tag:blogger.com,1999:blog-3202774368551476669.post9163044431149656591..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: Analysis of Recent SAT Rulings on Insider Trading and FUTP Against Dilip PendseUmakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3202774368551476669.post-48661771276044133092008-12-23T06:59:00.000+05:302008-12-23T06:59:00.000+05:30Dear Renu,Thanks for your pertinent observation. I...Dear Renu,<BR/><BR/>Thanks for your pertinent observation. In fact, I would like to clarify that Niskalp (the subsidiary of TFL) had funded the whole transaction. They did not purchase any shares of TFL (as that would have violated the Companies Act). I have made appropriate changes to the post.Thank you once again for drawing this to my attention and apologies for the inconvenience caused.<BR/><BR/>Regards, <BR/>BhushanAnonymoushttps://www.blogger.com/profile/06520706844073385859noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-47487799584624592472008-12-17T13:25:00.000+05:302008-12-17T13:25:00.000+05:30Sir:I would like to contribute a post. Since your ...Sir:<BR/><BR/>I would like to contribute a post. Since your email id is not available on this website, i am pasting the post below in this comments column, for your review.<BR/><BR/><BR/>"DDA flat allotment scheme 2008<BR/><BR/>Here are some news reports on the recently declared results of the housing scheme floated by DDA.<BR/><BR/>http://timesofindia.indiatimes.com/Cities/DDA_allots_over_5000_flats/articleshow/3846732.cms<BR/><BR/>http://timesofindia.indiatimes.com/Delhi/DDA_amasses_over_Rs_120_cr_in_interest/articleshow/3847761.cms<BR/><BR/>http://www.hindustantimes.com/StoryPage/StoryPage.aspx?id=f3538bd1-7db7-4df1-8793-c2487169a8db<BR/><BR/>Some interesting facts and figures of this scheme:<BR/><BR/>1. Application forms sold = 12.64 lacs @ Rs.100 each<BR/>2. Total money amassed by DDA by sale of forms (non-refundable) = Rs.12.64 Crores<BR/>3. Number of flats available = 5,238 (another figure of 5,020 was given in the newspaper reports. For calculations in this post, I am using 5,238 as the correct figure)<BR/>4. Application fee per applicant = Rs.1.5 Lac<BR/>5. Eligible applicants = 5,66,906<BR/>6. Money received by DDA from eligible applicants = Rs.8,503,59,00,000/- (Eight Thousand Five Hundred Three Crores Fifty Nine Lacs Only)<BR/>7. Money to be withheld by DDA for 5,238 applicants = Rs.78,57,00,000/- <BR/>8. Money to be refunded by DDA for the unsuccessful applicants = Rs.8,425,02,00,000/- (Eight Thousand Four Hundred Twenty Five Crores Two Lacs Only)<BR/>9. Interest earned by DDA during September 16, 2008 and December 16, 2008 (last date of applications and date of draw) = Rs.120 Crores (as per http://timesofindia.indiatimes.com/Delhi/DDA_amasses_over_Rs_120_cr_in_interest/articleshow/3847761.cms)<BR/><BR/>Now when DDA sells only 5,238 flats. It has made some quick bucks here, see point 2 and 9 above. <BR/><BR/>DDA spokesperson Neemo Dhar said “we will give demand letter to all successful allottees by December 30. Also, we will try to refund all applicants who did not get lucky by December 30.”<BR/><BR/>The application brochure revealed some interesting terms and conditions:<BR/><BR/>1. Eligibility - Only one person in a family can submit application. Family means spouse, dependent/minor children, if any. (This condition has been easily flouted by applying in the name of children (above 18) in the family)<BR/>2. Eligibility - There is no income limit. The applicant can apply according to his/her requirement and affordability. (Since this scheme aims at providing affordable housing to the masses, there surely needs to be an income level to exclude those already owing a residential premise, in their name or someone else’s)<BR/>3. Other General Conditions – DDA reserves the right to alter any term and condition/clause of the scheme at its discretion as and when considered necessary. (This is too broad a discretionary clause, which is prone to abuse).<BR/><BR/>Thoughts: Interest earned by DDA from this entire scheme appears to be an unfair gain. As SEBI has recently introduced the ASBA (Application Supported by Blocked Amount) process for share application money, something on the same lines could be suggested in such housing allotment schemes. "Renu Guptahttps://www.blogger.com/profile/13605419535223237023noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-19048096955512154232008-12-17T11:41:00.000+05:302008-12-17T11:41:00.000+05:30A very basic question. How did the wholly owned su...A very basic question. How did the wholly owned subsidiary come to acquire shares of its holding company? This is clearly not allowed under the Companies Act, 1956.Renu Guptahttps://www.blogger.com/profile/13605419535223237023noreply@blogger.com