Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Tuesday, March 11, 2014

CDR block for Shree Ganesh Jewellery
[Editor: Though the possibility of a fraud cannot be ruled out to take advantage of the CDR Scheme, floated by the GOI (to pocket the funds), but still I find that the company has enough reasons to defend its case. If the Government of India suddenly puts import restrictions  then it is natural that, the company being a 4-star export  house, is bound to suffer (as it had to import large chunks of Gold for its refinery). I reached this conclusion after talking with some of my close sources. I will pen down my findings in the Paid Blog within a couple of days. The report says, "Lenders would like to know why a company suddenly faces problems and reports huge losses', but did the government ask any of the jewelry companies before bringing in one restriction after another, to cut the gold imports into India---hence, such arguments are not only trivial but malicious too. This news item further states: " Last month, one of the financial institutions in question, Export-Import Bank of India, appointed Lokesh Kumar as a nominee on the board of directors. A bank executive said this arrangement was meant to monitor the business and working of the company". But it is is normal practice employed by many lenders. Therefore, I must admit, I strongly feel that this article on Shree Ganesh Jewelry House (I) Ltd is totally biased against the promoters; may be for some reasons best known to all--you know these days some of the publications (Print and Electronic Media), are nothing but "Dalals" (Agents) who run a money extortion rackets.]
The debt restructuring proposal of Shree Ganesh Jewellery House Ltd has hit a hurdle, with some lenders wanting a further probe into its losses before deciding on support for the proposed package.

A senior public sector bank executive said the proposal came up for the discussion at a corporate debt restructing (CDR) meeting last week. Some sought an in-depth review, since the losses reported for the second quarter (July-September) of 2013-14 were huge. The Kolkata-based company reported a loss of Rs 1,047 crore in that quarter, while it posted a net profit of Rs 341 crore in the third quarter ended December, according to a filing with the BSE.

It is engaged in mining, refining, jewellery manufacture, retailing, solar energy, gold loan financing and bullion trading.

Lenders would like to know why a company suddenly faces problems and reports huge losses. There is a need to go beyond the income statements. Perhaps a forensic audit could throw light on developments, said another executive with a Mumbai-based state lender. Such audits determine whether any fraud had taken place. This could involve analysis of trends and substantive checking of selected transactions. The accounts might be examined from the beginning.

In December 2013, the company approached State Bank of India (SBI), lead bank of the consortium, with a plea to refer the case for CDR. SBI gave a report to the CDR cell for admitting the case. The mechanism permits viable companies more time to meet debt obligations, subject to certain terms and conditions. The packages typically could include provisions such a moratorium on, an elongated payment schedule, reduction in interest rate and capital infusion by promoters.

Last month, one of the financial institutions in question, Export-Import Bank of India, appointed Lokesh Kumar as a nominee on the board of directors. A bank executive said this arrangement was meant to monitor the business and working of the company. On November 8, 2013, rating agency CARE had suspended the ratings assigned to the bank facilities/instruments of Shree Ganesh, as the company had not furnished the information required for monitoring.

A month before (October), CARE had downgraded ratings for the company's long-term and short-term loans from A+ to BBB+. The revision factored in the rising level of debt and collection period ended March and decline in profitability in FY13 & the first quarter of FY14.

Courtesy: Business Standard