Sebi pulls up Kirloskar Industries Promoters for fraud

 The markets regulator has charged promotors of Kirloskar Industries, Atul & Rahul Kirloskar with fraud in a decade-old case of the promoter group selling a 13.5% stake in the then-ailing company KBL to Kirloskar Industries Ltd, harming the interests of minority investors.

In a show-cause notice to the six promoters of KBL and two others, Sebi alleged that the promoter group was aware of the precarious financial condition of KBL when these shares were sold, committing fraud on minority shareholders of Kirloskar Industries. The notice was sent in December 2019.

As reported in media, Sebi’s assessment is that the ill-gotten gains in the transaction could be in excess of ₹350 crore, which includes the value of the sale transaction and profit

The promoter group on October 6, 2010, sold 10.72 million shares of KBL worth ₹275 crores in the company to Kirloskar Industries. Sebi has charged the individual promoters of KBL and two others under the Prevention of Fraud and Unfair Trade Practices. The regulator alleged that Gautam Kulkarni, Rahul Kirloskar, Atul Kirloskar, Alpana Kirloskar, Jyotsna Kulkarni and Arti Kirloskar were the direct beneficiaries of the sale.

Sebi observed in the notice that four out of the five directors of Kirloskar Industries were aware of the deteriorating financial position of KBL and thus were duty-bound to check if the decision to buy those shares were in the interest of the company and its stakeholders.

Further, these directors, by inducing Kirloskar Industries to buy shares of KBL, allowed the six individual promoters to dump their shares.

According to the notice, Sebi during the course of the investigation had sought information from Kirloskar Industries whether it was aware of KBL’S financial position in 2009 and 2010 before it arrived at a decision to buy its shares. Kirloskar Industries replied that it had only considered the growth and profitability of KBL.

A spokesperson for Kirloskar Industries said: “We reject any suggestion of wrongdoing and refute these allegations. The sale of shares (in 2010) was completed in line with the applicable laws, appropriate stock exchange disclosures and necessary regulatory pre-clearances. We continue to cooperate fully with Sebi in relation to its ongoing enquiries and remain confident of our position.”

Condronet technique performed successfully for the first time in pune at Saishree Hospital

·         Condronet technique or the Graftnet technique is a single stage technique which can be extended to any age group

·         The procedure related morbidity is less since it's minimally invasive, as it’s an arthroscopic surgery

·         Condronet technique is a single-stage technique and precisely the cartilage tissue is removed from the own knee & implanted on the affected side of the kneezzz

 

22-year-old Satej fell in the house and injured himself, and he went to the saishree hospital. As the pain was excruciating, Dr Neeraj Adkar (Chief orthopaedic surgeon & MD of SaiShree hospital) promptly reduced the dislocated patella to provide relief from pain. Usually, in such cases, pain relief is immediate and almost complete. However, Satej was still in pain, though not as severe as with a dislocated knee cap. 

 

Suspecting an internal injury, MRI of the injured knee was done, which showed a cartilage injury on the under surface of the knee cap. Considering the young age, Dr Adkar advised the repair of the injured cartilage. With an important exam lurking around the corner, Satej and his parents were in dubious mind about going ahead with the surgery. Usually, such cartilage injuries are treated with a procedure called Autologous Chondrocyte implantation or ACI, which is a 2 stage procedure, thus the patient has to undergo 2 operative procedures. 

 

However, Dr Adkar firmly advised the patient and concerned parents about the most advanced technique in cartilage repair and performed a single stage procedure which is known as Condronet technique or the Graftnet technique. This surgical technique was performed for the first time in Pune City, where the cartilage was harvested from the non-weight bearing area of the left knee and cartilage graft was prepared using harvested cartilage and patients own PRP which is enriched in growth factors.

 

The operating surgeon, Dr. Neeraj Adkar who is the Chief orthopaedic surgeon & MD of SaiShree hospital quotes that, “The Graft net technique is performed on patients with cartilage injury. This technique is a single stage technique and can be performed on any age group. The beauty of this procedure is that it's not age bound, provided there are no arthritic changes in the surrounding cartilage of the patient undergoing this procedure. A successful surgery was done under regional anaesthesia at Saishree Hospital and Satej was discharged within 2 days. Post discharge, Satej successfully went to give his exams one week later. Now after 6 months after the surgery, he is leading a normal life”.

 

 

Doctors took one and a half hours to perform this surgery. The surgical team was led by Dr. Neeraj Adkar. Dr. Mangesh Patil (Senior Trauma & Accident Surgeon) and Dr. Ravi Kerhalkar (Orthopedic Surgeon, Saishree hospital) were present too. Dr. Trupti Pare was the anaesthetist for the surgery. 

Opposition surfaces as state governments plan to grab temple and charitable trust funds

Considerable opposition is building up against various state governments move to forcefully transfer of temple funds and funds of Charitable Trusts under the pretext of funding relief measures.

People in the know say that such unconstitutional ways of grabbing funds from temple trusts have been struck down by various High Courts and Apex Court from time to time in the past and the present move to grab fund will also not stand in court of law.

Bombay High Court Advocate Ravi Ganatra, who is associated with a Mumbai based Trust, said that recently, the Maharashtra Government purportedly drafted a proposal to collect temple funds and funds lying with charitable trusts under the garb of funding CM relief measures. One of the congress leader in state govt also proposed to collect gold lying with temple trusts for funding relief measures.

The Advocate  informed  that due to large scale protests from various temple organisations, charitable trusts and other cultural organisations, the Maharashtra Government withdrew the said proposal at the draft stage itself.

A Trustee with a Mumbai based Religious Charitable Trust Adhyatma Parivar  stated that recently due to intervention of Madras High Court, the Tamil Nadu Government had to withdraw its similar circular of April, 2020. The circular had a provision for transferring Rs.10 crores to Chief Ministers Relief Fund from temple funds of 47 top temples of the State.

The trustee further stated  that In this case the Madras High Court agreed with the contentions of the petitioners that temple funds could not be transferred at will to CM Relief funds through executive fiat.

Advocate Ravi Ganatra also informed that  a division bench of Kerala High Court, made it clear that the donation of Rs.5 crores by the Guruvayur Devaswom managing committee to the Chief Ministers Distress Relief funds would be subject to the final outcome of cases related to diversion of funds of the Dewaswom for non-essential purposes pending before full bench.

It is believed  that a few other State Governments, like UP, Orissa are also toying with their plan to collect funds from temple trusts and other charitable organisations.

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The trustees of various temple and charitable trust may meet soon to plan out their strategy. 

Adhyatma Parivar trustee said that there was considerable opposition to this state governments’ move. Various well known Hindu/Jain/Buddhist religious organisations and temple trusts like International Society for Krishna Consciousness(ISKON), Sidhapeth Kabir Chauranath Moolgadhi Trust, Varanasi, Adhyatma Parivar, Dharma Sangh Shiksha mandal,Varanasi,Yaduvanshi Janta Shikshan Samsthan, Gazipur(UP)  are opposing the move to grab their funds.  

Numerator, a US based, Data and Tech Company Opened its R&D Center in Pune

Numerator, a US based, data and Tech Company reinventing market research is opening its Engineering center in Pune, Maharashtra. Over the next 2 years, Numerator plans to ramp up staff significantly and will aim to deliver leading edge and mission critical technologies to its large, multinational customers.

Currently, Numerator is headquartered in Chicago, IL, and has 1,600 employees worldwide. The company blends proprietary data with advanced technology to create unique insights for the market research industry that has been slow to change.  The majority of Fortune 100 companies are among Numerator’s clientele.

The center was inaugurated by Mr. Chetan Ghai, Chief Product Officer and a new hire, Ms. Sneha Javheri, joining Numerator on the inauguration day, February 2020. Teresa Grau, Numerator’s Chief Human Resource Officer was also present during the event. The numerator will be located at The Hive at Bund Garden Road, Pune, which is a prestigious office co-working space in the heart of the city near the Sheraton Grand Hotel.

“We are proud to announce that our new location, like our company, is at the intersection of cutting-edge technology and great brands. Investing and growing our capabilities and our business in the Indian market is a strategic step to ensuring we can develop the best solutions possible for our customers. Our new centre is designed to further inspire the innovation, creativity and collaboration we’re known for” said Chetan Ghai, Chief Product Officer Numerator.

6th Consecutive year of IPTEX & 4th edition of GRINDEX Will kick start from 13th February 2020

Two mega-events first time in Pune on one platform: IPTEX & GRINDEX 2020

·         The 3 day Gear & Grinding Expo will start on 13^th February to 15^th February 2020 at Auto Cluster Exhibition centre, PCMC Pune.

·         Time: 10 am to 6 pm

·         Organized by: Virgo Communication and Exhibition (p) Ltd

·         For Register : Website : www.iptexpo.com | www.grindexpo.com

·         Explore the Great collaboration between Gear and Grinding Technology

The 6th edition of IPTEX & 4^th edition of GRINDEX 2020 is organized by Virgo Communications & Exhibitions Pvt. Ltd. It is scheduled to take place from 13^th to 15^th February 2020 at Auto Cluster Exhibition Centre, Pimpri-Chinchwad, Pune, Maharashtra. The exhibition will take place for the first time in Pune. The previous five IPTEX and three GRINDEX editions were held in Mumbai. Timings will be 10 am to 6 pm.

IPTEX 2020: IPTEX is developing as one of the most encouraging platforms for members of the Gears and Power Transmission Equipment industry to network with peers and potential buyers, which will help them to market their products. This exhibition includes the latest manufacturing technologies and solutions to leverage their manufacturing capabilities.

The aim of IPTEX is to provide a clear channel of communication, which helps exhibitors to come together under one roof. They will also share their expertise with fellow members. It will give them an opportunity to engage with the latest technologies & process. The exhibitors will get more knowledge on industry practices, safety & standard with quality control.

With more than 5 successful editions, IPTEX is the ideal platform which helps exhibitors to showcase their abilities. In order to meet the growing demand for excellence in all aspects of Gears and Power Transmission, it is important for all players to remain competitive. IPTEX 2020 is a significant event for all relevant stakeholders.

IPTEX will be the perfect platform for companies from the mechanical power transmission, Electrical power transmission, liner motion drivers, Fluid power & system & IOT & smart technology.

Visitors to the expos will gain insight into new solutions to multi-industry challenges while exploring the latest trends and debating various business issues and challenges. Power transmission, Electrical power transmission, IOT & smart technology together and is an important trade platform that showcases the latest in products, machinery, technologies and services that these and associated industries can offer.

GRINDEX 2020:  4^th edition of GRINDEX which is India's only exclusive exhibition for grinding technology and surface finishing process, posing as a significant industry platform that helps to meet the growing need for excellence in all aspects of the manufacturing industry.

Grindex will be held along with the IPTEX’20. As manufacturing industry needs to adopt new high-end solutions and applications, the prime focus is to decrease cost and process efficiency. Grindex is specifically designed to meet the resultant demand for precision driven applications.

GRINDEX 2020 will be crucial to meet & build new business relations as well as generate sales leads.

The exhibition will feature exhibit of products of machinery from the following field:

·         Grinding Machine

·         Gear Grinding Machine

·         Super Abrasives & Surface finishing solutions

·         Industrial Grinding Wheels

·         IOT & smart technology

“IPTEX & GRINDEX has grown from featuring 40-50 exhibitors to over 100 exhibitors identifying niche industry segment. Presence of global industry players in this edition of IPTEX & GRINDEX is higher than ever, as they recognize the opportunity of investing in the Indian machine tools sector, which has been due to the “MAKE IN INDIA” campaign.

In this 2020 edition of IPTEX & GRINDEX we have confirmed the participants from China, Germany, Switzerland, USA, Italy, Taiwan, UK & Austria.” Said Mr.Vashdev S.G – Vice president Sales & marketing, Virgo Communication & Exhibition Pvt.Ltd

Mr.Vashdev S.G added, “Despite a challenging trading environment over the years, trade shows are well supported, which indicates their relevance across various industries. We have been successful in retaining 85% of our exhibitors who recognize this platform as being one of the prime contributors to the development of machine tool industry, that enables its participants & visitors with cutting edge & power house technology that stands for engineering excellence, innovation, quality & reliability.”

Some of the companies exhibiting at IPTEX & GRINDEX 2020 are-        Shanti Gears, Gleason, Klingelnberg, Reishaur AG, UCAM, Eifco Machine, Kapp Niles, Matrix Machine Tool, Toyoda, Jielida (China), Grindwell Norton, Hermes Abrasives among many more industrial leaders of the gear and grinding industry.

Konecranes launches its multi-award-winning Agilon material handling solution in India

Konecranes has launched its multi-award-winning Agilon materials handling system at the India Warehousing and Logistics Show 2019 in Pune, India today the exhibition will be continued until November 17th, Meaning Indian companies can now enhance operations and boost their business with the industry’s leading automated warehouse transactions solution

 Konecranes has gained a leading position in the material handling industry with innovative IoT solutions. Applying the same knowledge Konecranes has developed Konecranes Agilon to automate material flow and at the same time make information transparent and visible.

Konecranes wants to provide its customers in India a possibility to benefit from the unique combination of information management and automation with Konecranes Agilon.

Automation market in India is growing and Konecranes sees demand for intelligent material automation growing. Space saving is important but today Indian customers are asking for solutions that integrate their warehousing solution to other processes and information management.

Konecranes Agilon® has been improving everyday operations in about 100 locations in Finland, the UK and other selected countries for some years now. Agilon monitors the availability of tools, parts and components in real-time at workshops, production plants and maintenance warehouses, optimizing in-house logistics and increasing transaction capacity, transparency and storage area. The newest application has been to use Agilon at retail stores both indoors and outdoors as pick & go stations to replace parcel lockers.

“Agilon has made a breakthrough both in the industrial and retail markets, with our customers enjoying the benefits of advanced information management such as exact inventory balances. Now it is time to offer these benefits to Indian companies, too,” says Tapani Tilus, Vice President, Konecranes Agilon business.

 The patented and modular system can be used for storing and managing thousands of different components. Agilon can handle materials of all shapes and sizes up to 600mm x 400mm x 450mm that weigh up to 25kg. Every transaction is entirely traceable as every item entered into or removed from the system is user-, time-, and date-stamped. All transaction information is available through a web service that comes with the possibility to share availability information within the supply chain and create automated replenishment processes between systems.

Agilon has received several international awards and distinctions, such as the Red Dot Design award.

Further information:
Suraj Deshpande, General Manager, Agilon Business, India

Email: suraj.deshpande@konecranes.com, tel. +919607948849

Timo Husso, Head of Consulting Services, Agilon, Konecranes

Email: timo.husso@konecranes.com, tel: +358 40 7158765

A versatile Rio Strong Extra Dry launched by good drop wines

·       Good Drop Wines Pvt. Ltd. organized a Rio Strong Extra Dry launch

·       Strong drink but also a deliciously refreshing party starter

·       A total of 19 wines and presence in 9 states in India

·       Good Drop wines: as the largest producer of wine coolers

Good Drop Wines Pvt. Ltd. organized a Rio Strong Extra Dry launch and Rio Strong Bullet lucky draw party at the Hotel Taj, Blue Diamond, Pune to showcase the Rio Strong Extra Dry and felicitate the winners of the lucky draw. Ramit Banerjee from Pune emerged as the winner of the Rio Strong Bullet lucky draw.

With the introduction of the Rio Strong Extra Dry, a white variant with 15.5 % alcoholic strength, Good Drop wines has further strengthened its portfolio offering the consumers not just a strong drink but also a deliciously refreshing party starter. Good Drop wines has firmly established itself as the largest producer of wine coolers.

Every drop of wine coming out from the Good Drop winery bears witness to the passion and commitment that is behind the Good Drop growth story.

Mr. Ashwin Rodrigues, Managing Director, Good Drop Wines Pvt. Ltd., “We have come a long way since the commencement in 2013. With a total of 19 wines and presence in 9 states in India we have firmly established ourselves as one of the few wine companies in India with a strong, versatile portfolio and a good geographical spread.  With plans to rapidly expand to other markets in India we are determined to become a strong national level company. 

The journey started when, having honed his winemaking craft in Australia’s famed Barossa valley, Ashwin set out to make quality wines, which were great on value and more importantly, suited to the Indian palate. The-state-of-the-art winery is located at Vinchur park in Nashik and powered by equipment imported from Italy. The winery has a sizeable capacity of 9 lakh liters.

Besides the Rio Fizzy Wine range, the versatile Good Drop portfolio is completed by the brands, Casablanca, India’s first Prosecco-styled sparkling wines and Good Earth; premium quality still wines.

The Rio Fizzy Wine range also includes the three Spritzers (Rio Cranberry, Rio Lemon & Passion and the Rio Orange & Pineapple) and the Italian collection (Rio Rosso, Rio Rosa to and Rio Bianco). The Rio Fizzy wine is India's number one fun bubbly - a range of wines that are delicious to drink, at any time! Chill on a summer afternoon with an ice cold Rio Spritzer or kick start the party with the heady Rio Strong. Mix it with fun, friends or have it on your own - straight from the bottle. Our young, vibrant and in-your-face Rio does just that by adding the cool quotient.

The Casablanca range includes Casablanca Vino Spumante (white sparkling) and Casablanca Rose Spumante, the sub brand Frizzano – Frizzano Semi Dry, Frizzano Semi Dry Rose and Frizzano Extra Dry which are perfect for all celebrations.

The Good Earth range includes the premium quality reserve wines – Good Earth Antaraa (Cabernet Shiraz), Good Earth Basso (Cabernet Sauvignon) & Good Earth Brio (Shiraz). It also includes the value for money segment still wines - Good Earth Blanca (white), Good Earth Bella (rose) & Good Earth Bleu (red).

The Casablanca and Good Earth brands are premium quality wines for the discerning palate. They pair extremely well with Indian food as well.

The party was a double dhamaka. While the Rio Strong Extra Dry was welcomed warmly by everyone, the winners were thrilled by prizes like Royal Enfield Bullet, television sets and mobile phones given away by Good Drop Wines. The prize distribution was followed drinks, food and frolic.

We believe people will be looking forward to try the new revolution in the party drinks.  The Rio Strong Extra Dry is the party drink to look out for.

Ride-hailing service Shopicab is commencing its operations in Pune

Namaste India! We are glad to announce the launch of our operations in your city. Whether you need to make a business trip, a factory visit or run errands within the city, you can now count on Shopicab to get you there!

         

Shopicab the online cab booking has already commenced driver on-boarding in Pune and Kolkata.

Introducing Shopicab, a superior cab service with a motto of “Customers First” coupled with on-time services and low fares, ride after ride. 

Shopicab will offer you reliable and affordable transportation options for everyone, everywhere at the tap of a button.

Over the years, commuters have not been offered stress-free alternatives nor has the industry been able to unlock the potential of ridesharing in India. Get ready; we are coming, now you no longer have to worry about booking a car in advance and coordinating multiple times with the driver. Just open your Shopicab app and get a car at the tap of a button.

Shopizio E-Commerce Ltd., the group company of Shopicab, has successfully established itself over the course of 25 years in Kolkata and is now here in Pune to set new standards as “cab booking aggregator” catering timely pick and drop, pocket-friendly as loaded with discounts, unique business model and innovative tech app.

Shopizio E-Commerce Limited incorporated its operations on 6th March 1995 in Kolkata and is registered with Ministry of Corporate Affairs and is the group company with subsidiaries in cab aggregator services, Agro Commodity trading, tele-shopping, Food Supplement Products, IT services & ITES, BPO, International Staffing & E- Commerce Marketplace.

Shopizio takes pride in mentioning that it is a “Debt Free Company” from its inception in 1995 till current day and is in the process of listing it equity shares on the BSE - SME exchange in the coming months.

Mr. Chittaranjan Roy – Managing Director & Promoter of Shopicab said, “The Company is launched with the sole purpose of bringing customers and drivers on a latest user-friendly mobile technology platform, ensuring convenient, safe, affordable, and comfortable personal transport for commuters. Shopicab is concentrating on leveraging the best technology and building innovative mobility solutions from scratch, which are going to be instrumental in revolutionizing the market by taking the commuting experience to an unprecedented level.

He appended, “In line with achieving set “GOALS”, within timelines, we invite investors to partner our success by funding our growth i.e. Venture capitalists, Angel Investors, Car Manufacturers, Law firms, Investment bankers and other strategic collaborators, are most welcome to join the journey.”

Shopicab app is for Android as well as iOS devices and uses Geo-location services to show the location of the cabs in real-time, enabling  users to  actually see their position and call for them immediately.

What make Shopicab stand out? 

Team Shopicab has evolved strategies enabling us to stand- out with an industrial edge in our business segment, some unique highlights are :

●        No surge pricing 

●        Customer-first approach

●        24X7 Helpline

●        Innovative app

●        Fares as low as Rs. 7.00 per Kilometer

●        Safety ensured rides 

●        Latest GPS technology installed in every vehicle.

●        Dedicated pick up and drop facilities for school students 

●        Ambulance services

●        CCTV in each vehicle

●        Eco-friendly operations

●        Electric Mobility

●        Pink Car’s - Women empowerment

●        Specialized training for drivers

●        Clean Cabs

●        On- Time Cabs

●        Multiple Payment Options

●        ShopiCab Wallet

●        Automated Instant Invoice

●        Best Rated & Trained Drivers

●        Skill Development of the drivers in association with  various Government initiatives

●        Corporate responsibility towards Cab drivers and their associates by providing them with accommodation, food mess, training, Insurance and medical insurance, car washing & Maintenance, Educational Facilities for their Children & many other initiatives to make their lives meaningful.

For Pune, Shopicab will have an interesting fleet of cars that include Hyundai i20, Renault Kwid, Datsun Go, Toyota Innova, Nissan Sunny etc.

The Market Size

Smartphone Penetration - In 2013 - 6% and May 2019 – 28% in metro cities, the penetration reached 60%-65% by Q1-2015.That is when and where the revolution of on-demand taxis began in India.

Penetration of app-based taxi services is only about 2 % (expected to hit 2.9 percent by 2023)

Indian Taxi Market -The Indian taxi market size was estimated at 1.9 million taxis estimated to generate $10 -$ 11 Billion revenue in 2019.

Unorganized Market -The unorganized small fleet operators account for ~91% market share in terms of registered taxi fleet. The arrival of on-demand taxi players has helped organize this market to a great extent.

Unique selling Proposition of Shopicab

No Surge pricing, Installation of CCTV, Introduction of a few ‘Pink Cab’s’ with women drivers ensuring safety of women passengers, Introduction of  ‘Green Cab’ and Electric Mobility, robust lost-and found centre and many other innovative features in the offer to delight the commuter’s mobility.

On the financial front we are  projecting a cumulative first 5 year’s  gross billings to commuter’s  of Rs. 18442 Cr with our “Net Effective Take”  pegged at Rs 2766 Cr and a negative PAT of 180 Cr.

Early stage Funding – To Kick start the projects we are seeking funding of Rs. 25 crores either from angel, VC, QIB, Investment funds and other collaborator’s with vested business interests.

In further funding rounds we will be seeking Rs 175 crores to expand our operation to a total of 75 cities.

The exit options proposed to reward our investors would be either listing of shares, private placement, buy back option, Merger or acquisition.

To join forces for being a part of ShopiCab’s success, the company is inviting PE/VC, Angel Investors, HNIs, Car Manufacturers/ Dealers, Law/CA/CS/CMA Firms, Investment Bankers, FIIs, FDI, QS, QIBs, Brokers, Portfolio Managers and other Strategic Collaborators