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April 18, 2001
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Money > Business Headlines > Report April 18, 2001 |
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Sebi seeks clarification from Tata FinanceBS Markets Bureau The Securities and Exchange Board of India has asked Tata Finance to clarify allegations of huge losses made by one of its subsidiaries - Nishkalp Investment & Trading Company - in its investments in the secondary market. Tata Finance officials, headed by Dilip Pendse, met the Sebi officials and are expected to submit the details in a day or two. Sebi has got involved as Tata Finance is in the process of collecting Rs 909 million through a rights issue which is currently open and Sebi is exploring the angle whether the losses suffered by the company are material enough to warrant "supplemental disclosures" by the company. Explaining the entire issue, full time member on the Sebi board, JR Varma said, "The question is whether the event is significant enough to warrant disclosures to the investors," adding that it was within the realms of possibility that some of the investors might like to withdraw from the issue. However Subodh K Shah, president of Tata Finance said, "We are fully confident that the issue will go through and we will not suffer any adverse consequences of the allegations made." He put the losses made by its subsidiary between Rs 600 to 700 million "including the diminution in losses," that is, the notional losses suffered due to the depreciation in the value of the investments held by them. Sebi has however taken the view that a loss of this magnitude would also be enough to impact the profits of the company. Powered by YOU MAY ALSO WANT TO READ:
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