Who is Zafar Sareshwala, the new Chancellor of Urdu University?
Sareshwala, an avid Modi supporter from Ahmedabad, was banned by SEBI from markets for seven years
 
The Ministry of Human Resource Development has appointed Zafar Sareshwala, chief executive and managing director of Ahmedabad-based Parsoli Corp Ltd, as new Chancellor of Maulana Azad National Urdu University, a Central University established in 1998 to promote and develop the Urdu language. Sareshwala succeeds Syeda Saiyidain Hameed, the former Member of Planning Commission. There are two aspects of Sareshwala, one is his closeness with Prime Minister Narendra Modi and second, his tainted innings in the stock market.
 
Last February, Sareshwala organised the Ummat Business Conclave 2014 to showcase the corporate culture of Muslim business community and help them network with other business communities. Of course, Modi, the then Chief Minister of Gujarat was the chief guest for the Conclave. Today, according to media reports, Sareshwala is one of the closest advisors of Modi for the Muslim community. 
 
Interestingly, in 2002 when the Gujarat riots took place, Sareshwala was a banker living in UK and had organized anti-Modi rallies there. However, a meeting with Modi in 2003 at St James Court in London changed his political ideology and Sareshwala became a staunch supporter of the (then) Gujarat chief minister. Nevertheless, some conservatives from the Muslim community still accuse Sareshwala of being a ‘back stabber’ and ‘sheer opportunist’ for siding with Modi. 
 
Sareshwala, meanwhile had quite a brush with the stock market regulator. The Securities and Exchange Board of India (SEBI) in July 2013 cancelled broker registration of Parsoli Corporation for violations of its regulations. In 2010, Parsoli and its whole time directors Zafar Yunus Sareshwala and Uves Yunus Sareshwala were barred from the capital market by SEBI for seven years, for alleged fraudulent trading activities.
 
However, the order cancelling its registration came on a separate probe that looked into alleged violations of broker norms by Parsoli.
 
"If the applicant is allowed to continue in the market, even after it has been repeatedly found guilty of violating securities laws on more than one occasion, it will seriously prejudice the interest of investors and the safety and integrity of the securities market," Prashant Saran, whole time member of SEBI had said in the order.
 
In 2010, SEBI had passed order against Parsoli and its directors after finding prima facie that the company's promoters had transferred shares to themselves in a fraudulent manner from shareholders.
 
Sareshwala’s Parsoli is touted to have introduced Islamic banking in India. However, it was not an easy ride for Zafar Sareshwala and his entire family, who had been living in Gujarat since over 250 years. 
 
According to a 2006 report from Hindustan Times, for decades, Zafar Sareshwala’s affluent Gujarati Muslim family had distributed lakhs of rupees to the poor in Islam-mandated zaqat donations. “Sareshwala — whose company Parsoli has pioneered Islamic banking in India — lost Rs3.3 crore in the 2002 riots when its employees fled the ambushed building that was catching fire. They left computer terminals on, without being able to square off their positions on the stock market. It was the deadliest blow to the family that had lived for some 250 years in Ahmedabad, and had suffered severe damage in the riots of 1969, 1985 and 1992,” the reports said.
 
According to the report, family and friends suggested that the family should migrate. Sareshwala had to choose between his British resident visa and the stock exchange membership. “It was easy to leave. However, I decided to stay and revive my business. Others just laughed at us,” he told the newspaper.
 
Sareshwala then sold his century-old industrial valve-producing factory and revived his business. So much so that earlier in October 2009, Sareshwala, who also owns Parsoli Motors, a dealership for BMW in Ahmedabad, gifted a X6 Activity Coupe (Xdrive 30d), worth Rs79 lakh to Salman Khan.
Like this story? Get our top stories by email.

User

COMMENTS

dheeraj kaur

4 years ago

zafar zareshwala is fraud,he has not only cheated shareholders of his company (parsoli corporation)which was blacklisted by both BSE and NSE stock exchanges, the order link is here
http://www.sebi.gov.in/cms/sebi_data/att...
But he has also cheated his german partner (BAADER
BETEILIGUNGS GMBH)in his parsoli motors corp.see the order passed by guj high court http://indiankanoon.org/doc/90703766/

dheeraj kaur

4 years ago

fraud zafar sareshwala see the below link which he committed fraud with his partner in parsoli motors http://indiankanoon.org/doc/90703766/

Arvind Panagariya to be first NITI Aayog Vice-Chairman

The Columbia University professor will take over as the Vice-Chairman of the newly form body, which will come under the PMO

 

Laying to rest and confirming all speculation, the Prime Minister's Office announced today the people who will be a part of the newly formed think thank and Planning Commission successor, NITI Aayog.

 

The body will be headed by the Prime Minister as its Chairman and will have Arvind Panagariya as its Vice Chairman.

 

Following is the list of all appointees as per the PMO statement:


Vice Chairman - Arvind Panagariya, Economist


Full-Time Members

  • • Bibek Debroy, Economist

  • • Dr. V.K. Saraswat, Former Secretary Defence R&D


Ex-officio members

  • • Rajnath Singh, Union Minister

  • • Arun Jaitley, Union Minister

  • • Suresh Prabhu, Union Minister

  • • Radha Mohan Singh, Union Minister


Special Invitees

  • • Nitin Gadkari, Union Minister

  • • Thawar Chand Gehlot, Union Minister

  • • Smriti Zubin Irani, Union Minister

User

Saina Nehwal recommended for Padma Bhushan after outburst

Saina Nehwal's name has been included in the list of people to be given Padma Bhushan. The announcement from the MHA will be on this year's Republic Day

 

In a statement by the Department of Sports of the Ministry of Youth Affairs and Sports, the Ministry said that it had decided to recommend Saina Nehwal's name for Padma Bhushan.

 

The Ministry said that even though the deadline for recommendations to be sent to the Ministry of Home Affairs had long passed, Nehwal's name would be forwarded for the award as a special case.

 

The Ministry also made clarifications regarding the controversy raked up after Nehwal's public outburst complaining about her name not being included in the sportsmen recommended for the award.

 

“I heard that Sushil Kumar's name was sent for Padma award as a special case, while my name was not sent to Ministry of home affairs by sports ministry. The ministry guidelines say that there needs to be a gap of five years between two Padma awards. So if they can send his name, why they didn't recommend my name as I have completed the five years gap. I felt bad about it,” Nehwal had said to PTI News a few days ago.

 

“It is also clarified that Ministry had not received any nomination in respect of Ms Saina Nehwal last year either. So the question of Department of Sports intimating Ms Saina Nehwal that her nomination for Padma Bhushan was not recommended to the Ministry of Home Affairs in 2013, as there has to be a gap of 5 years between two Padma Awards, does not arise,” the statement said.

 

As per the statement of the Ministry it was clear that the Badminton Association of India had failed to recommend Nehwal's name for the award.

 

In cases where a Padma award has been awarded to someone within the last 5 years they cannot be given another Padma award. This can be waived by the Home Ministry in special cases. In this regard, “The Ministry had not received nomination in respect of Ms Saina Nehwal from Badminton Association of India or any other agency, for Padma Bhushan for 2014,” the statement said.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)