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Maharashtra Police Busts Ponzi Racket Which Duped People To The Tune Of Rs 10 Cr

New Delhi: The Maharashtra police have busted a racket after investors approached the economics offences wing (EOW) of Thane police claiming they were cheated by ‘Aatharv4U Infra And Agro Limited’. The police filed cases against six employees of the private firm for allegedly duping investors of Rs 10 crore through a ponzi scheme.

After these investors filed a complaint at the Naupada police station in Thane, an offence was registered Wednesday against the six persons, including company chairman Shivaji Niphade, managing director Ganesh Hazare and directors Lukman Shaikh, Sachin Gosavi, Mukesh Sudesh and Sulindra Chavan.

“We have registered an offence against six persons under section 420 (cheating), 406, 408 and 409 (criminal breach of trust),” said Deputy Commissioner of Police D S Swami.

73

RBI Keeps Interest Rates Unchanged With Repo Rate At 6.5%, Reverse Repo At 6.25% And Bank Rate At 6.75%

New Delhi: With the Reserve Bank of India (RBI) projecting the Gross Domestic Production (GDP) for 2019-20 at 7.4 per cent while Inflation projection of second half of 2018-19 is 2.7-3.2 per cent, the bank has kept the key interest rates unchanged with the Repo rate at 6.5 per cent, Reverse repo rate at 6.25 per cent and bank rate at 6.75 per cent.

Investors were watching how RBI chief Urjit Patel would respond to the state’s push for more say over the central bank’s role. Economic Secretary Subhash Chandra Garg, a government representative on the RBI’s board, has called for the bank’s governance structure to be changed and panels set up to oversee its functioning.

52

Hindustan Unilever Ltd To Merge With GSK’s Healthcare Business In India

New Delhi: Announced in New Delhi, Hindustan Unilever Ltd will merge with GSK’s healthcare business in India. The merged entity will be worth Rs 31,700 crore. The merger will include all operations within GSK Consumer Healthcare India Ltd, which will include the consignment selling contract to distribute GSK Consumer’s over-the-counter and oral health products in India.

With brands such as Horlicks and Boost in its inventory, GSK Consumer Healthcare India is the market leader in the health food category. Its product portfolio, with a long history in India, is supported by strong nutritional claims. Horlicks was originally introduced in India in the 1930s.

The merger of GSK Consumer with HUL will be on a basis of a share swap ratio of 4.39 HUL shares for each GSK Consumer share, implying a total equity value of Rs 31,700 crore for 100 per cent of the latterOnce the new HUL shares are issued, Unilever’s holding in HUL will be diluted from 67.2 per cent to 61.9 per cent, the company said.

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Moody’s Says, It Has A Stable Outlook On The Indian Banking System For Next 12-18 Months

New Delhi: Moody’s Investors Service said it has a stable outlook on the Indian banking system for the next 12-18 months as economic growth prospects remain healthy amid weak, but stabilising, asset quality.

The stable outlook is based on six parameters — operating environment, asset quality, capital, funding and liquidity, profitability and efficiency, and government support — all of which Moody’s believe are stable.

The environment will stay stable, supported by robust economic growth, Moody’s said in a statement.

23

Switzerland Agrees To Share Details About Companies And Individuals Facing Probes Back In India

New Delhi: Switzerland has agreed to share with Indian authorities the details about two companies and three individuals who are facing multiple probes back in India as the Alpine nation continues to shed its image as a safe haven for alleged black money.

One of the two Indian companies used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations, while the other firm is said to have political links in Tamil Nadu.

As per separate gazette notifications of the Swiss government, the country’s federal tax department has agreed to provide ‘administrative assistance’ to India on requests made about Geodesic Ltd and Aadhi Enterprises Private Ltd.