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Sebi cracks whip on PACL's Rs 50,000-cr investment scheme

Written By komp limpulima on Sabtu, 23 Agustus 2014 | 21.03

The market regulator bars promoters from collecting any money or launching any new collective investment scheme.

After Sahara and Sarada, market regulator Sebi has decided to crack the whip on Rajasthan-based real estate major Pearl Agrotech Corporation (PACL). The company has been asked to refund Rs 50,000 crore to people who invested in its collective investment scheme since 2005.

Sebi, armed with Supreme Court judgment on Friday passed an order against PACL, its promoters and directors, which include Tarlochan Singh, Sukhdev Singh, Gurmeet Singh and Subrata Bhattacharya. Sebi has abstained them from collecting any money or launching any new collective investment scheme.

Also Read: Sultan of Brunei denies bidding for Sahara hotels

This is by far the largest refund order from Sebi as it eclipses the Rs 24,000 crore refund order on Sahara group companies.

PACL has raised over Rs 49,100 crore since 2005 as per the submissions made by the company to Sebi. The market regulator fears that this amount could be more than Rs 50,000 crore since the company failed to furnish details between April 2012 and February 2013.

The company has been dealing with buying and selling of land assets from money raised from over 5.85 crore investors since 2005. It claims it has paid off 1.22 crore investors and that the outstanding that it owes to over 4.63 crore investors stands at over Rs 29,400 crore.

As per the submissions of PACL, it has agricultural and commercial land assets worth over Rs 11,700 crore. Sebi in its order has asked the company to wind up the operations and refund the money with promised return within 3 months and submit a report in 15 days after the completion of the refund process.

It has also asked the company to submit all inventories of assets and barred the company from selling any assets other than for the purpose of refunding the investors.

Failure to comply with the order, Sebi will be barring the promoters and directors from the securities market. It will also refer the case to the state government and local police to register a case against the company and the directors and promoters. Sebi will also initiate actions against the company and attach the property and ask the Ministry of Corporate Affairs to initiate winding up of the company.


21.03 | 0 komentar | Read More

Young Turks caught up with Viber founder Talmon Marco

Young Turks's Megha Vishwanath catches up with Talmon Marco, Founder and CEO of Viber in an exclusive conversation where he shares his key takeaways and learning's across his journey in setting up Viber.

Young Turks's Megha Vishwanath catches up with Talmon Marco, Founder and CEO of Viber in an exclusive conversation where he shares his key takeaways and learning's across his journey in setting up Viber.


21.03 | 0 komentar | Read More

How Snapdeal became India's major e-commerce website

Here is how Rohit Bansal and Kunal Bahl completely revamped their discount coupon and vouchers website Snapdeal into India's largest e-commerce marketplace.

Here is how Rohit Bansal and Kunal Bahl completely revamped their discount coupon and vouchers website Snapdeal into India's largest e-commerce marketplace.


21.03 | 0 komentar | Read More

Pearl Agrotech to move SAT against Sebi order

Sebi has cracked the whip on Rajasthan-based real estate major and has asked it to refund Rs 50,000 crore to people who invested in its collective investment scheme.

Facing a Sebi order with charges of running an illicit money pooling scheme worth about Rs 50,000 crore, Pearl Agrotech Corporation (PACL) today said it will approach the Securities Appellate Tribunal (SAT)  against the directive of the capital markets regulator.

"Sebi has unfortunately failed to recognize the submissions of the company that it can't be treated like a CIS. The company would now appeal this order before the Securities Appellate Tribunal," PACL said in a statement after the Sebi order.

"PACL limited, in its submission to the Sebi bench had submitted that it is not running a CIS. "Further, the company has sufficient asset holdings vis-a-vis the money raised for its real estate business," the company said. PACL further said it "would also like to remind its customers that it has always kept their interest paramount and would continue to do so".

"We assure our customers that their investments are safe& their interests would not be jeopardized," the company added. Sebi in its order earlier this evening asked PACL and its promoters and directors to refund investors' money within 3months and immediately stop raising money from all their collective investment schemes, after finding them guilty of raising close to Rs 50,000 crore through unauthorised CIS activities.


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All cos must apply 2-step payments for credit cards: RBI

The announcement on Friday comes after local taxi companies had complained that Uber was not following the two-step verification process required for credit card transactions in India, according to media reports.

The Reserve Bank of India (RBI) said that all transactions involving domestic credit cards must follow rules requiring additional verification, a stance that could impact companies such as Uber Technologies Inc that provide more simple app-based purchases.

The announcement on Friday comes after local taxi companies had complained that Uber was not following the two-step verification process required for credit card transactions in India, according to media reports.

All Uber payments are directly processed using the customer's stored credit card information in a simple process that bypasses any monetary exchange between drivers and users.

Although the RBI did not specifically address any company, it noted "it has come to our notice" cases in which domestic credit card transactions avoided the additional verification process by using an overseas payment system.

The RBI noted companies would have until Oct. 31 to ensure the two-step verification process was being followed, while noting that payments must be routed through a domestic bank and settled in Indian rupees.

"It is advised that entities adopting such practices leading to wilful non-adherence and violation of extant instructions should immediately put a stop to such arrangements," the RBI said in a circular.

San Francisco-based Uber did not immediately respond to an e-mail from Reuters seeking comment.


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Asian Paints' subsidiary to set up plant in Indonesia

Written By komp limpulima on Jumat, 22 Agustus 2014 | 21.03

Berger International Ltd (BIL), Singapore is a subsidiary of Asian Paints (International) Ltd (APIL), Mauritius. APIL is a wholly owned subsidiary of the company.

Asian Paints  today said its step down subsidiary Berger International Ltd (BIL), Singapore, has filed an application for investment approval with the regulatory authorities for setting up a paint manufacturing facility in Indonesia.

Berger International Ltd (BIL), Singapore is a subsidiary of Asian Paints (International) Ltd (APIL), Mauritius. APIL is a wholly owned subsidiary of the company.

"..on August 22, 2014 (BIL) filed an application for investment approval with the regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia," Asian Paints said in a BSE filing.

This greenfield venture is subject to necessary statutory and other approvals, the company added.

Asian Paints stock price

On August 22, 2014, Asian Paints closed at Rs 610.35, down Rs 2.9, or 0.47 percent. The 52-week high of the share was Rs 650.10 and the 52-week low was Rs 376.35.


The company's trailing 12-month (TTM) EPS was at Rs 12.45 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 49.02. The latest book value of the company is Rs 37.54 per share. At current value, the price-to-book value of the company is 16.26.


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Gap to enter India; first stores to come in Delhi, Mumbai

The brand plans to open about 40 franchise-operated Gap stores in India, the company said in a statement. The first two Gap outlets are expected to open in Mumbai and Delhi by next year.

American clothing retailer Gap will enter India next year in partnership with textile company Arvind Lifestyle Brand and open 40 outlets across the country as part of its global expansion strategy.

The brand plans to open about 40 franchise-operated Gap stores in India, the company said in a statement. The first two Gap outlets are expected to open in Mumbai and Delhi by next year, starting with Gap's Summer 2015 collection for adults, kids and babies. Describing India as an "important next step" in its global expansion strategy, the San Francisco-based company will enter the emerging Asian economy through franchise-operated Gap brand stores in partnership with Arvind Lifestyle Brand, a subsidiary of Arvind Limited.

"India is an emerging, vibrant market and an important next step in our global expansion strategy," said Steve Sunnucks, Global President of Gap. "More than half of India's population is under 25 and they are actively embracing fashion in today's retail environment," Vice President of Gap Global Franchise Ismail Seyis said.

Seyis said India is one of the company's top 10 global sourcing locations and Gap has worked in an effort to build meaningful relationships with its vendor partners. In 2007, Gap launched the P.A.C.E. (Personal Advancement & Career Enhancement) workplace education programme in India with one vendor in two manufacturing units.

The programme offers female garment workers the life skills education and technical training they need to advance at work and in life. Gap's entry in India is part of its wider Asia programme, wherein the company seeks to reduce its dependence on the North American markets by adding 110 new Gap stores to its tally of 231 outlets in Asia.

Notably, Gap is not the only US company banking on strong consumer spending by India's middle classes for its future growth. Only last month, online retailer Amazon had announced to invest USD 2 billion in India to boost its operations in e-commerce market.


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Arvind-Gap stitch a deal; to open stores from mid-2015

American apparel retailer Gap, popular for its khakhi pants and smart denims, is making its Indian debut. The USD 16 billion revenue company has tied up with Arvind lifestyle brands, the subsidiary of Gujarat-based textile and apparel giant Arvind. The plan is to roll out stores from mid-2015 with a target of 40 stores.

American apparel retailer Gap, popular for its khakhi pants and smart denims, is making its Indian debut. The USD 16 billion revenue company has tied up with Arvind lifestyle brands, the subsidiary of Gujarat-based textile and apparel giant Arvind. The plan is to roll out stores from mid-2015 with a target of 40 stores.

For more details, watch the video


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Booth's New Call Telecom looks to partner Indian players

Investing in emerging markets is no laughing matter and it should be a central concern for all investors worldwide. That's the word coming in from emerging market evangelist, Jerome Booth. As a part of CNBC-TV18's RD-360 series, market expert Ramesh Damani spoke to economist and author Jerome Booth and discussed his concerns in the developed markets and his outlook on India and the other emerging markets.

Below is the verbatim transcript of Jerome Booth's interview with Ramesh Damani:

Jerome: Finance theory that we use is not fit for purpose. This isn't necessarily a statement against academics but as Milton Friedman said if a theory has neither realistic assumptions nor testable results then it is useless and a lot of finance theory falls, maybe technically correct, but if falls under that category and so it is the widespread use of that theory in inappropriate ways which is effectively effected as allocation on a global scale affecting hundreds of millions of people and this is wrong and we need to change it.

So yes, we do need to smell the coffee and the biggest problem of all in asset allocation globally for investors is the agency problem that people are managing other people's money and they have different incentives and one of the biggest problem is that they use the theory in the knowledge that is not fit for the purpose but because everybody else does.

Ramesh: Herd Mentality?

Jerome: Yes, there is a huge herd mentality.

Ramesh: Developed markets have a problem according to you.

Jerome: Yes.

Ramesh: What is the problem?

Jerome: The problem is that we have depression like conditions which is what I was coming on to say about - uncertainty specifically and we have just way too much debt. The average for, what I call heavily indebted developed countries which because somebody else called, rather condescendingly group of countries heavily indebted poor countries, so I call them heavily indebted developed countries. The average debt to Gross Domestic Product (GDP) is 270 percent. Now when England had a debt to GDP of 240 percent after beating Napoleon it certainly took them half a century to get down to a sustainable level using fiscal policy. So that is not politically feasible today. These enormous debts are going to be eroded by a combination of two things.

First of all, and this is what is being tried today what we call financial repression. Financial repression is any policy which captures domestic savings in order to fund the government and to do so, they lower cost to the government, lower interest rates than otherwise possible and what you do is you have quantitative easing initially there to bail out banks, not to stimulate the economy, is now being used as part of that policy of financial repression by having very low interest rates. You then have higher inflation and that is what erodes debt over time.

If financial repression doesn't work and it is working; so far it worked very well for both Europe and the US after the second world war by the way then the other policy is inflation which is what was tried in the 70s and again that has negative real interest rates that is after inflation interest rates erodes the debt over a period of time. What I am describing is the plan in the west to rob their savers.

Ramesh: You are not a big fan of BRICS itself, you want the entire emerging markets spectrum?

Jerome: I am a fan of BRICS but I also invented the term CEMENT when BRICS came.

Ramesh: What does that stand for?

Jerome: CEMENT is Countries in Emerging Market Excluded by New Terminology. Why do four when you can do 64.

Ramesh: Having audience sitting in India how does India stack up in the scale of 64, new government, have you seen something promising out here?

Jerome: It is very exciting what is going on and you may have seen I have been in the press because we have announced USD 100 million that I am investing.

Ramesh: Which asset classes do you like? You are not great voter of equity only.

Jerome: No, absolutely. You should do everything. And actually the hard thing is often the best thing as Kennedy said and so I do like direct investing and that is what I am doing mostly myself in India.

Ramesh: You do private equity?

Jerome: Yes, effectively I own a company.

Ramesh: Spreading your business?

Jerome: Yes, it is real business. It is non-listed.

Ramesh: Which areas?

Jerome: Telecom.

Ramesh: Which other areas do you like. What are you doing in telecom briefly?

Jerome: Briefly, we have got a company in UK called New Call Telecom which is the sixth largest internet service provider in the UK and we are very adept, very good at marketing and understanding how the markets and the technology is changing rapidly and we see a huge demand for broadband and so we are targeting Wi-Fi, hotspots, things like that to the consumer within public spaces as well as home and in the office also messaging, fixed line and we want to basically provide some impetus in that sector. We see huge potential. We want to partner with all the big guys as well. We want to see areas that we can help them and this will point to which are the sectors that are interesting. Partly because the regulation is good and the government is reasonably hands off.

The regulation in India is very similar to the UK. In other infrastructure sectors that have got to have huge growth, there needs to be a similar sort of rethinking. There has been a lot of good things about infrastructure but we obviously need much more and that needs to catalyse all the potentials of having foreign investment as well.

By the way foreign investment I see very much as not a substitute for domestic investment. I see the main benefit of foreign investment in most cases to be providing competition of ideas and transparency and helping credibility for the market as a whole.


21.03 | 0 komentar | Read More

SpiceJet under scanner for suspected TDS violations

CBDT chairman KV Chowdary said the department is aiming to recover the tax and a penalty might be imposed as well.

Low-cost airline SpiceJet  is under the Income-Tax department's scanner for suspected violations of TDS and distribution of Form-16 to its employees, said CBDT chairman KV Chowdary.

He said that the department is aiming to recover the tax and a penalty might be imposed as well. Chowdary however did not disclose the amount.

SpiceJet on Wednesday said it has crossed Jet Airways  in market share figures to become India's number 2 carrier . In a release, the company said it had 20.9 percent market share, compared to 19.6 percent for the Jet Airways-JetLite combine in July. Industry leader IndiGo's market share stood at 30.7 percent, marginally lower than 31.6 percent in the previous month.

SpiceJet stock price

On August 22, 2014, SpiceJet closed at Rs 14.78, up Rs 0.22, or 1.51 percent. The 52-week high of the share was Rs 23.05 and the 52-week low was Rs 11.10.


The latest book value of the company is Rs -22.24 per share. At current value, the price-to-book value of the company was -0.66.


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