Economy & Nation   Exclusive
Neville Tuli, Osian's Connoisseurs declared as defaulters by IDBI Bank
In a newspaper advertisement, IDBI Bank said Tuli and Osian’s Connoisseurs together owe it Rs59.20 crore as on 1st March, and the Bank holds second charge on the offices of the company
 
IDBI Bank, through an advertisement in a newspaper has declared Neville Tuli, promoter and personal guarantor of Osian's Connoisseurs of Art Pvt Ltd, and the company, a defaulter. The Bank says that it holds second charge of the office premises of the company situated in Nariman Bhawan in Mumbai.
 
The notice, which includes a photograph of Tuli says, "It is hereby notified to the public at large that the above mentioned borrower failed and neglected to pay the instalments of principal, interest and other monies to IDBI Bank with respect to the financial assistance granted to the borrower. The borrowers are required to pay the outstanding sum or Rs59.20 crore as on 1 March 2015 together with interest thereon till the date of payment in terms of various loan documents executed by them in favour of IDBI Bank."
 
The Bank also cautioned people against dealing with the property as huge dues are recoverable from Tuli and his company.
 
The notice is issued by the Bank's NPA Management Group.
 
Earlier in April 2013, market regulator Securities and Exchange Board of India (SEBI) had asked Osian’s-Connoisseurs, which managed Osian's Art Fund, to wind up its existing collective investment scheme (CIS) and refund the money collected from investors. SEBI also referred the case to the state government and the police for filing a civil or criminal case against Osian's and its promoters, directors and persons in-charge of its CIS. In addition, SEBI had also requested the Ministry of Corporate Affairs (MCA) to initiate proceedings to wind up the Art Fund.
 
Osian's raised Rs102.40 crore from 656 unit holders across 39 cities, most of them high net-worth individuals (HNIs). The scheme used to declare NAVs showing 30% returns, but when it was time for redemption, the money was not forthcoming. The scheme was wound up on 10 July 2009.
 
At present, the case is pending before the Securities Appellate Tribunal (SAT).
 
Meanwhile, in January 2015, Tuli, the chairman of Osian's group launched Osianama - India's Arts, Auto Cine & Culture Centre at the iconic art-deco Liberty Cinema in Mumbai. Osianama also launched its Vintage and Classic Automotive Club, which it claims is a unique initiative to bring the world of automotive 'cultural treasures' to both connoisseurs and students in the form of events, exhibitions, discussions, master classes and seminars.  
 
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COMMENTS

Mahesh S Bhatt

4 years ago

Mamu banaya.

Japan had oldest way to defraud in mid 80's by under/over valuing arts & striping accoutnants/governments.

God also cannot bless because underlying fact is greed/cheat instinct legally.

Mahesh

u k saluja

4 years ago

It would be appreciated if you could kindly publish an article once again about promoters of companies like Micro Technologies India Ltd., Mumbai(Dr.P.Sekhar and Mr.Aditya Sekhar, Chairman and CMD respectively) and Mr.Pankaj Saraiya, MD of Avon Corpn.Ltd., Mumbai who have failed to pay back money to theirmatured FD holders and both the companies have not complied with directives/orders issued by CLB, Mumbai to pay back to their FD holders and have now gone into liquidation. Claims still not processed by liquidator and poor, sick and old, investors are suffering. Kindly bring this to the notice of higher-ups in the MCA and others to help such people. Thanks. U K Saluja, New Delhi.

Prakash Bhate

4 years ago

Good beginning even though late. I hope IDBI and other banks release more of such ads.

Govt promotes nine as executive directors in public sector banks

Nine general managers are promoted as executive directors EDs in PSBs including Bank of Baroda, Bank of India, Canara Bank, Union Bank, Allahabad Bank, Syndicate Bank, Central Bank of India, Indian Overseas Bank and CUB Bank

 

The union government has promoted nine general managers from several public sector banks (PSBs) as executive directors (EDs).
 
According to a report from the Hindu, the nine general managers who have been appointed as executive directors are Ravindra Marathe ( from Bank of Baroda to Bank of India); KVR Moorthy (from Bank of Baroda to Bank of Baroda); Harideesh Kumar (from Vijaya Bank to Canara Bank); Kishore Piraji Kharat (Bank of Baroda to Union Bank); NK Sahoo (from Canara Bank to Allahabad Bank); Ravishankar Pandey (from Union Bank to Syndicate Bank); Rishab Lodha ( from Union Bank to Central Bank of India); Pawan Kumar Bajaj (from Bank of India to Indian Overseas Bank); and Charan Singh (from Bank of India to UCO Bank).
 
A panel headed by the Reserve Bank of India (RBI) Governor Raghuram Rajan had interviewed 35 candidates on 25 December 2014 in New Delhi.
 

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COMMENTS

Srinivasarao Ravindranath

4 years ago

How can it be CUB Ban for Mr Charan Singh? It is UCO Bank.

RBI cuts repo rate by 25 bps to 7.5%

While cutting the repo rate at which RBI lends money to banks by 25 basis points, the central bank said steps the government takes on food management will be critical in determining the inflation outlook 

 

The Reserve Bank of India (RBI) on Wednesday cut repo rate (the rate at which the RBI lends money to banks) by 25 basis points to 7.50% from 7.75% with immediate effect. At the same time, the central bank has kept cash reserve ratio (CRR) unchanged at 4%.
 
Dr Raghuram Rajan, governor, RBI, in a statement said, "The need to act outside the policy review cycle is prompted by two factors. First, while the next bi-monthly policy statement will be issued on 7 April 2015 the still weak state of certain sectors of the economy as well as the global trend towards easing suggests that any policy action should be anticipatory once sufficient data support the policy stance. Second, with the release of the agreement on the monetary policy framework, it is appropriate for the Reserve Bank to offer guidance on how it will implement the mandate."
 
"Going forward, the RBI will seek to bring the inflation rate to the mid-point of the band of 4 +/- 2% provided for in the agreement, i.e., to 4% by the end of a two year period starting fiscal year 2016-17," Dr Rajan said in a statement.
 
Commenting on the rate cut, Arundhati Bhattacharya, Chairman, State Bank of India (SBI), the country's largest lender, said, "We welcome the repo rate cut by RBI. With the Government embarking on a path of qualitative fiscal consolidation and the formal adoption of inflation targeting,   inflation trajectory is expected to stay benign and will aid banks in their decision making. Our bank will take an appropriate call of a cut in base rate by looking at all evolving circumstances."  
 
The new CPI rebased to 2012 was released on 12 February 2015. Inflation in January 2015 at 5.1% as measured by the new index was well within the target of 8% for January 2015. Prices of vegetables declined and, hearteningly, inflation excluding food and fuel moderated in a broad-based manner to a new low. Thus, disinflation is evolving along the path set out by the Reserve Bank in January 2014 and, in fact, at a faster pace than earlier envisaged.
 
"The uncertainties surrounding any inflation projection are, however, not insignificant. Oil prices have firmed up in recent weeks, and significant further strengthening, perhaps as a result of unanticipated geo-political events, will alter the inflation outlook. Food prices will be affected by the seasonal upturn that typically occurs ahead of the south-west monsoon and, therefore, steps the government takes on food management will be critical in determining the inflation outlook," the central bank said. 
 
Dr Rajan said, "Softer readings on inflation are expected to come in through the first half of 2015-16 before firming up to below 6 per cent in the second half. The fiscal consolidation programme, while delayed, may compensate in quality, especially if state governments are cooperative. Given low capacity utilisation and still-weak indicators of production and credit off-take, it is appropriate for the Reserve Bank to be pre-emptive in its policy action to utilise available space for monetary accommodation." 
  
The reverse repo rate under the liquidity adjustment facility (LAF) will be changed to 6.50%, and the marginal standing facility (MSF) rate and the bank rate at 8.50% with immediate effect.
 
Repo Rate.......................7.50%
Reverse Repo Rate........6.50%
CRR................................4%
Bank Rate.......................8.50%
 

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