Economy
Rupee plunges 130 paise to hit new all-time low of 60 against US dollar

Weak domestic fundamentals such as record current account deficit and high inflation concerns too put pressure on the rupee, dealers said

 

The Indian rupee on Thursday plunged by a whopping 130 paisa to hit lifetime low of 59.93 against the US dollar in the early trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers. The rupee hit an all-time low of 59.97 per dollar in the spot market while it struck 60.17 in the futures segment.

Besides, the dollar's strength against major currencies overseas on comments by Federal Reserve chairman Ben Bernanke that the central bank may scale back its monetary stimulus programme later this year weighed on the domestic unit, dealers said.

However, according to Credit Suisse, the statement from Federal Open Market Committee (FOMC), and chairman Bernanke's press conference were more hawkish than expected. "The FOMC seems simultaneously anxious to start slowing the pace of its asset purchases and reluctant to tighten policy too early or too quickly. Market participants seem much more attuned to the new news of 'tapered purchases' than the old news of a large Fed balance sheet," it said in a note.

Raghuram Rajan, chief economic advisor to the finance ministry, tried to calm the markets while admitting that the government had limited resources and the reasons for the fall in domestic currency were more global than local.

Speaking with reporters, he said, "We have a range of instruments. We can call on them as and when needed. We will not flag them. The ministry of finance, Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) are watching developments closely and would take action appropriate. We should not let ourselves to be led by the market into directions we do not want to go".

The domestic currency had earlier hits its all-time intra-day low of Rs58.98 on 11th June. The rupee had gained 7 paisa to close at Rs58.70 against the dollar in the previous session on the back of recovery in stocks and fresh dollar selling by exporters.
Kuntal Sur, director, KPMG in India, said, "The rupee has been under pressure since last month and has lost around  10% during this period on the back of heavy foreign currency outflows as foreign investors withdrew heavily from debt market  and also from equity market. The ballooning current account deficit (CAD) and cloudy outlook of reforms have added to the local currency's woes. Outlook of the currency is expected to remain weak till the structural measures are taken to improve CAD and improvements of sentiments foreign investors".

Montek Singh Ahluwalia, deputy chairman of Planning Commission, however expressed surprise over market reaction to the Fed's statement. He said, "Currencies in all emerging nations are being impacted. For Indian rupee, the CAD is also responsible for large depreciation and it is up to RBI to decide on intervening in the currency market."

According to dealers, weak domestic fundamentals such as record current account deficit and high inflation concerns too put pressure on the rupee.

In a report, Mecklai Financial said, "60.00 should be a psychological level for the rupee wherein RBI may step in and ensure that it does not depreciate to a large extent from hereon. The rupee has been on a depreciation mode ever since it hit an high of 53.67 in this year."

Meanwhile, as an aftereffect, the BSE benchmark Sensex also closed below the 19,000 level, plunging 526 points, or 2.7%, to 18,719.3.
 

User

Yash Birla Group companies in deep trouble?

Moneylife Foundation has been receiving complaints from its members that they are not receiving their fixed deposit maturity amounts from two Yash Birla Group companies namely Zenith Birla (India) and Birla Power Solutions. Is there financial trouble brewing in the group?

The economic slowdown and its impact on corporate performance is now beginning to hurt investors who have trusted their money to unsecured fixed deposits of a clutch of companies. Investors are writing to us to complain that they are not getting back their maturity proceeds from two Yash Birla Group companies, Zenith Birla (India) and Birla Power Solutions.
 

The Yash Birla Group of companies has been struggling, if the share price is anything to go by. As you will see from the table below, none of the Yash Birla Group companies are quoting at double digits. Out of the eight companies, all but one gave negative returns since 1 March 2013. Is there trouble for the group that the shareholders do not know about?
 

The table below shows the stock price performance of all the Yash Birla Group companies:
 

Name of Company Share price on
1 March 2013
Share price on
17 June 2013
Share price
difference
Birla Capital & Financial Services 1.54 (2/27/2013) 0.9 (6/5/2013) -42%
Birla Cotsyn (India) 0.15 0.1 -33%
Birla Pacific Medspa 1.49 0.58 -61%
Birla Power Solutions 0.26 0.18 -31%
Birla Precision Technologies 2.7 2.99 11%
Birla Shloka Edutech 4 3.95 -1%
Melstar Information Technologies 3.95 3.28 -17%
Zenith Birla (India) 1.15 1.05 -9%


Recently, the Chennai-based Apollo Hospitals called off its joint venture with the Yash Birla Group, citing delays in obtaining approvals. Interestingly, fixed deposits-related issues plagued  Zenith Birla (India) and Birla Power Solutions. The latter had problems paying its tax dues as well.

 

According to the annual report, Birla Power Solutions not only did not issue fixed deposit receipts but the auditors also discovered there was a shortfall in liquid assets too. More pertinently, the auditors also discovered tax arrears with respect to dividend distribution tax and sales tax. However, the company admitted that the financial crunch made it more difficult to bridge the shortfall and pay taxes. It said, “The company could not pay the dividend distribution tax of Rs261.54 lakh and the arrears of sales tax due of Rs23.64 lakh due to severe financial crunch. The company will pay these dues as soon as the financial position improves.” Similarly, it could not bridge shortfall of Rs9.31 lakh due to poor economy.
 

The auditor stated in the company’s 2012 annual report: “We have to state that the company has invested Rs283.55 lakh out of the amount of Rs292.86 lakh, in liquid assets. Further there has been delay of some days in obtaining the said assets. There has also been a small delay in issue in Fixed Deposit Receipts to the extent of Rs105.98 lakh during January and February 2012 consequent to the change in the registrar of the company.”
 

Birla Power Solutions has fixed deposits to the tune of Rs57.92 crore as of 31 March 2012. The company too claims that there are no unpaid deposits. Another company, Birla Cotsyn, has Rs5.61 crore of fixed deposits with no unclaimed fixed deposits.
 

Similarly, Zenith Birla (India) too had troubles with issuing fixed deposit receipts. Last year’s annual report of Zenith Birla (India) reveals something that has relevance to fixed deposit holders of the company. Apparently, the company had failed to issue fixed deposit receipts to the extent of Rs78.16 lakh, as discovered by auditors, last year in January and February. The auditors stated: “In respect of compliance by the company with the provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975, with regard to the deposits accepted from the public, we have to state that there has been a small delay in issue of Fixed Deposit Receipts to the extent of Rs78.16 lakh during January and February 2012 consequent to the change in the registrar of the company.”
 

The company defended its position by stating that the delay was due to changing its registrar. The statement said: “The company had changed its registrar to the Fixed Deposit scheme from Link Intime India Private Limited (Link Intime) to Adroit Corporate Services Private Limited (Adroit) in the month of January 2012. The company thought it prudent to change the registrar due to better services and upgraded software used by Adroit as compared to Link Intime. As Adroit had to set up the Fixed Deposit system post shifting of the records from Link Intime, there had been a small delay in issue of Fixed Deposit Receipt.” As of 31 March 2012, Zenith Birla has fixed deposits of Rs33.19 crore, but claims that it has not defaulted on them.
 

Moneylife sent an email to the Yash Birla companies for their responses. Till the time of writing the story, we have not received any answers from them. We will incorporate their answers as and when we receive them.

User

COMMENTS

Nand Lal Pamnani

3 years ago

My name is Nand Lal Pamnani from Vadodara & has made following Fixed Deposits with Birla Group as under:
01) Zenith Birla (India)Ltd:
- FDR No. 52774 Dtd 20/09/10 of Rs. 1.00 Lac for a period of 3 Yrs. Already matured on 25/08/13 & amount payable on maturity is Rs. 1.38,867. Original FDR sent back through Karvy 12/08/2013. Receiving any reply from Company / Registrars on re-payment.
- FDR No. 555283 Dtd 30/06/12 of Rs. 1.00 Lac for 3 Yrs, Interest payment half yearly. No Dividend recd for 2013-14.
02) Birla Power Solution Ltd.:
- FDR No.:12180 Dtd 27/08/2011 (Non-cumulative)for 3 Yrs, Interest payable half yearly. No interest warrant for the period beyond 01/04/2012 has been received.
Though, apart from Company & Registrar, matter has been taken up with Ministry of Corporate Affairs,Delhi & Mumbai / Registrar of companies, Delhi & Mumbai and Company Law Board, Delhi & Mumbai through many mails & letters. Unfortunately none replied. EVEN NON ACKNOWLEDGED ANY CORRESPONDENCE.
हमारा भारत महान !

Gopal Sharma

3 years ago

ZENITH (INDIA) LTD. did not pay me the maturity amount of Rs. 13,88,670 due for its Fixed Deposit Scheme on 15 September. 2013. I asked PRAFUL J SHAH. (New Registrar of the scheme)
Adroit Corporate Services Pvt.Ltd. 17-20, Jaferbhoy Ind. Estate, 1st Floor, Makwana Rd.
Marol Naka, Andheri (E),
Mumbai 400059, India
His Replied was that,
"We had gone through the trailer mail. We had received the FDR for Repayment On 13/08/2013. For repayment/Int. please talk to Mr. Vinay Desai/Mr. Ansar at (022) 67933000/024/112. OR
Company Secretary MR Vimal Dubey at (022)67933062/ 09702020726.

But nobody answered my e-mails or Phone till date after repeated trials.

GOPAL SHARMA
Prof. IIT

REPLY

Vishrut Patel

In Reply to Gopal Sharma 3 years ago

How to get your money back from Yash Birla group companies?

Read Detailed Process Here,

http://www.moneylife.in/article/how-to-g...

vijay

3 years ago

where do i compliant about fixed deposit in yes birla zenith birla not refund my f.d. k.l.shelke

AJIT DINDAYAL SHARMA

3 years ago

MY NAME IS AJIT DINDAYAL SHARMA AND I HAVE INVESTED IN BIRLA POWER SOLUTIONS LTD., ON 28.10.10 FOR THREE YEARS AND FROM 2011 TO 2013 NO INTEREST IS PAID TO ME ON THOUGH I HAVE SENT MY FDR DULLY SINGED MY ME AND SENT SO MANY MAILS TO THAN BUT NO REPLY IS GIVEN TO ME CELL NO.9004468206 / 9322835183

Natarajan

3 years ago

is yash birla going to become or behave like vijay mallaya, by not payinng the money owed to the creditors

RAVI PRAKASH KESHARI

3 years ago

i had invested in Birla power solution is october 2010,company has not paid intrest of 2012-13,and now i sent it for maturity which is in dark?

Vinay Taneja

3 years ago

with so many troubles in his business and losses and unable to pay the dues....
How Mr Yash Birla looks so funky and rich ?
Yash ji please concentrate on business instead of fashion please

Gopal Sharma

3 years ago

I put Rs. 10,00,000/- Ten Lac as Fixed deposit for three years with ZENITH BIRLA (INDIA) LTD. after maturity on 15 - Sep - 2013 the amount due is Rs.13,88,670/- Company did not pay any money nor any explanation. Company has received my duly discharged receipt with its new registrar. But registrar said company is in deep trouble. What can I do to get my money?
Gopal Sharma Prof. IIT
Nilam Sharma Housewife
FDR No.52932
.

DIPAK GANDHI

3 years ago

none of my investor's have recd sofar any RP for their investment in Fd of birla power since long..so co claim is wrong..they are cheating the public..for inf of all concerned--thanks--dipak gandhi..mob--9427611361..

shantilal p shah

3 years ago

ZENITH BIRLA(INDIA) LTD,FDR NO 52881We regret to inform you that we have not received the payment of our fdr no 52881 dated 14/10/2010 for Rs. 35,000/-for 36 months, which was due on 14/09/2013.
We have already send a duly stamped and signed fdr before a month.Maturity amt is Rs.48,258/ -We request you to please send the maturity amt immediately.
With regards

SHANTILAL POPATLAL SHAH
PREMILA TRAMBAKLAL SHAH
9426585903
[email protected]
no reply from any one sice last 45 days

Vishrut Ramesh Patel

3 years ago

How to get your money back from Yash Birla group companies?

Read Detailed Process Here,

http://www.moneylife.in/article/how-to-g...

dAMU

3 years ago

Vimal Dubey "[email protected]"

BOARD of Director (PVR-Murthy)
"[email protected]"

Legal
"[email protected]"

Public Relationship
"[email protected]"

REPLY

dAMU

In Reply to dAMU 3 years ago

Ministry of Corporate Affairs, complain form (online)

http://www.mca21.gov.in/DCAPortalWeb/dca...

dAMU

3 years ago

I followed up for a month and was able to get my Rs 6-Lakhs.

I was writing email to BIRLA Board Of Director PVR Murthy

For ZenithBirla group, I was writing email to Vimal Dubey

Legal Team: [email protected]


All the emails I was cc to "Ministry of Corporate Affairs:
[email protected],
[email protected],
[email protected]

Beside complaint to MoCA, I complaint to law board, as mentioned in my previous comments.


I received my 6-lakhs, hard-way after a month of FD maturity.

manoharkantak

3 years ago

There is little hope that people will get their money back. Birlas are politically influential people, they can manipulate the law. Auditors are also hand in gloves, they get their fees.

shantilal p shah

3 years ago

ZENITH BIRLA(INDIA) LTD,FDR NO 52881We regret to inform you that we have not received the payment of our fdr no 52881 dated 14/10/2010 for Rs. 35,000/-for 36 months, which was due on 14/09/2013.
We have already send a duly stamped and signed fdr before a month.Maturity amt is Rs.48,258/ -We request you to please send the maturity amt immediately.
With regards

SHANTILAL POPATLAL SHAH
PREMILA TRAMBAKLAL SHAH
9426585903
[email protected]

Public Interest Exclusive
Wiped out by Motilal Oswal, shunned by a callous SEBI & ministry, the 78-year old's fight continues

Instead of going into the complaint of Wing Commander (retd) CR Mohan Raj, about a forged power of attorney, the finance ministry just forwarded a mindless reply it received from SEBI to Rajya Sabha MP Rajeev Chandrasekhar

About nine months back Moneylife wrote an article about the harrowing tale of a 78-year old veteran from the Air Force, whose life savings was wiped out at Motilal Oswal Securities by using a forged power of attorney (PoA).
 

 Motilal Oswal, which preaches “highest ethical practices”, stuck to its stand of blaming its customer and keeping completely mum on the allegation that it had forged the PoA.
 

Rajeev Chandrasekhar, a member of Rajya Sabha, who is also a member of the Standing Committee on Finance, took up retired Wing Commander (Wg Cdr) Raj's complaint with the ministry of finance (MoF). The reaction from the government is a shocker. Mr Chandrashekar has received a letter from Namo Narain Meena, minister of state, MOF, asking Mr Raj “to follow the procedure laid down by SEBI for redressal of his grievances”!
 



In effect, both the regulator and the MoF are happy to wash their hands off this investor’s grievance and to push them into tedious and unfair arbitration (especially for an ill, senior citizen) without exceptions or application of mind. Is it any wonder that millions of investors have exited the capital market and prefer to invest in gold? But let’s return to this war that Wg Cdr Raj is fighting at the fag end of his life. 
 

The Securities and Exchange Board of India (SEBI), to whom Wg Cdr Raj has sent innumerable letters and reminders, knows for a fact that he has a ruling from a District Consumer Redressal Forum against MOSL regarding the forged Power of Attorney (PoA). The Forum asked him to take up the issue of getting his money back at the appropriate capital market platform. It is this that Motilal Oswal Securities is holding on to, knowing fully well that the 78-year old man will find it difficult to go through another battle. Shockingly, the MoF has chosen to behave like a post office, even when an MP and standing committee member has raised this sordid issue. This disregard for elected representatives, especially those who are not a part of the ruling government, is a hallmark of the past nine years under the United Progressive Alliance (UPA) government. Moneylife has written in the past about how letters from retired Union Secretaries like EAS Sarma, specifically addressed to SEBI chairman UK Sinha, were dumped into the automated redressal system called SCORES leading to a similarly mindless response to him.
 

 In this case too, SEBI, which is mandated by law to protect investors, made no attempt to contact Wg Cdr Raj again, but simply accepted the submissions made by Central Depository Services (CDSL) and Motilal Oswal Securities, without even looking at the correspondence exchanged between the 78-year old and the market regulator. The Air Force veteran had been sending numbered reminders to SEBI, such as “POA forged or not- matter pending with SEBI since 7th July 11-Reminder 18”.
 

The minister’s letter claims that Sushmita Sethi, assistant manager at the market intermediaries regulation and supervision department -IV at SEBI had responded to Wg Cdr Raj asking him to follow the procedure prescribed for redressal of grievances.
 

 Wg Cdr Raj, who can barely speak because his larynx had to be removed due to cancer, terms this reply from SEBI as false. In an email, he said, “What is the advice she gave on forged PoAs, which is my grievance? I have been addressing her in repeated mails for nearly two years to redress my grievance about sale by forged PoAs. She is making no mention of forged PoAs and is avoiding this main issue to protect the broker. And yet she claims she advised me.”
 

 As mentioned by Wg Cdr Raj in the Moneylife article earlier, despite having a court judgement stating the PoA was forged, SEBI chose to consider the reply of CDSL in which they were provided an entirely different PoA given to them by MOSL.
 

Neither CDSL nor SEBI found it odd and weird that anyone would sign two PoAs on the same day for the same purpose. Clearly, SEBI is hell-bent on protecting the broker Motilal Oswal. The question is, why?
 

Turnover of Rs200 crore?

But that is not all. While ignoring Wg Cdr Raj's claim, SEBI is bending over backwards for Motilal Oswal Securities in other aspects too. Suddenly, the MoF letter mentions that the 78-year old ran up a turnover of a whopping Rs200 crore with the broker and that he had accepted this fact in an email to the brokerage. The email is not attached in the correspondence.
 

Strangely, even Motilal Oswal, chairman of MOSL never mentioned this figure of trading turnover in his conversations with Moneylife. In fact, Mr Oswal had sent a team to Bengaluru to talk to Wg Cdr Raj, but the official walked away when he made it clear that the Air Force veteran intended to record the conversation. In a dispute of this size, where the investor is unable to speak, this simple precaution for his protection apparently frightened off the brokerage. But SEBI and the MoF are uninterested in these facts. Indeed, insisting on the recording looked prudent with hindsight since Motilal Oswal Securities seems to be coming out with new ‘facts’.
 

According to the letter from the minister, Motilal Oswal Securities has apparently claimed to SEBI that Wg Cdr Raj admitted to running up this turnover. The investor says this is the first time that he has even heard about this amount. He does not recollect sending an email to MOSL, acknowledging the same and the broker has neither mentioned this quantum in the three trials in consumer courts nor in any of their correspondence. Wg Cdr Raj also says that he had never applied for a margin account through which all the transaction took place.
 

He said, “I never opened any margin account with MOSL. I only opened a demat (DP) account. All the stocks sold off by MOSL were only from this DP account and not from any margin account as she (Ms Sethi) claims.”
 

Clearly, Motilal Oswal is hiding behind the facts and spinning new ones and SEBI and ministry of finance cannot be bothered about it. Precisely, anticipating this kind of dubious action and behaviour from the brokerage, Moneylife had specifically advised Wg Cdr Raj to record the conversation when Mr Oswal, personally sent some people to Bengaluru to speak with the 78-year old. Our sense was that since he cannot speak and there would be the danger of attributing consent to issues when he has not said or meant it during the meeting, especially when we are dealing with a company that was alleged to have forged a PoA.

 

Gross misuse of PoA by brokerages was a common problem during the last bull market. At Moneylife, we have reported many such cases since 2006 and SEBI finally decided to address the PoA problem in 2009-10. What SEBI could not care less is that the grievance redressal mechanism is so poor and fraught with delays that the investor gets harassed even more in the bargain. The brokers get away scot free or with a minor punishment, and it is not long before they get back to their malpractices. This is one of the main reasons why the investor population is dwindling. Probably, Wg Cdr Raj, a war veteran, sees the world differently. He has decided to fight. Now if only SEBI and MoF were a little unbiased and proactive about this case, rather than batting for a dubious broker, he would have won this battle too by now.

 

Additional Reporting by Yogesh Sapkale and Jason Monteiro

 

You may also want to read:

 

Wiped out by Motilal Oswal, an aggrieved small investor won in consumer court but got shafted by SEBI

 

Motilal Oswal MOSt Prime Equity: Nothing new to offer

 

User

COMMENTS

sanjay

3 years ago

Hello, can anybody inform me about penalty prescribed by NSE / SEBI to broker per day for delay in release of security pay out and funds pay out .

DJ

3 years ago

I get a feeling you are asking a wrong question. Any ordinary person would have got the same answer from SEBI. Not too sure why should a MP get a better answer.

The problem lies because MPs get a better answer and they leverage it to get things in their favour and tomorrow we complain there is corruption.

Right question should be why is SEBI so callous?

Naresh

3 years ago

Friends,

This is a live example of how India's Rule of Law is simply NON EXISTANT!

If you have any amount that is above Rs. 5 lakhs that you want to invest, feel free to use the RBI's liberalised remittance scheme to park your capital out of this lawless country. The best bet is Singapore and Switzerland which have strict law enforcement systems and your investor rights are protected.

Not to mention the depth and breadth of financial products available.

Switzerland initially had high account minimums but now are reduced to as low as 0 in certain banks which are purely online banks. Plus you can open an account from your home by just sending in a certified passport copy.

A test email to FINMA, their regulator (like SEBI) got me a response within 24 hours! They are quick, efficient, and it is easy within Indian laws to keep money offshore.

Please do not open margin accounts as it is not allowed in the RBI rules. You can open personal accounts and park your money in any currency as you see fit.

Within India, you just open term deposits with commercial banks and also can buy and hold shares . Use a public sector bank demat account and always use depository slips to deal with the broker.

Hope this info helps. Get your capital out of India.

venkat

3 years ago

Can anyone say , where is the end to it> is all this happens only in our country r somewhere else too????

Vinay Joshi

3 years ago

Ms.Sucheta, Mr. Yogesh Sakpal & Jason Monteiro,

Can't your Mr.Nagesh Kini, FCA; DO ANYTHING ON THIS? As a matter of fact it should have been settled before being put, with his INTERVENTION! Amazing to me!

Regards,

REPLY

nagesh kini

In Reply to Vinay Joshi 3 years ago

Mr. Joshi who claims to have "tamed" many entities can jolly well suo moto undertake in helping the Wg. Com.
I don't need instructions from anyone, least of all Mr. Joshi, to move in the matter.

sanjay

In Reply to nagesh kini 3 years ago

hello mr nagesh / mr joshi , can we please know about you and your introductions . there is a verbal war going out here between the two of you !

Vinay Joshi

3 years ago

Ms.Sucheta, Mr. Yogesh Sakpal & Jason Monteiro,

Can't your Mr.Nagesh Kini, FCA; DO ANYTHING ON THIS? As a matter of fact it should have been settled before being put, with his INTERVENTION! Amazing to me!

Regards,

Naresh

3 years ago

This is totally unacceptable!

I think it is a deliberate target. A 78 year old man has been targeted because he is at the fag end of his life.

Do not mistaken. It is a deliberate attempt by them to make a quick ill gotten gain. PULL YOUR CAPITAL OUT OF THIS BROKER!

sanjay

3 years ago

it is the joke of the decade !! None of the brokerages are having their head above water .

pawan agrawal

3 years ago

in fact, nse , bse , cdsl, nsdl and sebi all are violating rules and regulation of securities laws
smc global securities ltd has filed thousands of false cases against investors in the court of delhi just to cheat and grab the money of poor investors but sebi is not taking any action this fraud broker
smc global securities ltd has made forged power of attorney of my mother who is 70 year old
the whole nation is being cheated these fraud brokers and investors are helpless

REPLY

Dayananda Kamath k

In Reply to pawan agrawal 3 years ago

because of their bad service i asked them to close my account and refund lying with them but never replied nor sent me the amount. it is a small amount after some time i agains wrote to them but they said they have sent the amount by cheque. i did not receive their cheque. then i asked them whether the cheque issued by them has been encashed. agaiand there is no reply nor they send me the amount. so even if you close the account you are not sure you will receive your money back from them.sebi is supporting such big brokerages to the hilt.by non action or treating the complaint based on vague replies given by the brokerages. there more than 10 complaints with sebi filed by me without any logical conclusion.

sanjay

In Reply to pawan agrawal 3 years ago

@ pawan agrawal : I am surprised to see you mentioning about smc global sec . filing cases against investors . can you please share details .

ramanathan dwarakanathan

3 years ago

Pl don't mind.I am surprised and taken a back after reading this. mosl is a non controversial and an ethical company. they're not the one who would indulge in such acts. I wld urge the investor or his rep to meet the chairman Mr. MO to get this addressed.

REPLY

uttamkumar dubey

In Reply to ramanathan dwarakanathan 3 years ago

Dear Sir,

Ramayana is over , and you are asking who is sita.
Be alert.
not meant to offend in person.but they are equally responsible for the deplorable state of the nation.They have duped the nation mixing with Subhash sharma from resurgere mines and have duped lacs of investors.

rgds,
uttam

Suiketu Shah

In Reply to ramanathan dwarakanathan 3 years ago

Sure this must be the joke of the day "mosl is an ethical company"!

sanjay

3 years ago

Hello moneylife ,

big brokerages and their employees frequently resort to rampant Unauthorised trading to increase their revenues by way of broking - in the way destroying the investor money . This should be taken up in way of a PIL .. I want to help and aid Moneylife in this , so kindly inform me how and in what way I can participate .

Bhaswati

3 years ago

So can moneylife initiate a PIL against Motilal Oswal?

shivkumar

3 years ago

Why are we surprised at the treatment being meted out to a retired services officer. This is nothing new. Unfortunately, things have been going from bad to worse.

Politicians in power are no longer interested in serving the public, they serve only themselves and their money bag masters.

So far as Public Servants are concerned, they want public to be their servant.

This is the sad reality.

RAMESH VASWANI

3 years ago

If this is the fate of MP taking up the case of War Veteran, we do not know what will be the fate of aam adami ?

REPLY

Suiketu Shah

In Reply to RAMESH VASWANI 3 years ago

Perfectly said and well emphasised on the gravity of the crime.An eye for an eye wl only end up making the fraud wealth management companies blind,nothing else when their name wl come in the breaking news that their top WManagement executive has been beaten up in open public by cheated investors.It is then that the whole of Indian wl wake up to these criminals.

uttamkumar dubey

3 years ago

Dear Moneylife,

With such an apathy, why do u invite ppl from SEBI/RBI and such stupid places and honor them with your platform.

Just boycott them.

Another mystery of motilal can be exposed by catching Subhash sharma from resurgere mines and minerals.
Both of them have duped the nation and sebi as usual had been dumb and deaf in terms of action.
rgds
uttam

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