Companies & Sectors
Lehman Bros offers to surrender NSE membership

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.

User

Unquoted: Kelvin Fincap (Rs63)

Stories of price manipulation

 

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?

User

Persistent Systems: Growing Persistently

A mid-size software company with average return ratios

 
Persistent Systems...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)