Intro of GST marks a new base for Indian mkt as "compliant" sector wins big over so-called "unorganised" non-compliant sector. Buy the Index
— ManishChokhani (@chokhani_manish) July 3, 2017
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Author: Raoji
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Linkfest: July 03, 2017
Some stuff I am reading today morning:
Businesses race to adapt to GST (Mint)
Equity brokers scramble to avert shutdown (BL)
The unsung heroes who made GST a reality (ET)
Why this is Indian IT Industry’s Kodak moment (Ravi Venkatesan)
Don’t underestimate India’s cunning Narendra Modi (Forbes)
Modi in Israel (Bharat Karnad)
Picking up nickels (Pension Partners)
10 best ways to ruin your financial future (Nocturne Capital)
Why we are keeping our old car for atleast 2 more years (Pete)
There is no such thing as an Einstein Investor (Robert Shiller)
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Top Clicks on Alpha Ideas This Week
Here are the most clicked on items this week on Alpha Ideas :
How F&O stocks are manipulated (AI)
Porinju’s Predicament (AI)
Portfolio of Miten Mehta (AI)
How to screw shareholders-Vascon Edition (AI)
Chart: NPAs -Banks Vs NBFCs (AI)
15,000 Crore realty scam in Telangana (ET)
The strange shenanigans at Amtek Auto (Quint)
Save or Invest? (Bala)
How to screw shareholders-JSW Edition (AI)
Uday Kotak’s Warnings (AI)
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Weekend Mega Linkfest: June 30,2017
Some off beat reads for the weekend:
The global tech investing Tsunami (Haresh Chawla)
Hong Kong is in trouble (NYTimes)
Shkreli’s hedge fund went from success to bust in 31 minutes (Bloomberg)
GST creates political risks for Modi (Jaggi)
Israel & India: Instinctively Together (Open)
Lynching in Haryana (Caravan)
Apple’s new HQ (HBR)
Donald Trump: Troll in Chief (Atlantic)
Our contemporary notion of self-esteem (LongReads)
On zero-cost no-till natural farming (BI)
My life as an airport security guard (Guardian)
Ownership Review: Hyundai Creta (Team BHP)
Gossip: Congress’ Hindu Conscience (Gossip Guru)
Hiking: Stok Kangri Trek (Nat Geo)
Darjeeling Diary (Outlook)
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How to screw shareholders-JSW Edition
Proxy advisory firm SES has raised red flag over related-party transactions that involve a transfer of ₹100 crore from JSW Holdings to other companies held by Sajjan Jindal and a pledge on 12.5 crore shares of JSW Steel that would guarantee these loans.
At its upcoming annual general meeting, Sajjan Jindal-promoted JSW Holdings will ask minority shareholders to approve four related-party transactions that SES believes will be against the interest of the company’s public shareholders.
According to an SES report on the AGM’s agenda, the firm said: “The company is providing loans in the guise of group companies to a company owned by the promoter’s wife. SES is of the view that the company is transferring benefit to the promoters at the cost of non-controlling shareholders.”
At question is a loan of ₹25 crore to JSW Techno Projects Management and a ratification of a past loan of ₹75 crore; JSW Holdings also wants its shareholders to agree to a pledge on 12.5 crore equity shares that it holds of JSW Steel, another group company, as security for loans taken by JSW Techno Projects and other group companies.
SES argues that JSW Holdings has “failed to disclose that the borrowing company is loss-making with negative net-worth. Shareholders cannot be throwing good money after bad money purely for the benefit of promoters.”
-from Business Line