MLM / Chain Money
Saradha scam: CBI conducts raids, Bengal minister denied bail
The CBI on Thursday raided seven locations in West Bengal and Odisha of the Mangaldeep Land Promoters Ltd. for raising public money through illegal schemes, while a court rejected the bail plea of state minister Madan Mitra who was arrested for his alleged complicity in the multi-crore-rupee Saradha scam.
 
Mangaldeep is one of the 44 companies including the Saradha Group, being probed by the Central Bureau of Investigation (CBI) following orders of the Supreme Court.
 
"Raids were conducted in six places in West Bengal and one in Bhadrak in Odisha... are being searched. The company directors include Ranjit Chakraborty, Mansi Chakraborty and others," a CBI officer said.
 
Earlier this month, the CBI had searched many locations of Royal International Shares, a Kolkata-based company, on similar allegations.
 
A city court on Thursday rejected the bail plea of Transport Minister Mitra, who was arrested by the CBI in December 2014 for his alleged involvement in the Saradha scam.
 
Pressing for bail before Additional Chief Judicial Magistrate Haradhan Mukherjee, Mitra's counsel argued that the minister has been behind bars for over four months and there was no need for his further detention as the CBI has submitted chargesheets in the case.
 
The CBI counsel opposed the bail contending that he was a very influential person and investigation would be hampered if he was released on bail.
 
The court, after hearing both the parties, rejected the bail plea of Mitra, who will remain in judicial custody till May 7.

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Nifty, Bank Nifty, Sensex show no momentum – Thursday closing report

Nifty has to close above 8,465 and Bank Nifty above 18,300 for the first signs that the current downtrend is temporarily over 

 

We had mentioned in Wednesday’s closing report that NSE’s CNX Nifty may move higher and a close above 8,500 will take it further higher. The 50-stock index opened Thursday in the positive and within the first hour of trading reached above the 8,500 level. However, it could not sustain this level and moved lower to close in the red.
 
S&P BSE Sensex opened at 27,977 while Nifty opened at 8,478. Sensex moved lower to the level of 27,621 after hitting a high of 28,088 and closed at 27,735 (down 155 points or 0.56%). Nifty moved from the high of 8,505 to the level of 8,362 and closed at 8,399 (down 31 points or 0.37%). Bank Nifty witnessed a volatile session with no specific direction. It opened at 18,350 and moved from the high of 18,434 to the low of 18,144 and closed at 18,246 (up 2 points or 0.01%). NSE recorded a volume of 65.85 crore shares. India VIX rose 7.50% to close at 18.5000.
 
The latest clarification from the finance ministry means that foreign portfolio investors domiciled in countries that have signed double taxation avoidance treaties with India will not have to pay minimum alternate tax (MAT). Singapore and Mauritius have already signed double taxation avoidance treaties with India. Many foreign investors had received notices requesting their MAT calculations for financial year 2011-2012 and earlier years, according to reports. In the Union Budget 2015-16 presented in parliament on 28 February 2015, Finance Minister Arun Jaitley had announced that capital gains on sale of shares by foreign institutional investors (FIIs) will not be subject to the provisions of the MAT from 1 April 2015.
 
The finance minister was quoted as saying that there was a broad consensus that states are in support of a nationwide goods and services tax (GST).
 
The Indian government said that it has received a few complaints regarding "cartelisation" in bidding during the recent coal block auctions and investigations are being carried out in the matter.
 
The National Highways Authority of India (NHAI) will raise Rs28,000 crore in the current fiscal by issuing tax-free bonds.
 
The March quarter of this year has seen a 50% decline in new residential project launches across the country compared to the same quarter last year, according to property advisory firm Cushman & Wakefield. The quarter saw a total of 24,700 apartments being launched, the lowest in the last two years. 
 
Coming back to Indian stock market, Yes Bank (6.99%) was the top gainer in ‘A’ group on the BSE.  The bank on Wednesday posted an improved result of March 2015 quarter. Its board of directors have approved the proposal to seek final approval of shareholders for increase in the limit for the FII / FPI of up to 74% of the paid up share capital from the existing limit of 49% of the paid up share capital.
 
Gitanjali Gems (4.93%) was the top loser in ‘A’ group on the BSE. Its shareholding pattern as on 31 March 2015 showed that its FIIs holding reduced from 9.07% as on 31 December 2014 to 5.40% now, while retail shareholding increased from 50.69% to 54.38% for the relevant period.
 
Tata Steel (5%) was the top gainer in the Sensex 30 pack. it was recently in news that it is among other looking to buy Electrosteel Steel Ltd. In response to this news, the company has clarified to BSE that at present there is nothing to disclose, but, as and when, need arises it will make the required disclosures.
 
Sun Pharma (2.55%) was the top loser in the Sensex 30 stock.
 
On Wednesday, US indices closed in the green.
 
Asian indices showed mixed performance. Taiwan Weighted (1.92%) was the top gainer while NZSE 50 (0.62%) was the top loser.
 
In China, the HSBC/Markit 'flash' purchasing manager’s index slipped to 49.2 in April 2015 from 49.6 in March 2015. China factory PMI contracted to 1-year low in April
 
European indices were trading mostly in red. US Futures were trading lower.
 
Eurozone business activity growth pulled back from March's 11-month high, according to Markit flash PMI survey data for April. The slowdown reflected weaker rates of expansion in France and Germany. 
 
The Markit Eurozone PMI fell from 54 in March to 53.5 in April. The seasonally adjusted Markit Flash France Composite Output Index recorded 50.2, down from 51.5 in March. 
 
Markit Flash Germany Composite Output Index falling from March's eight-month high of 55.4 to 54.2 in April, latest data showed today.
 

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Rajasthan farmer cremated, family lashes out at AAP

Earlier in the day, Gajendra Singh was cremated in his native village Nangal Jhamarwara in Dausa district. Teary-eyed people shouted slogans as his last rites were performed

 

Farmer Gajendra Singh, who committed suicide during an AAP rally in Delhi, was cremated on Thursday in his native village in Rajasthan. His family members hit out at the party over his death, saying no leader tried to dissuade him.
 
"Why did no one try to stop him from climbing the tree? Why did no leader of the Aam Aadmi Party try to dissuade him? There are lots of questions that remain to be answered. We hold police and the AAP leadership responsible for the death. If any of them had acted swiftly, he could have been saved," Gajendra Singh's uncle Gopal Singh told IANS.
 
Earlier in the day, Gajendra Singh was cremated in his native village Nangal Jhamarwara in Dausa district. Teary-eyed people shouted slogans as his last rites were performed.
 
Gopal Singh even raised questions about the suicide note, saying the handwriting does not seem to be that of Gajendra Singh.
 
"He was troubled and disturbed for the last couple of months but no one in the family could ever think or believe that he would commit suicide," he said.
 
"We (the family) are presently passing through a lot of stress, strain and depression. We are really not in the right state of mind to think what we should do next."
 
Gopal Singh said Gajendra Singh's father Bane Singh "has been crying since he heard the news".
 
"It has been difficult for us to control him as he also fainted a couple of times while crying and we had to seek the help of a doctor," he said.
 
"The condition of his three children and his wife is similar as they have been crying for hours now."
 
People present at the cremation shouted slogans against the Vasundhara Raje government and the AAP.
 
Former chief minister Ashok Gehlot, Rajasthan Congress president Sachin Pilot and other party leaders met his family and tried to console them.
 
"We are shocked and depressed," said a villager.
 
Chief Minister Vasundhara Raje, in a statement, expressed profound grief over the death and termed the incident "very tragic".
 
In her condolence message, Raje prayed to god to give strength to the bereaved family members to bear this huge loss and grant peace to the departed soul.
 
She said the Rajasthan government was with the farmers in every circumstance, was committed to their welfare and was ceaselessly working in their interest.
 

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