Regulations
SEBI asks Golden Life Agro India to refund money collected from investors

Golden Life Agro and its promoter-directors have also been restrained and prohibited from buying, selling or otherwise dealing in the securities market for four years

 

Market regulator Securities and Exchange Board of India (SEBI) has asked Golden Life Agro India Ltd and its directors and promoters to refund money collected from investors with 15% interest per annum. SEBI also barred the company and its promoter-directors from markets for four years. 
 
The Debenture Trustees,  Jyotsna Sadhukhan and  Jharna Sarkar shall not offer themselves to be engaged as debenture trustees or in any capacity as an intermediary in the securities market. Further, these individuals are restrained from accessing the securities market and are further restrained from buying, selling or dealing in securities, in any manner whatsoever, for a period of four years, SEBI said. 
 
The company was engaged in fund mobilising activity through issuance of Non-Convertible Redeemable Secured Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act and provisions of SEBI Regulations.
 

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Mirach Capital is Sahara's white knight, to pump in $2 billion
According to reports, Mirach Capital, funded largely by a wealthy Indian family, has decided to lend about $2 billion to Sahara group
 
Miami-based Mirach Capital, an investors group funded largely by a wealthy Indian family has decided to lend about $2 billion to Sahara group, say reports. 
 
"Mirach Cap has decided to take over Sahara's $882 million loan from Bank of China and extend $650 million to the Subrata Roy-led group," say a report from Moneycontrol.
 
Saransh Sharma, chief executive of Mirach Capital also told CNBC-TV18 that "the debt fund’s exposure is not so much to Sahara as to three hotels, which are the 'Monalisas' of the industry." He said Sahara’s assets have been neglected due to stress and litigation, adding he sees great opportunity and expects a turnaround in the company.
 
Out of the total $2 billion funding, the rest would go to the bail of Sahara group chief, who is in jail since March 2014.
 
Mirach Cap has already made it clear that their end goal is to own The Plaza, as well as two other hotels that Sahara currently owns. It includes Grosvenor House in London and one premium property in New York that would be taken over by Mirach Cap in the case of default. 
 
Earlier in December, Sahara sold a big land parcel at the outskirts of the national capital for Rs1,211 crore to Gurgaon-based developer M3M India Ltd.
 
Sahara was allowed by the Supreme Court, to sell four properties in order to raise about Rs2,710 crore out of the total of Rs10,000 crore needed to  secure the release of its chief, Subrata Roy.
 
Roy, who was sent to jail on 4 March 2014 in a case involving alleged non-refund of over Rs20,000 crore with interest to depositors, was asked by the court to pay Rs10,000 crore to get bail, out of which Rs5,000 crore should be paid in cash and rest of the amount in bank guarantee.

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CBDT asks I-T dept to finish probe in 'HSBC list' by March

CBDT has asked the I-T department to specifically focus on cases getting "time barred by 31st March" so that legal requests could be sent abroad to US, UK, Switzerland and Gulf countries

 

The Central Board of Direct Taxes (CBDT) has asked officials from the Income Tax (I-T) department to quickly gather all foreign-based evidences in 'HSBC list' cases and render final action by March-end. This will put investigations against black money holders in Swiss bank accounts, known as the HSBC list, on a fast track. 
 
The latest development relates to the disclosure of names by the Special Investigation Team (SIT) on black money in the HSBC's bank branch in Geneva, provided by the French government to India few years back, in which names of 628 Indians had figured with a total amount of Rs4,479 crore being held in them.
 
"All I-T investigation units have been asked to process foreign requests for exchange of information on these cases by 15th February. These cases are getting time-barred with the end of the current financial year on 31st March. The CBDT has issued latest directives to speed up probe in these cases and quickly send them across to foreign shores," sources privy to the development said.
 
They said the CBDT, the apex policy making body of the I-T department, decided to fasten these cases as the probe against these black money holders will not hold legal value after 31 March 2015 as that it is the upper limit stipulated under law to prosecute and initiate legal action in these cases which pertain to 2007-08 fiscal.
 
Sources said the exclusive Exchange of Information (EOI) unit under the foreign tax wing of the CBDT has asked the I-T department to specifically focus on cases getting "time barred by 31st March" so that legal requests could be sent abroad to countries like the US, UK, Switzerland and Gulf.
 
Finance Minister Arun Jaitley had earlier said that proceedings in these cases will be completed by March 31, 2015.
 
The SIT headed by retired Supreme Court judge MB Shah along with Justice (retd) Arijit Pasayat had also stated in their last report submitted to the apex court in December last that these cases will be brought to their logical and legal conclusion by the said deadline.
 

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