#Jhunjhunwala brothers

[indizombie]

There is no end to greed. This is a truth we cannot escape as we examine the list of 2,426 wilful defaulters who owe Indian banks over Rs. 1.47 lakh crore. Almost all of these defaulters never ever had any intention of paying back. The top 33 in this list, who owe more than Rs. 500 crore each, alone account for Rs. 32,737 crore in unpaid dues. Vijay Mallya owes Rs. 9,000 crore. He is spending a fortune trying not to get himself extradited to India. Fugitive diamond merchant Nirav Modi, his wife Ami Modi, brother Neeshal Modi and uncle Mehul Choksi are involved in a bank fraud of Rs. 12,636 crore. The family was united in engineering this massive fraud. Fleeing abroad has been a common ploy employed by most scamsters. Mehul Choksi, who now lives on the Antigua and Barbuda islands of the Caribbean, owes Punjab National Bank Rs. 4,644 crore. The RBI has named him, along with the Jhunjhunwala brothers and Vijay Mallya, among the top 50 wilful defaulters who have scammed India’s banks. Choksi is wanted by judicial authorities in India, where he is to be tried for a host of crimes: corruption, cheating, dishonesty, criminal conspiracy, criminal breach of trust, and money-laundering. Non-bailable warrants have been issued against him.

Ramesh Menon, 'Dilip Chhabria made crores designing cars, then why did he design creative ways to defraud banks?', Leaflet

[latestinbollywood]

Nishtha Jhunjhunwala Wiki (Rakesh Jhunjhunwala Daughter) Biography, Age, Family, Husband, Education, Net Worth & More

Nishtha Jhunjhunwala is well known as the daughter of late Indian stock trader Rakesh Jhunjhunwala. She is an Indian associate and Design & Incubation Communication at AIC@36INC.

Nishtha Jhunjhunwala Wiki (Early Life)

Nishtha Jhunjhunwala is a graphic, web, UI, and UX Designer. She started her career as a freelance Graphic Designer in April 2017 in Raipur, India. She works as an associate and design & Incubation Communication at AIC@36IN since October 2018.

Rakesh Jhunjhunwala Daughter

Nishtha Jhunjhunwala is the daughter of late Indian stock trader Rakesh Jhunjhunwala who passed away on 14 August 2022 because of kidney-related problems and acute multiple organ failure. He was taken to the Brech Candy Hospital in Mumbai after feeling some uneasiness in his health where he died at around 6:30 on 14 August 2022 at the age of 62. 

Rakesh Jhunjhunwala With His Daughter Nishtha

Nishtha Jhunjhunwala Biography, Wiki, Age (Height, Weight & Religion)

Nishtha Jhunjhunwala was born in 2004 in Raipur, India but her exact date of birth is not known. She is 18 years old as of 2022. She holds Indian nationality. She is 5 feet 8 inches. Her weight is 59 kg. She follows the Hinduism religion. 

Nishtha Jhunjhunwala Wiki, Biography, Age, Father, Mother, Siblings

Name Nishtha Jhunjhunwala Birthplace Raipur, India Date of Birth 2004 Age 18 Years Old Religion Hinduism Father Name Rakesh Jhunjhunwala Mother Name Rekha Jhunjhunwala Siblings Aryaman and Aryaveer Height 5 Feet 8 Inches Weight 59 Kg College Vivekanand College Nationality Indian

Nishtha Jhunjhunwala Education

Nishtha Jhunjhunwala completed her high school study at one of Raipur's high schools. She passed out from Vivekanand College and graduated in 2017.

Nishtha Jhunjhunwala Family

Nishtha Jhunjhunwala was born to Rakesh Jhunjhunwala (Father) and Rekha Jhunjhunwala (Mother) in 2004. Her mother is a businesswoman, investor, and internet personality. She has two brothers named Aryaman and Aryaveer who are twins. They were born on 2 March 2009.

Nishtha Jhunjhunwala's Family

Nishtha Jhunjhunwala Father Rakesh Jhunjhunwala

Nishtha Jhunjhunwala's father Rakesh Jhunjhunwala was an Indian billionaire business magnate along with being a stock trader and investor. He started his carer by investing in 1985 with a capital of Rs. 5000 and made his first profit in 1986. He studied at Sydenham College of Commerce and Economics and The Institute of Chartered Accountants of India. When he died, at that time, his net worth was approx $5.8 billion. 

Nishtha Jhunjhunwala Husband.

Nishtha Jhunjhunwala is not married yet. Her personal life details are not added anywhere on the web. 

Nishtha Jhunjhunwala Net Worth

Nishtha Jhunjhunwala's net worth is not known but his father had a huge net worth that was approx $5.8 billion (In INR, Rs 41,000 crore).

Social Media Links

Instagram Linkedin FAQ About Nishtha Jhunjhunwala Q.1 Who is Nishtha Jhunjhunwala? Ans. Nishtha Jhunjhunwala is well known as the daughter of late Indian stock trader Rakesh Jhunjhunwala. She is an Indian associate and Design & Incubation Communication at AIC@36INC. Q.2 Who are Nishtha Jhunjhunwala's parents? Ans. Nishtha Jhunjhunwala was born to Rakesh Jhunjhunwala (Father) and Rekha Jhunjhunwala (Mother) in 2004. Q.3 How old is Nishtha Jhunjhunwala? Ans. Nishtha is 18 years old as of 2022. Q.4 Who is Nishtha Jhunjhunwala's husband? Ans. Nishtha Jhunjhunwala is not married yet. Her personal life details are not added anywhere on the web.  Q.5 How did Nishtha Jhunjhunwala's father die? Ans. Nishtha Jhunjhunwala is the daughter of late Indian stock trader Rakesh Jhunjhunwala who passed away on 14 August 2022 because of kidney-related problems and acute multiple organ failure. Read Also: Rakesh Jhunjhunwala Wife Read the full article

[unpopularopinion26]

Big Bull of the Indian Stock Market is no more !!

For someone who made his first big killing by short selling shares at the peak of the 1992 bull market, and then again during the dot com boom of 2001, the moniker of Big Bull against his name would have sometimes left Rakesh Jhunjhunwala amused at the twists of destiny during his three and half decade journey on Dalal Street. Twice he came close to losing it all, only to have Lady Luck back by his side in time to be able to emerge stronger.

The outspoken billionaire investor, trader, entrepreneur, philanthropist, and raconteur (with a penchant for risqué one-liners) died in Mumbai of cardiac arrest. A long-time diabetic, Jhunjhunwala’s health took a sudden turn for the worse over the last couple of months. This time Lady Luck chose to look the other way.

Jhunjhunwala was 62 and is survived by his wife Rekha, two sons, and a daughter.

Son of a senior income tax official, Rakesh Jhunjhunwala was a chartered accountant by training. He began his career in the stock market in 1985, initially by investing money borrowed at very high rates of interest. A client of Jhunjhunwala’s brother handed him Rs 2.5 lakh at 18 percent annum.

Another gentleman by the name of Mendoza handed him Rs 5 lakh and refused to accept any collateral, unlike many others who insisted on some form of security. (Touched by the gesture, Jhunjhunwala would pay him 24 percent interest annually till many years later though he was no longer obliged to.)

Jhunjhunwala invested the funds in Tata Power, and it paid off well. He was on a winning streak for a while, allowing him to build his own capital buffer. But a middling run followed soon after, and Jhunjhunwala struggled for the next couple of years. In later interviews, Jhunjhunwala was candid enough to admit that he could hang in there only because his father was taking care of the household expenses.

Things started looking up for Jhunjhunwala after a big bet on Sesa Goa, an idea suggested to him by a friend and fellow market player Shailesh Bajaj.But an even bolder gamble was on the VP Singh-led Janata Dal’s maiden Budget in 1990. Jhunjhunwala bet the house, convinced that the Budget was likely to be business and market-friendly, and not one with socialist overtones, as the market was fearing.

“VP Singh was a Thakur and understood the business well, so I was confident that he would not do something that would hurt the market,” Rakesh had said in one of his interviews.

The bet paid off handsomely and he returned home with good news for his wife that she could finally buy the air conditioner she had been asking for.

RJ's defining move in career

The defining move of his career came a couple of years later when he joined ranks with the market players who felt that the manic bull market of 1991-92 was unsustainable. Harshad Mehta, the then Big Bull of Dalal Street was spearheading the charge of the bulls, driving shares of companies to dizzying highs irrespective of their fundamentals.

At that time, Jhunjhunwala; however, was still a cub in that camp of bears that had veterans like Manu Manek, Ajay Kayan, and Hemedra Kothari in the midst. All the bears had profited from the upswing initially but quickly came to the conclusion that the lofty valuations could no longer be justified.

Nearly every single member of that cartel, including Jhunjhunwala, was on the edge of ruin, as share prices continued to rise one way despite the spirited efforts of the bears to hammer the stocks through short selling. Eventually, the bears won: shares went into a free fall after it came to light that Harshad Mehta had been ramping up stock prices using bank funds. Jhunjhunwala said he made around Rs 30 crore on his bearish bets.

Having accumulated a tidy pile, Jhunjhunwala turned his attention to identifying stocks that would create wealth in the long run. Seven years of trading would have made him realize that it was something to be practised on the side-the big money could be made only by investing in fundamentally sound companies and reaping the benefits over time. After all, the early birds in MNC stocks like Hindustan Lever, Nestle, and Glaxo, to name a few, were pulling in good money every year through dividends alone.

His mentors

Jhunjhunwala was influenced by value investors like the late Chandrakant Sampat, Radhakishan Damani, and Kamal Kabra among others. But it was the taciturn Damani who left an impression on the young Jhunjhunwala and would remain a mentor to him till the end.

“It is like a relationship very difficult to define,” Jhunjhunwala had said in one of his interviews with CNBCTV18.

“I do not know without my father and him I do not know where I would be. He has really taught me in life and more than that human nature. He has taught me there is nothing greater in life than parents, to react coolly to everything and not to be afraid of anything. And the patience he has to hear other person’s point of view is unbelievable,” Jhunjhunwala said.

So thick were the two that in the 90s, fellow brokers and traders spoke of them in the same breath as GS-Rakesh, never mind the fact that the duo often had conflicting views on the same stock. (Radhakishan Damani was referred to by his family’s BSE broking card- GS Damani).

Between them, Jhunjhunwala and Damani owned a portfolio of some of the finest MNC companies—consumer and pharma mostly- in the 90s. But the traders in them were still alive and kicking, looking for short-term profits whenever possible.

So when Harshad Mehta attempted a comeback in the late 90s, it was inevitable that the duo would face off with him at some point, given their diametrically opposite views on valuation. That deciding battle took place in 1998. True to form, Mehta, ramped up the prices of Videocon, Sterlite, and BPL, with some help from the management.

Convinced that the stock prices did not justify the sky-high valuations, Damani and Jhunjhunwala started short-selling the shares. They lost money initially, but eventually emerged triumphant once Mehta was no longer able to support the prices. Prices of all three stocks went into a tailspin, and would not recover for a long time. This time, the erstwhile Big Bull had been sent packing for good.Less than a couple of years later, Jhunjhunwala was back to doing what he was best known for—targeting stocks of companies he thought to be overvalued. And this time, he was locked in a battle with the upcoming Big Bull of Dalal Street, Ketan Parekh.

Jhunjhunwala was influenced by value investors like the late Chandrakant Sampat, Radhakishan Damani, and Kamal Kabra among others. But it was the taciturn Damani who left an impression on the young Jhunjhunwala and would remain a mentor to him till the end.

Never a fan of technology shares, Jhunjhunwala short sold shares of Parekh’s pet favourites, Himachal Futuristics and Global Telesystems, convinced that the valuations could not sustain. But this time, Jhunjhunwala got his bets horribly wrong.

The stocks rallied for much longer than he had anticipated, and there he was, once again on edge of ruin. Like the previous time, he eventually won when the inevitable meltdown in prices followed at the end of the bull markets. And while his strategy was profitable, it was not good enough to keep him out of the cross hairs of the regulator. Jhunjhunwala and his mentor Damani were accused of market manipulation through the hammering of share prices by unfair means. (Jhunjhunwala would later be exonerated of the charges)

The end of the bull market of 2001 also seemed to have changed Jhunjhunwala’s approach to trading and investing. He now wanted to be seen more as an investor and less of a trader. Investing in the right kind of companies helped burnish that image.

Through repeated short-term bets in these stocks, his average cost of acquisition in many stocks was negligible, and in some cases, after factoring in dividends, splits, and bonuses, even negative. And no longer would he be seen as Damani’s alter ego. It would be Rakesh henceforth, and not GS Rakesh. By then, Damani too had cut down on his stock market plays and was focused on building a retail chain.

One-time rival Ketan Parekh spoke highly of Jhunjhunwala’s conviction as a trader and investor.

“He had the tenacity, which is quite important to succeeding as an investor and trader,” Parekh said.

“Once he was convinced about something, he would double down and hang in there for as long as he could. That takes some doing….and you can see the results in a stock like Titan," Parekh added.

Parekh and Jhunjhunwala may have been arch rivals at the peak of the technology rally of 1999-00, but were on talking terms in recent years, even playing cards on the same table at parties hosted by common friends.

I don't have good habits...

Besides his temper problem, Jhunjhunwala also made no bones about his weakness for the fine things that life had to offer. “I don't have good habits. I smoke like a chimney, drink like a fish, eat like a pig. I don't exercise. So ya, my health worries me,” he once said in an interview with a tabloid in 2013.

Ironical, one would think, considering that the same discipline that made Jhunjhunwala a successful trader and investor was missing when it came to his health habits.

Not that he did not make efforts. “I made a lot of resolutions on my habits and they all failed,” he said in an interview on his 50th birthday.

To well-wishers who advised him to take care of his health, his response was philosophical. “Having come here you are anyway going to die. Might as well have a good time when you are at it.”

Incidentally, United Spirits (then McDowells) and United Breweries were among his biggest holdings when the market was yet to recognise the true worth of stocks. His simple reasoning was that as societies became prosperous demand for liquor would only grow. The stocks went on to become multi-baggers, making handsome profits for him.

His outspoken manner made for good interviews and catchy headlines; you won’t find too many people in his position talking about ‘hot’ female actors on national television. And finesse was not his forte while airing his views at public forums. At a conclave hosted by a general television channel last year, Jhunjhunwala said that new businesses were grossly overvalued and should be sold. But at the same time, he also advised caution in his own unique style.

“Par abhi nahin karne ka. Chaddi nikal jayegi,” he said. (But don’t do it now, you will lose your shorts)  For all the TRPs and page views a Jhunjhunwala interview would bring, he could quickly turn on journalists without warning if their line of questioning annoyed him. Something that even people outside of journalism thought to be in poor taste.

And while Jhunjhunwala made a fortune in stocks like Titan, CRISIL, and initially Lupin, there were plenty of lemons in his portfolio as well, something no investor, however intelligent, experienced, or lucky, can escape.

On comparison with Warren Buffett

Jhunjhunwala was often compared to Warren Buffet, a comparison, he did not relish (at least in public). Also, he bristled at any questions relating to his net worth. Oil Baron John Getty’s quote “If you can count it, you don’t have it,” was Jhunjhunwala’s stock response to any such query.

Jhunjhunwala has a massive following among retail investors who hang on to every word of his, hoping to make a fortune someday by imitating his playbook. Strangely, Jhunjhunwala himself has repeatedly said that nobody should buy a stock if the only reason was that some big-name investor had put money in it.

His critics say that Jhunjhunwala’s reputation is more of past glory, resting on a handful of early bets and that he has not had another winner on the scale of Titan.

And yet there is a commonly asked question in financial markets, the answer to which decides how an investor should be judged.

“How much money did you make when you were right and how much did you lose when you were wrong?”

On that parameter, Jhunjhunwala’s score card speaks for itself. The value of his 5 percent stake in Titan alone is worth over Rs 11,000 crore at the current market price and accounts for nearly a third of his portfolio value of listed companies.

And while Jhunjhunwala may not have liked being compared to Warren Buffet, his career in the stock is an embodiment of one of Buffet’s favourite sayings.

“You only have to do a few things right in your life so long as you don’t do too many things wrong.”

[thegypsycam]

These are the stocks that three major investors have now raised

These are the stocks that three major investors have now raised

Leading investors modeled on stock market investors. Want to know the shares they have recently held? The country’s stock market investors have investors who are looking forward to it. The main one is Big Bull Rakhesh Jhunjhunwala. Among the young investors are Nitin Kammath and his brother Nikhil Kammath, founders of the brokerage firm Zero. Jhunjhunwala has assets worth Rs 22,300 crore, while…

[jobaaj]

“Passionate investors always make money in stock markets. You will never fail in any work if you do it with passion” - CA Rakesh Jhunjhunwala

Mr. Rakesh Jhunjhunwala entered the stock market in 1985 when the Sensex was at 150 points. He had a meager Rs 5000 at the time. It is worthy to note that currently, Sensex stands at 50000 points.

Nevertheless, he was soon able to get one of his brother’s clients to invest Rs 2.5 lakhs by promising him a higher return than that of fixed deposits.

His first big profit was Rs 0.5 million when in 1986, he bought 5,000 shares of Tata Tea at Rs 43, and within 3 months it was trading at Rs 143. He made a profit of more than 3 times from that trade……

Read complete story here :-

https://stories.jobaaj.com/ca-rakesh-jhunjhunwala/

Follow https://t.me/jobaajstories for more finance stories/news.

[salmankhanholics]

★‘Tiger Zinda Hai’ is a high-octane action film wrapped in emotions, says director Ali Abbas Zafar !

Salman Khan and Katrina Kaif return to save the world in the December 22 release.

Udita Jhunjhunwala | December 12th 2017

The December 22 release Tiger Zinda Hai is a double-headed reunion. In the sequel to Ek Tha Tiger (2012), Salman Khan and Katrina Kaif will return as Indian secret agent Avinash Singh Rathore and Pakistani spy Zoya respectively. Khan had previously collaborated with Gunday director Ali Abbas Zafar in the wrestling drama Sultan, in 2016. Zafar has also worked with Kaif in his directorial debut Mere Brother Ki Dulhan in 2011.

Tiger Zinda Hai is loosely based on the rescue of 46 Indian nurses who were taken hostage by the Islamic State in Iraq in 2014. The action drama is one of Zafar’s biggest films, one that has the potential of rescuing Khan’s reputation after the Tubelight disaster earlier this year as well as resurrecting Kaif’s career.

Would it be fair to say that action is your preferred genre?

I wouldn’t say so. For me, action is just the skin. The story has to have an emotional trigger. In Gunday it was a love story, in Sultan it was his personal angst, and it was a sports drama.

In Tiger Zinda Hai, the trigger is very emotional. It doesn’t have action just so that Salman Khan can come out blazing. If violence is the only answer to stopping violence, then it’s the step Tiger will take. This is surgical action and they are agents who have been trained to do this.

Was ‘Tiger Zinda Hai’ planned as a franchise film?

When I started writing the script, it was not a franchise film. It was a story based on an incident in 2014 when these girls were captured and the 10 days of negotiations, that preceded the release of those girls. I was very inspired by that chapter.

I began writing it right after Gunday when I was waiting for Salman’s dates for Sultan. Besides the main plot, everything else in my story is fictional, but the incidents are strongly based in reality.

The idea also was to make an inspirational film which showed that our intelligence and defence agencies are world-class. The Indian tricolour flying high is the soul of Tiger, but it’s not jingoistic. It is more about the human condition of those caught on ground zero.

This story is an extension of what Tiger and Zoya do. In the first part they were fighting for their romance. Their characters were not explored as skilled agents. This is eight years later. How would their relationship have matured and what would their priorities be now?

Have you seen the Malayalam film ‘Take Off’, which is about the same incident?

I have not seen the film, but I have heard it is brilliant. It’s also more intimate than mine. Tiger Zinda Hai doesn’t only talk about the nurses, but also about several other events and how they are affecting us. It is not political. It is told from the point of view of two people thrown together and what happens once they go along the journey.

Did you meet or speak to any of the nurses?

No, because I thought that if their stories were strong, I would not be able to do justice to them. I wanted to create my own problems and characters, which are very basic and human, but which I also had the leeway of playing around with. So I thought it was better to hold it as a piece of fiction.

What did it take in terms of production?

Once the casting was done, I did research through books, first-hand information, talking to friends in the Middle East. What goes into training intelligence agents, their specialisations, how they pick a team for a mission – all this was researched.

As an espionage thriller, the intelligence had to feel authentic. We also needed the right people to execute such a film. Among the most important elements are thrills and action. We got in Tom Struthers. He had not done many realistic films, but has worked on a superhero film, Batman. So I told him we need to make superhero Salman feel real and manage scale with available resources.

In Abu Dhabi, we got all the resources and support we needed to create American and Iraqi bases. Also, the faces of the local people matched our background cast, and there were oil refineries which we could use. It had to feel authentic, like Iraq. So we created a humongous set for the hospital and streets in Abu Dhabi. We also found a small city in Morocco that we cheated as Tikrit. It’s a city that was closed for off-season, so we had the whole place available to blow up cars and do big action stuff.

We didn’t compromise on quality. For example, the horse Salman rides comes from Spain. It is a highly trained action horse that has been in Mummy, Hidalgo etc. We also had doubles of the horses. We went to Greece just to shoot a song.

What goes into making a Salman Khan film?  

He is a superstar, so the story needs to match up to his stardom. The story has to be a second superstar in the film so when he comes on screen, he becomes the character. If the story falls short, then it starts looking like a Salman Khan film.

With Sultan, we tried to create a character that was so strong and so embedded that you could not take him out of the film. In Tiger Zinda Hai, the mission is so big that the only one who can pull it off is Tiger.

At his level, are there things Salman Khan has to be pushed into doing? He looks rather bored of song and dance.

You have to push every actor, irrespective of seniority. The Khans have been here for 30 years, so directors and scripts have to motivate them. Salman loves dancing, but I think he has created his own style, which is cool and relaxed. So when he says I am going to look best if I do this and if I try to do what you or the choreographer are asking me to do, it’s not going to look good, I go by his instinct.

In terms of his performance, I have to work with him and around him and sometimes he comes up with brilliant ideas because he knows his text and his craft, and he never overdoes it.

Exceprts from Scroll.In

[tradeniveshinvestmentadvisor]

Rakesh Jhunjhunwala under SEBI scanner over insider trading in Aptech

Trade Nivesh Billionaire investor Rakesh Jhunjhunwala is under the scanner of market regulator Securities and Exchange Board of India (SEBI) over alleged insider trading in Aptech shares.

SEBI is also examining the role of other Aptech board members, including Ramesh Damani and Madhu Jayakumar, The Economic Times reported.

Jhunjhunwala currently holds 24.24 percent stake in Aptech, which is valued around Rs 160 crore. It is the only company in his portfolio in which he has management control.

Jhunjhunwala, his wife Rekha, brother Rajeshkumar and mother-in-law Sushiladevi Gupta were called in for questioning on January 24, the report said.

Jhunjhunwala's sister, Sudha Gupta was question by the market regulator on January 23, the report added.

This is not the first time when Aptech is under the scanner of regulatory or investigation agency. Sebi already investigating Aptech in money routed through GDR which is also in last lap of investigation.

SEBI has transferred some of the case to Enforcement Directorate. Enforcement Directorate also investigating Aptech in using GDR route for launder money which is in preliminary stage.

SEBI is investigating from February 2016 to September 2016 period at the same time Rakesh Jhunjhunwala wife and his brother increased their stakes in Aptech via block deal and locked in upper circuit.

Insider trading usually involves trading in shares of a company based on non-public information. But non-publishing of price-sensitive information is also considered by SEBI as insider trading.

Moneycontrol could not independently verify the reports.

Jhunjhunwala’s office said he and his wife have 'no comments' to offer when approached by ET.

Jhunjhunwala first purchased a 10 percent stake in Aptech in 2005, at Rs 56 per share. He usually invests in equity through his company Rare Enterprises.

Ask an expert :- Trade Nivesh

[supervidyavinay]

Mumbai: The Securities & Exchange Board of India (Sebi) has issued a show-cause notice to billionaire investor Rakesh Jhunjhunwala for alleged insider trading in the shares of Aptech, an education and training company owned by him and his family, said two people familiar with the matter.The capital markets regulator is investigating Jhunjhunwala, his family members and other board members of Aptech for trading in the company’s shares four years ago. Aptech is the only company in which Jhunjhunwala and family members own a majority stake. 76397112Emails sent to Jhunjhunwala, Aptech and Sebi didn’t elicit a response till press time Monday.The notice said the regulator plans to freeze Jhunjhunwala’s bank accounts to the extent of the alleged profits made, said a person familiar with the matter.A show-cause notice is an order asking the recipient to explain why legal action, including impounding of gains, should not be taken against him. It is, however, not an indictment.ET had reported in January this year that the capital markets regulator had called Jhunjhunwala, his wife Rekha, brother Rajeshkumar, sister Sudha Gupta and mother-in-law Sushiladevi Gupta for questioning in this matter.Ushma Sheth Sule, sister of Utpal Sheth, CEO of Rare Enterprises — Jhunjhunwala’s asset management firm — and a director of Aptech, had also been summoned by the regulator.Other Aptech board members being probed include investor Ramesh S Damani and woman independent director Madhu Jayakumar. It could not be ascertained whether show-cause notices have been sent to others.Sebi is examining trades between May 2016 and October 2016. In the notice, Sebi has alleged that Jhunjhunwala — who is a director of Aptech — and his family members had inside information about its finances and expansion plans, and had made trades based on this information.The regulator has also sought to know from Aptech why it gave pre-clearance to directors to trade in shares, the person said.Once a show-cause notice is issued, the recipient has to respond within 30 days. The recipient can also seek to inspect the documents based on which the regulator has gathered evidence. He will also be given a hearing before the Sebi official investigating the case.“Whenever there is an insider trading case of clear-cut gains made or losses avoided, coming on record, Sebi has been passing an impounding order against the person,” said a person familiar with the development.In an impounding order, the regulator directs the person to return profits and freezes his bank accounts to that extent.Jhunjhunwala, often called the ‘Big Bull’ of Indian stock markets, is known for his bets on stocks such as Titan, Crisil, VIP Industries and Geojit Financial. He enjoys a wide investor following and support.The billionaire investor had purchased Aptech shares in 2005 at Rs 56 apiece. The 10 per cent stake that he and his family bought then has now increased to 46 per cent, and the company is worth Rs 401 crore based on Monday’s closing price. from Economic Times https://ift.tt/2UNao1w

[indiamanthan]

Leading rice firm directors held in Rs 3,872 cr fraud case

Leading rice firm directors held in Rs 3,872 cr fraud case

New Delhi, May 4 (IANS) The Central Bureau of Investigation (CBI) on Thursday arrested two directors of a leading Basmati rice processing firm for allegedly cheating a consortium of 14 banks, led by UCO Bank, of Rs 3,871.71 crore.

Sanjay Jhunjhunwala, Chairman and Director of REI Agro Ltd, and his younger brother Sandip Jhunjhunwala, the Vice Chairman and Managing Director, were arrested in an…

[theceomagazineindia-blog]

Leading rice firm directors held in Rs 3,872 cr fraud case

Leading rice firm directors held in Rs 3,872 cr fraud case

New Delhi, May 4 (IANS) The Central Bureau of Investigation (CBI) on Thursday arrested two directors of a leading Basmati rice processing firm for allegedly cheating a consortium of 14 banks, led by UCO Bank, of Rs 3,871.71 crore.

Sanjay Jhunjhunwala, Chairman and Director of REI Agro Ltd, and his younger brother Sandip Jhunjhunwala, the Vice Chairman and Managing Director, were arrested in an…

[iravindra96]

#brothers #farewell #memories (at Ramniranjan Jhunjhunwala College)