• Promoters will have to disclose pledging of shares
• No liberal use of 'liquid' term: SEBI
• EGoM to debate GST rates today
• FDI-barred realty projects may need SPV foundation
• Kamal Nath hints at rate cut and further fiscal measures
• High-teledensity states grew faster, says study
• Zenotech stakeholders oppose Daiichi takeover offer
• According to sources, Securities and Exchange Board of India (SEBI) is set to make it mandatory for promoters to report to stock exchanges, if they pledge their shares to raise funds, irrespective of the quantity of the shares pledged. SEBI is likely to come out with new disclosure norms shortly, in a bid to protect the interest of existing and potential shareholders, as pledging of shares could result in a change of ownership if the promoter is unable to redeem those shares by repaying the loan. (ET)
• In a step to discipline mutual funds' investments in liquid schemes, SEBI has said that the tenure of debt securities in portfolios should be the same as the maturity of schemes. SEBI has also asked mutual funds to abstain from using the term ‘liquid plus’ — schemes that invest in papers with longer tenure than liquid funds — as this could be wrongly perceived by investors as schemes with more liquidity. As per the revised guidelines, liquid schemes, from the beginning of next month, can make investments in debt and money market securities with a maturity of up to 182 days. Further, from May 1, these schemes can make investments only in debt and money market securities with maturity of up to 91 days. (ET)
• The empowered committee of state finance ministers will discuss the rate structure of the proposed goods and service tax (GST) today. The meeting will also take up the Centre’s views on merging other taxes like octroi, electricity tax and purchase tax in the GST. (ET)
• According to sources, govt is planning not to allow real estate developers to own commercial projects such as malls in the same company that develops projects for which they have accepted foreign investment. As FDI is permitted only in residential projects, IT parks, hotels, resorts and integrated townships, realty companies will have to hive off other projects into a separate company or a special purpose vehicle (SPV). (ET)
• According to sources, Govt is planning to unleash another round of fiscal measures in addition to the likely interest rate cuts. According to commerce & industry minister Kamal Nath, there is room for greater liquidity and RBI will consider this and devise a commensurate policy. The vote on accounts for 2009-10 is expected to allocate more funds to various sectors to ensure elections do not interrupt the growth momentum and is likely to see a significant hike in both plan and non-plan expenditure. (FE)
• According to the report, India: The Impact of Mobile Phones published by the Indian Council for Research on International Economic Relations (ICRIER) and funded by Vodafone Group Plc., increased penetration of cellular technology has contributed to higher and more inclusive economic growth. The report says that states with 10% higher mobile phone penetration than others have grown 1.2% faster. However, the report points out that India’s mobile penetration rates are the lowest among countries that include China, Sri Lanka, Pakistan, Brazil and the Philippines, which are similarly placed in terms of economic development. (Mint)
• Minority shareholders of Hyderabad-based Zenotech Laboratories, a biotech company in which Ranbaxy owns 46.8 per cent, are up in arms against Ranbaxy’s new owner Daiichi Sankyo for allegedly failing to buy additional shares at the price offered by the former promoters of Ranbaxy. The minority shareholders account for 25.76 per cent of Zenotech’s shareholding. Zenotech shareholders are in the process of writing to the Daiichi board and also making representations to SEBI and FIPB on the matter. (BS)
