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MUMBAI: Billionaire businessman Harsh Goenka fears {that a} stock market rip-off is brewing that may very well be equated with those which had been perpetrated by notorious market operators like Harshad Mehta and Ketan Parekh.
Goenka alleged that this time the rip-off could have its origin in Kolkata. In a publish on X, Goenka on Saturday alleged that businessmen, particularly from Kolkata, are cooking up books to inflate income which in flip is driving up stock costs.
“With a booming stock market, all malpractices of Harshad Mehta/Ketan Parekh era are back primarily in Kolkata,” Goenka posted.”Promoters are inflating profits & in nexus with Gujarati-Marwari brokers driving their stock prices to unrealistic levels.” He didn’t elaborate. Goenka, who has about 18 lakh followers on X, additionally tagged finance ministry and markets regulator Sebi urging them to step in to research the rip-off earlier than small buyers suffered enormous losses.
Spokespersons for each, finance ministry and Sebi, did not touch upon the publish.
Incidentally, Kolkata-born Goenka’s youthful brother Sanjiv is one of the main businessmen in Kolkata. And cigarette-to-inns conglomerate ITC is probably the most-valued firm that has its headquarters within the metropolis. To a respondent to Goenka’s publish who acknowledged that it’s principally main metal homes (who engaged in such actions of inflating income), Goenka agreed.
Goenka alleged that this time the rip-off could have its origin in Kolkata. In a publish on X, Goenka on Saturday alleged that businessmen, particularly from Kolkata, are cooking up books to inflate income which in flip is driving up stock costs.
“With a booming stock market, all malpractices of Harshad Mehta/Ketan Parekh era are back primarily in Kolkata,” Goenka posted.”Promoters are inflating profits & in nexus with Gujarati-Marwari brokers driving their stock prices to unrealistic levels.” He didn’t elaborate. Goenka, who has about 18 lakh followers on X, additionally tagged finance ministry and markets regulator Sebi urging them to step in to research the rip-off earlier than small buyers suffered enormous losses.
Spokespersons for each, finance ministry and Sebi, did not touch upon the publish.
Incidentally, Kolkata-born Goenka’s youthful brother Sanjiv is one of the main businessmen in Kolkata. And cigarette-to-inns conglomerate ITC is probably the most-valued firm that has its headquarters within the metropolis. To a respondent to Goenka’s publish who acknowledged that it’s principally main metal homes (who engaged in such actions of inflating income), Goenka agreed.
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