Stocks
Repco Home Finance: CBI files cheating cases against MD, ED
The Central Bureau of Investigation (CBI) has registered a case of conspiracy, cheating and corruption against Managing Director (MD), Executive Director, Chief Manager and Deputy General Manager (DGM) of Repco Home Finance. R Varadarajan, the MD of Repco Home Finance was former MD of Repco Bank. 
 
Earlier, the CBI carried out raids on residences and offices of top executives of Repco Home Finance Ltd. In a release, the agency said it filed a case of corruption, cheating and conspiracy against the managing director and two other senior officials of the home finance company.
 
In a regulatory filing, Repco Home Finance, says, “As per press reports the company has come to know that, the CBI conducted searches at the residence of R Varadarajan, Managing Director, V Ragu, Executive Director and KS Kannan, the then Chief Manager of the company with regard to waiver of pre-closure charges on 8 October 2016."
 
There is no material impact on the company, Repco Home Finance added.
 
Repco Home Finance shares ended Monday 5.6% down at Rs777.80 on the BSE, while the 30-share benchmark Sensex closed marginally higher at 28,082 points.
 
 
Besides these three top executives, the CBI also registered cases against, Sekar, who is deputy general manager of Repco Bank and Shanthamani alias Shanthi, and Thirumalaisamy alias Thambu, both partners of a Coimbatore based entity that deals in textile machinery spare parts and real estate.
 
CBI said it conducted searches at various places at Chennai and Coimbatore and seized incriminating documents and the investigation is in progress. 
 
According to CBI, during 2005 and 2008, the firm belonging to Shanthi and Thambu obtained a loan of Rs3.70 crore from Repco Bank, which became a non-performing asset (NPA) and was closed during 2010. While closing the loan, Varadarajan and others favoured Shanthi and Thambu's partnership firm by waiving off penalty of Rs24.31 lakh. 
 
Again in 2013, these officials waived of pre-closure charges of Rs22.64 lakh for another loan account of Shanthi and Thambu, leading to losses to the Bank, the CBI said.
 
Repco Bank (Repatriates Cooperative and Finance and Development Bank) is a cooperative bank established by the Indian Government in 1969 to improve financial needs of repatriates from Sri Lanka and Burma. Indian government owns 52.65% stake in Repco Bank, while four states, Tamil Nadu (4.92%), Andhra Pradesh (1.24%), Kerala (0.42%), Karnataka (0.12) and repatriates hold 40.65% shares in the Bank as on 31 March 2016.

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COMMENTS

Ashok Bhatia

4 months ago

I am new to investing. I feel that we should stay clear of any entity which has a whiff of impropriety but its senior managers.

karthik s

4 months ago

The image used is not about the company..

Thousands Sue for Damages Against Cholesterol Drugs as Big Pharma Defends Billion Dollar Industry: Report
The USD100 billion dollar cholesterol-lowering statin drug industry is under attack, as thousands of Americans are filing lawsuits against the manufacturers of cholesterol-lowering drugs such as Lipitor. Research continues to confirm just how dangerous these drugs are, with yet another study published recently linking increased statin drug use to type 2 diabetes, says a report.
 
Since the study was published by the American Diabetes Association, the report says, these known risks to cholesterol-lowering drugs can no longer be denied or defended, and the lawsuits are pouring in at a rapid pace. Most of the lawsuits at this point are from women who have suffered with diabetes as a result of taking cholesterol-lowering drugs, but lawsuits over breast cancer, Alzheimer’s, liver damage, and others may soon follow now that it is generally known how dangerous these drugs are.
 
This information regarding a tsunami of lawsuits against cholesterol drug manufacturers has yet to be widely published by the mainstream media, however. To find out the magnitude of the lawsuits being filed against statin drug manufacturers, we turn to law firms who are reaping the fruit of litigation against Big Pharma, Brian Shilhavy of Health Impact News says in the report.
 
"According to statistics supplied by various law firms, there were 464 claims filed against Lipitor as of April 15, 2014, which increased to 703 by May 15, and then to 846 by June 16. By mid-July 2014 over 959 claims have been filed for damages due to Lipitor alone, and that increased in August to 1162. There are also many claims currently filed against Crestor, the next nearest competitor to Lipitor, and undoubtedly other similar drugs now sold under generic labels. These lawsuits now number well over 1,200, and are increasing at a rapid pace."
 
Lipitor is by far the most profitable drug in the history of mankind among all pharmaceutical products, let alone being the most profitable cholesterol drug before its patent expired at the end of 2011. Sales to date from this one particular cholesterol-lowering statin drug have exceeded $140 billion.
 
Last year, Professor Dr BM Hegde, a Padma Bhushan awardee, wrote in his column in Moneylife about multiple side effects of statins. He says, “Statins are the most sold, most talked about, yet, the most dangerous chemicals, used in Western medical therapeutics only to get a ‘better’ lipid profile report of hapless, unsuspecting humans—dubbed as patients—, because they have lots of patience to bear with all the physical insults that we inflict on them.”
 
“Truth, unfortunately, is very lazy. By the time truth could pull up its pants to start the race, falsehood and mystery will have gone round the globe twice over! We might break our heads; but the powerful pharma lobby will prevail, truth notwithstanding. God save mankind from this unholy nexus between the drug manufacturers, the medical profession and the regulatory agencies. Thank God, the industry has not succeeded in getting statins put into drinking water supplies! However, they have put it into the controversial poly-pill—an alleged Rambaana (panacea) for all ills. Let’s hope for that utopia where truth prevails,” Prof Dr Hegde wrote. (Read: Stop those Statins!)
 
Lipitor benefited from the change in marketing laws in 1997 that allowed pharmaceutical companies in the U.S. to advertise their products directly to consumers. Pfizer convinced an entire generation of Americans that they needed a pill to lower their cholesterol in order to prevent heart disease, in what will go down as one of the most brilliant and unethical marketing schemes of all time.
 
After Lipitor’s patent expired at the end of 2011, the FDA issued its first warnings against statin drugs, which includes: liver injury, memory loss, diabetes, and muscle damage. Soon after issuing these warnings, the lawsuits started trickling in. Today, with more and more studies being published linking statin drug use to various side effects, those lawsuits have become a tidal wave, even though you are not likely to hear about this in the mainstream media.
 
Big Pharma Fights Back – They Do Not Want you to Know Cholesterol Drugs are Worthless and Dangerous
 
As is often the case when learning about the criminal activities of Big Pharma, much of the research is conducted outside of the U.S. The above referenced study published recently by the American Diabetes Association, for example, was conducted in Italy. 
 
Since the patent on Lipitor has expired, pharmaceutical companies have been searching for the next big blockbuster cholesterol drug to bring in profits like Lipitor did. One of these newer cholesterol-lowering drugs is U.S.-made Zetia by Merck. Alberto Donzelli, head of education, appropriateness, and evidence-based medicine at Milan’s public health authority in Italy, has issued warnings about the dangers of this drug, and advised doctors in Italy not to prescribe it. Merck responded with two cease-and-desist orders and the threat of suing Donzelli. Donzelli backed down, but Merck has received a lot of public pressure in Europe since the story was picked up by the British Medical Journal. It was also reported in the Wall Street Journal here in the U.S. When doctors and medical professionals oppose Big Pharma, they put their careers and sometimes their lives on the line.... Continue Reading....
 
 
You may also want to read…
 

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COMMENTS

Abhijit Gosavi

4 months ago

Wow, this is shocking news. Lipitor is the most commonly prescribed drug for adults over the age of 30. A big thank you to MoneyLife for writing this. Randomized trials with a few samples and sometimes even those with falsified data are most likely behind this money-making machine (comprised of pharmaceutical companies and the medical community).

It is now becoming clear that placing stents in the heart does not reduce the probability of heart attacks or help in other ways, but millions have undergone preventive surgeries of their hearts that they did not need.

GLN Prasad

4 months ago

Absolutely true and it is harmful to use statins. I think I have come out with less damage after using the same for three years and suffered a lot. Only when I have read such side effects in one of the article in wire, I discontinued and within a month, I have come out of some problems. In India, so many persons are not aware of the side affects and for reasons to all professionals do not consider them, for their own reasons known to all.

Sensex, Nifty lack direction – Monday closing report
We had mentioned in Friday’s closing report that Sensex, Nifty were losing bullish momentum. The major indices of the Indian stock markets were range-bound on Monday and closed with minor gains over Friday’s close. In a market that was trading flat, investors were cautious to the extent of low trading volumes on the NSE. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Reduced chances of a US rate hike, coupled with broadly positive Asian indices, lower crude oil prices and a strengthened rupee, buoyed the Indian equity markets during the late afternoon trade session on Monday. However, gains were capped by profit booking, negative European markets and caution ahead of key quarterly earnings' results. The BSE market breadth was tilted in favour of the bulls -- with 1,698 advances and 1,184 declines. On the NSE, there were 843 advances, 621 declines, 67 unchanged.
 
CNX Nifty traded firm on the back of bearish US dollar/ Indian rupee futures prices. Sector-wise, IT (information technology) stocks traded with sideways sentiments. Banking and pharma stocks faced profit booking at higher levels and traded with mixed sentiments. These were the observations of market analysts.
 
Despite the current caution in the market, things are likely to improve. The ongoing quarterly results season, the release of major macro-economic data and global trends are expected to set the tone for the Indian equity markets in the next few weeks, according to market analysts.
 
India's steel imports declined by 37.3% in the first six months of the current fiscal and exports rose by 35.6% in the same period, according to an official report. "Import of total finished steel at 3.594 million tonnes (mt) in April-September 2016-17 declined by 37.3% over same period of last year. Export of total finished steel was up by 35.6% in April-September 2016-17 (3.03 mt) over same period of last year," said the reports of the Steel Ministry's Joint Plant Committee. In September only, imports fell by 46% to 0.611 mt over the same month the last year and exports were at 0.655 mt, up by a staggering 111% over same month last year. Compared to August, steel exports were down 3.5% in the last month. The report said country's consumption of total finished steel saw a growth of 2.5% in first half of the current fiscal at 40.561 mt over same period of last year. Consumption in September only was 6.731 mt, up by 7.6% over the same month last year and declined by 7.7% over August 2016. "Production for sale of total finished steel at 48.846 mt, registered a growth of 9% during April-September 2016-17 over same period of last year," said the report. Overall finished steel production for sale in September was at 8.042 mt, up by 10.5% over corresponding month last year. September production declined by 8.4% as compared to domestic output in August. Tata Steel closed at Rs418.30, up 2.93% on the BSE.
 
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 230 basis points to 6.7008 against the US dollar on Monday, the China Foreign Exchange Trade System (CFETS) said. It was the weakest level since September 2010 as increased market expectations for an interest rate hike in the US led to a stronger dollar. In September, the yuan exchange rate composite index, which measures the yuan's strength relative to a basket of currencies including the US dollar, euro and Japanese yen, weakened by 0.28% month on month to 94.07, CFETS data showed. During the same period, the index that measures the yuan against the Bank for International Settlements currency basket weakened by 0.31% month on month to 94.75, while that against the Special Drawing Rights basket weakened by 0.06% to 95.05, according to the CFETS. Even as the yuan fell, major Asian indices also closed lower than Friday’s close.
 
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:
 
 
The equity markets will remain closed on Tuesday and Wednesday on account of Dussehra and Muharram.

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