Connect with us

Business

Vijaypat Singhania says no reconciliation with son, alleges ‘ulterior motive’ of Gautam Singhania

Published

on


Following Raymond Group Chairman Gautam Singhania’s Instagram post with his father Vijaypat Singhania, the latter denied having reached any reconciliation with his estranged son. Vijaypat Singhania, who stepped down as Raymond Group chairman in 2015, told India Today TV, that he received a call from his son’s assistant on March 20. At the time, he said that he was on the way to the airport.

Gautam Singhania's latest Instagram post with his father hinted at a reconciliation between them following a public spat.
Gautam Singhania’s latest Instagram post with his father hinted at a reconciliation between them following a public spat.

What Vijaypat Singhania said on the photo?

“Gautam Singhania’s assistant was repeatedly trying to persuade me to come to the house. When I refused, he (Gautam) came online himself and said he will take only five minutes of my time over a cup of coffee,” Vijaypat Singhania said, adding, “I went most reluctantly, not realising that it was for an interior motive of taking my photograph with Gautam Singhania to send a strong message to the media. A few minutes later, I came down and left for the airport. Soon after, I started receiving messages with my photo with Gautam on the Internet, claiming Gautam and I had made up, which was completely false.”

Hindustan Times – your fastest source for breaking news! Read now.

Gautam Singhania’s post with his father

This comes after Gautam Singhania shared a picture with his father on social media platform X (formerly Twitter) with the caption, “Happy to have my father at home today and seek his blessings. Wishing you good health papa, always.”

Vijaypat Singhania- Gautam Singhania’s fraught relationship

The relationship between them has been strained after Vijaypat Singhania stepped down as chairman of Raymond Group after which Gautam Singhania took over. In 20177, Vijaypat Singhania claimed that Raymond Ltd didn’t give him a duplex in the family-owned JK House in Mumbai.

Vijaypat Singhania on Gautam’s ‘real motive’

Vijaypat Singhania said that he doubted his son’s “real motive” behind calling him for a meeting, adding, “I don’t know what his real motive was, but it was certainly not for coffee not to resolve our differences. The fact is, it is the first time in 10 years that I have ever entered JK House and I don’t think I’m going to have to enter it again.”

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Nikhil Kamath alerts investors on ‘hand-picked stocks’ WhatsApp scam: ‘Use common sense’

Published

on

By


Zerodha co-founder Nikhil Kamath informed investors that he has never had any WhatsApp group where he shares “hand-picked” stocks as advertised by a group. The group claims to assist people in picking the right stocks and Nikhil Kamath said that “this is obviously not from me” as he urged people to use a little “common sense”.

Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.
Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.

“Scam alert, this is obviously not from me, I have never had or have any WhatsApp groups, nor do I give tips etc. Please report these… Also to all the brands who reach out, I don’t do paid promotions/collaborations/ads/paid speaking engagements of any kind. Please stop spamming, and everyone use a little common sense please,” he said along with an image of the fake advertisement.

Unlock exclusive access to the story of India’s general elections, only on the HT App. Download Now!

What did the scam advertisement claim?

The scam advertisement showed that the WhatsApp group had details of stocks handpicked by Nikhil Kamath that would rise in April. The ad asked investors to join the WhatsApp group which would share their picks of reliable stocks every day as it said, “First 1,000 members get it for free.”

See Nikhil Kamath’s post here:

Earlier Nikhil Kamath advised fellow entrepreneurs in India to not open franchises of global brands in India but try to take Indian brands to the world.

He said, “To all my entrepreneur buddies, the future may be to take Indian brands global, not franchise global brands in India. The Indian narrative is getting cool globally, we have mystique, royalty, history, artisan, handmade, exotic, and so much more to sell.”

He added, “What was yesterday a garment manufactured in India called John, Peter and Louis something and marketed by western models, could be tom Subko, Hatti Kaapi, 11.11 etc sold in New York with the faces of Indian artisans who spent hours on each product individually.”



Source link

Continue Reading

Business

RBI ban on Bank of Baroda World app: Finance ministry’s likely plan on frauds

Published

on

By


Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted.

A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.
A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.

What was RBI’s action on Bank of Baroda World app?

In October 2023, the Reserve Bank of India (RBI) stopped Bank of Baroda from onboarding new customers on its mobile app ‘BoB World’ citing material supervisory concerns. The bank said in response that it had already carried out corrective measures to address the concerns.

Unlock exclusive access to the story of India’s general elections, only on the HT App. Download Now!

“The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,” RBI said in a statement.

“Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” it added.

What report said on steps Finance Ministry could take?

The report claimed that Finance ministry could be in support of stricter Know Your Customer (KYC) procedures and due diligence by banks and financial institutions while onboarding new merchants. This applies to Business Correspondents (BCs) as they may be more vulnerable to security breaches, as per the report.

Additionally, the ministry’s proposal also stresses on the need for improved data security and data protection practices at the merchant and Business Correspondents level. The report claimed that the RBI may ask banks to review concentration of Business Correspondents in areas with a high incidence of cyber fraud.



Source link

Continue Reading

Business

Sakuma Exports shares to trade ex-rights today: Check price, allotment, ratio here

Published

on

By


Sakuma Exports rights issue 2024: The rights issue of Sakuma Exports Ltd will open on April 25 and will close on May 13. The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share. The issue size is 199.83 crores while the entitlement ratio is 33:98 which means 33 rights share for every 98 fully-paid equity shares held on the record date.

Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price <span class=
Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share.

Sakuma Exports: What is rights issue?

In the rights issue, a company grants existing shareholders the right to buy new shares at a discount to the current trading price. The issue gives existing shareholders securities called rights while companies give shareholders a chance to increase their exposure to the stock at a discount price.

Unlock exclusive access to the story of India’s general elections, only on the HT App. Download Now!

Sakuma Exports: What to expect?

The Board of Directors of the company declared rights issue of equity shares for the eligible shareholders and said in a stock exchange filing that “the issue of 7,89,84,298 equity shares of face value of Re. 1 each (Equity Shares) to Eligible Equity Shareholders aggregating up to Rs. 19983.03 lakhs in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations).”

“The Board of Directors, in accordance with Regulations 30 and Regulation 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and Regulation 68 of the SEBI ICDR Regulations, at its meeting held today ie., April 8, 2024, has considered and approved April 15, 2024 as the record date for the purpose of determining the Eligible Equity Shareholders who are eligible to apply for the Rights Equity Shares, in the Issue (Record Date),” it added.



Source link

Continue Reading

Trending