SEBI found that Adel Landmark was collecting money from investors through various schemes withtout obtaining registration certificate from SEBI
Market regulator Securities and Exchange Board of India (SEBI) directed Adel Landmarks Ltd (formerly known as Era Landmarks Ltd) and its directors to shut down its collective investment scheme (CIS). SEBI also directed the company not to collect, any money from investors under its existing CIS schemes, lauch new schemes and divert funds collected from investors.
SEBI found that Adel Landmarks was engaged in fund mobilising activity from the public, by floating ‘collective investment schemes’ without obtaining certificate of registration from SEBI.
SEBI received several complaints about Adel Landmarks regarding the scheme launched by the company for pre-booking of plots in 'Cosmocity', Gurgaon. SEBI found that Adel Landmarks had mobilized crores of rupees from investors and failed to refund the same within the stipulated time.
SEBI said, “It appers that activity of fund mobilization by Adel Landmark under the 'scheme' with a resultant promise of returns when considered in light of peculiar characteristics and features of such scheme, satisfies all
four conditions specified in Section 11AA (2) of the SEBI Act.
Hence as per SEBI Act, 1992 and CIS Regulation, SEBI has directed Adel Landmark and its directors; Sumit Bharana, Arvind Kumar Birla, Manisha Bharana, Rakesh Kumar Gupta, Rashmi Bharana and its former directors;
• Not to collect any fresh money from investors under its existing scheme;
• Not to launch any new schemes or plans;
• To immediately submit the full inventory of the assets owned by company;
• Not to dispose of any of the properties or the assets of the existing scheme;
• Not to divert any funds raised from public at large;
• To furnish all the information sought by SEBI within 15 days from the date.
With excise duty cuts providing some succour, auto sales in May rose 13.2% to 16.98 lakh units, says SIAM
Domestic passenger car sales grew 3.08% to 1.49 lakh units in May compared with 1.44 lakh units in same month last year.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), except for passenger carriers in medium and heavy commercial vehicles (M&HCVs) and good carriers in light commercial vehicles (LCVs) categories, all other segments witnessed growth during May 2014.
"With excise duty cuts providing some succour to auto industry, there are early signs of improvement in HCV sales. Even passenger vehicle sales are up for the first time in more than 15 months," SIAM said in a statement.
According to the industry body, total sale of vehicles across categories registered a growth of 13.22% to 16.98 lakh units in May compared with 15 lakh units in May 2013.
Two-wheeler registered 16.3% higher sales to 14.03 lakh units from 12.06 lakh units same period previous year. Scooter sale continued to lead the industry in May with a jump of 34.5% in sales to 3.58 lakh units from 2.66 units, while motorcycle sales grew 11.71% to 9.84 lakh units from 8.81 lakh units, same month last year.
Total sales of commercial vehicles were down 15.28% to 46,986 units from 55,458 units in May 2013, SIAM said.
Here are the details on vehicle production, sales and export in May...
As the situation stands today, 60% to 70% of India may experience below normal monsoon. The government agencies, for the time being, need to prepare themselves to come to the rescue of farmers, should the monsoon fail
According to the Indian Meterological Department (IMD), the Monsoon did arrive almost on time, with Kerala and Tamil Nadu in the South and some parts of North East India experiencing rainfall of varying intensities. However, due to the risk of El Nino weather conditions, meaning scanty rainfall, agriculturists are depressed. But in some places, in Karnataka, for instance, some monsoon rains have already caused damage to standing sugar cane.
As the situation stands today, 60% to 70% of India may experience below normal Monsoons. Only the weather Gods can change the situation as it develops.
It may be remembered that two-thirds of Indian population live in rural areas and below target production of food grains, due to inadequate rains, is likely to upset the national plan to provide food security to 67% of the population. As it is, the Food Security Act guarantees the supply
of 5kgs of cereals per person, per month, at a cost which is well below the actual cost of cultivation. The cost of procurement, transportation, storing, and distribution alone is estimated to cost over Rs20 for a kg of rice or wheat. As against this, under the FSA these will be made available at
Rs3/2 per kg, respectively.
After all, why should the farmer toil the whole day in bad climatic conditions and produce the food grains, supply to procurement agency and then buy it back from the Public Distribution System (PDS) at a throw-away-price? If they can get it so cheap, why should he till the land? Let the "other guy" do the job!
FSA is not a practical solution to India's problems of food supply. In fact, in the long run, it would make every farmer lazy. Besides, the tragedy is that majority of the farmers are classified as "subsistence farmers" because they produce only enough to meet their own needs. They have no incentives to produce more, and being uneducated, they do not realise that such an attitude by one and all would lead to a catastrophic situation. This may affect India adversely and food imports may become a necessary evil. We must remember that anything given "free" loses its charm and importance!
Radha Mohan Singh, as Minister for Agriculture, has a very important role to play and take stock of the situation relating to procurement of essential food grains by the Food Corporation of India and other authorized Government/State Agencies.
In the case of a number of food grains, like wheat, rice, maize, and other agricultural products, India has already made a name and established overseas markets. There are also delays in marketing activities for exports.
It may be a good idea to get to the root of the problem by revisiting how the Food Corporation of India functions. As it stands now, paddy procured at MSP is passed on to millers, who store it, and then make available "rice" when needed by FCI, according to a well known grain expert Tejinder Narang. In one sense, the Government, knowingly or unknowingly, finances the entire operation! This brings into question the entire supply and procurement chain for 'milled rice'.
It has been reported in the press, that in some parts of Karnataka, farmers have piles of paddy, covered with plastic sheets as millers and others were not "buying" them. The farmer spends around Rs25,000 per acre, and with adequate rains (or water supply by other means) is able to produce 3,000kgs of paddy, the price of which has fallen from Rs1,300 in January to Rs900 in May. In case of leased land, the farmer is forced to give away 20 bags to the landowner. A well to do farmer can rent a storage accommodation at Rs2 per bag per month and then sell when the market is in his favour. Such difficulties can be overcome if both, government storage and milling facilities, are made available at centres of production. Radha Mohan Singh may investigate this matter further.
FCI and other godowns are in shambles and do not have proper facilities to store the food grains, most of which is stored outside under tarpaulin, plastic sheets and so on. Lot of damage occurs as a result, and we appear to be feeding trillions of rodents from these godowns.
Agricultural Minister Singh would probably consider a committee that would coordinate with the ministry for irrigation, fertiliser supply, railways and corporate bodies, so that a national policy for procurement and conservation of food grains in an acceptable manner is established. He may go further in asking State governments to make available land for building warehousing facilities, attached to which may be milling factories, so that paddy procured is immediately converted into rice. Better still, would be for the state government of paddy producing states to set up milling centres where this processing is done routinely, instead of the current procedure; in which, as Tejinder Narang rightly points out, government finances the whole process and the intermediaries make the buck!
The buck must stop here. And government agencies for the time being, should prepare themselves to come to the rescue of farmers, should the monsoon fail and we have El Nino effect in some parts of the country.
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)