Peers Allied and its nine directors mobilised Rs14.21 crore from about 4,500 investors as on 31 March 2012, under the pretext of real estate investment schemes
Market regulator Securities and Exchange Board of India (SEIB) has barred Peers Allied Corporation and its directors from raising any funds from investors under the pretext of real estate investment scheme.
A preliminary probe by the SEBI found that Peers Allied was running a 'collective investment scheme' (CIS) without requisite approvals and registration with the market regulator.
SEBI said the scheme offered by Peers Allied in the name of purchase and development of plot of land "is nothing but a smokescreen for its fund mobilising activity". Peers Allied had mobilised Rs14.21 crore from about 4,500 investors as on 31 March 2012, under its schemes.
Noting that steps had to be taken to ensure that no investors is defrauded through fraudulent schemes, SEBI in an order directed Peers Allied and its nine directors, Durga Prasad Dubey, Anup Aggarwal, Ashish Kumar Tripathi , Indu Dubey, Manju Upadhyay, Alok Tripathi, Sadhu Sharan , Sandeep Kumar Mishra and Ajay Kumar Pandey, "not to collect any money from investors from its existing scheme or to launch any new schemes".
The regulator noted that Peers Allied had offered schemes for the purchase and development/ maintenance of land for growing agricultural produce through its brochures circulated in public.
Close above any day’s high may reverse the current mild downtrend
The weakness persisted on the Indian markets, as we had suggested in the Friday's market report, pulling the benchmarks to hit a five-day low (including today) and closing in the negative for the second consecutive session. We expect the market to move sideways to mildly down.
The BSE 30-share Sensex opened at 22,718 and immediately hit the day’s high at 22,721 while the NSE 50-share Nifty opened at 6,779 and hit the high at 6,786. Sensex slipped lower to hit the low of 22,597 and closing at 22,632 (down 56 points or 0.25%) while Nifty hit a low of 6,750 and closed at 6,761 (down 21 points or 0.32%). The NSE recorded a lower volume of 77.67 crore shares.
The top five gainers among the other indices on the NSE are Pharma (1.66%), Nifty Midcap 50 (1.47%), P S U Bank (1.33%), Midcap (0.72%) and Realty (0.66%). The top five losers were C P S E (0.91%), Auto (0.90%), Infra (0.75%), Metal (0.65%) and Consumption (0.57%).
Of the 50 stocks on the Nifty, 18 ended in the green. The top five gainers were Cipla (3.40%), Sun Pharma (2.39%), Wipro (2.17%), Dr Reddy (1.93%) and Kotak Bank (1.84%). The top five losers were Ambuja Cements (4.26%), Asian Paints (2.90%), Bhel (2.46%), Gail (2.12%) and H C L Technologies (2.00%).
Of the 1,544 companies on the NSE 740 closed in the green, 736 closed in the red while 68 closed flat.
Wipro was in the news as the company is planning a wide-ranging restructuring to help employees shore up expertise in state-of-the art skills, a move that underscores the need to adapt to the fast-changing role of information technology in enterprises. The restructuring and training will involve enhancing or acquiring proficiency in emerging technology areas such as data analytics and cloud computing. Wipro was among the top three gainers in Sensex 30 stocks.
UPL, formerly known as United Phosphorus, came out with a positive March quarter result which pulled it top of ‘A’ group on the BSE. The company has posted a net profit of Rs33.93 crore for the quarter ended 31 March 2014 as compared to net loss of Rs48.42 crore for the quarter ended March 2013. Total Income has increased from Rs919.97 crore for the quarter ended 31 March 2013 to Rs1,194.35 crore for the quarter ended March 2014.
In spite of registering growth in its March quarter result, Ambuja Cements came among the top two losers in ‘A’ group on the BSE.
US indices closed Friday in the negative. Except for Taiwan Weighted (0.41%) all the other Asian indices closed in the negative. Taiwan Weighted (1.62%) was the top loser.
Profits earned by China's industrial companies rose 10.7% in March to 513.2 billion yuan ($159.9 million) from a year earlier, faster than the 9.4% pace in the January-February period, the government said on Sunday.
European indices were trading in the green. US Futures too were trading higher.
Mukesh Ambani-led RIL has served legal notice to Moneylife for allegedly lowering the prestige of Reliance Industries among the conglomerate's friends and well-wishers
Mukesh Ambani-led Reliance Industries Ltd (RIL) has served a legal notice on Debashis Basu, editor and publisher of Moneylife, Moneywise Media Pvt Ltd and Sucheta Dalal, managing editor of Moneylife, for publishing articles "Congress gift to Reliance: RIL sole beneficiary of anti-dumping duty on PTA" () and "Ambani ki dukaan?"
The notice, sent by legal services firm Khaitan & Co also accuse Moneylife of "lowering the prestige of RIL among the conglomerate's friends and well-wishers".
The notice, while referring Ms Dalal, the managing editor of Moneylife as 'reporter', accuses her of "validating highly objectionable parts from the book "Gas Wars - Crony Capitalism and the Ambanis" in her article 'Ambani ki dukaan?'. Interestingly, the notice referes to the book as 'Pamphlet' at all places, including notices sent to the writers and publishers of the book.
"...you have entered into a deliberate attempt to slander our client's name and reputation by publicizing a highly-objectionable Pamphlet titled "Gas Wars - Crony Capitalism and the Ambani's dukan" by one Paranjoy Guha Thakurta alongwith Subir Ghosh and Jyotirmoy Chaudhuri written, published and distributed with the explicit purpose of making slanderous and baseless allegations against our client (Pamphlet) by validating its highly-objectionable parts in your piece 'Ambani ki dukaan?' on 14 April 2014 at 4.01pm and repeated the injury to our client in the 1 May 2014 edition of Moneylife on pages 16 and 17. In this article you have mixed the wholly unrelated issue of PTA described in para 1-15 of this legal notice with the machinations and the slander inherent in the said Pamphlet. Our clients reserve the right to include for colluding with the said authors of the Pamphlet for the same as the distributor of their canards," the notice from Khaitan & Co says.
Last week, the same lawyer firm issued notices to the authors and distributors of the book "Gas Wars - Crony Capitalism and the Ambanis". The notices also accuse e-distributors of the book, Authors Upfront and Feel Books Pvt Ltd as well as Flipkart and Amazon of being party to a "common conspiracy" to "ensure the defamation of our clients for personal gains". Also included among those served notice is Deepshikha Shankar, event manager for the Foundation of Media Professionals, who had in her personal capacity forwarded the e-invite for the book release function to several people, says a report from Times of India.
Over the past two years, Reliance has been the target of attacks by Aam Aadmi Party (AAP) leaders Arvind Kejriwal and Prashant Bhushan, but they have never been served any legal notice.
In fact, TV news channels, owned by the RIL group itself broadcast the press conferences of Kejriwal and Bhushan LIVE several times, in which the latter have made serious allegations about Reliance. “I find it quite perplexing. If you felt that you have been defamed by what Prashant Bhushan and I said, then we are the real culprits and, if you had to send a defamation notice, it should have been to us. The TV channels merely broadcast what we said,” Kejriwal was quoted as saying in a English translation of the letter posted on the AAP website. Its not clear whether large media groups like TV18, in which RIL has substantial interest, have also received any such notice, since their TV channels had also carried the press conferences of Kejriwal.
Earlier in February this year, Kejriwal, while speaking at a rally, repeatedly cited two bank account numbers claiming that they belonged to Ambani brothers, Mukesh and Anil. This was done as part of challenging Bharatiya Janata Party (BJP)'s prime ministerial candidate Narendra Modi to get black money back from Swiss banks.
However, all the Mukesh Ambani-led conglomerate did was issue a press release refuting the allegations made by Kejriwal, blaming it on mythical ‘vested interests’. "It is being reiterated that neither Reliance Industries nor Mr Mukesh Ambani have or had any illegitimate accounts anywhere in the world. The continued tirade of baseless allegations being made by AAP against us appears to be instigated by vested interests," the company had said. (Reliance refutes Kejriwal's allegations terming it as 'baseless')
Seperately, EAS Sarma, former secretary of the Government of India (GoI), had demanded an independent investigation into the whole gamut of showering one largesse after another on RIL that would unravel the hidden links in this web of improprieties. (Set up SIT to investigate showering of one largesse after another on RIL, says Sarma )
The former secretary had written several letters to the PM and petroleum ministry on the improprieties committed by the United Progressive Alliance (UPA) government in dealing with RIL’s gas project in Krishna Godavari (KG) Basin in Andhra Pradesh.
Last week, Gopalkrishna Gandhi, former governor of West Bengal, called Reliance Industries as 'parallel state', which exercised power brazenly over natural and financial resources, says a report from Times of India. Quoting Mr Gandhi, the report says, "We used to talk of black money as a parallel economy and so it continues to be. But Reliance is a parallel State. I do not know of any country where one single firm exercises such power so brazenly, over the natural resources, financial resources, professional resources and, ultimately, over human resources as the company of the Ambanis". The former governor was speaking at the 15th DP Kohli Memorial Lecture that had over 3,000 officials from the Central Bureau of Investigation (CBI) in the audience.
From what we know, none of these parties have been served legal notice by Reliance Industries.