Friday, August 07
Capital markets regulator Sebi has cleared as many as seven IPOs. Among the companies that received regulatory approval is HD Fire Protect, a Mumbai-based manufacturer of fire protection equipment and systems. The proposed public offer will be entirely an offer-for-sale of around 2.6 crore equity shares by promoters, with no fresh capital being raised.The company manufactures water, foam and gas-based fire suppression systems from its two facilities in Maharashtra and also undertakes contract manufacturing and white labelling. Its products have been supplied to several high-profile projects, including installations at India’s space launch pad in Sriharikota, the Jamnagar refinery, the new Parliament building, Saudi Aramco’s Ras Tanura Sea Island and an integrated power and water projec
NEW YORK: The U.S. Securities and Exchange Commission has arranged to serve Gautam Adani with a civil fraud lawsuit, allowing the regulator's case against India's second-richest person to proceed. In a Friday filing in the Brooklyn, New York federal court, the SEC and U.S.-based lawyers for Adani and his nephew Sagar Adani said the lawyers agreed to accept the SEC's legal papers, eliminating the need for U.S. District Judge Nicholas Garaufis to rule on how the defendants should be served. If the judge approves the resolution, the Adanis will have 90 days to respond to the SEC's complaint, which could include requests for a dismissal. Robert Giuffra, a lawyer for Gautam Adani, declined to comment. Sean Hecker, a lawyer for Sagar Adani, also declined to comment. Th
