Exclusive: Teji Mandi Alleges Wrongful Sales Worth Hundreds of Crores by 'Clearing Member' in Anugrah Crisis.
In a startling allegation, Teji Mandi Analytics Pvt Ltd, an associate of crisis-hit Anugrah Stock & Broking Pvt Ltd, has alleged that its clearing member has made unnecessary and wrongful deductions from some accounts by selling their stocks. The amount of wrongful sales is in hundreds of crores, the firm alleges. In my column yesterday, I wrote about how over Rs,1000 crore of investors’ money is at risk, as Anugrah Stock & Broking Pvt Ltd appears to be teetering on the brink. https://www.moneylife.in/article/over-rs1000-crore-at-risk-at-anugrah-stockbrokers-and-associates/61330.html
 
Anugrah had been operating through two close associate firms – Om Shri Sai Investments and Teji Mandi Analytics Pvt Limited. The latter, in its presentations claims to be investing over Rs800 crore in derivatives trading that offered investors a monthly return of 1%-1.5%. Under pressure to respond to investors who have been demanding their money or their shares, the firm finally responded by sending an email to investors today. 
 
The email says, "During multiple meetings between our broker with various investors over last 10 days to assess the reason for this mismatch, the broker (Anugrah) has informed that the clearing member has made unnecessary and wrongful deductions from some accounts by selling their stocks. We were told by the broker that such sales exceeded few hundred crores. However verbal statements do not have any significance without authentic data (quantum of the shares sold, the date and time of the sale, and the need for the sale i.e. was the client’s account in debit necessitating the sale). It is clear that this data between broker and clearing member will bring clarity on what’s the current state of holdings, what happened and who is accountable. 
 
"In order to assess the extent of stock mismatch, we have over the last two weeks tried to collate data on a few accounts from various sources. Looking at this sample data, we have found that a) trading losses were not significant and b) stocks have been sold from client accounts far in excess of what is required to cover the trading losses over the entire period of operation." 
 
It added that “The sample data for 49 accounts is shown in the attached excel sheet. The sheet indicates the sale of stocks in around 49 accounts which shows the dates on which stock were sold and the amount of sale. The last column shows profit and loss for the entire period of operation. Comparing the two it is obvious that that there was an excess sale of around INR 35 crores in just these 49 accounts which was completely unnecessary and wrongful. Access to authentic data from the broker will help establish the exact amount of such unnecessary and wrongful sale of client stocks.” 
 
The email continues, “With some more data in hand we will be filing a complaint with SEBI to look into this matter completely. A copy of that complaint will be forwarded to you soon as it is submitted. Further we are seeking the help of eminent securities lawyers to fight this illegal and wrongful sale of client stocks on your behalf.” 
 
In an earlier mail, it further says, it is in process of collecting client data from its broker, Anugrah Stock and Broking Pvt Ltd and initiating the reconciliation. "Unfortunately the accounting servers of Anugrah are still down and with no data forth coming we are as much handicapped as you are in terms of getting data on current positions and understanding what really happened. Access to authentic data from the broker will help establish the exact amount of such unnecessary and wrongful sale of client stocks," it says.
 
Teji Mandi Analytics further says, "Comparing the holding statement of some clients through their latest margin report issued by the broker in the first week of August with their current holding in respective Central Depository Services Ltd (CDSL) demat accounts, we have clearly observed that there is a discrepancy between the two."
 
We sent emails to Teji Mandi Analytics and will update this article as and when we receive any reply from them.
 
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    COMMENTS

    vkadam967

    3 weeks ago

    It seems the ultimate liability will be with Anugrah as Account opening form was executed by clients with Anugrah.

    AJ_AJ

    4 weeks ago

    What is happening here? A related party is trying to pin the blame on Anugrah? Is this a genuine response to investors by Teji Mandi Analytics, or are they trying to isolate the liability to Anugrah?

    REPLY

    synergyfinancialsolution

    In Reply to AJ_AJ 3 weeks ago

    riddhi kalapi shah (wife of kalapi shah n anil gandhi both are hand in glove with this scam of over 800 cr.

    xxxxxx

    4 weeks ago

    very pathetic

    ICICI Bank sells 2% stake in ICICI Securities for Rs310 crore to meet norms
    ICICI Bank has sold 2% stake in ICICI Securities for around Rs 310 crore through open market sale in a step towards meeting the minimum public shareholding norms.
     
    The bank sold 64.42 lakh equity shares of face value of Rs5 each, it said in a regulatory filing. The bank's shareholding in the company stands at 77.22% post this divestment.
     
    "ICICI Bank, the promoter of the company, has today divested 6,442,000 equity shares of face value of Rs5 each of the company, representing 2% of the equity share capital of the company at June 30, 2020, on the stock exchange for an approximate total consideration of Rs 3.10 billion, through an open market sale," it said.
     
    On Wednesday, the Board of Directors of the bank approved the share sale in ICICI Securities towards compliance with the requirement of minimum public float.
     
    As per SEBI norms, after the listing of a company, promoters need to bring down their shareholding to 75% within a stipulated period to meet the minimum public shareholding requirement of 25%.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Finance ministry asks PSBs to monitor cases requiring insolvency process against personal guarantors
    The Finance Ministry has asked public sector banks (PSBs) to put in place a mechanism for monitoring cases which may require initiation of insolvency proceedings against the personal guarantors to corporate debtors.
     
    According to sector experts, the move has been taken to ensure that banks look at all possible ways to realise their dues and also invoke personal guarantees which lenders generally perceive as the last resort.
     
    The norms for initiation of the insolvency resolution process for personal guarantors to corporate debtors before the National Company Law Tribunal (NCLT) came into effect in December last year.
     
    "Banks may consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency process before the NCLT against personal guarantor to corporate debtors," said the letter dated August 26, from the Department of Financial Services (DFS) to state-run banks.
     
    It also said that banks may also consider setting up IT systems to collate data regarding personal guarantors to corporate debtors in all such cases for the requisite follow-up and consequential action.
     
    The directive comes at a time when corporate insolvency resolution processes (CIRP), under Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC), are suspended for a period of six months starting March 25.
     
    Manoj Kumar of Corporate Professionals said that bankers are, many times, lenient towards big promoters and although they have power to invoke corporate guarantees in all the cases, they never do so.
     
    "The government is nudging the banks to take action against corporate guarantors," he said.
     
    Sonam Chandwani, Managing Partner at KS Legal & Associates, said that the blanket suspension on Sections 7, 9, and 10 of the Insolvency and Bankruptcy Code left financial and operational creditors scrambling to recover monies and keep themselves afloat during the pandemic.
     
    "However, the Finance Ministry's recent amendment empowering creditors to file insolvency application against personal guarantors to corporate debtors before the NCLT under IBC, 2016 is a bold recognition of the principle of co-extensive liability of surety," she said.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    synergyfinancialsolution

    3 weeks ago

    its a big scam also got to know some political parties is involved.with paresh kariya

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