Senior citizens to spell ‘help’ with a four-digit number

Senior citizens in Mumbai will now be able to find referral assistance by dialling a simple four-digit number. The helpline will provide round the clock referral service for legal, financial and health issues for senior citizens

With the launch of the ‘1298’ helpline for the service of senior citizens, the word ‘help’ will have a new spelling for senior citizens. The helpline, which was launched on Monday, will extend 24/7 service-for-referral guidance in legal, medical and financial problems.

The helpline will have two counsellors available round the clock to help senior citizens with their various problems. The four-digit number was formally launched by famous film actress Asha Parekh.

Demonstrating how the helpline worked, Ms Parekh dialled the number and asked for help on how to attend to a senior citizen suffering from dementia. In response, the counsellor on the other side of the line provided her with some basic knowledge on dementia and also the nearest centres dealing with such health issues.

The four-digit helpline can be accessed by anyone in the Mumbai metropolitan region including Virar, Navi Mumbai and Thane. The number is toll-free for all Tata Indicom connection users. For those in nearby cities like Pune, the same referral service can be availed on the number 022-39571298. The 1298 helpline can also be reached through email at [email protected].

The helpline has been formed by major non-governmental organisations (NGOs) working for the senior citizens’ cause, including Silver Innings, HelpAge India, Harmony for Silvers Foundation and FESSCOM. The helpline infrastructure is being provided by 1298 helpline, which already provides assistance to women and ambulance services. The helpline has been funded by the Nargis Dutt Memorial Trust.

“This is a very important helpline. There are already a number of helplines in the city, but I think to have a helpline with everything under one roof, is what is important. When a senior citizen has a problem, he does not necessarily only have to deal with the police, it could be a property or tax issue. This will be just one number, where a counsellor will listen to him, understand what the issue is and assist him and then direct or connect him with the NGO concerned,” said Priya Dutt, member of Parliament, who now looks after the affairs of the Nargis Dutt Memorial Trust.

D Sivanandan, Mumbai police commissioner, was also present at the launch. The Mumbai police already has a helpline for senior citizens which provides assistance only on police-related issues and is restricted to city limits.


Time for consolidation

Markets seem to have factored in the EU crisis. Expect flat trading from here on

The market was down today on concerns over Greece’s ability to control its fiscal deficit. The Sensex ended at 17,141, down 189 points (1%) and the Nifty ended at 5,136, down 57 points (1%). The bourses plunged during the early trading session, taking cues from Asian markets, which were down as the looming concerns over the effectiveness of the eurozone bailout plans spooked investors. The market was range-bound for the rest of the day.

Asian equities slid on Tuesday on concerns over how Greece and other debt-laden eurozone countries will combat their budget deficit, ending the impressive rally in global stocks on Monday. Key benchmark indices in Hong Kong, China, Indonesia, Singapore, Japan, South Korea and Taiwan fell by 0.44% to 1.90%. US stocks racked up their biggest one-day gain in over a year on Monday as the $1-trillion emergency rescue package from the EU stemmed concerns over a new possible European credit crisis. The Dow gained 404.7 points (3.9%) to 10,785. The S&P 500 rose 49 points (4.4%) to 1,159. The Nasdaq was up 109 points (4.8%) to 2,374.

The International Monetary Fund (IMF) said that Greece's public debt is sustainable over the medium-term; however, low growth could be a setback for the country. The IMF has approved €30 billion of bailout money, along with a three-year economic program for Greece that envisages controlled spending and increase in revenue. US market regulators and six major exchanges accepted the need for new safeguards to curb trading in plunging markets, an effort to address last Thursday’s mysterious market freefall.
Regulators are still in the dark over the exact cause for last week’s 20-minute market plunge when many stocks dropped for several minutes before recovering most of their losses.

India’s exports during March 2010 were valued at $19,908 million (Rs90,573 crore), which was 54.1% higher in dollar terms (36.9% in rupee terms) over the year-ago period. Imports during March were valued at $27,733 million (Rs126,175 crore), a growth of 67.1% in dollar terms (48.4% in rupee terms) over the year-ago period. 

Foreign Institutional Investors (FIIs) were net buyers yesterday of Rs263 crore. Domestic Institutional Investors (DIIs) also bought stocks worth Rs30 crore. The rupee was down due to the weak equity markets and the dollar’s gain over other currencies.

Elecon Engineering (down 1.8%) has received orders worth Rs188 crore from various companies. It will supply coal-handling equipment to GMR Energy & design and manufacture equipment for Zuberi Engineering.

Pratibha Industries (up 2.3%) has received three orders. One of the orders, valued at Rs525.97 crore, is from National Automotive Testing and R&D Infrastructure Project (NATRIP), New Delhi for construction of automotive test tracks at Pithampur, Madhya Pradesh and at Chennai, Tamil Nadu. The second order, worth Rs234.71 crore, is from the Drinking Water & Sanitation Department, Jharkhand for construction of intake well-cum-raw water pump house. The third order, valued at Rs62.13 crore, is from Indian Oil Corporation (IOC) for construction of a township project at Paradip, Orissa.

Jaihind Projects (up 3%) has received three orders. The first one is from Bangalore Water Supply & Sewerage Board for providing sewerage systems and is valued at Rs51.09 crore. The second order worth Rs7.91 crore is from GAIL (India) for laying gas pipelines at Firozabad, Uttar Pradesh. The third order worth Rs2.29 crore is from Gujarat State Petronet (GSPL) for laying natural gas pipelines.

GVK Power and Infrastructure (down 0.8%) has acquired the entire equity stake of GVK Transportation.



CHI Investments’ shareholders miffed over RPG Group’s merger move

Shareholders of CHI Investments Ltd are unhappy over the RPG Group’s decision to merge four companies with a subsidiary. They feel that the valuations done under the proposed merger are unfair

Last year, the RPG Group decided to merge four companies—Summit Securities Ltd, Brabourne Enterprises Ltd, Octav Investments Ltd and CHI Investments Ltd—with RPG Itochu Finance Ltd (RIFL), a 100% subsidiary of RPG Enterprises. However, minority shareholders of CHI Investments Ltd are not happy with the proposed merger and are raising questions over the rationale of valuations done under the proposed amalgamation.

RIFL is an unlisted firm. The new entity will be rechristened Summit Securities Ltd, which would be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Summit Securities Ltd (earlier known as KEC Infrastructures Ltd) was incorporated in 1945. The company is involved in design, manufacture, supply and construction of power transmission lines. Shares of CHI Investments Ltd have been suspended from trading since 3rd February due to the proposed merger.

“I am holding some shares of CHI Investments. The company is proposed to be merged with RIFL and prima facie (the move) does not appear to be fair with minority investors. I think there will be significant erosion in the value of investments in CHI Investments if the merger ratio is not changed,” said an investor, preferring anonymity.

The valuations were carried out by auditing firm Grant Thornton.
The Board of directors gave their approval for a share-exchange ratio of one equity share of RIFL of Rs10 each for six equity shares of CHI of Rs10 on 10 July 2009.

In the case of Summit, one share of RIFL will be issued for every 16 shares held in Summit, while one share of RIFL will be issued for every 28 shares held in Brabourne. Reportedly, a number of minority investors believe that the valuations are unfair.

Maintaining that the company is not considering revising swap value ratio, RPG group in an email said, “The scheme has already been implemented. The question of revising swap ratio does not arise for the simple reason they are determined by independent reputed valuers and approved by the Stock Exchanges and the High Court before being implemented.”

The company feels that the merger would benefit the companies by reducing overall administration costs and bring in more efficiency.

Incorporated in 1997, RIFL is engaged in hire-purchase, car leasing, commercial vehicles, construction equipment and textile machinery.

Post merger, RIFL’s authorised share capital will increase to Rs180 crore from Rs30 crore.An email query sent to CHI Investments remained unanswered till the time of writing.



rekha shah

6 years ago

i had 208 shares of chi investment.thru statement of NSE , i came to know that 34 shares of summit are allotted. we did not receive any communication in this regard as to swap ratio or rate of share. we really feel cheated by such highly reputed company

kailash somani

6 years ago

i was 50 share of Summit Sec., but at persent this is only 3 share.
but i dont konw about my 47 share.
i want know about it.
My DP ID NO IN30105510325475
Plz replay on my id or my cell


7 years ago

I was having 100 shares of Summit Securities. still I have not received shares in my account. My demat account is showing only -16- shares of Summit Sec.


7 years ago

i am holding chi investment shere 100.
pls. clear for pict. whan listing share chi investment ltd. When RIFL will be listed?I want the detail of valuer also . please provide the related information


7 years ago

when will we got our merger share

vipen vashisht

7 years ago

it is clear cut cheating , , i mentioned in my earlier comments to open the page of valuation done by the valuer . how it is done only then I can understand the situationand know the facts.

Ramesh Ramchandani

7 years ago

When RIFL will be listed? I have shares in Summit Securities but until now picture is not clear.

dsouza everett

7 years ago

i will curseu u for cheating us simple thing just sell chi investments and distribute among the shareholders its not rocket science but u guys want more 4 urself okay take it and go to hell even there money will be of no use so enjoy u idiots

John L A Pereira

7 years ago

I am still waiting for RPG Itochu Finance Ltd shares listing.

When this shares will be listed please?

deepak dahu

7 years ago

which listing of RIFL

vipen vashisht

7 years ago

valuation is not fair from where i can the working as i am getting 9 shares against 265 shares of Brabourne.

I want the detail of valuer also . please provide the related information


7 years ago



7 years ago

i was holding summit sec ltd 1495 shares @received 121 shares of same co which is suspended on 02.02.10 the value was rs16/ share .thus the price of each share of R.P.G ITOCHU SHOULD NOT BE LESS THAN RS 256/ TRANSFER RATIO 16SHARES OSUMMI FOR ONE SHARE OF RPG

syed khajaji

7 years ago

I was holding 1400 shares of CHI and now my portfolio shows 233 shares of Summit as of today(18/05/2010)

The valuation is too low. Please advise if I would get additional shares of Summit or should I be bearing the losses as a retail investor due to this merger.

Abdul Salam

7 years ago

Usually before merger offers will b issued shareholders to purchase at a particular price. However in this case(CHI Investments) no offer received by me. Somebody may pl advise me how to redress my grievence

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)