Helios and Matheson: Investors and depositors ask SEBI to take legal action
According to investors and depositors, despite proclaimed strong financial results, H&M has been defaulting on repayments for fixed deposit and interest dues since June 2014
 
Shareholders and investors of Helios and Matheson Information Technology (H&M), an unfancied software company, have asked market regulator Securities and Exchange Board of India (SEBI) to take action against the company. They alleged that despite declaring strong financial results, the Chennai-based company has been defaulting in repayment of fixed deposits and interest to depositors since June 2014.
 
"It beats plain logic to understand how a company, which discloses a net profit before tax of Rs74.12 crore after making full provision for interest on all its borrowings, as also providing fully for notional expense such as depreciation, be so insolvent as to default on its fixed deposit/ interest payment commitments, when its working capital /operating cycle position as stated in the financial disclosures ,if anything, show remarkable improvement over that of the previous year ended 30 September 2013. This in itself is irrefutable evidence of the company fudging, manipulating its financial results disclosed to BSE and NSE, which calls for a full and thorough investigation of the situation," the investors and depositors said in their complaint filed before SEBI.
 
According to the complaint, H&M, over the past few years has been reporting good financial results and even declared 50% dividend during FY2012-13 that ended on 30 September 2013 (the company follows October to September period for financial year). 
 
"This so called ‘excellent set of numbers’ continued into this current financial year as well where the standalone financial results of the company for the 12 month period from 1 October 2013 to 30 September 2014 (as disclosed by the company to BSE/ NSE, vide clause 41 of the listing agreement), reveal that the company’s turnover has risen to Rs606.61 crore during this period vis-a-vis Rs443.94 crore in the corresponding period in the previous year [37 % increase]. Its net profit before tax [PBT] after providing for interest and depreciation stood at Rs74.12 crore, in the current period as against Rs54.89 crore, in the previous year, registering a whopping 37% increase. Further, the standalone Balance Sheet as on 30 September 2014 reveal that the working capital / operating cycle position of the company during the year ended 30 September 2014 actually improved considerably vis-a-vis the same period in the previous year. Despite this proclaimed strong financials disclosed to the Stock Exchanges, the company has been, since June 2014, defaulting in the repayment of fixed deposit / interest due thereon to its depositors," the complaint reads.
 
The complaint alleges that H&M is in such a grave cash flow crisis that most of its post-dated cheques (principal and interest) for fixed deposits have bounced due to of 'insufficient funds'. "This complaint relates to the serious, grave fraud being methodically and systematically perpetrated by the company and its promoters in publishing falsified financial results to the stock exchanges with the clear intent to defraud its creditors, depositors, investors and banks."
 
"As per the latest shareholding pattern filed by the company with the stock exchanges (pursuant to clause 35 of the Listing Agreement) around 42% of promoter holding in the company is currently pledged with banks. This fraud is evidently being perpetrated to prop up the valuation of the company so as to fraudulently obtain loans from the banks through pledge of shares and to present a façade of credibility to the public at large. This issue has all the makings of a major scam that is bound to affect thousands of investors, depositors and creditors including banks," the complaint reads.
 
The investors and depositors of H&M have also demanded investigation into ratings given and its subsequent withdrawal by CRISIL on the company. They alleged that by its shoddy rating on H&M, the SEBI registered rating agency CRISIL has seriously eroded investor confidence in its rating process.
 
In September 2014, CRISIL assigned 3/5 fundamental grade (good fundamentals) on H&M, due to steady performance of the company. However, suddenly, next month, the ratings agency, downgraded H&M to 2/5 from 3/5 citing 'moderate' fundamentals of the company. "The revision in Helios’ fundamental grade is a result of its deteriorating liquidity. Two major factors are responsible for the liquidity crisis, the company’s working capital days have increased in the last couple of quarters and it could not secure sufficient funds to honour its payment obligations on time. The company needs fresh funds to tide over the tight liquidity position. The company has been delaying the payment of principal in several public deposits matured/getting matured during FY14," CRISIL had said in its October 2014 report.
 
Earlier in February 2013, Moneylife had reported on how overlooking several reports about criminal case pending against H&M's chairman and managing director, the ratings agency had assigned 5/5, its highest grading on the company. According to CRISIL report, banking, finance and insurance companies (BFSI) and healthcare segment would drive future growth of IT services in India during 2013 and, H&M would get benefits from it as the company works with seven of the 20 largest global banks.
 
Moneylife had previously reported about the bruising battle between H&M and Rajeev Sawhney, chairman of Vmoksha Technologies Pvt Ltd and a US-based non-resident Indian (NRI). The battle started in 2005 when H&M announced a $19 million buyout of Vmoksha, co-founded by Rajeev Sawhney and Pawan Kumar (former CEO of the controversial DSQ Software), with the former putting in the money and the latter running the operations. Mr Sawhney soon realised that he had been kept in the dark about many aspects of the deal.
 
On 11 May 2005, both the companies signed a share purchase agreement under which V Ramachandran, chairman of H&M, was to pay $19 million for the three units, out of which $4 million was to be paid to Pawan Kumar, the then chief executive of Vmoksha and also former CEO of the controversial DSQ Software, as earn out. Although, Pawan Kumar and his family members were also stakeholders in Vmoksha, Mr Sawhney later bought out their stake as well.
 
Mr Ramachandran was supposed to pay $13.4 million to Mr Sawhney, after paying some amount to Tapan Garg and Madhuri Garg, son and wife of Pawan Kumar for their holding. Mr Sawhney soon realised that he had been kept in the dark about many aspects of the deal. For instance, he found that instead of receiving $19 million, a bank account had been ‘fraudulently’ opened in the State Bank of Mauritius in Vmoksha’s name and used to borrow $13.5 million, using a fake board sanction and false entries. That money was remitted to H&M ostensibly for subscription of redeemable preference shares on 28 June 2005. 
 
Earlier in December 2011, the Supreme Court dismissed special leave petitions (SLPs) filed by H&M and Pawan Kumar, the then chief executive officer of Vmoksha Technologies. Both have challenged the Bombay High Court (HC) order, which allowed the revision application of Vmoksha’s co-founder Rajiv Sawhney against H&M.
 
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    COMMENTS

    Sucheta Dalal

    4 years ago

    Lost money in Fixed Deposits? Take this survey to help Moneylife Foundation help you:

    http://edm.powerelay.com/wb.php?p=9sw/8k...

    RAJNIKANT

    4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    asha porwal

    4 years ago

    Repayments of my three FDRs due in December 2014 are due and don't know latest position that when I shall receive payments .Case is in Chennai court and that what is the latest decision. How the company was rated 5/5.

    ASHA PORWAL

    REPLY

    RAJNIKANT

    In Reply to asha porwal 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    RAJNIKANT

    In Reply to asha porwal 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    RAJNIKANT

    In Reply to asha porwal 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    RAJNIKANT

    In Reply to asha porwal 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    Ramanathan

    4 years ago

    The FD in my wife's name which matured in July 14 is yet to be paid. Is there any hope of recoveries from this company?

    REPLY

    RAJNIKANT

    In Reply to Ramanathan 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    RAJNIKANT

    In Reply to Ramanathan 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    Geeta Naik

    4 years ago

    Why is Helios & Matheson not clearing fixed deposit interest due to Investors from 16/12/2014 ?
    Why are not investors able to contact Helios & Matheson on [email protected] ? Why no email ID works ?
    Time Reserve Bank of Idia, Inome Tax and SEBI come to the rescue of
    Deposit holders and take corrective action.

    REPLY

    RAJNIKANT

    In Reply to Geeta Naik 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    RAJNIKANT

    In Reply to Geeta Naik 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    selama

    5 years ago

    I have deposits maturing in June 2014 Helios extended my deposit for six months and now in DEc 2014 (extended date) also Principal and interest both are not paid nor any information ,Mumbai office is clos e no respose at all .I am senior citizen and depend on my saving for running expenses.Pl. help.
    salma Naaz saifullah

    REPLY

    RAJNIKANT

    In Reply to selama 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    RAJNIKANT

    In Reply to selama 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    Geeta

    In Reply to selama 4 years ago

    All investors are not being paid their Interest or Principals and nobody ( Reserve Bank of India / Income Tax or SEBI is bothered to safeguard the interest of Feposit Holders. We have not been paid Interest from 16/12/2014 onwards and the standard email we got was on 24th December 2014 was " we are haveing financial crunch and will solve your problems in 2 weeks, but nothing has beeen done till now.....

    RAJNIKANT

    In Reply to Geeta 4 years ago


    Instructions for Fixed Deposit Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5OEw0VzF1UnE3bWV0VlE4ZkxEbE1MNElOOWdr/view?usp=docslist_api

    Instructions for Promissory Note and Bill Discounting Holders.docx - https://drive.google.com/file/d/0B66C-eMBd2u5d0ZhOFhoa0pkeEdpY1JSaUUweG1rQlhvQmNJ/view?usp=docslist_api

    Scan copy of FD. Name file as FD no. Send scanned copy by email to [email protected]
    updates will be made available on the following website:
    http://heliosandmathesoninvestorsunite.b...

    Dear All,

    After our meeting in Mumbai we have come to the following points of agreement:

    a) We need to act united in order to fight H&M
    b) We cannot hope for some one person to fight for all of us and therefore must act together
    c) We need to collect data of every affected investor whether FD holder or Bill Discounting/Promissory Note holder
    d) We need to then collect funds from every investor to meet expenses to fight H&M whether in Supreme Court, High Court, Company Law Board or SEBI/ED/RBI, etc.
    e) Fund collection and expenses must be transparently conducted and accounts must be submitted for every investor's satisfaction.
    f) Fund collection will be 1% of FD amount or Rs. 2000 whichever is larger. This will be calculated on total of all FDs on one name.
    For eg: ABC has 3 FDs each Rs. 25,000/-. Total contribution will be 1% of Rs. 75,000/- or Rs. 2,000/- whichever is greater. In this case Rs. 2,000/-

    We are starting data collection from today. If you will not contribute to the expenses, we will not include your name in data collection or delete the name later.

    a) By web link
    - If you have access to internet then please follow the instructions in attached files.
    If you are an FD holder, follow the instructions in attached file called "Instructions for Fixed Deposit Holders".
    If you are a Bill Discounting/Promissory Note holder follow the instructions in attached file called "Instructions for Promissory Note and Bill Discounting Holders".
    - Cut off date for uploading is 15.11.2015
    - You must email scanned copies of FDs/Bill Discounting Receipts as mentioned in instructions to [email protected]
    - Use one form for one FD/Bill Discounting Receipt only.
    - Do not enter again and again same data. We will put up the list on 10.11.2015. If your name does not appear or details are incorrect, you can let us know.
    - If you are facing problems or are confused please call:
    Mr. Vedanta - 9820505328
    Mr. Harshit - 9867404634
    Ms. Anita - 9892481258

    b) By physical collection
    - We will identify people who will be in charge of collecting data from people who have no access to internet or have disability/handicap which prevents them from scanning their FD/PN/BD receipts.
    Mumbai:
    Mr. Vedanta - 9820505328
    Ms. Anita - 9892481258
    Mr. Dharam - 9819903211
    Mr. Gaurang - 9870236700
    Mr. Rajnikant – Whats app 9323061555 mobile 9324534916
    Ms. Bini - 9819338380
    Pune:
    Mr. Girme - 9822433327
    Mr. Nayak - 9825230479
    Karnataka/Tamil Nadu/Andhra/Kerala:
    Mr. Venkatraman - 9393987887
    Mr Alok - 9535088200
    West Bengal/Orissa/NE:
    Mr. Chovatia - 9830264246
    Gujarat/Rajasthan/Delhi:
    Mr. Chetan - 9825028860
    - Please contact these people in your area over SMS/WHATSAPP ONLY with your name and they will call you back with instructions on data collection.
    - We welcome more able volunteers.

    Also please spread this to as many people you know and to as many websites you can so that we can get more people to become part of this battle.

    We are also starting a blog where people can interact. Details will be made available soon.

    Kind Regards,
    Alok N. Jain

    President Mukherjee asks government to avoid frequent Ordinances

    The President’s views assume significance in the context of the Modi Government promulgating nine Ordinances, after Parliament was paralysed in the winter session

     

    President Pranab Mukherjee on Monday asked the ruling and Opposition parties to put their heads together and arrive at a workable solution, apparently to avoid frequent issuing of Ordinances.
     
    In comments that have come against the backdrop of a raging debate on a spate of Ordinances promulgated by the Narendra Modi-led government, the President acknowledged that the Constitution provided for promulgation of an Ordinance in extraordinary situations but this route cannot and should not be taken for normal legislation.
     
    Addressing faculty and students of central universities and research institutions through video-conferencing, he referred to situations when the ruling party may not have a majority in the Rajya Sabha, but felt a joint session of Parliament to make up for numbers to enact laws “is not practical.”
     
    “It is the responsibility of the entire political establishment to put their heads together and work out a workable solution.
     
    “The Opposition can oppose, expose and possibly depose, if they have the numbers. But always keep in mind, it is the collective responsibility of the elected members of the House, whether directly elected to the Lok Sabha or through States in the Rajya Sabha...
     
    “I ask the political establishment to engage in a dialogue and resolve their differences,” he said in reply to questions on his views on frequent resort to ordinance route by the Executive.
     
    The President’s views assume significance in the context of the Modi Government promulgating nine Ordinances, including on opening the insurance sector to higher foreign investment, after Parliament was paralysed in the winter session.
     
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    SEBI bars Utkarsha Plotters & Multi Agro from collecting money from investors

    As per the financial statements of Utkarsha, it had long term liability Rs6.36 crore as on 31 March 2013 as against an inventory of Rs98.54 lakh comprising of agricultural lands

     

    Market regulator Securities and Exchange Board of India (SEBI) has barred Utkarsha Plotters & Multi Agro Solutions India Limited and its directors from collecting any fresh money from the investors under its existing scheme. 
     
    In its order, SEBI said the company is barred from launching any new schemes or plans or float any new companies to raise fresh moneys. “They are not to dispose of or alienate any of the properties/assets obtained directly or indirectly through money raised by the company. They are not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of the company; to furnish all the information/details sought by SEBI within 15 days from the date of receipt of the order,” the order said.
     
    The Company was engaged in fund mobilizing activity from public by floating/ sponsoring/ launching unregistered / unauthorized Collective Investment Scheme (CIS) as defined in section 11AA of the SEBI Act, 1992.
     
    As per its marketing pamphlets, Utkarsha was inviting investments into its various plans with an estimated realisable value for developed plots. Some were instalment payment plans and a few were cash down payment plans. 
     
    From the sample copy of the receipt issued by Utkarsha to purchasers/ investors, SEBI noted that plot size, estimated realisable value of developed plot, date of handing over the possession of developed plot etc. were mentioned, but there was no identification of the plots earmarked for a particular investor.
     
    As per the financial statements of Utkarsha, it had long term liability (booking against sale of land) of Rs1.61 crore as on 31 March 2012 and Rs6.36 crore as on 31 March 2013. It had an inventory of Rs98.54 lakh as on 31 March 2013 comprising of agricultural lands.
     
    Utkarsha submitted to SEBI a list of approximately 12,083 investors (as on 31 March 2013) and a list of 274 investors (as on March 31, 2013) who had entered into an agreement for sale with company for transfer of land in investors names, which is approximately 2.3% of the total investor base of Utkarsha. However, Utkarsha has not provided any proof of having registered sale deed or agreement of sale with investors.
     
    The activities of Utkarsha violate SEBI’s basic principle: "no person shall sponsor or cause to be sponsored or cause to be carried on a 'collective investment scheme' unless he obtains a certificate of registration from the Board in accordance with the regulations.”
     
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    COMMENTS

    Jerry D'Souza

    2 years ago

    When is SEBI going to take action of H&M for not repaying the FD amount.

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