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44-611: Chennai Petroleum Corporation Limited ( CPCL ), formerly known as Madras Refineries Limited ( MRL ), is a subsidiary of Indian Oil Corporation Limited which is under the ownership of Ministry of Petroleum and Natural Gas of the Government of India . It is headquartered in Chennai, India . It was formed as a joint venture in 1965 between the Government of India (GOI), Amoco and National Iranian Oil Company (NIOC), having

88-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages

132-678: A capacity of 0.5 million tonnes per year in 1993 and later enhanced to 1.0 million tonnes per year. Now this 1.0 million tonnes per year refinery is being dismantled to increase its capacity to 9.0 million tonne per year with cost of ₹ 27,000 crore (US$ 3.2 billion) this new project will be completed by 2022 and will boost the company growth further. The main products of the company are LPG , Motor Spirit, superior kerosene , aviation turbine fuel , high speed diesel , naphtha , bitumen , lube base stocks, paraffin wax , fuel oil , hexane and petrochemical feed stocks. The wax plant at CPCL has an installed capacity of 30,000 tonnes per annum, which

176-586: A combined refining capacity of 11.5 million tonnes per year. The Manali Refinery in Chennai has a capacity of 10.5 million tonnes per year and is one of the most complex refineries in India with fuel, lube, wax and petrochemical feedstocks production facilities. CPCL's second refinery is Nagapattnam Refinery located at Cauvery basin at Nagapattinam in Panagudi . This unit was set up in Nagapattinam with

220-487: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be

264-586: A government-owned or state-owned enterprise . They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for

308-411: A group of brokers, NSE ensured that anyone who was qualified, experienced, and met the minimum financial requirements was allowed to trade. NSE commenced operations on 30 June 1993 starting with the wholesale debt market (WDM) segment and equities segment on 3 November 1994. It was the first exchange in India to introduce an electronic trading facility . Within one year of the start of its operations,

352-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and

396-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of

440-455: A shareholding in the ratio 74%: 13%: 13% respectively. From the grassroots stage CPCL Refinery was set up with an installed capacity of 2.5 million tonnes per year in a record time of 27 months at a cost of ₹ 430 million (US$ 5.2 million) without any time or cost overrun. In 1985, Amoco disinvested in favour of GOI and the shareholding percentage of GOI and NIOC stood revised at 62% and 15.38% respectively. Later GOI disinvested 16.92% of

484-705: A stake in NSE include Life Insurance Corporation , State Bank of India , India Infoline Limited and Stock Holding Corporation of India Limited . Key global investors include Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments (Mauritius) Pte Limited, Veracity Investments Limited, Crown Capital Limited and PI Opportunities Fund I. NSE has collaborated with several universities like Gokhale Institute of Politics & Economics (GIPE) - Pune, Bharati Vidyapeeth Deemed University (BVDU) - Pune, Guru Gobind Singh Indraprastha University - Delhi, RV University - Bangalore,

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528-462: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of

572-515: A useful part of the company that allows every head of the company to apply new projects and latest rules. National Stock Exchange of India National Stock Exchange of India Limited ( NSE ) is one of the leading stock exchanges in India, based in Mumbai . NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest derivatives exchange by number of contracts traded and

616-521: A wind farm and sewage reclamation and sea water desalination plants. For the entire financial year 2021-22 (FY22), CPCL consolidated net profit was Rs 1,352 crore. Total Revenue for FY 2021-22 was Rs 60,074 crore. CPCL's equity shares are listed on the Bombay Stock Exchange and National Stock Exchange of India . The production line has been affected multiple times due to nature's adversities in form of drought and excessive rains. It

660-1002: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it

704-522: Is categorized as a Miniratna -I company by the government. It has been reported by affected people & environmentalists & that CPCL is releasing Hydrogen Sulphide gas, potent neurotoxins that can damage children’s brain. directly into atmosphere. While CPCL denied it, TNPCB Technical committee report on Manali gas leak confirmed CPCL as the source & recommended CPCL to carry out several capacity building measures including reducing use of bad quality high sulphur crude oil, among other steps. After

748-417: Is designed to produce paraffin wax for manufacture of candle wax, waterproof formulations and match wax. A propylene plant with a capacity of 17,000 tonnes per annum was commissioned in 1988 to supply petrochemical feedstock to neighbouring downstream industries. The unit was revamped to enhance the propylene production capacity to 30,000 tonnes per annum in 2004. CPCL also supplies LABFS to a downstream unit for

792-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls

836-470: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in

880-507: The Ravenshaw University of Cuttack and Punjabi University - Patiala, among others to offer MBA and BBA courses. NSE has also provided mock market simulation software called NSE Learn to Trade (NLT) to develop investment, trading, and portfolio management skills among the students. The simulation software is very similar to the software currently being used by the market professionals and helps students to learn how to trade in

924-431: The " pump and dump " strategy, despite strict regulations against such practices. The "pump and dump" scheme involves artificially inflating the price of a stock (pump) through false or misleading positive statements. Once the price has been significantly raised, the operators then sell off their holdings (dump) at the inflated prices, leading to a sharp price decline and substantial losses for other investors who bought in at

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968-448: The Dec 4th 2023 Chennai floods, CPCL Manali LPG had oil leaks but cleanup didn't start until 7th Dec. As golden period was missed, spill extended to 20 sq. km. impacting more people, property, animals & river. NGT was forced to issue 3-day ultimantum to cleanup & file report on 18th Dec. Subsidiary The subsidiary can be a company (usually with limited liability ) and may be

1012-649: The F&;O Segment of the Exchange during the financial year April 2013 to March 2014 stood at ₹ 1.52236 trillion (US$ 18 billion). Nifty 50 is an important stock market index comprising the 50 largest publicly traded companies on the NSE in India. On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options) on FTSE 100, the widely tracked index of the UK equity stock market. This

1056-564: The Indian stock market, albeit within a regulatory framework aimed at ensuring transparency and fairness. Market operators are individuals or entities that actively engage in buying and selling securities to influence their prices for profit. They operate through various strategies, such as arbitrage, short selling , high-frequency trading , front running , churning , scalping , wash trading , spoofing, and layering, often leveraging sophisticated technology and large capital. Regulatory bodies like

1100-505: The Securities and Exchange Board of India (SEBI) oversee market activities to curb malpractices such as insider trading , price rigging, and market manipulation . SEBI has implemented measures, including surveillance systems, to detect and penalize unethical practices. Despite these regulations, market operators exploit loopholes to gain an edge, necessitating continuous vigilance and regulatory updates. Market operators in India often use

1144-550: The article by Moneylife. On 22 July 2015, NSE filed a ₹ 1 billion (US$ 12 million) suit against the publication. However, on 9 September 2015, the Bombay High Court dismissed the case and fined NSE ₹ 5 million (US$ 60,000) in this defamation case against Moneylife. The High Court asked NSE to pay ₹ 150,000 (US$ 1,800) to each journalist Debashis Basu and Sucheta Dalal and the remaining ₹ 4.7 million (US$ 56,000) to two hospitals. The Bombay High Court has stayed

1188-511: The daily turnover on NSE exceeded that of the BSE . Operations in the derivatives segment commenced on 12 June 2000. In August 2008, NSE introduced currency derivatives . NSE EMERGE is NSE's new initiative for small and medium-sized enterprises (SME) and startup companies in India. These companies can get listed on NSE without an initial public offering (IPO) . This platform will help SMEs and startups connect with investors and help them with

1232-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where

1276-490: The higher prices. Their activities have continued to impact market volatility, liquidity, and price discovery, playing a significant role in the dynamics of the Indian stock market. On 8 July 2015, Sucheta Dalal wrote an article on Moneylife alleging that some NSE employees were leaking sensitive data related to high-frequency trading or co-location servers to a select set of market participants so that they could trade faster than their competitors. NSE alleged defamation in

1320-525: The launch of NIFTY 50 Index futures, a representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a subsidiary of JPX. Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY 50. On 13 May 2013, NSE launched India's first dedicated debt platform to provide a liquid and transparent trading platform for debt-related products. The key domestic investors which hold

1364-452: The manufacture of liner alkyl benzene. CPCL plays the role of a mother industry supplying feedstocks to the neighbouring industries in Manali. CPCL's products are marketed through IOCL. CPCL's products are mostly consumed domestically except naphtha, fuel oil and lubes which are partly exported. CPCL has also made pioneering efforts in the field of energy and water conservation by setting up

Chennai Petroleum Corporation - Misplaced Pages Continue

1408-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary

1452-478: The markets. NSE also conducts online examinations and awards certification, under its Certification in Financial Markets (NCFM) programs. NSE has set up NSE Academy Limited to further financial literacy. At present, certifications are available in 46 modules, covering different sectors of financial and capital markets, both at the beginner and advanced levels. The list of various modules can be found at

1496-583: The official site of NSE India. In addition, since August 2009, it has offered a short-term course called NSE Certified Capital Market Professional (NCCMP). The Indian stock exchanges BSE and NSE have witnessed several corruption scandals. At times, the Securities and Exchange Board of India (SEBI) has barred several individuals and entities from trading on the exchanges for stock manipulation , especially in illiquid smallcaps and penny stocks . Market operators continue to operate in

1540-494: The order on costs for a period of two weeks, pending the hearing of the appeal filed by NSE. The board also passed orders against 16 individuals including former managing directors and CEOs Ravi Narain and Chitra Ramakrishna ordering them to disgorge 25% of their salaries during that period along with interest. All money is to be paid into the Investor protection and education fund. These individuals have also been debarred from

1584-482: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,

1628-640: The paid up capital in favor of Unit Trust of India , mutual funds , insurance companies and banks on 19 May 1992, thereby reducing its holding to 67.7%. The public issue of CPCL shares at a premium of ₹ 70 ( ₹ 90 to FIIs) in 1994 was oversubscribed to an extent of 27 times and added a large shareholder base of over 90000. As a part of the restructuring steps taken up by the Government of India, Indian Oil Corporation Limited (IOCL) acquired equity from GOI in 2000–01. Currently IOC holds 51.88% while NIOC continued its holding at wax and petrochemical feedstocks production facilities. CPCL has two refineries with

1672-471: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,

1716-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain

1760-753: The raising of funds. In August 2019, the 200th company listed on NSE's SME platform. The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in the NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, and single stock futures are available. Trading in Mini Nifty Futures & Options and Long term Options on NIFTY 50 are also available. The average daily turnover in

1804-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called

Chennai Petroleum Corporation - Misplaced Pages Continue

1848-507: The third largest in cash equities by number of trades for the calendar year 2022. It is the 7th largest stock exchange in the world by total market capitalization , exceeding $ 5 trillion on May 23, 2024. NSE's flagship index, the NIFTY 50 , is a 50 stock index that is used extensively by investors in India and around the world as a barometer of the Indian capital market. The NIFTY 50 index

1892-601: Was launched in 1996 by NSE. National Stock Exchange was incorporated in the year 1993 to bring about transparency in the Indian equity markets. NSE was set up at the behest of the Government of India , based on the recommendations laid out by the Pherwani committee in 1991 and the blueprint was prepared by a team of five members (Ravi Narain, Raghavan Puthran, K Kumar, Chitra Sankaran and Ashishkumar Chauhan ) along with R H Patil and SS Nadkarni who were deputed by IDBI in 1992. Instead of trading memberships being confined to

1936-564: Was the first of its kind index of the UK equity stock market launched in India. FTSE 100 includes the 100 of largest UK-listed blue-chip companies and has given returns of 17.8 percent on investment over three years. The index constitutes 85.6 per cent of UK's equity market cap. On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan Exchange Group, Inc. (JPX) on preparing for

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