It now appears that the former CMD of SIDBI was appointed as additional director on FT board on 22nd August but on 27th August he submitted his resignation without any explanation for this sudden exit!
Jignesh Shah-led Financial Technologies (India) Ltd (FT) appointed N Balasubramanian as additional director on 22 August 2013. However, within five days, the former chairman and managing director (CMD) of Small Industries Development Bank of India (SIDBI) resigned from the Board. Neither FT nor Balasubramanian have given any reason for this sudden exit.
In its addendum issued on 22nd August for the upcoming annual general meeting (AGM), FT mentions the appointment of Balasubramanian as an additional director pursuant to Section 260 of the Companies Act, 1956. The same addendum also mentions Ravi K Sheth withdrawing his consent for re-appointment as a director of the company.
"N Balasubramanian who was appointed as an Additional Director pursuant to Section 260 of the Companies Act, 1956 at the Board meeting held on 22 August 2013, and who holds office upto the date of the Twenty fifth Annual General Meeting and in respect of whom notice under Section 257 of the Companies Act, 1956 has been received proposing N Balasubramanian as a candidate for the office of Director of the Company, be and is hereby appointed as a Director of the Company liable to retire by rotation,” the notice says.
In addition, the company board also recommended appointment of Balasubramanian as director through another addendum issued on the same date.
However, the next addendum to the AGM notice, issued on 27th August, says that FT had received a letter from both Balasubramanian as well as CM Maniar, resigning from the Board. The directorships of Financial Technologies group are turning out to be a joke.
Indian Bullion Markets Association was one the biggest borrowers from the borrowing/lending racket of National Spot Exchange Ltd, amounting to Rs1,159 crores. With a name like that, was this group of company of Financial Technologies, the promoter of NSEL, masquerading as a trade body, lobbying on behalf of the group?
One of the members very active in scam-ridden NSEL was Indian Bullion Markets Association (IBMA). Contrary to what the name suggests, or what has been claimed by NSEL, IBMA is not a trade association or a lobbying body for industry-related issues. IBMA is yet another FT-MCX group entity which falls foul of the names and emblems statute. But it obviously got the name because of the clout of the FT-MCX group. Since this ‘association’ was an active trader and promoted by the FT group, we had asked Jignesh Shah whether it was a sub-broker of the Exchange. We were told, “IBMA is not a sub-broker but a member of the Exchange (NSEL). It has around 130 bullion dealers and jewellers from across the country as its shareholders. PEC Ltd (formerly Project & Equipment Corporation of India Ltd), a government company, is also its shareholder. It was conceptualised and called an ‘Association’ because it was promoted by NSEL in a cooperative structure along with various stakeholders such as small jewellers and bullion traders, with an aim to work as an aggregator.”
It was lobbying with the ministries of agriculture, consumer affairs and finance. Apparently, these ministries even invited it to be represented on policy-making committees. Is it believable that retired regulators, Union secretaries and other high-ranking bureaucrats on the boards of FT-MCX group companies did not know that a trading member of an exchange was masquerading as an ‘industry association’? It is now disclosed that IBMA was one of the biggest traders with an investment of Rs1,200 crore by 146 shareholders. These investors were clearly lured by the promises of the FT promoters themselves.
All this raises several questions. Were there any Chinese walls between NSEL and IBMA? Did the MCon check or question it? Clearly, the reason why there is no action against NSEL, its promoters or even its sacked employees, is that its tentacles reach far too deep into this government.
Medical developments from around the world
Do Not Take Extra Vitamins Tablets
I have been saying that none, except those that are malnourished, require any supplemental vitamins. Several scientific studies have confirmed my view.
In an article titled “Don’t Take Your Vitamins”, the New York Times wrote: “In a study published in The New England Journal of Medicine (NEJM) in 1994, 29,000 Finnish men, all smokers, had been given daily vitamin E, beta carotene, both or a placebo. The study found that those who had taken beta carotene for five to eight years were more likely to die from lung cancer or heart disease.”
Similarly, the Annals of Internal Medicine, through 19 studies, revealed increased mortality in 136,000 people who consumed vitamin E. Yet another study published in 2011 in the Journal of the American Medical Association (JAMA) tied vitamin E supplements to an increased risk of prostate cancer. In 2012, Cochrane Review found that “beta carotene and vitamin E seem to increase mortality, and so may higher doses of vitamin A.”
Simple advice would be to avoid artificial vitamins to be taken as supplements to avoid premature mortality.
The World Medical Association, at its general body meet in Helsinki in 1964, had formulated guidelines and ethical principles of research which have become the benchmark for research. However, cheating in research has become not only common but fashionable! The Journal of the American Medical Association (JAMA) defines spin as the “specific reporting that could distort the interpretation of results and mislead readers.”
The National News website states: “One of the most dramatic effects of spin is seen in a recent study published by JAMA. This study found out that over 40 percent of the best designed, peer-reviewed scientific papers published in the world’s top medical journals misrepresented the actual findings of the research. Boutron et al systematically evaluated 616 published reports of Random Control Trials (RCTs) and after appraising the 72 eligible studies concluded that, ‘In the representative sample of RCT’s published in 2006 with statistically non-significant primary outcomes, the reporting and interpretation of findings was frequently inconsistent with the results.’ In other words, most of the published research has been intentionally falsified.”
Some researchers have refused to believe that their ideas and research are flawed. Linus Pauling, winner of two Nobel Prizes, had found evidence that administration of mega doses of vitamin C and other vitamins is dangerous. He stuck to his guns right up to his death in the early 1990s. Studies have now proven that large doses of vitamin C or any other vitamin can only worsen one's health and might lead to significantly increased cancer deaths.
Tight Control of BP Linked to Increased Death Rate
A paper in the Annals of Internal Medicine suggests that “in elderly patients with chronic kidney disease (CKD), who typically have an above-normal systolic blood pressure (SBP) and a below-normal diastolic blood pressure (DBP), aiming for a BP target that is recommended in current guidelines may actually increase mortality.”
Investigators “examined multiple SBP and DBP combinations in a national cohort of US veterans with CKD and found that having a slightly elevated BP (130-159 mm Hg SBP; 70-98 mm Hg DBP) was linked with the lowest all-cause mortality.”
The researchers also found that “combinations of lower SBP and DBP were associated with relatively lower mortality only if the lower DBP was above 70 mm Hg.”