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Will domestic petrol prices fall any sooner?

Akhilesh Bhargava

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The prices of crude oil in international markets have fallen by almost 35%, to below $60 a barrel, after having touched a recent peak of $85 to a barrel, in October 2018. These prices are now at a 13 month low and are predicted to fall further. Crude oil prices are volatile and unpredictable and curiously when they go up, the market predicts that they will only keep going up, but when they start falling, they reverse the prediction. Will petrol prices fall any sooner ? Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance shares his insights on the matter

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Business Tit-Bits

What was the Harshad Mehta tax story?

Akhilesh Bhargava

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The original Big Bull of the stock market, Harshad Mehta, was being investigated by numerous authorities for the 1992 stock market scam he perpetrated. The Income Tax Department conducted raids at numerous premises of Harshad Mehta and family and siezed many documents amongs other evidences. However, there was no black money involved as the source of all money recieved was from banks and all transactions were well documented. The IT Dept gave him and his family a hard time by adding frivolous income to his total taxable amount and this case went on for 27 years, even after Harshad had himself passed away. Finally, the ITAT, the final fact finding authority, srapped most of the additions to his income of over 2,000 crore ₹ which the IT Dept had made and further went on to make some observations of their own. Unfortunately, this is also the case with most taxpayers that IT Authorities in spite of having a low success rate, tend to keep appealing the matter without a genuine case, thereby causing much difficulty to small and medium tax payers.

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Yes Bank Deliberately Misleads

Akhilesh Bhargava

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Yes Bank recently released a report by RBI which stated that it had given the private lender a clean chit and found nil divergences in asset classification and income recognition. However, this was not the whole truth and Yes Bank conveniently omitted the fact that RBI in the same Asset Quality Report had discovered non-reporting of NPAs in 2015-16 to the tune of 4,176 crore ₹ and in 2016-17 of 8,373 crore ₹. The report was also a confidential one and was not to be revealed to the public. Serious accounting malpractices and loans are given contrary to the bank’s lending policies were also found which finally led to the RBI insisting Yes Bank’s founder Rana Kapoor be removed. The RBI has promised regulatory action for this breach of trust and deliberately attempting to mislead the public which made Yes Bank’s shares rise 32% in a single day.

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Is the Jet rescue plan a hogwash?

Akhilesh Bhargava

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The debt-ridden Jet Airways, which was once India’s largest private sector airline, has declared a massive quarterly loss again and its market share has fallen and it has become a fringe player. It is also dealing with a host of other problems and its promoter Naresh Goyal is not willing to let go of his company in favour of another investor. Its largest lender, SBI has come up with a revival plan that involves converting debt into equity and this will ensure that Naresh Goyal’s stake in the company comes down to 20% and he will lose effective control over it which has to be approved by shareholders at their next meeting. What is important, however, is that Naresh Goyal should not be given to managing the airline like in case of Kingfisher Airlines back in 2011and a new management must emerge to take control. All these factors must be clearly included in the restructuring plan.

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