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Sunday,17-January-2021

Business

Sensex gives up gains to turn red; HDFC, RIL down

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Economy-5

The BSE Sensex on Wednesday afternoon shed all the gains made during the initial trade to trade over 250 points down.

Decline in the heavyweights HDFC and Reliance Industries (RIL) weighed on the index.

Both the Sensex and the Nifty50 on the National Stock Exchange (NSE) touched all-time high levels of 49,795.19 and 14,653.35 points.

Sensex has glided over 570 points from the day’s highs.

Around 1.54 p.m., Sensex was trading 49,261.35, lower 255.76 points or 0.52 per cent from the previous close of 49,517.11.

Nifty50 on the NSE was trading at 14,509.75, lower by 53.70 points or 0.37 per cent from its previous close.

Jay Purohit, Technical & Derivatives Analyst, MOFSL said: “Nifty opened gap up and moved above 14,650 in the initial tick but could not sustain at higher zones and slipped by more than 120 points thereafter.”

“The advance decline ratio favours the bulls and even Bank Nifty is moving in line with the broader market currently moving around 32,500 levels,” he said.

He noted that Nifty is largely moving in a strong uptrend and small declines are getting bought into quickly. The relentless rally is backed by a good amount of long build-up in Nifty and strong buying by foreign institutional investors, Purohit added.

Business

Odisha gets over Rs 1.25 lakh cr investment despite Covid

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Naveen-Patnaik

Chief Minister Naveen Patnaik on Friday said Odisha has received an investment of over Rs 1.25 crore since February 2020 despite Covid-19 pandemic.

“We have received an investment of over 1.25 lakh crore rupees since February 2020 despite the wrath of coronavirus. Our Start-Up policy is also one of the best in the country,” said the Chief Minister while addressing an event here.

He said the state government is working with commitment to improve the business climate of Odisha.

“Industry friendly policies, quick clearances and grounding of projects have helped us to make us one of the most attractive investment destinations in India,” he added.

The Chief Minister said young people from the state must take a plunge into business and industry, create global brands and generate wealth for themselves and the nation.

“I wish more and more people, especially the young people, from our state come forward to take the opportunities in various sectors. The younger generation is bubbling with ideas. They must take the plunge into business and industry, create global brands, and generate wealth for themselves and the nation,” he added.

He said that branding and promotion are essential components of business and industry and the ultimate aim is to bring prosperity, serve people and create a niche for a company, its product or service.

Any branding programme that has a solution to address people’s needs will definitely succeed, said the Chief Minister.

Union Petroleum Minister Dharmendra Pradhan said that Lord Jagannath is the brand of world for Odia people.

Odisha has all the potential to reach the pinnacle of progress. The vast beaches, forest resources, abundant mineral resources, the potential for tourism, as well as the intelligent and hardworking human resources of Odisha are unique identities, said Pradhan.

The Minister also highlighted various challenges of society including malnutrition of children in the state.

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Business

Indian Railways allows e-catering facility at selected stations

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The Indian Railways on Friday allowed e-catering services to resume at selected railway stations.

In a statement, the Railway Ministry said that it will be subject to compliance of all the guidelines on health and safety matters issued by Central and state governments and other authorised agencies under them.

The ministry said that it may noted that IRCTC had written to the Railway Board for the resumption of e catering at selected railway stations.

“IRCTC will have to review the situation now and permit theA resumption of e-catering services depending upon the feasibility, availability of staff and local restrictions etc,” it said.

The e-catering services had been suspended as a measure to prevent the spread of Covid-19.

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Business

NCLT admits petition alleging mismanagement, fraud by Omaxe

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Fraud. (IANS Infographics)

The Chandigarh-bench of National Company Law Tribunal (NCLT) has admitted a petition filed against Omaxe Ltd over alleged acts of oppression and mismanagement claiming by the company and its management.

The petition filed by Sunil Goel, the former Joint Managing Director of the company levels allegations against Rohtas Goel, the Chairman and Managing Director of Omaxe for indulging in financial fraud, siphoning of funds, insider trading and inflation of turnover of the company.

The petition said that, in June 2017 Omaxe took a loan of Rs 250 crore from Indiabulls Housing Finance Limited as per the minutes of the Executive Committee’s meeting. It said that though Sunil Goel was a part of the Executive Committee, he did not receive any notice of the meeting wherein resolution for borrowing of loan of Rs 250 crores was approved.

“It is also stated that Sunil Goel has been repeatedly appointed as Joint Managing Director of Omaxe Limited till 27.09.2017 on which date he was illegally ousted in the 28th Annual General Meeting of the company where several resolutions, declaring dividend only to non-promoter shareholders and appointment of Seema Prasad as Director of Omaxe Limited, were passed,” it said.

The respondents, including Rohtas Goel illegally restrained the petitioners from participating in the Annual General Meeting by using force and threats, claimed Sunil Goel in his petition.

Further, as per the plea, Rohtas was also involved in exclusion of the petitioners from the affairs of the company to “gain control over the company and all its subsidiaries in order to financially disable the petitioners”.

Rohtas allegedly conducted the affairs of the company in an oppressive manner towards the petitioners and also towards the interest of the company.

“It is stated that owing to such financial mismanagement and fraudulent transactions the financial debts have increased and profits have dipped down. Various letters have been issued on behalf of the petitioners, objecting to the illegal and oppressive acts of respondents, but in vain,” said the petition.

Founded in 1989, the company has its presence in eight states across 27 cities. Rohtas Goel is the Chairman and Managing Director of Omaxe Limited and represents the largest promoter shareholder group of the company. Sunil Goel, younger brother of Rohtas Goel represents the second largest promoter shareholder group having 22 per cent shareholding in the company.

Primarily, the shareholding of the promoter and promoter group is through Guild Builders Private Limited, which holds around 68.45 per cent shares of Omaxe Limited and is a holding company of Omaxe Limited.

In 2017, differences arose between the brothers with regard to functioning of the company, following which Sunil Goel was removed from the company in September 2017, which he claims as an illegal removal.

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