Petition No. 130/MP/2011. Case: In Re: Global Energy Private limited Vs. Central Electricity Regulatory Commission
Case Number | Petition No. 130/MP/2011 |
Judges | Pramod Deo, Chairperson, S. Jayaraman, V.S. Verma and M. Deena Dayalan, Members |
Issue | Electricity Act |
Judgement Date | June 01, 2011 |
Court | Central Electricity Regulatory Commission |
Order:
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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.
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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.
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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
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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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