Tag: Rashesh Shah

Economic Survey bats for fiscal support till we reach pre-COVID growth: CEA K Subramanian

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

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The Chief Economic Advisor K Subramanian on Saturday said Economic Survey 2021 is showing that fiscal support should continue till we get to pre-COVID growth.

The CEA said the Economic Survey recommends countercyclical fiscal policy and the country must implement it. He said, “During times like these, basically, the government should step in to do more spending and consolidate when growth has actually come back.”

In this special Economic Survey Townhall, Subramanian interacted with Kiran Mazumdar Shaw, executive chairperson of Biocon; Pawan Goenka, MD & CEO of M&M; Vinayak Chatterjee, chairman of Feedback Infra; Chandrajit Banerjee, director-general of CII; Niranjan Hiranandani, co-founder & MD of the Hiranandani Group; Rashesh Shah, Chairman & CEO of the Edelweiss Group and former president of FICCI; Vikram Kirloskar, vice-chairman of Toyota Kirloskar Motor; Piruz Khambatta, chairman of Rasna Private Limited; Abhimanyu Munjal, joint MD & CEO of Hero Fincorp and R Mukundan, chairman of CII National CSR Committee and MD & CEO of Tata Chemicals.

Kiran Mazumdar Shaw said it’s very important to make a very clear roadmap of how the government is going to 2.5 percent funding and where do we need to spend and allocate that funding, “We need to make sure that the private sector plays a very key role in healthcare delivery.”

Pawan Goenka said, “In the slowdown, the manufacturing sector is hit more than service or agriculture. Therefore, the focus has to be to bring manufacturing back on its seat, and rightly, the government of India has announced PLI scheme which the manufacturing sector is very eagerly awaiting for.”

On the bad bank, Rashesh Shah said, “Bad bank is a very good idea as I do believe that NPA management is very specialised activity and it is not a mainland activity for a bank so having a bad bank where those assets can be parked is very good. The bad bank should be financed by the private sector sources, I don’t think the government should fund it because government has capital allocation problem.”

Watch this video for full interaction.

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

Enough liquidity in system, but credit flow weak: Edelweiss’s Rashesh Shah

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

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Liquidity in the system has improved in the last four-five months, thanks to efforts by the Reserve Bank of India (RBI) through measures like TLTRO, and partial credit guarantee schemes, said Rashesh Shah, Chairman and CEO at Edelweiss Group in an interview with CNBC-TV18.

He said investors were once again getting very conscious about the rate at which they were willing to lend, he said.

“Liquidity is there, what we still don’t see is the credit flow,” Shah said.

The bond market needs to get stabilised, long-term credit flow needs to get started again for risk taking and the investment cycle to start again, Shah said.

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

COVID-19: Time to be cautious, conservative, prudent wherever possible says Edelweiss’ Rashesh Shah

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

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Financial services-focused Edelweiss Group has restricted spending to the minimum because of liquidity concerns arising out of the inability to get benefits of loan repayment moratoriums, its chairman Rashesh Shah has said.

“While we have extended EMI (earnest monthly instalments) non-payment benefits to our clients, the same has not necessarily been available for us. It is therefore important in these times to be cautious, conservative and prudent wherever possible,” Shah said in a letter to Edelweiss Group employees.

He said the group has “restricted spending to the minimum possible” and urged employees to be measured in their spending both professionally and personally.

It can be noted that liquidity has been identified as one of the key concerns by policymakers amidst the COVID-19 pandemic.

However, non-bank lenders – Edelweiss also has a presence in the segment – have not been able to get relief as the moratoriums have not been extended to them and dedicated liquidity lines like the ones through targeted long term repo operations have been met with limited success.

“I am confident that Edelweiss will emerge out of this stronger, leaner and more resilient than ever before,” he said.

Shah said businesses are facing a challenging time staying afloat as the squeeze on liquidity affects organisations across all sectors and of all sizes and pitched for a calibrated and gradual easing of the lockdown restrictions so that the economy can start once again.

“We are amidst a disruption that is similar to 1991, maybe even bigger. Striking the right balance between re-starting the economy and maintaining social discipline will be key to determining the path we take,” he said.

He said the return to normalcy for the economy will also take some time and warned that it will not be a very smooth recovery either. “The year ahead will be a bumpy road and the same will hold true for all organizations including ours,” he told employees.

The chief of the group which started out as a brokerage and has presence in asset reconstruction, mutual funds and insurance, commended the imposition of the lockdowns saying India’s healthcare infrastructure is limited in its ability to handle a rapid surge in COVID-19 cases.

However, the flipside of the lockdowns has been that the economy has come to an “absolute halt” in this period and it is an especially challenging time for the economically weakest segments of our society, he said.

He added that safety and hygiene will become even more important in the new world and the key is to embrace the new normal.

Learnings from the crisis include frugality and conservatism, need to build resilience for long-term sustainability and the need to stay connected, he said, adding that the group was early to adopt aspects like work-from-home for employees even before the lockdown started.

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

Edelweiss Group chairman Rashesh Shah appears before ED in FEMA violation case

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

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Financial services company Edelwesiss Group chairman Rashesh Shah on Wednesday appeared before Enforcement Directorate (ED) officials for questioning with regard to a case of FEMA (Foreign Exchange Management Act) violation.

Shah was summoned for the second time by ED after failing to appear last week. The businessman arrived at ED office in south Mumbai’s Fort area around noon. Details on the information that will be sought from him were not immediately available.

Shah, in a statement on Sunday, had denied any wrongdoing in the case and added that Edelweiss has no relationship with Capstone Forex, which is being investigated by the ED.

He had said that his relationship with Sanjay Nathalal Shah, whose role is being investigated in the case, is limited to the chartered accountant being an independent director in multiple companies in Edelweiss Group. He had promised to fully cooperate in the investigation started by ED.

Informing shareholders about the development, Shah had said, “I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex and all allegations of FEMA violations are false.”

The chairman had also said he was unable to go in person to ED and had authorised senior representatives to be present with the requisite information.

“Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully,” he added.

He had also accused media of sensational reporting on “false allegations” and warned of taking appropriate legal action against a media group for reporting on the case.

Shares of Edelweiss Financial Services Ltd on Wednesday closed 1.59 percent higher at Rs 108.50 on the BSE.

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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

Edelweiss chief Rashesh Shah denies company links with Capstone Forex

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

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Amid expectation of the Enforcement Directorate (ED) issuing fresh summons to Edelweiss Group founder and chairman Rashesh Shah in connection with an alleged Rs 2,000 crore forex scam, he has released a letter denying any relationship between Edelweiss and Capstone Forex Pvt. Ltd.

The case pertains to violation of foreign exchange involving Capstone Forex Private Limited, a Mira-Bhayander based firm.

“You may have seen some media reports relating to Edelweiss,” the letter read.

“I am writing to you directly, to assure you that Edelweiss has no relationship with Capstone Forex Pvt. Ltd. and all allegations of FEMA [Foreign Exchange Management Act] violations are false. We appreciate that regulators and agencies have an obligation to investigate; if any information is sought from us, as a responsible corporate citizen, we will of course provide the same.”

The ED had summoned Shah for questioning on January 9. But, he did not turn up. Addressing the matter, he wrote that a representative kept the date with the agency.

“While it is unfortunate that I was unable to go in person to the Directorate of Enforcement (ED), our senior authorised representative did attend in person with the requisite information. Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully.

“Media reports suggest that Mr. Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of our group companies, is alleged to be connected to Capstone. Let me reiterate that he has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name.

Shah went on say that the company will take legal action against the media group that “has sensationally reported false allegations, conjecture and innuendo.”

“The media has sensationally reported false allegations, conjecture and innuendo. Several have done so without following the standard, responsible practice of first speaking with Edelweiss. Had they done so, you would have been presented with both sides of the story, equally and fairly. We are, therefore compelled to take appropriate legal action against the concerned media group, in order to protect and reinforce the reputation of Edelweiss.”

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

Problems not yet over for NBFCs, says market guru Mehraboon Irani

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

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Mehraboon J Irani of Gini Gems Consultants  is of the view that the market is now reacting exactly the way it should have reacted for quite some time. It is looking out for opportunities in spaces and companies where there is not much of cloud of any kind. So, companies which have had its own share of controversies, the market is possibly trying to steer clear of them,” he said.

Talking stocks specific, Irani said, “Knowing what Zee has gone through, I would possibly like to refrain from talking positive or recommending the stock.”

On Sun TV, he said, “While there could be value but looking at the way the industry is right now, it is not a stock which I would recommend.”

With regards to the NBFC space, he said, “On the whole, the non-banking financial companies space has had its own share of trouble. Whatever we saw in the recent past with regards to stocks rebounding etc but the problems are not yet over for the space, he said, adding that I still believe that there would be few stocks in this space – which have done very well – may continue to do well and I would like to advise my investors and viewers to possibly go and continue to buy into them despite the fact that seemingly they may look very expensive. Maybe stocks like HDFC, Muthoot Finance, Manappuram Finance, Cholamandalam Investment and Finance Company are the top four.”

However, as far as others go they may have their own merits but we need to understand that they have gone through a lot, especially, after the IL&FS fiasco. Some of them could possibly be still suffering from the bruises and something more could possibly come. “In this climate, I would not like to possibly warrant a recommendation or suggest investors to go and buy into them right now,” he further mentioned.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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

3 Mins Read

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