No Lien after Repayment

Abank cannot hold back property documents after a housing loan is repaid, says the Bombay High Court. A division bench, of Justices BP Dharmadhikari and AS Chandurkar, directed the State Bank of India to return title documents to Nagpur resident Surendra Nikose. The Bank had refused to return the documents to Mr Nikose, a former employee, as he had allegedly committed financial irregularities. The Court said the relationship of banker and customer was independent of the relationship of employer and employee.

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Unquoted: Moving Picture Company

Stories of Price Manipulation

Moving Picture Company (India) (Rs3)
Established in 1989, the company is supposedly involved in producing films and television programmes. However, the company’s latest annual report (2012) could not be located on either the BSE website or the company’s. Even its quarterly results for March 2013 and June 2013 are not available. The stock trades in the call auction window of the BSE. In the 31 trading sessions between 16 May 2013 and 22 August 2013, over which its stock price rocketed 135%, in 24 trading sessions, there was just a single trade. An abnormally large number of shares— 39,500 and 29,510—were traded on 21st and 22nd August, respectively, more than the average volume (of 218 shares) between 16th May and 20th August. This caused the share price to tank 10% in just two days. The company’s financial statement is a joke. In the five quarters up to December 2012, negligible revenues were recorded. Similarly, out of the five quarters up to December 2012, the company recorded just one quarter of profit (March 2012); the rest were either nil or showed losses. Despite these red flags, the BSE and SEBI are not bothered.

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