Citizens' Issues
'Mallya linked company applied to operate casino in Goa'
Panaji : UB Infrastructure Projects Limited, a company linked to beleaguered billionaire Vijay Mallya's business empire, applied for a casino licence in Goa, Chief Minister Laxmikant Parsekar told the legislative assembly on Wednesday.
 
In a written reply to former chief minister Digambar Kamat's query about the companies which had applied to the state government for setting up casinos since 2013, Parsekar replied "only plain application" was received from M/s UB Infrastructure Projects Limited.
 
The reply also lists five other companies namely Delta Corp, MKM Grand Gaming and Entertainment, Goan Recreation Clubs, Eden Estates and Leisure and Goa Golf Club, who have also applied for starting casinos in the state.
 
The reply, however, does not mention the status of the application by the company linked to Mallya. The directors of UB Infrastructure Projects Limited are Ramakrishna Shivcharan, Ajay Kumar Vijay, and Manmohan Singh Kapur. 
 
Goa is one of the most popular tourism destinations, known for its beaches, nightlife and casinos.
 
The state has four operational offshore casinos and nearly a dozen onshore casinos housed in the many five star resorts which dot Goa's coastline.
 
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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Stock manipulation: Panafic Industrial
Panafic Industrial shot up by 487% from January 2015 to March 2016
 
Panafic Industrial is into “financing of loans to various corporates and dealing in securities.” On 7 January 2015, Panafic, which was listed on the Delhi Stock Exchange, got listed on the BSE (Bombay Stock Exchange). Soon after listing, the price shot up by a massive 563%, in about four months, to Rs33 on 25 May 2015 from Rs4.98 on 7 January 2015. Since then, the share price of Panafic moved sideways. The price is still up 479% (at Rs28.85 on 4 March 2016) from its listing over a year back. As we often find, the financials are in sharp contrast to the price movement. For the year ended December 2015, this shell company reported revenues of Rs0.97 crore and net profit of Rs0.28 crore. Its revenue was down 24% compared to the same period a year ago. Its price on 4 March 2015 is 244 times the revenue per share and 846 times the earnings per share. As on 31 December 2015, Panafic had just 840 shareholders including the promoters. Though this suspicious price movement didn’t go unnoticed by the Exchange, it did not lead to any strict action or investigation. 
 
On 23 December 2015, trading of Panafic was suspended by the BSE as a ‘surveillance measure’, along with that of 34 other companies. Less than a month later, on 15 January 2016, the suspension was revoked. Will there be a deeper investigation of such brazen price manipulation? 

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Digital Insurance Policies Gaining Momentum?
Electronic policies for specified threshold and LIC’s initiative
 
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