Companies & Sectors
SC allows SEBI to sell Sahara properties
Real EstateNew Delhi : The Supreme Court on Tuesday allowed market regulator SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession. The step is being taken to recover investors' money that Sahara groups' two companies had collected from public through Optionally Fully Convertible Debentures.
 
The apex court bench headed by Chief Justice T.S. Thakur said that the market regulator would appoint an agency to decide the mechanism for the sale of Sahara properties.
 
The court said that properties would not be sold at a price that is less than 90 percent of the prevailing circle rates.
 
The SEBI will appoint an agency to work out the mechanism for the sale of properties which are stated to be worth Rs.40,000 crore.
 
The entire process would be undertaken under the supervision of former Supreme Court judge Justice B.N. Agarwala and Sahara would be kept informed about the steps being taken for the sale of its properties.
 
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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COMMENTS

Annika

8 months ago

thank you SEBI! You have always put the common man above the con man.

Cyberfraud : Online Scams in India Continue To Increase
The top three online scams in India are work from home, lottery scams and fake bank email scam, says a new multi-market survey, adding that, despite growing awareness, new online scams are being reported every day.
 
Releasing a study on Internet scams, Norway-based Telenor Group, Telenor India’s major shareholder, said that as Internet accessibility continues to expand in India, so do scammers’ inventive ways in infiltrating consumers’ personal information. 
 
The ‘work from home’ is one such scam that users are either fooled into paying someone online to help them start a business, or users are tricked into completing work on their computer but never receive payment. 
 
The results of the study showed that a quarter of the participants were victims of lottery scam emails, where the user is prompted to pay a processing fee to win a large sum of money. Another 17% had fallen victim to fraud from scammers pretending to be from their bank to acquire personal information and funds. 

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Annuity Trap
You may be able to keep yourself away from traditional insurance products or unit-linked insurance plans, but you may not be able to avoid annuity plans, especially if you have invested in a pension product. On maturity of a pension product, one-third of your ‘commuted’ or redeemed corpus is tax-free, while the remaining two-thirds has to be invested in an annuity, if you do not want to pay tax on it. Similarly, if you are investing in National Pension System (NPS), you will have to buy annuity of up to 40% of your corpus. Annuity is supposed to secure your future with guaranteed returns for life, but 3%-7% interest per annum, which is taxable, just does not make it attractive, as our Cover Story points out. Also, regulation forces you to buy annuity from the same insurer who sold you the pension product. The insurer is able to lock you up for lifetime even if annuity rates are lower than the competitors’. In a companion piece, R Balakrishnan discusses the alternatives to annuities and, points out what would be a ‘tolerable’ option if you do have to choose an annuity. 
 
After 12 years, the Supreme Court has ruled that Ramesh Gelli, the promoter of the infamous Global Trust Bank, the Bank’s executive director, Sridhar Subashri, and others, were public servants under the Prevention of Corruption Act (PCA) and are liable to be tried under its stringent provisions. The case pertains to what is known as the Ketan Parekh scam. But will the government actually use PCA for cases like Kingfisher, Bhushan Steels, Winsome Diamonds, etc, asks Sucheta, in her Crosshairs column. In her Different Strokes column, Sucheta narrates how far removed the prime concerns of Securities and Exchange Board of India are from the interests of investors who continue to be wary of the stock market.
 
Moneylife Smart Savers will conduct its fourth Investor Club workshop on 16th April. Do not miss this first-ever opportunity to hear Dr Vijay Malik, a popular writer on stocks. He will explain how to assess the management of a company by using data that is freely available. To register, visit goo.gl/FIzOuU
 

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