Some of the suspended accounts are seen and scanned , analyzed, you will find wonder!!! Bogus entries of havala are hid in the accounts. R O C is not doing any thing!!!!!!!!!! This is abuse of Power and also abuse of money invested by investors!!! Not only this on the contrary above all things are known to R O C . Purposely they are silent over the matter. The Promoters of such companies are leading personality in society , they are covered with Gundas.
C A Shah D J
From: CS Hemant Kothari <hemantkothari13@gmail.com>
To: aaykarbhavan <aaykarbhavan@yahoogroups.com>
Sent: Sunday, 10 March 2013 6:23 AM
Subject: Re: [aaykarbhavan] SUSPENDED COMPANIES
C A Shah D J
From: CS Hemant Kothari <hemantkothari13@gmail.com>
To: aaykarbhavan <aaykarbhavan@yahoogroups.com>
Sent: Sunday, 10 March 2013 6:23 AM
Subject: Re: [aaykarbhavan] SUSPENDED COMPANIES
Very interesting note.
It is more interesting to note that the Government has repeatedly (rather deliberately?) operated surgery at Brain when there is a fracture in leg. Same is the case when Auto/Buses/Train/ municipal corporation employees go on strike. It's the common man that suffers. We pay taxes because we still expect a civilized society some day. However, Rich parliamentarians get subsidized food and Monteck Singh feels Rs. 58 per day is enough for us. The politicians must be eating (sucking) out Rs.58 per person per minute, if not per second.
Probably we are paying the price of our negligence. We need more and more PILs and extensive (but creative not only Criticising) use of social media. Also beware - News channels are owned by non-Indians, the same is the case with social media. They might have some hidden agenda and again we see a repeat of hindi-chinni bhai bhai.. and then there still is no "chinni come" starring amitabh.. Sugar is still high. May turn out into inflaming gangrene.
Every day there is a scam and Chidambaram the great talks of developing SoP's.
The time has come when certain functions are left to the NGO's. I would support the Executive Culture at NGO rathen than believing in proper drafting and implementation of SoP's by Government. Repeatedly the adamancy is demonstrated by Govt. Nirbhaya's death was certainly unfortunate but there are thousands of such incidents happening repeatedly, why is it getting special treatment "now" (earlier these people didn't come out.. Shinde the great compared the student protesters with naxals) also same with death of that constable, still a mystery. Chapter closed. Who attended the funerals of beheaded soldiers ? what support was provided to family? what did the enquiry reveal? why did we not raise the voice? welcome Mr. Prime Minister of pakistan.. red (bloody) carpet.. what an SoP sirjee...??
Government should restrict its role and just mind its own business. Politicians should be made more accountable, publish their defaults in paying electricity, water, telephone bills, government taxes, misuse of privileges and perks.
What happened to 2G, commonwealth, coal-gate, many such scams? Bofors is still open and surprisingly many points Italy-wards.
China has been always a challenge, US doesn't have friends it has only interests, others need not be spoken about. Even Indonesia is becoming more competitive. First have SoP for giving ticket to the corporator.
IT Department, ST Department cracks down on hawala, bogus bills what about a huge chunk of money lying in safe havens? Why no efforts to bring them back.. May be a repeat of "Simon go back" is required and this money can help them for retired life.. All may sit and say cheers with Mushrafff.... Finally they same red carpet sharers....
Please stop fooling the stupid common man, unfortunately they understand some of your tricks now. And that is enough sirjee..!!
From: Hemant Kothari
"Quality is always the result of an intelligent effort".
On Wed, Mar 6, 2013 at 9:50 PM, Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in> wrote:
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 acommittee 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-560061Karnataka,India.+91 80 42011024You never achieve success unless you like what you are doing."--Dale Carnegie,American self-help author and lecturer
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