Posts Tagged ‘Alchemist’

Tarun Tejpal: Haven’t violated or bent any rules

31 October 2011

Although he wasn’t named in the original piece by Hartman de Souza in the Hindustan Times, Tarun J. Tejpal, the editor of Tehelka, offers a spirited defence in today’s paper on the alleged irregularities in his under-construction house in Goa:

“When I tell him [Hartman de Souza] the reporter he has cited was asked to leave the magazine on account of poor performance, he rages that the world will soon run out of water and power and food (and love).

“When I tell him we don’t do mining, our investors don’t do mining, I have no friends who are mining barons, and that we actively refused sponsorship from all the Goan mining companies for our Think conclave, he rages that all mining is bad, everywhere….

“I don’t tell him that our journalists have in the last few years done more work than anyone else against land and mining violations in Orissa, Chhattisgarh, West Bengal, Karnataka, Haryana and other states. I suspect for him if it isn’t in Goa it doesn’t count.

“I don’t tell him that Tehelka’s public interest journalism ends up in crucial PILs, Supreme Court mandated special institutional tribunals (SITs), and impacts policy on a myriad human rights issues on a regular basis. I suspect, for him if it isn’t in Goa it doesn’t count.

“I don’t tell him I go to the courts several times every month to defend ourselves against those whose wrongdoings we’ve exposed. I suspect, for him if it isn’t Goa it doesn’t count.

“I don’t tell him that if the top 100 media editors and owners declare their assets I would be delighted, if included, to declare mine. Such revelations might explode his rage to potentially fatal levels.”

Read the full article: Albert Pinto ko gussa kyon aata hai?

Also read: A magazine, a scam, an owner and his Goan house

Tehelka promoter’s woes just don’t seem to end

Moneybag MP says he didn’t turn off FW tap

Tehelka promoter’s woes just don’t seem to end

16 April 2011

K.D. Singh, the controversial promoter behind Tehelka magazine and its shelved Financial World newspaper project, is once again in the news—for the wrong reasons.

Already under a shadow after allegedly buying his way into Parliament last June, and after being stopped at Delhi airport with Rs 57 lakh cash last month, India Today magazine reports that Singh is now under the scanner of the economic offences wing of the Union home ministry.

Reason #1: Singh’s Alchemist group “may have artificially rigged the share prices” in five companies—Usher Agro, Sel Manufacturing, Dhanus Tech, Pyramid Samira and Resurgere Mines.

Reason #2: The stake picked up by two foreign institutional investors (FIIs)—Mavi and Somerset—with links to banned stock market operator Nirmal Kotecha, in Alchemist realty.

The India Today story, authored by former Tehelka business editor Shantanu Guha Ray, says the stock market regulator SEBI is aware of the charges of share-rigging, and is also probing why two Singh companies, Alchemist Limited and Alchemist Realty, did not make mandatory annual and quarterly account disclosures to the Bombay stock exchange (BSE) and the national stock exchange (NSE).

Kotecha had been banned from trading on the stock market in 2009 in a forgery scam involving Pyramid Saimira. (Rajesh Unnikrishnan, an assistant editor of The Economic Times of The Times of India group, and Tatva, a PR firm involved in a joint venture with the Times group, were also banned.)

Shankar Sharma, an earlier Tehelka promoter, too had run into problems with SEBI, and faced charges of manipulating the market with advance knowledge of Operation Westend, a sting operation that caught the then BJP president Bangaru Laxman with his hand in the piejar.

Photograph: courtesy Alchemist

Also read: Moneybag MP says he didn’t turn off FW tap

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