Executive vice-president Shaw Wallace resigns
Mumbai-- AKMA Shamsuddin, the executive vice president, Shaw Wallace is believed to have resigned. Mr Shamsuddin had been at the helm of affairs of Shaw Wallace for over 30 years.
Mr Shamsuddin, in charge of the liquor division till now, was known for his efforts at injecting vibrancy into Shaw Wallace as it strives towards becoming a global player. Over the years He has also steered Shaw Wallace’s operations to greater heights and was instrumental in adding new products to the company’s stable and expanding the business portfolio of the company.
At present, Manu Chhabaria’s daughter, Komal Wazir Chhabria, controls Shaw Wallace’s Indian operations.
Recently, the company has set up a strategic planning department which will play an active role in taking decisions regarding capital expenditure, quality control and setting up new projects.
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Sebi says Damani group involved significantly in bear hammering
Mumbai—The Securities and Exchange Board of India’s (Sebi) preliminary investigation report on the recent market manipulation says that the Radha Krishnan Damani group played a significant role in bear hammering February 23, March 1 and March 2 in select scrips.
The Damani group consists of Damani Share & Stock Brokers, Maheshwari Equity Brokers and Jhunjhunwala Stock Brokers and also trades through Pratik Stock Vision and Pruthi Sharebroking.
Sebi says that on February 23, the group contributed 26 per cent to the fall in the Zee Telefilms share, and 19 per cent in Satyam Computer. The group made naked short sales of 10,071 shares of Himachal Futuristic and 11,146 shares of Satyam Computer on March 2 on the Bombay Stock Exchange without having any stock in their demat account.
The Damani group also made net sales of 6,515 shares of Infosys Technologies on February 23, which was delivered out of the demat balance.
The group made a net sale of 5105 shares of Reliance Industries on March 1. The report said that these transactions were clearly designed to hammer the scrip prices on these dates with manipulative intent.
Damani's Maheshwari Equity Brokers also had made a significant contribution to the decline in Satyam Computer in select time slots on February 23 and March 2, which go up to 18 per cent in one particular time slot.
Sebi's analysis of Damani Shares & Stock at the NSE shows that it had major net sales positions on March 2 in HFCL (10,076 shares), Larsen & Toubro (51,449 shares), Reliance Petroleum (1,12,180 shares) and Satyam (59,861 shares).
These members continued to have open sell positions in Larsen & Toubro, Reliance Petroleum and Telco.
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