Some addition by capital letters.
From: Dipak Shah <djshah1944@yahoo.com>
To: "aurangabad_ca@yahoogroups.com" <aurangabad_ca@yahoogroups.com>; GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; "ludhiana-ca@googlegroups.com" <ludhiana-ca@googlegroups.com>; lucknow <Lucknowca_reinvented@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; New Delhi <new_delhi_ca@yahoogroups.com>; "pilotoffice@nic.in" <pilotoffice@nic.in>; "sensitiveadvisor2008@yahoogroups.co.in" <sensitiveadvisor2008@yahoogroups.co.in>
Sent: Saturday, 9 March 2013 8:29 PM
Subject: [aaykarbhavan] Re: [aurangabad_ca] SUSPENDED COMPANIES
From: Dipak Shah <djshah1944@yahoo.com>
To: "aurangabad_ca@yahoogroups.com" <aurangabad_ca@yahoogroups.com>; GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; "ludhiana-ca@googlegroups.com" <ludhiana-ca@googlegroups.com>; lucknow <Lucknowca_reinvented@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; New Delhi <new_delhi_ca@yahoogroups.com>; "pilotoffice@nic.in" <pilotoffice@nic.in>; "sensitiveadvisor2008@yahoogroups.co.in" <sensitiveadvisor2008@yahoogroups.co.in>
Sent: Saturday, 9 March 2013 8:29 PM
Subject: [aaykarbhavan] Re: [aurangabad_ca] SUSPENDED COMPANIES
I have been observing for last 25 years and more that the Many Companies are working silently by management for personal use only. Profit is evaded by Directors management and such companies are not circulating any information for years together for 25 years.Not only this but the Companies which have been under liquidation process , contribution distribution and all other information are not available on web of MCA or So? Who cares for this ? MCA has ever did any function , work for investors interest at all.
ON RECORD ACCOUNTS AND ALL OTHER DETAILS ARE FILED WITH LIST OF MEMBERS NAME AND REGISTER WITH ALL DETAILS AND IN COMPARISON WITH PRINTING AND POSTAGE EXPENSES ARE NEVER COMPARED WITH NUMBERS OF MEMBERS . HOW THE ACCOUNTS ARE ADOPTED AND ALL COMPLIANCE FOLLOW UP BEST KNOWN TO REGISTRAR OF COMPANIES PERSON OF OFFICE SCRUTINIZING THE ACCOUNTS!!!!!!!!. HOW SCRUTINIZED BEST KNOWN TO OFFICER CONCERNED!!!
RECENTLY I CIRCULATED TO ALL GROUPS , DISCRIMINATION FROM ONE COMPANY TO ANOTHER. RECENTLY KARNAVATI CLUB LIMITED HAD BEEN ISSUED FOR NON COMPLIANCE OF SOME SECTION 217 , 224, AND OTHER. IN THE SAME MANNER MANY COMPLAINTS HAD BEEN MADE FOR THE CONTRAVENTION OF SAME SECTIONS OF KARNAVATI CLUB LIMITED ( 2 YEARS BACK ACCOUNTS ) IN COMPARISON RATNAMANI ENGINEERING LIMITED FOR MORE THAN 18 YEARS!!!. BEST KNOWN TO OFFICE OF REGISTRAR OF COMPANIES GUJARAT.
Copy of this e mail is also sent to MCA Minister for action and reply.
C A Shah D J
USA
From: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>
To: GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; AURANGABADCAs <aurangabad_ca@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; "ludhiana-ca@googlegroups.com" <ludhiana-ca@googlegroups.com>; lucknow <Lucknowca_reinvented@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; New Delhi <new_delhi_ca@yahoogroups.com>
Sent: Wednesday, 6 March 2013 10:20 AM
Subject: [aurangabad_ca] SUSPENDED COMPANIES
--
ON RECORD ACCOUNTS AND ALL OTHER DETAILS ARE FILED WITH LIST OF MEMBERS NAME AND REGISTER WITH ALL DETAILS AND IN COMPARISON WITH PRINTING AND POSTAGE EXPENSES ARE NEVER COMPARED WITH NUMBERS OF MEMBERS . HOW THE ACCOUNTS ARE ADOPTED AND ALL COMPLIANCE FOLLOW UP BEST KNOWN TO REGISTRAR OF COMPANIES PERSON OF OFFICE SCRUTINIZING THE ACCOUNTS!!!!!!!!. HOW SCRUTINIZED BEST KNOWN TO OFFICER CONCERNED!!!
RECENTLY I CIRCULATED TO ALL GROUPS , DISCRIMINATION FROM ONE COMPANY TO ANOTHER. RECENTLY KARNAVATI CLUB LIMITED HAD BEEN ISSUED FOR NON COMPLIANCE OF SOME SECTION 217 , 224, AND OTHER. IN THE SAME MANNER MANY COMPLAINTS HAD BEEN MADE FOR THE CONTRAVENTION OF SAME SECTIONS OF KARNAVATI CLUB LIMITED ( 2 YEARS BACK ACCOUNTS ) IN COMPARISON RATNAMANI ENGINEERING LIMITED FOR MORE THAN 18 YEARS!!!. BEST KNOWN TO OFFICE OF REGISTRAR OF COMPANIES GUJARAT.
Copy of this e mail is also sent to MCA Minister for action and reply.
C A Shah D J
USA
From: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>
To: GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; AURANGABADCAs <aurangabad_ca@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; "ludhiana-ca@googlegroups.com" <ludhiana-ca@googlegroups.com>; lucknow <Lucknowca_reinvented@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; New Delhi <new_delhi_ca@yahoogroups.com>
Sent: Wednesday, 6 March 2013 10:20 AM
Subject: [aurangabad_ca] SUSPENDED COMPANIES
How the bourses and SEBI help fraudulent promoters of suspended companies
Sometime in the middle of February, Midas Touch Investors Association, headed by Viren Jain, scored a big preliminary victory when the Delhi High Court issued notices to the Securities & Exchange Board of India (SEBI) and the two national stock exchanges asking why the Central Bureau of Investigation (CBI) should not investigate their inaction in connection with Rs58,000 crore blocked in 1,450 ‘suspended’ companies. Most of these companies are listed on the Bombay Stock Exchange (BSE); but some also on the National Stock Exchange (NSE). Companies are usually suspended for failing to paylisting fees or fulfilling compliance requirements under the listing agreement of stock exchanges. But this action only ends up punishing investors. Although a majority of suspended companies are loss-making or defunct, a few hundred are active and probably found the suspension a nice way to keep the funds raised from the public and forget their shareholders.
Viren Jain has repeatedly raised the issue of suspended companies at SEBI’s meetings with investor associations, right from December 2010. The matter was then referred to a
committee which recommended specific action against companies and their promoters/directors as well as measures to strengthen the monitoring system. At that time, 425 of these companies were still active; 60 of them were listed on the NSE. SEBI has not bothered to implement the recommendations. One recommendation was for bourses to formulate standard operating procedures to decide when a company would be suspended. Left with no other option, Midas Touch has filed a petition with the Delhi High Court asking it to direct SEBI to implement the committee’s report and to debar the directors of these companies from the capital market.
The PIL has an interesting background. The Investor Education and Protection Fund (IEPF), under the ministry of corporate affairs (MCA), which has a hefty Rs1,000 crore of unclaimed dividends in its kitty, used to support the ‘Investor Helpline’ (IH) project managed by Midas Touch. The Helpline received over 14,000 grievances, of which 2,000 were against 450 such ‘suspended’ companies. While Midas Touch was fighting a battle for investors with SEBI, the IEPF decided to stop supporting the Helpline, without an explanation. The IEPF is now packed with representatives of industry associations and professional bodies, who, ironically enough, decide how investors’ funds are to be spent. Interestingly, the managing director of NSE (who is fully aware of Midas Touch’s track record in championing investor issues dating back to the 1990s) is also a member of the committee; but even this did not seem to matter.
A suggestion by the standing committee of parliament to reconsider the decision has also been ignored. This is usually the fate of anyone who takes up cudgels on behalf of savers. Meanwhile, IEPF, SEBI and the bourses, spend vast sums of money on splashy advertisements promoting financial literacy and buying media support
Sometime in the middle of February, Midas Touch Investors Association, headed by Viren Jain, scored a big preliminary victory when the Delhi High Court issued notices to the Securities & Exchange Board of India (SEBI) and the two national stock exchanges asking why the Central Bureau of Investigation (CBI) should not investigate their inaction in connection with Rs58,000 crore blocked in 1,450 ‘suspended’ companies. Most of these companies are listed on the Bombay Stock Exchange (BSE); but some also on the National Stock Exchange (NSE). Companies are usually suspended for failing to paylisting fees or fulfilling compliance requirements under the listing agreement of stock exchanges. But this action only ends up punishing investors. Although a majority of suspended companies are loss-making or defunct, a few hundred are active and probably found the suspension a nice way to keep the funds raised from the public and forget their shareholders.
Viren Jain has repeatedly raised the issue of suspended companies at SEBI’s meetings with investor associations, right from December 2010. The matter was then referred to a
committee which recommended specific action against companies and their promoters/directors as well as measures to strengthen the monitoring system. At that time, 425 of these companies were still active; 60 of them were listed on the NSE. SEBI has not bothered to implement the recommendations. One recommendation was for bourses to formulate standard operating procedures to decide when a company would be suspended. Left with no other option, Midas Touch has filed a petition with the Delhi High Court asking it to direct SEBI to implement the committee’s report and to debar the directors of these companies from the capital market.The PIL has an interesting background. The Investor Education and Protection Fund (IEPF), under the ministry of corporate affairs (MCA), which has a hefty Rs1,000 crore of unclaimed dividends in its kitty, used to support the ‘Investor Helpline’ (IH) project managed by Midas Touch. The Helpline received over 14,000 grievances, of which 2,000 were against 450 such ‘suspended’ companies. While Midas Touch was fighting a battle for investors with SEBI, the IEPF decided to stop supporting the Helpline, without an explanation. The IEPF is now packed with representatives of industry associations and professional bodies, who, ironically enough, decide how investors’ funds are to be spent. Interestingly, the managing director of NSE (who is fully aware of Midas Touch’s track record in championing investor issues dating back to the 1990s) is also a member of the committee; but even this did not seem to matter.
A suggestion by the standing committee of parliament to reconsider the decision has also been ignored. This is usually the fate of anyone who takes up cudgels on behalf of savers. Meanwhile, IEPF, SEBI and the bourses, spend vast sums of money on splashy advertisements promoting financial literacy and buying media support
CA Ramachandran Mahadevan,M.Com.,F.C.A.,
I-708,Mantri Tranquil,Subramanyapura Post,
Bangalore-560061
Karnataka,India.
+91 80 42011024
You never achieve success unless you like what you are doing."
--Dale Carnegie,
American self-help author and lecturer
__._,_.___
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