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Haryana Finance Corporation told to refund money
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”

Loan rejected? no sweat
Housing finance companies step in to provide loan to customers turned away by banks.

News of the day

Mahindra Satyam to explore New Zealand market with Gen-i
IT outsourcing company, Satyam Computer Services Limited (rebranded Mahindra Satyam), has entered into a strategic alliance with Australasia’s information and communications technologies (ICT) provider Gen-I for migration services of Microsoft’s Windows 7, which was launched on October 22.
Public Relations

JSW working on IPO

Sajjan Jindal-owned JSW Energy may go for an Initial Public Offer (IPO) to raise funds for its ambitious plans to step up power generation capacity to 12,000 Mw from the present 800 Mw. - Come Aug 10, MFs will disclose inter-scheme bond transfers - ARSS Infrastructure IPO by month-end - FIIs net sell Rs 371cr, DIIs net buy Rs 257cr - Self-certified syndicate bankers to get fee for IPO applications - Stocks attract $7.62 billion foreign funds this year - Ban on entry load: Funds raise upfront fees, trail commissions “We may look at the IPO if the market stabilises,” MVS Seshagiri Rao, CFO, JSW Group, told PTI. However, a company source said that the company had already been started “working on the initial public offering” and the draft red herring prospectus submission to the market regulator, Securities and Exchange Board of India (Sebi), might be a matter of couple of months’ time. The company had earlier planned for an IPO and was reportedly planning to raise around $1 billion and diluting 10 per cent stake, but scrapped the plan as The Sensex nosedived from its peak level of over 20,000 points owing to the global financial meltdown. “Whatever we raise, it will be for the future growth of the company. All the existing projects that the company is working on currently are tied-up with funds,” Rao said, but declined to divulge the percentage of stake JSW Energy would dilute if it goes ahead with the IPO plan. Adani Power was the first from the energy sector to hit the market after the unprecedented financial meltdown that crippled economies across the globe. The Rs 3,000 crore issue was over-subscribed over 21 times.


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