“The sector that IREDA is in, is clearly a monopoly or rather an oligopoly. It enjoys a durable competitive advantage. My sense is people who have got an allotment will hold on to it. Yes, there are a lot of listing gains; people would take on that but these are companies which over the longer term create good wealth.”
The court has asked Nandakumar to seek approval from the investigating agency before dealing in his moveable assets that were reportedly frozen by the ED
Manappuram Finance Ltd on May 12, 2023, reported 58 per cent jump in consolidated net profit at Rs 413 crore for the quarter ending March 31, 2023. It reported a consolidated profit of Rs 261 crore a year ago. The company s Board has announced an interim dividend of Rs 0.75 per equity share of face value Rs 2 each.
The outstanding illegally collected deposits, which are the proceeds of crime, have been detected to be Rs 143 crore. When RBI detected the same and directed to return the amount to the depositors, the accused have responded to RBI that they have returned the money to the depositors but ED investigation revealed that there is no proof of repayment or no KYC of the depositors, the ED alleged.