ED seizes Rs 40 cr assets of Pune bizman

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New Delhi, June 21 | The Enforcement Directorate (ED) has seized assets worth Rs 40.34 crore belonging to businessman Avinash Bhosle and his family members under the Foreign Exchange Management Act (FEMA) 1999, the agency said on Monday.

These properties have been seized as equivalent value of foreign securities or properties held by Bhosle and his family members in contravention of FEMA which provides for seizure of equivalent value, situated in India, of foreign security or immovable properties held outside India.

The attached assets are in the form of equity shares and preference shares held in Classic City Investment Pvt Limited, Pune, which owns three luxurious hotels in five-star category: Hotel Westin, Pune; Hotel Le Meridian, Nagpur; Hotel W Retreat and Spa, Goa.

Further, equity shares held in ABIL (Avinash Bhosle Infrastructure Private Limited) and bank balance of around Rs 1.15 crore lying in various bank accounts held in the name of Bhosle and his family members have been seized.

The ED initiated the FEMA investigation in September 2017 against Bhosle and his family on the basis of the information received that the businessman and his family members have acquired immovable property in Dubai in contravention of FEMA 1999.

Investigation revealed that Bhosle and his family acquired foreign securities of a company Rochdale Associates Limited, Dubai, which held immovable property worth AED 20,000,000 (equivalent to Rs 40,34,00,000).

To acquire the property, the ED said, Bhosle and his family members remitted the funds through the liberalised remittance scheme in their bank accounts held outside India.

“Funds were remitted in different categories such as to purchase equity shares in the Company Rochdale Associates Limited, Dubai, family maintenances, and savings received from NRI for family maintenance.

“However, remitted funds were utilised to purchase the seized immovable property and shares of the company were allotted against the remitted funds,” the ED said.

It was declared that the company is engaged in real estate business activity, however, investigation revealed that the company does not have any business activity and is generating no income whatsoever.

“Further investigation is in progress.”

Source: IANS

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal

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