So ECT-India submitted their list of share holders and annual accounts to the Ministry of Corporate Affairs (MCA) the day after the due diligence (dd) draft report came out. Our meeting with project partners NMDC / NLC was on Monday 4th. On Tuesday 5th, we resubmitted the above documentation with MCA. I'm assuming as an up-to-the-minute part of the dd process.
View attachment 869264
View attachment 869267
Make no mistake, this is no ordinary dd, this is
Field Due Diligence (as mentioned 5 times in the tender).
The
Journal of Accountancy states:
"Due diligence is the assessment of the legal, financial, and business risks associated with a merger or acquisition. It is totally appropriate and recommended for both parties to a transaction to perform due diligence on each other, regardless of the deal’s nature and whether you are buying, selling, or merging."
"There is a specific intensive review that you will undertake referred to as “field due diligence.” Too often, firms start field due diligence much too soon in the deal process. A better course is to perform field due diligence only after the following steps have been completed:
- The parties have exchanged enough summary financial and operating information for both sides to make a determination of the deal’s appropriate terms, relying on the assumption the information is accurate.
- The parties have discussed and agreed to a nonbinding terms sheet, offering memorandum, or letter of intent, pending the field due diligence that will follow.
Field due diligence is an invasive process, and it can lead to premature disclosure that a transaction is imminent. There is no reason to take that risk until you are fairly certain a deal is viable. Finally, field due diligence requires a lot of time and effort pulling together information, especially on the part of the party being reviewed. It is a colossal waste of time doing that until you know the time investment is worthwhile."
-----------------------------------------------------------------------------------------------------------
Moving along ...
The
Coal Preparation Society of India (CPSI) hosted their 5th International Congress last month.
Topics deliberated in the conference included:
• Over view of India's coal resources, coal quality, demand and supply scenario.
• Global overview of emerging coal processing technologies...
• Water conservation in coal processing.
• Drying of coal, coal gasification, enhanced energy recovery from coal etc.
Main Objectives of CPSI are;
- To act as a facilitator in policy formulation in coal beneficiation and preparation.
- To provide an independent platform for deliberating important issues pertaining to technological, operational, financial, commercial and policy aspects of the Indian Coal Preparation Industry.
- To promote and encourage any new idea beneficial for India. Encourage international companies and professional global bodies to exchange information on demonstrated, prevalent state of art technologies relevant to Indian coal industry.
We welcome companies engaged in...
- Companies engaged in R & D, processing and conversion of minerals, metallurgy, oil & gas etc.
- Any other company which is a stake holder in coal related activities like clean coal technologies, gasification, coal bed methane, EIA studies, waste handling and processing etc.
In praise of CPSI, Ministry of Environment & Climate Change stated ...
View attachment 869426
Attendees and speakers are confidential, so I can't claim ECT were present, but I'm sure our voice was heard.
Organising Committee (amongst others):
T Kannadasan,
NLC India Limited.
Hindupur Suryaprakash,
M.N.Dastur& Company. (Matmor)
N K Nanda,
NMDC Limited
View attachment 869480
Over the years, I have never found a link between any of our Indian partners. Now we have three.
All IMO
![Smile](styles/default/xenforo/clear.png)
nwards and upwards
GLTA Investors
https://www.journalofaccountancy.com/issues/2014/jun/20139299.html
http://www.ectltd.com.au/india-proj...inancial-review-first-draft-report-submitted/
https://web.nlcindia.com/tender/20170524_0015E_COCont_Document1.pdf
http://mca.gov.in/MinistryV2/homepage.html
http://www.sacoalprep.co.za/wp-cont...nternational-Conference-Nov-2017-Brochure.pdf
http://www.cpsi.org.in/about-cpsi-page-38
http://ice5e2017.cpsi.org.in/images/ashokimg.jpg
http://www.ectltd.com.au/wp-content/uploads/IMG_2950_edited-e1469746109409-640x371.jpg
http://www.cpsi.org.in/pdf/corporate-member.pdf