Banks and developers are offering a 10:80:10-scheme wherein the home-buyer has to pay only 10% upfront for booking a flat, 80% via bank loan during the period of construction, and the final 10% after getting possession of the flat. The buyer and the developer, together, pay 20% of the margin required to get a bank loan. Tata Housing Development Company has announced a 10:80:10-scheme for its residential project Amantra on the Thane-Kalyan Road (Maharashtra) in July 2013. It has tied up with HDFC Ltd, Axis Bank and Tata Capital for rolling out the scheme.
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.
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.