The Indian Premier League (IPL), is one of the biggest cricket carnival the world over. Currently in the final stages of the eighth edition, the tournament has with its mix of cricket, politics, Bollywood and razzmatazz grown, and continues to capture the imagination of the cricket fraternity the world over. From providing opportunities to fringe players not only from the Indian domestic circuit, it is also proving to be a much needed platform for players from all around the globe. After years of apprehension, the purists too are applauding the merits of this tournament, and the way it is helping in honing the skills and temperament of the players. Although the IPL has shown the way forward to many leagues sprouting all over the world namely the Big Bash League in Australia and the Caribbean Premier League in the West Indies, the organisers can still learn from popular leagues from other sports that have sustained their popularity for a long time. There is no dearth of money in the league, the market is on the rise, and the penetration is growing. Hence few modifications can be made in accordance with the contemporary trends. As an audience, these suggested changes can be more exciting, and more on the same pages with Football and Basketball Leagues. 1. There should be more than one home stadium for every team. This will help in penetration into the not so often ventured places, and the IPL can help in casting away isolation many state associations currently perceive. The massive audiences we see at non-traditional venues should be an indication of the market willing to be tapped. 2. Introduction of different home and away jerseys. The playing kit in the IPL has always been subject to mockery and ridicule. Introduction of different home and away jerseys for each team, can help in easing out the criticism, and can also create a better fan bonding, as home jerseys in home conditions are bound to create more euphoria. 3. The system of players being released on loans. The rule of playing only four overseas players, has resulted in many quality players being benched for a good chunk of the season. Even Indian players who are International discards do not find themselves featuring regularly in the playing eleven. The system of mid-season transfers that is so popular in the Barclays Premier League in England and many other football leagues around the world should be introduced. This will help struggling teams who did not get it right at the auction table resurrect their playing squads. 4. Introduce The LED bails The recently concluded World Cup had one prominent talking point. The use of LED bails, that lighted up every time the ball hit the stumps. This not only made decision making easier, but also provided a dramatic viewing experience. 5. IPL should go global The success of the IPL when it was held in the United Arab Emirates, and in South Africa should enable organisers to consider shifting one part of this long tournament to other countries, that will widen the audience base, and rope in more international investors.
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Trends of the Emerging Mobile Commerce MarketplaceMobile Commerce has become the new face of e commerce in recent times. The predecessor of this trend was the computer or big screen oriented e commerce. With the emergence of new and powerful Smartphones, it has become easier to look for new possibilities in the e commerce domain. It is in this onset that m commerce has engrossed the sector. One of most potential reason of advent of this trend is the drastic increase of internet access via mobile. Mobile service providers now not only provide the facility to make a voice call via the service, but also provide extensive internet services, letting the customers access the online world via powerful handsets. The changing technology is also a reason for the emerging mobile e commerce platforms. Cells phones have now alternated to Smartphones with much higher specifications. Apart from strong browsing capabilities, these can run powerful applications that serve as gateways to massive internet commerce. Mobile devices have penetrated at an increasingly fast pace and are emerging as the biggest platform for sales for online retailers in India and also all over the world. The facets that shape up the current market of m commerce have diverse origins. These aspects have their origins in different areas such as economic development, technology, banking and even social paradigms. Below, we have discussed some aspects that have developed this revolutionary trend of mobile commerce to its present state: Rising numbers of Mobile Internet Users:The number of mobile internet users in India which was estimated at 173 million in December 2014, is expected to reach 213 million by June 2015. In rural India, this user base is expected to grow at 33% to reach 53 million by that time, says the report by the Internet and Mobile Association of India (IAMAI) and IMRB International. Rural India has also been witnessing this trend largely due to introduction of inexpensive internet enabled mobile handsets. Also, the proportion of mobile internet users to active internet users has increased and is expected to follow a growth trajectory in the future. By June 2015, it is expected to reach 85% for urban and remain at 65% for rural India. The figures for internet users are quite impressive as the total internet user base stood at 278 million at the end of October 2014 quarter and is estimated to grow to 354 million by June 2015. The above numbers signify the emergence of mobile as a key transactional channel rather than a traffic driver only. Mobile Responsive Web TechnologyFormerly, static websites were dominant on the internet. They were developed with the basic technology platforms such HTML. Those websites were static in nature, and even the term had no essence as the idea of responsive websites was not even incepted. However, with the modernization of technology, new methods and techniques came into mainstream development. As of now, technology such as PHP, JavaScript are being increasingly used to develop websites to be more powerful. The new generation ‘responsive’ websites had a great impact to make them adaptable to mobiles and small screen devices. These mobile friendly websites are with the special feature of liquidity. They can adjust to the screen of the device. Websites, which are static, when opened in a desktop or laptop screen have complete visibility of their features. However, when the same website is accessed via a small screen device such as a mobile or I-pad, some part of the website is ‘cropped off’ the screen. They lose user usability as many features just become inaccessible via the cell phone browser. The difference in responsive websites is, they retain their original and the set of full scale features even in these devices. Hence, e commerce websites are now developed to be mobile friendly so that they can be accessed via these devices with full functionality. Mobile Payments The advent of Mobile payment has been a backbone of mobile commerce. Although, the electronic systems of cash transfer have contributed significantly to e commerce, m payment has substantial contribution to m commerce. Apart from using direct systems of cash transfer such as credit and debit cards, money transfer is now made possible via mobile handsets. With this service customers can use their mobile phone to make payments for goods and services in online platforms. These are secure methods of payments that are aided with extensive encryption. These services are now provided by major internet giants such as Google Wallet, Apple Pay and PayPal. This has been adopted by different countries in various ways. NFC, Near Field Communication is one of the effective technique that helped transactions via mobile. However, according to recent news, this has not been able to compete with the alternatives such as Apple’s payment services. Furthermore, this technology is difficult to integrate with handsets as well as, so it is not welcomed to the fullest by many retailers. The Advent of Mobile ApplicationsMobile applications are the next trendsetters to this market. These apps are powerful ways to provide better user friendly services to customers. In recent times, these apps are expected to become more personalized, providing better features. Apps are connected to the internet and they serve as a gateway to retail outlets. Through them it is possible to get complete access to websites and the retailer. SaaS PlatformsSoftware as a Service platform is at the backend of every mobile commerce system. This technology lets services such as accounting, database management, CRM and other requirements of m commerce available to clients. This technology enables software and applications in the cloud domain to be accessed by any device such as mobile and I-Pads. Massive applications are hosted in the cloud domain and they can be accessed through the applications or through the interface on the mobile device. The major operations such as CRM, the uploading of product catalog are all achieved within SaaS Platforms. This has enabled mobile commerce platforms to use or access massive database and applications in the cloud sphere. According to sources, United States is ahead of others to reach out for the mobile commerce market place. This market is also expected to grow rapidly in North America and other countries. According to estimation, within next four years, 32 per cent of all payments would be done via this channel. This new platform is gaining popularity because of easy accessibility of features. It just matches with its easy definition of "a retail outlet in your customer’s pocket.” Keeping all the factors in mind, mobile commerce is likely to be a game changer and experts opine that m-commerce would contribute up to 70 per cent of their total revenues. The e-commerce companies will tailor their sites for mobile devices and improve customer experiences accordingly. Shopping online through Smartphones has gained traction and industry experts believe that m-commerce is likely to contribute up to 70 per cent of total revenues of online retailers The author, Rajiv Kumar, is CEO & Founder at StoreHippo.com, an m-commerce platform
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Within a few days of resigning as the CEO of Housing.com, Rahul Yadav has withdrawn his resignation. Founded by Rahul Yadav and Advitiya Sharma fresh out of IIT-Bombay, Housing.com is seen by many as one of the big success stories in India's e-commerce space. It shot to fame after Japan's SoftBank invested $90 million in the company. In a statement, Housing.com said: In the relatively short period of its existence, Housing has revolutionised the real estate market in India and it continues to lead and disrupt with world class product innovations. Today the Housing board met, and has been reconstituted to include all main shareholder representatives. After some good conversations the board has reaffirmed its faith in Rahul Yadav's vision at Housing. The statement also said that the Housing board met, and has been reconstituted to include all main shareholder representatives. Rahul commented: "After some frank and healthy discussions with the Board I have agreed to withdraw my resignation and I apologise for my unacceptable comments about the board members. I look forward to staying on at Housing as CEO and building an even greater company, while working in full harmony with the board." As per a newspaper report, Yadav, 26, wrote a scornful resignation letter on April 30 to board members and investors denigrating their "intellectual capability" and giving them a one-week deadline to "help in the transition." The investors responded a day later through the law firm Morrison & Foerster LLP acknowledging the resignation. "I don't think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also!" Yadav wrote in the opening paragraph of his letter resigning as CEO, chairman and a member of the board. Yadav also got embroiled in a social media dust-up with Sequoia Capital managing director Shailendra Singh and later the Times Group.
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The brick and mortar industry in India is finally sailing with the wind at its back. Extreme competition put up by online retailers in raising funds has led to the consolidatation of the industry. Thanks largely due to foreign investment regulations which fundamentally do not allow access to foreign funds, except in a few states, brick and mortar companies need to merge to compete. The online retail industry has raised over $4 billion, in under two years, which is a large investment and it is more than what retailers like Future Group or Aditya Birla had raised in such a short span of time. Today Future Retail, owned by the Future Group, has merged with Bharti Retail, owned by Bharti Enterprises, to create one of the largest food and grocery businesses worth Rs 14,000 crore. This clever move from Kishore Biyani adds value to the whole deal because Future Group has also partnered with Amazon, the global online retailer which works on a market place model in India, to sell products on their platform. Amazon harbours hopes of penetrating the food and grocery business in India. This merger, between Future Retail and Bharti Retail, will allow Amazon to reach consumers in over 243 cities. Earlier this week, the $28-billion Aditya Birla Group merged its retail businesses, Aditya Birla Nuovo and Pantaloon Retail, to create the largest apparel retailer in the country with Rs 12,000 crore in revenues. Why Is A Merger Necessary?Consolidation will create synergies across tier 1 and 2 cities and other smaller towns. It will result in easy access to foreign funds and will reduce the logistics costs involved in serving stores across the country. According to Ernst & Young, the retail industry in India is $550 billion of which only seven per cent is organised. Compare that with the e-commerce industry and it is only $4 billion today or Rs 24,000 crore. PWC expects this business to grow to a Rs 100,000 crore business by 2017. Brick and mortar companies have merged to also engage consumers on this platform. This merger of Bharti Retail and Future Retail will create a company that has an omni channel strategy and will compete with the likes of Reliance Retail, Shoppers Stop and the Landmark Group. Reliance Retail, owned by Mukesh Ambani's Reliance Industries, is the dark horse here and has hit the Rs 10,000 crore in sales mark. Sources say that Reliance too is experimenting with an e-commerce platform, of its own, to create an omni channel sales and consumer engagement platform. This move opens up a few questions whether we will see megers between established players like Shoppers Stop, Trent and the Landmark Group or whether we will see all these companies strengthen their omni channel retailing strategy by integrating ecommerce platforms with their offline stores. A classic example is what the $72 billion global retailer, Target, is doing to integrate brick and mortar stores with their ecommerce channel (Right On Target) in the USA. Analysts told BW-Businessworld that working on an omni channel strategy is the only way forward for brick and mortar retailers. Younger people or the millenials are shopping on all platforms and will eventually create an equilibrium out of the current chaos in five years. Therefore making it important for companies to focus on online stores, new logistics and delivery modes along with smaller stores with focused inventory. In the current regulatory set up, this kind of structure will not happen because accessing capital from Indian banks alone cannot sustain the brick and mortar industry. The top three e-commerce marketplace companies have been able to raise big money consistently and have been backed by global funds because 100 percent FDI investment is allowed in wholesale and logistics businesses. The final question, that one must ask, is whether global funds would invest in brick and mortar retailing if the regulatory environment changes. Foreign direct investment (FDI) is allowed in multi brand retailing only in a few Indian States. Only Trent's Star Bazaar, which has partnered with UK's Tesco PLC has managed to retail, across India by registering different corporate entities, in each State, where FDI is not allowed. Regulation is finally driving consolidation. Competition from online companies will get tougher. While brick and mortar retailers grapple, over the restrictions of the FDI policy to raise money, they will also have to compete with the expanding ecommerce market place businesses in acquiring consumers. Snapdeal, Amazon and Flipkart have been able to raise money and have also managed to connect over 300,000 sellers on their platform. One must treat this number with caution because only 20 per cent maybe active sellers on market places. Still, they have spent over Rs 1400 crore in TV advertising to get more customers on board. Also the valuations driven by their asset light business models have eclipsed every other business out there. That said, they do manage inventory for returns and for products with exclusive tie ups. Flipkart gets 40 per cent of its business, in shipments and not value, from WS Retail, which is it's organically grown logistics firm. Consolidation: The Name of the GameThe merger with Bharti Retail will create two companies: Future Retail and Future Enterprises. The former will operate the retail business and the latter will manage investments and company assets. This will split Future Retail's debt burden, of Rs 3500 crore, in to two companies. Future Retail will handle Rs 1200 crore and the rest will be borne by Future Enterprises. This deal is also synonymous with Kishore Biyani's business acumen. He had earlier, in 2012, had pared debt of Rs 8,000 crore to Rs 4,020 crore by demerging Pantaloon Retail into two entities called Future Retail and Future Lifestyle Fashion. He also managed to sell several group companies along with the flagship company Pantaloon, which was sold to the Aditya Birla Group for an undisclosed sum. Aditya Birla took over a debt of Rs 800 crore and infused Rs 800 crore through debentures. Kishore Biyani, Founder and Group CEO, Future Group said, "Bharti Retail’s strengths and network compliment Future Retail's business. It will bring us closer to millions of consumers." The combined entity will have over 570 retail stores in 243 cities with operational retail space of over 18.5 million square feet. It will operate 203 Big Bazaar and ‘Easyday’ hypermarkets, 197 Food Bazaar and ‘Easyday’ supermarkets, and 171 other stores comprising Home Town, eZone, FBB and Foodhall. “We are delighted to announce this partnership, which brings together the strengths of the two companies and provides a strong platform for future growth," says Rajan Bharti Mittal, Vice Chairman, Bharti Enterprises. The shares of Future Retail rose by 12.50 points, a 10.80 percent growth over the previous days close, to Rs 128.20 on announcement of the merger. India is going to see so many hybrid business models that will increase shareholders. But the value is going to be cashed in by a few companies, be it in online or offline retailing, and many such companies are needed to distribute wealth evenly. Sadly only the technology businesses have managed to create value evenly in terms of shareholder wealth.
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The Tamil Nadu government has cancelled allotment of land for a Coca-Cola plant amid strong opposition from people and political parties against the company's project. State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) said it sent a notice to the company for non-compliance of terms and conditions for commencing the project in Erode district. "The government has cancelled the allotment of 71.34 acres of land to Coca-Cola. Non-compliance of terms and conditions by the company has been cited as the reason for cancellation of land allotment in the order," a government official said. On the reason given by the company for not starting production, the official said, "They say that they had not done feasibility study before and now they claim that the project is not feasible." Coca-Cola said it had already written to the state government that "due to unforeseen pressures and delays, it will not be able to invest in SIPCOT in Perundurai." However, Hindustan Coca Cola Beverages Pvt Ltd said it was committed to invest in Tamil Nadu. Activists said the state promised Coca-Cola four million litres of water per day in an area that lacks drinking water. "Our area is dry, with heavy scarcity in drinking water and water for irrigation. We held protests against this plant because of this scarcity and because of pollution. This is a huge victory for the peoples' movement," a member of Perundurai's Anti-Coca Cola Movement told a news channel. The June 21, 2013 land allotment order had earmarked 71.34 acres in SIPCOT's premises in Perundurai in Erode district, about 400 km from Chennai. Asked what were the terms and conditions the company had not complied with, the SIPCOT official said, "They are supposed to commence construction (for the plant) within six months from the date of allotment. However, they did not do so." "For starting commercial production they have time till three years, that is not an issue," he added. Locals had feared the plant would cause rapid groundwater depletion and pollution of the River Bhavani. Environment NGOs and traders in the Perundurai and Chennaimalai regions of Erode were also opposed to the project. CPI(M) State Secretary G. Ramakrishnan demanded that the state withdraw its approval for the factory. Tamil Nadu Congress Committee president E.V.K.S. Elangovan said local people and farmers would be adversely affected by the project. Coca-Cola had, however, in the wake of protests, said it would not use groundwater and not let waste water come out of the plant premises. The Tamil Nadu assembly was informed this month that no environmental clearance had been accorded for the proposed project and that only land had been given for it. "Despite best efforts to address concerns, we could not commence construction and the project cannot be executed. We have requested the state government to refund the entire money paid so far," Coca-Cola said.
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It’s the last 10 overs of a 50-over game, India is bowling first. The batting team has already crossed 250 run mark and are advancing steadily at 10 runs per over. India will have to bat exceptionally well to chase down the run mountain and win the ODI. The bowling changes are critical and the fielders have to be at the right areas. Senior players are chipping in with words of advice and there needs to be a constant check on the over rate. Bowlers need to stick to the plans. He needs to keep a hawk eye for each delivery bowled as he is the wicket keeper, he has to go down and wait for the ball, stand up after the bowl is bowled and run up to the stumps to create a run out chance. All this, and surely much more. How often have we seen Dhoni do this during the slog overs? Keeping the wickets and being the ‘finisher’ in the batting line up while successfully captaining the Indian team is a true mark of an all rounder. Dhoni took up all these challenges from 2007 when the Indian ODI cricket team was in transition. With the senior players no longer at their peak and new teammates still settling in , the ODI team then, can be tagged as more of a ‘startup’ in a corporate terminology. It required a leader, a true all rounder to lead from the front and elevate the team from a startup to the world champions in ODI and T20. The role of modern day CFOs in a typical startup environment is somewhat similar. A start-up demands that the CFO wear multiple hats, as the business negotiates its way through uncertainty, an ever present cash crisis and the operational demands of a rapid scale up. Restricting themselves to their ‘finance’ domain is not only sub-optimal for a CFO in a start up, it can be downright dangerous to the health and even the survival of the organisation. So, what should the CFO of a start up be thinking about? Cash, Cash, Cash: At a startup, cash flows (and not necessarily profit) are the make or break factor to determine whether the enterprise will survive. Demand, sales and revenues take time to pick up and the enterprise needs to be able to predict its cash burn accurately. Whether the startup is in the ideation stage or an in early growth phase and whether it is making ends meet or has got the initial round of funding from VCs / PEs, the CFO plays a critical role in fund raising, in monitoring the end use of funds and in tracking the cash flow runway to ensure that the Promoter/ CEO is not out of fuel (cash) in the lead up to achieving profitable scale. Forge a winning partnership with the CEO: Like a good ‘finisher’ in an ODI game, good CFO plays two critical roles for his/ her company. One, he plays according to the situation and two; he likes to stay till the end to see him team home. Promoter/ CEOs vary a great deal in terms of experience, ability, temperament, commercial awareness and response to risk. A good CFO needs to bring in aggression in the though process if the Promoter/ CEO is naturally conservative or as is often the case, bring in conservatism, if the CEO is of an aggressive mindset. A CFO also sees the team through to the end, by measuring progress against plans and ensuring that red flags are highlighted on time for corrective actions to be taken. Since most start ups have a very limited runway, helping the CEO to improve ability to spot, identify, define and correct mistakes is a critical role of the CFO. CFO - the new #2: Where the CEO is busy building the business, acquiring customers and ensuring good customer experiences, the CFOs are taking on larger roles in start-ups and acting as the virtual #2in their organisations. This is a massive responsibility for the CFO to carry, as he has to share the same passion as the CEO, needs to have adequate experience of working in start up like situation, be functionally competent, command the respect of the operations team and help the CEO generate value from the enterprise. To build credibility and earn respect from fellow workers, a start up CFO needs to be hands on problem solver, not afraid of rolling up his/ her sleeves to ‘fix the plumbing’. The ability to help the CEO see the big picture (macro), yet zoom in to fixing the detail (micro) is not easy to find in one individual. In fact, MyCFO was born to fulfil this ‘hard to meet’ expectation of a start up CEO, of having the CFO as a sounding board and operational problem solver, while being functionally competent in the finance domain. Going beyond the ‘F’ word : Start up CFOs are usually young, passionate, all rounders who are curious and are proactive about being part of the solution. Wanting to get involved with everything that is to do with the growth of the startup and not be restricted to the ‘F’ (i.e. Finance) word is the hallmark of a good start up CFO. The CFOs for the start-ups have to be the C'X’Os; individuals with the ‘X’ factor and individuals whose presence can improve the ‘X’ (valuation multiple) for the business. The CFO brings strong execution will to ‘make things happen’. He is the go-to-person for solutions to practical business problems, not all of which are finance issues. A good start up CFO in involved in deciding monthly office overhead spends (admin role), designing an ESOP or defining a performance management scheme for senior managers (HR role) or in recommending whether allowing some freebies to customers to retain them or attract new ones is a good strategy (business development / marketing role), measuring the effectiveness of the sales process (sales role), having brain storming sessions with the Product Development team to provide his view on how a layman would perceive the product at the current price point (acting as dummy customer to the Product Team) and in chalking out medium term to long term strategies with taking responsibility for financial goals of the startup (board role). An all rounder CFO is what start-ups need. Good CFOs are adapting to this world of uncertainty and opening up to avenues way beyond finance and accounts. It’s time every start-up answers an imperative question “Do you have the Dhoni in your team?” The author, Anam Dhila, is a Chartered Accountant (CA) and Chartered Financial Analyst (CFA - US) by qualification. Anam works as Project Manager at MyCFO
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As regulators try to contain one of India's most spectacular investment scandals, dozens of smaller but similar schemes continue to mushroom, employing tactics similar to the ones that enriched the Sahara group and later brought it to its knees. Sahara began as a scheme for small depositors, but it grew over decades with investment plans that critics say were designed to avoid regulatory scrutiny. At its height, it was one of India's biggest business empires, stretching from Formula One motor racing to New York's Plaza Hotel. Now its boss is in jail for more than a year and some staff say much of its business is threatening to stall, after it raised billions of dollars from investors by selling bonds that were ruled to be illegal. Patchy oversight in India means countless illegal investment schemes continue to emerge, however, often in the villages. So far this year, the Securities and Exchange Board of India (Sebi) has barred more than 70 firms that raised funds through debentures or collective investment schemes, promising returns from cash put in land, cattle and even holiday homes. In most cases, it cited the court order against Sahara in support of its action. That is cold comfort for retired Indian army officer KL Sharma. Hoping to raise money for his daughter's wedding, he placed a third of his savings into an investment scheme run by property developer PACL in 2007. The investment matured last year, but there is no trace of the 270,000 rupees ($4,339) he put in, never mind the promised returns that were supposed to double his money. "It was hard-earned money that I invested because agents for PACL in my village convinced me I would get good returns. Now I am stuck," said Sharma, speaking from Rajasthan, western India. As late as November, months after PACL was put under investigation and barred by regulators, local media reported that SEBI told the Corporate Affairs Ministry it was still raising funds from depositors. SEBI officials say that despite increased monitoring and financial education programmes since the Sahara case and a spate of other scandals, they are still overwhelmed by a backlog of cases, as a financially illiterate adult population, less than half of whom have access to formal banking, continues to put its trust in local agents for such schemes. One official said many schemes had operated for decades without oversight, until legal changes last year gave Sebi broader powers. "A collective investment scheme in itself is not unlawful, but the way these schemes have been run, by and large as assured-return guarantee schemes, that's not allowed," he said. "The law is clear; it requires them to come and register with us. But they don't, because they have operated without any oversight for years. Why will they want any supervision now?" A Sebi spokesman had no immediate comment. Regulatory GapsCollective investment schemes, often known locally as chit funds, operated in the regulatory gaps for years by getting licences from state authorities that were ill equipped to monitor them. Last year, Sebi was mandated to oversee any investment vehicle that raises more than 1 billion rupees from the public. Firms issuing any form of security to more than 49 investors are supposed to register with Sebi, but many flout the rules, and activists say even when caught and barred, companies can simply change their names and get back in the market. "The regulator is trying to do its best, given the capability and resources they have, but is it enough to meet the scale of the challenge? Maybe not," said Shriram Subramanian, managing director of corporate governance advisory firm InGovern. For most investors, including those in PACL and Sahara, efforts to reclaim their investments are tangled in a legal process that could take years. The unlicensed companies often vanish, and others banned from the market can challenge the order in court for years. Sahara says it has paid 95 percent of the dues to the bondholders, but the markets regulator disputes that. In West Bengal, factory worker Makhan Midya saved 500 rupees from his salary of 6,000 rupees a month until eight months ago, investing in Rose Valley Real Estate and Constructions Ltd. A Sebi probe showed Rose Valley raised billions of rupees without the required licence, and in June it asked the company to wind up its business and refund investors within three months of the order. Midya has yet to get a refund. Tapan Biswas, Rose Valley operations manager in the state capital Kolkata, blamed Sebi, arguing the decision to freeze its bank accounts had hit business and its ability to repay. The regulator in August last year gave unlisted PACL three months to refund $8.1 billion to investors, after ruling that the company's investment schemes had not been registered. PACL, which did not respond to requests for comment, has appealed against the decision. (Reuters)
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The rupee strengthened by nine paise at 62.15 against the US dollar in early trade today (April 9) at the Interbank Foreign Exchange after rating agency Moody's upgraded India's outlook from stable to positive. Besides, selling of the American currency by exporters and banks and a higher opening in domestic stock market supported the rupee but the dollar's strength against other currencies overseas limited the gains, forex dealers said. The rupee had ended marginally higher by two paise at 62.24 against the American currency in yesterday's trade due to weakness of the Greenback in international markets. Meanwhile, the benchmark BSE Sensex rose by 167.33 points, or 0.58 per cent, at 28,875.08 in early trade. (PTI)
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