Sahara group's proposal to pay the entire amount to SEBI in cash instalments of Rs2,500 crore each every three months was rejected by the Supreme Court
The Supreme Court, while rejecting Sahara group's proposal, on Friday said the Subrata Roy-led group's appeal to pay entire amount it owe to its investors in instalments is not acceptable.
Sahara group told the apex court that it will deposit Rs2,500 crore in cash within next three days and the rest of the amount in instalments after every three months.
"You should bring a proposal which is acceptable and honourable. This is a dishonourable proposal," the Bench headed by Justice KS Radhakrishnan said.
The apex court said it will hear Sahara's plea for police custody of Roy and others on Tuesday.
The apex court, however, allowed Sahara's financial consultants and lawyers to meet Roy in jail for two hours between 10am and 12pm every day.
The group had pleaded with the Supreme Court that Roy and the other two directors be released from custody to raise the amount.
Market regulator Securities and Exchange Board of India (SEBI) has opposed Sahara’s proposal, saying the group intends to pay Rs17,000 crore but the total due amount is Rs37,000 crore.
The apex court had directed Sahara group to submit its proposal to SEBI and asked the market regulator to respond when the matter came up for hearing on Friday.
The feeling and joy of motherhood and holding the most precious gift of life in your hands, can never be expressed in words, says Dr Rita Bakshi of International Fertility Centre
Dr Bakshi did her MBBS from Lady Harding Medical College at New Delhi in 1983, and her MD from Safdarjung Hospital in 1990. She also has a Diploma in Gynecology and Obstetrics and is trained in ART and in vitro fertilisation (IVF) from the Institute of Reproductive Medicine, Kolkata. She has a Diploma in ART from KKIVF Hospital, Singapore, and a Diploma in Endoscopy from Kiel, Germany.
She is also vice president of the Indian Association of Occupational Health dealing with industrial workers and industrial hazard exposure for the last five years and Vice President of Medical Fitness Society, India since past two years. She is an active advocate against cervical cancer and has addressed numerous seminars across the country on fertility issues. The IFC now has 25 employees, but Dr Bakshi does not want to comment on the financials.
Below is the excerpt of her interview to Hitisha Jain of Moneylife:-
Hitisha Jain (ML): Tell us about the International Fertility Centre and what prompted you to start it?
Dr Rita Bakshi (RB): The International Fertility Centre is a super specialised centre with state-of-the-art IVF lab, operating theatre equipment, highly skilled medical personnel and provides treatments related to women's health, especially infertility and endoscopy.
Every parent, who desires a child, is special for me. Their positive experience is my main and only aim. IFC is passionately dedicated to the vision of creating life and giving equal opportunity to all family types, regardless of marital status or sexual orientation. Our mission is very simple; we want to build families of choice for communities around the globe by providing affordable treatments. Each day, I feel joyous in knowing that we are helping people to realise their dream of parenthood.
ML: What motivated you to set IFC?
RB: I was practising in this field of gynecology and obstetrics for the last 25 years. I have seen the pain and suffering of childless parents due to infertility. I then decided to help them by devoting all my energies to solve their problems. Infertility has always been a subject close to my heart and I have always felt an immense joy in providing a child to couples, who have been trying for years. To feel the joy of motherhood and hold the most precious gift of life in your hands, that feeling can never be expressed in words. I have seen that bliss on the faces of parents and I would do anything to give that same happiness to all the parents. The fact that I am transforming lives by giving children to infertile couples motivates me immensely.
ML: Did you face any hurdles while setting up your business? How did you overcome them?
RB: I believe every business is a roller coaster ride. There will be ups and downs. As an entrepreneur you should be ready to face all challenges. I believe that each hurdle and obstacle is a learning experience and you should take each one of them in your stride. The key to deal with all the glitches is to be confident in your own ability and skills. I always have faith in God and that helps me to overcome all obstacles. I also believe that you should have a great support system in friends and colleagues whom you can trust and confide in. I have good discussions with people, who matter in this field and that helps me overcome obstacles. Every morning when I wake up, I have faces of my patients in front of my eyes and the desire to help them puts an infinite energy in my step. My dreams and my goals motivate me to achieve and become successful in life. They motivate me to be the best person I can be.
ML: What is IFC’s goal? What is the main source of finance for your organisation?
RB: To achieve a success rate of 100% and not leave a single parent childless is my goal. I believe in doing quality work and in helping childless couples across the world. I want to solve the problem of infertility for all couples or all single parents. We are self-funded. Whatever we earn, we put it back in our business to grow ourselves. We have four centres across India and Nepal. In India, we have centers at Delhi and Srinagar and two in Kathmandu.
ML: Why is it important to encourage entrepreneurship in India, especially among women?
RB: Women have been suppressed and subjugated for a very long time. Economic independence brings great confidence and uplifts the entire women community. I formally believe and have great confidence in women doing multi-tasking and having entrepreneurial abilities.
ML: What were the biggest challenges you faced as a woman entrepreneur?
RB: Balancing my time between family and profession and sometimes not being available in critical family affairs. Sometimes, being taken for granted as a pretty face, with no substance has also been a challenge in a man’s world, and to deal with male egos has also not been easy.
ML: Do you feel the need for networking to grow your business? What works for you?
RB: There are various organisations such Confederation of Indian Industry (CII), FICCI Ladies Organisation- Federation of Indian Chambers of Commerce and Industry (FICCI), Assocham etc. I strongly believe that if you do great and quality work, you will get connected to good people in due time. Besides that, holding my own Conference i.e. International Conference on Reproduction, Fertility and Surrogacy and inviting National & International faculty has been of immense help.
ML: What would you say are the business tools that have helped your centre? What are your growth plans?
RB: Good communication skills, having a smiling personality, razor sharp intellect and loads of hard work. Always updating and acquiring new skills in this field have always been a priority for me. Being active on social media sites like Facebook, LinkedIn, Twitter are also a big help. I really want to expand my business by opening up infertility centers in all the cities, so that I can serve lots of childless couples.
ML: Any tips for our women readers?
RB: Ask yourself what I can do best without too much of money. You should focus on career building and setting aggressive career goals, learning from others. Always ask for help, advice, and suggestion. Don’t get bogged down, put loads of hard work, perseverance, enthusiasm and constant focus on work.
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The ADA group company hits its 52-week high on the BSE at Rs57.50 on Thursday. Two of its promoter group entities are buying additional 26.7% stake and offered to delist the RMW
Reliance Land Pvt Ltd and Reliance Capital, the two promoter group entities of Reliance MediaWorks Ltd (RMW) have offered to buy additional 26.7% stake and then delist the entertainment company from BSE and National Stock Exchange (NSE). On Thursday, the Anil Dhirubhai Ambani (ADA) group company recorded its 52-week high at Rs57.50 on the BSE.
In a regulatory filing, both Reliance Land and Reliance Capital, which together hold 73.3% stake in RMW said, it would buy additional 26.7% shares in the company.
“The company will seek to voluntarily delist the equity shares from BSE and NSE in accordance with the delisting regulations consequent to the delisting offer. As the combined shareholding of the promoter group of the company, including that of the acquirers, reaching a minimum of 90% of the equity capital and fulfilment of other conditions stipulated under the delisting regulations,” the regulatory filing said.
Dispatch of bid forms to public shareholders will start on 8th March, and bids will be open from 20th to 26th March and the promoter group entities would make further public announcement of discovered price or exit price on 9 April 2014.
The board of directors or RMW on 20 January 2014, approved the proposal to initiate the delisting offer. The same day, RMW shares surged 20% at Rs55.65 to hit its upper circuit limit on the BSE. A special resolution has been passed by the shareholders of the company through postal ballot. On 28 February 2014, Reliance Media declared results of the resolution passed by shareholders through postal ballot and said in its regulatory filing that, voluntary delisting of the company approved by 99.11% votes cast by non-promoter group shareholders.
RMW shares closed Friday marginally up at Rs56.55 on the BSE while the 30-share Sensex ended 1.9% higher at 21,919.