- (1.) The petitioner, Phillip Commodities India Pvt. Ltd., a company registered under the Companies Act, 1956 (1 of 1956) has made the present application under subsection (1) of Sec. 15 of the Electricity Act, 2003 (hereinafter referred to as "the Act") read with Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of Trading licence and other related matters) Regulations, 2009 (hereinafter referred to as "Trading Licence Regulations") amended from time to time, for grant of Category 'IV' licence for inter -State trading in electricity whole of India. In accordance with sub -section (2) of Sec. 15 of the Act read with Clause (4) of Regulation 6 of the Trading Licence Regulations, notices were published by the petitioner on 25.7.2015. In response to the said public notice, no objections have been received.
(2.) In accordance with Regulation 3 (3) of the Trading Licence Regulations, a person applying for Category 'IV' trading licence should have net worth of Rs. 1 crore, and should have maintained minimum current ratio and liquidity ratio of 1:1, as on the date of the audited balance sheet accompanying the application. Based on special balance sheet as on 30.6.2015, it was found that the petitioner possessed the required net worth, current ratio and liquidity ratio for grant of Category 'IV' trading licence. Accordingly, the Commission came to the conclusion that the petitioner prima -facie qualified for grant of licence for inter -State trading in electricity as a category 'IV' electricity trader.
(3.) On the above considerations, the Commission vide its order dated 30.12.2015 had proposed to grant Category 'IV' trading licence to the petitioner. Notice under clause (a) sub -section (5) of Sec. 15 of the Act was published on 5.1.2015 in all editions of Hindustan Times and Hindustan (Hindi) inviting suggestions/objections to the above proposal of the Commission. No suggestions or objections have been received in response to the notice issued by the Commission.;