Categories
Excerpts

Hyderabad Man can convert 10,000 Crores into White

The startling disclosure of Rs 10,000 crore of undeclared income under the Centre’s  Income Disclosure Scheme (IDS) made by an unidentified individual in Hyderabad has turned out to be fake. He did not have even Rs 1 crore, I-T department officials said.

This finding deals an embarrassing blow to the Centre’s claim of unearthing about Rs 65,000 crore of undeclared income through the voluntary IDS. It also calls into question the authenticity of other disclosures made under the scheme.

 

I-T department sources were not ready to disclose the details of the applicant, except for saying that it was a fake disclosure and the same had been conveyed to headquarters.

According to income-tax department sources, the individual runs a small business. His IDS application for Rs 10,000 crore was said to be the single largest amount declared under the scheme nationwide. When I-T officers checked the veracity of the disclosure, they found that the trader made the startling declaration just to attract attention and did not have even Rs 1 crore.

Questions are now being asked whether the IDS was a ruse to convert black money to white. There are fears that those holding black money could approach IDS applicants to convert their stash into white by paying the 45 per cent penalty.

from Deccan Chronicle

Categories
CoatTailing

Portfolio of Steadview Capital

This post is in continuation of my coat tailing series (see here)

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Steadview Capital is a well known FII known for its investments in the midcap space.

Its significant holdings in India as on 30 September,2016 as per Stock Exchanges is given below:

Company Name Symbol Entity Date End # of Shares % Value (In Crores)
Astral Poly Technik Limited ASTRAL STEADVIEW CAPITAL MAURITIUS LIMITED 201609 4718624 3.94 211.3
DFM Foods Ltd 519588 STEADVIEW CAPITAL MAURITIUS LIMITED 201609 305318 3.05 69.09
eClerx Services Limited ECLERX STEADVIEW CAPITAL MAURITIUS LIMITED 201609 634901 1.55 96.38
Kajaria Ceramics Limited KAJARIACER STEADVIEW CAPITAL MAURITIUS LIMITED 201609 1665991 2.1 103.42
La Opala RG Limited LAOPALA STEADVIEW CAPITAL MAURITIUS LTD 201609 2392036 4.31 133.49
Page Industries Limited PAGEIND STEADVIEW CAPITAL MAURITIUS LIMITED 201609 415640 3.73 683.85
Strides Shasun Limited STAR STEADVIEW CAPITAL MAURITIUS LIMITED 201609 1464829 1.64 153.21
Categories
Links

Linkfest: November 23,2016

Some stuff I am reading today morning:

L&T fires 14,000 employees (ET)

Swiss window for black money shuts (Mint)

PSU pack unscathed in market meltdown (BS)

For the first time in India,the rich beg the poor to help them (Sydney Morning Herald)

The curse of Indian Cash Scrappng (FT Alphaville)

The Taj Man Singh Auction (FE)

Charts:Trump is bring 1990s back to the markets (Bloomberg)

The loud silence of the RBI Governor (Quint)

6 ways people pretend to be investors (NYTimes)

Freelance Writing as a way to make money online (FS)

Categories
Anecdotes

Ratan Tata wanted to say Tata to Tata’s Ratan

When FC Kohli, the founding chief executive of Tata Consultancy Services (TCS) suffered his first cardiac attack, Ratan Tata proposed to JRD Tata that they should sell the company to IBM, reveals the statement released by the office of Cyrus P Mistry. 
 
“When one talks about vision and near death experiences, it is worth recounting a little known fact. Midway during the TCS journey to date, Mr FC Kohli was suffering from a cardiac condition. Mr Ratan Tata was then heading Tata Industries’ joint venture with IBM and approached Mr JRD Tata with a proposal from IBM to buyout TCS. Mr JRD Tata refused to discuss the deal because Mr FC Kohli was still recovering in the hospital from his setback. On his return, Mr Kohli assured JRD that TCS had a bright future and the group should not sell the company. JRD Tata turned down the offer, demonstrating true vision. But, it was also a near death experience for TCS at the hands of Mr Ratan Tata,” the statement says.-from MoneyLife
Categories
Tweets

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