Bizbits

Sebi which moved the Mumbai High Court on January 21 has sought the court’s intervention to prevent Golden Forest from making any payments to promoters and ensuring that monetary transactions are limited to meeting day-to-day requirements. It had already, in its capacity as a watchdog of the sector, warned the company against non-compliance of Section 11(b) of the Sebi Act.

Chandigarh-based company had already collected more than Rs 1,000 crore in deposits without possessing proper assets to match the collection. Following Sebi’s petition, the court had passed an interim order against the company on January 22, asking it to comply with Sebi’s order. The case came up for hearing on January 29 but was adjourned till February 16.

BNP bids for Peregrine London arm

LONDON — France’s BanqueNationale de Paris said on Friday it had made a bid for the entire London arm of collapsed Hong Kong investment group Peregrine Investments Holdings Ltd.

A BNP spokeswoman in London told Reuters the group was also continuing to look at other parts of the Peregrine group worldwide. Peregrine Securities (UK) Ltd said last week it remained a solvent company and was keen to work with colleagues around the group.