MLM / Chain Money
Saradha scam: Accused Bengal minister steps down
On a day the CBI cited his continuance in the state cabinet as a proof of his immense influence, West Bengal's transport minister and Saradha scam accused Madan Mitra stepped down from the post on Wednesday.
 
According to sources, Mitra's resignation was accepted by Chief Minister Mamata Banerjee who forwarded it to Governor K.N. Tripathi.
 
The move came hours after the CBI, seeking cancelation of his bail, pointed to a division bench of the Calcutta High Court about Mitra continuing as a state minister despite being indicted and jailed in the multi-crore-rupee scam.
 
Mitra was granted bail by a lower court on October 31 nearly 11 months after his arrest on December 12 last year.
 
The CBI subsequently moved the high court's division bench of Justice Nishita Mhatre and Justice Tapas Mukherjee seeking cancelation of the bail.
 
Following the CBI's move against the bail, the high court subsequently ordered Mitra be kept under house confinement till the disposal of the matter.
 
To buttress its claims of Mitra being an influential person who might hinder investigation and tamper with evidence if not kept in custody, the CBI counsel on Wednesday argued before the court how Mitra has remained in the cabinet despite being in custody for almost a year.
 
The counsel also drew the court's attention towards Mitra's stay at the government-run SSKM Hospital where he has spent a large part of his incarceration period.
 
Contending that the bail granted by the lower court was illegally passed, the counsel pleaded to the bench to cancel his bail.
 
Refuting charges that Mitra may tamper with the evidence, his counsel asserted that the minister had tendered his resignation even before his arrest but was not accepted.
 
The case will again come up for hearing on Thursday.
 
The opposition called Mitra's resignation a "desperate attempt" to prevent cancellation of his bail by the court.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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'Chettinad Cements shares owned by Ramaswamy fraudulently being transferred'
Over 91.83 lakh shares of Chettinad Cements held by industrialist M.A.M. Ramaswamy are fraudulently being transferred to a trust run and administered by industrialist A.C. Muthiah and others, a top official of Chettinad Cements alleged on Wednesday.
 
In a statement issued here late on Wednesday, M.A.M.R. Muthiah, managing director of Chettinad Cements, alleged that A.C. Muthiah and an advocate with the help of a doctor seems to have taken the thumb impression of Ramaswamy, admitted in Fortis Malar Hospital, on blank papers and forms.
 
M.A.M.R. Muthiah said a police complaint has been lodged against A.C. Muthiah and others.
 
"My father is not conscious. He is not in a position to take any decision on his own," M.A.M.R. Muthiah said.
 
"My father is in a critical condition. He is not in position to execute any documents," he told IANS.
 
According to M.A.M.R. Muthiah, it has come to his notice that A.C. Muthiah and others had filled some blank forms and had approached Kotak Securities Ltd. to transfer 91,83,834 shares held in Chettinad Cements held by Ramaswamy to the trust run and administered by them.
 
"It is nearly 23 percent of the stake in Chettinad Cements," M.A.M.R. Muthiah said.
 
Despite several attempts by IANS, A.C. Muthiah was not available for comments.
 
Interestingly, the relationship between M.A.M.R. Muthiah and Ramaswamy soured badly to the extent that the latter disowned the former as his son.
 
M.A.M.R. Muthiah is the adopted son of former Rajya Sabha member Ramaswamy.
 
"I have disowned him and do not wish to call him my son. Whatever the law may be, he is no more my son. According to me, he can be only S. Ayyappan (original name) and not M.A.M.R. Muthiah," Ramaswamy told the media here at his residence in June.
 
According to Ramaswamy, though a substantial part of his properties is with Ayyappan, whatever is remaining should go to two charitable trusts -- Dr. M.A.M. Ramaswamy Chettiar of Chettinad Charitable Trust and Dr. M.A.M. Ramaswamy Chettiar Trust -- in which Ayyappan will have no part to play or have a say.
 
"I have also written and registered a will that all the assets which may be left at the time of my death would go only to the said trusts and not to Ayyappan or M.A.M.R. Muthiah or any one claiming on his behalf or under him," Ramaswamy said.
 
Meanwhile, M.A.M.R. Muthiah said it was difficult to fight a person like A.C. Muthiah and h was trying his best.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex may find short-term bottom – Wednesday closing report
Nifty may move a bit lower but may find a bottom around 7,600 
 
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex uptrend may continue and that Nifty is on track to head higher subject to dips. However, the two consecutive sessions of relief rally at the Indian equity markets ended on Wednesday. The major indices of the Indian stock markets were found sliding sharply and the market was back at last week’s levels. The overall trend was bearish through the day. The day’s trends of the major indices are given in the table below:
 
 
The indices opened flat in the morning session in line with the global cues, notably from the Asian peers and Wall Street, as investors looked for some early profit-taking after two days of rally. As the day’s trading progressed, the markets were due for a sharp correction of 1.35%-1.92%.
 
The central government on Wednesday approved six foreign direct investment (FDI) proposals amounting to Rs1,810.25 crore. The largest component of foreign investments that were approved belongs to IIFL Holdings which totalled Rs1,800 crore. The non-banking financial company (NBFC) had sought permission for increasing its foreign equity from 50.16% to 80% via issuing shares to FIIs (Foreign Institutional Investors). Other proposal worth Rs10 crore was approved for Monsoon Capital LLC, which had sought approval for investing in the corpus of a domestic alternative investment trust.
 
The central parity rate of the Chinese currency renminbi (yuan) weakened by 56 basis points to 6.3796 against the US dollar on Wednesday, according to the China Foreign Exchange Trading System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by two percent from the central parity rate each trading day, Xinhua reported. The central parity rate of the yuan is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
 
The US dollar traded mixed against other major currencies on Tuesday amid the country's newly-released economic data. The greenback was supported in early session by an increase in the US inflation. The US Consumer Price Index (CPI) for all urban consumers rose 0.2% in October on a seasonally adjusted basis, in line with market consensus, Xinhua cited the Labour Department report on Tuesday. The index for all items less food and energy (core CPI) rose 0.2% in October, the same increase as in September. The core CPI has risen 1.9% over the past 12 months. The US dollar pared some gains later as the country's industrial data came out negative. US industrial production declined 0.2% in October after decreasing the same amount in September, according to statistics from the Federal Reserve on Tuesday. The dollar index, which measures the greenback against six major peers, was up 0.17% at 99.613 in late trading on Tuesday.
 
Hit by lower global tea prices, revenue from tea exports during April-August this year fell by nearly 3% at $225.76 million even though export volume in this period grew by 4.35 million kg (mkg). According to provisional data from the Tea Board of India, export volume in the April-August period in 2015-16 fiscal stood at 74.79 mkg as against 70.44 mkg in the like period of 2014-15. The revenue in the same period of the last fiscal stood at $232.57 million as against $225.76 million in the corresponding period of the current fiscal. Average unit prices, measured both in US dollar as well as Indian rupee terms dipped during this period. While each kg of the export sold at an average price of $3.30 during April-August of 2014-15, it dipped to $3.02 a kg in the like months of 2015. Measured in terms of the Indian rupee and adjusted against global currency fluctuations, each kg of tea exported earned revenues of Rs192.71 during April-August of 2014-15 while it stood at Rs198.38 in the year-ago period. Interestingly, although revenues fell when measured in US dollar terms despite the surge in export volume, the same revenue increased when measured in terms of Indian rupee. Against the earning of Rs1,397.41 crore during the beginning till August of the last fiscal, the income increased to Rs1,441.29 crore in the similar period this year.
 
The top gainers and top losers of the indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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