Friday, March 2, 2012

Govt went all out to salvage ONGC offer

New Delhi / MUMBAIi: It was a couple of hours of pure panic on Thursday the government scrambled to avoid one of India largest disinvestment proposals of belly-flopping.

Of course, the official version is that the ONGC share auction was business as usual. But the truth seems to be that a number of banks and financial institutions were not fully informed about the auction, Life Insurance Corporation (Lic) woke up late for the investment opportunity, a technical glitch almost aborted the last minute rescue operation, and the government was forced to look for the Securities Exchange and Board of India's assistance.

Although the auction to sell 42.78 crore shares began to 9.30am on Thursday, it was not until 2.40 pm, just 50 minutes before the end of the first such sale, that corridor put an offer in favor Lic.

Until then, stock exchanges have shown that proposals are worth less than 3% of the issue size was placed.

While details of the brokerage executing the agreement is available, the corridor punched "self-pay" for the order. At about 3.20pm, disaster struck as the Stock Holding Corporation, the guardian, he canceled the order saying it had not received the payment. As a result, Lic order to buy about 12 crore ONGC shares could not be executed.

This meant the government's decision to sell the shares will not go through, causing much embarrassment in the capital, where the financial ministry was watching the issue very closely.

The disastrous offer to ONGC that closed on Thursday worked on the Friday market to the stock price of the government owned oil exploration major losing 2.2% to close below its offer price of Rs 290. The slide in the stock came despite a relatively flat market with the sensex closed 53 points higher at 17,637. On a weekly basis, however, the sensex closed almost 300 points lower, its second consecutive weekly close with losses.

The other sensex stock who also attended hammering real estate major DLF, which closed about 5% lower at Rs 204. The stock lost ground for the second consecutive session, weighed by a research report by Veritas Investment Research Corp., the Canadian company that had a few months ago raised a red flag on Kingfisher Airlines, only a few days before he flew into a financial crisis.

On Thursday, Veritas said that, at best, the DLF stock would be worth Rs 100, less than half of its current market price.

RIL ups stake in EIH

In another unrelated development, Mukesh Ambanicontrolled Reliance Industries on Friday revealed that it had increased its holding in hotels major East India Hotels, which runs the Oberoi hotel, and related properties to 18.53% by picking up an additional 2.13 crore shares worth Rs 192 crore through an open market transaction.

RIL arm Reliance Industries Investment & Holding bought these shares, which translates to 2.73% of EIH for Rs 90 a piece.

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Your Domestic Problems Can Be Solved By Family Solicitors

By Jack Wogan


We live in a world that constantly amazes us. Things do not remain the same for a long time as much as we would want them to. When we make our own family we would like things to be great all the time, without fights or conflicts. But when conflicts cannot be avoided any more, we should learn how to deal with them. Family solicitors will teach you exactly this. They will offer family law support for a series of issues related to divorce, parenting problems, pre-nuptial agreements, financial settlements, mediation, wills and probate.

Family solicitors are able to diminish family conflicts by finding legal solutions to your problems. They can do this by minimizing the damage that your children can experience when you fight for their custody with your partner. It is a well-known fact that children are most vulnerable to family feuds, so you should protect them from this as much as possible.

We all know that getting through a divorce can be difficult for all the family members, especially for the youngest ones. Therefore, you have to make sure that you will not leave permanent psychological scars in a dispute over who gets them. A family solicitor will advise you with regard to this matter and any other related problems.

But solicitors specializing in family law can solve conflicts generated by financial issues as well. Many relatives start disputes over wills or pensions. The conflict could go on for years without any of the parts giving up. If you are involved in such things, you should definitely consult a family solicitor. He will offer his expert opinion on how the things can be settled peacefully. He will offer you the best solution in the shortest period possible.

Most people would prefer to solve things on their own, when it comes to family matters. So, they delay some important decisions that they have to make until they become too difficult to solve. It is very important to understand that comprehending family law procedures requires special training. Only an expert solicitor can make things clear. So, do not get fooled, thinking that you could settle all things on your own. Ask an expert in family affairs for help.

This article aimed to present the substantial contribution that family solicitors can bring to the well-being of your family. If you are going through rough times and you feel that you need advise in any aspect concerning the correct legal path for a family procedure, then hesitate no more. Consult with family solicitors right away!




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