Hitskin.comThis is a Hitskin.com skin preview
Install the skin • Return to the skin page
Home
Latest imagesCattle sold for "ghee" investments; Sebi sees Ponzi at play
2 posters
Page 1 of 1
Cattle sold for "ghee" investments; Sebi sees Ponzi at play
by Seva Lamberdar Sun Jun 02, 2013 9:04 am
NEW DELHI: A bizarre investment scheme has come under market watchdog Sebi's scanner, wherein hundreds of crores have been raised through public deposits for purchase of cattle with a promise of more than doubling the money through returns linked to the ghee produced by them.
As per the latest financial details accessed by Sebi, the scheme named 'cattle & Ghee' had mobilised a total amount of Rs 745 crore as on March 31, 2011. Further funds could have been garnered from the depositors since then.
Fearing a 'Collective Investment Scheme ( CIS)' being run without its approval, Sebi began probing the case after receiving investor complaints but its show-cause notices sent to many directors of the company operating this scheme has remained undelivered for many months.
The latest summons in this case were issued by Sebi last month, wherein the regulator had asked the directors of this company, named HBN Diaries & Allied Ltd, to appear before it on May 29. However, the summons could not be delivered to at least three of the directors.
Emailed queries sent by PTI in this regard to the company and phone calls made to the numbers given on its website remained unanswered.
As per its website, New Delhi-based HBN claims to be in dairy business since late 90s with dairy farms in Samalkha (Haryana) and Gannaur, among other places.
However, Sebi said in its show-cause notice that the company was raising money from public depositors in the name of purchasing cattle with a promise of money getting double or even more at the time of maturity.
The company claimed to link the promised maturity amount to the expected price of cattle and ghee at that time and promised to secure the actual investment even if it was withdrawn in a month's time. The schemes were offered for periods ranging from one month to nine years.
http://timesofindia.indiatimes.com/business/india-business/Cattle-sold-for-ghee-investments-Sebi-sees-ponzi-at-play/articleshow/20392829.cms
As per the latest financial details accessed by Sebi, the scheme named 'cattle & Ghee' had mobilised a total amount of Rs 745 crore as on March 31, 2011. Further funds could have been garnered from the depositors since then.
Fearing a 'Collective Investment Scheme ( CIS)' being run without its approval, Sebi began probing the case after receiving investor complaints but its show-cause notices sent to many directors of the company operating this scheme has remained undelivered for many months.
The latest summons in this case were issued by Sebi last month, wherein the regulator had asked the directors of this company, named HBN Diaries & Allied Ltd, to appear before it on May 29. However, the summons could not be delivered to at least three of the directors.
Emailed queries sent by PTI in this regard to the company and phone calls made to the numbers given on its website remained unanswered.
As per its website, New Delhi-based HBN claims to be in dairy business since late 90s with dairy farms in Samalkha (Haryana) and Gannaur, among other places.
However, Sebi said in its show-cause notice that the company was raising money from public depositors in the name of purchasing cattle with a promise of money getting double or even more at the time of maturity.
The company claimed to link the promised maturity amount to the expected price of cattle and ghee at that time and promised to secure the actual investment even if it was withdrawn in a month's time. The schemes were offered for periods ranging from one month to nine years.
http://timesofindia.indiatimes.com/business/india-business/Cattle-sold-for-ghee-investments-Sebi-sees-ponzi-at-play/articleshow/20392829.cms
Seva Lamberdar- Posts : 6594
Join date : 2012-11-29 -
Re: Cattle sold for "ghee" investments; Sebi sees Ponzi at play
by Marathadi-Saamiyaar Sun Jun 02, 2013 1:20 pm
Seva Lamberdar wrote:NEW DELHI: A bizarre investment scheme has come under market watchdog Sebi's scanner, wherein hundreds of crores have been raised through public deposits for purchase of cattle with a promise of more than doubling the money through returns linked to the ghee produced by them.
As per the latest financial details accessed by Sebi, the scheme named 'cattle & Ghee' had mobilised a total amount of Rs 745 crore as on March 31, 2011. Further funds could have been garnered from the depositors since then.
This sort of thing was popular in the 90s. Since converting agri land for development was difficult, they sold it to clients as cocunut and banana plantations with plots assigned to them and income to take care of manitenance and dividends.
my FIL (whose friend offered one such development) through my wife made me buy some "coconut plantation plots" yers back. Never cared and never bothered. Dont know where exactly it is - if it is still there.
But, I know those plantation plots are in the foot hills of the western ghats in Theni and near Munnar etc....with wind farms and fast development. Perhaps, I will build a small house and settle there in ecologically protected area.
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Re: Cattle sold for "ghee" investments; Sebi sees Ponzi at play
by Seva Lamberdar Sun Jun 02, 2013 2:52 pm
You should check out these plots soon ... they could be worth in crores now.Marathadi-Saamiyaar wrote:
But, I know those plantation plots are in the foot hills of the western ghats in Theni and near Munnar etc....with wind farms and fast development. Perhaps, I will build a small house and settle there in ecologically protected area.
Seva Lamberdar- Posts : 6594
Join date : 2012-11-29 -
Re: Cattle sold for "ghee" investments; Sebi sees Ponzi at play
by Marathadi-Saamiyaar Sun Jun 02, 2013 3:21 pm
roySeva Lamberdar wrote:You should check out these plots soon ... they could be worth in crores now.Marathadi-Saamiyaar wrote:
But, I know those plantation plots are in the foot hills of the western ghats in Theni and near Munnar etc....with wind farms and fast development. Perhaps, I will build a small house and settle there in ecologically protected area.
Nawww.....you don't know the relationship between money and me. When I buy a stock, the stock goes down. I could actually buy TSLA and destroy Propa and ideFix wealth...
I am sure someone has put up a tent on those plots or some Dadagiri already swallowed them. I am not ready to convert from a Goundar to a Thevar yet.
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Sponsored content
Similar topics» Why are there not too many investments..........
» Investments
» Ghee is healthy - true or false?
» Was Modiji relishing Saag, daal cooked in desi ghee at Pak PM's residence
» $100 billion foreign investments knocking at India's doors
» Investments
» Ghee is healthy - true or false?
» Was Modiji relishing Saag, daal cooked in desi ghee at Pak PM's residence
» $100 billion foreign investments knocking at India's doors
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum