The market regulator had alleged that the company had floated a collective investment scheme and had mobilised lakhs of rupees from the general public, in violation of the provisions of the SEBI Act
A plantation firm and its three directors have been slapped with a fine of Rs2 lakh by a Delhi court for raising a huge amount of funds from the public after promising them high returns without prior approval from market watchdog Securities and Exchange Board of India (SEBI), reports PTI.
Additional Sessions Judge (ASJ) Pawan Kumar Jain fined YSVK Agro Green Fields & Estate Ltd, a firm among hundreds of collective investment companies (CIS), on a complaint by SEBI, seeking prosecution of the plantation company for not getting a prior certificate from it as prescribed by the SEBI Act.
SEBI had alleged that “the company had floated the CIS and mobilised lakhs of rupees from the general public, in violation of the provisions of the SEBI Act.”
Performance lower than expectations, share price slips more than 5%; company sees pressure on operating margins
Mumbai: Mahindra & Mahindra Ltd (M&M), the country’s largest utility vehicle manufacturer, today reported a 6.36% increase in net profit at Rs606.54 crore for the fourth quarter ended 31 March 2011, a little lower than expectations. The company registered a net profit of Rs570.26 crore in the corresponding period a year ago.
The M&M stock price dropped more than 5% to Rs666.65 in late trade on the Bombay Stock Exchange, with the benchmark index 0.2% down.
The company sees pressure on operating margins as it is not able to pass on higher raw material costs to its customers, the group chief financial officer Bharat Doshi told journalists. Higher borrowing costs, capacity constraints of auto-parts makers and rising raw material prices are putting pressure on margins of auto companies.
M&M’s total income for the fourth quarter of fiscal 2010-11 stood at Rs6,825.57 crore against Rs5,322.75 crore in the corresponding year-ago period, PTI reports.
The net profit for the year ended 31 March 2011 was at Rs2,662.10 crore (compared with Rs 2,087.75 crore in the previous fiscal year) and total income stood at Rs23,803.24 crore (compared to Rs18,801.46 crore in the year before).
The group posted a consolidated net profit of Rs3,079.73 crore for the full year to 31 March 2011 compared with Rs2,478.56 crore in the previous financial year. Consolidated total income increased to Rs37,026.37 crore compated to Rs31,687.97 crore in the year before, the company stated.
Group delivers EBITDA operating profit of Rs48 crore, compared to an operational loss of Rs61 crore last year
Consolidated revenues for 2010-11 stood at Rs1,484 crore (up 21%), compared to 2009-10 (adjusted for the sale of Infomedia’s BPO unit). The Group’s television business reported revenues of Rs1,110 crore, a growth of 23% over last year—the operating (EBITDA) profit stood at Rs135 crore, from Rs15 crore last year. The television business was supported by good growth from business news operations and the Group’s entertainment business. Newswire18 delivered a profitable FY2011, with 29% revenue growth (Rs39 crore in FY2011; Rs33 crore in FY2010).