Citizens' Issues
Ebola: Maharashtra resident being treated for the symptoms

Maharashtra Health Minister Shetty said there is no need to panic as Ebola infection can happen only if there is a close contact with those infected


A resident of Vasai in Maharashtra’s Palghar district, who recently arrived in the country from Lagos in Nigeria, is being treated for symptoms of Ebola at an isolated ward of a government hospital.


Maharashtra Health Minister Suresh Shetty said Lalit Kumar was suffering from vomiting after returning from Lagos.


He is being treated in the isolation ward of a government hospital by doctors, he said.


His samples have been sent to Pune's National Institute of Virology for confirmation.


Shetty said there is no need to panic as Ebola infection can happen only if there is a close contact with those infected.


The World Health Organisation had last week issued a global health emergency due to Ebola virus disease (EVD) outbreak. WHO declared the current EVD outbreak as the “most complex outbreak leading to public health emergency,” calling for global health alert in all countries.


The four countries affected with EVD are all in western Africa— Guinea (393 deaths), Sierra Leone (286 deaths), Liberia (282 deaths) and Nigeria (1 death).


Supreme Court says don't defame judiciary

If there is a campaign to defame the judiciary in the eyes of the public, you are doing a great damage to democracy and don't shake people's confidence in judiciary, the chief justice told the petitioner


The Supreme Court on Monday came out strongly against repeated attempts and misleading campaign being made to defame the judiciary, saying great damage is being done to democracy.


"There is a misleading campaign going across to defame the judiciary and repeated attempts have been made to spread incorrect information," a bench headed by Chief Justice (CJI) RM Lodha observed.


The remarks were made while dismissing a public interest litigation (PIL) seeking to declare the decision of the collegium to recommend the name of Karnataka High Court judge, Justice KL Manjunath as Chief Justice of Punjab and Haryana High Court as non-binding.


The PIL filed in the apex court by Ram Shankar had sought that in future all recommendations of the collegium on appointment of judges should be put on the apex court website.


At the outset of the hearing, the Bench wanted to know from the petitioner as to who informed him about the name recommended by the collegium.


"Who told you that his (Manjunath) name has been recommended for elevation. Because I am the Chief Justice and I head the collegium, I am not sure and I don't know whether there is any other collegium," the CJI said.


The CJI further said that "the collegium never recommended the name of Manjunath" and there is some misleading campaign going on.


"If there is a campaign to defame judiciary in the eye of public, you are doing a great damage to democracy. Don't shake people's confidence in judiciary. For God's sake don't try to defame judiciary," the CJI, who was heading a bench of justices Kurian Joseph and RF Nariman, observed.


The CJI said as an institution the collegium had its limitations in selecting persons. "After all judges too come from the same society. But to carry on a campaign just because of allegations against one or two judges is unfair," he added.




3 years ago

Nobody is defaming judiciary. People's confidence in the judiciary have not shaken either.

What the people of this country demanding is transparency in judicial appointments.

Senior Advocate Shri K.T.S Tulsi
has written a good article:

Mr Sinha, did SEBI make the FM aware of these cases of brazen price rigging?

On Sunday, the FM spoke to SEBI about the need to bring back retail investors and check market manipulation. Maybe someone should make the FM aware of these rampant cases of manipulation


On Sunday, Finance Minister Arun Jaitley spoke to Board members and officials of Securities Exchange Board of India (SEBI) about the need to bring back retail investors. Later, the Board discussed a report on all actions taken by SEBI, as a result of its market surveillance. We wonder whether these rampant cases of manipulation figured in the discussions.

SEBI, in a statement said, “(the Finance) Minister advised SEBI to remain vigilant about probable violations in the market, focus more on attracting the retail investor and on redressing investor grievances. The current state of the investment climate in the country and the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) were also discussed”.

During the meeting, SEBI chief UK Sinha appraised the minister on initiatives taken by the market regulator. Asked about the surveillance functions of SEBI, Sinha told reporters that the market regulator also presented before the board a report on all such actions taken by it during the last quarter.

This is the same SEBI, which last year in June, declined to provide information on its real time market surveillance system. Moneylife had filed an application under the Right to Information (RTI) Act on 9 April 2013, requesting information on SEBI’s surveillance statistics and had asked SEBI to disclose the number of suspicious cases its sophisticated Integrated Market Surveillance System (IMSS) and Data Warehousing Business Intelligence System (DWBIS) had detected till 31 March 2013.

In its reply, the SEBI said, “It is informed that the information sought by you is not available with the concerned department of SEBI.” This was impossible, because if the surveillance department did not have such information, then who did? Who was really in charge of monitoring the data captured by the surveillance department?

It must be noted here, that SEBI had spent a whopping Rs50 crore in installing the so called “state-of-the-art” surveillance systems: IMSS and the more modern DWBIS.

Moneylife has been constantly raising the issue of stock manipulation, but there has hardly been any action by either SEBI or stock exchanges like BSE and National Stock Exchange (NSE), who are the first line regulators. Moneylife routinely comes across companies, mostly with poor fundamentals and a track record of transgressions, whose share prices are brazenly manipulated, making a mockery of SEBI’s surveillance system. Here are some brazen cases of stock manipulation we had reported.

1. PMC Fincorp: Up 1122%. In Moneylife issue dated 21 August 2014 we pointed out that PMC Fincorp went up a whopping 1122% or 12 times to Rs700.55 as on 28 July 2014 from Rs57.31 as on 19 March 2013. Over the past four quarters (September 2013 to June 2014), PMC has reported total revenue of just Rs15.45 crore and net profit of Rs3.72 core. Its market-cap? An astounding Rs3,500 crore!

2.Nucent Estates: Up 742%. Covered in the Moneylife issue dated 16 May 2013, we pointed out that Nucent went up a whopping 742% from just Rs1.28 to Rs10.78 in just one year. The company had earlier failed to comply with BSE corporate governance norms. It even changed its name, a common tactic adopted by companies to disguise their past transgressions.

3. Kelvin Fincap: Up 549%. In the Moneylife issue dated 2 May 2013, we exposed how Kelvin Fincap shot up 549% within a year after the BSE had revoked its suspension!
Do check out the Unquoted section of the magazine and website . You will be alarmed and shocked to see the ease with which price manipulation goes on in out capital markets.


4. Midland Polymers: Up 271%. In the Moneylife issue dated 7 August 2014 we pointed out that Midland Polymers went up a whopping 271% from Rs5.66 on 1 January 2013 to Rs21 on 10 July 2014, that too when there is no business activity for the company.

Moneylife even did a cover story on this, which can be accessed here: Stock Manipulation.

Stock rigging is not the only evidence of poor monitoring by SEBI. Companies often get away with blue murder, leaving shareholders in the lurch. Consider Geodesic Ltd, a sham internet software and service provider, that had run up liabilities of more than Rs1,200 crore and defaulted on payment of its Foreign Currency Convertible Bonds (FCCB) and loans. Moneylife reader and investor, Krishna Raj, has filed two complaints with SEBI about non-disclosure of its financial results and subsidiary accounts, along with non-disclosure of material information on FCCB repayment. SEBI failed to give him satisfactory reply and said that the company was taking necessary steps regarding FCCB repayment issues and in its annual report 2011-2012, stated that Ministry of Corporate Affairs (MCA) has granted general exemption from attaching various documents in respect of subsidiaries as per section 212(8) of the Companies Act, 1956. Hence, the subsidiary companies' account is not attached with the balance sheet.

SEBI never took any action against Geodesic and finally the Bombay High Court issued a winding up order against the company. Following orders from the High Court, the Registrar of Companies (RoC), Maharashtra, appointed an official liquidator to wind up Geodesic.

In May 2014, we reported how Transgene Biotek Ltd, the company that has been in the news over alleged misuse of global depository receipts (GDRs) and ignoring investor complaints, made a new record. On 20th May, during the first two hours of trading on the BSE, the Hyderabad-based company's shares breached both, its lower and upper circuit. This not only shows extreme volatility but also a possible price manipulation.

As reported by Moneylife, several shareholders of the Hyderabad-based company are crying foul over the alleged misuse of GDRs — a financial instrument used to raise capital overseas, and several “well-timed” announcements by the company. However, market regulator SEBI was to even acknowledge several complaints filed by these shareholders.

Coming back to SEBI's surveillance system, Moneylife had found out that 48 staff members are posted in the Integrated Surveillance Department (ISD) of SEBI, which houses the IMSS and DWBIS system, as of 31 March 2013. The IMSS contract value was found out to be Rs20.55 crore, out of which Rs6.52 crore went towards “capital expenditure” between 2007 and 2010. HCL Technologies was the vendor.

Then SEBI adopted another system known as DWBIS, which came into existence from 2010 onwards, and the contract value was found to be Rs34.38 crore and Tata Consultancy Service (TCS) is the new vendor. Out of this amount, over Rs11 crore has gone towards “capital expenditure” in the last two years alone. This is collectively over Rs50 crore of taxpayers’ money.

This is a lot of taxpayers’ money and nobody knows if SEBI is truly looking at cases triggered by the systems, if at all, let alone punishing offenders and compensating minority shareholders. Nobody knows how effective SEBI’s surveillance system is either.
As per the SEBI chief's claims, its Board members have now been given the surveillance and action taken report. Lets hope something comes out of this show of 'accountability' from SEBI.



S K Nataraj

3 years ago

Is SEBI truly a body for " Investor Protection"? 3400 companies to regulate, and it is necessary to see that each one of them conforms to norms and does not resort to rigging the markets, whereby investors suffer. If it cannot have a strong surveillance system in place and cannot enforce rules strictly, then it is time to call for accountability, and that has to start from the very top. Before we cleanse our markets, SEBI has to first get it's house in order. Investors should also learn to not give in to fraudulent, tall claims from companies, broking houses with dubious reputations, and have to keep the greed factor under total check, taking only careful informed decisions. Price manipulation and rigging should attract very severe punishment which will really act as a deterrent to such companies from indulging in such practices which eat away investor- wealth. Wake up SEBI, and bring these fly-by-night companies to book.

arun adalja

3 years ago

exchanges and sebi never responds to investor complaints and takes long time to take action and due to this retail investors are loosing money.govt wants to reach their disinvestment target they throw psu at throwaway case of mmtc ofs was done at 60 and the same day market price was 160.why such things?due to this retail investors do not want to loose money as there is no control from regulatories.

mm sundram

3 years ago

recently, on march 13, 2014 there was a very big manipulation/scam in the scrip of L&T Finance holding ltd., on the back grounds of BANKING LICENSES, but the SEBI, even after my proven records not had taken any action even today. sebi officials are also involved along with the Stock exchnges. NSE allowed the F&O segment for this scrip on the very day ie 13.3.14. again on the same day the parent company Larsan Toubro put the L&T finance holding scrip into offer of sale by Rs. 70 while the market rates were 88-86 range. all the shareholders lost some 25% value. IF ANY BODY THING THAT SEBI WILL PROTECT THAN IT IS HUMBUG. I have written to the CEC and CVC but no use. God only save the Investors in India.

Bosco Menezes

3 years ago

Not to mention the Bulk SMS scams which are going on merrily .... Moneylife covered the Patidar Buildcon scam in depth .... subsequently the same scam has repeated in (a) Technologies .... now Rs 128 on continuous lower circuits from RS 480+ beginning from the start of June when the bulk SMS's were sent out, and also in (b) Naisargik Agritech ..... now RS 106 , on continuous lower circuits from Rs 175+ in last week of July when again the bulk SMS's went out.


3 years ago

Micro Technologies India Ltd price was nearly Rs.300 when it started accepting fixed deposits and suddenly within a span of 3 years the price is Rs.3/= and all fixed deposit holders in problems with Provisional liquidator being appointed.


ss makhni

In Reply to murlidar 3 years ago

it means all audited results were fudged, and financial reporting was fraud. yet institution like Bajaj Capital collected money from poor investors for Micro Technologies, a big fraud.

Vaibhav Dhoka

3 years ago

SEBI has kept most of small investors away from market due to its inaction and in fact helping broker community.Finance minister should call for record from SEBI duly classified grievances from SEBI and its action and in whose favour grievance is settled.This will bring out whole truth and answer as to why retail investor is keeping away from market.



In Reply to Vaibhav Dhoka 3 years ago

Excellenet Suggestion . But You have to Write to FM, as Fortunately
We have Consumer / Retailer Inrested and Action Taking Union Government Now , citing all above Cases .

We are listening!

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