Regulations
ED files charge sheet in Rose Valley ponzi scam

The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate

 

Arrested Rose Valley group chairman Gautam Kundu was among the six people named in the charge sheet filed by the Enforcement Directorate in the Rose Valley ponzi scam on Thursday.
 
The chargesheet was filed before the city sessions court, under the provisions of the Prevention of Money Laundering Act in pursuance of the a complaint from the Securities and Exchange Board of the India to the Enforcement Directorate.
 
Arrested March 25 by the ED under the Prevention of Money Laundering Act for mobilising public money without proper sanction of the SEBI, Kundu was sent to 10 days judicial custody on Tuesday.
 
The corporate affairs ministry in 2013 had named Rose Valley as one of the 73 companies involved in ponzi schemes in West Bengal.
 
Having cast its net across the states of Bengal, Tripura, Assam, Odisha, Jharkhand and Maharashtra among others, the company is alleged to have raised close to Rs.15,000 crore.
 
Found the company guilty of running "collective investment scheme" without necessary approvals, the SEBI in June 2014 had ordered it to refund the money to the investors and barred it  from accessing the securities market.
 

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Nifty, Sensex in a bullish mode – Weekly closing report

Nifty is headed for 8,700 and Bank Nifty possibly for 19,000 

 

The S&P BSE Sensex closed the week that ended on 1st April at 28,260 (up 802 points or 2.92%), while the NSE’s CNX Nifty closed at 8,586 (up 245 points or 2.94%). In the previous week, we had mentioned that Nifty, Sensex may rally next week but the rally, most likely, will be a weak one. 
 
On Monday, NSE’s CNX Nifty register gains on lower volume. A positive opening followed by a range bound session gained momentum in the noon session. By the end of the session, the 50-share index hit a three-day high and closed near to it. Nifty closed at 8,492 (up 151 points or 1.81%).  The Reserve Bank of India (RBI) relaxed norms for non-performing assets (NPAs), according to which, banks can now use 50% of their floating provision for specific NPA provision as compared to 33% earlier.
 
China unveiled more details and projections for its "New Silk Road" plan to boost trade and economic relations with the rest of Eurasia and Africa.
 
The upward move on Tuesday was followed by the Nifty giving up all the gains midway and finally closing flat. The benchmark closed at 8,491 (down 1 points or 0.02%). The Income Tax (I-T) department on Tuesday took to the strategy of 'naming and shaming' of some large tax defaulters as it published names of 18 entities who owe over Rs500 crore of taxes to the exchequer.
 
The natural gas price was cut by about 8% to $4.66 a unit to reflect the softening in international prices. This is the first reduction in price of natural gas in India.
 
We anticipated on Tuesday that the 50-share benchmark is still in an uptrend. Nifty closed at 8,586 (up 95 points or 1.12%) on Wednesday.
 
The eight Core Industries carrying nearly 38% weight in the Index of Industrial Production (IIP) have recorded 1.4% growth in February 2015 over February 2014.
 
The Cabinet Committee on Economic Affairs (CCEA) approved a major policy intervention, to supply gas at uniform delivered price to all fertilizer plants on the gas grid for production of urea through a pooling mechanism. It is expected that the cost of production of urea at pooled price would be less than the price of imported urea.
 
India's stock markets remain closed on Thursday and Friday for Mahavir Jayanti and Good Friday, respectively.
 
Of the 1,444 companies on the NSE, 1,281 companies closed in the green, 133 companies closed in the red while 30 companies closed flat.
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 
 

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Easter - also a time for divine delicacies

During traditional Lent - for some churches it's 40 days, while for some others it's 50 - most abstain from non-vegetarian food, egg, milk and even curds

 

Easter's here and it's time for a sumptous breakfast of delectable appam, chicken stew as well as scrumptious duck and egg roast. Then there is steamed banana, a generous piece of luscious cake followed by piping hot coffee.
 
If there's one thing that has not changed over time, it is the Easter delicacies. 
 
During traditional Lent - for some churches it's 40 days, while for some others it's 50 - most abstain from non-vegetarian food, egg, milk and even curds. 
 
"I remember in the yesteryears, Easter was particularly the most sought after day...Many in our family used to be a pure vegetarians and hence to break the Lent, it was an occasion to remember," recalled 80-year-old Annamma Jacob, a grandmother who is now making last-minute arrangements for the Easter day in Kottayam. 
 
The most popular event on Easter day is the hearty breakfast which includes the traditional appam, made of rice flour and by adding freshly tapped toddy - now many use yeast. 
 
Appam is normally taken along with chicken stew, but today minor changes have taken place with some families opting to have it with fish molly. 
 
"In the good old days, chicken was a rarity. About three decades back, chicken was mostly a homestead product and when very important visitors come we used to kill our own hen. We used to do the same on Easter and Christmas," said Annie Mathew, a retired employee from the Middle East, now settled here. 
 
"My grandchildren have chicken practically many times a week, and hence the decision was to go in for a fish molly." 
 
Other important dishes that form a part of Easter breakfast is either beef roast or duck roast. The concept of 'easter egg' is not here, but there is the egg roast. 
 
Steamed banana is another must on Easter and then comes a piece of cake besides steaming hot coffee. 
 
Many prefer to have the wine from the Church, as it is given by the priest which signals the end of the Lent during the Easter Sunday mass. 
 
Once the breakfast is over, the next major meal is the lunch. These days for the sake of convenience, some opt for a mutton/chicken biryani while others opt for the traditional lunch. 
 
"The most important dishes for lunch are the fish curry, besides the fry (mostly seer fish or pomfret). If one has duck curry for Easter breakfast, that is generally not repeated for lunch, instead they go for the beef curry and vice-versa," said Mary George, a home maker.
 
"Pickles are all prepared ahead and are opened for Easter lunch."
 
And after gorging on delicacies through the day, what about dinner?
 
On Easter Sunday, after having a sumptuous breakfast and a luxurious lunch, dinner is generally a light one.

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