Citizens' Issues
'Chettinad Cements shares owned by Ramaswamy fraudulently being transferred'
Over 91.83 lakh shares of Chettinad Cements held by industrialist M.A.M. Ramaswamy are fraudulently being transferred to a trust run and administered by industrialist A.C. Muthiah and others, a top official of Chettinad Cements alleged on Wednesday.
 
In a statement issued here late on Wednesday, M.A.M.R. Muthiah, managing director of Chettinad Cements, alleged that A.C. Muthiah and an advocate with the help of a doctor seems to have taken the thumb impression of Ramaswamy, admitted in Fortis Malar Hospital, on blank papers and forms.
 
M.A.M.R. Muthiah said a police complaint has been lodged against A.C. Muthiah and others.
 
"My father is not conscious. He is not in a position to take any decision on his own," M.A.M.R. Muthiah said.
 
"My father is in a critical condition. He is not in position to execute any documents," he told IANS.
 
According to M.A.M.R. Muthiah, it has come to his notice that A.C. Muthiah and others had filled some blank forms and had approached Kotak Securities Ltd. to transfer 91,83,834 shares held in Chettinad Cements held by Ramaswamy to the trust run and administered by them.
 
"It is nearly 23 percent of the stake in Chettinad Cements," M.A.M.R. Muthiah said.
 
Despite several attempts by IANS, A.C. Muthiah was not available for comments.
 
Interestingly, the relationship between M.A.M.R. Muthiah and Ramaswamy soured badly to the extent that the latter disowned the former as his son.
 
M.A.M.R. Muthiah is the adopted son of former Rajya Sabha member Ramaswamy.
 
"I have disowned him and do not wish to call him my son. Whatever the law may be, he is no more my son. According to me, he can be only S. Ayyappan (original name) and not M.A.M.R. Muthiah," Ramaswamy told the media here at his residence in June.
 
According to Ramaswamy, though a substantial part of his properties is with Ayyappan, whatever is remaining should go to two charitable trusts -- Dr. M.A.M. Ramaswamy Chettiar of Chettinad Charitable Trust and Dr. M.A.M. Ramaswamy Chettiar Trust -- in which Ayyappan will have no part to play or have a say.
 
"I have also written and registered a will that all the assets which may be left at the time of my death would go only to the said trusts and not to Ayyappan or M.A.M.R. Muthiah or any one claiming on his behalf or under him," Ramaswamy said.
 
Meanwhile, M.A.M.R. Muthiah said it was difficult to fight a person like A.C. Muthiah and h was trying his best.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Nifty, Sensex may find short-term bottom – Wednesday closing report
Nifty may move a bit lower but may find a bottom around 7,600 
 
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex uptrend may continue and that Nifty is on track to head higher subject to dips. However, the two consecutive sessions of relief rally at the Indian equity markets ended on Wednesday. The major indices of the Indian stock markets were found sliding sharply and the market was back at last week’s levels. The overall trend was bearish through the day. The day’s trends of the major indices are given in the table below:
 
 
The indices opened flat in the morning session in line with the global cues, notably from the Asian peers and Wall Street, as investors looked for some early profit-taking after two days of rally. As the day’s trading progressed, the markets were due for a sharp correction of 1.35%-1.92%.
 
The central government on Wednesday approved six foreign direct investment (FDI) proposals amounting to Rs1,810.25 crore. The largest component of foreign investments that were approved belongs to IIFL Holdings which totalled Rs1,800 crore. The non-banking financial company (NBFC) had sought permission for increasing its foreign equity from 50.16% to 80% via issuing shares to FIIs (Foreign Institutional Investors). Other proposal worth Rs10 crore was approved for Monsoon Capital LLC, which had sought approval for investing in the corpus of a domestic alternative investment trust.
 
The central parity rate of the Chinese currency renminbi (yuan) weakened by 56 basis points to 6.3796 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported. The central parity rate of the yuan is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
 
The US dollar traded mixed against other major currencies on Tuesday amid the country's newly-released economic data. The greenback was supported in early session by an increase in the US inflation. The US Consumer Price Index (CPI) for all urban consumers rose 0.2% in October on a seasonally adjusted basis, in line with market consensus, Xinhua cited the Labour Department report on Tuesday. The index for all items less food and energy (core CPI) rose 0.2% in October, the same increase as in September. The core CPI has risen 1.9% over the past 12 months. The US dollar pared some gains later as the country's industrial data came out negative. US industrial production declined 0.2% in October after decreasing the same amount in September, according to statistics from the Federal Reserve on Tuesday. The dollar index, which measures the greenback against six major peers, was up 0.17% at 99.613 in late trading on Tuesday.
 
Hit by lower global tea prices, revenue from tea exports during April-August this year fell by nearly 3% at $225.76 million even though export volume in this period grew by 4.35 million kg (mkg). According to provisional data from the Tea Board of India, export volume in the April-August period in 2015-16 fiscal stood at 74.79 mkg as against 70.44 mkg in the like period of 2014-15. The revenue in the same period of the last fiscal stood at $232.57 million as against $225.76 million in the corresponding period of the current fiscal. Average unit prices, measured both in US dollar as well as Indian rupee terms dipped during this period. While each kg of the export sold at an average price of $3.30 during April-August of 2014-15, it dipped to $3.02 a kg in the like months of 2015. Measured in terms of the Indian rupee and adjusted against global currency fluctuations, each kg of tea exported earned revenues of Rs192.71 during April-August of 2014-15 while it stood at Rs198.38 in the year-ago period. Interestingly, although revenues fell when measured in US dollar terms despite the surge in export volume, the same revenue increased when measured in terms of Indian rupee. Against the earning of Rs1,397.41 crore during the beginning till August of the last fiscal, the income increased to Rs1,441.29 crore in the similar period this year.
 
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

Out-of-pocket (OOP) payments continue to be the dominant source of health care financing in India
Despite being enrolled in Rajiv Gandhi Jeevandayee Arogya Yojana (RGJAY) more than three fifths of the beneficiaries still incurred OOP payments when admitted in the hospital
 
The public health spending in India has been hovering around 1% of gross domestic product (GDP), and it contributes only 28% of total health expenditure. Hence, out-of-pocket (OOP) payments continue to be the dominant source of health care financing in India. However, the latest health insurance scheme to improve matters is the Rajiv Gandhi Jeevandayee Arogya Yojana (RGJAY), launched by the Government of Maharashtra in 2012. A Tata Institute of Science (TISS) study has been done to assess the extent to which RGJAY protects the families from making OOP expenditure, while availing the tertiary care from the RGJAY accredited facilities, according to a research note from TISS. 
 
For the year 2014-2015, according to the RGJAYS, premium was paid for 21.9 million households. In other words, 85% of the population is currently covered by the scheme, says the research note.
 
Despite being enrolled in RGJAY, more than three fifths (63%) of the beneficiaries still incurred OOP payments for services when admitted in the hospital, and more worryingly, it was found that a significantly higher proportion of persons from Below Poverty Line (BPL) families (88.23%) reported paying for diagnostics, medications, or consumables, observed the research note.
In the TISS sample, 61% of the beneficiaries accessed services from private hospitals and 39% from public hospitals. In private hospitals, of those who availed services, 63% of them were orange ration card holders and only 37% were yellow ration card holders. The researchers observed a reverse trend in public hospitals wherein 53% of the beneficiaries were yellow ration card holders and 47% were orange ration card holders. Among the hospitalised cases, cardiac and cardiothoracic surgery and cardiology together accounted for 46% of the disease burden, observes the research note.
 
The OOP expenditure on diagnostics was 39.2% and on medicines it was 38.7%. This was quite substantial in absolute terms as well as a proportion of total OOP payments, rues the research note.
 
Thus the RGJAY has been only partially successful on tackling the OOP burden of patients.
 

User

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)