Lehman Brothers filed for Chapter 11 bankruptcy protection on 15 September 2008. The filing remains the largest bankruptcy filing in the US history, with Lehman holding over $600 billion in assets
More than four years after it went bankrupt, US-based Lehman Brothers has offered to surrender its brokerage membership of the National Stock Exchange (NSE).
Once an iconic financial services major, Lehman went bust in September 2008 and became synonymous with one of the worst financial crisis to ever hit the US and global markets.
In a public notice, the NSE (National Stock Exchange) said that Lehman Brothers Securities Pvt Ltd has requested for the surrender of its trading membership of the bourse.
The exchange said that any complaints against Lehman Brothers need to be lodged within 15 days after which no complaints would be entertained.
“The constituents of Lehman Brothers Securities Pvt Ltd are hereby advised to lodge immediately complaints, if any, against it within 15 days from the date of this notification and no such complaints filed beyond that period will be entertained by the exchange...” NSE said today.
Lehman Brothers last traded on 24 September 2008.
Financial services firm Lehman Brothers filed for Chapter 11 bankruptcy protection on 15 September 2008. The filing remains the largest bankruptcy filing in the US history, with Lehman holding over $600 billion in assets.
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Kelvin Fincap (Rs63)
If you look up Kelvin Fincap’s website, nothing is mentioned about who its promoters are and what it does. It is categorised as ‘other financial services’ on the BSE’s website. There’s no annual report for FY10-11 and FY11-12 on either website. It was suspended by the BSE for non-compliance of listing agreement, on 30 November 2007. It also failed to disclose its shareholding pattern on 30 June 2011. BSE revoked the suspension on 30 November 2011. The company employed the oldest trick in the book, to hide away its past transgressions, by changing its name from Dahyabhai Sons Ltd, on 6 July 2012, to Kelvin Fincap. Its financials are strange. The company recorded a 180% jump in revenues, from Rs5 lakh in March 2012 to Rs14 lakh in December 2012, in just four quarters. Yet, its net profits barely budged and stood at just Rs1 lakh in December 2012, roughly the same as in March 2012. The result? Its share price rocketed from Rs8.97 to Rs58.20 in the past one year, a rise of 549%. Is there a regulator in the country?
A mid-size software company with average return ratios