Sebi fines IL&FS Transportation Networks Rs 1 crore for related party transactions
Sebi fines IL&FS Transportation Networks Rs 1 crore for related party transactions The Securities and Exchange Board of India (Sebi) on Thursday fined IL&FS Transportation Networks (ITN) Rs 1 crore for related party transactions in group companies of IL&FS Financial Services (IFIN). In addition, Ramchand Karunakaran, then managing director of ITN, Dilip Bhatia, its chief financial officer and Krishna Ghag, the secretary of the audit committee of ITN during the examination period were fined Rs 25 lakh each. Sebi had observed certain RPTs in the form of loans borrowed by ITN from IL&FS group companies in the financial years 2015-16, 2016-17 and 2017-18, which allegedly violated the provisions of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, Uniform Listing Agreement dated November 24, 2015 and accounting standards on related party disclosures such as AS18 for FY2015-16 and IndAS 24 for FY2016-17 and 2017-18. The group companies include Gujarat Integrated Maritime Complex, Unique Waste Processing Company, Tierra Enviro, Livia India, Kanak Resources Management, Mota Layja Gas Power Company, Rapid Metrorail Gurgaon South (RMGSL) and Sabarmati Capital Two. Thursday’s order observed that ITN’s transaction with RMGSL resulted in the materiality threshold of 10% with regard to RPTs getting crossed in FY15-16 where transactions were 19.77% of the turnover of the previous financial years. The company also failed to take approval of shareholders for the same. Also read| Sebi has no role in IPO pricing of new-age tech companies: Buch Further, ITN failed to take approval of shareholders in terms of LODR regulations for the RPTs with IFIN for FY15-16 and FY17-18 when the transactions were more than three times the materiality threshold. ITN also failed to comply with relevant accounting standards for the period of FY15-16, 2016-17 and 2017-18. Sebi also said the defaults on the part of all the noticees were repetitive in nature.
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However, he believes that the impact on the Indian market is going to be temporary since there could be some short-term impact on flows into Indian equity markets. But since the Indian economy is on a strong wicket and will continue to remain resilient.
“Improved fiscal situation, controlled current deficit, stable interest scenario combined with good corporate earnings should lead to limited impact on the Indian bond market and equity market too,” he added.
The midcap and smallcap indices took a bigger knock with the BSE MidCap fell 2.51%, while BSE SmallCap index dived 4.18%. According to Amnish Aggarwal, head, research, Prabhudas Lilladher, the valuations were already high and some correction was expected. “If the situation sustains as it is then further correction can’t be ruled out,” Aggarwal said.
Telecommunication and industrials indices were the top laggards with BSE Telecommunication declining 3.82%, followed by BSE Industrials falling 3.26%. JSW Steel (-2.99%), Tata Steel (-2.52%) and Tata Consultancy Services (-2.44%) were the top losers of Sensex.
Surprisingly, both foreign portfolio investors and domestic institutional investors were net buyers today. While, FPIs net bought shares worth Rs 252.25 crore, DIIs have purchased shares worth Rs 1,111.84 crore, as per provisional data from exchanges.
Calling this a “normal phenomena” Pankaj Pandey, head, research, ICICI Direct said, “I will not really give too much weight to a single day buying figure. Amid concerns of elevated interest rate and geopolitical tensions, in a typical market cycle, 8-10% correction is possible at any point in time.”
The brunt of geopolitical conflict, elevated interest rates and rising crude oil prices was also felt by other Asian- Pacific markets. Jakarta Composite Index lost 1.57% followed by Shanghai Composite Index and PSEi, which fell 1.47% and 0.89%, respectively. Nikkei and KOSPI declined 0.83% and 0.76%.
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