Income Tax department has found an "undisclosed" income of Rs 1,993.26 crore (Rs 19.93 billion) with the big bull's KP group.
Members of the film industry trouped in to say their last goodbyes to Manoj Kumar at a prayer meet held on Sunday evening.
Former president of the Calcutta Stock Exchange, Kamal Parekh, was arrested in connection with the Rs 120 crore (Rs 1.2 billion) payment crisis of the bourse.
CBI conducted raids at over two dozen places including those of senior officials of SBI Mutual Fund, UTI and broker Ketan Parekh for allegedly duping the financial institutions of crores of rupees in the latest stock market scam.
Custody and probe still on after 15 months, 800 witnesses, 160,000 pages of evidence so far.
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Three veteran investors, who, have braved the bad times, give their advice to retail investors.
In a written answer to Lok Sabha, Minister of Corporate Affairs Prem Chand Gupta said investigation reports have been received in 23 cases and instructions issued to Serious Fraud and Investigation Office to prosecute the concerned persons. Investigations against four entities having links with Parekh - Triumph securities, Nakshatra Softwares, Goldfish Computers and Luminant Investrade - have been completed.
Himachal Futuristic Communications Ltd (HFCL) made it public that its key promoters - Mahendra Nahata and his nephew Vinay Maloo - had parted ways.
The government on Friday said it has conducted inspections against 96 companies, including 16 companies of the Ketan Parekh group, in connection with stock market scam of 2001.
When the markets boom, the regulator gets jittery. And not without reason. Recollections of recent market booms are tinged with memories of scams and subsequent JPC investigations.
Securities and Exchange Board of India, on Tuesday, debarred promoters of Global Trust Bank Ramesh Gelli and associates, and Ketan Parekh entities from dealing in GTB scrip in any manner.
Do you think financial or corporate crimes are on the rise in India? What would you say is the cause for these scams: lack of monitoring, corruption in high places, pure greed.? Tell us what you think.
Two persons arrested by the Central Bureau of Investigation in connection with the multi-crore Madhavpura Mercantile Co-opertive Bank scam were remanded to CBI custody till June 17
GTB's main problem was its exposure to the capital markets. Consequent to over-exposure to the capital markets in 2001, non-performing assets was one of the factors that worked against us.
The Joint Parliament Committee report, tabled in Parliament on Thursday, has indicted former finance secretary Ajit Kumar for failing to resolve in time the redemption problem of the Unit Trust of India.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
In this round, the market has won. But it is still for Gautam Adani to decide whether he has lost or not, argues Shekhar Gupta.
Several Opposition leaders, including former Congress chief Rahul Gandhi, on Wednesday attacked the government over a media report claiming that a key Adani group investor is also co-owner with the conglomerate in a defence firm.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India are among the prominent entities named in the list.
'His track record in the market has been spotless and untainted.' 'That is why he had such great fan following among investors.'
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
Stock market investments are always said to involve risks and people who made big fortunes often made headlines as scamsters, leading to Dalal Street always being looked at with suspicion, but Rakesh Jhunjhunwala was broadly an exception. Jhunjhunwala, a partner at RARE Enterprises, who rose to amass a $5.8 billion fortune and earn the tag of the country's biggest individual investor, leaves behind a relatively cleaner slate, as was seen in the most common description for him -- 'India's own Warren Buffett'. Unlike names like Harshad Mehta and Ketan Parekh, whose rise in fortunes in post-liberalised India was tainted with scam links, the newest 'Big Bull' in the more-regulated market had lesser baggage on this front.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
His advice was to always start with small positions because we are bound to make mistakes; and remain humble because the markets can be merciless, remembers Debashis Basu.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Besides Joseph, one of the lawyers defending Michel is a member of the Congress' youth wing while the father of another is a party member, Patra claimed at a press conference.
Uncertainty lingers in the minds of retail investors due to scams.
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