Companies & Sectors
Athletic Greens’ supplement claims & disclaimer
Over-the-top weight-loss claims abound in this ad for a dietary supplement powder
 
We’re big fans of Grandma. So when we came across this ad on foxnews.com claiming to reveal an octogenarian’s weight-loss secret, we had to click (we’re also big fans of secrets).
 
The ad brought us to a page that told the long-winded story of an 87-year-old personal trainer who “could keep up with anybody in the gym.” Her secret? A cocktail of three so-called “superfoods” — carrot powder, green tea extract and cocoa — that sent grandma’s energy levels “through the roof and any excess fat she had would just melt away.”
 
But as remarkable as granny’s story sounds, it’s actually part of a sales pitch for Athletic Greens, a dietary supplement powder that by no coincidence has the same three superfood ingredients as grandma’s cocktail. Indeed, the writer is paid by Athletic Greens. It’s all spelled out in this disclaimer at the bottom of the page, which also states:
Representation regarding the efficacy and safety of Athletic Greens have not been scientifically substantiated or evaluated by the Food and Drug Administration.
 
Grandma’s story is further sullied by the fact that purchasing Athletic Greens automatically signs you up for future shipments that’ll cost you more than $100 a month if you don’t opt out of the program within 30 days. As my grams used to say: Geez, Louise!
 
Consult with your doctor before taking any supplement.
 
For more of TINA’s coverage on weight-loss claims, click here
 

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Nippon Life gets regulatory nod to increase stake in RCAM to 49% from 26%

Nippon will be investing about Rs657 crore to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35%. The transaction pegs Anil Ambani-led RCAM’s valuation at Rs7,300 crore

 

Reliance Capital Asset Management (RCAM) on Wednesday said that it has completed the regulatory clearance process for the sale of additional stake to Japan’s Nippon Life Insurance. RCAM said it received necessary approvals from Competition Commission of India (CCI) and the Employees Provident Fund Organisation (EPFO).
 
The deal is now expected to close by next week.
 
Nippon Life Insurance, which manages $500 billion in assets and is among the largest in the world, had agreed in November 2014 to increase its stake in RCAM from the existing 26% to 49% in multiple tranches, subject to regulatory approvals.
 
RCAM runs Reliance Mutual Fund, the country’s leading fund house, and is a part of Anil Ambani-led Reliance Group’s financial services arm Reliance Capital.
 
In a statement, Reliance Capital CEO Sam Ghosh said that the approval from CCI and EPFO for this transaction would help RCAM expand its reach and offer superior returns and innovative products to its customers and investors.
 
“We look forward to completing this transaction by next week,” he added.
 
The boards of both the companies — Nippon Life Insurance and RCAM — have already approved the additional stake sale to the Japanese partner.
 
Nippon will be investing about Rs657 crore ($108 million) to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35%. The transaction pegs RCAM’s full valuation at Rs7,300 crore ($1.2 billion).
 
Subsequently, Nippon will have an option to increase its stake further by an additional 14%, to reach 49%, in tranches.
 
RCAM is the largest asset manager in India managing Rs2.3 crore ($36.9 billion) as on 31 December 2014, across mutual funds, pension funds, managed accounts and offshore funds.
 
Nippon Life is already a strategic partner in RCAM and had acquired a 26% stake for Rs1,450 crore ($240 million) in 2012. The transaction pegged the total valuation of RCAM at around Rs5,600 crore ($920 million) at that time.
 
The 125-year-old Nippon Life is the world’s seventh largest life insurer and the biggest private life insurer in Asia and Japan. 
 

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Supreme Court expresses concern over Rs10,000 crore payment for Roy’s release

While asking the counsel for Sahara to file appropriate application for extension of facilities for Subrata Roy in Tihar jail, the Supreme Court expressed concern about the Rs10,000 crore payment for securing Roy’s release

 

The Supreme Court on Tuesday expressed concern over how Sahara Group would raise money to secure its chief Subrata Roy's release even as the group sought extension of facilities inside Tihar jail premises by four to six weeks to enable him negotiate deals with prospective buyers.
 
The apex court expressed concern about the payment of money to be made by Roy to secure his release from jail. "You are struggling to pay Rs10,000 crore. How will you pay Rs30,000 crore after coming out," the bench asked.
 
A bench headed by Justice TS Thakur also asked the counsel for Sahara group to file an appropriate application in regard to its request.
 
Earlier in a new turn of events in the case, the Reserve Bank of India (RBI) had moved the Supreme Court seeking to implead itself as a party in the company's tussle with Securities and Exchange Board of India (SEBI). RBI had sought to stop one of its Sahara group companies from disposing off assets for securing Roy's release.
 
In an application, the central bank had urged the apex court to restrain Sahara India Financial Corporation Ltd (SIFCL) from utilising any of its assets, including securities, for paying dues to SEBI on the ground that SIFCL is residuary non-banking financial company and fell under its (RBI) regulatory control.
 
Prior to this, the Sahara group had informed the Supreme Court that the proposed transactions for a loan of around $1,050 million from abroad for raising Rs10,000 crore to ensure Roy's release from jail had failed.
 
Earlier on 9th January, the Court had allowed Sahara Group to go ahead with its proposed transactions with some conditions. The conditions, included approval of RBI for the transfer of funds raised in the US to India to meet the requirement set for release of Roy. The Sahara group chief is lodged in Tihar jail since 4 March 2014 for non-refund of over Rs20,000 crore with interest to depositors.
 

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COMMENTS

Ralph Rau

3 years ago

This whole business model of Sahara looks very strange to me.

Sahara has clearly not been able to establish that there are legitimate depositors.

This seems to be a money laundering scheme to convert black money of a few individuals.

There may be a few actual depositors who serve to hide the real operation ?

For his sheer arrogance and repeated contempt of the courts should he be shown any mercy ?

Dayananda Kamath k

3 years ago

Is supreme court doing penance for its wrong decision of asking such a huge amount as bail money. How can they provide all these facilities that too to sell property of its groupe companies for his release. is it not supreme court abetting duping other sakeholders in the company whose property is being sold to provide for bail money for release of sahra are they not liable for breach of trust. legal luminaries should enlighten the public.

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