Economy
India top recipient of remittances in 2015
New Delhi : India was the top recipient of remittances in 2015, the government said on Wednesday citing the World Bank.
 
“According to the World Bank Migration and Remittances Factbook, 2016, India is the top recipient of remittances in the world for the year 2015,” Minister of State for External Affairs V.K. Singh said in reply to a question in the Lok Sabha.
 
He said that, according to information received from the Reserve Bank of India, the amount of remittances to India in 2013-14 was $69.6 billion and in 2014-15 the figure reached $69.8 billion.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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ISRO getting ready to launch India's sixth navigation satellite
Chennai : The 54 hour, 30 minute countdown status for the March 10 launch of an Indian rocket with the country's sixth navigation satellite is proceeding normally, the Indian Space Research Organisation (ISRO) said on Wednesday.
 
According to ISRO, the progressing status of the countdown for the launch of 44.4 metre, 320 tonne Polar Satellite Launch Vehicle (PSLV) carrying Indian Regional Navigation Satellite System-IRNSS-1F is expected to blast off around 4 p.m. on Thursday.
 
Around 20 minutes into the flight, the rocket is expected to put into orbit the 1,425-kg IRNSS-1F satellite at an altitude of 488.9 km.
 
The satellite with a design life span of 12 years has two payloads for navigation and ranging.
 
The navigation payload of IRNSS-1F will transmit navigation service signals to the users. This payload will be operating in L5-band and S-band. A highly accurate rubidium atomic clock is part of the navigation payload of the satellite.
 
The ranging payload of IRNSS-1F consists of a C-band transponder (automatic receivers and transmitters of radio signals) which facilitates accurate determination of the range of the satellite.
 
IRNSS-1F also carries Corner Cube Retro Reflectors for laser ranging.
 
Till date, India has launched five regional navigational satellites (IRNSS-1A, 1B, 1C, ID and 1E) as part of a constellation of seven satellites to provide accurate position information service to users across the country and the region, extending up to an area of 1,500 km.
 
Though the full system comprises nine satellites -- seven in orbit and two on the ground as stand-by, the navigation services could be made operational with four satellites, ISRO officials had said earlier.
 
Each satellite costs about Rs.150 crore and the PSLV-XL version rocket costs about Rs.130 crore. The seven rockets would entail an outlay of about Rs.910 crore.
 
The entire IRNSS constellation of seven satellites is planned to be completed in 2016 itself.
 
The first satellite IRNSS-1A was launched in July 2013, the second IRNSS-1B in April 2014, the third on October 2014, the fourth in March 2015, and the fifth in January this year.
 
The seventh satellite-IRNSS-1G- is expected to be launched in the second half of 2016.
 
Once the regional navigation system is in place, India need not be dependent on other platforms.
 
According to ISRO, with the operationalisation of five IRNSS satellites, the proof of concept of an independent regional navigation satellite system over India has been demonstrated for the targeted position accuracy of better than 20 metres over 24 hours of the day.
 
The operationalisation of the sixth satellite following its launch on March 10 a better position accuracy will be provided, ISRO said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SEBI asks 10 Ponzi companies to refund money with 15% interest to investors
SEBI asked 10 companies, and their promoters and directors to refund the money with 15% interest to investors and also refrain from accessing the securities market for four years
 
Market regulator Securities and Exchange Board of India (SEBI) has asked 10 Ponzi companies, including, Pious Agro Industries Ltd, Polaris Agro Industries Ltd, Goldmine Food Products Ltd, I-Nova Solutions Ltd, Ravi Kiran Realty India Ltd, Infocare Infra Ltd, Angela Agrotech Ltd, Astha Techno Realty India Ltd, MARS Agrofarm Developers Ltd and Amrit Projects Ltd, to refund money collected by investors.
 
SEBI asked these companies, and their promoters and directors to refund the money with 15% interest to investors and also refrain from accessing the securities market for four years.
 
Pious Agro Industries
SEBI asked the company, its promoters and directors to refund money collected by the company through issuance of redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. 
 
The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Polaris Agro Industries
The company, its promoters and directors are directed to refund money collected by them through issuance of redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. 
 
The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Goldmine Food Products Ltd
SEBI asked the company, its promoters and directors, to refund the money collected by the company through issuance of non-convertible redeemable debentures with interest of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. They have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
I-Nova Solutions Ltd
The company and its promoters and directors are directed by SEBI to refund the money collected by the company through issuance of Redeemable Preference Shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Ravi Kiran Realty India Ltd
The market regulator has asked the company, promoters and directors to refund the money collected by them through issuance of redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Infocare Infra Ltd
Infocare Infra, its promoters and directors, are directed to refund the money collected by the company through issuance of redeemable preference shares and non-convertible debentures with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. They have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Angela Agrotech Ltd
SEBI asked Angela Agrotech and the company promoters and directors to refund the money collected by the company through issuance of redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Astha Techno Realty India Ltd
Astha Techno Realty, its promoters and directors are asked to refund the money collected by the company through issuance of redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
MARS Agrofarm Developers Ltd
SEBI asked MARS Agrofarm Developers, the company promoters and directors to refund the money collected by the company through redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors.
 
Amrit Projects Ltd
Amrit Projects, its promoters and directors are directed to refund the money collected by the company through issuance of redeemable preference shares, including the money collected from investors, till date, pending allotment, if any, with interest at the rate of 15% per annum compounded at half yearly intervals and also not to access the capital market in any manner. The company, its promoters and its directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market, from the date of this order till the expiry of four years from the date of completion of refunds to investors, SEBI said in a release.

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COMMENTS

Dipakkumar J Shah

9 months ago

When SEBI will ask the Company Ratnamani Engineering Limited , now Ratnamani Metals and Tubes Limited , when Prospectus was issued for equity shares in 1994 and paid dividend out of mere book entry of profit , no actual profit , in prospectus itself reported and certified by Auditors, C R Sharedalal & Co Chartered Accountants , Ahmedabad Approved by SEBI , by some taking money !!!!, when order will be passed to refund the money with high compensation and interest and action and much more? Still corruption is passing through in SEBI? Therefore No action is taken?

Dipakkumar J Shah

9 months ago

When SEBI will ask the Company Ratnamani Engineering Limited , now Ratnamani Metals and Tubes Limited , when Prospectus was issued for equity shares in 1994 and paid dividend out of mere book entry of profit , no actual profit , in prospectus itself reported and certified by Auditors, C R Sharedalal & Co Chartered Accountants , Ahmedabad Approved by SEBI , by some taking money !!!!, when order will be passed to refund the money with high compensation and interest and action and much more? Still corruption is passing through in SEBI? Therefore No action is taken?

Dipakkumar J Shah

9 months ago

When SEBI will ask the Company Ratnamani Engineering Limited , now Ratnamani Metals and Tubes Limited , when Prospectus was issued for equity shares in 1994 and paid dividend out of mere book entry of profit , no actual profit , in prospectus itself reported and certified by Auditors, C R Sharedalal & Co Chartered Accountants , Ahmedabad Approved by SEBI , by some taking money !!!!, when order will be passed to refund the money with high compensation and interest and action and much more? Still corruption is passing through in SEBI? Therefore No action is taken?

Dipakkumar J Shah

9 months ago

When SEBI will ask the Company Ratnamani Engineering Limited , now Ratnamani Metals and Tubes Limited , when Prospectus was issued for equity shares in 1994 and paid dividend out of mere book entry of profit , no actual profit , in prospectus itself reported and certified by Auditors, C R Sharedalal & Co Chartered Accountants , Ahmedabad Approved by SEBI , by some taking money !!!!, when order will be passed to refund the money with high compensation and interest and action and much more? Still corruption is passing through in SEBI? Therefore No action is taken?

Dipakkumar J Shah

9 months ago

When SEBI will ask the Company Ratnamani Engineering Limited , now Ratnamani Metals and Tubes Limited , when Prospectus was issued for equity shares in 1994 and paid dividend out of mere book entry of profit , no actual profit , in prospectus itself reported and certified by Auditors, C R Sharedalal & Co Chartered Accountants , Ahmedabad Approved by SEBI , by some taking money !!!!, when order will be passed to refund the money with high compensation and interest and action and much more? Still corruption is passing through in SEBI? Therefore No action is taken?

Dipakkumar J Shah

9 months ago

When SEBI will ask the Company Ratnamani Engineering Limited , now Ratnamani Metals and Tubes Limited , when Prospectus was issued for equity shares in 1994 and paid dividend out of mere book entry of profit , no actual profit , in prospectus itself reported and certified by Auditors, C R Sharedalal & Co Chartered Accountants , Ahmedabad Approved by SEBI , by some taking money !!!!, when order will be passed to refund the money with high compensation and interest and action and much more? Still corruption is passing through in SEBI? Therefore No action is taken?

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