CAGR returns on Nifty from 1993 to 2013 (20 years) comes to 10.60%. CAGR return of USDINR comes to 3.44% for same period
— Prashanth (@Prashanth_Krish) October 16, 2013
Day: October 16, 2013
Main aaj bhi…
One of the biggest trends on Twitter right now is #BlockbusterDialogues
One of my favorite dialogues comes from this movie clip from Deewar
Officials of one investigative agency is quite baffled with the Economic Offence Wing (EOW) of Mumbai Police on one issue. Questions are being asked why EOW skipped crucial IPC Section 420 while registering a FIR against the National Spot Exchange Ltd (NSEL).
But few investigative officers (who do not wish to disclose their agency name) are quite upset and concerned with EOW for not putting IPC Section 420 in its FIR. “Whether it is an ignorance, a mistake or an intentionally planned strategy – the consequences would be that our case would get weakened against NSEL and its schemes.”
Section 420 of the Indian Penal Code (IPC) covers offences relating to cheating and dishonestly inducing delivery of property. It also means that whoever cheats and thereby dishonestly induces the person deceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.
“Why 420 was not invoked by EOW? It would have established the proceed of crime in NSEL case,” official said. He added, “It would have proven that total operation was manipulated and total transactions were misrepresented by NSEL and its management, for instance, disappearance of SGF amount. Now, not putting section 420 in FIR is like – saving skin of NSEL and its assets/schemes/products.”
Officer did not mince a word while saying, “its like proving Jignesh Shah not “Fit and Proper” to run the commodity exchanges, plan his exit route and than open the back doors for big giants to grab those controlling stakes in these exchanges.”– from India Today
Faber:No Safe Haven Left
Hat tip Harish Nagpal