewable energy and developing infrastructure projects based on solar energy.

Yes Bank down 2% on disclosing divergence of Rs3,277cr.

Yes Bank disclosed divergence in reporting of non-performing assets (NPAs) at Rs3,277cr for FY19 in exchange filing on November 19.
The RBI assessed gross NPAs of Rs11,159cr of which disclosed NPAs were Rs7,882cr, leading to a divergence of 41%. The divergence in net NPAs came in at Rs2,299cr, which was 51% of the net NPAs disclosed by the bank. Further, Yes Bank reported divergence in provisioning at Rs978cr as on March 2019.

Shree Cement approved floor price for QIP at Rs19,806.5 per share.

Shree Cement informed the exchanges Tuesday that ssubsequent to the approval accorded by the board of directors of the Company, at its meeting held on October 19, 2019, and the special resolution passed by the shareholders of the Company, through postal ballot on November 18, 2019, the Qualified Institutions Placement Committee has, inter-alia, considered and approved the following:
Authorised the opening of the QIP November 19, 2019 Approved and adopted the preliminary placement document dated November 19, 2019 together with the application form in connection with the QIP Approved the floor price for the QIP being Rs19, 806.46/ Equity Share based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations (the “Floor Price”).


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