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Stock manipulation: Vipul
Over the past one year, the stock price of Vipul shot up by 883%. Even though nearly 35% of the promoters’ shares is pledged, this does not appear to be a concern for the regulator
 
Present on the S&P BSE Small Cap index, Vipul Ltd  generates revenue from the construction and development of real estate. Over the past four quarters, this small-cap stock has generated total revenue of Rs267 crore and a net loss of Rs3.68 crore. The stock was thinly traded until a year back, with a turnover of about Rs1,000 per day in February 2014. However, the trading turnover shot up to over Rs10 lakh a day in February 2015.
 
Over the past one year, the stock price has shot up by 883% to Rs45.90 on 1 April 2015 from Rs4.67 on 25 March 2014. Nearly 35% of the promoters’ shares have been pledged to multiple finance institutions to secure loans. The steep rise in the stock price and the high quantity of pledged shares do not appear to be a concern for the regulator.

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IT department continues shaming defaulters, publishes 31 names
Following its first public notice for "naming and shaming" tax defaulters last month, the Income Tax department on Wednesday published a list of another 31 defaulters, who collectively owe more than Rs.1,500 crore in arrears.
 
The earlier list, published on the last day of the previous fiscal, had names of 18 entities who owe over Rs.500 crore in arrears to the exchequer.
 
Among the big defaulters of in the latest list are Hyderabad-based Totem Infrastructure (Rs.401.64 crore), Pune-based Patheja Bros Forging & Auto Parts Mfg Co(Rs.224.05 crore), Hyderabad-based Royal Fabrics (Rs.158.94 crore) and Mumbai-based Home Trade (Rs.72.18 crore).
 
Among cities, Hyderabad provides the most defaulters in this list with 13 names, followed by Ahmedabad at six.
 
The I-T department said the assessees are either "not traceable" or they have "inadequate assets for recovery".
 
In view of multiple cases of assessees not being traceable that has reduced chances of recovery, the Central Board of Direct Taxes has provided the PAN number and the last-known address of these defaulters so that the public could give information about their whereabouts.
 
Meanwhile, at a time when unaccounted wealth of Indians stashed away in foreign banks is under the scanner, the income tax department has shifted its attention from civil consequences to criminal consequences in serious cases of tax evasion.
 
"In its crusade against black money and with a view to having credible deterrence against generation of black money, the government has shifted its focus to successfully prosecuting the offenders in the shortest possible time," the finance ministry had said in a statement in February.
 
"During 2014-15 (up to December 2014), the income tax department had conducted searches in 414 groups and seized undisclosed assets of Rs.582 crore," the statement added.
 
Undisclosed income of Rs.6,769 crore has been admitted by the taxpayers during such searches.
 
Saying that the focus of investigation in the department had so far been on civil consequences, or revenue augmentation, the ministry said over 600 prosecution complaints have been filed in the current fiscal up to December 2014.

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COMMENTS

Chandragupta Acharya

2 years ago

What is the status of Hasan Ali case? He was India's largest defaulter but his name seems to have disappeared from the list.

REPLY

D S Ranga Rao

In Reply to Chandragupta Acharya 2 years ago

Wonderful. That's the right question. I request the MLF to refer this question to IT Dept and publish their answer or no answer, please. Thanks.

SuchindranathAiyerS

2 years ago

This is considered an honour in India. Since the 1960s, business comunity has tipped of IT to organize raids on their own residences to enhance their status and ave the way way for son's daughters marriages. This is India. The Shameless, uncultured amoral dregs and scum of society are the most venerated with Bollywoodies and Ball beaters competing with Criminals for the "Bharatha Rathna" and to make Indian's grotesque laws.

shanti Patel

2 years ago

Some the big borrowers from Banks/financial institutions default in repayment of principal and interest but they MERC and BMW,stay in posh bunglow and even slash away money outside india. What our various agencies are doing?
It is very easy to find out such persons and start taking action early and swiftly is the only way to see some ground results.

S.K.PATEL
Joint Secretary-Bombay Shareholders Association

D S Ranga Rao

2 years ago

That's no joke, please. The IT Department(Dept.) or any other dept. has to answer whether those hundreds of crores of tax money said to have been evaded by the culprit companies had piled up overnight and whether the IT Dept. had discovered all of it overnight? What the heck the other departments, viz., Directorate of Enforcement, Directorate of Revenue Intelligence, Serious Frauds Investigation Office, the IT Dept's Intelligence and Investigation wings, the Ministry of Corporate Governance and a host of sundry departments are doing? Are they milking the cows, drinking the milk and keeping quiet? When the TDS provision is made effective even in respect of a fourth class employee in government service, why not it be made applicable to fly-by-night corporates/companies/firms so as to avoid shedding (crocodile) tears later on and leave the exchequer bleeding? Instead of gloating over the tax collected or recovered from the genuine tax-payers, let the government plug all the loopholes for tax evasion, streamline the procedures and ensure better coordination among the revenue/tax collection agencies.

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