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In a curious revelation, the Securities and Exchange Board of India (SEBI) has found that several 'missing' Income Tax defaulters were operating from dingy chawls in <keyword id="6358070" type="General" weightage="100" keywordseo="mumbai" source="Orion">Mumbai</keyword>. In a new announcement, the SEBI has published a black-list of 'untraceable defaulters', some who are missing since 2014, and hence it has been unable to serve them the Notices of Demand. A few of the SEBI listers operating from tenements are: Prakash Gaurishankar Joshi, from Dilkhush Chawl No. 3 in Borivali east, untraceable since August 2018; Ashok Bhagat of H-19 Ramji Gupta Chawl in <keyword id="6366971" type="General" weightage="80" keywordseo="santacruz" source="Orion">Santacruz</keyword> west, unavailable since June 2014 and for another demand notice since August 2019. There is also Mahesh Mistry with an address at No. 1 Manraj Driver Chawl in Andheri east, and other addresses at Marine Lines, Fort, <keyword id="6356626" type="General" weightage="80" keywordseo="vile-parle" source="Orion">Vile Parle</keyword> and in Thane, out of bounds since July 2014, August 2018 and May 2019 for multiple demand notices that remain unserved. One Jayesh Shah has given an address at 82, Kishan Chawl in Borivali east, a commercial premise at Crystal Plaza in Andheri west, a building in Bhayander town of Thane, but since he is not traceable, his demand notices of July 2014 and December 2017, could not be served. <keyword id="911430" type="General" weightage="80" keywordseo="vinod-patel" source="Orion">Vinod Patel</keyword> of Patel Building in Fort is 'missing' since December 2017; Kina Dilip Mewada of Naigaon in Mumbai and BP Road in Thane are not traceable since August 2018, according to SEBI. The list has one Sunil D. Ingawale of Jain Nagar in Bhayander east, not available since August 2018; Pankaj Saraiya with addresses of Andheri west and Vile Parle west, apparently gone 'missing' since June 2021; and the most recent addition, Hussain Sattaf of Cuffe Parade, who is not traceable since March 2022. These defaulters -- who have to cough out unspecified amounts of dues -- are missing for the past between eight years to eight months, from one or multiple addresses that are available with the market regulator. Admitting to the 'untraceable defaulters', the SEBI said that it has not been able to serve the Notice of Demands on them "at their last known address". The SEBI Recovery Officer Suchismita Sahoo has called upon these 'untraceable' nine defaulters and members of the public who have any information on them, to send letters or emails by January 14, 2023, though again, no telephone or WhatsApp number is provided. A couple of days ago, the SEBI had published a list of nine companies in Mumbai and neighbourhood which have been similarly 'untraceable' for over two years. A banking expert and Trade Unions Joint Action Committee (TUJAC) Convenor <keyword id="175751" type="General" weightage="80" keywordseo="vishwas-utagi" source="Orion">Vishwas Utagi</keyword> termed it as "a serious matter" that such defaulter companies and individuals have disappeared off the radar and sought a probe, while welcoming the SEBI's pro-active year-end moves. He pointed out that these defaulters are liable to pay up their dues and various government taxes, but if they fail to come forward, the SEBI and other agencies can invoke relevant laws to attach and sell off their assets to recover the outstanding amounts. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a> <a href="https://www.businessinsider.in/stock-market/news/shilpa-shetty-kunal-bahl-promoters-to-sell-stake-as-mamaearth-parent-goes-in-for-an-ipo/articleshow/96594970.cms">Shilpa Shetty, Kunal Bahl, promoters to sell stake as Mamaearth parent goes in for an IPO</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-return-to-indian-equities-in-the-second-half-of-2022-but-bond-flows-are-still-in-the-red/articleshow/96563652.cms">FPIs return to Indian equities in the second half of 2022, but bond flows are still in the red</a>

Many of Mumbai's Income Tax defaulters are from dingy chawls, says SEBI

The All India Garment Manufacturers &amp; Vendors Association (AIGMVA) has demanded that <keyword id="44949" type="General" weightage="80" keywordseo="future-group" source="Orion">Future Group</keyword> owner <keyword id="44950" type="General" weightage="80" keywordseo="kishore-biyani" source="Orion">Kishore Biyani</keyword> should pay up their dues of over Rs 200 crore pending since 2019, here on Wednesday. The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned <keyword id="49454" type="General" weightage="100" keywordseo="biyani" source="Orion">Biyani</keyword> of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas <keyword id="313080" type="General" weightage="80" keywordseo="utagi" source="Orion">Utagi</keyword> said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022. "Each manufacturer-vendor has dues of between Rs 70 crore to over Rs One crore and the total amount plus interest would be around Rs 500 crore. We want the union government and all the concerned state governments also to intervene and get the huge amount cleared immediately," Utagi demanded. A garment producer from Thane said that a majority of them had availed bank loans to fulfil the Future Group's orders then but since Biyani did not pay up their bills, now the banks are hounding the manufacturers and suppliers for default and refusing to give more loans. "Due to this, over 100,000 are directly hit and along with their families and other stakeholders, more than five lakh people are on the verge of joblessness and starvation due to Future Group, explained Utagi. He said that the Future Group was last year sold to the Reliance Group and in this deal, the poor vendors comprising the backbone MSME sector of the Indian economy have been left in the lurch. A vendor from Gujarat said that their profit margins are very thin, they have no cash surplus and they survive on a cash-credit facility with regular payments to their suppliers, employees, establishment costs, EMIs, etc. "Owing to Future Group, our 100 per cent working capital is blocked, totally paralysing our operations, and now banks are hounding us with notices of loan defaults, some members have sold off family gold, saving or even their shops or homes to clear their dues and are now practically homeless," he said. The AIGMVA and TUJAC also plan to file cases against the Future Group in different states, write to Members of Parliament and Members of Legislatures to highlight their plight and urge the government's intervention to compel Biyani to pay up the entire dues and end the matter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/meta-alphabet-amazon-among-companies-that-laid-off-most-employees-in-2023/slidelist/98656731.cms">Meta, Alphabet, Amazon among companies that laid off most employees in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-polluted-cities-in-india/slidelist/98657500.cms">39 out of 50 most polluted cities are in India; here are some key facts</a>

Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

<ul><li>Mumbai-based diamond merchant <keyword id="9656" type="General" weightage="80" keywordseo="sanghavi" source="Orion">Sanghavi</keyword> Diamonds owes <keyword id="6357560" type="General" weightage="100" keywordseo="idbi-bank" source="Orion">IDBI Bank</keyword> ₹16.72 crore in principle. </li><li>IDBI Bank is owned by the Life Insurance Corporation of India and its initial public offering (IPO) is anticipated next year. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>Correction: The initial article reported by news agency IANS said that the bank's exposure to the defaulter was ₹6,710 crore. However, it has been corrected to reflect the statement issued by the IDBI Bank to the exchanges at 9:47 p.m. “IDBI Bank has exposure to M/s Sanghavi Exports International Pvt. Ltd. (which is NPA), but the current Principal Outstanding is only Rs. 16.72 crore (Rupees Sixteen Crore and Seventy Two Lakh only) and the account is fully provided. IDBI Bank has initiated requisite actions to recover its outstanding dues,” the bank said in a statement filed with the stock exchanges. The earlier IANS report, which was published without changes, said that its efforts to get a version from the IDBI Bank's team did not materialize. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/kavin-bharti-mittals-hike-is-offering-eth-to-anyone-who-find-a-chief-meme-officer-or-a-crypto-game-economist-for-the-company/articleshow/88388082.cms">Kavin Bharti Mittal's Hike is offering ETH to anyone who find a 'chief meme officer' or a 'crypto game economist' for the company</a> <a href="https://www.businessinsider.in/stock-market/news/how-do-rising-covid-19-cases-lead-to-a-fall-in-markets/articleshow/88385905.cms">Why is the stock market falling so sharply today?</a> <a href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a>

CORRECTED: IDBI Bank says defaulting diamantaire owes only ₹16.7 crore in principle

In a new dimension to the Dewan Housing Finance Ltd. (<keyword id="127124" type="General" weightage="20" keywordseo="dhfl" source="Orion">DHFL</keyword>) fraud, an apex banking union and the staff of the UTI-AMC have demanded a "forensic audit" into their company's purported "Rs 2000-crore exposure" into the scam-hit group of Dheeraj R. Wadhawan and Kapil R. Wadhawan. The staffers' groups are: the Mumbai-based All India UTI-AMC Officers' Association (AIUTI-AMCOA) and the external but influential Chennai-based All India Bank Officers Association (AIBOA). The AIUTI-AMCOA and AIBOA have shot off separate letters to various entities while a top leader has sought Central government's directions to the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax (IT) Department to probe the matter thoroughly as it involved "huge public funds". AIUTI-AMCOA Chairman Vishwas Utagi and General Secretary Pawan K. Abrol have written to the Joint Secretary, Department of Investment &amp; Public Asset Management (DIPAM), Ministry of Finance and the SEBI Chairman on the losses allegedly suffered by the UTI Treasury Advantage Fund in the DHFL imbroglio. On its two letters (November 2019 and January 2020), Utagi and Abrol said that the UTI-AMC gave a vague reply (November 25, 2019) that the "UTI Mutual Fund (UTI MF) had taken a prudent exposure of 3.5 per cent-4 per cent in UTI-TAF Scheme when DHFL was AAA rated". Abrol said this implied that there were no subsequent investment/s by UTI-AMC, particularly after September 2018 when DSP Mutual Fund sold off their exposure to the Wadhawan brothers' DHFL securities. However, ex-officials of UTI-MF - who were privy to sensitive information - later revealed that the UTI-AMC was quietly investing in the DHFL Securities to bail out redemption of earlier securities, even after the scam tumbled out and leading to the arrest of the Wadhawans, said Utagi. "When the entire MF industry had exited DHFL Securities, the UTI-AMC's exposure had grown to a staggering Rs 2,000-crore. The UTI-AMC Director and CEO Imtiazur Rahman must internally probe to find out who authorised such illegal investments, with or without his knowledge, make it public and hand over the matter to the CBI-ED for further investigations," Utagi demanded. In a separate missive to T.K. Pandey, Secretary, DIPAM, the AIBOA General Secretary S. Nagarajan has called for a proper "forensic audit" into the UTI-AMC's investments in DHFL Securities. "As we live in a world of transparency and the Government at the Centre is pursuing the 'zero tolerance' in all matters, we request you to initiate the 'forensic audit' of investments made by the UTI-AMC Ltd," Nagarajan urged Pandey. Utagi and Abrol pointed out that since the DHFL fiasco is under investigation by various probe agencies, "the AIUTI-AMCOA seeks a 'forensic audit' of each and every investment transaction of UTI MF to verify the authenticity of the UTI-AMC's claims". The DHFL was founded in April 1984 by the late Rajesh Kumar Wadhawan and later headed by Kapil R. Wadhawan as the Chairman-cum-Managing Director and his brother Dheeraj R. Wadhawan as a Director. After the frauds erupted in 2019, the Reserve Bank of India (RBI) in November 2019 sacked the DHFL Board and later Kapil Wadhawan was arrested by the ED in connection with the fake-loans and money-laundering scams of over Rs 21,000-crore involving several other companies, banks and financial institutions. The trio of Nagarajan, Abrol and Utagi said the Centre and SEBI, as well as the central investigating agencies must "immediately act" in the larger national interest as public funds are at stake and the truth must emerge. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ranbir-kapoors-brahmastra-wipes-out-over-800-crore-wealth-of-pvr-and-inox-investors/articleshow/94095579.cms">Brahmastra wipes out over ₹800 crore wealth of PVR and Inox investors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/queen-elizabeth-ii-remembering-her-visits-to-india/slidelist/94093345.cms">Queen Elizabeth II’s special connection with India</a>

Bank unions call for forensic audit of UTI AMC's ₹2,000 crore exposure in DHFL

In a bizarre development, the Securities &amp; Exchange Board of India (<keyword id="35210" type="General" weightage="100" keywordseo="SEBI" source="Orion">SEBI</keyword>) has released a list of some nine <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> defaulters comprising companies and individuals who have reportedly gone 'missing' and untraceable. The matter came to light when the SEBI Recovery Officers attempted to serve the notices of demand on these defaulters against whom the Recovery Certificates have been drawn up. Some of the defaulters who have to cough out unspecified amounts of dues are missing for the past nearly two years, and some others untraceable for the past two weeks, from one or multiple addresses available with the market regulator. They are: MYNK1906 Industries India Ltd, with three known addresses, one at Vile Parle and two in south Mumbai; Inducon India Ltd., with two addresses, one each in south Mumbai and Andheri, (both untraceable since April 27, 2021). There's Classic Press International Ltd., with two addresses in Goregaon suburb, but is said to be out of bounds since June 17, 2021. Three others that are 'missing' since July 19, 2022 from multiple addresses are: Goodearth Financial Services Ltd, from Vile Parle east; <keyword id="15907249" type="General" weightage="50" keywordseo="aci-infocom-ltd" source="Orion">Aci Infocom Ltd</keyword>, operating from three addresses in Kandivali and three in Nariman Point; and Tejoomals Industries Ltd, not located at its sole address in Santacruz. Rajendra Mining Spares Co. Ltd, working from two locations in Andheri east has gone untraceable since July 26, 2022; Gloria Leasing Ltd, operating from south Mumbai and Karjat in Raigad, not available since September 29, 2022. Dynavox Industries Ltd, functioning from two neighbouring locations in Worli, has become missing since this month, December 6, 2022. Welcoming the SEBI move, <keyword id="15907248" type="General" weightage="50" keywordseo="trade-unions-joint-action-committee" source="Orion">Trade Unions Joint Action Committee</keyword> (TUJAC) <keyword id="352912" type="General" weightage="50" keywordseo="convenor" source="Orion">Convenor</keyword> and banking expert Vishwas Utagi said that it is "a matter of serious concern" how these entities and the individuals connected with them have abruptly gone off the radar, and must be probed. "These companies are liable to pay their dues and various government taxes... If they don't come forward, it will pave the way for SEBI to move other agencies and invoke relevant laws to attach and sell off these defaulters' assets to recover its outstanding amounts," Utagi told IANS. Admitting to the 'untraceable defaulters', the SEBI said that it has not been able to serve the Notice of Demands on them "at their last known address". The SEBI has 'advised' these defaulters to contact the Recovery Officer Srishti Ambokar vide a letter or email within a fortnight by January 12, 2023. It has also appealed to the general public that if anybody has any knowledge on the whereabouts of these defaulters, they can write/email to the Recovery Officer by the same date, though in this era, no telephone numbers are provided. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/toyota-innova-hycross-launched-at-18-30-lakh-check-price-booking-details-variants-and-features/slidelist/96571919.cms">Toyota Innova HyCross launched at ₹18.30 lakh — check price, booking details, variants and features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indias-agrochemicals-industry-to-see-double-digit-growth-in-fy23-and-fy24-on-strong-exports-boost-says-crisil/articleshow/96572842.cms">India’s agrochemicals industry to see double-digit growth in FY23 and FY24 on strong exports boost, says Crisil</a>

Market regulator SEBI issues list of 'most wanted defaulters' - all untraceable

Mumbai, Jun 23 () The Bombay High Court has refused to grant an interim stay on operation of the order passed by the Reserve Bank of India cancelling the license of the CKP Co-op Bank and observed that there was no fundamental error in the decision. In an order passed in the last week, a division bench of Justices Nitin Jamdar and S P Tavade noted the RBI had taken the decision with an objective of protecting the interests of depositors and other stake-holders. The court was hearing a petition filed by Thane resident Vishwas Utagi challenging the April 24, 2020 order of the RBI cancelling the license of the cooperative bank. Utagi stated he had filed the petition on behalf of the 500 share-holders, account-holders, depositors, employees and other stake-holders of the CKP Co-op bank. He stated the RBI order was an attempt to cover up failures of the members of the Board of Administrators who were nominated by the state government to run the cooperative bank from May 2012. He also alleged that the RBI overlooked the interests of the bank's depositors and other stake-holders. The bench noted that before the license of the bank was cancelled, it was preceded by various notices and inspections by the RBI which revealed several irregularities. "The Reserve Bank of India has the power of superintendence over the Banks in the country in the interest of the banking policy. Various powers are available to the RBI under the Banking Regulations Act," the HC said. "The financial position of the bank (CKP) deteriorated from time to time. The RBI found that the affairs of the bank were conducted detrimental to the interest of the depositors and public," it stated. It is in this background that the RBI formed an opinion that the order cancelling the bank's license had to be passed, the bench said. "The steps taken by the RBI are for the benefit of the depositors. The RBI is entrusted with powers to take necessary steps in the interest of depositors, banks and public," the high court said, adding that prima facie it did not find any fundamental error in the approach of the RBI. The HC refused interim relief and directed that the petition be heard when normal court resumes. SP NSK NSK

No interim stay on RBI order cancelling co-op bank's license

<a href="http://www.businessinsider.in/searchresult.cms?query=trade+unions">Trade unions</a> are now gauging the resentment of <keyword id="3036727" type="UNKNOWN" weightage="100" keywordseo="New-Private-Banks">New Private Banks</keyword>’ workers over working conditions and wages. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=private+banks">Private Banks</a> like <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI">ICICI</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=HDFC">HDFC</a>, <a href="http://www.businessinsider.in/Axis-Bank-To-Raise-500-Million-Via-Bonds/articleshow/45187550.cms">Axis Bank</a>, etc have come under trade unions’ radar and the two major national trade unions in the banking sector - the All India Bank Officers Association (AIBOA) and All India Bank Employees Association (AIBEA) – are meeting workers. 
 
AIBEA leaders finalised a plan in Bengaluru to enrol members from New Private Banks. Private banks enjoy a market share of 20% and employ over a lakh with no effective <a href="http://www.businessinsider.in/searchresult.cms?query=labour+laws">labour laws</a>. 
 “In the last few months, we have been in regular touch with employees of New Private Banks such as <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="45123" type="CITY" weightage="100" keywordseo="HDFC">HDFC</keyword> Bank, <keyword id="6355975" type="CITY" weightage="100" keywordseo="Axis-Bank">Axis Bank</keyword>, Kotak Mahindra Bank etc who have major issues with working conditions," AIBOA general secretary S Nagarajan told ET. 
 
Nagarajan added that employees are made to work very long hours daily and there is disparity in salaries of top-rung and middle rung officers and staff. 
 
"The fact that we have our TU and members in Vysaya, Bank of Rajasthan, Lord Krishna Bank does help reach out to employees of New Private Banks with which those old private banks merged. That is how we could mobilise support of sections of the New Private Banks for Wednesday's strike," AIBEA vice-president Vishwas Utagi, who is also general secretary of Maharashtra State Bank Employees Federation, told ET. 
 
(Image: Thinkstock)

You Searched For "vishwas utagi" and got 7 results

Many of Mumbai's Income Tax defaulters are from dingy chawls, says SEBI

IANS

Garment producers demand ₹200 crore dues from Kishore Biyani's Future Group

IANS

CORRECTED: IDBI Bank says defaulting diamantaire owes only ₹16.7 crore in principle

IANS

Bank unions call for forensic audit of UTI AMC's ₹2,000 crore exposure in DHFL

IANS

Market regulator SEBI issues list of 'most wanted defaulters' - all untraceable

IANS

No interim stay on RBI order cancelling co-op bank's license

PTI

Workers at elite banks like ICICI, HDFC might just take the strike route!

BI India Bureau

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