- (1.) THE petitioner, Indian Energy Exchange (IEX) has filed this petition for extension of time for compliance with Regulation 19 (1) of the Central Electricity Regulatory Commission (Power Market) Regulations, 2010 (Power Market Regulations). The petitioner has made the following specific prayers: (i) Grant a further extension in the time frame for the period of at least 1 years for compliance of the Shareholding pattern norms stipulated under Regulations 19 and 20 of the Power Market Regulations; (ii) Extend the compliance of shareholding pattern by at least 1 years upto 20.1.2015; and (iii) Pass such other order as this Hon'ble Commission may deem fit in the interest of justice and facts and circumstances of this case.
(2.) THE petitioner has submitted that as on 31.12.2013, the shareholding pattern of IEX on fully diluted basis was as under:
(3.) THE petitioner has submitted that Financial Technologies (India) Limited (FTIL) and IEX have undertaken the following measures to comply with the Commission's order dated 25.2.2013 to reduce FTIL's shareholding in IEX to 25%: (a) The audited accounts were approved by the Board on 10.5.2013 to ensure proper valuation of the share and to give an accurate overview of the financial standing of IEX to potential investors; and (b) Some of the foreign investors of IEX commenced the process of selling their stake. IEX actively participated in the same by signing non -disclosure agreements with prospective purchasers with a view to ensure that the base price would be determined to enable IEX to obtain the correct valuation for sale of shares and expedite the process for other prospective investors once the base price was established. The petitioner has submitted that the share dilution process is in advance stage and is expected to be completed within next 3 -4 months.;