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SC blocks Ponzi schemes’ move to NCLT

DNMUM405290 | 1/12/2018 | Author : Manju AB | WC :481

Intervenes on behalf of Citrus, Royal Twinkle investors; says promoters prima facie colluded with petitioners
Mumbai: The case of two Ponzi schemes of Citrus Holidays and Royal Twinkle, which were dragged into the National Company Law Tribunal (NCLT), has taken an interesting twist after a group of investors moved the Supreme Court against liquidating the company.
The apex court has stayed the proceedings of the Mumbai bench of the NCLT that had admitted the petition for initiating Corporate Insolvency Resolution Process against Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd, two timeshare and collective investment schemes where over 18 lakh investors had put in nearly Rs 7,500 crore of their savings.
The Supreme Court, while passing its order on January 8, observed that prima facie it seemed to be a case where there is a collusio
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Disinvestment plan may soften bond yields
DNMUM406074 | 1/22/2018 12:00:00 AM | Author : N S Venkatesh | WC :353

Another great run for global equities in the week that went by and the euphoria and awe that overwhelms caution is reminiscent of 1987. That year, on October 19, popularly known as Black Monday, the US stock market crashed 22.6%, and remains one of
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Nifty eyes 11000 mark as Q3 results shine, oil cools
DNMUM406075 | 1/22/2018 12:00:00 AM | Author : Yogesh Vinod Mehta | WC :342

Indices extended their gravity-defying run led by frontline stocks last week. Sensex rallied 919 points and Nifty gained 214 points, or about 2%, on a weekly basis and ended at a new record high of 10894, making a seventh consecutive weekly gain sinc
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‘Govt may introduce universal health scheme’
DNMUM406076 | 1/22/2018 12:00:00 AM | Author : Anurag Shah | WC :776

United India Insurance Company, wholly owned by the government, plans to complete its initial public offering by September 2018, said M N Sarma, chairman and managing director of the company. The Chennai-based insurer is working on strengthening its
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‘Housing for All’ to bring goodies
DNMUM406077 | 1/22/2018 12:00:00 AM | Author : Ateeq Shaikh | WC :562

Mumbai: Residential real estate may get further boost in the upcoming Budget to give impetus to government’s ‘Housing for All by 2022’ goal.
To achieve that, the Centre may look at various options such as reducing goods and services tax (GST) rate
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