The once popular art fund has failed to live up to its promise to repay investors. Chief advisor Neville Tuli assures again that payments will be made despite the delay
Osian's creditors may have to wait, says Neville Tuli, chief advisor of Osian's Art Fund. His response was in answer to an investor's queries about the delay in funds being transferred to investors' bank accounts. Mr Tuli has also indicated that the date for 'total redemption' that was initially set as end-June, will be deferred.
"We are trying our best to adhere to the deadline and will be able to give you a more precise update by Friday, 24 June 2011, but a delay of about seven to ten days will probably occur in some cases," Mr Tuli said. Most payments will be in the form of demand drafts.
When Moneylife approached Mr Tuli with the case of an analyst whose mother had invested Rs10 lakh in Osian's Art Fund, he promised that the first instalment would be disbursed on 4th June, but it did not happen. "We have checked with our bank and no transfer has come through from Osian's. NEFT transfers usually come through the same day. Could you let us know when we can expect the first instalment?" the investor had asked Osian's chief advisor.
Mr Tuli's response was: "All NEFT (national electronic funds transfer) transfers started on Monday, 6th June, and will close by Thursday, 9th June 2011. The investor's NEFT was completed this morning (Tuesday)," Mr Tuli said.
Earlier, Osian's chief advisor had said that all unit-holders would be paid in three instalments in June which would account for 85% of their capital. For those who were expecting payments via NEFT, and whose account/branch details differed from that in Osian's records, there would be a delay of four to five days. Updates about the status of the total redemption target would be available on 24th June.
However, Mr Tuli's assurances have failed to convince other investors who are yet to receive their payments and they are now planning to organise themselves into a group and take stringent action.
"Can the investors say if they have received their investment + return (as indicated at closure) between 17th May and 29th May as was last promised by Mr Tuli? If not, a few investors have suggested a sit-in protest outside Osian's office, to get the attention of the local press and the police," an investor said.
The proposal is supported by Rajiv Jain, whose company had supplied Osian's with paintings for auctions, but it has not received payments even after the paintings were sold. "The auditors of Osian's have sent us a letter acknowledging that they owe us this money. It will be a great help if our company can join a common platform so that we can retrieve our hard-earned money," Mr Jain said.
The tide of anger is unlikely to subside if Mr Tuli delays the return of funds any further.
YouTube will feature a premium block buster movie every month absolutely free of cost
All netizens in India have more reasons to rejoice as YouTube is introducing a new destination for all the movie buffs titled 'YouTube Box Office'. This exclusive channel will feature a premium block buster movie every month absolutely free of cost. Kick-starting the initiative will be the latest hit 'Band Baaja Baaraat', starring Ranveer Singh and Anushka Sharma.
The YouTube Box Office channel will also feature other popular movies which users can watch for free from the YouTube catalogue of movies which includes over 1,500 titles including regional language films. The channel will be available to all users in India and will be IP blocked for users in other countries. Intel will be the exclusive presenting sponsor for the channel in India.
Sandeep Aurora, Director-Marketing, Intel South Asia said, "The YouTube Box Office channel provides the consumers an opportunity to view premium, high quality movies on their PCs. Consumers can also enjoy these movies on their big screen HDTV with Intel® Wireless Display (WiDi) feature on the 2nd Generation Intel Core Processor based PCs and bring YouTube to life in HD format on their TVs."
YouTube will collaborate with its partners in India on a revenue share basis to bring more of such premium content on YouTube Box Office every month.
Arvind Kejriwal explains that they had written to the finance minister to inform him that they would not be able to attend the meeting on Monday and requested that it be postponed
New Delhi: A day after boycotting the meeting of the Lokpal Bill drafting committee, Anna Hazare’s team made it clear today that they have no intention of quitting the joint panel and they criticised human resources development minister Kapil Sibal for attacking them.
Arvind Kejriwal, an associate of Mr Hazare, said civil society members will attend the next meeting and he contended that if they got out of the 10-member committee, it would have “no credibility” and that it would be reduced to a government panel with five ministers, PTI reports.
“Kapil Sibal has said that whether we come or not, they will go ahead (with the drafting of the Lokpal Bill). Why did that question arise? We had written to (finance minister) Pranab Mukherjee that we will not be attending the meeting on Monday. We also said that Anna Hazare will not be available on June 10 and that the meeting be postponed. So it makes it clear that we are going to attend meetings. We are not going to leave the committee just like that,” Mr Kejriwal said.
He also accused Mr Sibal of “putting words in our mouth” and said the government should tone down its arrogance. Despite the five civil society members boycotting the meeting yesterday, the ministers went ahead and finalised some provisions of the proposed Lokpal Bill.
Mr Sibal had taken objection to the absence of the meeting by the civil society members and said that the committee would go ahead with its work “whether or not someone comes”.
Reacting to Congress spokesperson Janardhan Dwivedi’s comments that Mr Hazare was a mask of the Bharatiya Janata Party, Prashant Bhushan, another civil society member of the committee, said such remarks deserve contempt.
The activists also repeated their demand for live telecast of the proceedings of the joint committee, saying it would give a better picture of the positions taken by both sides. Mr Bhushan said the government should not have anything against the live telecast if it had nothing to hide.
On the issue of bringing members of Parliament (MPs) under the ambit of the Lokpal, Mr Kejriwal pointed out that not a single MP accused in the cash-for-vote scam had been punished. “For the past three years, not a single MP has been punished. Has any investigation been done? Has something happened? Our MPs vote after taking money and go unpunished” Mr Kejriwal said. “Tomorrow they will take money from someone outside the country and vote; will that not be detrimental?”