India Ideas Summit 2023 Highlights: ‘Indian-Americans have created a 3rd of all immigrant-funded startups in the US’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US secretary of state Antony J Blinken delivered his address at the US-India Business Council’s India Ideas Summit in Washington, D.C. today, June 13.

The theme for this year’s USIBC summit is ‘trust, resilience and growth’. The summit which is being held on June 12 and 13 will be focusing on how the three principles — trust, resilience and growth — underpin the India-US economic partnership across multiple sectors.

The annual USIBC summit is part of the US Chambers of Commerce and it is being conducted ahead of the upcoming official visit of Prime Minister Narendra Modi to the US on June 22

Check latest updates of the USIBC’s India Ideas Summit here: 

#Antony Blinken: Working on what this partnership is going to look like 15 and 50 years from now

What im now trying to imagine and what I know you all are working on and bringing to life is what this will look 15-50 years from now and all the benefits this will bring to Indians and Americans both.

#Antony Blinken: The trajectory of the US-India partnership is unmistakable and filled with promise

Arielle has become a hub of Indian investments where companies like HCL created 2,400 jobs, training American high-schoolers for IT jobs. Honeywell is employing 13,000 people across Kolkata to Mumbai making safer airplanes and energy efficient buildings. Duke University has established presence in Bangalore. One North Carolina enterprenur from Gujarat observed and I Quote: “This could not have happened 15 years ago.”

#Antony Blinken: We have work to do to advance transparency, to promote market access, to strengthen our democracies and unleash our full potential for our people.

#Antony Blinken: We have more than 200,000 Indians studying in various US universities.  India is the second-largest source of international students in the US

#Antony Blinken: Indian American created a third of all immgigrant-funded startups in the US. That is extraordinarily powerful and maybe most significant for the future.

#Antony Blinken: US-India’s education systems have produced the leaders of some of our most iconic companies. From Google to Infosys, not to mention former Mastercard CEO Ajay Banga who is now the president of the World Bank.

#Helping to shape the innovations of the future: Antony Blinken

“We recently established a partnership to make our semiconductor supply chain more resilient. In Tamil Nadu, the US IDFC provided $500 million to help a leading American company build a solar manufacturing facility. This project will power more than 30 million light bulbs in homes, schools and businesses. It will create over 1,000 jobs for Indias and Americans, and will shift a key component of our clean energy supply chains to a close partner,” Blinken says.

#Antony Blinken: Trade between the two countries reached $191 billion in 2022.

US companies have invested $54 billion in India in manufacturing, telecommunications. Indian companies have invested $40 billion in the US in IT, Pharma, supporting over 425000 jobs from California to Georgia. Air India announced an historic purchase of 200 aircraft which will support an estimate 1 million jobs across 44 states.

#Antony Blinken: India and US are big, complicated countries

#India-US relationship has gone through multiple administrations, but continues to move forward: Antony Blinken 

Antony Blinken says the US-India relationship is a unqiue one between the world’s oldest and largest democracies. He says he has worked with US President Joe Biden for more than 20 years. “I know the the premium he has attached to the India-US relationship,” he adds.

#Antony Blinken: US stands with the people of India as they recover from this (Odisha train accident) tragedy: Antony Blinken

#Antony Blinken begins address | Catch it LIVE here:

CNBC-TV18 & US-India Business Council (@USIBC) present the #IndiaIdeasSummit2023.

Watch US State Secretary @SecBlinken lay out the Biden administration’s vision for the India-US partnership.@ShereenBhan #CNBCTV18Digital #CNBCTV18EXCLUSIVE https://t.co/3CW4iEZZGm

— CNBC-TV18 (@CNBCTV18News) June 12, 2023

#India not just a market anymore, it is part of global supply chain: Taranjit Singh Sandhu

The India ambassador to the US Taranjit Singh Sandhu said he is keen to attract US companies to invest in India. He mentioned that he was delighted that Indian companies are investing in the US.

#Antony Blinken’s address to begin shortly

US Secretary of State Antony J Blinken will begin his address at the US-India Business Council’s (USIBC) India Ideas Summit shortly.

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Trade Setup for June 13: Action lies in the Midcap index while the Nifty 50 consolidates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Nifty 50 has yet again entered consolidation mode after a breathtaking rally since the second half of May. The index traded in an even narrower band of 60 points on Monday but managed to end above the flat line. It also managed a close above the 18,600 mark. Another positive? It did not slip below 18,550 on an intraday basis.

It has been over a month since the Nifty 50 index had a move in excess of a percent. The last time it did so was back on May 8. It came close on May 26, but ended 0.97 percent higher.

Only two Nifty 50 constituents – NTPC and IndusInd Bank ended at a 52-week high on Monday. The index may also take some cues from the May CPI fineprint, which fell to 4.25 percent in May from 4.7 percent in April.

“The indecisiveness is quite evident as the Nifty 50 index formed a small ‘Doji” candlestick on the daily chart,” said Osho Krishnan of Angel One. Only a close above 18,700 – 18,750, will confirm the strength of the index. On the downside, Krishnan believes that levels of 18,450 – 18,400 will act as a strong support. “Traders need to focus on the stock-specific approach to gauge trading opportunities,” he said.

The Nifty Bank is in consolidation mode as well but that index is grinding lower, unlike the Nifty 50, which is still seeing modest gains. The banking index fell another 55 points on Monday, registering its third straight day of declines. With this, the index continues to remain below the mark of 44,000, a key support level and is moving towards its next support zone of 43,700.

Kunal Shah of LKP Securities believes that the market is uncertain and cautious as it awaits the release of the US CPI data and the outcome of the FOMC meeting later in the week. “There is a fight between the bulls and the bears at the 44,000 strike as evident from the heavy Open Interest in both call and put strikes,” he said. This indicates that market participants have conflicting views about the future direction of the index.

The Nifty Bank index has given a trendline breakdown and closed below the key 44,000 level on the daily chart, said SAMCO Securities’ Ashwin Ramani. The next support for the index is 43,700 and in case the selling intensifies, the index can even test levels of 43,400 on the downside.

Action lies within the broader market space even as the Nifty 50 and the banking index are consolidating in a range. The Nifty Midcap index ended with gains of 0.5 percent on Tuesday after a two-day drop. That two-day drop was preceeded by 13 straight days of gains, during which the index made a record high. Eight stocks within the index ended at a 52-week high on Monday.

Laurence Balanco of CLSA has seen a price action breakout in the midcap index after 18 months of price movement. He expects another 13 percent upside to the Midcap index, which may take the index to levels of 39,000. He expects the current midcap outperformance to go on for a few more quarters and that midcap auto names, can end up outperforming its largecap counterparts.

What Are The F&O Cues Indicating?

Nifty 50’s June futures shed 6 percent or 5.81 lakh shares in Open Interest on Monday. The futures are now trading at a premium of 81.5 points, compared to 68.15 points earlier. On the other hand, the Nifty Bank futures added 3.4 percent, or 79,975 shares in Open Interest. Nifty 50’s put-call ratio is now at 0.92 from 0.83 on Friday.

India Cements, IEX and Indiabulls Housing Finance continue to remain in the F&O ban list, while Delta Corp will also be part of the F&O ban list starting today’s session.

Nifty 50 on the Call side for June 15 expiry:

For Thursday’s expiry, there has been Open Interest shedding seen in multiple out of the money strikes of the Nifty 50 index. The 18,700 and 18,650 strikes have seen shedding, as has the 19,600 strike, which is still 1,000 points away.

Nifty 50 on the Put side for June 15 expiry:

Put strikes between 18,500 and 18,600 have seen addition in Open Interest on Monday, indicating that the bulls may want to fight to defend those levels in the upcoming sessions. This data is for Thursday’s weekly expiry.

Let us take a look at the stocks that added fresh long positions on Monday, which means an increase in price as well as Open Interest:

Let us now take a look at the stocks which added fresh short positions on Monday, which is a decrease in price but an increase in Open Interest:

Here are some stocks which saw short covering on Monday, which means an increase in price but a decline in Open Interest:

Here are the stocks to watch out for ahead of today’s trading session:

• Honeywell Automation: Parent company Honeywell’s new CEO Vimal Kapur told CNBC-TV18 that India’s big push for infrastructure bodes well for the company. You can read the entire story and related coverage here.
• SJVN: Subsidiary SJVN Green Energy gets 200 MW wind power project through EPC contract. Cost of construction of the project is approximately Rs 1,400 crore.
• JSW Steel: Declared preferred bidder for mining lease for two iron ore blocks in Goa.
• Inox Wind, Inox Wind Energy: Board of Inox Wind approves merger of Inox Wind Energy into itself. 158 shares of Inox Wind will be issued for every 10 shares of IWEL.
• Can Fin Homes: Board meeting on June 19 to consider fund raising via equity share issue.
• Engineers India Limited: Gets an order worth Rs 472 crore from ONGC.

What Are Global Cues Indicating?

US equities on Wall Street had another positive session on Monday in anticipation that the US Federal Reserve will skip a rate hike in its latest policy meeting starting tonight.

The S&P 500 and the Nasdaq rose 0.9 percent and 1.5 percent respectively on Monday, thereby closing at their highest level in 13 months. The Dow Jones also added close to 200 points on Monday.

Singapore (SGX) Nifty futures, which are an early indicator of how the Indian equities are likely to start trading are currently trading little changed at 18,719, thereby pointing towards a flat start to the trading session.

Foreign investors were net sellers on Monday, while domestic investors were net buyers in the cash market. However, one must keep in mind that the numbers will be influenced by the Go Fashion block deal which took place on Monday.

The overall chart pattern of the Nifty 50 indicates a bounce from lower levels in the coming sessions, said Nagaraj Shetti of HDFC Securities. While immediate downside support is at 18,500, resistance on the upside is seen at 18,800.

Rupak De of LKP Securities sees 18,600 as an immediate support for the Nifty 50 where signficant put writing is seen. However, 18,650 and 18,800 can act as potential barriers for the Nifty 50’s upside.

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CEA says India’s 2023 GDP growth was 7.2 per cent, surpassing expectations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Chief Economic Advisor to the Government of India, Dr V Anantha Nageswaran, on Monday said the real GDP growth for the year ending March 2023 was 7.2 per cent, which surpassed expectations, as the underlying momentum in the economy was quite strong.

During an interaction with the Industry, organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here, Nageswaran explained the current state of the Indian economy and said the government was optimistic about its medium-term performance.

Addressing the gathering, he said while goods exports were on the weaker side in 2022-23 due to the war in Ukraine and oil price rise, services exports did very well for the country.

“We have a good story to share about the Indian economy. The real GDP growth for the year ending March 2023 was 7.2 per cent, surpassing expectations. The underlying momentum in the economy is quite strong. We expect the final number to be even higher than 7.2 per cent,” Nageswaran said.

He pointed out that the data shows that India’s 4th quarter GDP of 6.1 per cent was actually much better than several other countries at this point.

Talking about the wholesale price index’s deduction, he said it was not a drawback nor a drag on growth but “it is actually going to lower input cost for our businesses as well”.

“The Wholesale price index is coming down because of the slowdown in oil prices and the slowdown in food prices and in fact it is now negative. So people think when the wholesale prices come down, it may lead to a slowdown in GDP growth. Yes. We are expecting 6.5 per cent GDP growth which is lower than last year’s 7.2 per cent. But that is the trend growth that India will continue to achieve. In fact this number can be higher if the export sector also performs, but that is going to be a challenge,” he said.

The CEA acknowledged that merchandise export growth was something which needed continued efforts to maintain in order to keep our market share or gain the market share.

“That’s where the industry has to invest in R&D, has to do better marketing etc and diversify our product range and focus on quality. It’s going to be a hard grind for the rest of the decade because global growth is not going to be very strong in the rest of the decade but services sector growth is surprisingly doing well for us because many companies now rely on India not only for IT enabled services,” but others as well, he said.

Global companies rely on India even for accounting, risk management compliance, back office work and their dependence on India through global capability centres (GCC) have become much wider, he added.

Also read: India’s GDP expected to clock 6-6.3% growth in June quarter: Moody’s

He claimed that macroeconomic management in India has been prudent during pandemic when compared to other advanced nations.

“The overall macroeconomic management in India has been prudent and sensible, avoiding overstretching ourselves during the pandemic. This has contributed to our stable growth and inflation management,” he said.

Nageswaran said while the country has made significant strides, “we must remain vigilant and continue our efforts” towards growth and development.

“While progress has been made, there is still work to be done,” he said.

He pointed out that there are nearly one lakh recognised Startups in India out of which over 43,000 are led by women.

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Punjab & Sind Bank board decides to raise Rs 750 crore via bonds

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned Punjab & Sind Bank on Monday said it plans to raise Rs 750 crore from bonds to fund business growth.

The decision to this effect was taken in the board meeting on Monday.

The board has approved the raising of capital up to Rs 750 crore through the issuance of Basel-III compliant Additional Tier-I Bonds or Tier-II Bonds, the bank said in a regulatory filing.

The fundraising will be done in one or more tranches within a period of 12 months, it said.

Also read: Punjab & Sind Bank gains after advances rise by 17% in third quarter

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Nepal’s National Assembly chairman visits Beijing to hold talks with China’s top legislator

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nepal’s National Assembly Chairman Ganesh Prasad Timilsina on Monday held talks with China’s top legislator Zhao Leji in Beijing and the two sides agreed to advance cooperation between the legislative bodies of the two countries.

Timilsina, who is leading a nine-member Nepalese delegation, and Zhao during their meeting at the Great Hall of People exchanged views on matters of mutual interest, according to a press release issued by the Nepalese Embassy in Beijing.

“Both sides appreciated the ever-growing bilateral relations between Nepal and China based on the principles of peaceful coexistence, mutual trust and mutual understanding,” it said.

The two sides expressed commitment to further strengthen the parliamentary cooperation between the National Legislatures of the two countries, it added.

They reviewed the gamut of cooperation in the areas of parliamentary friendship, economic development and people-to-people relations, according to the statement.

“Both sides agreed to further work together to promote economic development in the fields of trade, energy, air connectivity, infrastructure, power grid and border points,” the release said.

In addition, the two sides stressed facilitating the export of Nepali products, it added.

“The Chinese side also confirmed the commencement of the first direct chartered flight between Pokhara city of Nepal and Chengdu city of China on June 21 which would pave the way for further flights,” it said.

ALSO READ: Royal Enfield begins operations of Nepal local assembly unit

Before the meeting, the Nepalese delegation visited Baidu Group, one of the top Chinese technological companies. At a brief interaction held at the State Grid Corporation, the importance of constructing transmission lines as a means to foster infrastructure development was discussed, the release added.

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Bayer, Cargill ink pact to empower smallholder farmers in India with digital solutions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Global life sciences firm Bayer on Monday said it has signed an agreement with US-based food major Cargill to empower smallholder farmers with digital solutions, including comprehensive information on market prices, weather forecasts, and pre- to post-harvest insights.

Drawing upon the capabilities of innovative platforms such as Cargill’s ‘Digital Saathi’ – a mobile-first, AI-driven service platform tailored to hyper-localised needs, and Bayer’s Better Life Farming Centres that supports over 5,00,000 smallholder farmers, this strategic partnership is dedicated to improving market access for smallholder farmers, it said in a statement.

“This partnership between Bayer and Cargill endeavours to connect with 3 million farmers across India within the next five years. Initially, the partnership will be implemented in Karnataka and Madhya Pradesh and subsequently expand to other regions,” the company added.

Bayer’s e-commerce strategy involves expanding tailored solutions through the ‘Digital Saathi’ app, starting with corn farming in Karnataka and later expanding to other crops and regions.

Additionally, Cargill’s ‘Digital Saathi’ platform offers convenient crop input e-commerce and crop sell offer features, ensuring farmers have improved access to high-quality crop inputs and facilitating market linkages between farmers and aggregators through a digitally-enabled marketplace.

“This integrated approach aims to enhance farmers’ decision-making capabilities, streamline agricultural operations, and foster efficient and seamless connections within the agricultural ecosystem,” Bayer added.

Simon-Thorsten Wiebusch, Country Divisional Head, Crop Science Division of Bayer for India, Bangladesh and Sri Lanka, said, “Access to advisory, quality inputs, credit, technologies, or markets is one of the biggest enablers to unlocking smallholder value, and it lies at the very core of what this partnership is all about. We also believe that digitisation is key to this exercise….”

Therefore, the company is looking at leveraging all relevant digital tools to ensure that it is able to deliver greater value to the smallholder farmers and create for them a level playing field, he added.

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3rd G20 FWG meeting to be held in Kochi from June 13 to 14

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Third G20 Framework Working Group (FWG) meeting under India’s G20 presidency is scheduled to take place in the port city of Kochi from June 13 to 14. Dr V Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance, Government of India, and Tom Hemingway, Deputy Director, HM Treasury, United Kingdom, will jointly chair the meeting, a G20 release said.

More than 75 delegates from G20 member nations, invitee countries, and various international and regional organisations will participate in the two-day long meeting, it said. The G20 FWG focusses on global macroeconomic issues of current relevance, it said.

It further said: “As per the mandate received from G20 Finance Ministers and Central Bank Governors in February 2023, the group has been deliberating on the macroeconomic implications of food and energy insecurity, macroeconomic risks arising from climate change and transition policies and other risks to the global economy such as inflation, financial globalisation, and financial stability.” In the upcoming meeting, detailed deliberations will be held on the current global economic outlook based on presentations from international organisations such as the International Monetary Fund (IMF) and World Bank, the release said. The membership will also deliberate on draft G20 reports on the macroeconomic implications of food and energy insecurity and on the macroeconomic impact of climate change and transition pathways, it said.

“The objective is to develop a shared understanding of the policy experiences of member countries in tackling macroeconomic implications of food and energy insecurity as well as climate change and transition pathways. They will also attempt to explore areas where global cooperation can help support the domestic efforts of countries,” it further said. A G20 panel discussion on the topic of ‘Financial Globalisation – Opportunities and Risks’ will be held on the sidelines of this meeting, it said.

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“The panel will be moderated by Prof. Eswar Prasad of Cornell University and will have panellists of repute. The panel discussion is meant to develop a collective understanding among the G20 membership regarding the dynamics of macroeconomic policy challenges facing countries in the context of financial globalisation,” the release said. On the margins of the meeting, the Reserve Bank of India will host a number of ‘Jan Bhagidari’ events to make G20 discussions more inclusive and people-centric, it said.

This includes a series of events on financial literacy, an awareness programme on the G20, a painting competition, slogan writing, and a note exchange mela among others targeted at the public, students and self-help groups, it added. It also said events have also been planned to provide an opportunity for the delegates to enjoy the captivating beauty of Kochi’s natural beauty and cultural heritage.

“Visits have been planned to Dutch Palace, Paradesi Synagogue and St Francis Church. The delegates will also be provided with an experience of the vibrant culture and delectable cuisine of Kerala,” it added. The Second G20 FWG meeting was held in Chennai from March 24 to 25 where 87 delegates from G20 member countries, invitees, and international organisations took part.

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Ami Organics managing director says aiming for 100 basis points growth in margins every quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ami Organics, a pharma intermediate company for Active Pharma Ingredients (APIs) and New Chemical Entities (NCEs), is targeting a 100 basis point improvement in margins every quarter. Over the years, Ami Organics has experienced consistent growth in revenues, employing both organic and inorganic strategies. From FY19 to FY23, the company’s revenue surged from Rs 240 crore to Rs 617 crore. Similarly, the EBITDA also witnessed substantial growth, increasing from Rs 40 crore to Rs 142 crore in FY23. Meanwhile, the profit after tax rose from Rs 23 crore in FY19 to Rs 83 crore in FY23.

Speaking to CNBC-TV18, Naresh Patel, the Executive Chairman and Managing Director at Ami Organics stated, “Currently, our average margin in pharma is around 23 percent. We are targeting a 100 basis point improvement in margins in every quarter from hereon.”

With a strong focus on exports, Ami Organics has successfully expanded its revenue streams, with pharma intermediates accounting for 84 percent of its total revenues, while speciality chemicals contribute to the remaining 16 percent.

To support its growth ambitions, Ami Organics has announced a substantial capital expenditure (capex) in its Ankleshwar unit II, amounting to approximately Rs 190 crore. Patel explained that this capex is sustainable until 2026. However, he acknowledged that the company may require additional capex in the pharma segment beyond that point.

“The capex that we had announced in our Ankleshwar unit II is around Rs 190 crore. This capex is sustainable till 2026 and then we will have to go for further capex in pharma segment. In electrolyte segment we may need capex of around Rs 100-150 crore,” Patel said.

Also Read: Ami Organics is a net debt-free company, says managing director

Research and Development (R&D) is an integral part of Ami Organics’ business strategy. Patel emphasised the importance of allocating sufficient resources to R&D, stating, “R&D expenditure of 1.3 percent is the pharma industry standard. We want our R&D expenditure to remain between 1.5 percent and 2 percent because it suffices us.”

Watch video for entire discussion.

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Agniveer women can now join Air Force, says Defence Ministry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Ministry of Defence (MoD), on Monday, notified rules to allow entry of females in the Indian Air Force (IAF) under the Agniveer scheme in both combat and non-combat roles. On completion of roles assigned, the females shall be eligible for induction as Airmen and for non-combat roles.

“In exercise of the powers conferred by section 12 of the Air Force Act, 1950 (45 of 1950), the Central Government hereby notifies, that females shall be eligible for enrolment in the Indian Air Force as Agniveervayu (Combatant) and Agniveervayu (Non-Combatant), and on successful completion of the roles assigned, they shall be eligible for selection as Airmen and Non-Combatants (Enrolled) respectively in such streams or trades as per the requirement, qualification and other terms and conditions of service,” the press release by Department of Military Affairs (DMA), Defence Ministry read.

Like Agniveers in sister services, the Agniveervayu will be enrolled in the IAF for a period of four years. Agniveervayu would form a distinct rank in the IAF, different from any other existing ranks with only 25 percent retention after their tenure completion.

However, there are certain commonalities between Agniveervayus and other permanent-rank officials as well. Just like any other Airforce employees, the Agniveervayus will also be governed under the Air Force Act, 1950, for four years.

Under the Agnipath recruitment policy, soldiers are recruited between the ages of 17.5 years and 21 years. Once selected, the aspirants will go through training for six months before they’re deployed for three and a half years.

During this period, Agriveers will be provided with a monthly package of Rs 30,000 per month with upgradation up to Rs 40,000 per month in the fourth year.

The Central government rolled out the controversial Agnipath recruitment policy last year which resulted in violence in several states across India.

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SEBI directs Subhash Chandra, Punit Goenka to step down as directors alleging misuse of positions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Securities and Exchange Board of India (SEBI) on Monday directed the  Essel Group Chairman Subhash Chandra and Chief Executive Officer (CEO) of Zee Entertainment Enterprises (ZEEL) Punit Goenka to immediately cease holding positions as directors or Key Managerial Personnel (KMPs) in any listed company or its subsidiaries until further notice.

The regulator, in an interim order, on June 12, stated that Subhash Chandra and Punit Goenka have allegedly abused their positions for personal financial gain.

SEBI alleged that Subhash Chandra and Punit Goenka have engaged in the alienation of assets belonging to ZEEL (Zee Entertainment Enterprises Ltd.), and other listed companies of the Essel Group, with the aim of benefiting their Associate Entities.

Considering the seriousness of the allegations and the ongoing investigation, SEBI is of the opinion that the continued involvement of Subhash Chandra and Punit Goenka as directors or KMPs in any listed company or its subsidiaries could be detrimental to the interests of these companies, particularly their investors. To safeguard the management of such companies and protect the interests of investors and stakeholders, SEBI has decided to issue interim directions until the investigation is completed.

Under the issued directions, Subhash Chandra and Punit Goenka are prohibited from holding any Key Managerial Positions until further notice. They are given a window of 21 days to file their replies or objections regarding the matter.

This accusation revolves around the alleged siphoning off of funds. Despite the Promoter Family holding only a 3.99 percent stake in ZEEL, Subhash Chandra and Punit Goenka continue to hold influential positions within the company.

The regulator alleged that the noticees employed deceptive measures to mislead investors and regulators. They created false entries to falsely portray that funds were being returned by Associate Entities when, in reality, it was ZEEL’s own funds being circulated through multiple layers before returning to ZEEL’s accounts.

The two attempted to leverage the success of ZEEL, the flagship company of Essel Group, to financially support their Associate Entities, which they own and control, SEBI said.

“The siphoning of funds appears to be a well-planned scheme since, in some instances, the layering of transactions involved using as many as 13 entities as pass through entities within a short period of two days only,” SEBI said.

“…some of the entities used in these layers are common to the ones used for fund diversion in Shirpur Gold Refinery Limited case only strengthens the prima facie finding in this case that funds have been diverted from ZEEL, which needs to be investigated thoroughly,” it added.

According to SEBI, the share price of ZEEL witnessed a significant decline from approximately Rs. 600/- per share to less than Rs. 200/- per share between FY 2018-19 and FY 2022-23.

Also read: Subhash Chandra claims 91% of Essel debt repaid; announces digital video venture

This erosion of wealth, despite the company’s profitability and consistent generation of after-tax profits, raises concerns about the company’s financial state, SEBI said, adding, during this period, the promoter shareholding also decreased from 41.62 percent to the current level of 3.99 percent.

“ZEEL is the flagship Company of the Essel Group. It appears as if it was used like a piggy bank by the Noticees,” SEBI said.

SEBI’s interim order, which is to be read in conjunction with the interim order dated April 25, 2023, pertaining to the Shirpur Gold Refinery Ltd. case, highlighted the common entities used in both cases and the similar time periods involved. This reinforced SEBI’s decision to take immediate action.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow