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Stock manipulation: Optimus Finance
Optimus Finance (earlier known as Transpek Finance) operates in two business segments—financing & investing activities and manufacturing & trading in chemicals. It has one subsidiary, namely, Maximus International, engaged in importing, trading and exporting various products. This Gujarat-based company reported a consolidated loss of nearly Rs0.36 crore for the year ended March 2016. For the quarter ended June 2016, the micro-cap stock reported a consolidated profit of Rs0.15 crore compared to a loss of Rs0.20 crore for the quarter ended March 2016. However, its consolidated financial reporting has been inconsistent. While it reported its consolidated numbers in FY12-13 and FY13-14, there was no consolidated revenue statement for FY14-15.
 
Despite such poor disclosures and financials, the stock price has shot up. From a low of Rs3.60 on 22 January 2014, it zoomed to Rs35.2 on 7 September 2016, up 878% or nearly nine times. In fact, over the past one year, the price has nearly tripled from around Rs13 at the beginning of September 2015. Over the past one year, the stock has had a median of just three trades a day; about 500-1,000 shares have been traded. As on 30 June 2016, Optimus Finance had just 2,819 individual shareholders. Are there some individuals who are interested taking the stock price up? Will the regulator investigate? 

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Mukesh Ambani-owned RIL owes Rs1,577 crore to MMRDA as additional premium charges
Reliance Industries Ltd (RIL), India's largest private sector company owes a whopping Rs1,576.90 crore as additional premium charges to the Mumbai Metropolitan Region Development Authority (MMRDA) as a lease-holder of two plots at the Bandra Kurla Complex in Mumbai, reveals a reply received under the Right to Information (RTI) Act.
 
The reply received by RTI activist Anil Galgali shows, several lease holders, including RIL owes about Rs1,628.7 crore to the Authority. RIL was charged additional premium for three plots of land, numbered as G/C64, G/C66 and G/RG1A. The company had in full charges of Rs4.94 lakh for the G/RG1A plot. However, it has not paid dues of Rs1,187.59 and Rs389.31 crore for two plots, G/C64 and G/C66, respectively, shows the RTI reply.
 
 
RIL, has, however, said it is waiting for further communication from MMRDA as there was a court stay for almost five years on construction on plot no C/64. A report from The Hindu quoted RIL spokesperson as saying, “MMRDA had recognised the force majeure with regards to Plot Number C/64, as there was a court stay on construction between October 2007 and March 2012. MMRDA, in the last authority meeting, decided to appoint a committee and we are awaiting further communication from it on the same.”  
 
Indian News Paper Society (Rs28.12 crore) and Naman Hotels Pvt Ltd (Rs23.68 crore) are the two other entities that have not paid the dues to MMRDA.
 
As per the RTI reply, the Commissioner of Income Tax owes Rs27.63 lakh as additional premium charges for two different plots in BKC. Maharashtra Maritime Board also owes Rs7.21 crore to MMRDA, the reply says. 
 
Galgali, in a letter to Maharashtra Chief Minister Devendra Fadnavis, has demanded the recovery with interest within 30 days from these entities. "If the amount is not recoverable then, it should immediately take the possession of the plot and once again re-alot it to the highest bidder, which will bring revenue to the MMRDA and will help in initiating public development activities," the RTI activist had said in the letter.
 

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