A man who understands banking laws of the land by heart, Mr. Joshi has big dreams to change the entire landscape of cooperative arena which is marred in several unnecessary controversies. With a mission to cleanse the system he has been vigorously studying various drawbacks in the legal framework, meeting people across the country for their input and lastly meeting the powers that may be to take corrective measures.
Dhanvarsha Group is an international conglomerate which Mr. Joshi successfully built in a period of 18 years. Under his able leadership the group has entered into many sectors such as infrastructure development, travel & tourism, online retail, pharmaceuticals & healthcare, IT education, e-commerce, cyber security, private equity investments, housing finance, and asset reconstruction. The group is also creating a Casino Strip in collaboration with a 5-star hotel in Goa. Mr. Joshi is personally involved in several social activities in Goa and is in the process of adopting over 60 schools.
Dhanvarsha Group is in news because of a very bold step it took by signing an agreement with Mumbai-based City Cooperative Bank. The Group has offered a comprehensive revival package for the Bank and entered into an Agreement for Revival and Private Placement pertaining to a whooping investment of `230 crore into the Share Capital of the Bank as per Section 12 of the Banking Regulations Amendment Act 2020. The Agreement was signed on July 27, 2022 between Mr. Anshumman Joshi and Mr. Anandrao Adsul (Ex MP) and Chairman of the bank. As CEO Mr Arthur Rebello too was a signatory.
On the sidelines of the event Mr. Anshuman Joshi, Chairman, Dhanvarsha Group briefed about his plans and the condition of cooperative banking sector as a whole.
What is the idea behind reviving a bank which is under the RBI scanner since long?
This story is from the August 2022 edition of Indian Economy & Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2022 edition of Indian Economy & Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Globalism, Freedom & Democracy Do Not Mix
The world today is packed with wealthy institutions and individuals that stand in revolt against the ideas of freedom and democracy. They do not like the idea of geographically constrained states with zones of juridical power.
WORLD DEVELOPMENT REPORT 2024 THE MIDDLE-INCOME TRAP
A World Bank report titled 'World Development Report 2024: The Middle-Income Trap' indicates that India may take up to 75 years to attain just a quarter of the United States' per capita income. The insights in the report provides a useful reality check for India's ambitious goals, such as becoming a developed economy by 2047 or reaching a $5 trillion economy within the next three years.
IN CONVERSATION: "We are working with a Vision 2035. I'm sure within next 5 years we will be ranking among the Fortune 500 companies.”
Sudarshan Pharma Industries Ltd., led by its promoters, Mr. Hemal V. Mehta, a chemical engineer, and Mr. Sachin V. Mehta, has established a strong foundation in specialty chemicals and bulk drugs. Their relentless enthusiasm is visible when they speak. Indian Economy & Market reached out, to piece together the company's achievements and new initiatives in detail.
Sudarshan Pharma Industries Ltd. A MULTIBAGGER IN MAKING
Sudarshan Pharma Industries Ltd. operates across various sectors in both the pharmaceutical and chemical industries, with a focus on specialty chemicals and intermediates, which find applications in Indian Le pharmaceuticals, paints, food products, and adhesives.
MUTUAL FUND LITE OR MF LIT PROMISING PROGRESS FOR INVESTORS
The SEBI has streamlined rules for passively managed schemes to have the impact of letting more players in the mutual fund ecosystem and offering diversified, low-risk investment options to retail investors. It would increase market liquidity and attract participation from old as well as new Asset Management Companies (AMCs). Shivanand Pandit feels that MF Lite is going to democratize investment opportunities in the Indian financial market.
BRICS Member States Ready to Dethrone Dollar
AS the US weaponises the dollar in the Russian and Iranian sanctions, there is increasing desire by other developing countries to seek alternative currencies for trade, investment, and reserves, as well as developing alternative multilateral clearance systems outside of SWIFT.
7 BEST PHARMA COMPANIES
The pharmaceutical industry in India is expected to reach $65 Bn by end of 2024 and to $130 Bn by 2030. India is a major exporter of Pharmaceuticals, with over 200+ countries served by Indian pharma exports. While Nifty's performance has been lackluster over the past month, several pharmaceutical stocks have shown resilience.
NEW INVESTMENT PRODUCT CATEGORY IS SEBI'S LATEST MOVE COMMENDABLE?
The Securities and Exchange Board of India (SEBI) has introduced a consultation paper proposing a new investment product category aimed at addressing a specific market need. This proposed asset class would offer investment options that sit between mutual funds (MFS) and PMS, filling a gap and providing greater flexibility in portfolio management. The new investment vehicle is designed for investors who are prepared to take on riskier market positions but find PMS schemes or AIFs out of reach. SEBI after reviewing the feedback and finalizing the regulations through stakeholder discussions, may issue the final regulations.
DECODING THE CHINA MYTH
Myths die hard. Among these is the great myth that China's poised to take over the world. Here, James Rickards debunks that myth.
What Is In Store For The Indian Economy?
Until the 2014 Lok Sabha elections, when the Bharatiya Janata Party secured 282 seats and Narendra Modi ascended to power, India experienced 21 years of coalition governments. A decade later, the BJP holds 240 seats in the Lok Sabha, and India is once again governed by a coalition. Fitch has indicated that coalition politics and a weakened mandate for the NDA could hinder the passage of ambitious reform legislation. It raises the question: Do coalition governments impede the economic reform agenda?
