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“If there are losers,
there have to be beneficiaries. Who are the
beneficiaries? asked BJP leader Dr. Kirit
Somaiya to Mr. Chidambaram. The Finance
Minister and SEBI should have informed the
country. Dr. Somaiya’s comments is in the
background of Mr. Chidambaram’s statement of
last Thursday – “If there are sellers, there
have to be buyers in the Share Bazaar.
The present crisis in
the economy and the disaster in the Capital
Market is the root cause of the speculative
and manipulative policies and statement of
Finance Minister, Mr. Chidambaram and the
promoters, charged Dr. Somaiya.
Dr. Somaiya has strongly
objected to the statement of Promoters of
real estate and other companies stating that
the downfall/crash is due to the hammering
and demanding inquiry. Dr. Somaiya
questioned the promoters’ credibility. Why
they did not ask for investigation when
their shares had 16 days continuous upper
circuit. Why they did not make stateme3nt
that such type of speculative/manipulative
upward trend is not healthy for the Capital
Market and for the Small Investors.
Dr. Somaiya has demanded
investigation into the following :
1.
As the Small Investors are losers, who are
the beneficiaries? Promoters, FIIs…
2.
Total exposure to the real estate companies
by banks, financial companies, NBFC, Mutual
Fund, Insurance Companies through loans,
Fixed Maturity Plans of Mutual Funds, etc.
3.
Is LIC going UTI way? Last year’s LIC’s
direct exposure to the Capital Market
through ULIP, ULIP’s disastrous pezrformance
and LIC’s ULIP investment.
4.
LIC’s exposure in the last 2 years to real
estate companies in the form of FMP, IPO,
Secondary Market purchase, loans/debentures,
etc., the present value and status of such
investment.
5.
Detailed inquiry and investigation and also
explanation from the promoters, SEBI,
Merchant Bankers about the super-valuation
of premium during the Public Issue/IPO.
6.
End use of funds collected in IPO market.
7.
End use, present value, status of hedge
funds, sums of around Rs.60,000 crores
collected through Fixed Maturity Plans and
ULIP.
8.
Adhoc restriction, relaxation on P.N. Route.
9.
How the so-called net worth of real estate
companies got evaporated.
10.
Impact of speculative, manipulative bubble
and burst on the currency features of India
in the backiground of present global
disaster.
11.
How and why the benefit of crude oil prices
down from $147 to $ 60 is not seen in India?
12.
Abnormal depreciation of Rupee against
Dollar from Rs.39/- on 8.1.2008 to Rs.50/-
on 26.10.08.
13.
Mr. Chidambaram’s “Open Sky Policy/treatment
to the FII/hedge fund, non-transparent P.N.
Route”. |
