Infosys will be watched

Infosys announced its intention to voluntarily delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London exchanges. The primary reason for seeking the proposed delisting is the low average daily trading volume of Infosys ADR on these exchanges, which is not commensurate with the related administrative requirements, the company said in a statement. Infosys ADS will continue to be listed on the NYSE and investors can continue to trade their ADS on the NYSE as before, it added. The announcement was made after market hours yesterday, 12 March 2018.

Zee Entertainment Enterprises (Zee) issued a clarification to the stock exchanges with respect to media news article captioned "ZEE complains against DEN to I&B Ministry". Zee said that the media news item pertains to a complaint filed by the company against Den Networks - one of the distributors of Zee Network Channels, with Ministry of Information & Broadcasting (MIB), alleging violation of various provisions. The instances of violations and non-compliance were found during anti-piracy activities carried out by Zee, which it keeps on conducting from time to time in the normal course of its business, Zee added. The announcement was made after market hours yesterday, 12 March 2018.

Power Grid Corporation of India has entered into a term loan facility agreement for Rs 5000 crore with State Bank of India on 12 March 2018 for meeting capital expenditure for expansion/renovation and setting up various undergoing and new transmission and other projects in the company and in identified special purpose vehicles (SPVs)/joint ventures (JVs) of the company. The announcement was made after market hours yesterday, 12 March 2018.

Andhra Bank will be watched. With reference to news captioned, "Rs 50-bn Sterling scam: ED files chargesheet against ex-Andhra Bank exec", Andhra Bank clarified that it is the lead bank of the consortium in case of two group companies of Sterling Group and the bank's exposure to these companies is Rs 578.57 crore (fund based) and Rs 568.35 crore (non fund based) as on date and not Rs 5000 crore as reported in the news publications.

Anup Prakash Garg was the chartered accountant director nominated by the government and held office from 13 October 2006 to 12 October 2009. He was neither an employee nor a whole time director in the bank at any point of time.

The bank's exposure to the group companies was classified as non-performing assets since March 2015 onwards based on the conduct of the account. As on 31 December 2017, the bank's fund-based exposure to the group companies is to the tune of Rs 515.19 crore and stands classified as non-performing asset.

In December 2017, the bank reported the group accounts as fraud to Reserve Bank of India amounting to Rs 515.19 crore alleging diversion of funds and money laundering on the part of the companies. Andhra Bank said it has already lodged formal complaint with Central Bureau of Investigation (CBI) against the companies. The clarification was issued after market hours yesterday, 12 March 2018.

Jindal Steel & Power (JSPL) said that its board will meet on 16 March 2018 to consider issuance of securities to qualified institutional buyers by way of qualified institutions placement and to authorize and delegate various actions in this regard. The announcement was made after market hours yesterday, 12 March 2018.

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