Mon Dec 08
That might be the reason for and local level. The biggest advantage to JPL from this acquisition is increase in the advertising revenue as radio business by the experts that there will be growth in the revenue when phase III licenses will be given. It has emerged during initial investigations by SEBI and Stock Exchanges that such illicit activities tend to accelerate during last few months of a fiscal and quantum of such transactions has grown manifold in the last few years.
Besides, a number of such entities, which includes both individuals and corporate brokerage firms, have been found to be repeat offenders for various offences in the securities market and many of them create new shell companies to hide their past precedents.
Those under the scanner also include selected listed companies and their promoters, who regularly offer their services for channelizing black money and for evading taxes through use of stock exchange platforms.
While it may be difficult to quantify the entire value of black money laundered through stock markets, as also the total tax amounts evaded through this platform, the total figure may easily run into thousands of crores of rupees given the spread of such illicit activities.
In its biggest ever crackdown for suspected tax evasion and laundering of black money through stock trading platforms, SEBI on 19th December, barred entities, including individuals and companies, from the securities markets.
It has also asked stock exchanges and the depositories to ensure that all its directions are strictly enforced. While entities have been barred in one case relating to an entity named First Financial Services Ltd, another entities have faced the action in a case related to Radford Global Limited.
The action comes at a time when the government has sharpened its focus on unearthing black money stashed abroad and within the country, while SEBI also recently tightened its surveillance of shell companies created solely for the purpose of tax evasion or money laundering activities.
In the first case, the suspected dealings took place on the stock market for almost two years till March 31,while the second case relates to a period of little more than a year starting January In its orders, SEBI said that the modus operandi of the barred entities typically involved stock market dealings aimed at evading long-term capital gains tax and showing the source of income as legitimate from stock markets.
First shares were allotted on preferential basis to certain connected entities, price would be pushed higher without any fundamental move, followed by an exit being given to these investors and the shares would be sold back to the company or related entities raking in huge profits.
While overall gains made by all entities could not be ascertained, a batch of 46 allottees in Radford case made a collective profit of Rs In the First Financial shares, a batch of 80 allottees made a collective profit of Rs Such huge profits were made in stocks where fundamentals or financials of the companies did not justify the price, the regulator observed.
So, for a share with a face value of Rs 10, the allotment would be done at Rs 15 a share and an investor would pay, say, Rs 1. Another area of investigation the regulator is focusing on is to determine whether the funds infused into the companies by way of preferential allotment was utilised for purpose other than those for disclosed.
Over 50 companies are being investigated by SEBI for what the market regulator suspects are activities aimed at money laundering and tax evasion in unheard of shares, which have seen sharp price spikes in recent months. Already, SEBI whole-time member Rajeev Agarwal has passed orders involving a few companies where entities have been found to have violated rules and several have been banned from accessing the market.
The scale of the crackdown is going to be much bigger and comes at a time when theSupreme Court has set up a Special Investigation Team to track black money and the revenue department has acknowledged that illicit wealth within the country is a big concern although In the near term, the regulator might pass an order against 25 of those listed companies which is suspected to be involved in money laundering.
Considering the number of companies involved, regulatory estimates peg the quantum of the alleged scam at close to Rs. For long, stock markets have been seen to be major Since there is multi-layering of transactions, SEBI is sources of laundering and the regulator had failed to taking time in completing the investigations.
The issue of preferential allotment is already being looked at and is one of the parameters under scrutiny. Typically, in these companies preferential allotment was done and those involved in the manipulation exercise exited after months to avoid capital gains tax implications.
The objective of the criminalisation of money laundering is to take the profit out of crime. The rationale for the creation of the offence is that it is wrong for individuals and organisations to assist criminals to benefit from the proceeds of their criminal activity or to facilitate the commission of such crimes by providing financial services to them.
The quantum of domestic black money is equal to the money stashed abroad. The Third would be following an open Offer. Besides, the re-classification will be permitted after expiry of one year from such intimation.
Post the initial Promoter reclassification had become a contentious issue last year, when some entities were seen reclassifying themselves as ordinary shareholders one year, such promoter group entity may be classified as public. Exports and Gillette India, where entities belonging to Some of the scenarios where such re-classification has the promoter group had sought reclassification.
Promoter wanting to become Ordinary Shareholders: The new norms can have significant impact on the way Gillette is trying to reduce its promoter holding but some merger and acquisition deals are structured, as has been denied permission by SEBI and so the also in cases involving corporate restructuring that take company has filed an appeal at the Securities Appellate place due to dispute among members of business Tribunal SAT.The Walt Disney Company’s Yen Financing.
The Walt Disney’s Yen Financing case is similar to R.J. Reynolds international financing case. The Walt Disney is a U.S.-based company that opened Walt Disney Japan in /5(1). With the Eastern Gateway project now dead, Disney will instead will build a new 6,car garage next door to the existing Mickey and Friends Tom has since become an Orlando-local and is a published author on Walt Disney World.
the dollar was at yen jpy=, virtually flat on the session, and at against the swiss franc chf=, down percent. but six months ago, the two sides managed to strike a $billion debt rollover deal, which expires in august.
- “The Walt Disney Company is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media.” (The walt disney, n.d.).
Determining Exchange Rates Nonintervention: Currency in a Floating-Rate World Intervention: Currency in a Fixed-Rate or Managed Floating-Rate World CASE: The U.S. Dollar and the Japanese Yen Black Markets Foreign-Exchange Convertibility and Controls Exchange Rates and Purchasing Power Parity Exchange Rates and.
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