Anil Ambani refutes charges of SEBI ban

Anil Ambani has slammed the media for overplaying the Securities and Exchange Board of India’s (SEBI) order of Friday and said that the order will have ‘zero financial impact’ on the group. The ADAG companies “maintain full financial flexibility to implement existing and future projects,” he told reporters at a hurriedly convened press conference on Sunday.

Anil Ambani claimed that the terms and conditions of the SEBI’s consent order relating to two ADAG group firms - Reliance Infrastructure Ltd. and Reliance Natural Resources Ltd. (RNRL) - were proposed by the group.

The terms in the order, including the decision by him, four directors and two companies to keep away from the market for a specific period, were voluntary and the market regulator SEBI has not imposed any ban on the companies or their directors from participation in the capital market, he said.

Anil Ambani pulled up the media for calling the consent order "a ban",  saying that it was totally false, highly defamatory and detrimental to the interests of our over 11 million investors”.

"we consulted many lawyers on the case ... and 99.9% of them recommended us to go for a settlement through the consent order mechanism,” he added.

Reliance Infrastructure and RNRL (which has been merged with Reliance Power Ltd.) have no current plans to buy companies but they could do so through an open offer if needed, Anil Ambani said.

Anil Ambani  said that as per the consent order agreed by SEBI and ADAG, Reliance Infrastructure and RNRL will keep away from the secondary market till December 2012.

SEBI has stated that its investigations, launched in June 2009, had revealed that Reliance Infrastructure and RNRL misused funds raised abroad by diverting them into the local stock market.
SEBI said its investigations found Ambani's two companies were "responsible for misrepresenting the nature of investments in 'yield management certificates/deposits' and the profits and losses thereof," in their annual reports for the years ending in March 2007, 2008 and 2009.

Anil Ambani declined to discuss the charges or the terms of the consent order reached with SEBI.
For more info- http://www.indiainfoline.com/Markets/News/Anil-Ambani-refutes-charges-of-SEBI-ban/5051791437

Intel unveils second generation Core processors news

Global chip maker Intel yesterday announced the launch of a new range of processors, that, in addition to faster computing speeds would also deliver high quality audio-video capabilities.

Leading vendors including HCL, Wipro, HP, Toshiba and Dell have lined up over 500 device models that will be on offer with the new chips over the coming months.

"We have already started shipping the new processors to all leading OEMs (original equipment manufacturers) and the machines should be available in the market soon," Intel south asia managing director (sales and marketing group) R Sivakumar told reporters in New Delhi yesterday.

In response to questions about price Sivakumar said, initially, the company expected the devices with the new chipsets to be available at a premium of about 20 per cent over the older versions.

However, with the new chips becoming the mainstay prices would go down, he added.

HCL is to unveil its range incorporating the new line of processors by end of this month. Dell is expected to follow suit in April.
For more info- http://www.domain-b.com/companies/companies_I/Intel/20110107_second_generation.html