A clutch of retail investors has alleged that employees of Kerala-based Muthoot Group mis-sold them non-convertible debentures (NCDs) of Srei Equipment Finance Ltd, passing them off as bonds from a sister company. Srei Equipment is now under insolvency resolution, and the investors’ funds are stuck.
About 49 people, several of them retirees who have transacted with Muthoot for a decade, have come forward so far, some of them approaching local police. Mint spoke to four such investors and a lawyer they have appointed to pursue their case legally. They said the 49 people together invested ₹10.2 crore in Srei Equipment bonds over 2017 and 2018.
Muthoot’s employees claimed that Srei was a sister concern of Muthoot and effectively part of the Muthoot group while selling the NCDs, the investors said. They said they found out their money was in a Kolkata-based company only after the principal and interest were not paid after maturity, some as late as the end of end-2022, a year after Srei was admitted to insolvency.
Diese Geschichte stammt aus der May 11, 2023-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der May 11, 2023-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Quick Edit: The market's green role
The world needs to bend its rising curve of carbon emissions, a goal that's proving elusive. Adding to the challenge, US climate policy is likely to flip back into neglect mode next year.
Growth shouldn't suffer for want of a market fix
Packaged food companies should drive a food-processing revolution and run a campaign for substitution of fresh-veggie demand. It'll crush price volatility and open up space for rate cuts
We should reform import tariffs to boost Make in India!
Tariff reforms to resolve duty inversions can arrest the 'cost competitiveness leak' of Indian manufacturing
Trying to quantify everything may worsen human decisions
'Quantification fixation' is real—and we should learn to resist it
Hope has sprung anew amid the thick haze hovering over COP-29
The climate summit has seen rules being ratified for a carbon market, progress on finance and high corporate participation
Trump's return is set to send the world scouting for fresh options
His confrontational stand on issues will ruffle feathers and make nations review their alignments
Why national pride has not helped clean up Delhi's air
A sense of shame was expected to get it done. That hasn't worked. Do we lack the will and talent?
SEBI CAN DO MORE TO DISSUADE RETAIL F&O SPECULATION
A recent Securities and Exchange Board of India (Sebi) report highlighted the significant losses individual traders have incurred in the equity futures and options (F&O) segment between FY22 and FY24.
Is filing ITR in old regime still valid?
I am with the Indian Army. Until last year, we received Form 16 under the old tax regime, including allowances such as HRA, travel and uniform.
Avoid common mistakes in NRO, NRE accounts: A guide for NRIs
Tips on using NRE and NRO accounts to effectively manage funds, repatriate money and remain tax-compliant
