Corporate governance
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Goodwill
Goodwill is defined as the present value of a firm's anticipated excess earnings. The value of goodwill is affected by factors like location, nature of business, management efficiency, time, market situation, and special advantages. Goodwill needs to be valued when there are changes in profit sharing ratios, admissions or retirements of partners, dissolution of the firm, or amalgamation. Common methods to value goodwill include the average profit method, weighted average profit method, super profit method, capitalization method, and present value of super profit method. The sacrificing ratio is the amount of profit share old partners agree to sacrifice for an incoming partner.
Capital structure and term structure
This document provides an outline and overview of capital structure and term structure theories. It discusses key concepts related to a firm's capital structure decision, including the net income approach, traditional views, Modigliani-Miller propositions, and theories such as trade-off, agency costs, and pecking order. It also covers term structure theories, including the expectations theory, segmented markets theory, and liquidity premium theory. The document uses examples and diagrams to illustrate how financial leverage, taxes, and bankruptcy costs impact a firm's optimal capital structure and cost of capital.
Capital Structure
The document defines capital structure as the permanent long-term financing of a company, including long-term debt, common stock, preferred stock, and retained earnings. It discusses the concept of optimal capital structure, which minimizes a firm's cost of capital. The document also outlines various approaches to establishing capital structure, including EBIT-EPS analysis and cash flow analysis. It evaluates capital structure based on factors like flexibility, risk, return, and control.
Capital structure
capital structure
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goals and significance of capital structure
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target capital structure
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does capital structure matter
,
modigliani and miller theory
Capital structure
This document discusses various theories of capital structure and their impact on firm value. It begins by explaining the net operating income, traditional, and net income approaches. It then summarizes the Modigliani-Miller hypothesis without and with taxes. It discusses how taxes make debt financing advantageous via interest tax shields. However, costs of financial distress and agency costs limit this advantage. The trade-off theory and pecking order theory are also covered. Finally, it discusses approaches to establishing an optimal capital structure.
Financial management
1) The capital structure of a firm refers to how it finances its operations and growth through different sources of funds, including debt, equity, and retained earnings.
2) Several factors influence a firm's capital structure decisions, including business risk, tax exposure, financial flexibility, management style, growth rate, and market conditions.
3) Business risk, tax rates, financial flexibility, management aggressiveness, growth needs, and market access all impact the optimal mix of debt and equity financing for firms.
Capital structure
The mix of debt and equity value is know as the firms capital structure
Def: capital structure refers to the composition of a firms financing consists of equity
cost of capital
The capital structure should pride the minimum cost of capital
i.e the cost of capital < the rate of return
control
The control of company is head in the hands of a board of directories elected by the equity
If they wish to retain control our the company. They should not permit to issue future equity shares to the public
Capitalization and capital structure
This document discusses capitalization and capital structure. It defines capitalization as the total value of capital employed in a business. Capital structure comprises ownership capital and borrowed capital. An optimum capital structure balances risk and return with minimal cost of capital. Both over-capitalization and under-capitalization are disadvantageous, though under-capitalization can increase returns. Determinants of capital structure include cost of capital, firm size and nature, financial leverage, cost of raising funds, growth and stability of sales, and legal/tax factors.
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Goodwill
Goodwill is defined as the present value of a firm's anticipated excess earnings. The value of goodwill is affected by factors like location, nature of business, management efficiency, time, market situation, and special advantages. Goodwill needs to be valued when there are changes in profit sharing ratios, admissions or retirements of partners, dissolution of the firm, or amalgamation. Common methods to value goodwill include the average profit method, weighted average profit method, super profit method, capitalization method, and present value of super profit method. The sacrificing ratio is the amount of profit share old partners agree to sacrifice for an incoming partner.
Capital structure and term structure
This document provides an outline and overview of capital structure and term structure theories. It discusses key concepts related to a firm's capital structure decision, including the net income approach, traditional views, Modigliani-Miller propositions, and theories such as trade-off, agency costs, and pecking order. It also covers term structure theories, including the expectations theory, segmented markets theory, and liquidity premium theory. The document uses examples and diagrams to illustrate how financial leverage, taxes, and bankruptcy costs impact a firm's optimal capital structure and cost of capital.
Capital Structure
The document defines capital structure as the permanent long-term financing of a company, including long-term debt, common stock, preferred stock, and retained earnings. It discusses the concept of optimal capital structure, which minimizes a firm's cost of capital. The document also outlines various approaches to establishing capital structure, including EBIT-EPS analysis and cash flow analysis. It evaluates capital structure based on factors like flexibility, risk, return, and control.
Capital structure
capital structure
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does capital structure matter
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modigliani and miller theory
Capital structure
This document discusses various theories of capital structure and their impact on firm value. It begins by explaining the net operating income, traditional, and net income approaches. It then summarizes the Modigliani-Miller hypothesis without and with taxes. It discusses how taxes make debt financing advantageous via interest tax shields. However, costs of financial distress and agency costs limit this advantage. The trade-off theory and pecking order theory are also covered. Finally, it discusses approaches to establishing an optimal capital structure.
Financial management
1) The capital structure of a firm refers to how it finances its operations and growth through different sources of funds, including debt, equity, and retained earnings.
2) Several factors influence a firm's capital structure decisions, including business risk, tax exposure, financial flexibility, management style, growth rate, and market conditions.
3) Business risk, tax rates, financial flexibility, management aggressiveness, growth needs, and market access all impact the optimal mix of debt and equity financing for firms.
Capital structure
The mix of debt and equity value is know as the firms capital structure
Def: capital structure refers to the composition of a firms financing consists of equity
cost of capital
The capital structure should pride the minimum cost of capital
i.e the cost of capital < the rate of return
control
The control of company is head in the hands of a board of directories elected by the equity
If they wish to retain control our the company. They should not permit to issue future equity shares to the public
Capitalization and capital structure
This document discusses capitalization and capital structure. It defines capitalization as the total value of capital employed in a business. Capital structure comprises ownership capital and borrowed capital. An optimum capital structure balances risk and return with minimal cost of capital. Both over-capitalization and under-capitalization are disadvantageous, though under-capitalization can increase returns. Determinants of capital structure include cost of capital, firm size and nature, financial leverage, cost of raising funds, growth and stability of sales, and legal/tax factors.
3 capital structure
The document discusses capital structure and the factors considered when determining a firm's optimal capital structure. It defines capital structure as the mix of long-term financing sources like debt, preference shares, and equity. Management should choose a capital structure that minimizes the firm's cost of capital while maximizing shareholder value. Different approaches for determining the optimal capital structure are described, including the net income, net operating income, Modigliani-Miller, and traditional intermediate approaches.
Profit maximization verses wealth maximization
The document discusses the differences between profit maximization and wealth maximization as financial goals. Profit maximization aims to maximize the income of a firm through fully utilizing resources and working efficiently, guided by price signals from the market. Wealth maximization considers the net present value of actions for shareholders over time while accounting for risk, measuring benefits in terms of cash flow rather than simple profits. The overall financial goal is to increase the economic welfare of owners through either maximizing profit or shareholders' wealth.
Qualities of a good capital structure
The document discusses qualities of a good capital structure. It defines capital structure as the mix of long-term funding sources like debt and equity. An optimal capital structure maximizes firm value and minimizes average cost of capital. Qualities of a good capital structure include profitability, solvency/risk, flexibility, minimum cost of capital, safety of investment, and control. It should allow maximum returns through leverage at low cost while balancing debt and equity to control risk.
Capital structure
The document discusses capital structure, asset structure, financial structure, and optimal capital structure. It defines capital structure as the permanent financing of a firm through long-term debt, preferred stock, and net worth. Financial structure includes current liabilities in addition to capital structure. Optimal capital structure is the combination of debt and equity that achieves goals like maximizing returns in the most effective way. Determinants of capital structure include the nature of business, stability of earnings, growth rate, and costs of capital.
Determinants of capitalstructure
1) The document summarizes a research paper that examines the determinants of capital structure for Chinese listed companies using market and accounting data up to 2000.
2) The findings show that leverage is negatively correlated with profitability but positively correlated with firm size, volatility, tangibility, growth, and dividends. Leverage is also negatively correlated with non-debt tax shields and intangibility.
3) These results are consistent with predictions from both the tradeoff theory and pecking order theory of capital structure. Larger, more tangible firms with growth opportunities tend to have higher leverage, while more profitable firms with non-debt tax shields tend to have lower leverage.
Financial management
Management- FINANCIAL MANAGEMENT
Sources of Financing, Concept in Valuation, Capital Structure, Cost of Capital,
Capital structure
Capital structure refers to how a corporation finances its assets through a combination of equity, debt, or securities. A firm's capital structure composition includes liabilities like debt and equity shares. Equity shares make shareholders owners but do not burden the company, while debt provides tax advantages but requires regular payments. An optimal capital structure considers advantages and disadvantages of different sources to maximize utilization of resources.
Capital Structure, Business Risk & financial risk
This document discusses capital structure, business risk, and financial risk. It defines capital structure as a company's mix of debt and equity used to finance its activities. A higher proportion of debt increases risk exposure. Business risk refers to uncertainty about future operating income and is independent of debt levels. It depends on demand, prices, costs, competition, and other operating factors. Financial risk is the additional risk to shareholders from using debt financing, as debt holders are paid before shareholders if the company fails. Higher debt increases financial risk by concentrating business risk on shareholders.
Capital structure decisions and profitability
Group G is analyzing the capital structure and profitability of Square Pharmaceuticals Ltd. The group members are Kazi Tanvirul Islam, S.M. Zayed Siraj, Jannatul Ferdows, Md. Tajmilur Rahman, and Umma Kulsum. Square Pharmaceuticals gets financing from equity, debt, retained earnings and borrowed funds. Its average debt ratio from 2006-2010 was 29% and debt increased 20% while equity increased 80%. Square Pharmaceuticals maintains low debt levels and has sound financial performance with average debt-equity ratio of 0.4. The company has stable profit margins around 18% on average.
Capital structure(fm)
The capital structure of a company refers to the mix of long-term debt, short-term debt, common equity, and preferred equity used to finance the company's overall operations and growth. There are various principles and considerations that go into planning an optimal capital structure, including cost, risk, control, flexibility, and timing. Determining the right mixture of internal and external sources of financing is important for a company's long-term survival and depends on factors like trading on equity, degree of control, flexibility, choice of investors, capital market conditions, financing period, cost, sales stability, and company size.
Capital structure
The document discusses capital structure, which refers to the types of securities (debt vs equity) and their proportions that make up a company's total capital. An optimal capital structure minimizes a company's cost of capital. Factors that affect a company's capital structure choice include financial leverage, growth stability, cost of capital, risk tolerance, cash flow ability to service debt, firm size and nature, control and flexibility needs, and capital market conditions.
Capital Structure
Firms must balance risk and return when determining their optimal capital structure. Using low amounts of debt results in lower risk but also lower returns, while high debt reduces shareholder value due to high costs. The target capital structure finds the balance between debt and equity that maximizes stock price. Every firm aims to maintain its target debt-equity ratio over time by raising capital through debt if below the target or equity if above the target, weighing the tradeoff between risk and return associated with different levels of debt.
Dividend Decisions
The document discusses dividend policy, including the meaning of dividends and different types of dividend policies companies can adopt. It also outlines several factors that influence a company's dividend decisions, such as earnings stability, financing needs, liquidity, and growth opportunities. Finally, it describes different forms of dividends including cash, stock, scrip and property dividends, and their potential merits and demerits.
Fm intro
This document defines financial management and its key objectives. Financial management involves planning, organizing, and controlling a company's financial resources and activities. One of the main objectives of financial management is wealth maximization for shareholders over the long term by maximizing share price through earnings and dividends. However, profit maximization alone is an imperfect objective, as it ignores risk, the time value of money, and a company's social responsibilities. The document discusses alternative approaches and key functions of financial management.
Traditional and MM Approaches to Capital Structure. ...
This document summarizes two traditional approaches to capital structure - the traditional approach and the Modigliani Miller (MM) approach. The traditional approach states that a mix of debt and equity can reduce overall cost of capital up to a certain level of debt. The MM approach argues that in a perfect capital market without taxes, the cost of capital and firm value are unaffected by capital structure. Both theories aim to minimize cost and maximize firm value through different assumptions about capital structure.
196.capital structure intro lecture 1
The document discusses capital structure and the various sources of financing available to companies, including debt, equity, hybrid securities, and loan capital. It covers the relative costs and risks of different financing options. The key theories discussed are Modigliani-Miller theory, which establishes that capital structure does not affect firm value under certain assumptions, and the trade-off theory, which recognizes that while debt is cheaper than equity, it also carries higher financial risks. An optimal capital structure balances these costs and risks to minimize the weighted average cost of capital and maximize firm value.
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Financial management
The document discusses various aspects of financial management including its definition, scope, traditional and modern approaches, functions, objectives, and sources of finance. Specifically, it defines financial management as dealing with planning and controlling a firm's financial resources. It also discusses the functions of investment, financing, and dividend decisions and how financial management aims to maximize profit and shareholder wealth.
Wealth Maximization is superior then the profit maximization
Wealth maximization is superior to profit maximization for several reasons. Wealth maximization considers long-term sustainability rather than short-term profits. It accounts for the time value of money by discounting future cash flows. Wealth maximization also factors in risk and uncertainty through the discount rate. The goal of wealth maximization is to improve shareholder value, while considering the total value generated relative to costs for the business. It provides a more efficient allocation of resources while also ensuring benefits to society.
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The document provides an overview of Chapter 1 from a corporate finance textbook. It introduces key concepts such as the three main financial decisions facing managers regarding investments, financing, and dividends. It also discusses the corporate form of business organization and explains that the goal of financial management is to maximize shareholder wealth. The chapter objectives are outlined and several models and concepts are defined, including the investment decision process, capital structure, and agency relationships between managers and shareholders.
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Corporate Finance.pptx
Corporate finance refers to planning, developing and controlling the capital structure of a business to increase organizational value and profit through optimal decisions on investments, finances and dividends. It focuses on acquiring, managing and allocating financial resources such as capital to meet the funding needs of a business. The key functions of corporate finance include investment decisions, financing decisions, and dividend decisions which are interrelated and aim to maximize shareholder wealth.
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3 capital structure
The document discusses capital structure and the factors considered when determining a firm's optimal capital structure. It defines capital structure as the mix of long-term financing sources like debt, preference shares, and equity. Management should choose a capital structure that minimizes the firm's cost of capital while maximizing shareholder value. Different approaches for determining the optimal capital structure are described, including the net income, net operating income, Modigliani-Miller, and traditional intermediate approaches.
Profit maximization verses wealth maximization
The document discusses the differences between profit maximization and wealth maximization as financial goals. Profit maximization aims to maximize the income of a firm through fully utilizing resources and working efficiently, guided by price signals from the market. Wealth maximization considers the net present value of actions for shareholders over time while accounting for risk, measuring benefits in terms of cash flow rather than simple profits. The overall financial goal is to increase the economic welfare of owners through either maximizing profit or shareholders' wealth.
Qualities of a good capital structure
The document discusses qualities of a good capital structure. It defines capital structure as the mix of long-term funding sources like debt and equity. An optimal capital structure maximizes firm value and minimizes average cost of capital. Qualities of a good capital structure include profitability, solvency/risk, flexibility, minimum cost of capital, safety of investment, and control. It should allow maximum returns through leverage at low cost while balancing debt and equity to control risk.
Capital structure
The document discusses capital structure, asset structure, financial structure, and optimal capital structure. It defines capital structure as the permanent financing of a firm through long-term debt, preferred stock, and net worth. Financial structure includes current liabilities in addition to capital structure. Optimal capital structure is the combination of debt and equity that achieves goals like maximizing returns in the most effective way. Determinants of capital structure include the nature of business, stability of earnings, growth rate, and costs of capital.
Determinants of capitalstructure
1) The document summarizes a research paper that examines the determinants of capital structure for Chinese listed companies using market and accounting data up to 2000.
2) The findings show that leverage is negatively correlated with profitability but positively correlated with firm size, volatility, tangibility, growth, and dividends. Leverage is also negatively correlated with non-debt tax shields and intangibility.
3) These results are consistent with predictions from both the tradeoff theory and pecking order theory of capital structure. Larger, more tangible firms with growth opportunities tend to have higher leverage, while more profitable firms with non-debt tax shields tend to have lower leverage.
Financial management
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Capital structure
Capital structure refers to how a corporation finances its assets through a combination of equity, debt, or securities. A firm's capital structure composition includes liabilities like debt and equity shares. Equity shares make shareholders owners but do not burden the company, while debt provides tax advantages but requires regular payments. An optimal capital structure considers advantages and disadvantages of different sources to maximize utilization of resources.
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This document discusses capital structure, business risk, and financial risk. It defines capital structure as a company's mix of debt and equity used to finance its activities. A higher proportion of debt increases risk exposure. Business risk refers to uncertainty about future operating income and is independent of debt levels. It depends on demand, prices, costs, competition, and other operating factors. Financial risk is the additional risk to shareholders from using debt financing, as debt holders are paid before shareholders if the company fails. Higher debt increases financial risk by concentrating business risk on shareholders.
Capital structure decisions and profitability
Group G is analyzing the capital structure and profitability of Square Pharmaceuticals Ltd. The group members are Kazi Tanvirul Islam, S.M. Zayed Siraj, Jannatul Ferdows, Md. Tajmilur Rahman, and Umma Kulsum. Square Pharmaceuticals gets financing from equity, debt, retained earnings and borrowed funds. Its average debt ratio from 2006-2010 was 29% and debt increased 20% while equity increased 80%. Square Pharmaceuticals maintains low debt levels and has sound financial performance with average debt-equity ratio of 0.4. The company has stable profit margins around 18% on average.
Capital structure(fm)
The capital structure of a company refers to the mix of long-term debt, short-term debt, common equity, and preferred equity used to finance the company's overall operations and growth. There are various principles and considerations that go into planning an optimal capital structure, including cost, risk, control, flexibility, and timing. Determining the right mixture of internal and external sources of financing is important for a company's long-term survival and depends on factors like trading on equity, degree of control, flexibility, choice of investors, capital market conditions, financing period, cost, sales stability, and company size.
Capital structure
The document discusses capital structure, which refers to the types of securities (debt vs equity) and their proportions that make up a company's total capital. An optimal capital structure minimizes a company's cost of capital. Factors that affect a company's capital structure choice include financial leverage, growth stability, cost of capital, risk tolerance, cash flow ability to service debt, firm size and nature, control and flexibility needs, and capital market conditions.
Capital Structure
Firms must balance risk and return when determining their optimal capital structure. Using low amounts of debt results in lower risk but also lower returns, while high debt reduces shareholder value due to high costs. The target capital structure finds the balance between debt and equity that maximizes stock price. Every firm aims to maintain its target debt-equity ratio over time by raising capital through debt if below the target or equity if above the target, weighing the tradeoff between risk and return associated with different levels of debt.
Dividend Decisions
The document discusses dividend policy, including the meaning of dividends and different types of dividend policies companies can adopt. It also outlines several factors that influence a company's dividend decisions, such as earnings stability, financing needs, liquidity, and growth opportunities. Finally, it describes different forms of dividends including cash, stock, scrip and property dividends, and their potential merits and demerits.
Fm intro
This document defines financial management and its key objectives. Financial management involves planning, organizing, and controlling a company's financial resources and activities. One of the main objectives of financial management is wealth maximization for shareholders over the long term by maximizing share price through earnings and dividends. However, profit maximization alone is an imperfect objective, as it ignores risk, the time value of money, and a company's social responsibilities. The document discusses alternative approaches and key functions of financial management.
Traditional and MM Approaches to Capital Structure. ...
This document summarizes two traditional approaches to capital structure - the traditional approach and the Modigliani Miller (MM) approach. The traditional approach states that a mix of debt and equity can reduce overall cost of capital up to a certain level of debt. The MM approach argues that in a perfect capital market without taxes, the cost of capital and firm value are unaffected by capital structure. Both theories aim to minimize cost and maximize firm value through different assumptions about capital structure.
196.capital structure intro lecture 1
The document discusses capital structure and the various sources of financing available to companies, including debt, equity, hybrid securities, and loan capital. It covers the relative costs and risks of different financing options. The key theories discussed are Modigliani-Miller theory, which establishes that capital structure does not affect firm value under certain assumptions, and the trade-off theory, which recognizes that while debt is cheaper than equity, it also carries higher financial risks. An optimal capital structure balances these costs and risks to minimize the weighted average cost of capital and maximize firm value.
Fundamentals of Financial Management.
The document provides an overview of key concepts related to business organizations, taxation, and financial markets. It discusses the four main forms of business organization in the US - sole proprietorships, partnerships, corporations, and limited liability companies. It also covers corporate income tax calculation, various depreciation methods like straight-line and MACRS, and how the Jobs and Growth Tax Relief Reconciliation Act of 2003 temporarily increased bonus depreciation deductions. The goal is for readers to understand these important business, tax, and financial environments.
Financial management
The document discusses various aspects of financial management including its definition, scope, traditional and modern approaches, functions, objectives, and sources of finance. Specifically, it defines financial management as dealing with planning and controlling a firm's financial resources. It also discusses the functions of investment, financing, and dividend decisions and how financial management aims to maximize profit and shareholder wealth.
Wealth Maximization is superior then the profit maximization
Wealth maximization is superior to profit maximization for several reasons. Wealth maximization considers long-term sustainability rather than short-term profits. It accounts for the time value of money by discounting future cash flows. Wealth maximization also factors in risk and uncertainty through the discount rate. The goal of wealth maximization is to improve shareholder value, while considering the total value generated relative to costs for the business. It provides a more efficient allocation of resources while also ensuring benefits to society.
Ppt ch01
The document provides an overview of Chapter 1 from a corporate finance textbook. It introduces key concepts such as the three main financial decisions facing managers regarding investments, financing, and dividends. It also discusses the corporate form of business organization and explains that the goal of financial management is to maximize shareholder wealth. The chapter objectives are outlined and several models and concepts are defined, including the investment decision process, capital structure, and agency relationships between managers and shareholders.
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Traditional and MM Approaches to Capital Structure. ...
Traditional and MM Approaches to Capital Structure. ...
Wealth Maximization is superior then the profit maximization
Wealth Maximization is superior then the profit maximization
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Corporate finance refers to planning, developing and controlling the capital structure of a business to increase organizational value and profit through optimal decisions on investments, finances and dividends. It focuses on acquiring, managing and allocating financial resources such as capital to meet the funding needs of a business. The key functions of corporate finance include investment decisions, financing decisions, and dividend decisions which are interrelated and aim to maximize shareholder wealth.
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Corporate governance
- 1. Corporate Governance Concerned with holding the balance between economic and social goals and between individual and communal goals. Encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society
- 2. What is Corporate Governance? Contd… The primary purpose of corporate leadership is to create wealth legally and ethically This translates to bringing a high level of satisfaction to five constituencies -- customers, employees, investors, vendors and the society-at-large The raison d'être of every corporate body is to ensure predictability, sustainability and profitability of revenues year after year.
- 3. Constituents of CG The Management To act on the direction of the BOD Implement & Monitor control Systems Shareholders & Stakeholders To participate in appointment of Directors To Hold the BOD through proper disclosures The Board Of Directors Pivotal Role Directs Management
- 4. Business Ethics & Corp Gov. Discipline that examines good or bad practices within the context of a moral duty. Business ethics include practices and behaviors that are good or bad. Moral conduct is behavior that is right or wrong.
- 6. Organization with good ethical practices
- 8. INTRODUCTION TO “BIG BULL OF THE TRADING FLOOR” • HARSHAD MEHTA • THE GREAT INDIAN SCAM -1992
- 9. WHO WAS HARSHAD MEHTA ? STARTED HIS CAREER WITH NEW INDIA ASSURANCE COMPANY QUIT HIS JOB IN 1981 TO BECOME A SUB- BROKER WENT BANKRUPT IN 1982 AND RECOVERED SOON TO BECOME MORE STRONGER HE WANTED TO BECOME THE MOST SUCCESSFUL BROKER- THERE BY HE EARNED THE NAME OF “THE BIG BULL”
- 10. WHAT WAS THE SCAM ABOUT? DIVERSION OF FUNDS USE OF READY FORWORD (RF) TO MAINTAIN SLR (STATUTORY LIQUIDITY RATIO) CREATIVE ACCOUNTING INTRA-DAY TRADING
- 11. HOW IT WAS DONE AND THE ROLE OF BROKER ? • MEHTA SOON MASTERD THE TRICKS OF TRADE BY MANAGERING SEVERAL BROKERS AND SET OUT ON DANGEROUS GAME PLAN • MEHTA TAKES OFF THE HUGE MONEY FROM SEVERAL BANKS AND MILLION OF INVESTORS WERE CONEDIN THE PROCESS. • HIS SCAM WAS EXPPOSED AND THE MARKET CRASHED.
- 12. EXPLOITING THE LOOP HOLE IN THE BANKING SYSTEM • HE TRIGGERED THE RISE IN BOMBAY STOCK EXCHANGE IN THE YEAR 1992 BY TRADING IN SHARES AT PREMIUM ACROSS MANY SEGMENTS • TAKING ADVANTAGES OF LOOPHOLES IN THE BANKING SYSTEM, HARSHAD AND HIS ASSOCIATES TRIGGERED A SECURITIES SCAM DIVERTING FUNDS TO THE TUNE OF RS 4000 CRORES FROM THE BANKS TO STOCK HOLDERS BETWEEN APRIL 1991 TO MAY 1992 • HE WAS ARRESTED AND BANED FOR LIFE FROM TRADING IN THE STOCK MARKETS • MAJOR CULPRITS WERE BROKERS, BANKERS AND FINANCIAL INSTUTIONS. • HE WAS CHARGED WITH 72 CRIMINAL OFFENCES. A SPECIAL COURT ALSO SENTENCED SUDHIR MEHTA, HARSHAD’S BROTHER, 6 OTHERS, INCLUDING FOUR BANK OFFICIALS. • THEY GOT RIGROUS INPRISONMENT FROM 1 YEAR TO 10 YEARS ON A CHARGE OF DUPING STATE BNK OF INDIA TO THE TUNE OF RS 600 CRORES IN CONNECTION WITH THE SECURITES SCAM THAN ROCKED THE FINANCIAL MARKETS IN 1992.
- 14. HIS FAVORITE STOCKS INCLUDED • ACC • APOLLO TYRES • RELIANCE • TATA IRON AND STEEL CO. (TISCO) • BPL • STERILITE • VIDEOCON