What’s not

Steel products companies were punished. Sarda Energy & Minerals, Usha Martin, Jayaswal Neco Industries and Electrosteel Castings tumbled 39%, 38%, 33% and 28%, respectively. Varun Industries fell 20%.

 

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Will Shahrukh Khan be questioned about his involvement with Rose Valley?
Enforcement Directorate has alleged that funds transferred between Shahrukh Khan's Red Chillies and Rose Valley, the MLM company from West Bengal, were more than what was mentioned in their deal
 
The Enforcement Directorate (ED) has alleged that the amount of funds transferred between Shahrukh Khan's Red Chillies and Rose Valley were more than what was mentioned in the deal inked between them, says a report published in Bengali daily Bartaman on Monday. Red Chillies owns the T20 cricket team Knight Riders. Rose Valley is one of well-known chit fund schemes of Kolkata. Moneylife had written about Rose Valley and murky business of multi-level marketing companies from West Bengal (http://www.moneylife.in/article/will-rose-valleys-clones-flourishing-with-cpms-help-come-under-the-lens-now/12991.html ). During Communist Party of India (CPI) regime in West Bengal, the company was everywhere as sponsors of prime time news, at every major event and finally as the promoter of a brand new channel.
 
In that report, we had pointed out that collectively, chain-marketing schemes, like Rose Valley, Icore Group MPS Group and Saradha group were whispered to have raised over Rs10,000 crores, mostly from lower-middle class people in West Bengal and Tripura, both communist-ruled states. With that money they have bought media space and acquired legitimacy. 
 
Rose Valley did not even find it necessary to cloak its insurance MLM business—its name, itself—Rose Valley Chain Marketing System Ltd is a dead giveaway. Rose Valley, certified by Insurance Regulatory & Development Authority (IRDA) is a corporate agent of the Life Insurance Corporation of India (LIC) since 2002.
 
Coming back to the deal between Rose Valley and Red Chillies, according to Bartaman report, the deal was valued at Rs10 crore but the ED has apparrently discovered transactions far in excesss of that. The investigators are trying to find if there were other ways in which the Rose Valley authorities tried got favour from the actor apart from the agreement, the report said. Shahrukh Khan had campaigned for Rose Valley's hotel business.
 
Under its 'Ashirvad' scheme, Rose Valley mobilised Rs1,207 crore by selling 508,792 plots, but handed over only 9,045 plots. While the company claims to have a land bank in several upcoming and industrial areas of West Bengal,  the question is, how did they get access to all those vast stretches of land that are traditionally used for agriculture?
 
As Moneylife has reported earlier (http://www.moneylife.in/article/heres-another-company-thats-openly-flouting-irda-norms-on-prohibition-of-chain-marketing-of-insurance-products/5445.html), Rose Valley Chain Marketing System, which is a corporate agent for LIC since 2002, had openly violated rules of IRDA. As for the company's insurance business, there was no answer to the question about who will be responsible to the investors if the company collapses. Their media connections have ensured that no details are leaked out about their goings-on. Rose Valley group is not rated by a credit rating agency either.

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COMMENTS

Pankaj Sharma

2 years ago

I hope He'll be questioned..

Bombay HC asks EC to look in to electoral roll issues
Acting on a letter sent by Nagrik Chetna Manch, the HC asked State Election Commission to look in the issues related electoral rolls. The Manch had said that an average of 35% electors in Maharashtra are either duplicate or do not exist
 
The Bombay High Court has asked State Election Commission to look in issues raised by Pune-based Nagrik Chetna Manch regarding electoral rolls and inform the action taken in the matter at an early date. On 30 April 2014, Dr Anupam Saraph has sent the letter on behalf of the Manch to Chief Justice Mohit Shah.
 
In a letter on 23 September 2014, the HC told the State EC "…the grievance/complaint of the applicant may be looked into appropriately. It would be appreciated if the applicant could be informed about the action taken in the matter at an early date."
 
Dr Saraph, in his letter had said, "According to Rule 6 of the Registration of Electors Rolls, electoral rolls should have been alphabetically displayed like in a phone book or arranged by house numbers for easy spotting of missing names and duplicates or suspicious entries. However, this system is not being followed. Neither the CAG, nor the ECI have audited a single Electoral Roll. They have not certified the Rolls as complete and correct representation of eligible voters for any election."
 
"For Lok Sabha elections 2014, the election staff did not accept from individuals Form 6 (for addition to the roll) and/or 7 (for deletion from the roll) for inclusion into the Electoral Roll because this task was “outsourced” to certain selected political parties who were allowed to submit these forms in bulk and without any scrutiny. This is clear conflict of interest because there is no stopping political party from selectively adding only those individuals that may vote for them and deleting those that may not," Dr Saraph had said.
 
The Manch even reproduced information from Census of India and the population of a constituency published by the EC to show reveal some serious issues regarding electoral rolls.
 
 
From the numbers in the above Table, the Manch said following deductions can be drawn… 
 
a) An average of 35% electors in Maharashtra are duplicate or do not exist as evident from the excess shown in the last column of the Table.
 
b) The Electoral Rolls are off by a whopping 60% because about 25% of the existing electors were deleted for no reason, as is apparent from the pdf lists found at the ECI website and as actually happened in Maharashtra in 2014. 
 
c) Hence, if the declared voting is 50%, actually about 125% voting has happened; around 60% of which is bogus. 
 
d) The declared turnout percentages are, therefore, misleading because these are based on unverified and unaudited Electoral Rolls.
 
Dr Saraph, in his letter, had said, "We are only fooling ourselves by electing our representatives based of faulty Electoral Rolls and calling it a free and fair election while actually it is a sham. Our netas have twisted the perspective of democracy by coming to power by 'virtual booth capturing'. The sole purpose of our 'democracy' appears to be the formation of local bodies, legislative bodies or the parliament by pre-arranged design. The administration believes that the netas, and not the people, 'own' the country and are their bosses. We are made to believe that that if you do not vote, you lose the right to participate in the Indian 'democracy'."
 
The Nagrik Chetna Manch had requested the Chief Justice to take suo moto cognizance of its petition and commence an intensive Court-monitored revision of electoral rolls.
 
Here is the letter sent by Dr Anupam Saraph for the Manch...
 

 

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COMMENTS

LALIT SHAH

2 years ago

Also check EVM machines because there is heavy rumours in market that by techtics party change vote in his favour after voteing its quite possible in this remote control digital world courts must fare without favour religiously affiliated with anybody. Coal blocks Cash those have eat bribe are free but so many industry effected even CAG ALSO LIABLE AND THOSE BUROCRAT AT THAT TIMES KEEPS MUM PLEASE CHECK THERE FAMILY INCOME AND ASSETS RECENTLY ONE BJP LEADER HAS DONE HEROIC WORK REMARRIAGE OF DAUGHTER in LOW AND GAVE HER 100CR. GIFT IS FAR HIGHER than HE SHOWN in LAST PARLIAMENT ELECTION KIYA YEH J JAYLALITA TYPE CASE NAHI ?

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