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Shri. Surendra Gangavarapu of SEBI requested a response from Brickwork Ratings India Pvt. Ltd. regarding a complaint filed by Shri. Tribhuwan Raj Bhandari. Brickwork Ratings responded that they had not graded the IPO of First Leasing Company of India Ltd. or been involved in any valuation of its equity shares. An IPO grading does not constitute a recommendation to buy, sell, or hold shares and does not predict price or market movements. The IPO grading process examines factors for investors to consider but does not guarantee investment outcomes or detect fraud. Brickwork Ratings had no role in Bhandari's investment decision.
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![BWR/SEB | / CPI-/ CO / t9 | r.4- tg
Shri. Surendra Gangavarapu
Assistant General Manager
Market Intermediaries Regulation and Supervision Dept.- IV
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C+-A, "G" Block
Bandra Kurla Complex, Bandra (E)
Mumbai - 4oo oS1.
Dear Sir,
R.ef: Your letter MIRSD-IV/AS/SG/OW lzg5z4lzor4 dated Oct.
Sub: Complaint against Brickwork Ratings India Pvt. Ltd.
Bhandari
lirickr'Yor
CLN: U67190K42007 t'IC043591
0ctobcr' r:gr:zot4
lo, 2014
by Shri. Tribhuwan
l" We refer to the complaint of Shri" Tribhuwan Raj Bhandari received
your said letter and advise as follows.
unoer cover 0
Shri" Tribhuwan Raj Bhandari, the complainant is an investor in the equiry shares of
the First Leasing Company of India Ltd., Chennai. In his complaint, Shri Bhandari
has stated that he has invested approximately Rs"r.7S crores in purchasing the
shares of First leasing Company of India Ltd during the period zorr-zor3 (para
No.r3 page B of the portion of the Complaint received by us).The Complaint of Shri.
Bhandari is about his getting misguided in investing in shares of the Company.
Brickwork Ratings would like to inform in this regard that it has neither graded the
IPO of First l.easing Company of India Ltd nor in any way associated n.it-h any ]<ind
of valuation of the equity shares of the said Company" IJence Brickwork Ratings has
no role at all in the matter of investment in equity shares of First Leasing Company
of India Ltd" by Shri. Bhandari.
g.or Further, it may also be appreciated that an IPO grading by a Rating agcncy does
not constitute any recommendation to buy, sell or hold the shares of the graded
Brickwork RatinSs lndia Pvt. Ltd,](https://image.slidesharecdn.com/trb0001-141128052233-conversion-gate01/85/Trb0001-1-320.jpg)
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This document is an additional affidavit filed in support of a writ petition in the High Court of Rajasthan. It provides background details on the petitioner, states that the affidavit supplements information already provided in the writ petition, and reserves the right to file a rebuttal to the response submitted by the Reserve Bank of India. It alleges that financial irregularities at First Leasing Company of India Ltd went unnoticed for years due to negligence or involvement of RBI officers, and that the company was able to project strong financials that misled shareholders, including the petitioner, into investing in the company based in Jodhpur, Rajasthan. It maintains that a financial scam of Rs. 1600 crore could not have occurred without involvement
Police Reply 482 Petition
This document is a submission on behalf of the respondent State of Rajasthan in a criminal misc. petition filed by Tribhuwan Raj Bhandari in the High Court of Rajasthan at Jodhpur. It contains the respondent's arguments opposing the petitioner's request for a fair and impartial investigation in an FIR filed with the Mahamandir Police Station in Jodhpur district. The submission asserts that the investigation has already been conducted properly and requests the court to dismiss the petition.
First leasing 482 copy
1. The petitioner filed a criminal complaint regarding offenses allegedly committed by the directors, auditors and others related to First Leasing Company of India Limited.
2. An FIR was registered for offenses of cheating, criminal breach of trust, forgery, fraud and under the Companies Act based on the petitioner's allegations about the company's financial affairs and representations to investors.
3. The petition seeks a fair and impartial investigation into the FIR, alleging the accused persons misrepresented the company's financial position and performance to attract investors and raise funds.
Reply by RBI in Writ Petition (First Leasing)
This document discusses a writ petition filed in the High Court of Rajasthan regarding proceedings initiated by the Reserve Bank of India against a non-banking financial company for falsification of accounts. It notes that the company is registered in Tamil Nadu and the inspection and subsequent actions by RBI took place within the jurisdiction of Tamil Nadu, not Rajasthan where the writ petition was filed. It argues that as per the RBI Act, any offenses are deemed to have been committed where the company's registered office is located, which in this case is Tamil Nadu, not Rajasthan. Therefore, the Rajasthan High Court may not have territorial jurisdiction in this matter.
I c a i 306 14
The document is a letter from The Institute of Chartered Accountants of India requesting that the accounting firm Dandekar & Co disclose the name of the member(s) responsible for responding to a complaint filed by Shri Trideep Raj Bhandari. The firm and responsible member(s) must submit a written statement in defense within 21 days, or it will be assumed they have nothing to add. Failure to comply with the requirements could result in disciplinary action against the firm and member(s).
I c a i 305 14
- A complaint was made by Shri Trideep Raj Bhandari of Jodhpur against M/s. Sathyam & Balu firm under the Chartered Accountants Act of 1949.
- The firm is requested to disclose the name of the member(s) responsible for answering the complaint and send relevant documents to those members.
- The responsible member(s) must submit a written statement in their defense within 21 days, otherwise it will be assumed they have nothing to say and the complaint will proceed without further input.
Dhandekar
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Sarthy
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
See page 245 306
This document provides financial information for the year ending March 31, 2013. It includes details of income, expenses, assets, liabilities, contingencies and notes. Some key details include:
- Total income was Rs. 21,765.09 lacs from financing activities including interest income of Rs. 3,964.35 lacs.
- Stock on hire had a net carrying amount of Rs. 1,58,835.18 lacs.
- Total current liabilities were Rs. 3,207 lacs, including short-term borrowings of Rs. 1,700 lacs.
- Total non-current liabilities were Rs. 14,722 lacs, including long-term debent
First leasing scam
The document summarizes a criminal complaint filed against First Leasing Company of India (FLCI) and its executives for financial fraud. An investigation revealed that FLCI had been falsifying its books for years, portraying a positive net worth when it actually had negative net owned funds and annual losses. Recast accounts showed receivables were overstated by Rs. 1672 crores. Top executives from FLCI, credit rating agencies, auditors are accused of colluding in the massive fraud and misuse of bank loans over Rs. 1100 crores. The RBI inspection uncovered the scam but both RBI and FLCI failed to publicly disclose the actual financial position.
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- 1. BWR/SEB | / CPI-/ CO / t9 | r.4- tg Shri. Surendra Gangavarapu Assistant General Manager Market Intermediaries Regulation and Supervision Dept.- IV Securities and Exchange Board of India SEBI Bhavan, Plot No. C+-A, "G" Block Bandra Kurla Complex, Bandra (E) Mumbai - 4oo oS1. Dear Sir, R.ef: Your letter MIRSD-IV/AS/SG/OW lzg5z4lzor4 dated Oct. Sub: Complaint against Brickwork Ratings India Pvt. Ltd. Bhandari lirickr'Yor CLN: U67190K42007 t'IC043591 0ctobcr' r:gr:zot4 lo, 2014 by Shri. Tribhuwan l" We refer to the complaint of Shri" Tribhuwan Raj Bhandari received your said letter and advise as follows. unoer cover 0 Shri" Tribhuwan Raj Bhandari, the complainant is an investor in the equiry shares of the First Leasing Company of India Ltd., Chennai. In his complaint, Shri Bhandari has stated that he has invested approximately Rs"r.7S crores in purchasing the shares of First leasing Company of India Ltd during the period zorr-zor3 (para No.r3 page B of the portion of the Complaint received by us).The Complaint of Shri. Bhandari is about his getting misguided in investing in shares of the Company. Brickwork Ratings would like to inform in this regard that it has neither graded the IPO of First l.easing Company of India Ltd nor in any way associated n.it-h any ]<ind of valuation of the equity shares of the said Company" IJence Brickwork Ratings has no role at all in the matter of investment in equity shares of First Leasing Company of India Ltd" by Shri. Bhandari. g.or Further, it may also be appreciated that an IPO grading by a Rating agcncy does not constitute any recommendation to buy, sell or hold the shares of the graded Brickwork RatinSs lndia Pvt. Ltd,
- 2. price or equlty market movements at all' iuestion "what a:n IPO Grading i shows the various crucial factors ne an investorwhile taking a decision {rnt IPO Grndingic rrot? . Al'e"onrtnetrdatiorl to iuvest itr tlre " A predictiou of pre/post listitrg Price oftlre issue- ' !'nluatiotr l'eport of tlre equity beilg offered bY tlre issuer " Mu'ket risk oDal)'sis for seculities beirrg offercil bY the issuer " An audit nnd/or forcusic rq)ort to detect frnud 3"oz The IPO grading does not constitute entirely with the investor to take a de . As such, if an inves of his own decision agency" 4" We trust you will find the above in order V. Nagaraja Head - Ratings Administration Brickwork Ratings Corporate Office: 3rd Floor, Raj Alkaa Park' Kalena Agra