Nation
Yogendra Yadav, Prashant Bhushan sacked from AAP National Executive
Dissident leaders Yogendra Yadav and Prashant Bhushan were sacked on Saturday from the National Executive of the AAP, a party that had stormed to power in Delhi last month.
 
Yadav's supporters Anand Kumar and Ajit Jha were also removed from the Aam Aadmi Party's 21-member National Executive, the party's highest executive body that coordinates its activities at the national level.
 
"Democracy has been murdered in the National Council meeting," said a visibly miffed Yadav after coming out of the meeting. Bhushan said people who disagreed with Kejriwal were beaten up and thrown out of the meeting.
 
Yadav and Prashant Bhushan had branded Kejriwal an autocrat surrounded by "yes men" and accused him of deviating from the party's ideals. The AAP, in turn, had accused them of having tried to sabotage the party in the run up to the Delhi polls last month which it won handsomely.
 
Nearly 300 people were present in the meeting where Deputy Chief Minister of Delhi Manish Sisodia moved the resolution to oust Yadav and Bhushan. The resolution was passed, bringing the curtains down for the two founder members of the party that was born in 2012.
 
A large number of AAP activists had turned up at the meeting venue. Holding placards against Yadav and Bhushan, volunteers said that they were present for the interest of the party.
 
"Please stay united," read a placard. Another one read: "We are with you Arvind Kejriwal."
 
AAP national secretary Pankaj Gupta said 247 members had voted in favour of the proposal to remove the four members from the National Executive. He said only eight people opposed it while two gave their dissent in writing. Fifty-four members expressed no view, he said.
 
Yadav had earlier claimed there was no proper voting for taking the decision of ousting them.
 
"This is murder of democracy... There was no distinction between members and invitees. Manish Sisodia announced they have a petition signed by 160 people... There was no voting, no discussion," said Yadav, a psephologist.
 
He added: "There were many people who opposed it, they were not even given the chance. It is a total mockery of democracy." 
 
Bhushan, a noted Supreme Court lawyer, claimed the AAP meeting was scripted. "Everything happened there in a planned manner. It seems that everything was scripted," Bhushan said.
 
AAP member Sanjay Singh denied that anyone was beaten up during the meeting. "No violence had taken place. No one was hit or injured," he told media after the meeting.
 
Yadav and Bhushan had five demands -- transparency in the AAP, autonomy for local units, a Lokpal probe into graft charges against party members, AAP should come within the ambit of the RTI, and an end to secret ballot during election to key posts.
 
Ever since the AAP came to power in the national capital by winning 67 of its 70 assembly seats, the party has been embroiled in an internal crisis that has pitted Bhushan and Yadav against Kejriwal, the party's best known face.
 
Anand Kumar, a Jawaharlal Nehru University professor who was also ousted, however said they will not leave the party.
 
Giving his account of the events, he said: "Kejriwal said we caused trouble in the elections, and asked members to decide whether we should be ousted. But they did not let us speak."
 
"We are not out of the party. We will neither leave nor break the party. This is a party of the workers," he said.
 
They also said one of Yadav's supporter was injured in the fracas.

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AAP's National Council meeting to decide fate of Bhushan, Yadav

The duo has branded Kejriwal an autocrat surrounded by "yes men" and accused him of deviating from the party's ideals

 

The Aam Aadmi Party (AAP) will be holding its National Council meeting on Saturday to decide the fate of two of its dissident leaders -- Prashant Bhushan and Yogendra Yadav.
 
They have accused Chief Minister Arvind Kejriwal of suppressing democracy within the party that now rules Delhi.
 
Talking to reporters ahead of the meeting on Saturday, Yadav said today is an important day and the fate of social movement out of which AAP was born, will be decided.
 
"It's a day which will decide the future of one of the most extraordinary movements this country has witnessed," he said.
 
"The idea of AAP is much bigger and sacred than organisational frame called AAP," said Yadav, adding that he has received messages and suggestions of thousands of volunteers and "I am sure their advice and well wishes shall not go waste".
 
The duo has branded Kejriwal an autocrat surrounded by "yes men" and accused him of deviating from the party's ideals.
 
The AAP has also accused them of having tried to sabotage the party in the run up to the Delhi polls last month which it won handsomely.
 
Friday's war of words appeared to mark an end to whatever possibilities may have existed for the two camps to overcome their differences and shake hands.
 
Bhushan and Yadav said earlier that they were ready to give up all party posts if Kejriwal met their five demands -- including transparency within and autonomy to state units.
 
AAP leader Sanjay Singh said he cannot rule out splitting up of AAP.
 
"Taking into view present scenario, we cannot rule out breaking up of AAP," he said. He added: "We made serious efforts to resolve issues, agreed on all of their terms."
 
Yadav and Bhushan had five demands -- transparency in the AAP, autonomy for local units, a Lokpal probe into graft charges against party members, AAP should come within the ambit of the RTI, and an end to secret ballot during election to key posts.
 
Since storming to power in Delhi last month with a brute majority, the AAP has been embroiled in an internal crisis that has pitted Bhushan and Yadav against Kejriwal, the party's best known face.
 

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SEBI bars Networth Marketing from collecting any more money from investors

Networth Marketing Limited was mobilising funds from investors under its schemes for sale and purchase of real estate (plots in sq. metres) without being registered with SEBI

 

SEBI passed an Order directing Networth Marketing Limited (NML), and its directors viz., Anis Mohamad Kazi, Bhaskar Bhao Vasage, Mahendra Mahadeo Bhuvad, Nuruddin Shaikh, Bhalerao Yashwant Misal and Partha Ghosh  not to collect any fresh money from investors under its existing scheme and not to launch any new schemes or plans or float any new companies to raise fresh money. They are also directed to immediately submit the full inventory of the assets owned by NML obtained through money raised by NML.

NML was mobilising funds from investors under its schemes for sale and purchase of real estate (plots in sq. metres) without being registered with SEBI and has hence violated the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999.
SEBI had received references/ complaints alleging that NML mobilise monies from the public with promise of a high rate of return. SEBI started an inquiry and wrote to NML formally seeking information.
 
Based on the investigation, SEBI found that it was a collective investment scheme and not any real estate activity. The SEBI member has justified it with the following paragraph in the SEBI Order: “It is noted that SEBI vide letter dated 22 July 2014 sought details of investors on whose name land has been registered with documentary proof. NML vide letter dated 5 August 2014 replied that no land has been registered in the name of the investors as they are having the option of registering the land at the end of term if they find it worth. However, investors also have the option of third party sale or NML buy back at agreed value. NML has launched schemes ranging from 3 years to 21 years, but till date no piece of land has been registered in the name of investors, which suggests that the allotment of land is nothing but a farce as there is no intention of NML to transfer any land in the name of applicant/ investors. Therefore, I am of the view that NML is engaged in the mobilisation of funds from public under its various plans, which is in the nature of 'collective investment scheme' as defined under Section 11AA of the SEBI Act.”
 
Hence, SEBI passed a strict order and applied the following restrictions on the company and its directors:
 
(a) not to collect any fresh money from investors under its existing scheme;
 
(b) not to launch any new schemes or plans or float any new companies to raise fresh moneys;
 
(c) to immediately submit the full inventory of the assets obtained through money raised by NML;
 
(d) not to dispose of or alienate any of the properties/assets obtained directly or indirectly through money raised by NML;
 
(e) not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of NML;
 
(f) to furnish all the information/details sought by SEBI within 15 days from the date of receipt of this order.
 
 

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