Petition No. 130/MP/2011. Case: In Re: Global Energy Private limited Vs. Central Electricity Regulatory Commission

Case NumberPetition No. 130/MP/2011
JudgesPramod Deo, Chairperson, S. Jayaraman, V.S. Verma and M. Deena Dayalan, Members
IssueElectricity Act
Judgement DateJune 01, 2011
CourtCentral Electricity Regulatory Commission

Order:

  1. By order dated 28.11.2008, Global Energy limited, Mumbai was granted trading license for Category `A` to trade in electricity as an electricity trader in the whole of India in terms of Regulation 6 of the Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading license and other related matters) Regulations, 2004, which was upgraded vide order dated 22.12.2008 from Category 'A' to Category 'F'. Consequent to issue of certificate of change of name by the Assistant Registrar of Companies, Goa, Daman and Diu, the applicant made a request for change of name from "Global Energy limited" to "Global Energy Private Limited" which was allowed by the Commission vide order dated 13.5.2009.

  2. The Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading license and other related matters) Regulations, 2009 (hereinafter referred to as 'trading license regulations 2009') was notified on 24.2.009 repealing the Central Electricity Regulatory Commission (Procedure, Terms and Conditions for grant of trading license and other related matters) Regulations, 2004. As per Regulation 15 of the trading license regulations 2009, the existing licensees are required to meet the net worth, current ratio and liquidity ratio criteria specified in the trading license regulations 2009 up to 31.3.2010. In accordance with Regulation 3(3) of the trading license regulations, a person applying for Category `I` trading licensee should have net worth of ` 50 crore, and should have maintained minimum current ratio and liquidity ratio of 1:1, consistently for three years.

  3. The applicant in its letter dated 25.1.2011 has submitted the balance sheet for the year 2009-10. Based on the financial details submitted by the applicant, its net worth has been worked out as given below:

    (` in crore)

    Particulars

    As on 31.3.2010

    1

    Share Capital

    Paid up equity capital

    29.59

    2

    Reserves and Surplus

    Reserves and Surplus

    55.06

    Sub Total 1

    84.65

    3

    Misc. Expenses to the extent not written off or adjusted (Sub Total 2)

    0.00

    Net Worth (1- 2)

    84.65

  4. The net worth of the applicant is further represented by the following:

    (` in crore)

    Particulars

    As on 31.03.2010

    1

    Fixed Assets

    Gross Block

    74.84

    Less: Depreciation

    15.31

    Net Block

    59.53

    Sub-Total 1

    59.53

    2

    Investments (Sub-Total 2)

    29.92

    ...

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