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Stock manipulation: ICVL Chemicals
ICVL Chemicals went up nearly 100 times or 9841% in just over a year with marginal profits
 

ICVL Chemicals was earlier into trading of chemicals, shares and providing ‘advisory and consultancy services’. Listed in 2012, the company’s management changed hands in May 2014. Ram Alloy Castings became the new promoter. In January 2015, the registered office of ICVL Chemicals was shifted from Mumbai to Delhi and mineral extraction was included as additional business. With almost nil revenues reported in FY12-13 and FY13-14, ICVL Chemicals has begun to report revenues in the past two quarters. For the quarter ended September 2014 and December 2014, revenues were Rs4.09 crore and Rs8.30 crore, respectively. Net profit was just Rs5 lakh and Rs9 lakh, respectively. 
 
But does any of this have any bearing on its stock prices? The share price has risen from Rs2.20 on 13 December 2013 to as high as Rs218.70 on 5 March 2015—a rise of nearly 100 times or 9841%. Over the one-year period ended December 2014, the stock averaged just two-three trades a day, most of the time hitting the upper circuit. This is clearly a  case of money laundering and tax evasion. At the current price, the stock is valued at a price-to-earnings of about 7,046 times. Will the regulators and tax authorities care to investigate?

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SC extends bail to Teesta Setalvad, her husband
The Supreme Court on Thursday extended interim bail granted to advocate-activist Teesta Setalvad and her husband Javed Anand, while referring to the larger bench the questions of personal liberty and custodial interrogation.
 
An apex court bench headed by Justice Dipak Misra referred to the larger bench the issue whether non-cooperation in an investigation would entitle Gujarat Police to press for custodial interrogation of Teesta Setalvad.
 
She has been accused of alleged misuse of funds collected by NGO Sabrang Trust for setting up a museum in Gulberg Society that witnessed carnage during 2002 Gujarat riots.
 
The apex court on February 19 restrained Gujarat Police from arresting the activist and her husband.
 
The apex court bench headed by Justice Misra said the larger bench will decide the issue of anticipatory bail in relation to personal liberty, rule of law, societal interest vis-a-vis the allegations of non-cooperation in the investigation.
 

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