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BSE Announcements on Sesa Goa
Posted by :
MMB Messenger
With reference to earlier announcement dated October 27, 2009 regarding the Clarification on Media Reports. Sesa Goa Ltd has further clarify as follows:
"On October 27, 2009, Sesa Goa Ltd (the "Company") issued a clarification on media reports regarding the Company and stated that as of October 27, 2009, the Company had not received any notification or communication from the Serious Fraud Investigation Office ("SFIO") with respect to the Company on certain alleged matters that appear to pertain to the period prior to its acquisition by Vedanta Resources plc ("Vedanta").
On October 28, 2009, the Company received a copy of an order dated October 23, 2009 from the Ministry of Corporate Affairs of the Government of India ordering an investigation by the SFIO into the affairs of the Company and that of its subsidiary, Sesa Industries Ltd ("SIL"). The scope of investigation includes looking into the state of affairs of the Company and SIL in respect of mismanagement, malpractices, financial and other irregularities. According to this order, this investigation must be completed within six months of the date of the order. The Company understands from the order that this investigation has been initiated pursuant to a report of the Registrar of Companies that recommended such an investigation and the order directs inquiry into allegations made in certain complaints, but does not identify the complaints. The Company did not have any notice of this report prior to the receipt of the order and has not received a copy of this report of the Registrar of Companies, but has received requests from the Registrar of Companies for information for the period from 2001 to 2009. The Company believes that the investigation originates from the complaint filed by one of the shareholders of SIL against SIL, the Company and their directors in 2003 prior to the acquisition of the Company by Vedanta in April 2007.
The Company and its management are committed to the highest levels of corporate governance and transparency and will fully cooperate with the investigation. The company continues to conduct its business in full compliance with all applicable laws and regulations."...
Whats up with Sesa Goa
Posted by :
hawkflier
PSU or Private Banking? What should be the right time to enter SBI or ICICI?
Please advise. Thanx
Regards HAWK
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sesa goa
Posted by :
saraved
The government today said any action, if warranted, would be taken against mining major Sesa Goa only after detailed examination of the financial accounts of the Vedanta Resources group company.
Sesa Goa has been facing charges of financial irregularities including diversion of funds, and over and under-invoicing.
Terming the inspection of books as a "normal procedure", Corporate Affairs Minister Salman Khurshid today said, "These (inspections) are procedures that have to be followed before taking a final decision. Decisions are taken after some reports...whatever reports (SFIO report) come."
Earlier this week, official sources had said that the MCA has ordered the Serious Fraud Investigation Office (SFIO) to probe into alleged financial irregularities of Sesa Goa.
The Registrar of Companies (RoC), which has been investigating allegations against the company since 2003, is also learnt to have found evidence of diversion of funds.
- (Agencies)
This message is a copy from a website
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sesa goa--clarification
Posted by : saraved
The government today said any action, if warranted, would be taken against mining major Sesa Goa only after detailed examination of the financial accounts of the Vedanta Resources group company.
Sesa Goa has been facing charges of financial irregularities including diversion of funds, and over and under-invoicing.
Terming the inspection of books as a ...
Fire without smoke ?
Posted by : spiderman_web
dear karshin, great to get a reply from u, it goes like this, i was working at Instinet Corp in NY(w w w instinet com) 10 yrs ago, during bear mkt phase they say it`s better to get out of the mkt/stock with 1 dime(10 cents)loss rather with for the stock to give u profit of 1 cent later, hope this clarifies the saying.
reg, spiderman_web...
Whats up with Sesa Goa
Posted by : pratap1298
Dear Rajkishore Sir,
Can you suggest some stock which we could buy on every stock?
with regards
Pratap...
Whats up with Sesa Goa
Posted by : patelhitesh56sugesst bank stock for long term...
Whats up with Sesa Goa
Posted by : rajkishore420The banking space as a whole is quite positive. I would advise to buy banking stocks in every decline....
Fire without smoke ?
Posted by : karshin
dear sw
As far as your message reg sesa goa is concerned I agree fully . In fact I had also advised to stay away from sesa goa and sterlite. I had written only about the saying in Usa. It is perhaps like as under
"one pence save today is better than a dime saved tomorrow."
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buy on dips below 280 levels and more at 250 on bad news or nifty crashing by another 100+---good buy at those levels as no one can predict bottom-hence buy on dips and average... ...
Fire without smoke ?
Posted by : chchchIs it Defence or Home?...
Fire without smoke ?
Posted by : spiderman_webtoday the stock moved up due to tech reasons, my guess is many operators who shorted the stock @ 340-335 levels covered up and will offer this stock today in auction for delivery, wait and watch... this will move drasticaly down now, many will be caught off guard then, they will hand over the stock to week hands and will exit then. ...
short sell Sesa Goa at cmp
Posted by : prashantdahaletgt 385 sl 299...
short sell Sesa Goa at cmp
Posted by : prashantdahalebuy call is made by experts..but they will sell with fall in market so short sell it tgt can be 280 sl 299...
