#SEBI finds 22 #PSUs violating #norms, #SBI files for #settlement Sebi has found 22 public sector firms including giants like #ONGC, #Coal #India and #IOC to have violated various capital market guidelines, while banking major SBI has filed for settlement of a case against it with the regulator, #Parliament was informed on Friday. Others include #SAIL, #ITDC, #HMT, #Shipping #Corporation, #NTPC, #NHPC, #STC, #Nalco, #EIL, #REC and #Neyveli #Lignite. A total of 17 firms were found to be non-compliant with the norms pertaining to the composition of the board of directors. These rules were related to minimum number of independent directors. State Bank of India (SBI)has filed for a consent application to settle adjudication proceedings against for alleged violations of debenture trustee norms. It is alleged to have had outstanding loans with certain companies when it acted as debenture trustee for their issues. The details of violations by these Public Sector Units were submitted in a written reply by Minister of Finance Arun Jaitley to the Lok Sabha. Indian Oil Corporation (IOC), Rural Electrification Corporation, Oil and Natural Gas Corporation (ONGC), NHPC, NTPC, Neyveli Lignite Corporation and Steel Authority of India are among the 17 PSUs found to have violated these board of directors norms by capital market regulator SEBI. Other firms are Chennai Petroleum Corporation, SJVN, Mangalore Refinery and Petrochemicals, Natural Fertilizers, National Aluminium Company, Coal India, Engineers India, Shipping Corporation of India, Container Corporation of India and State Trading Corporation of India.
Posted on: Sat, 06 Dec 2014 14:22:41 +0000
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