SEBI rejects five consent pleas filed for settlement of charges

SEBI rejected consent pleas of G Ramakrishnan, the former independent director of Pyramid Saimira Theatre, Khandwala Securities, IQMS Software, Genesis Developers & Holdings and one Kailash S Choudhari, that were seeking settlement of charges

Market regulator Securities and Exchange Board of India (SEBI) has rejected filve consent applications, including that of G Ramakrishnan, the former independent director of Pyramid Saimira Theatre. All the applicants were seeking settlement of proceedings regarding alleged violations of SEBI norms.


Ramakrishnan has been charged with violation of SEBI’s ‘Prohibition of Fraudulent and Unfair Trade Practices’ regulations.


With this, the total number of rejected applications for settlement by the SEBI has touched 228, ever since the revised rules for consent framework came into effect on 25 May 2012.


In its latest update, for 22nd October to 25 November 2013, SEBI has also rejected consent pleas of Khandwala Securities, IQMS Software, Genesis Developers & Holdings and one Kailash S Choudhari.


While Khandwala Securities is charged with fraudulent trading activities and violation of stock broker norms in matter of Shree Rama Multi Tec, IQMS Software has been accused of violating SEBI’s guidelines on ‘Disclosure and Investor Protection’


Besides, Genesis Developers & Holdings and Kailash S Choudhari are facing proceedings for violations of takeover norms.


The market regulator said that the five applications have been rejected “as they are not found to be in consonance” with it norms on consent mechanism which were issued in May, 2012. “The pending proceedings in these cases will continue in accordance with law,” it added.


In May last year, SEBI had tightened its regulations for settlement through consent framework, while the regulator has been making public the names of the rejected applications since January this year.


Under SEBI’s consent mechanism, firms and individuals can seek to settle the cases with the market regulator after the payment of certain charges, without admission or denial of any wrongdoings.


Western Railway collected Rs30.87 crore as fine in 2011-12, reveals RTI

An RTI reply in response to an application filed by Samir Zaveri, reveals that despite having unimpressive checking system, Western Railway collected fine of Rs30.87 crore from commuters found travelling without valid ticket

Railway activist Samir Zaveri’s application under the Right to Information (RTI) Act, revealed that during the year 2011-12, Western Railway has earned total revenues of Rs1,824.99 crore and fines of Rs30.87 crore from commuters who were found travelling without valid tickets.  Even after slow process of ticket checking, where thousands of people travel without ticket everyday, Western Railway managed to collect fine of Rs30.87 crore from ticket checking activities in the year 2011- 12.

Railway activist Samir Zaveri filed an RTI application on 22 March 2013, to get information about annual income, expenses, profit and loss pertains to ‘Western Railway Mumbai Suburban Train Network’.

Western Railway gross income stood at Rs1,824.99 crore. Western Railway earned total of Rs1,664.54 from travel fare from which, it earned Rs587.55 crore through suburban fare and Rs1,077.03 crore through non-suburban fare. Western Railway’s other earnings stood at Rs112 crore and earnings from goods stood at Rs48.41 crore. 

Western Railway earned huge income from the other incomes sources like advertisement in trains, hoarding on station, fine collection, rental income of stalls and ATMs on railway premises. Western Railway sells space for advertisements inside as well as out side trains and on the stations, it earned Rs1.77 crore from train advertisements and Rs22.26 crore from hoardings in 2011-12.  

Western Railway in 2011- 12 has collected Rs4.45 crore from rentals of suburban section ATMs situated in railway premises, Rs3.87 crore as license fees from catering units and also collected fine of Rs1,61,000 from catering units. However from book stall Western Railway collected only Rs57,023 as Rs4 crore worth of collection is pending and overdue.

Western Railway’s 2011-12 expenditure on salaries & wages stood at Rs916.77 crore, non salary & wages expenditure stood at Rs707.87 crore. Western Railway spent Rs1.04 in buying new equipments for stations.

Following table shows complete details of income and expenditure of the Western Railway Mumbai Suburban Train Network during the year 2011-12:

Income & expenditure for 2011 - 2012 of Western Railway – Mumbai division (as per RTI-reply shows)



Income (Rs)

Expenditure (Rs)


Passengers earning (suburban)

587.55 crore



Passengers earning     (Non-Sub)

1077.03 crore




112 crore




48.41 crore



Salary & Wages


917.77 crore


Non Salary & wages


707.87 crore


Ticket checking fine collection

30.87 crore



License fee from Bank ATMs

4.46 crore



License fee from caterings units

3.87 crore



License fee from book stalls


(total collection of Rs4 crore is pending & overdue)



Fine imposed on caterings units.




Advt. in local trains + Hoardings on station

1.77 crore +

22.26 crore



Equipments purchased for stations


1.04 crore


You can access the Samir Zaveri Railway Helpline here:


Malabar Gold raided by DRI in connection with smuggling link?

Does the increase in gold smuggling in India and Malabar Gold have any connection? A few days ago, DRI raided the jeweller’s main office after one smuggler confessed of selling the yellow metal to Malabar Gold

Malabar Gold and Diamonds, the rapidly expanding jewellery chain from Kerala was raided by officials of the Directorate of Revenue Intelligence (DRI) at Kozhikode. According to a report from The Hindu, Malabar Gold's main office was raided following a statement given by one of the accused involved in the smuggling of gold from Gulf that he had sold gold to the jewellery group.


MP Ahammed, chairman of Malabar group of companies, later clarified with the newspaper that the DRI team had examined in detail gold stock and other related documents at its supply chain management office.


As per the news report, DRI's deputy director BG Krishnan conducted the search at Malabar Gold.  However, “no incriminating things or documents were recovered,” according to the ‘mahazar’ prepared by K Salil, intelligence officer, DRI, Kozhikode. A copy of the ‘mahazar’ is in possession of The Hindu, the report says.


Interestingly, just last month, the Central Bureau of Investigation (CBI) initiated steps to interrogate John Joseph, deputy director-general of DRI, in the Nedumbassery gold-smuggling case. The CBI, after recording statements of TK Fayaz, a known gold smuggler, C Madhavan, deputy commissioner of Customs and Anil Kumar, assistant commissioner at Customs, decided to go forward with the interrogation of John Joseph.


According to a report from Tehelka, the 37-year old Fayaz who was arrested for smuggling gold, had links with leading politicians, celebrities, police and customs officials of Kerala. Quoting customs officials, the report says, that Mustafa, a non-resident Indian (NRI) businessman based in Dubai, and Fayaz had smuggled 42kg of gold worth Rs12 crore during the last two months through the Kochi airport using women carriers.


After his arrest, Fayaz confessed that several customs and police officials had facilitated his smuggling activities. The CBI has registered cases against S Madhavan, Sunil Kumar and Soni, an inspector, for aiding smuggling, the report says. However, this is not the only case related with gold smuggling in India.


On Sunday, the Customs department arrested 48-member group of Sri Lankans who tried to smugly 10kgs of gold through Kochi airport. Twenty-eight out of the 42 detainees are women, and they had hid the gold ornaments, weighing 300 to 600gms, inside their body.


According to a report from New Indian Express, the (Customs) officials now suspect that Dubai based organisations are using the Colombo route to get gold in Kerala because of high alert at Kochi and Kozhikode airports over gold smuggling from gulf countries. “The air intelligence wing suspect a Kerala connection to these incidents as the smugglers would not be able to find enough buyers at Nedumbassery or in Chennai. The officials said they also suspect the presence of a group inside the airport that aids the illegal transport of gold,” the report says.




4 years ago

Smuggled watches worth 65cr seized
Times of India 31.10.2012

New Delhi: Given the festive season,there seems to be a spurt in smuggling of high-end watches into the capital.Weeks after seizing smuggled watches worth over Rs 7 crore from employees and owners of a well-known watch company in Delhi,the Directorate of Revenue Intelligence (DRI) has put another big firm with showrooms across the capital in the dock.
The Delhi zonal unit of DRI on Monday seized 1,750 high-end watches worth over Rs 65 crore from the residences of the owners and employees of the company.According to sources,the agency received information that the company,through one of its employees,had received a large number of smuggled watches in the past few weeks.TNN

South Mumbai couple arrested for smuggling watches


4 years ago

Kerala: Over 100 kg smuggled gold seized in the past 8 months


4 years ago




4 years ago

All that glitters is not gold, it could be cadmium


Did you know that the gold you are wearing could cause cancer

The Dangers of Cadmium in Children's Jewelry

The Gold You Are Wearing Can Cause Cancer


4 years ago

Film link in gold smuggling

Women seen to be key carriers in Kerala gold smuggling rackets

Shabas had revealed the names of a ruling party politician and a well-known businessman

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