The initial public offer (IPO) of Sterling & Wilson Solar Ltd was subscribed 9% on the first day of bidding on Tuesday. The company plans to raise about Rs 3,125 crore through the IPO. Its price range has been fixed at Rs 775-780 per share. The issue will close on August 8, 2019. Sterling and Wilson Solar on Monday raised Rs 1,406 crore from 27 anchor investors.The issue comprises an offer for sale by promoters Shapoorji Pallonji and the company.
The Ministry of Corporate Affairs (MCA) has asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors, including Deloitte Haskins & Sells LLP and BSR Associates LLP, of an Infrastructure Leasing & Financial Services (IL&FS) subsidiary, arguing that the step is needed to stop fund diversion. “We are seeking an order to freeze assets of audit firms, its partners as well as the erstwhile directors of IFIN,” argued Sanjay Shorey, director — legal prosecution, MCA.
The government on July 26 proposed amendments to Motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles. The government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current timeframe of one year. The government has also raised the fees for conducting test and the grant and renewal of fitness certificate for motor vehicles older than 15 years.
Coal India’s five subsidiaries are facing Rs 53,331 crore of penalties slapped by states for exceeding production limits set by environmental authorities. The company has included the figure in its annual report for 2018-19 under the head ‘contingent liability’, meaning it is a potential liability and may have to be paid depending on the outcome of each of these cases. If Coal India needs to pay the levies, its finances will be critically hit. Its reserves, which stood at Rs 38,000 crore as on April 1, will fall short by Rs 15,000 crore.
The Lok Sabha on Thursday passed passed the Muslim Women (Protection of Rights on Marriage) Bill to ban triple talaq amid protests from Opposition. The Bill was passed by a voice vote, after defeating several amendments moved by Opposition members. Members of NDA’s Bihar coalition partner JD(U) and key opposition parties, including the Congress party, staged a walkout. A key bone of contention—the clause which criminalizes the practice with a jail term for the husband for up to three years—was passed by a 302-78 division of vote.