Nation
AAP's National Council meeting to decide fate of Bhushan, Yadav

The duo has branded Kejriwal an autocrat surrounded by "yes men" and accused him of deviating from the party's ideals

 

The Aam Aadmi Party (AAP) will be holding its National Council meeting on Saturday to decide the fate of two of its dissident leaders -- Prashant Bhushan and Yogendra Yadav.
 
They have accused Chief Minister Arvind Kejriwal of suppressing democracy within the party that now rules Delhi.
 
Talking to reporters ahead of the meeting on Saturday, Yadav said today is an important day and the fate of social movement out of which AAP was born, will be decided.
 
"It's a day which will decide the future of one of the most extraordinary movements this country has witnessed," he said.
 
"The idea of AAP is much bigger and sacred than organisational frame called AAP," said Yadav, adding that he has received messages and suggestions of thousands of volunteers and "I am sure their advice and well wishes shall not go waste".
 
The duo has branded Kejriwal an autocrat surrounded by "yes men" and accused him of deviating from the party's ideals.
 
The AAP has also accused them of having tried to sabotage the party in the run up to the Delhi polls last month which it won handsomely.
 
Friday's war of words appeared to mark an end to whatever possibilities may have existed for the two camps to overcome their differences and shake hands.
 
Bhushan and Yadav said earlier that they were ready to give up all party posts if Kejriwal met their five demands -- including transparency within and autonomy to state units.
 
AAP leader Sanjay Singh said he cannot rule out splitting up of AAP.
 
"Taking into view present scenario, we cannot rule out breaking up of AAP," he said. He added: "We made serious efforts to resolve issues, agreed on all of their terms."
 
Yadav and Bhushan had five demands -- transparency in the AAP, autonomy for local units, a Lokpal probe into graft charges against party members, AAP should come within the ambit of the RTI, and an end to secret ballot during election to key posts.
 
Since storming to power in Delhi last month with a brute majority, the AAP has been embroiled in an internal crisis that has pitted Bhushan and Yadav against Kejriwal, the party's best known face.
 

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SEBI bars Networth Marketing from collecting any more money from investors

Networth Marketing Limited was mobilising funds from investors under its schemes for sale and purchase of real estate (plots in sq. metres) without being registered with SEBI

 

SEBI passed an Order directing Networth Marketing Limited (NML), and its directors viz., Anis Mohamad Kazi, Bhaskar Bhao Vasage, Mahendra Mahadeo Bhuvad, Nuruddin Shaikh, Bhalerao Yashwant Misal and Partha Ghosh  not to collect any fresh money from investors under its existing scheme and not to launch any new schemes or plans or float any new companies to raise fresh money. They are also directed to immediately submit the full inventory of the assets owned by NML obtained through money raised by NML.

NML was mobilising funds from investors under its schemes for sale and purchase of real estate (plots in sq. metres) without being registered with SEBI and has hence violated the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999.
SEBI had received references/ complaints alleging that NML mobilise monies from the public with promise of a high rate of return. SEBI started an inquiry and wrote to NML formally seeking information.
 
Based on the investigation, SEBI found that it was a collective investment scheme and not any real estate activity. The SEBI member has justified it with the following paragraph in the SEBI Order: “It is noted that SEBI vide letter dated 22 July 2014 sought details of investors on whose name land has been registered with documentary proof. NML vide letter dated 5 August 2014 replied that no land has been registered in the name of the investors as they are having the option of registering the land at the end of term if they find it worth. However, investors also have the option of third party sale or NML buy back at agreed value. NML has launched schemes ranging from 3 years to 21 years, but till date no piece of land has been registered in the name of investors, which suggests that the allotment of land is nothing but a farce as there is no intention of NML to transfer any land in the name of applicant/ investors. Therefore, I am of the view that NML is engaged in the mobilisation of funds from public under its various plans, which is in the nature of 'collective investment scheme' as defined under Section 11AA of the SEBI Act.”
 
Hence, SEBI passed a strict order and applied the following restrictions on the company and its directors:
 
(a) not to collect any fresh money from investors under its existing scheme;
 
(b) not to launch any new schemes or plans or float any new companies to raise fresh moneys;
 
(c) to immediately submit the full inventory of the assets obtained through money raised by NML;
 
(d) not to dispose of or alienate any of the properties/assets obtained directly or indirectly through money raised by NML;
 
(e) not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of NML;
 
(f) to furnish all the information/details sought by SEBI within 15 days from the date of receipt of this order.
 
 

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SEBI cancels certificate of registration of PineBridge Mutual Fund

PineBridge Mutual Fund has transferred its schemes to Kotak Mahindra Mutual Fund

 

Securities and Exchange Board of India (SEBI) has cancelled the certificate of registration of PineBridge Mutual Fund on 27 March 2015, and has withdrawn the approval granted to PineBridge Investments Asset Management Company (India) Private Limited, to act as the Asset Management Company to the Mutual Fund.
 
This is pursuant to the transfer of schemes of PineBridge Mutual Fund to Kotak Mahindra Mutual Fund and the cancellation is at the request of PineBridge Mutual Fund.
 
Consequently, PineBridge Mutual Fund, PineBridge Investments Trustee Company (India) Private Limited and PineBridge Investments Asset Management Company (India) Private Limited cannot carry out any activity as a Mutual Fund, Trustee Company and Asset Management Company respectively.
 

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