Last year, SEBI in a show-cause notice alleged that PSTL inflated its revenues and profits by fictitious entries in its accounts and had barred its managing director PS Saminathan from trading in stock market for 10 years
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) on Monday barred the chairman and a whole-time director of Pyramid Saimira Theatre (PSTL) from trading in securities or from holding similar positions in any listed company for up to three years for allegedly inflating revenues and profits, reports PTI.
The two individuals are N Narayanan, who was whole-time director and V Natarajan, who was the chairman and whole-time director of PSTL, a SEBI order said.
"(SEBI) restrains N Narayanan and V Natarajan for a period of two years and three years respectively from the date of this order, from buying, selling or dealing in securities in any manner whatsoever or accessing the securities market, directly or indirectly and from being a director of any listed company," the market regulator said.
Last year, SEBI in a show-cause notice alleged that PSTL inflated its revenues and profits by fictitious entries in its accounts and had barred its managing director PS Saminathan from trading in stock market for 10 years.
It disclosed the same in the quarterly and annual accounts for the financial year 2007-08 and thereby misled the public in their investment decisions.
"It is also alleged that PSTL made false disclosures to stock exchanges on 30th January 2009 that it had entered into agreement with 802 theatres as on 30 June 2008," it added.
Drawing attention to the fact that whether whole-time directors can be held responsible for violations committed by the company, SEBI said, "A company does not have a mind of its own. ...the directors, particularly whole-time directors, are responsible for all acts of omission and commission by the company."
"The directors failed to exercise the duty of care by either actively allowing the management to fabricate accounts and make false disclosures or not setting up systems to generate accurate accounts and make correct disclosures.
"The former is more likely as the notices overlooked numerous red flags in the trend in revenues, profits, receivables, advances, etc. which could not escape the attention of a prudent person," the order said.
It could not be immediately confirmed whether these two notices are still on the board of the PSTL.
SEBI said the notices failed to ask the right question at the right time, thus failing in their duty of care as a director.
Last month, SEBI barred three independent directors and members of audit committee-K S Kasiraman, K Natarahjan and G Ramakrishnan-from holding a similar position in any listed company for two years for giving false and misleading statements.
Social activist Anna Hazare said people being the masters need to monitor Parliament's decisions in a functioning democracy. This was true as Parliament has failed to pass a Lokpal Bill for the past 42 years, he added
New Delhi: Backtracking on his Sunday's statement, Anna Hazare on Monday stuck to his 15th August deadline for passage of the Lokpal Bill failing which he will resort to agitation, reports PTI.
"The joint drafting committee has a mandate to produce a strong Jan Lokpal Bill (JLB) which will be sent to Parliament. We hope that all political parties will vote as per the wishes of the people, which is overwhelmingly in favour of a strong Bill.
"Parties that vote against the Bill will be eventually hurting their popularity and exposing their mala fide intentions. In such an event, we will again take to streets," Mr Hazare said in a statement here.
At an interaction with Marathi journalists here on Sunday, Mr Hazare appeared to be flexible on the 15th August deadline saying he was open to extending it if he found that the government was on the right path.
"We will have to accept it. We believe in democracy," he has said in reply to a question on what would be his stand if Parliament rejected the Lokpal Bill drafted jointly by the government and representatives of the civil society.
Reacting to media reports, Mr Hazare said on Monday that the deadline for preparation of the draft bill remains 30th June, immediately after which it should be presented in the Monsoon Session of Parliament.
"Even the government has admitted that it is realistic for Parliament to deliberate and take a decision on the JLB by the 15th August deadline set by me. Thus failure of this deadline will invite mass protests by the people," he said.
He said people being the masters need to monitor Parliament's decisions in a functioning democracy. This was true as Parliament has failed to pass a Lokpal Bill for the past 42 years.
In addition, a significant number of elected representatives have used money, muscle power, election fraud, and misinformation in the media to win seats, undermining the sanctity and credibility of the parliamentary system, he said adding the citizens will have to ensure that a strong Lokpal Bill is passed.
He also said that confusion was being created in the media through government sources that the civil society has climbed down in the first Joint Drafting Committee meeting held on Saturday.
"It was rumoured that we agreed to the exclusion of the Prime Minister, cabinet ministers and judiciary from the Lokpal's purview. Civil society members have certainly not agreed to any of the above. JLB version 2.2 was presented to the government of India at the first meeting," he said.
The ad, starring Amitabh and Jaya Bachchan, fits them to the T. But it is too clinical, too logical, too sensible, too cold and too dry. Diamonds are all about seduction, mystery, enchantment … the moment you remove the aura and the mystique, the game is over
So, Tanishq is the latest brand to join the Indian advertising celebrity bandwagon. And they have hired the services of both, husband and wife, Amitabh and Jaya Bachchan, as brand ambassadors. Mr Bachchan has been tweeting about his wife's 'return to acting' long before the ad was released, so one was eagerly awaiting the Tanishq ad.
In the commercial, Mr Bachchan is seen gifting a diamond necklace to wifey. To surprise her on her birthday. The missus, instead of being grateful, is mighty unimpressed. And gives mister a piece of her mind, saying the ol' man has no idea of how to judge a diamond necklace, and therefore had no business buying one. And that he ought to have sought her permission before 'surprising' her.
The defeated Mr Bachchan then decides to visit the Tanishq showroom. Where the salesman not only sells a diamond necklace to the star, he also gives the latter a long lecture on the art and science of diamonds. The hubby, now confident and educated, goes back home, gifts the lady the necklace, and acts like an expert on precious stones. But Mrs Bachchan now demands bangles.
This commercial has got it right on one level, and totally wrong on the other. The story befits the two actors completely, it fits them to the T, and therefore one can safely say on this very rare occasion, celebs have been cast correctly in an advert. The public image of Jaya Bachchan is one of a headstrong woman, the person who wears the trousers in Pratiksha, the boss who calls the shots in the family, and is generally difficult to please. And Amitabh is perceived to be the henpecked hubby, the scared yes-man. In that context, the story is very credible-you can well imagine this sort of an incident happening inside the Bachchan household.
Where Tanishq loses the plot totally is in the story and the execution. It's too clinical, too logical, too sensible, too cold and too dry. It's as if Bachchan is off to purchase a washing machine or a vacuum cleaner for the house. Diamonds are all about seduction, mystery, enchantment, surrealism, romance… the moment you remove the aura and the mystique, the game is over. Diamonds no longer become desirable, they lose their appeal, however pretty and genuine the ornament might be. In short, the ad would have worked nicely for a consumer durable. Doesn't work for jewellery.
Don't believe me? Ask a woman!