Black money blues? Promoters are working overtime to utilise unaccounted funds!
Advertisement

Advertisement
Promoters are planning to invest in Indian capital markets or shell companies as the deadline is September 30.
Many other companies are closing down old intermediary companies, floating new ones with fresh records, transferring funds to newer safe harbours and even round-tripping funds into the Indian capital markets through participatory notes and even applying for non-resident Indian (NRI) status.
Promoters feel that after declaring unaccounted funds, government will indict them for flouting rules.
Meanwhile, shutting the intermediary companies that were used to invest and then cash out in the last few months means that it would be almost impossible to find out who the final beneficiary of the money is.
Advertisement
The Indian government may not have a jurisdiction on the accounts of NRIs but it is not the main trick.
ET cited a case of a chairman of a Mumbai-headquartered listed firm who routed unaccounted funds to buy equity in his own company. In the five years since, the shares have risen significantly and the stake is now valued at around Rs 850 crore.
"The stake is officially in the name of an investment arm owned by his nephew and his family. The promoter is now worried that with the
In this instance, the promoter has gone to the US to cajole his relatives into selling the stake and investing it in equity and real estate there, the advisor said.
Advertisement
(Image: Thinkstock)
Advertisement
Mehmet Oz says he was 'exhausted' when he filmed viral 'Wegner's' gaffe, adding it's not a big deal because 'I've gotten my kids' names wrong as well'
Life and times of Rakesh Jhunjhunwala — the man behind the trader
A 29-year-old woman found a mark on her head and was diagnosed with a fungal infection. It turned out to be invasive skin cancer.
Gig jobs are popular with pocket-money seeking teens, for primary earners it’s a burden
Fintech services platform Razorpay acquires offline payments firm Ezetap
RBI tightens norms for Chinese lending apps
Unacademy founder Gaurav Munjal says its job hiring platform will see no layoffs
Markets to open slightly lower on US Fed signals of more rates hikes