Stock Manipulation
Stock manipulation: Padmanabh Industries
Ahmedabad-based Padmanabh Industries, formerly known as Nilchem Industries Limited, is a chemicals trading company. For the quarter ended December 2016, the company reported no sales and net loss of Rs3 lakh. This wasn’t the first quarter in which there were no sales; it has reported no sales consistently from March 2014 to December 2015 quarter and showed sales of Rs31 lakh, Rs3 lakh and Rs1 lakh in March 2016, June 2016 and September 2016 quarters, respectively. Padmanabh has been reporting losses since FY10-11, except in FY13-14, when it reported no profit and no loss. 
 
The company’s reserves stand at a negative Rs20 lakh, while the share capital is Rs4.58 crore. The promoters hold only 2.94% of the total shares. However, an examination of public shareholding shows that shares are held by the promoters and their family, but are just not listed under promoter shareholding. 
 
The stock was suspended from trading on the BSE from 27 August 2015 due to penal reasons. However, on submissions and representations made by the company, on 29 January 2016, the BSE revoked its suspension and trading started from 3 February 2016. Despite there being no business, no revenues and incurring losses, the share of the company rose by 2034%, to Rs62.3 on 6 March 2017, from Rs2.92 on 13 October 2014. Will SEBI care to investigate? 

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Parrikar wins trust vote in Goa 22-16
Chief Minister Manohar Parrikar on Thursday won the trust vote in the Goa assembly, with 22 MLAs supporting his government. The Congress got the support of 16 legislators.
 
Parrikar, whose BJP heads a coalition government with a slim majority, was sworn in as Chief Minister of the coastal state for the fourth time on Tuesday.
 
Parrikar, who is not a legislator and is a Rajya Sabha member, moved a one-line motion of confidence, after which pro-tem Speaker Sidharth Kunkolienkar asked those in favour of the motion to stand up.
 
The pro-tem Speaker overruled Opposition member Pratapsingh Rane's efforts to raise a point of order related to the appointment of a junior member of the assembly as pro-tem Speaker.
 
The 22 MLAs who supported the motion those of the Bharatiya Janata Party (minus the pro-tem Speaker), three each of Goa Forward and MGP, three Independents and Nationalist Congress Party MLA Churchill Alemao.
 
Congress MLA Vishajit Rane, who over the last few days had been accusing the Congress leadership of squandering away chances of forming a government in the state, was not present during the voting.
 
Rane later told reporters outside the assembly complex that he was not happy with the functioning of the Congress and would be quitting it soon.
 
"I have been complaining about the functioning of the Congress. No one is paying attention. I will be quitting the party soon," Rane said.
 
When Parrikar was asked to react to Rane going missing during the trust vote, he said: "Why are you asking me, ask him."
 
The Congress has alleged that the BJP-led coalition government was legitimate. 
 
"They have bought over MLAs. They have not allowed us to speak in the assembly or discuss the motion, they have even foisted a Speaker who formerly was reporting to Manohar Parrikar as Chief Minister in 2012.
 
"There is no legitimacy for this government," Congress spokesperson and MLA Aleixo Reginaldo told IANS.
 
The former Defence Minsiter later told reporters that portfolios to the 10-member cabinet would be announced on Saturday. 
 
"Expansion of the cabinet will be done after the budget session is over. The budget session will begin on March 22," Parrikar said.
 
Thursday's trust vote was ordered by the Supreme Court following a petition by the Congress which alleged that Goa Governor Mridula Sinha had played a partisan role in inviting the BJP to form a government although the Congress was the single largest party with 17 MLAs in the 40-member assembly.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Tribunal asks TRAI to re-examine Jio free offers, declines stay
The telecom tribunal on Thursday asked the sector regulator to re-examine issues pertaining to Reliance Jio's free promotional offers. However, no stay was given on the offers.
 
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) directed the Telecom Regulatory Authority of India (TRAI) to re-examine the issues and inform it within two weeks, according to sources.
 
The newcomer, Reliance Jio, had launched free voice and data plan in September 2016 and had extended it till March 31, 2017.
 
Incumbent players Bharti Airtel and Idea Cellular had lodged a complaint with the telecom tribunal against TRAI for letting Reliance Jio continue with promotional offers beyond 90 days.
 
However, the tribunal did not order a stay, as was sought by the incumbent telecom operators. Last week, the tribunal had reserved its order on an appeal by the two operators.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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