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Investigation

1
Investigation

Did Altico Capital commit a ‘wilful default’? The inside story of the crisis at the realty NBFC

An INR700 crore loan prepayment to select mutual funds between March and September triggered the liquidity crunch at the realty-lending firm. Still, the default in interest payments may have been a conscious decision by its board despite having funds, possibly to remain a going concern. The entire episode once again shows auditors, rating agencies, and independent directors in poor light, and deepens the NBFC crisis.

Investigation

Did Altico Capital commit a ‘wilful default’? The inside story of the crisis at the realty NBFC

An INR700 crore loan prepayment to select mutual funds between March and September triggered the liquidity crunch at the realty-lending firm. Still, the default in interest payments may have been a conscious decision by its board despite having funds, possibly to remain a going concern. The entire episode once again shows auditors, rating agencies, and independent directors in poor light, and deepens the NBFC crisis.

Investigation

NSE ‘whistle-blower’ complaints originated from a business rival’s computer

The PDF file in a complaint sent by one Jamie Jones in June 2017 and another attachment from a September 2017 e-mail by Daniel Mark could be traced to an employee in the rival’s communications department. Sebi orders asking the NSE to disgorge INR1,000 crore do not address the issue, neither has the agency been able to demonstrate any of the bombastic allegations made in the complaints. According to Central Vigilance Commission guidelines, pseudonymous and anonymous complaints are only supposed to be filed and not proceeded against.

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Result

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