Business Daily from THE HINDU group of publications
Tuesday, Aug 11, 2009
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Business Daily from THE HINDU group of publications Tuesday, Aug 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Outlook Agri-Biz & Commodities - Commodity Markets FMC may clear Shree Renuka stake buy in NCDEX 
Suresh P. Iyengar Mumbai, Aug. 10 Shree Renuka Sugars will soon receive the Forward Markets Commission’s approval to acquire five per cent stake in the National Commodity and Derivatives Exchange from Goldman Sachs and Inter-Continental Exchange, as none of the present stakeholders evinced interest in raising their stake. The NCDEX stakeholders who have the first right of refusal include Life Insurance Corporation, National Stock Exchange, Nabard, Crisil, IFFCO, Canara Bank and Punjab National Bank. “We had given 21 days’ time to our existing shareholders to buy part of Goldman Sachs and Intercontinental Exchange’s stake. But, none of them have shown interest so we have forwarded the proposal to FMC for approval,” said Mr Ananda Kumar, Head, Corporate Services, NCDEX. Mr Rajeev Agarwal, Member, FMC, said, “we are in the process of evaluating Shree Renuka Sugars’ application and a decision will be taken in a day or two”. Industry insiders feel that Renuka Sugars has to surrender its trading membership rights before it picks up stake in NCDEX. As per the guidelines, no shareholder is allowed to be a trading member in the same exchange. The company has to abide by the regulation and tackle the issue soon, said a person familiar with the development. The company is already in the process of liquidating its position after the Government banned futures trading in sugar recently. As of now, sugar futures are suspended and no fresh positions are allowed to be taken in the contracts. The two foreign firms which own more than five per cent each in NCDEX have to divest the excess stakes by September. More Stories on : Outlook | Commodity Markets | Sugar | Commodity Exchanges
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