Citizens' Issues
Rahul Gandhi says Maharashtra should reconsider Adarsh report

The Congress vice president asked Maharashtra government to reconsider the judicial commission's report on Adarsh housing society scam

Rahul Gandhi, the vice-president of Congress on Friday said he does not agree with the Maharashtra government's decision to reject judicial commission's report on Adarsh scam. He also asked Maharashtra chief minister Prithviraj Chavan to re-consider the Adarsh report.


Rahul Gandhi's observation came after his close confidant and union minister of state for information and communications Milind Deora demanded a fair probe in the Adarsh scam.


Last week, the Maharashtra government rejected the report of the judicial commission of inquiry on the Adarsh housing society scam that indicted several politicians including three former chief ministers for blatant violations of statutory provisions. The report of the two-member commission headed by retired high court judge JA Patil came down heavily on those in authority describing the scam as a bad precedent.


Reiterating that there is no question of protecting any leader, Gandhi said corruption in the country can be dealt with if the bills pending in the Lok Sabha and the Rajya Sabha are cleared.


The Congress vice-president also said that all Congress-ruled states will enact new Lokayukta Act by 28 February 2014.


Gandhi today held a strategy session with top leaders and chief ministers of 12 Congress-ruled states to make the party fighting fit for the Lok Sabha polls.


The day-long exercise that commenced in the morning saw full attendance of Congress chief ministers along with senior leaders AK Antony, Sushilkumar Shinde, P Chidambaram, Ahmed Patel, Jairam Ramesh, Digvijay Singh, Janardan Dwivedi, Kapil Sibal and KB Thomas.


Having lost the polls in Delhi and Rajasthan, Congress is currently in power in 12 states—Manipur, Mizoram, Assam, Karnataka, Andhra Pradesh, Haryana, Himachal Pradesh, Uttarakhand, Maharashtra, Arunachal Pradesh, Kerala and Meghalaya.





3 years ago

Very good. Please advise Haryana Govt also.

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SEBI bars Lee Capital Services, MD from markets

SEBI initiated action against Lee Capital which was found to have collected Rs300 crore from the public by blatantly misusing registration granted to act as a stock broker or sub-broker by the market regulator

Market regulator Securities and Exchange Board of India (SEBI) has barred Lee Capital Services Pvt Ltd and its managing director from the markets for running an unauthorised money pooling scheme by promising 'unrealistic returns'. SEBI also directed Lee Capital Services to refund investors the money collected along with interest within three months and to wind up its money raising activities.


SEBI also barred Lee Capital Services managing director Santhosh Kumar and his father KL Kunjiraman Pillai from dealing in the securities market till further directions. Lee Capital had also misused its stock broker registration with SEBI, the market regulator said.


SEBI in its order said action has been initiated against Lee Capital which was found to have collected Rs300 crore from the public by blatantly misusing the SEBI registration granted to act as a stock broker or sub-broker.


It was further revealed that Lee Capital had launched various schemes wherein it used to solicit funds from various investors by making false promises of unrealistic returns without making any genuine investments.


The company was found to be paying profit share to the existing investors from funds collected from new investors.


SEBI also observed that the schemes floated by Lee Capital envisaged profit sharing, ranging from 36% to 60% per annum, to the investors.


"Lee Capital made false representations to investors by misusing SEBI stock broker and sub-broker registration numbers and entering into agreements with the investors as a portfolio manager without having any valid registration certificate issued by SEBI," the regulator said.


The act of Lee Capital is in contravention of relevant section of the SEBI (Portfolio Managers) Regulations.


Besides, Lee Capital had acted in a fraudulent and deceitful manner, violating Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market (PFUTP) regulations as well as stock broker norms.


SEBI has directed "Lee Capital to close, terminate and wind up all its schemes and to refund the monies collected from the investors in its schemes along with income, profits or returns promised to them under its schemes or interest at the rate of 10% per annum, whichever is higher".


The refund should be made within three months from 19th December.


These entities have also been directed to immediately withdraw all advertisements in relation to the schemes.


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