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Even regular market-watchers were rather startled with the SEBI press release announcing that Motilal Oswal Securities had filed consent terms in what was dubbed the IPO (initial public offering) or multiple application scam of 2003-05. The firm settled the case on 6th May by paying Rs5 lakh...

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The Income-Tax Department keeps the transcripts of the Niira Radia tapes a closely guarded secret. They are marked ‘Top Secret’ and ‘Strictly Confidential’, obviously because the PR firm, which has the accounts of Reliance Industries Limited as well as the Tata group, is bound to have enormous...

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Can Indage Vintners be salvaged? Indage Vintners, an audacious and a pioneering venture of Shamrao Chougule, who started his life as a farm boy, is unravelling. In late March, the Bombay High Court ordered India’s largest wine producer to wind up, following a winding-up petition filed by its...

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Pallabika Ganguly 18 June 2010
The Unilever chief should be deeply worried about HUL’s recent record Unilever chief Paul Polman recently visited India as successive Unilever chiefs do. All these years, Unilever chairmen have been praising Hindustan Unilever (HUL) as the jewel in the crown—even when growth was clearly...

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Ravi Samalad 18 June 2010
Multi-level marketing schemes are expressly prohibited under the Insurance Act. Yet such schemes are proliferating under various guises, reports Ravi Samalad Gujarat-based insurance broker agency, Jeevan Suraksha Medicare Services Ltd, is among a long and growing list of companies engaged in...

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Orient Abrasives has a superb operating margin of 24% and a fast-growing domestic and global client list There are hardly too many stocks at attractive valuations currently. Orient Abrasives is probably one such. It makes fused alumina abrasive grains for cement, steel & copper, and zinc...

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Pallabika Ganguly 18 June 2010
Mumbai builders are slapping new home-buyers with value-added tax and service tax. The jury is still out on this issue Builders are demanding extra money under value-added tax (VAT) and service tax from home-buyers. The demand comes up when a buyer goes to complete possession formalities.

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Ravi Samalad 18 June 2010
LIC agents are painting a rosy picture and promising guaranteed returns to clueless investors Even as insurance behemoth Life Insurance Corporation of India (LIC) is busy bailing out initial public offerings of public sector units, its agents are finding new ways to trick investors. The...

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Development Bank of Singapore (DBS) had spent Rs213 crore to buy a 37.5% stake in the Murugappa group’s non-banking finance company, Cholamandalam Investment and Finance Company Ltd, in June 2006. It has exited from the joint venture at Rs129 crore, suffering a straight loss of Rs83 crore. This...

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Forex trading gets a multi-level marketing prop Chain marketing, which is rampant in mutual fund and insurance sales, has now caught up with the high-risk, high-return business of foreign exchange (forex) trading. Mauritius-based company, Maximus Trades Inc, which provides a forex trading...

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Pallabika Ganguly 18 June 2010
The original title deed of properties is often missing It is no secret that the Indian property market is a tangled web of deceit and legalise that can only be navigated by intrepid professionals. What is not so well known is that in most property transactions, it is difficult to get clarity on...

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Sanket Dhanorkar 18 June 2010
Shriram Transport Finance Company’s MD R Sridhar speaks with Moneylife’s Sanket Dhanorkar on his firm’s growth, funding and expansion plans ML: Are you going to continue focusing on niche businesses? RS: We are financing only small truck owners. We pull these people from the unorganised sector...

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Rudreshwar Malkani 18 June 2010
Nominees, not legal heirs, get ownership rights of shares, rules Bombay High Court A Bombay High Court judgement has overturned an established practice in the matter of transmission of shares by giving all ownership rights to the nominee rather than the legal heirs. In the verdict, Justice...

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Ravi Samalad 18 June 2010
Money keeps flowing out of equity mutual funds Equity mutual funds have been bleeding over the past six months; they could not buck the trend in April. Equity schemes witnessed redemptions of Rs1,133 crore in April 2010. In March, Rs2,016 crore had moved out of equity funds. In April 2009,...

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Rudreshwar Malkani 18 June 2010
RBI report shows that foreign banks generate the most customer complaints While people continue to criticise the services offered by public sector banks, it is foreign and private players who seem to be attracting the most complaints. According to the Annual Report of Banking Ombudsman Scheme...

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Veeresh Malik on tales from the auto sector 18 June 2010
I got the opportunity to test drive the ‘new’ Maruti-Suzuki Wagon-R, a few days ago I got the opportunity to test drive the ‘new’ Maruti-Suzuki Wagon-R, a few days ago. Here is my very brief report. In terms of usable space inside, it is bigger than its predecessor, and it is almost as good as...

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Moneylife Digital Team 18 June 2010
As per a survey conducted by HR consultancy firm Mercer India Monitor, corporate India continues to grow with many firms not only filling vacant positions but also actively recruiting new staffers With hiring activity in the country expected to continue unabated, about 6%-10% of the total...

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Moneylife Digital Team 18 June 2010
IRCTC’s website, which also offers railway tickets, is considered the largest e-commerce site in Asia Pacific and a leading service provider in the tourism sector. The website is offering 10% cash back offer on purchase of air tickets Indian Railways Catering and Tourism Corporation (IRCTC),...

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The life insurance market grew at 25% in the past year, but the sum assured per policy is shrinking, thanks to the proliferation of ULIPs The latest IRDA (Insurance Regulatory and Development Authority) data shows that life insurers grew their business by a whopping 25% in the past financial...

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