Probe Agency Order In Tech Mahindra Money Laundering Case, Set Aside

Probe Agency Order In Tech Mahindra Money Laundering Case, Set Aside

The agency provisionally attached the amount alleging that it was ill-gotten proceeds of Satyam Computers

Hyderabad: 

The Hyderabad High Court today set aside an Enforcement Directorate order provisionally attaching Rs. 822 crore worth of fixed deposits belonging to Satyam Computer Services Ltd, which was acquired by Tech Mahindra.

In 2012, the Enforcement Directorate (ED) had issued provisional attachment orders freezing fixed deposits of Satyam (now merged into Tech Mahindra) in connection with its probe in the money laundering case.

The agency provisionally attached the amount alleging that it was ill-gotten proceeds of Satyam Computers.

A bench of Justices V Ramasubramanian and J Uma Devi today set aside the ED’s orders.

Vivek Reddy, counsel for Tech Mahindra, told PTI they argued that there was no money when the Tech Mahindra took over the fraud-hit Satyam Computer Services Ltd (SCCL) in 2009 and on the other hand, the Mahindra group company had to infuse money to revive the B Ramalinga Raju-founded company.

“Our argument was that there was no proceeds of money when Tech Mahindra (TechM) took over the company (SCSL). There was no money in the company then and they (TechM) had to infuse money into the company.

“So where is the question of any ill-gotten money when the company had negative balance?” he said.

P V P Suresh Kumar, representing the ED, said the agency might approach the Supreme Court challenging the high court’s order.

“One of the strongest grounds (for an appeal in the top court) was that the CBI special court had earlier convicted Ramalinga Raju and brothers.”

“In view of that conviction, it clearly shows that there was a contravention of the Money Laundering Act and IPC provisions. In such a situation, the attachment order passed by the Enforcement Directorate was valid and correct, according to the contravention,” Mr Kumar said.

“The ED will approach the Supreme Court after going through the order copy,” he said.

Earlier, a single bench judge had stayed all further proceedings pursuant to the ED’s attachment order.

Challenging the single judge order, the probe agency had filed a writ appeal before a division bench.

The bench had in 2014 issued orders dismissing the ED’s appeal, saying the act of the agency was contrary to rules.

Tech Mahindra argued that it was a victim of fraud and no proceedings could go under the provisions of the PMLA against “victims of fraud”.

The ED had attached the accounts of SCCL as its probe claimed to have found that B Ramalinga Raju and his associates “wrongfully” offloaded inflated shares of the company by way of sale or pledging of shares.

[“source-ndtv”]

Maruti Suzuki’s Electric Wagon R Prototype Spotted Testing

Maruti Suzuki India is currently testing 50 prototype electric vehicles across India View Photos

Maruti Suzuki India is currently testing 50 prototype electric vehicles across India

Maruti Suzuki India is currently testing its electric cars in India, and that is in no way a secret. In fact, the company openly announced and flagged-off its electric vehicle fleet for on-road testing in India this October, and we have now come across spy photos of one of these test mules. The car, of course, is in no way camouflaged, in fact, on the contrary, it comes with ‘Electric Vehicle’ printed all around it with graphics and decals to go with the theme. Maruti’s electric vehicle that is on the test is based on the new-gen Wagon R, which was unveiled early this year, and the launch of the production model is slated for some time in 2020.

[“source-ndtv”]

By the numbers: Stock market collapses on Christmas Eve, heads for worst December ever

Image result for By the numbers: Stock market collapses on Christmas Eve, heads for worst December everThe stock market is ending the year on quite the ugly note. Here is where we stand statistically:

MAJOR INDEXES:

  • S&P 500 closed down -2.71% Monday for its seventh negative day in 8 and its worst day since Dec. 4, when the S&P lost -3.24%
  • Until Monday, the Dow & S&P 500’s worst Christmas Eve ever was back in 1985, when they fell 0.63% and 0.69%, respectively
  • S&P hit a new 52-week low Friday of 2,351.10, its lowest level back to April 2017
  • MTD: S&P is down -14.82% on pace for its worst December ever back to back-tested inception in 1928, with the next worst December in 1931 when the S&P lost -14.53%, and its worst month since October 2008 when the S&P lost -16.94%
  • YTD: S&P is down -12.06% in 2018 on pace for its worst year since 2008 when the S&P lost -38.49%
  • Since Record: S&P is 20.06% below its intraday all-time high of 2,940.91 from Sept. 21 closing in bear market levels
  • The CBOE Volatility Index VIX hit a high so far today of 36.10, its highest level since Feb. 9, when the VIX hit a high of 41.06
  • Russell 2K small caps closed down -1.95% today for their 13th negative day in 14, hitting a new 52-week low today of 1,266.92
  • MTD: Small caps are down -17.37% MTD on pace for their worst month since October 2008, when small caps lost -20.90%
  • YTD: Small caps are down -17.49% YTD on pace for their worst year since 2008, when small caps lost -34.8%
  • Since Record: Small caps are 27.28% below their intraday all-time high of 1,742.09 from Aug. 31, closing in bear market levels
  • Dow closed down -2.91% today for its sixth negative day in 7 and its worst day since Dec. 4, when the Dow lost -3.1%
  • MTD: Dow is down -14.67% MTD, on pace for its worst month since Oct. 10, 2008, when the Dow lost -18.15% and on pace for its worst December performance since 1931, when the Dow lost -17.01%
  • YTD: Dow is down -11.84% in 2018, on pace for its worst year since 2008 when the Dow lost -33.84%
  • The Dow hit a new 52-week low today of 21,792.20, its lowest level since September 2017
  • Since Record: Dow is 19.14% below its intraday all-time high of 26,951.81 from Oct. 3, closing in correction levels
  • NASDAQ closed down -2.21% today for its seventh negative day in 8
  • MTD: NASDAQ is down -15.52% on pace for its worst month since October 2008, when the NASDAQ lost -17.73%
  • YTD: NASDAQ is down -10.29% YTD, on pace for its worst year since 2008, when the NASDAQ lost -40.54%
  • The NASDAQ hit a new 52-wk low today of 6,190.17, its lowest level back to August 2017
  • Since Record: NASDAQ is 23.9% below its intraday all-time high of 8,133.3 from Aug. 30, closing in bear market levels

SECTORS:

  • Sectors: 11 out of 11 sectors were negative today, led by Utilities down -4.27%, turning in their worst day since Aug. 8, 2011, when the sector lost -5.47%
  • 10 out of 11 sectors closed in correction levels or worse today:
  • Energy — 31.24% below their May 21 52-week high, closing in bear market levels
  • Materials — 26.15% below their Jan. 26 record close, closing in bear market levels
  • Financials — down 26.09% from their Jan. 26 52-week high, closing in bear market levels
  • Industrials — 25.23% below their Jan. 26 record close, closing in bear market levels
  • Tech — 24.13% below their Oct. 3 record close, closing in bear market levels
  • Consumer Discretionary — 22.99% below their Sept. 27 record close, closing in bear market levels
  • Communication Services — 22.61% below their Feb. 1 52-week high, closing in bear market levels
  • Consumer Staples — down 17.29% from their Jan. 26 52-week high close
  • Health Care — down 15.63% from its Oct. 1 record close
  • Real Estate — down -12.76% from its 52-week closing high
  • The least negative sector today was Communication Services — down -2.02% today
  • Sectors MTD: 11 out of 11 sectors are negative MTD, led by Energy down -18.1% on pace for its worst month ever through our history back to 1998, the next worst month is October 2008, when Energy lost -18.01%
  • The least negative sector MTD is Utilities, down -6.76%
  • Sectors YTD: 11 out of 11 sectors are negative YTD, led by Energy, down -25.31% YTD
  • Note all the S&P sectors have not closed in negative territory for the year since 200
  • The most positive sector YTD is Utilities, down -2.1%, closely followed by Health Care, down -2.31%

OTHER MARKETS:

  • Gold (FEB) has hit a high so far today of 1,273, its highest level since Jun. 25, when gold traded as high as 1,274.4
  • WTI (FEB) has hit a low so far today of 44.10, its lowest level since July 11, 2017, when WTI traded as low as 43.83
  • MTD: WTI is down -13.37%, on pace for its third straight negative month for the first time since June 2017 and its 4-month losing streak
  • QTD: WTI is down -39.82%, on pace for its worst quarter since Q4 2014, when WTI lost -41.56%
  • YTD: WTI is down -27.06% on pace for its worst year since 2015, when WTI lost -30.47%
  • Brent (FEB) has hit a low so far today of 51.83, its lowest level since Aug. 31, 2017, when Brent traded as low as 50.56
  • Dollar index is trading down -0.48%, on pace for its third negative day in 4
  • MTD: Dollar index is down -0.80%, on pace for its first negative month in 3
  • YTD: Dollar index is up 4.74%, on pace for its fifth positive year in 6
  • US 2-year note yielding 2.5927% vs last Friday’s close of 2.643%, hitting a low today of 2.589%, its lowest level since Aug, 22, when the 2-year yielded as low as 2.587%
  • US 5-yr note yielding 2.5927%, yielding about equal to the 2-year at 2.5927%

[“source-cnbc”]

The Kapil Sharma Show new teaser: Kiku Sharda asks Kapil Sharma to move on after Deepika Padukone’s marriage

The Kapil Sharma Show

A new teaser of The Kapil Sharma Show has been released by Sony TV ahead of the comedy show’s grand premiere on December 29 at 9:30 PM. In the new teaser Simmba team Rohit Shetty, Ranveer Singh and Sara Khan are seen having a ball of a time with Kiku Sharda giving them a ‘hunkaar wala’ welcome. In the new teaser of the comedy show, Kiku is seen making fun of Kapil’s brand of humour and say that “inhi saari baaton ki wajah se Deepika haath se nikal gayi,” and asks Kapil to move on. Rohit Shetty, Sara Ali Khan and Ranveer Singh can be seen having fun at Kapil’s expense.

Comedy king Kapil Sharma is all set to make comeback after many months post his last show Family Time With Kapil Sharma bombed and was taken off air. The comedian, who has just tied the knot with long-time girlfriend Ginni Chatrath, has already shot for the first episode and the leaked stills of the same is doing the rounds on internet. In the first episode of the show, Simmba team Rohit Shetty, Ranveer Singh and Sara Khan will grace the show to promote their upcoming film. Post that in another episode, Salman Khan, the producer of the show, will make an appearance on the show with his Khan-daan, father and brothers Sohail and Arbaaz Khan.

[“source-indiatoday”]