Citizens' Issues
Rajya Sabha ethics panel recommends Mallya's expulsion

Rajya Sabha Ethics Committee chairman Karan Singh said that they will send Mallya a mail, and he will be given a week's time to respond

 

The Ethics Committee of the Rajya Sabha on Monday unanimously agreed that liquor baron Vijay Mallya, wanted for defaulting bank loans to the tune of Rs9,000 crore, should be expelled from the upper house of parliament.
 
Mallya, an independent member of the house from Karnataka, has, however, been given a week's time, and a final decision will be taken when the committee meets on May 3.
 
Rajya Sabha Ethics Committee chairman Karan Singh said that they will send Mallya a mail, and he will be given a week's time to respond.
 
"It has been decided that he should be expelled. All members agreed to it," Janata Dal-United (JD-U) leader Sharad Yadav told reporters after a meeting of the committee, where Mallya's case was discussed. 
 
Karan Singh said: "We reviewed the whole situation. We will give him a week's time so that he can say what he has to say. The committee will meet again on May 3."
 
Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury spoke on similar lines.
 
"The opinion of members is very clear, he should be expelled," he said.
 
According to sources, in the discussions the committee was made aware that for around 10 years as a member of the Rajya Sabha, Mallya had been declaring his assets and liabilities as "nil".
 
"This is a blatant lie. He lied to the house and action will be taken," a committee member said.
 
In the meeting, the issue of revocation of Mallya's passport was also taken up.
 
"It was raised in the meeting, and some members felt it only meant giving him a free run. The UK government may not agree on deporting him, and he can even get a British citizenship," sources said.
 
The government revoked Mallya's passport on Sunday after he failed to turn up for a probe into a Rs9,431 crore default of loans from Indian banks. This has set in the motion the process for the billionaire's possible deportation from Britain, where he is staying at present.
 
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.

User

COMMENTS

manoharlalsharma

1 year ago

expulsion is not the solution but to tightening of recovering process be in place as exercised against FARMERS and absconding is the FEAR behind SUBRTOS" jail of SAHARA what u gain from but it damages GOOD WILL of INDIA and I would like to know where r so many listed firms?who took money from STOCK MARKET in crores of rupees tolerated without action.

Nifty, Sensex uptrend broken – Monday closing report
Nifty has to stay above 7,862 for the market to head higher again
 
We had mentioned in Friday’s closing report that Sensex, Nifty were still on an uptrend but that bulls were tiring. Also, Nifty would have to stay above 7,870 for the market to head higher. The major indices of the Indian stock markets closed with small losses on Monday. The trends of the major indices are given in the table below:
 
 
Depressed by negative Asian markets, along with unwinding of long positions, key indices of the Indian equity markets traded in the red during the late-afternoon trade session on Monday. The BSE market breadth was heavily tilted in favour of the bears -- with 1,580 declines and 952 advances. The key Indian indices had ended on a flat-to-negative note during the previous trade session on April 22. Initially on Monday, the indices had opened on a flat note as they were dragged lower by negative Asian markets and a weak close of the US exchanges on Friday. Besides, investors were seen cautious ahead of the US FOMC (US federal open market committee) meet slated for April 27-28. The US FOMC meet assumes significance as it will decide the future course of the US interest rates. A hike in interest rates is expected to lead away Foreign Portfolio Investors (FPIs) from emerging markets such as India. In addition, weak crude oil prices and upcoming monetary policy review by the Bank of Japan (BoJ) dented sentiments. Investors were seen reluctant to chase prices ahead of the futures and options (F&O) expiry and release of key quarterly results.
 
Foreign direct investment (FDI) inflow to India touched a record level of $51 billion during the April-February period of the last financial year, the government said on Monday. "We have had a record inflow of FDI in this country, more than $51 billion from April to February, and that is the highest ever," the Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said here at an event hosted by industry chamber Ficci on intellectual property rights (IPR). Credit rating agency Moody's Investors Service said earlier this month that India's rising FDI inflows help reduce the current account deficit and also the external financing needs.
 
China's central bank on Monday pumped more money into the market to ease a liquidity strain. The People's Bank of China (PBOC) conducted 180 billion yuan ($27.6 billion) of seven-day reverse re-purchase agreements (repo), a process in which central banks purchase securities from banks with an agreement to resell them in the future, Xinhua news agency reported. The reverse repo was priced to yield 2.25%, unchanged from Friday's injection of 240 billion yuan, according to a PBOC statement.
 
Shares of Mahindra & Mahindra Financial Services rose sharply today after the company reported a 12% rise in consolidated net profit for the quarter ended March 31, 2016. Its shares closed at Rs297.50, up 7.97% on the BSE.
 
Shares of software services firm Zensar Technologies today plunged nearly 8% after the company reported decline in consolidated net profit for the March quarter. Its shares closed at Rs946.00, down 5.06% on the BSE.
 
Shares of Motherson Sumi plummeted as much as 4.43% on the BSE on Monday after its customer Volkswagen (VW) posted a 4.1-billion-euros operating loss for 2015. Europe’s largest automaker VW took a 16.2 billion euros hit to pay for its diesel emissions test-rigging scandal. According to Credit Suisse, Volkswagen’s struggles are likely to impact earnings at Motherson Sumi. Its shares closed at Rs261.85, down 4.43% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

User

MyHomeMaker: Another start up goes belly up?
The company has not paid at least 37 workers for the past three months, while customers on annual contracts have also been left in the lurch
 
MyHomeMaker, which calls itself a CRISIL-NSIC rated organisation seems to have gone belly-up leaving at least 37 skilled carpenters, plumbers, electricians etc without salaries for the past three to four months. Worse, we learn that people who enrolled for services and signed up for Annual Maintenance Contracts (AMCs) are likely to be left in the lurch. 
 
According to its website, My Home Maker was launched in October 2011 and employs 45 trained and qualified technicians and has four offices in Mumbai. It claims to have acquired 2,800 household customers. 
 
A group of these workers approached Moneylife Foundation for help in recovering their payments. One of them showed us a series of whatsapp messages to MyHomeMaker’s Managing Director Rodney Lobo, who has been responding with assurances that the payment will come in a week or two, since early March. 
 
Although the official contact numbers to the company are switched off, Moneylife connected with Mr Rodney Lobo on his mobile number. Mr Lobo said that that the company was making a loss and he was working at raising funds to pay the workers within a couple of weeks. 
 
The website lists three names as the core team: Rodney Lobo, an engineer, who has worked with organisations like Hughes Telecom, (Tata Teleservices), E-Serve International and Andromeda etc. in his 20 year career, Vijay Bhaskar Dixit, from BITS-Pilani, who last worked with United Health Group International in an 18-year career and Radhika Mozumdar, Director Communications who is listed as a management graduate from Jamnalal Bajaj.
 
The company has been offering Housekeeping plus repairs, maintenance, AC Repair, Appliance repair, mattress, pest control and deep cleaning contracts, with annual packages ranging from Rs7,499 to Rs24,999. Strangely, it also includes a Family Health Check up along with the Healthy Home Check Up. 
 
The website is very short on detail or who financed its operations. Ironically, it continues to flash testimonials of the good work done by many of the technicians who are without a salary for the past few months. 
 
A search on the National Consumer Complaints Forum reveals that many customers have been posting complaints about no service, or shoddy work – clearly with the trained technicians having deserted the company, poorly skilled workers have been deployed. One member has even threatened to sue. The complaints are available at http://www.complaintboard.in/complaints-reviews/my-home-maker-services-pvt-ltd-l190843.html  . At the same time, a google search also throws up paid promotional videos and reviews, which have probably fooled people into subscribing to the services. 
 
An article on moneycontrol.com probably explains the problem with this particular start up – it was started without raising funds! Mr Lobo is quoted as saying,  “At this stage we do not need external support, but if we achieve our targets for September (2013)‚ then I will look at external sources of funding and expand to tier  II and tier III cities”. Clealry, the targets have not been met and funding for start up advventures has begun to dry up fast. 
 
Meanwhile, “Skilled-India” comprising its 37-odd employees has been left in the lurch and without payments for the past few months.

User

COMMENTS

Rajeshwari Krishna

9 months ago

I am trying to reach them from past 7 months . They have cheated many customers. I have paid Rs.10,000 annual subscription but the company not provided services. They can take care of employees what about us. who will pay to us. What basis CRISIL-NSIC has given good rating on the basis of their rating I paid annual fee. Mr.Rodney Lobo should pay our money back. What is the use of their directors educations. what they learnt from education is cheating public in the name of the company. I am filing a case consumer forum . I thought of lodging a compliant to local police but fearing of followup. promoters and directors not compromised on their life style. public are innocent victims cheated by so called educated people.

Sunil Rebello

1 year ago

ALL start ups are not going to make money.
it is a fact and we should accept this fact.
making money was never easy.
ideas with hard work and much luck is needed to make money.
but there is no place to hide when the economy world wide is in the down trend.
cutting cost and planning - help.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)