After evading arrest for nearly 11 months, Alex Joseph, the alleged luxury car smuggler from Kerala is in the CBI net and taking names of big politicians and businessmen as his clientele
Alex Chekkattu Joseph, an alleged smuggler of luxury cars from Kerala, has claimed that he was in Delhi to meet a politician last week when the Central Bureau of Investigation (CBI) arrested him.
A report from the Times of India, quoting CBI sources, says that there was no corroborative evidence to buttress his statement and his claims has nothing to with the duty evasion case against Joseph.
Quoting sources, the report says, based on a tip-off, CBI teams carried out searches at a five-star hotel in the capital on Saturday night, during which Joseph, who had been on the run for last 11 months, was arrested.
CBI has alleged that 52-year-old Joseph imported high-end foreign cars for several years, permitted only on Transfer of Residence Rules under Customs Act. After getting pre-orders, he allegedly ordered cars with used car dealers in foreign countries and later hired Indian working class nationals being repatriated to India on cancellation of work permits, CBI sources told the newspaper.
Last year on 23rd March, the CBI has booked Joseph and Muruganandan, an officer at the Directorate of Revenue Intelligence (DRI) from Chennai. Just two day before, the CBI raided 17 places in Tamil Nadu and seized 33 luxury cars like Rolls Royce, Range Rover, Land Cruiser Prado, BMW, Mercedes Benz and Hummer belonging to powerful businessmen and politicians. This included, N Srinivasan, president of Board of Control for Cricket in India (BCCI) and chairman of India Cements, R Venkatachalam, vice-chancellor of Sree Ram Chandra Medical College, GK Shetty Ramanna, promoter of GK Shetty Builders as well as MK Stalin and MK Alagiri, sons of DMK chief M Karunanidhi.
While Joseph was untraceable for the investigating authorities, he was found giving exclusive interviews to Asianet News and Tamil-language channel, says a report from Tehelka.com. "In the interviews, he insisted the cases against him were false. He accused VS Syed Mohammed, DRI’s chief vigilance officer in Kochi, of framing him. He had refused to pay Mohammed a bribe, he told his interviewers. As it happens, Mohammed has been hunting Joseph for almost a decade. After the television appearance, Joseph vanished," the report says.
According to Tehelka, on 13 April 2000, the DRI issued a warrant against Joseph for violation of the Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA). It says, "Astonishingly, the agency waited 11 years and seven months to execute the warrant. On 6 November 2011, Joseph was arrested at Hyderabad airport while travelling on a fake passport (issued in the name of Abey John). A year later, on 30 March 2012, the Kerala High Court released him from a Thiruvananthapuram prison after holding his arrest as illegal. Astonishingly, the DRI never appealed. Joseph’s political godfathers had prevented his arrest for 11 years. They helped him escape yet again."
Suprajit Engineering recorded a net profit of Rs14.03 crore in December quarter due to robust sales growth of 25%
Suprajit Engineering, India’s largest automotive cable maker, said it recorded 25% growth in its third quarter net profit due on robust sales volumes in its aftermarket and non-automotive exports.
For the quarter to end-December, Suprajit Engineering said, its net profit grew 25% to Rs14.03 crore from Rs11.22 crore a year ago period. Its December quarter sales also increased 25% to Rs156.55 crore compared with Rs125.18 crore a year ago period.
“Aftermarket and non-automotive exports business clocked robust growths of 35% and 45% respectively,” Suprajit Engineering said in a regulatory filing.
During December 2012 to December 2013, FIIs shareholding in the company grew to 1.88% from 0.28% in a same period a year ago, domestic institutional investors (DIIs) shareholding grew to 1.59% from 1.25%, while public shareholding fell to 44.69% from 46.63%. However, promoter shareholding has remained the same, at 51.84%.
The company has announced an interim dividend of 45% or Rs0.45 per share.
Suprajit Engineering closed 2.9% up on Tuesday at Rs52 on the BSE, while the 30-share benchmark ended the day flat at 20,211.
For more stock results, check out this page
Divis Laboratories shares hit a new 52-week high on strong December quarter results lead by robust growth in sales and lower raw material costs
Divis Laboratories, hit its 52-week high on Tuesday after reporting a 52% jump in its third quarter net profit on robust sales and lower raw materials cost.
For the quarter to end-December, the pharmaceutical company said its net profit rose to Rs219.02 crore from Rs144.24 crore, while its total revenues, including sales, grew 29% to Rs689.27 crore from Rs534.36 crore, a year ago period.
During the morning trading Tuesday, Devi’s Lab rose to Rs1390 on the BSE, its 52-week high after opening at Rs1365.
The pharmaceutical company said during the December quarter its raw material costs stood at Rs244.73 crore, about 6% lower than Rs260.80 crore of a year ago period.
During the December quarter, Divis Laboratories made forex loss of Rs5 crore compared with a gain of Rs16 crore, same period last year.
Between December 2012 to December 2013, FIIs shareholding in the company grew to 16.26% from 13.50% a year ago. While domestic institutional investors (DIIs) shareholding fell to 13.17% from 13.65%, public shareholding fell to 18.45% from 20.70%. However, promoter shareholding has remained at 52.12%.
Divis Laboratories closed 2.4% up on Tuesday at Rs1,344 on the BSE, while the 30-share benchmark Sensex ended the day flat at 20,214.
For more stock results, check out this page