Nation
I-T Dept shares Gadkari companies' details with Pune counterparts

According to IT department sources, the investor companies of Gadkari's Purti group, which were started with paid-up capital of about Rs2,000 to Rs3,000 are fake and inquiries revealed that there was not a single books of accounts maintained by these companies

Mumbai: A week after conducting an open inquiry on the premises of companies which invested in Purti Sugar & Power run by Bharatiya Janata Party (BJP) chief Nitin Gadkari, the Directorate General of Income Tax (Investigations) officials has shared the retrieved information with their Pune counterparts, reports PTI.

 

The Income Tax (I-T) department had conducted a pan-India inquiry on premises of companies which had invested in Purti Sugar & Power, while it had conducted inquiries at 12 places in Mumbai.

 

"It was the Pune DG who sought our help to conduct the inquiry. So, after the inquiry, we have submitted our findings to the Pune DG, which will investigate the case further and will submit their report to the appropriate authorities," an I-T department source said.

 

The Income Tax department's Mumbai office also shared recorded statements of 13 people who were mentioned as "directors" in the initial company that was floated.

 

According to IT department sources, these companies in Mumbai, which were started with paid-up capital of about Rs2,000 to Rs3,000 are fake and inquiries revealed that they did not even find their books of accounts.

 

Earlier, the IT department had said that people who were mentioned as "directors" are men of no means and most of them are security guards, labourers and astrologers.

 

I-T sleuths at various locations had also found that offices were being made to look like genuine companies registered with the Registrar of Companies (RoC).

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DHFL cuts home loan rates by 0.25%

DHFL said the variable rate of interest for home loans of up to Rs15 lakh has been cut to 10.75% from 11%, while for those above Rs30 lakh but up to Rs75 lakh will come at 11.25%

Mumbai: Mortgage lender Dewan Housing Finance Corporation (DHFL) has cut its home loan lending rates by 0.25% across categories for new customers, reports PTI.

 

This is a second rate cut by the lender within a month.

 

The variable rate of interest for loans of up to Rs15 lakh has been cut to 10.75% from 11%, while for those above Rs30 lakh but up to Rs75 lakh will come at 11.25% and those above Rs75 lakh at 11.75%, DHFL said in a statement.

 

It had earlier cut rates by 0.25% on 10th October.

 

The retail segment, especially the home loan vertical, is seeing some aggressive play by bankers in the recent months as the demand from the large borrowers is drying up due to gloomy economic conditions.

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CIC asks SEBI to disclose insider trading probe details in Reliance Petroleum

CIC asked the market regulator to make public names of entities which were allegedly involved in the insider trading of shares of Reliance Petroleum in 2007

 
New Delhi: The Central Information Commission (CIC) has directed the Securities and Exchange Board of India (SEBI) to make public names of entities which were allegedly involved in the insider trading of shares of Reliance Petroleum in 2007, reports PTI.
 
"If as a regulator, the SEBI took cognisance of allegations of any breach of law, rules or regulations by one or more entities for unlawful private gain, the information generated in the process of its investigation needs to be disclosed in the public domain," Chief Information Commissioner Satyananda Mishra said in an order on the plea of Right to Information (RTI) applicant Arun Agrawal.
 
The case relates to RTI application filed by Agrawal who had sought to know from the SEBI names of individuals, partners, directors and major shareholders (in case of companies) involved in the short sale of shares of Reliance Petroleum in November 2007.
 
He had also sought the name of brokers through which the alleged short sales deal was routed.
 
Mishra said such disclosure would keep the general public informed and educated about the risks they may confront in making the investments in the market.
 
"It would also prevent many entities from adopting shortcuts to make profit through unlawful means. The argument that at the end of the quasi-judicial proceedings, the charged entities may be found innocent cannot be an argument against disclosing the information," Mishra said. 
 
In another application, Agrawal wanted copies of the investigation report or the details of the consent order proceedings undertaken by SEBI in connection with the case.
 
In both cases, CPIO had denied the information citing exemption clauses of the RTI Act relating to information being part of quasi-judicial proceedings and that information is of commercial confidence.
 
During the hearing, Agrawal submitted that insider trading allegedly by Reliance Industries Ltd (RIL) had been widely reported in the press at the relevant time and it was believed that an alleged illegal gain of more than Rs500 crore had been made.
 
He said that larger public interest warrants that such information be disclosed.
 
Both the arguments cited by SEBI officials were overruled by Mishra who agreed with the submissions made by Agrawal.
 
"The CPIO has invoked the provisions of subsection 1(d) and (h) of the section eight of the RTI Act in denying the information. Subsection 1(d) clearly provided that even information in the nature of commercial confidence of trade secret or intellectual property could be disclosed if the larger public interest warrants the disclosure" Mishra said.
 
He said subsection 1(h) is not attracted in the case because the investigation is already over.
 
"We are of the view that these two items of information should be disclosed (a) in public interest and (b) not being covered by any exemption provision," he said ordering SEBI to disclosed the information within 10 days of receiving the order.
 

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