MLM / Chain Money
Saradha chit fund scam: W Bengal govt to set up Rs500 crore fund for duped investors

Expressing regret over the turn of the events which unfolded since the collapse the Saradha Group, Mamata Banerjee urged the affected people to stay calm while the government made efforts to help them

The West Bengal government on Wednesday said that it would set up a Rs500 crore relief fund for the investors allegedly duped by the Saradha group and that none including Trinamool Congress MPs would be spared if found guilty.


“The government will set up a Rs500 crore relief fund for the affected small and medium investors of Saradha group. Their names will be recommended by the commission of inquiry which has been set up,” chief minister Mamata Banerjee told media persons.


The chief minister also said that none of players involved in the incident including Trinamool MPs would be spared if found guilty.


Obliquely referring to TMC MPs Kunal Ghosh who had recently resigned as the CEO of the Saradha Media group, which had owned a TV news channel and party MP Srinjoy Bose, editor of a Bengali daily, Banerjee said, “One journalist is being targeted... There are so many journalists ... there is no use of identifying one channel and one newspaper.


“If any MP of Trinamool Congress has committed an offence, the law will take its own course,” she said, accusing the CPM of politicking over a people’s issue.


“How many CPM MPs have stashed their money and with how much did they run their party? And, a news channel identifying others will be exposed.


“Iswar and Allah know who has kept money for how many days. The government has no data,” she said.


Banerjee said, out of Rs500 crore, Rs150 crore would be raised by imposing tax on tobacco products. The balance would be garnered without burdening the people.


She said that the affected investors were also urged to give the details of their investments to the commission to be headed by former CJ of the Allahabad High Court Shyamal Sen.


Expressing regret over the turn of the events which unfolded since the collapse the Saradha Group, the chief minister urged the affected people to stay calm while the government made efforts to help them.


“Forget that it is your problem or my problem, it is the people’s problem,” she added.




4 years ago

If people were greedy and put money in dubious money making schemes why should the government penalise everybody and levy a tax to bail out.
Will this not give a wrong signal and encourage more dubious promoters to take people for a ride.
The people should be vigilant and not hope for government to bail them for their GREED.


4 years ago

Another "GOLD QUEST" scam ?

Axis Bank net profit grows 22% driven by its retail division

A strong showing from the retail franchise propelled Axis Bank’s net profit and net interest income for the quarter ended 31 March 2013

Axis Bank reported net interest income (NII) for Q4FY13 at Rs2,665 crore against Rs2,146 crore for the same period last year. The bank recorded a net interest margin (NIM) of 3.70% in Q4FY13. Its operating profit for Q4FY13 37% year-on-year (y-o-y) to Rs2,800 crore from Rs2,038 crores in Q4FY12.

Consequently, the net profit for the quarter ended March 2013 grew 22% y-o-y to Rs1,555 crore from Rs1,277 crore. The results were driven by the strong growth of its retail franchise. Savings bank deposits grew 23% y-o-y. The main business segments driving fee growth during the quarter were treasury and DCM, which grew 41% y-o-y, followed by retail banking which grew 32% y-o-y.

Current Account-Savings Account (CASA) and retail term deposits now constitute 68% of total deposits. Daily Average CASA for Q4 FY13 constituted 37% of total deposits. The bank’s total deposits as on 31 March 2013 stood at Rs2,52,614 crore when compared to Rs2,20,104 crore for the same period last year.

During the quarter, the bank raised equity capital through a qualified institutional placement (QIP) and a preferential allotment to promoters aggregating Rs5,537 crore to support future growth. The shareholders’ funds of the bank grew 45% y-o-y and stood at Rs33,108 crore as on 31 March 2013.

However, more worryingly was the bank’s non performing assets which deteriorated a bit. Its net non-performing assets (nNPA) stood at 0.32% of the net customers’ assets for the March 2013 quarter when compared to 0.25% of the net customers’ assets for the same period last year. Its gross non-performing assets (gNPA) stood at 1.06% of the gross customers’ assets when compared to 0.94% for the corresponding previous period. The bank’s capital adequacy ratio (CAR) was 17% as on 31 March 2013. The Tier-I capital adequacy ratio was 12.23% as on 31 March 2013, compared to 9.45% as on 31 March 2012.

During Q4FY13, Axis Bank added 160 branches and 882 automated teller machines (ATMs) to its network across the country and at the end of 31 March 2013, had a network of 1,947 domestic branches and extension counters and 11,245 ATMs situated in 1,263 cities and towns, compared to 1,622 domestic branches and extension counters, and 9,924 ATMs situated in 1,050 cities and towns last year.

The board of directors has proposed a dividend of Rs18 per share.

For other write up on results, check our stocks page.


Supreme Petrochem reports decent results; net sales up 26% year-on-year

The net profit for this Moneylife pick was up 44%

Supreme Petrochem has recorded 26% year-on-year (y-o-y) higher net sales for the March 2013 quarter, at Rs790.49 crore, when compared to the Rs625.98 crore it recorded for the same quarter last year. Net profit for the third quarter fiscal rose 44% y-o-y to Rs26.32 crore when compared to Rs18.19 crore in the corresponding period last year.

High prices of styrene monomer, one of its raw materials, during the year coupled with low demand from appliances sector put the domestic polystyrene demand which resulted in de-growth on a nine-month basis, according to the company. The accounting year of the company ends in June.

According to Moneylife database, the three-quarter y-o-y sales growth is 33% while the company’s net sales for its third quarter grew at 26%; considering difficult conditions, this is not too bad a figure. Its operating profit grew at roughly 35% y-o-y. The return on networth stood at 21% while return on capital employed is 14%, both decent figures. The company’s market capitalisation is quoting at 3.18 times its operating profit.

During the 3rd quarter ended 31 March 2013, roughly 81% of the company’s net sales came from within India while the remaining were from outside. This was more or less the same recorded by the company for the corresponding quarter last year, which around 82% of the net sales were domestic.

Supreme Petrochem is one of India’s leading polystyrene manufacturers in the India, with a share of more than 50%. Currently, it trades at Rs63.65 on the Bombay Stock Exchange (BSE).

We had written about Supreme Petrochem earlier.

For other company stocks, please refer to this link.



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