Nation
PM Modi asks ministers to set 100-day agenda
In the context of his 10-point vision, PM Modi has emphasised that the most important aspect that need to be focussed on are efficient governance, delivery and implementation of schemes and programmes
 
 
Prime Minister Narendra Modi on Thursday asked his cabinet colleagues to set a 100-day agenda with focus on efficient governance, delivery and implementation of programmes.
 
The directives were given by Modi at a Cabinet meeting in the context of his 10-point vision which includes increasing investment, completing infrastructure projects in time-bound manner and exploiting the natural resources to the country's benefit.
 
Here is the 10-point agenda for good governance (Source NitiCentral.com)
1. Building confidence in bureaucracy
2. Welcome innovative ideas
3. Education, health, water to be priorities
4. Transparency in Government
5. Setting up a mechanism for inter-Ministerial issues
6. People oriented system in place
7. Economical concerns to be addressed
8. Reforms in infrastructure
9. Policies to be implemented in time-bound manner
10. Stability and sustained ability in Government policies
 
Believing that the progress of states is crucial for the country's development, he also instructed the ministers to give priority to the issues brought forth by the state governments as also the members of Parliament (MPs).
 
To send out a similar message across the country, Modi is likely to address the nation, possibly after the brief Parliament session that would be convened from 4th to 11th June during which President Pranab Mukherjee will address the joint sitting outlining the government's agenda.
 
"The Prime Minister issued guidelines to the Ministers at the Cabinet meeting... He asked the ministers to set a timetable for the first 100 days listing the priorities," said Parliamentary Affairs Minister M Venkaiah Naidu.
 
Modi emphasised that the "most important" aspect that need to be focussed on are efficient governance, delivery and implementation of schemes and programmes, Naidu said while briefing the media on the meeting.
 
While focussing on these aspects, the government will take forward on priority basis the issues pending from the previous government.
 
He asked the Cabinet ministers to take Ministers of State along and give them "proper" work so that they feel involved.

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Sensex, Nifty book highest loss in three and half months: Thursday closing report
Nifty may bounce back a little but will remain within the current range
 
Indian indices opened Thursday marginally lower, but soon started marching lower and recorded their highest daily percentage loss since 13th February. 
 
The BSE 30-share Sensex opened at 24,523 while NSE 50-share Nifty opened at 7,317. Immediately after hitting a high at 24,528 and 7,325, both the Sensex and Nifty headed lower to hit a low at 24,207 and 7,224, respectively. After hitting a six day low since 21 May 2014, the Sensex closed at 24,234 (down 322 points or 1.31%) while the Nifty closed at 7,236 (down 94 points or 1.28%). On the day of expiry of May 2014 expiry of futures & options (F&O),  NSE recorded a volume of 126.27 crore shares. India VIX fell 4.94% to close at 16.6900.
 
Except for Media (0.65%), Pharma (0.24%), PSU Bank (0.13%) and Auto (0.01%) all the other indices on the NSE closed in the negative. The top five losers were IT (3.35%), CPSE (1.75%), Service (1.75%), Infra (1.46%) and PSE (1.41%).
 
Of the 50 stocks on the Nifty, 14 ended in the green. The top five gainers were Hindalco (1.66%), Dr Reddy (1.42%), NTPC (0.99%), M&M (0.98%) and Sun Pharma (0.76%). The top five losers were Infosys (3.43%), Jindal Steel (3.37%), Ambuja Cements (3.05%), HCL Technologies (2.92%) and IDFC (2.89%).
Of the 1,593 companies on the NSE, 648 companies closed in the green, 900 closed in the red while 45 closed flat.
 
The prime minister Narendra Modi has unveiled top 10 policy priorities of the government on Thursday which included infrastructure and investment reforms. He has also asked his ministers to set 100-day agenda and ensure time-bound delivery. The newly named principal secretary in the prime minister's office Nripendra Misra said in a newspaper interview that the policy priorities would focus on overcoming delays to major infrastructure projects and addressing why India has become a coal importer.
 
Hindalco Industries posted a growth in it March 2014 quarter topline but its bottom line did not register a rise. However, the stock was the top gainer (1.43%) in the Sensex 30 pack.
 
Infosys (7.81%) came out to be the top loser in the Sensex 30 stock and also the ‘A’ group on the BSE. BG Srinivas, president and member of the board has conveyed his intention to resign from the services of the company. The Board has accepted his resignation and has decided to relieve BG Srinivas from his responsibilities effective June 10, 2014.Been for a long time with the company BG Srinivas was overseeing most of Infosys' client-facing functions.
 
After reporting a good March 2014 quarter results and the board of directors of the company declaring a dividend of Rs 3.23 (323%) per equity share of Re 1 each for the FY13-14, Amara Raja came as the top gainer (5.80%) in the ‘A’ group on the BSE.
 
US indices closed in the negative on Wednesday.
 
Asian indices had a mixed performance. Straits Times (0.88%) was the top gainer while Shanghai Composite (0.47%) was the top loser.
 
European indices were showing mixed performance while US Futures were trading marginally higher.

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Who is Anupama, the largest stakeholder of Prithvi Info Solutions?
Anupama Yellajoshyula, a US citizen holds a hefty 25% stake in the scam-ridden Prithvi Information Solution. Is she holding this stake on behalf of the promoters whose stake is down to just 6.42%?
 
Prithvi Information Solutions is a beleaguered Andhra Pradesh IT company that had once attracted many foreign institutional investors. In recent years, it has been sued by business associates in the United States. All along, the company's promoters have been thought to be Madhavi Vuppalapati and her brother Satish Vuppalapati. It is they who have dealt with local and international investors. Well, it now transpires that one investor, Anupama Yellajoshyula holds almost 25% or the largest stake in the troubled company. And yet, there is very little or no information about her or the funds that she brought in to purchase these shares.
 
Anupama Yellajoshyula, a US citizen, is the wife of Srikanth V Swarna, the president and chief executive of Agadia Systems Inc, which provides cost effective solutions for healthcare management in the US.
 
Interestingly, Anupama, the largest stakeholder, is shown as “public” holding more than 5% of the shares in Prithvi Info Solutions. At the same time, the company promoters, Madhavi Vuppalapati and her brother Satish Vuppalapati together holds just 6.42% in Prithvi Info as on 31 March 2014.
 
In September 2012, Anupama Yellajoshyula and one another shareholder, Sarat Kumar Addanki were allotted shares under preferential allotment as the 'non-promoter group'. Through these allotments, Anupama bought 86.47 lakh shares (24.99% of total shares) having a face value of Rs10 each with a premium of Rs16 for Rs22.48 crore while Sarat Kumar bought 78.80 lakh shares (22.77% of total shares) for Rs20.49 crore during September 2012 with one year lock-in period. Why did they invest money into this company?
 
As per the shareholding pattern filed on the exchanges, Sarat Kumar Addanki and Anupama Yellajoshyula are shown under the 'public category holding shares more than 5%'. The promoter holding at 21.02% as on June 2011, fell to 10.98% in September 2011 and a low of 6.42% in March 2014. Madhvi Vuppalapati is a foreign promoter and holds only 0.47% and her brother Satish Vuppalapati is Indian promoter holds 5.95%.
 
As per the company's listing agreement, on 8 October 2012, Anupama Yellajoshyula has made disclosure under regulation 29(1) of the SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011 to the exchanges. 
 
One of the descrepancies, is declaration of foreign national status of Anupama. Anupama Yellajoshyula holds a US passport no4836****2 issued on 23 May 2011, which is valid till 22 May 2021. The passport clearly mentions her as citizen of the US.
 
But a company secretary issued a certificate to Anupama Yellajoshyula in December 2013 that shows her as a resident of Hyderabad, India. However, just a year before, during October 2012, the company secretary in a letter to Anupama Yellajoshyula, allotting her shares on preferential basis, stated her address from New Jersey, US.  
 
Then there is a question about the money that was used by Anupama to  purchase the stake in Prithvi Info Solutions. According to our sources, there is no trace of the funds that were sent from the US to India to purchase these shares. Will market regulator Securities & Exchange Board of India (SEBI), the ministry of corporate affairs (MCA) or Serious Frauds Investigation Office (SFIO) wake up and look at this brazen scam?
 
There may be another angle to the story. As reported by Moneylife, in November 2011, Prithvi Info Solutions entered into an agreement with Kyko Global Inc, a Canadian company, for certain factoring services. Prithvi was to sell to Kyko some of its customer account receivables for IT services and authorise direct payment on those customer accounts receivable to be made to Kyko.
 
When Kyko tried to contact the alleged customer companies directly for payments, it discovered that some of them were associates of Prithvi, who had posed as clients and created and executed the verifications. In order to get the money back, Kyko filed a lawsuit on 16 June 2013 against Prithvi Information Solutions at the US District Court in Seattle.
 
As reported by Moneylife, the Bankruptcy Court in the US has directed Madhavi Vuppalapati to make herself available for an examination under the Federal Rule of Bankruptcy Procedure before 8 May 2014. The case related to a suit filed by Kyko Global Inc seeking to recover damages of over $18 million from Prithvi Info Solutions, which was once a high flying part of India's software story and had been purchased by many top foreign funds.
 
Last month, the Sheriff from King County auctioned personal assets of Madhavi Vuppalapati to recover $17 million as per directions from a US District Court. Later on, April Prithvi Info was able to get the name changed, for its subsidiary Prithvi Catalytic Inc to Abilius. 
 
Was Anupama Yellajoshyula (and Sarat Addanki) also made to believe in the 'growth' and 'business potential' story by Prithvi Info Solutions and its promoters like Kyko? Or is she a front? Then there is the question about the funds that were transferred from US to buy those shares.
 
Prithvi Information Solution has been shifted to 'T' (Trading settlement) group of shares on the BSE. On 1 November 2013, it hit its 52-week high at Rs14. The company's 52-week low at Rs5.10 per share was recorded on 4 July 2013.
 
Prithvi Information Solutions closed Thursday 3% up at Rs6.5 on the BSE, while the 30-share Sensex ended the day 1.3% down at 24,234. 
 
Read more stories about Prithvi Information Solution and its frauds here,
 
 
 
 
 
 
 

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COMMENTS

shcilian

2 years ago

Enterprising Telugu's. Of every 10 telugu guys in U.S atleast three are suspect. They live on one dream "How to hit easy money". Every guy who is working has side business.

Nilesh KAMERKAR

3 years ago

" You can never underestimate market's ability to lose sight of the basics from time to time " - Debashis Basu, Face Value, Creation and Destruction of Shareholder Value in India

R Balakrishnan

3 years ago

Another one from Hyderabad. Nothing should surprise anyone. As Hemant Gupta writes, this cos credentials were suspect from 2007.

Hemant Kumar Gupta

3 years ago

I had written articles at least 4 years back when scrip was around 350 levels that it is bogus billing money laundering co and i have proved right. Father of Madhavi was alleged/supposed to be very very close to Indira Gandhi(looking after her clandestine monetary matters). Look at prospectus preapred at time of IPO made everything clear that it was bogus billing co. On one hand, co was SHOWING revenue of more than 100 million dollars but Net Block in prospectus was shown (if i remember correctly)less than 1 crores. Vehicles were shown at few lacs (not even millions).

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