After failing to pay the last instalment of the franchisee fee, Sahara India decided to pull out from the IPL T20 league
Sahara India, the owner of Indian Premier League (IPL) franchisee has withdrawn its team after failing to pay final instalment of franchisee fee. In a release, Sahara also said that it would end its sponsorship to Indian cricket team from December 2013.
Board of Control for Cricket in India (BCCI), the controlling body, said it would encash the bank guarantee given by Sahara for its franchisee Pune Warriors.
Sahara had bought the Pune franchisee for Rs1,700 crore to be paid in 10 years.
Pune Warriors have finished eighth in the nine team IPL this year.
Separately, the Supreme Court today slammed the BCCI saying that spot fixing incidents had taken place due to the cricketing body’s lackadaisical approach in reining in the erring players. The court also directed a one-man commission that is probing spot fixing in the IPL to submit its report within 15 days and asked the BCCI to act upon its findings according to its rules.
Earlier, the apex court agreed to give urgent hearing to a public interest litigation (PIL) seeking stay on all remaining matches in the T20 league.
Estimating how much you need for retirement is hard enough. But even if you are able to do that, getting there is a tough task. In the second part on the series of retirement planning, Debashis Basu, editor Moneylife, focussed on the right way to invest
There is a maze of retirement products available in the market promising a secure retirement, but most of these products do not deliver, leave alone creating a sufficient corpus for retirement. In the second part of Moneylife Foundation’s two-part seminar on retirement planning, Debashis Basu, editor Moneylife, focused on how one can save efficiently to avoid the risk of underinvestment. Along with this, what steps one could take to protect his/her corpus post-retirement and if there is a shortfall what are the different options available were also explained.
“Retirement planning is very complicated because there are too many variables, many of which need to be assumed”, cautioned Mr Basu. There are too many unknowns before retirement, as well as post-retirement. Many are unaware of how much their expenses would rise after retiring. Once you have accumulated your corpus, where would you invest it? There are several other questions one needs to address while planning for retirement. One has to separate the set of factors that one can control and those that one can’t. One can control how much one saves and invests.
Even if you seek professional help, when investing for retirement you must understand the difference between quality advice and a sales pitch. Most of the unscrupulous relationship advisers and so-called wealth managers are often looking to build their own retirement corpus. “The least you can do is invest in products that grow to beat inflation” explained Mr Basu. For investing safely, one needs to understand the different products available and the risk & return associated. One of the benefits of starting early is that you can make the power of compounding work for your benefit.
Lack of a well-planned savings plan can leave you with much less money to spend on yourself when you have no income. The basic purpose of investing for any goal and especially retirement is to be able to beat inflation. Stocks and equity funds over the long run of 5-10 years have more often than not beaten inflation. Other products like bank fixed deposits and other fixed income products may not deliver high returns but offer safety of capital.
The main factor that determines how you should go about saving for your retirement is your age. Mr Basu explained how over different age groups from 21 to 60 one can invest in a mix of products, taking into account the number of years to retirement.
“One needs to use the same judgement for investments pre-and post-retirement”, said Mr Basu. Post-retirement one’s main focus is to protect the corpus. Here people have the option of immediate annuities, Senior Citizens Savings Scheme (SCSS) and MIP schemes, but none of these are great choices, said Mr Basu. In the post-retirement period, it is important to choose safe assets, for which bank fixed deposits are the best. However, the main issue here is, one does not know the future returns and how long one would live. Investing in fixed income products for the very long term may turn out to be imprudent because they don’t beat inflation. Retirees may like to invest some amount of money in equity mutual funds.
Since a lot of savers today have large home loans, they may end up saving less for retirement. They will have the bulk of their investment in real estate. Mr Basu said, “Reverse mortgage is an option for them, but it has failed as a product in India and may pick up in near future”
The session was followed by an engaging Q&A session which addressed topics such as investing in property, NPS as a retirement product and whether equity mutual funds are the best way to create long-term retirement corpus.
The agency’s action to attach these properties under PMLA is aimed at depriving the accused benefits of these assets which are created through the “proceeds of crime” and illegal means
The Enforcement Directorate (ED) is set to attach properties worth over Rs125 crore of the main accused in the Stock Guru scam—Ullas Prabhakar and his wife—under money laundering laws.
The agency has recently recorded the statement of the duo who are lodged in Tihar jail in judicial custody.
The agency had registered a regular case under the Prevention of Money Laundering Act (PMLA) sometime back after the couple was arrested by Delhi police last year.
Flats of the couple in places like Mumbai, Hyderabad, Ratnagiri, Nagpur and few other cities besides other assets like fixed deposits and cash with a total value of a little more than Rs125 crore will be attached and prohibitory orders will be used against their usage or operation by the concerned parties or anyone else, official sources said.
The agency’s action to attach these properties under PMLA is aimed at depriving the accused benefits of these assets which are created through the “proceeds of crime” and illegal means.
The ED would also widen its probe in the case and investigate the role of some Income Tax department officials who had raided the couple last year.
The agency had registered the money laundering case against Ullas Prabhakar alias Lokeshwar Dev and his wife Raksha alias Priyanka Saraswat.
The agency had sometime back told a Delhi court that interrogation and recording of statements of both the accused was necessary for proceeding in the ongoing probe and the ED’s investigators may be allowed to examine them in jail.
Chief metropolitan magistrate (CMM) Ajay Pandey had allowed the plea of the agency then.
Ullas and Raksha were arrested by the Economic Offences Wing (EoW) of the Delhi Police on 10th November last year from Ratnagiri in Maharashtra for allegedly duping around two lakh investors from seven states of nearly Rs500 crore by promising them high returns through their firm M/s Stock Guru India dealing in stock market.