Companies & Sectors
Wisdom Agro Tech India Limited and its directors restrained from collecting fresh money from investors

Wisdom Agro Tech India Limited had been collecting funds from the "customers/investors” for its land schemes, prima-facie violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999

 

S Raman, whole time member, SEBI, has passed an order on Wisdom Agro Tech India Limited and its directors viz.,  Anantharaman Nallaperumal,  Govinda Pillai Reghukumaran,  Gilbert James Dhason,  Kumaresan Vasanthakumari,  Jeyashoba Thankappan Rajam and Ex-Director Prabhu Kannan, directing them not to collect any fresh money from investors under its existing schemes and not to launch any new schemes or plans or float any new companies to raise fresh monies.
 
The order further directed the company and its directors not to dispose off or alienate any of the properties/assets obtained directly or indirectly through money raised from its schemes and not to divert any funds raised from public at large which are kept in bank accounts and/or in the custody of the company. 
 
The company was also directed to submit the latest inventory of its assets including land obtained through money raised.
 
Wisdom Agro Tech India Limited had been collecting funds from the "customers/investors” for its land schemes, prima-facie violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999.
 

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COMMENTS

Kiran Aggarwal

2 years ago

Doing land schemes by using
misleading name
Agro Tech India .

Another PEARL REAL ESTATE SCAM IN MAKING .

SEBI SHOULD IMPOSE HEAVY PENALTY
FREEZE THE ASSETS
AND START LIQUIDATION

I AM CONVINCED THAT PROMOTERS WILL HAVE SHADY BACKGROUND - AS THEY HAVE BRAZENLY VIOLATED SEBI GUIDLINES

Vikram Akula to acquire 26 % stake in financial inclusion start-up VAYA

VAYA is a business correspondent which facilitates savings and loans for self-help groups of women on behalf of banks

 

Vikram Akula, the controversial founder and former chairperson of SKS Microfinance, who was removed from SKS Microfinance after the Andhra Pradesh microfinance crisis, has been appointed chairman of the financial inclusion start-up VAYA Finserv Pvt. Ltd. Akula will also take a 26% stake in VAYA, according to a release from the company.
VAYA is a business correspondent which facilitates savings and loans for self-help groups of women on behalf of banks. The company was founded by former SKS Microfinance executives and opened its first branch in July, and now has 23 branches with 183 employees across six districts of Eastern Maharashtra and Northern Karnataka. 
 
“Now that my 3 year non-compete period is over, I was looking to get back to financial inclusion,” said Akula. “I chose to join VAYA because it is focused on under-banked districts, it has a great team, and it uses a next-generation technology platform that will become the future of financial inclusion.”  VAYA is the first business correspondent to use tablet banking in the field. The field officers tablets connect to a centralised online system that has the ability to interface seamlessly with core banking systems, to ensure daily cash settlement with partner banks. 
 
Akula commented that VAYA is intending to apply for a bank license. “I think that both the creation of small banks as well payments banks is an extremely progressive step on the part of the RBI, and this will certainly help enhance financial inclusion. We are working with our advisors on preparing a small bank license application.”
 
The Reserve Bank of India (RBI) had released final guidelines for small banks and payment banks on 27 November and sought applications by 16 January from those interested in applying for a small bank licence. “While VAYA has a robust plan to grow as a BC, a small bank licence will assist us in furthering financial inclusion by providing loans to small business units, small and marginal farmers, micro and small industries and other unorganized sector entities” said Vikram Akula. “We also have an option to apply for a payments bank license,” added Akula.
 
While Akula garnered many accolades over his career and initial years at SKS Microfinance, the Andhra Pradesh Microfinance crisis seriously dented the industry and the company. SKS refused to accept Akula's presence on its board. Under Akula's watch, SKS suppered the brunt of the Andhra Pradesh crisis, which resulted in a huge loss of jobs and extensive delinquency of loans. The RBI restructured microfinance loan books, and it is to be seen if and how the RBI considers at Akula's this latest foray and bank license application.

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See, how Uber faces trouble across the globe
The New Delhi government is only the latest in regulatory or official pushback against Uber's business practices around the world
 
Uber, along with other taxi service aggregators like Ola and Taxi for Sure, were banned from Delhi by the government a few days ago after an Uber driver, was accused of raping a passenger, who had called for the cab using the Uber application. The ban came after reports emerged that Uber had failed to perform a background check on the driver, who has a prior instance of a rape accusation against him, for which he served seven months in jail and had been out on bail. 
 
There have been many criticisms about Uber's cutting corners in terms of background checks and the Delhi government ordered the ban saying that they had not been registered as required under law. Reuters reported that the Chicago Police were investigating a rape allegation against an Uber driver by an Uber customer.
 
Uber however, is not new to accusations of bending or circumventing laws. There has been a backlash against Uber in many cities worldwide. Take a look:
1. US – City of Portland sued Uber for being illegal
2. Netherlands – Banned Uber's low-cost service
3. Spain – Banned temporarily
4. Brazil – Banned in Rio for not complying with laws
5. Thailand – Banned for not complying with local transit laws
6. India – Banned in Delhi for being unregistered
 
Much like Uber's response to the ban in Delhi, Uber has said that even in Spain, it is still operating and would continue to do so while pursuing legal redress against the bans.
 
In the case of Delhi, the ban comes because the Delhi Transport Department says Uber does not operate fully as either a radio cab or as a tourist vehicle under the relevant laws. Surely, these violations, if they exist are not new, and have little to do with the incident that has sparked off the response from the Department. However, Uber's defence has always been that it is an aggregator and a technology company and not a cab operator. This will most likely only be resolved in court and will reflect on the wider transport services scenario. In Colorado, Illinois and California, Uber's lobbying has helped kill legislation that would make strict background checks for Uber-like companies mandatory.
 
That apart, Uber has also been accused of invading privacy. Uber has been accused of compiling data about its users' activities. Uber's justification has been that it is a technology company and their data collection is similar to what most other technology majors like Facebook and Twitter. With valuations rivalling the biggest new tech companies, these issues will begin to gain critical mass against Uber. 
 

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