Leisure, Lifestyle & Wellness
Priyanka Chopra plays bad roles better: Dwayne Johnson
Los Angeles : Bollywood star Priyanka Chopra, who has now become a popular name in the West due to her role in American thriller series “Quantico”, will next be seen playing a negative character in upcoming film "Baywatch". Her co-star Dwayne Johnson feels the actress plays bad roles “better” than the good ones.
 
“She's (Priyanka) cool, but does bad even better. Can't wait. #Baywatch,” Johnson posted on Twitter on Tuesday.
 
The National Award-winning actress will be seen playing the villain in the movie, based on the popular 1990s TV series of the same name.
 
Johnson, best known as The Rock, earlier welcomed the “Bajirao Mastani” actress on board by sharing a video on Instagram.
 
In the video, he is seen in the frame with the former beauty queen against seaside.
 
“She's one of the biggest stars in the world. Insanely talented, relentlessly smoking and extremely dangerous - perfect for #Baywatch. Welcome @PriyankaChopra to our bad a** and incredibly dysfunctional family. Cue Rated R slo-mo running on the beach. We start shooting next week. World. #WelcomeToBaywatch,” Johnson wrote alongside the video.
 
One of the most watched TV shows globally, "Baywatch", was about the Los Angeles county lifeguards who patrol the beaches of Los Angeles, California. It starred David Hasselhoff and Pamela Anderson among others.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Corporate FD Holders Facing Tough Times; appeal to govt.
Moneylife Foundation has sent a memorandum to Arun Jaitley, highlighting how high profile companies like Helios Matheson and Jayprakash Associates have left their FD holders in a lurch
 
Tens of thousands of investors, including senior citizens, are stuck with fixed deposits in companies that are neither refunding their principal nor paying interest. Many of these investors have run from pillar to post, complaining to the company and agencies like the ministry of corporate affairs (MCA), company law board (CLB), economic offences wing (EOW) and the Securities & Exchange Board of India (SEBI). The complaints have fallen on deaf ears. One of the most egregious cases is that of Chennai-based Helios and Matheson Information Technologies Ltd (H&M). According to a status report submitted to the Madras High Court, H&M has collected Rs55.25 crore from 6,540 depositors from across the country. In January 2016, the Madras High Court ordered the liquidation of H&M and appointed an official liquidator. The hard-hitting court order noted that the company had siphoned off funds, ‘appears unreliable’ and ‘cannot be believed any further’. It has also directed an investigation by the serious frauds investigation office (SFIO). Moneylife has carried many reports related to H&M, highlighting, among other things, that, despite the company reporting good numbers, it has not been able to pay fixed deposit-holders. As per the reported numbers, the company has a track record of uninterrupted profits (60 straight quarters). At present, H&M continues to be traded on the stock exchanges without providing any comprehensive data, as required under the listing agreement of bourses, or facing any action from the regulators. 
 
Many of the companies that have defaulted on corporate deposits claim to be diversified industrial conglomerates. Stories like that of H&M, along with stories of other corporate defaults, highlight a deep rot in our regulatory and enforcement structure. They show that companies can get away with fake disclosures even as the grievance redress system of companies defaulting on fixed deposits remains either slow or non-existent. There is no fear of punitive action by the government. 
 
People who have invested in FDs, but have not yet got their money back, are facing major hardships. Many of them are senior citizens and need money for their sustenance and medical expenses. Many of them send repeated reminders to companies and complain to regulatory agencies, with little success. Some of them are homemakers who have no other source of income. This is in stark contrast to the promoters of these defaulting companies who continue to flaunt their wealth. 
 
Many people choose corporate FDs, lured by a slightly higher interest rate than available on bank FDs. Chasing high returns of company FDs can expose you to the risk of losing your principal if you don’t check the credibility and rating of the company and the instrument. It is simply not worth investing in a company FD only because the return is high. In fact, it should sound a warning bell since it means that the company is unable to raise resources from anywhere at lower rates, because its finances are weak. Some companies, from reputed groups like Jaypee and Yash Birla group have also defaulted. Companies like realty major Unitech, which was once a reputed large-cap company, have also not been able to pay their depositors. Thus, putting blind faith in a corporate group that is considered to be reputed may not work. 
 
At the request of many aggrieved seniors, Moneylife Foundation launched an online survey to collate information from investors with complaints about their FDs. Some 1,138 investors responded to our survey. They have filed a total of 1,596 complaints that have not got any redress. Unsurprisingly, H&M accounts for the largest number of complaints. Besides H&M, companies which have a large number of complaints are: Elder Pharmaceuticals, Jaypee Group, Unitech, Plethico Pharmaceuticals and Bilcare Ltd. The other companies were: Neesa Leisure, Phadnis Infrastructure, Micro Technologies, Jaypee Infratech, Yash Birla group of companies and Omnitech Infosolutions. 
 
The survey found that a majority of the aggrieved depositors choose to complain to the company itself, which is pointless. The CLB, MCA, EOW and SEBI are the regulatory agencies with whom they should seek to get their grievance redressed. 
 
The survey found that a mere 2% of the complaints made to the companies were redressed. A whopping 83% were unresolved, while others did not complain. Repeated phone calls, e-mails and sometimes even personal visits and pleading to these companies have not yielded any results. Many companies and their officers do not revert to the depositors. Some of the companies give repeated extensions for the due date of principal and interest, but they are not repaid even after the extension date elapses.  
 
The plight of many of these complainants is pitiable. A few of them are handicapped. Some of the senior citizens sent their medical bills to the company to make it aware of their state of affairs. Here is a sample of complaints from aggrieved depositors:
  1. Prem Swaroop Bhatnagar from New Delhi raised a complaint with reference to deposits of H&M to EOW, Chennai, in December 2014. He raised complaints to MCA, ROC and CLB in April 2014. However, he has not received any response from them till date.
  2. Parag Raje from Thane, who is handicapped, lame and bedridden, complained in May 2015 regarding non-payment of FD principal and interest relating to Elder Pharmaceuticals Ltd. 
  3. Arvind Singh Rana from Delhi has not received FD interest as well as principal from Unitech Ltd. He has made several phone calls to its office and sent several e-mails. However, none of them elicited a response. He is wondering why the company is not maintaining transparency with the investors. 
  4. Nutan Shrivastava, holds two FDs of Plethico Pharmaceuticals Ltd which are overdue. The company has made no attempt to reach out to the investors to inform them of the reasons for the delay, nor about when the payments will be made. She needs the money urgently, for a family exigency and needs to know when she will be paid her rightful dues.
  5. Ahsa C Paradeshi has an FD with Zenith Birla (I) Ltd. She has made repeated complaints and sent several emails, undertaken endless correspondence and followed up with reminder letters and made telephone calls to the office of Zenith Birla (I) Ltd. However, no one has given any answer regarding the repayment of the FD.

See the Memorandum sent by Moneylife Foundation to Mr Arun Jaitley, the Minister of Finance and Corporate Affairs…
 

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COMMENTS

Vishwanath

9 months ago

Please add Birla Cotsyn, another subsidiary of Birla group, to this list. They have also cheated customers by non intimating and not responding to depositors queries on when the depositors will be paid. Government should take a step and ensure that all the depositors are paid promptly. Most of these companies are well reputed ones, who have deliberately and willingly cheated the gullible public.. especially the Birla Group.

Sudhindra

9 months ago

even my parents have deposited their retiremental income into the Unitech FD scheme and till now their hasnt been any interest or capital back. Hope we dont see the CEO or CMD of Unitech running away like Mallya :(

Dr PS Bhatnagar

10 months ago

The enclosed MCA letter to SFIO is in response to Madras HC order in HM winding up case. Since the said order has now been stayed and referred to 2judge bench, HM may play smart to stall reference to SFIO. Further, there are only 3 original petitioners in the HM winding case, they may settle and pay them off their dues and plead closure of the case on the next hearing date before 2judge bench; as per the opinion of Chennai legal experts. According to them, there is no legal standing of intervening petitioners. A WORD OF CAUTION. Moneylife may like to take up with MCA and SFIO appropriately. It is also added that about a thousand depositors furnished their HM investment details to Registrar, Madras HC, in response to the advertisement asking for such details. On behalf of 6540 investors (as admitted by HM in their affidavit to HC), which is a very conservative figure, I thank Moneylife for their sincere efforts and showing a bright ray of hope in getting our hard-earned savings at this senior age and stage. Thank you once again and wish all the best in their social service to the Society. Dr Prem Swaroop Bhatnagar M# +919899375000; bhatnagarprem2010@gmail.com

Anoop Chaudhary

10 months ago

Mr. Jaitley FM is busy in bring new Insolvency and bankruptcy law so that it becomes easy to write off all defaults by corporate borrowers-banks loan,FDs, dues of GOVT including tax dues.He is not interested in recovery of any loan or ensuring of repayment of FDs. If action is initiated against any of these defaults money will immediately recovered and FDs paid. He is even opposing to disclosure names of defaulters stating that disclosure will adversely affect the image and business of defaulters. How we can expect any anything from such FM?He is encouraging default.

REPLY

gcmbinty

In Reply to Anoop Chaudhary 10 months ago

Surely, this government is out to save the loan defaulters of all hues by bringing in the Insolvency and Bankruptcy law. Consumers all over India must raise a loud voice and also talk about it in the Local Circle. Citizens of the country must rise to the occasion immediately.

gcmbinty

10 months ago

Company's Act needs to be further amended to secure consumer/investor interests, and it needs massive campaign in the social and other media.

Manharlal Patel

10 months ago

Dear Sir,

We have kept FDs in following companies after saving our money with great difficulty to secure our future. All FDs has been matured but still there is no payment (few of the companies has released partial payment, that I have shown in bracket) received from them. I have made complaint against these companies on Ministry of company Affairs but still we have not received matured amount. So I hereby request you to please take up this matter against these companies and do the needful in favour of us.

1) Helios & Matheson Information Technology Limited;

2) Birla Cotsyn Limited (partial payment received);

3) Tricom India Limited;

4) Birla Power Solution Limited;

5) Jaypee Infratech Limited (partial payment received);

6) Jaiprakash Associates Limited (partial payment received);

7) Bilcare Limited;

8) Unitech Limited;

9) Ind Swift Limited;

10) Ind Swift Laboratories Limited.

Mayaben patel

Ashok Ekbote

11 months ago

Hello,

I am also a FD Holder of Jaiprakash Associates and Plethico Pharma and despite of complaining to the companies and the Company Law Board, nothing has happened. Pehaps we nee d to File a PIL in the High/Supreme Court as the Govt is not doing anything in the matter.

Ashok Ekbote
cell-9820060506

REPLY

Phaniraj A

In Reply to Ashok Ekbote 6 months ago

There is a need to form a virtual Fixed deposit holders association for JP Associates to take up the matter in group with the company, and also Mr. modi.
You cannot expect anything from Jaitley who is born rich and is intent on fleecing middle class rather than bringing corporates to book

Varinder Singh

In Reply to Ashok Ekbote 7 months ago

Even i ahave my money stuck... We all should get together and fight. My number 9820247335

Gopalakrishnan T V

11 months ago

If SEBI is really serious in improving the capital market image,it has to ensure that the listed companies comply with the following requirements and they have to be certified by the Chartered Accountants with full responsibility and accountability.
1) The Company's debts to banks and how the loan accounts are serviced.
2) The Company has met all statutory liabilities such as Income Tax, Excise Duty, Import duty, Service tax, employees PF etc
3) Employees salaries and other liabilities are properly paid .
4) Depositors are paid their interests and principal amount
4) The dividends are declared and paid without any delay and manipulation of accounts.
5) The accounts are not fudged in any manner and the expenditures incurred are only for running the Company and not to maintain the management and their personal expenditures and liabilities.
6) The companies do not have several subsidiaries to manipulate accounts and show continuous losses to avoid declaration of dividends and other statutory payments.
Can the SEBI certify all these on an ongoing basis and save the investors, depositors, banks , employees and the Economy.

lalit

11 months ago

who are we small investors when MPS,MLA,RAJYA SHABA Members dont pay the loans taken from the banks, who is going to hear our greivences.
Lets pray moneylife raises the issue with FM now since he is free from budget ....
Moneylife should try to appraise our PM for the same if possible .Also pressure should be put on ROC/MCA/ED for our recoveries.

u k saluja

11 months ago

Corporate fixed deposits Scheme has become a scam where companies like Micro Technologies India Ltd., Avon Corpn.Ltd., Unitech Limited collected FDs worth crores from small depositors, both sick and old, and refused to pay back their money on maturity of the deposits either by liquidation of companies by adopting winding up processes or seeking approvals from concerned departments for rescheduling repayments. Despite sending numerous emails to ROC/Regional Directors, MCA/RTIs to MCA and others no satisfactory replies are given in most cases or complaints are not even acknowledged by concerned departments. Most of the corporates are not even paying back loans taken to their bankers or paying back to their small/middle class/sick or old depositors. It is really a shame for all concerned since no one bothers to take the matter seriously and the poor small depositors are left to suffer. "Moneylife" people have been good enough to take up the matter with FM, GOA. However, we have yet to hear or see some concrete action to take place in the time to come. Thanks.

Anoop Chaudhary

11 months ago

I have FDS in JAIPRAKASH ASSOCIATES LTD and not getting interest and refund of principle even after maturity. No response comes from company. CLB goes on extendning time to compnay.

Suma

12 months ago

ROC Ahmedabad responded to email query that : Procecution u/s 58A has already been filed in the court of Law for non payment of F.D and Interest. The matter is sub judice in the court of Law.
We all need to make a strong representation to both the Registrar of Companies, Economics offence Wing and the Ministry of Company affairs to take more quick and stringent action against these companies and help the depositors who have put their hard earned money for better returns.
Even a representation needs to be made to RBI governor who had shared a similar view on other wilful defaulters

Agarwal Atul

12 months ago

For me fixed deposit is only Govt debt. Else you can look history for the corporate fd issues eg CRB Capital Markets, Prudential Capital in 1990's. Same issue continues till date, for 2-4% difference in interest rates people risk 100% of their capital.

u k saluja

12 months ago

I must express once again my sincere thanks to Ms Sucheta Dalal and her team for the efforts put in by them in making a very thought provoking representation to the Hon'ble FM to seek his attention to the Corporate Scam of seeking FDs from people and refusing to pay back money after maturity even when the Companies Ac.2013 mandates repayment of all deposits collected within the ambit of repealed Companies Act 1956 on or before 1/4/2015 not withstanding the fact whether they have matured or premature.The companies have now been seeking approvals from CLB for rescheduling of FDs repayments due to financial crunch etc.etc which has not been approved in most of the cases. It is suggested that copies of your representation to FM should be sent to PMO and CM of Maharashtra and Finance Minister of the State as well to initiate action against the culprit companies and their managements from Mumbai so as to bring them to book and ensure payment of hard-earned monies to small investors who have been taken for a ride by such well-educated smooth talking managing directors of companies who have been painting extremely attractive picture of working of their companies and inviting FDs by offering higher rates of interest in comparison with banks. These managements have also taken PSU banks also for a ride that is why there is so much rot in the banking sector as well. A cleaning exercise is the need of hour by well-intentioned higher-ups in the Govt.

lalit

12 months ago

Thanks MLF to take up the issue with FM & MCA, now our hope is whether the MCA will take the complaints seriously and make efforts towards recovery of investors money at least principal amount if not the interest thereon.
Secondly would like MLF to keep the pressure on the said ministries by regularly following up with them and updating the investors.
Also dont know how many liquidators have been appointed by the courts for refunding of the investors money in other companies.

SC seeks suggestion to sensitise people against Sikh jokes
New Delhi : The Supreme Court on Tuesday asked the Delhi Sikh Gurudwara Management Committee (DSGMC) to suggest the ways to sensitise people on the adverse impact of jokes poking fun at the Sikh community.
 
A bench of Chief Justice T.S.Thakur, Justice R. Banumathi and Justice Uday Umesh Lalit asked for the suggestion from the DSGMC which had urged the court to have orientation course at school level to curb such jokes demeaning or hurting the community.
 
Before seeking the suggestions, Chief Justice Thakur pointed out that the country had a Sikh president Giani Zail Singh, Prime Minister Manmohan Singh, the army and air force were at different points of time were headed by Sikhs and "very soon the country will have a Sikh Chief Justice of India" citing the appointment of Justice Jagdish Singh Khehar to the post when he demits office in January 2017.
 
Seeking suggestion from senior counsel R.S.Suri and A.P.S. Ahluwalia, it said that if it passes an order to curb such jokes, then "how will we enforce it".
 
"We will not say something that can't be enforced" as it damages judiciary, said Chief Justice Thakur.
 
"I don't want any order to be passed that can't be enforced. We should have guidelines that court has issued in many cases," Suri told the court suggesting that there should be orientation of the children at school level to sensitise them against making jokes poking at the Sikhs, making unappreciable comments on Biharis or people from the northeast.
 
He told the court that jokes should not become malicious, dirty, demeaning or hurting the sentiments of the people.
 
Pressing for the orientation courses, Suri said that 68 years after becoming republic, what we are witnessing in India is an anarchy. Referring to the way a judge of the Madras High Court has passed an order staying his transfer order issued by Chief Justice of India, Suri said that there was "judicial anarchy.. lawyers in black robes were beating journalist in Patiala House courts".
 
The "court must address the large picture. It requires consideration", he said.
 
The court asked the DSGMC to give suggestion in the course of the hesaring of a PIL by a lawyer Harvinder Chowdhury seeking a ban on websites carrying jokes on Sikhs projecting the community in dim light. 
 
The petitioner has urged the court to direct the government to clamp down on the more than 5,000 websites like www.jokesduniya.com/category/sardar-jokes.htm, as they were "criticising one community and it should stop".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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