Consumer Issues
CBI searches 19 offices of MPS Greenery in West Bengal

CBI had registered a case against MPS Greenery on allegations of criminal conspiracy, cheating and criminal breach of trust

 

The Central Bureau of Investigation (CBI) on Tuesday conducted search operations at 19 locations of MPS Greenery Developers in West Bengal, a company floated to collect deposits through investment schemes.
 
Search operations were being carried out in residential as well as the official premises of directors of the company, a spokesperson of CBI said.
 
CBI had earlier registered a case against the company on allegations of criminal conspiracy, cheating and criminal breach of trust.
 
Earlier, founder of MPS Greenery PN Manna was arrested by the police while market regulator Securities and Exchange Board of India (SEBI) had asked the company to stop taking deposits from the public. 
 
In May 2012, SEBI had asked MPS Greenery to deposit Rs1,169 crore in an escrow account of nationalised bank. SEBI also barred MPS Greenery from entering the capital market for violating the regulator's provision by collecting money under Collective Investment Scheme (CIS) without proper registration.
 
MPS Greenery Developers, the flagship company of the MPS group, is based in Jhargram (West Bengal), and deals in agro-products and food processing. In 2000, it had applied for registration under SEBI's Collective Investment Schemes Regulations, 1999. However, in 2002, the regulator rejected MPS's application and ordered it to repay the deposits it had collected from the public after noticing that it raised the money in violation of SEBI circular (dated 24 February 1998) and Delhi High Court's order (dated 7 October 1998) which made it mandatory for all plantation companies to comply with the circular. It had also ordered the company to wind up its scheme.
 
Further, the company challenged the SEBI's decision in Calcutta High Court. According to the SEBI order, in June 2009, the High Court disposed off MPS's petition but asked SEBI to "reconsider the matter and revisit the issue as to whether the registration as sought by the petitioner company can be granted." However the court also, according to SEBI order, did not remove the restrictions imposed on the company by the SEBI.
 
In August 2009, SEBI granted MPS a provisional registration as a Collective Investment Management company in accordance with its CIS Regulations, 1999 with certain conditions. This included restrictions on launching any new scheme or on raising fresh money from the investors; even under the existing schemes, unless a certificate of registration is granted to them by SEBI. This provisional registration expired on 20 August 2011.
 
However, a press note from SEBI says that, "MPS not only failed to fulfil the conditions of Provisional Registration, it also raised money from the public in violation of the conditions of provisional registration and it appears to be still mobilizing money from public. As per information provided by ICRA Limited, the total outstanding balance of funds with the company stood at around Rs1,169.39 crore as on 25 January 2011. Moreover, MPS had issued a newspaper advertorial which wrongly stated that the company is allowed to carry out Collective Investment Scheme activities."
 
Interestingly, according to the details of the advertorial (published on 30 March 2012 in Kolkata's edition of Business Standard) given in the SEBI order, the company claimed to have 14 lakh of investors, 1.25 lakh marketing members, 4 thousand direct and indirect labourers and more than 6 thousand workers and officers associated with MPS Group. It also said that it was looking to investment Rs30,000 crore in a project, 80% of which will be raised through collective investment schemes.
 

User

Helios and Matheson: Investors and depositors ask SEBI to take legal action
According to investors and depositors, despite proclaimed strong financial results, H&M has been defaulting on repayments for fixed deposit and interest dues since June 2014
 
Shareholders and investors of Helios and Matheson Information Technology (H&M), an unfancied software company, have asked market regulator Securities and Exchange Board of India (SEBI) to take action against the company. They alleged that despite declaring strong financial results, the Chennai-based company has been defaulting in repayment of fixed deposits and interest to depositors since June 2014.
 
"It beats plain logic to understand how a company, which discloses a net profit before tax of Rs74.12 crore after making full provision for interest on all its borrowings, as also providing fully for notional expense such as depreciation, be so insolvent as to default on its fixed deposit/ interest payment commitments, when its working capital /operating cycle position as stated in the financial disclosures ,if anything, show remarkable improvement over that of the previous year ended 30 September 2013. This in itself is irrefutable evidence of the company fudging, manipulating its financial results disclosed to BSE and NSE, which calls for a full and thorough investigation of the situation," the investors and depositors said in their complaint filed before SEBI.
 
According to the complaint, H&M, over the past few years has been reporting good financial results and even declared 50% dividend during FY2012-13 that ended on 30 September 2013 (the company follows October to September period for financial year). 
 
"This so called ‘excellent set of numbers’ continued into this current financial year as well where the standalone financial results of the company for the 12 month period from 1 October 2013 to 30 September 2014 (as disclosed by the company to BSE/ NSE, vide clause 41 of the listing agreement), reveal that the company’s turnover has risen to Rs606.61 crore during this period vis-a-vis Rs443.94 crore in the corresponding period in the previous year [37 % increase]. Its net profit before tax [PBT] after providing for interest and depreciation stood at Rs74.12 crore, in the current period as against Rs54.89 crore, in the previous year, registering a whopping 37% increase. Further, the standalone Balance Sheet as on 30 September 2014 reveal that the working capital / operating cycle position of the company during the year ended 30 September 2014 actually improved considerably vis-a-vis the same period in the previous year. Despite this proclaimed strong financials disclosed to the Stock Exchanges, the company has been, since June 2014, defaulting in the repayment of fixed deposit / interest due thereon to its depositors," the complaint reads.
 
The complaint alleges that H&M is in such a grave cash flow crisis that most of its post-dated cheques (principal and interest) for fixed deposits have bounced due to of 'insufficient funds'. "This complaint relates to the serious, grave fraud being methodically and systematically perpetrated by the company and its promoters in publishing falsified financial results to the stock exchanges with the clear intent to defraud its creditors, depositors, investors and banks."
 
"As per the latest shareholding pattern filed by the company with the stock exchanges (pursuant to clause 35 of the Listing Agreement) around 42% of promoter holding in the company is currently pledged with banks. This fraud is evidently being perpetrated to prop up the valuation of the company so as to fraudulently obtain loans from the banks through pledge of shares and to present a façade of credibility to the public at large. This issue has all the makings of a major scam that is bound to affect thousands of investors, depositors and creditors including banks," the complaint reads.
 
The investors and depositors of H&M have also demanded investigation into ratings given and its subsequent withdrawal by CRISIL on the company. They alleged that by its shoddy rating on H&M, the SEBI registered rating agency CRISIL has seriously eroded investor confidence in its rating process.
 
In September 2014, CRISIL assigned 3/5 fundamental grade (good fundamentals) on H&M, due to steady performance of the company. However, suddenly, next month, the ratings agency, downgraded H&M to 2/5 from 3/5 citing 'moderate' fundamentals of the company. "The revision in Helios’ fundamental grade is a result of its deteriorating liquidity. Two major factors are responsible for the liquidity crisis, the company’s working capital days have increased in the last couple of quarters and it could not secure sufficient funds to honour its payment obligations on time. The company needs fresh funds to tide over the tight liquidity position. The company has been delaying the payment of principal in several public deposits matured/getting matured during FY14," CRISIL had said in its October 2014 report.
 
Earlier in February 2013, Moneylife had reported on how overlooking several reports about criminal case pending against H&M's chairman and managing director, the ratings agency had assigned 5/5, its highest grading on the company. According to CRISIL report, banking, finance and insurance companies (BFSI) and healthcare segment would drive future growth of IT services in India during 2013 and, H&M would get benefits from it as the company works with seven of the 20 largest global banks.
 
Moneylife had previously reported about the bruising battle between H&M and Rajeev Sawhney, chairman of Vmoksha Technologies Pvt Ltd and a US-based non-resident Indian (NRI). The battle started in 2005 when H&M announced a $19 million buyout of Vmoksha, co-founded by Rajeev Sawhney and Pawan Kumar (former CEO of the controversial DSQ Software), with the former putting in the money and the latter running the operations. Mr Sawhney soon realised that he had been kept in the dark about many aspects of the deal.
 
On 11 May 2005, both the companies signed a share purchase agreement under which V Ramachandran, chairman of H&M, was to pay $19 million for the three units, out of which $4 million was to be paid to Pawan Kumar, the then chief executive of Vmoksha and also former CEO of the controversial DSQ Software, as earn out. Although, Pawan Kumar and his family members were also stakeholders in Vmoksha, Mr Sawhney later bought out their stake as well.
 
Mr Ramachandran was supposed to pay $13.4 million to Mr Sawhney, after paying some amount to Tapan Garg and Madhuri Garg, son and wife of Pawan Kumar for their holding. Mr Sawhney soon realised that he had been kept in the dark about many aspects of the deal. For instance, he found that instead of receiving $19 million, a bank account had been ‘fraudulently’ opened in the State Bank of Mauritius in Vmoksha’s name and used to borrow $13.5 million, using a fake board sanction and false entries. That money was remitted to H&M ostensibly for subscription of redeemable preference shares on 28 June 2005. 
 
Earlier in December 2011, the Supreme Court dismissed special leave petitions (SLPs) filed by H&M and Pawan Kumar, the then chief executive officer of Vmoksha Technologies. Both have challenged the Bombay High Court (HC) order, which allowed the revision application of Vmoksha’s co-founder Rajiv Sawhney against H&M.
 
You may also want to read...
 
 
 
 

User

COMMENTS

Sucheta Dalal

12 months ago

Lost money in Fixed Deposits? Take this survey to help Moneylife Foundation help you:

http://edm.powerelay.com/wb.php?p=9sw/8k...

RAJNIKANT

1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

asha porwal

1 year ago

Repayments of my three FDRs due in December 2014 are due and don't know latest position that when I shall receive payments .Case is in Chennai court and that what is the latest decision. How the company was rated 5/5.

ASHA PORWAL

REPLY

RAJNIKANT

In Reply to asha porwal 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

RAJNIKANT

In Reply to asha porwal 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

RAJNIKANT

In Reply to asha porwal 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

RAJNIKANT

In Reply to asha porwal 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

Ramanathan

1 year ago

The FD in my wife's name which matured in July 14 is yet to be paid. Is there any hope of recoveries from this company?

REPLY

RAJNIKANT

In Reply to Ramanathan 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

RAJNIKANT

In Reply to Ramanathan 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

Geeta Naik

1 year ago

Why is Helios & Matheson not clearing fixed deposit interest due to Investors from 16/12/2014 ?
Why are not investors able to contact Helios & Matheson on [email protected] ? Why no email ID works ?
Time Reserve Bank of Idia, Inome Tax and SEBI come to the rescue of
Deposit holders and take corrective action.

REPLY

RAJNIKANT

In Reply to Geeta Naik 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

RAJNIKANT

In Reply to Geeta Naik 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

selama

2 years ago

I have deposits maturing in June 2014 Helios extended my deposit for six months and now in DEc 2014 (extended date) also Principal and interest both are not paid nor any information ,Mumbai office is clos e no respose at all .I am senior citizen and depend on my saving for running expenses.Pl. help.
salma Naaz saifullah

REPLY

RAJNIKANT

In Reply to selama 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

RAJNIKANT

In Reply to selama 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

Geeta

In Reply to selama 1 year ago

All investors are not being paid their Interest or Principals and nobody ( Reserve Bank of India / Income Tax or SEBI is bothered to safeguard the interest of Feposit Holders. We have not been paid Interest from 16/12/2014 onwards and the standard email we got was on 24th December 2014 was " we are haveing financial crunch and will solve your problems in 2 weeks, but nothing has beeen done till now.....

RAJNIKANT

In Reply to Geeta 1 year ago


Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
updates will be made available on the following website:
http://heliosandmathesoninvestorsunite.b...

Dear All,

After our meeting in Mumbai we have come to the following points of agreement:

a) We need to act united in order to fight H&M
b) We cannot hope for some one person to fight for all of us and therefore must act together
c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

a) By web link
- If you have access to internet then please follow the instructions in attached files.
If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
- Cut off date for uploading is 15.11.2015
- You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
- Use one form for one FD/Bill Discounting Receipt only.
- Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
- If you are facing problems or are confused please call:
Mr. Vedanta - 9820505328
Mr. Harshit - 9867404634
Ms. Anita - 9892481258

b) By physical collection
- We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
Mumbai:
Mr. Vedanta - 9820505328
Ms. Anita - 9892481258
Mr. Dharam - 9819903211
Mr. Gaurang - 9870236700
Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
Ms. Bini - 9819338380
Pune:
Mr. Girme - 9822433327
Mr. Nayak - 9825230479
Karnataka/Tamil Nadu/Andhra/Kerala:
Mr. Venkatraman - 9393987887
Mr Alok - 9535088200
West Bengal/Orissa/NE:
Mr. Chovatia - 9830264246
Gujarat/Rajasthan/Delhi:
Mr. Chetan - 9825028860
- Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
- We welcome more able volunteers.

Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

We are also starting a blog where people can interact. Details will be made available soon.

Kind Regards,
Alok N. Jain

Coal mining needs combined efforts from Railways and Coal Ministry

Rail links are needed to evacuate coal from mines and hence the combined efforts of the Railway Ministry and Coal Ministry would be useful to the country

 

While addressing a large gathering of business leaders, attending the Airtel-The Economic Times Business Summit recently, the reformist Railway Minister, Suresh Prabhu stated that there is an urgent need for financing the various Railway projects to make it an engine of growth.  He said that there is an imperative need to expand the railway connectivity by another 30,000 to 40,000 kms of rail lines and to decongest the crowded routes.
 
He said that there is a need for funds for this purpose and this will have to be used efficiently used on realistic project costs.  He is reported to have further said that "if we don't make investment in railways there won't be any future revenue that will come into the Railways to improve the operating ratio".
 
He made specific reference to accessibility of Pension funds in prosperous countries like Australia and Canada. He said that investment in Railways could add 2.5% to 3% to the growth rate in the next few years.
 
In a separate development, Anil Swarup, Coal Secretary, mentioned at a seminar organised by the MCC Chamber of Commerce and Industry, in Kolkata, that the Coal Ministry has identified 50 Rail Projects to ensure evacuation of coal from mines. It appears that a meeting has been set up with the Railway Board Chairman to discuss the issue threadbare. Subsequently, the method of financing the operations will need to be explored.
 
The investment opportunities in the Indian Railways are mind boggling. From the current network of about 64,600 kms, plans are afoot to expand it by 25,000 kms in the next 6-7 years. Included in the plans are the six dedicated freight corridors (DFCs). These are to be constructed along the Golden Quadrilateral and its diagonals. Since 100% FDI (foreign direct investment) is allowed in the railway infrastructure, there is ample scope for capital intensive modernisation and capacity augmentation projects. 
 
It is essential that the Railways clarify and advise us on the actual status of the following rail link projects, which have been in "various stages of development" for sometime now:
(a) Tori-Shivpuri-Kathotia in North Karanpura, Jharkhand ... 91 Kms
(b) Bhudeopur-Korichchaapar to Mand Raigadh Mines in Chhattisgarh  .. 52 Kms
(c) Barpali-Jharasaguda in IB Valley, Odisha .. 180 Kms
 
These will improve coal linkages and will bring nearly 100 million tonnes incremental traffic to the Railways. If these three rail links alone are handled on a war footing, it is estimated that these 323 kms can unlock upto 300 million tonnes of coal!
 
It is hoped that the Finance Ministry will consider the issue of generating the required finances for such projects. Pension could be one source.  The other is the availability of funds with Coal India in its reserves. Also, capital could be raised from the public. There is a need for the establishment of separate rail-road companies to manage these dedicated corridors for coal movement.  Wagon makers could be allowed to participate on a joint venture basis with the Railways and form independent corporations for such increased traffic. There are so many innovative ways in which the required finance can be generated!
 
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)
 

User

COMMENTS

Dr Anantha K Ramdas

2 years ago

Mr Vishal: thanks for your kind comments.

It is necessary to create the culture of employees acquiring a sense of belonging, no enterprise, however big or small can succeed.

Unions are important as the coordinator between the employees and the owners/management; however, by and large, unions are externally controlled by politicians who have axes to grind. Dedication by Union leaders is practically absent and they will change their stand if adequate "incentive" is offered, which is generally a bribe. Unless this is realized by the workers, they are the worst sufferers.

As for giants like Coal India, anyone who actually "works" in the mines need to be a stake holder. Today, most of them are contract employees of labour suppliers and this itself has to be eradicated if we wants to make progress in this industry. Our equipments in most collieries were probably ordered by our ancient rulers - they need to be replaced by the most modern ones if we want to reach one BILLION tonnes production!

vishal

2 years ago

the level of efficiency in both railways and coal India is such that any reforms require the efforts of the Unions and workmen to co operate. Will this be achieved. FDI in railway infrastructure will get bogged by this phenomenon. Unless a process is evolved to satisfy the unions to work with the Government all these plans will remain in paper.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)