Delhi Gymkhana members vs Administrator: Minister, MCA officials visit the club

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New Delhi, Dec 31 | In a new development in the ongoing bitter tussle between the members of Delhi Gymkhana Club members and Centre-appointed administrator former Uttar Pradesh IAS officer Om Pathak, it is learnt from reliable sources that Minister of State Corporate Affairs Rao Inderjit Singh and a very senior-level team from the Ministry of Corporate Affairs is on a spot visit.

According to sources, the minister and the MCA team held discussion with Pathak, following several complaints from the members regarding his decisions to manage the affairs of the club. “The minister, secretary of corporate affairs, and a team of nearly 10 MCA officials are on the spot and having a discussion with the administrator,” said a member, on condition of anonymity.

In the recently-held annual general meeting (AGM) Pathak attempted to change the decades old auditing system of the club, but over 90 per cent members voted against it. According to sources, 711 out of the total 738 members who participated in the AGM, voted against the proposal put forward by Pathak at the December 23 meeting. Administrator’s report, which pegged club losses since 2009 at Rs 127-crore plus, was met with strong opposition from several members. A member of the club said Pathak wants to show the club as a loss-making entity, fit for takeover by the Centre.

A communication sent to members of the club said: “The net effect of this will be that the club’s profit and loss account will show a loss and the Club could then be presented as a loss-making entity fit for takeover by the Government. Further it would result in wrongly indicting all the former Presidents and GC for alleged fraud and grave financial irregularities, whereas the club has never committed any irregularity by adoption of this accounting procedure over the last many decades.”

A member said the Administrator has no right to change accounting procedures as he has been tasked to only manage the club and not alter its policies. “We, therefore, request you to kindly oppose the resolution in the AGM which has been put up for passing the Accounts and Director’s Report,” added the communication.

The National Company Law Appellate Tribunal on February 15 this year dissolved the club’s general committee and directed the Centre to appoint an Administrator to manage its affairs, after the Ministry of Corporate Affairs moved the tribunal alleging corruption, mismanagement, and nepotism in the club.

On September 30, in a major relief for the former general committee of the club, the Supreme Court, while hearing the appeals filed against the NCLAT order, remanded the matter back to the National Company Law Tribunal and asked it to settle it within four months.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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