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The story of how a retiree started investing


at 77 and built a fortune for his heirs in 12
years
ET CONTRIBUTORS | Updated: Aug 13, 2018, 12.51 PM IST Save

17
Comments

By Uma Shashikant

This week’s story is about a reader of this


column, who used to write mails and share his
stories for a very long time. He liked to remain
anonymous, so we will call him Uncleji. He
was 89 years old when he passed away last
week, leaving behind a portfolio of wealth that
is a classic case study on bequest to the next
generation. He had told me that I could write
Lots can be achieved with clarity of purpose and his story only after his time. SPOTLIGHT
organisation when making investment decisions.
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Uncleji worked for the central government and Equity»Large & MidCap
retired to his two-bedroom flat in the suburbs of a large city. He was your quintessential
uncle next door with a simple routine that included taking morning walks, helping with the
household chores, meeting friends for chai and chat, and attending social ceremonies to
feel connected. He mostly read newspapers and magazines and watched some television,
pursuing nothing new after retirement. He often told me that there was no story in his life,
and I always disagreed.

He excelled in keeping things in order and had a great penchant for paperwork, processes
and filing. It was an offshoot of his work at the government, where the paper trail was
important, and reading the fine print was necessary. He read through all the mails that he DSP BlackRock Equity
got, and many of our conversations were about the information disclosures that came with
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★★★★★ Figures in %
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Uncleji did not dabble in stocks or buy based on tips. He was a conservative investor who
4.96 1.86 1.74 10.68 13.62
believed that the schemes of the post office were the best choice for a retired person. That
was to change in 2006, when he began to invest in mutual funds. That was a tumultuous
year, with the cracks in the US housing markets already beginning to show. The Sensex START SIP
was around 10,000 (Nifty around 2,600). For regulatory disclaimers, click here.

He divided his money into three portions. One was for his use; one was for emergencies
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/arti… 1/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

and unexpected events; and one was for passing on. We agreed that the amount he
wanted to pass on could take on the long-term view and get invested in an equity fund.
The one he kept for unexpected events was invested in a balanced fund, which he could
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draw upon if needed, and could grow if he did not touch it. The portion for his use Get Your Listing on Economic Times
remained in the post office and later in bank deposits.
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He invested the last portion in small instalments, putting the money in with glee when the
markets fell. For a first timer, he was courageous. He told me that the money was for his Fixed deposit rates on the rise: What you should do
grandson who was just 20 at that time. That boy would live to see the markets soar, so now

let’s take a bargain, he said. Uncleji’s approach assured me that clarity about end use Investing in IPOs? Here's how many gave positive
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He made every investment for his children or grandchildren in their name. In the case of Find out

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opening of a folio in the name of a minor, and made sure that the investment was in their
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names. He invested for his two children, but he made them joint second holders in
investments he managed.
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children were identical in their holdings, so that their value would always be the same. By
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his investment activities. With the Nifty at 11,000 now, Uncleji’s investments have grown at Short-term Investment Options
13% compounded per year, over a 12 year period. Not a mean achievement at all.

This approach means that now on his death, all that his children have to do is submit a
copy of the death certificate to the mutual fund and ask for the first holder’s name to be
removed from the folio. All the investments that Uncleji made will become the property of
the joint holders, his children, with just this simple process. No notarization, no NOC, and
no need for multiple trips to the bank or other offices. He ensured that his bank deposits
and investments were similarly simplified.

When his post office accounts matured, he transferred the money to mutual funds and
bank deposits. He was of the view that his money should be easy to access when he was
gone. He always kept a single paper list of the investments, complete with all the details
about the folio numbers, names and such details. He updated the value every year and
placed that paper in the file.

Uncleji gave away whatever he desired in his lifetime. He felt that his children were still too
young to donate, and ensured that his favourite religious institutions, his old school, his
faithful maid and driver, were all given a yearly donation or gift. The house that he held in
his name for the longest time, he registered in the name of his son and asked the son to
transfer an amount equal to half the value of the property to his daughter, on the very date
of registration. His children lived elsewhere and he lived in that house until his last. He
divided his late wife’s jewels between the children and kept no gold for himself.

https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/arti… 2/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

There is a lot that can be achieved with clarity of purpose and organisation. Uncleji used Facebook braces for India's
the time he had after retirement to put every single paper and investment in his elections
possession, in impeccable order. He read, asked questions, took the time to argue, differ
and finally understand how investments worked. He began when he was 77 years old, but 20 yrs on, its time for
in less than five years was completely in charge and left behind a fortune for his heirs. IndiaMART to deliver
The good news on jobs no one's
Those who think it is too late to invest, too complex to manage money, too difficult to talking about
bequeath, or too taxing to handle paperwork, should be inspired by Uncleji’s story.
GO TO ET PRIME →
(The author is Chairperson, Centre for Investment Education and Learning)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here
do not reflect the views of www.economictimes.com.) Not to be Missed
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8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

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ET Online | Updated: Aug 13, 2018, 03.45 PM IST

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vehicles that will help authorities to spot vehicles that
while petrol and CNG vehicles will have to Industry Top Trending Terms
are not allowed to enter in Delhi.
carry blue stickers. The court also asked the
ministry to consider having green number plates for electric and hybrid vehicles. The Bullet Train IKEA in India Mangalore port labourers

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vehicles plying in Delhi-National Capital Region (NCR) by September 30.
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/arti… 4/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

The stickers will help the enforcement agencies to identify whether a vehicle is running on
petrol or diesel. The agencies were finding it difficult to identify the vehicles as the diesel
vehicles of more than 10 years and petrol ones of more than 15 years are not allowed to
enter in Delhi.

The apex court is hearing a petition on air pollution in Delhi-NCR and had asked for
suggestion to control pollution in the city. On July 23, the amicus curie advocate Aparajita
Singh had suggested the bench that colour-coded stickers could be pasted on vehicles to
give an indication of the nature of vehicle.
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The amicus had said that such stickers, as used in Paris, would be more effective then
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Though Jet Airways has tried to downplay the


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impact of the postponement of quarter results
over the last two days, senior finance CAG finds out why trains get delayed across India
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reasons leaves ample room for speculation.
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important tenet of corporate governance,”
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Sarwate who has been former CFO at Marico. “The opacity of this development brings
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Sarwate and Subramanian are in agreement that it could not have been mere bad results
that required the postponement of results. Good accounting disclosures and constant
communication with stakeholders is adequate to share bad news with the market and other
broader stakeholders.

Subramanian believes “it raises a red flag. Investors are aware that the aviation sector is in
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Indigo has already declared its results showing 73% drop in profits. It is surely not an
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Asish K Bhattacharyya, Professor, Institute of Management Technology, Ghaziabad says


that the “audit committee in general may not recommend the results where say the Facebook braces for India's
accounting policy adopted by management is not acceptable to the committee or if the elections
auditor points out some kind of lack in internal control systems or some information is not
20 yrs on, its time for
available.”
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Jet Airways CFO & deputy CEO, Amit Agarwal merely says “there are certain The good news on jobs no one's
talking about
documentation issues which we are closing. That's it.” He did not comment on the
specifics in a chat with ETCFO. GO TO ET PRIME →

Though postponement is not unheard of in India Inc, it is usually a signal of deeper


distress especially in large companies such as Jet. This was seen in the recent case of
Fortis Healthcare or in 2014 when United Spirits’ audit committee sought additional
clarifications of the management.
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/arti… 6/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
g

Jet’s issues could be across a range. Sarwate can think of a few possibilities even as he
believes “lack of information leads to intrigue. It would have been better for Jet Airways to
elaborate on the reasons for the deferment of the meeting.”

Some of the possible reasons could be:

Contentious issue that came up in the discussion with statutory auditors, leading to a
deadlock. The meeting could have been postponed to get time to sort it out
Some internal audit finding that is material in the context of the financial results, such as
a large irregularity, or there could be some issue relating to governance that is complex
and needs time to resolve
Or some issue between the Jet promoters and Etihad that has created a deadlock on
accounts
In sum, postponement of results does not augur well. As Pranav Haldea, Managing
Director at Prime Database points out that there is no reason for Jet not to declare its
results on time. “As an investor, you feel more comfortable if there is certainty. Markets just
don’t like uncertainty, the stock price will get hammered.” It did on Friday too as the share
prices closed near 9% down.

“Going forward, the company should not only declare the financials but should explain the
investors why it did seek an deferment in terms of declaring the results,” says Haldea.

An early attempt at bringing clarity to the situation will certainly help as Sarwate points out
that such episodes leave a lasting adverse impact on shareholder value. “After all, the
Audit Committee and the Board meetings can not be postponed for long. Listed company
managements can run away from issues for some time, they cannot hide forever.”

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8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

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MUMBAI: Paresh Sukthankar, deputy to


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HDFC Bank chief executive Aditya Puri,
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HDFC Bank since its inception in 1994. Puri
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shaping HDFC Bank into one of India's leading financial
institutions.
candidate to succeed him, leading to
speculation that Sukthankar may not be the Industry Top Trending Terms
natural choice. “I am not leaving in a hurry,” Puri told ET last year.
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named, but if I do it too early, I will lose my effectiveness also, don’t you agree?” While
there is speculation Sukthankar may have chosen to leave because of ambiguity about his
future, some people in the know of things said there could have been disagreements on
the road ahead for the bank and the strategy to make it a future-ready lender. “It is not
about the CEO’s job,” said one of them. “Things have not been the same for some time.”
Sukthankar was seen as the successor to Puri when he was elevated as deputy MD in
2014. But that may not have been something that especially appealed to him.

“There have been public pronouncements by both Deepak Parekh and Puri that the next
bank CEO could come from outside and it is not necessary that a number two in a group
firm will become number one,” said another person.

Succession Question
“That is enough indication that Sukthankar was not the choice as the next CEO,”the Facebook braces for India's
person said. Puri retires from the bank in October 2020 at the age of 70, as per RBI norms. elections
At an analyst meet in May, Puri laid down a succession plan in which he said that the bank
20 rs on its time for
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/arti… 8/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
20 yrs on, its time for
intends to start the process of identifying a successor 18-24 months ahead of Puri’s
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retirement so that the new chief executive gets at least a 12-month period to work with
Puri. The good news on jobs no one's
talking about
“Sukthankar has moved on but that doesn’t mean that the succession question has been
GO TO ET PRIME →
answered or even that Puri will have final say. This question has to come to the board and
even others including Parekh will have a big say on who leads the bank from here,” said
another person.

Amanagement graduate from the Jamnalal Bajaj Institute of Management Studies, he had
turned down an offer from Hindustan Lever, as it was then called, to join Citibank. At the
time, the consumer goods giant’s recruiters had sought to tempt him with the prospect of
contending for the top job in due course.

Recalling that in 2014, he told ET: “Do people take up jobs thinking they will become CEO
one day?” Sukthankar wears his middleclass values on his sleeve and is a staunch
Hanuman devotee. He’s the son of former top Maharashtra bureaucrat DM Sukthankar,
who was the state’s chief secretary. He’s an exceptional banker in the sense that the
lifestyle normally associated with the community doesn’t appeal to him.

“The traditional interests of bankers, like golf, are not me,” Sukthankar had said in 2014.
“For me, it is Indian music, Hindustani classical. You may call it sanskaar. Just growing up
listening to it, it grew in me.” In his packed schedule, he always squeezes in an hour for
tabla practice.

While many banks sought to expand infrastructure lending during the go-go years of Indian
banking, Sukthankar was seen as a stumbling block at HDFC Bank for not getting into the
space.

“What’s the function of a brake?” Sukthankar had asked. “It gives you the confidence to
drive fast. We have been pragmatic, not conservative. We would not have been as big as
we are if we are conservative.” That cautionary view has meant that HDFC Bank is one of
the rare lenders not saddled with bad loans.

https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/arti… 9/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

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As India moves closer to become the most
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populous country in the next 7 years, the
injured
country is facing another serious concern
Maratha outfits to go for Maharashtra bandh today,
about ageingpopulation. According to some
Mumbai exempt
studies, India is ageing much faster than
Maharashtra Bandh Live Updates: Internet
previously thought and may have nearly 20
suspended in 7 tehsils of Pune
per cent population of 60 years and above by
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The government recently stated in Parliament
In a recent report, SBI has warned that India has now that India will have 34 crore people above 60
only a limited window of just 10 years to get into the
years of age by 2050 that would be more than Politics Trending Terms
developed country tag
the total population of the US. The numbers
Somnath Chatterjee Triple Talaq Bill
are even higher than projected by other international agencies like UN and HelpAge. The Rajya Sabha deputy chairman election
agencies had projected the 60-plus population in India to rise to nearly 32 crore by 2050. Harivansh Narayan Singh Narendra Modi
Karnataka Election How to Save Income Tax
Union minister Anupriya Patel last week said in Lok Sabha that the growth rate of the 0-14 Amit Shah Rahul Gandhi BJP Congress

population was slowing, but rising for the older people in the country. The numbers reveal
that India may lose demographic dividend and stare at a situation where a large number of
population will be dependent including old age, widowed and highly dependent women.
The twin challenges of rising population and old age dependents will only add to India’s
troubles of providing jobs, education, health along with geriatric care.

In a recent report, SBI has warned that India has now only a limited window of just 10
years to get into the developed country tag, or stay perpetually in emerging group of
economies. “India’s strength of demographic dividend could actually turn into India’s
disadvantage by 2030,” it had warned.

“India Ageing Report 2017” by the United Nations Population Fund (UNFPA) says the
share of population over the age of 60 could increase from 8 per cent in 2015 to 19 per
cent in 2050. Facebook braces for India's
elections
What's alarming that, during 2000-2050, the overall population of India is expected to grow 20 yrs on, its time for
by 56 per cent, while the 60-plus population will increase by a whooping 326 per cent and IndiaMART to deliver
700 per cent in 80-plus age group.
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As India ages, over 61% of elderly will have no income security by 2050

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Aadhaar dare effect: UIDAI plans public


outreach on dos and don'ts of sharing ID
number Most Read Most Shared Most Commented

PTI | Updated: Aug 12, 2018, 03.11 PM IST


TVS Group Chairman Venu Srinivasan files
anticipatory bail in Chennai temple idol theft case
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Fire breaks out at BPCL refinery in Mumbai, over 40
After TRAI chief's Aadhaar dare ignited a injured

debate on public display of the 12-digit Maratha outfits to go for Maharashtra bandh today,
number, the UIDAI is planning a user Mumbai exempt

outreach to sensitise people about the dos Maharashtra Bandh Live Updates: Internet
and don'ts of sharing their biometric identifier. suspended in 7 tehsils of Pune
The Unique Identification Authority of India When Amazon got big fat bonus back from
(UIDAI) intends to equate the Aadhaar Flipkart's Sachin Bansal
number with other personal information (such More »
as PAN, bank account and credit card
number) to caution users against placing their Politics Trending Terms
UIDAI has also outlined the responsibilities of banks and personal details in the public domain,
other user organisations in carrying out the required Somnath Chatterjee Triple Talaq Bill
particularly on digital platforms like Twitter and
checks and due diligence in this regard
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/art… 12/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
checks and due diligence in this regard.
Facebook. Rajya Sabha deputy chairman election
Harivansh Narayan Singh Narendra Modi
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"It is necessary to inform people that they should use Aadhaar freely, without fear, and a
Amit Shah Rahul Gandhi BJP Congress
detailed FAQ (frequently asked questions) will be issued in this regard," Ajay Bhushan
Pandey, CEO of UIDAI, told .

The FAQ will address nearly half a dozen queries related to the issue that has been hotly-
debated over the past fortnight ever since TRAI Chairman R S Sharma tweeted his
Aadhaar number and dared netizens to show how mere knowledge of the ID can cause
him 'real harm'.

The queries include whether Aadhaar can be used freely in the backdrop of UIDAI's recent
advisory to people not to put their 12-digit number on public display.

The UIDAI has sought to draw a parallel between Aadhaar and other personal information
like PAN (Permanent Account Number) and bank account number to tell people that
personal details should not be placed in the public domain so as to avoid "unwarranted Facebook braces for India's
invasion attempt" on privacy. elections
At the same time, UIDAI has said that Aadhaar should be given freely for proving one's 20 yrs on, its time for
identity and for transaction purpose, just like one gives bank account or other details for a IndiaMART to deliver
specific purpose.
The good news on jobs no one's
talking about
UIDAI's proposed FAQs argue that mere knowledge of Aadhaar cannot harm an individual
GO TO ET PRIME →
or be misused for impersonation, as it is fortified with additional security layers like
biometrics and OTP (one time password) authentication, making it more secure than other
identity documents.

The nodal body will also tackle other queries including whether a bank account can be
opened or money withdrawn in a fraudulent manner by merely knowing someone's
Aadhaar number.

UIDAI has also outlined the responsibilities of banks and other user organisations in
carrying out the required checks and due diligence in this regard.

The public outreach plan comes just days after Sharma had a stand-off with critics of
Aadhaar when he disclosed his unique ID number on microblogging site Twitter and asked
people to show how mere knowledge of the number could be used to harm him.

An ardent supporter of the Aadhaar programme and a former director general of UIDAI,
Sharma's move had caused a social media flutter and an avalanche of tweets had ensued
in the aftermath of the episode.

Some users claimed to have got access to Sharma's bank account number and email,
although the TRAI chief had refuted such claims, saying they were untrue.

With social media on the boil, the UIDAI on July 31 asked people not to share their 12-digit
identifier on the internet and social media, or pose such challenges to others.

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8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
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UIDAI hits back at scaremongers, assures data safety

UIDAI hits back at scaremongers, assures data safety

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People clueless as UIDAI helpline number enters their phonebooks

Was UIDAI helpline number 'inadvertently' coded in 2014 or 2015? Google to answer

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SFIO arrests Bhushan Steel ex-promoter


Neeraj Singal for alleged fund diversion Are you an Advertising & Marketing Agency?
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NEW DELHI: The Serious Fraud investigation
Office (SFIO) on Thursday arrested Neeraj CAG finds out why trains get delayed across India
Singal, former promoter and managing
IIT Council may junk JEE advanced
director of Bhushan Steel, charging him with
‘serious corporate fraud’. IKEA is now open for business in India: Here's what
it offers

This is the first arrest made by SFIO in any Yoga pause? Ramdev's Patanjali is caught in 6
body locks
corporate fraud case, marking government
crackdown on corporate wrongdoings that has SFIO arrests Bhushan Steel ex-promoter Neeraj
SFIO arrests Bhushan Steel former promoter Neeraj Singal for alleged fund diversion
landed banks in a massive bad loans
Singhal More »
situation. Singal has been accused of
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/art… 14/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

siphoning off more than Rs 2,000 crore from


the loans availed by Bhushan Steel. Industry Top Trending Terms
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Tata Steel took control of Bhushan Steel on May 18 under insolvency proceedings after
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settling nearly two thirds or Rs 35,200 crore the steel company owed to banks. The SFIO IKEA Hyderabad Store HPCL Cochin Airport
in its investigation found that Singal used more than 80 companies for rotation of funds Indian Railways IIT JEE Exam
through bogus loans, advances and investment, the corporate affairs ministry said in a
statement. “Fraudulent activities contributed to the company becoming insolvent.

He is accused to be guilty of siphoning off funds of over Rs 2,000 crore from the loans
availed by Bhushan Steel Limited using more than 80 companies,” the finance ministry
said in a tweet.

Singal was produced before the court on Thursday and has been sent to judicial custody
till August 14. “This arrest was made as part of the investigation into the affairs of Bhushan
Steel Limited and its several group companies by SFIO. The investigation was assigned by
the ministry of corporate affairs to SFIO based on the complaints received from various
sources,” the statement said.

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8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

“The investigation by SFIO revealed that Singal is accused guilty of indulging in serious
corporate fraud punishable under Section 447 of the Companies Act, 2013.” Bhushan
Steel was among the 12 companies referred for insolvency resolution by the Reserve Bank
of India.

The government said promoters of Bhushan Steel used multitude of complex, fraudulent
manoeuvres to divert funds amounting to thousands of crores raised by the then
management of Bhushan Steel from public sector banks using its several associate
companies. “This has led to wrongful losses to the banks and other investors in these
companies,” the government statement said.

The fraud investigation agency said that former promoters and directors of Bhushan Steel
were not cooperating during the investigation and also concealed the material facts. “The
powers to make arrests was notified as a part Companies Act 2013 in August last year.

This is the first arrest made by the agency. The investigative agency is still probing the
case and more arrests could be made soon,” a senior government official said. In May this
year, Bamnipal Steel Ltd, a wholly owned subsidiary of Tata Steel, had acquired controlling
stake of 72.65% in Bhushan Steel by settling about Rs35,200 crore of debt.

Fraudulent activities contributed to the company becoming insolvent. Bhushan Steel


Limited is one of the 12 big cas… https://t.co/PYl2ICGnJz

— Ministry of Finance (@FinMinIndia) 1533822668000

H ere is the official statement from SFIO:

Serious Fraud Investigation Office (SFIO) arrests Mr. Neeraj Singhal in connection
with investigation into the affairs of Bhushan Group of Companies
New Delhi, dated the 9th August, 2018
Shravana 18, 1940

Mr. Neeraj Singal, erstwhile Promoter and Managing Director of Bhushan Steel Limited
was arrested by the Serious Fraud Investigation Office (SFIO). He was produced before
the court of Competent Jurisdiction today and was sent to Judicial Custody till 14thAugust,
2018.

This arrest was made as part of the investigation into the affairs of Bhushan Steel Limited
(“BSL”) and its several Group Companies by SFIO. The investigation was assigned by the
Ministry of Corporate Affairs to SFIO based on the complaints received from various
sources.
The arrest has been made by in exercise of the powers under Section 212(8) of the
Companies Act, 2013, based on the material in its possession which has revealed that Mr.
Neeraj Singal is guilty of indulging in serious corporate fraud punishable under Section 447
of the Companies Act, 2013.

During the course of investigation, the team has found that the erstwhile promoters of BSL
have used multitude of complex, fraudulent maneuvers to divert/siphon-off funds
amounting to thousands of crores raised by the then management of BSL from Public
Sector Banks using its several Associate Companies. This has led to wrongful losses to
the banks and other investors in these companies.

The erstwhile Promoters/ Directors of BSL, have not been cooperating during the
investigation till now. Apart from failing to appear before the investigation team, the
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/art… 16/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years

material facts were also concealed.

After Insolvency Resolution, the ownership and control over BSL has been transferred to
the Tata Group.

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Paresh Sukthankar’s exit likely to hasten


CEO hunt at HDFC bank
By Joel Rebello, ET Bureau | Aug 13, 2018, 07.19 AM IST
Most Read Most Shared Most Commented
0
Comments TVS Group Chairman Venu Srinivasan files
anticipatory bail in Chennai temple idol theft case
MUMBAI: Paresh Sukthankar’s shock exit
Fire breaks out at BPCL refinery in Mumbai, over 40
from HDFC Bank on Friday is likely to nudge
injured
the lender’s board into hastening the hunt for
Maratha outfits to go for Maharashtra bandh today,
managing director Aditya Puri’s successor, as
Mumbai exempt
it prepares for a generational shift in
Maharashtra Bandh Live Updates: Internet
operational leadership after almost a quarter
suspended in 7 tehsils of Pune
of a century. Puri, MD of the bank since its
1994 inception, turns 70 in October 2020 and When Amazon got big fat bonus back from
Flipkart's Sachin Bansal
has to retire at that age, according to RBI
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norms.
Sukthankar (55) as deputy managing director was
considered a natural successor to Puri. But that has
Until Friday, Sukthankar (55) as deputy Top Trending News
now changed.
managing director was considered a natural
Karunanidhi Death Live Updates India News Headlines
successor to Puri. But that has now changed. Sensex NPS FIFA World Cup 2018 GST
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“This is not something that anybody anticipated. Although HDFC Bank has an experienced How to Save Income Tax Income Tax Slabs
second line of command, it will be great if there is more clarity on what the bank is Income Tax Returns Aadhaar Card GST Rates

planning,” said Lalitabh Shrivastawa, analyst at Sharekhan, a part of the BNP Paribas Aadhaar Chandrababu Naidu

Group. Puri has publicly said the board will start the search for his successor at least 18
months in advance and ensure that the new leader is on board by October 2019 to ensure
a smooth transition. Sukthankar’s presence meant that it was always possible the
transition would not be needed. That, too, has now changed.

“The sudden resignation of the DMD who could have been a likely candidate for the CEO
position throws a spanner in the works,” said Suresh Ganapathy, research analyst,
financials, at Macquarie.

However, Ganapathy pointed out that HDFC Bank has lost several top management
personnel in the past five years, but that hasn’t affected the performance of the bank.

“While at the margin, this development is negative, we are confident that HDFC Bank can
manage this challenge well. In our view, HDFC Life CEO, Amitabh Chaudhury, could be Facebook braces for India's
considered for the position but any speculation at this point in time could be quite
elections
premature,” Ganapathy said. Sukthankar headed the crucial risk function of the bank
20 yrs on, its time for
known for its solid asset quality even as it clocked a consistent 30% growth for the better IndiaMART to deliver
part of the last decade.
The good news on jobs no one's
talking about
“Sukthankar was a pillar of the bank and an important reason for the bank’s success
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/art… 18/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
Sukthankar was a pillar of the bank and an important reason for the bank s success.
While the process to find Puri’s successor has not started yet, we may have to either GO TO ET PRIME →
outsource it to a head hunter or run the process ourselves,” said a senior executive at the
bank. “HDFC Bank will wake up to the reality on Monday. The planning has to now start in
right earnest because there are very few people around who have the experience to run
such a large bank,” said a consultant who works closely with the lender. that HDFC Bank
starts early because it is in a sector that has seen disruption due to new technology.

“Banking is also rapidly changing because of the disruption caused by fintech and digital.
At the same time, concerns on data and cyber security, compliance and regulatory
challenges confront large financial institutions,” said K Sudarshan, regional managing
partner, Asia, EMA Partners, a global executive search firm. “So much disruption and
sweeping change around us means future bank CEOs should have a different perspective
and skills that were not relevant even a decade ago.” The soft-spoken Sukthankar was
also in charge of the key human resources vertical of the bank, which has recently made
sweeping changes in the way it functions. It has also lost its HR head Philip Mathew a few
days ago.

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NEXT STORY

KKR set to buy controlling stake in Ramky


Enviro for $530 million
ET Bureau | Aug 12, 2018, 11.03 PM IST
Most Read Most Shared Most Commented
0
Comments TVS Group Chairman Venu Srinivasan files
anticipatory bail in Chennai temple idol theft case
MUMBAI: US buyout giant KKR has agreed to
Fire breaks out at BPCL refinery in Mumbai, over 40
buy a 60% stake in Hyderabad-based Ramky
injured
Enviro Engineers, a waste management
Maratha outfits to go for Maharashtra bandh today,
company, for about $530 million. It would be
Mumbai exempt
the New York-based private equity firm’s first
Maharashtra Bandh Live Updates: Internet
deal in the sector after Prime Minister
suspended in 7 tehsils of Pune
Narendra Modi launched a massive clean-up
programme. When Amazon got big fat bonus back from
Flipkart's Sachin Bansal

More »
KKR will buy shares from the promoter Rami
Chennai Municipal Solid Waste Pvt Ltd., a 100% owned Reddy family and external investors including
subsidairy of Ramky Enviro Engineers Ltd.
a private equity firm managed by Standard Top Trending News
Chartered and IL&FS. A deal may be signed
Karunanidhi Death Live Updates India News Headlines
as early as this week, people with knowledge of the matter told ET. Barclays is the sole Sensex NPS FIFA World Cup 2018 GST
advisor to the transaction. Best Mutual Funds Mutual Funds
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KKR declined to comment to the matter. A mail sent to the Ramky Group remained Income Tax Returns Aadhaar Card GST Rates

unanswered till the time of going to press. Ramky Enviro Engineers, set up in Hyderabad Aadhaar Chandrababu Naidu

in 1994, operates facilities to manage industrial, municipal and biomedical waste and
offers integrated environmental services and consultancy.

With 7,800 employees, the company has a presence in 55 locations in 17 states and
Union Territories. It has offices in the United Arab Emirates, Singapore and Gabon in West
Africa, its website showed. Ramky Enviro posted revenue of about .`1,900 crore in the
year ended March 2018.

ET first reported in June 2017 that Ramky Group was looking to sell its waste
management unit and is in talks with funds such as Blackstone and CDC Group. In its
June 19 edition, ET had reported that KKR is in advanced talks to buy out Ramky Enviro.

KKR, one of the most aggressive private equity investors in India, started investing in the
country in 2006. The firm has deployed about $4.1billion through its private equity Facebook braces for India's
business and another $6 billion though structured credit financing to corporate and real
elections
estate-focused companies.
20 yrs on, its time for
IndiaMART to deliver
A transaction with Ramky Enviro would be the first global deal in the waste management
The good news on jobs no one's
space for KKR, which rose to global prominence with its $25 billion hostile takeover of US talking about
food and tobacco giant RJR Nabisco in 1989.
GO TO ET PRIME →
Prime Minister Modi’s nationwide waste management programme, Swachh Bharat, is
aimed at reducing waste in 4,000 cities – cleaning up the streets, roads and infrastructure.

According to a joint study by Assocham and PwC, 10-15% of the waste produced by
industry is hazardous and the generation of hazardous waste is increasing by 2-5% per
year in India About 7 46 million tonnes of hazardous waste were generated annually from
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/art… 20/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
year in India. About 7.46 million tonnes of hazardous waste were generated annually from
43,936 industries in the country, the study showed.

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If you have a bachelor's degree and know
CAG finds out why trains get delayed across India
some Japanese, you have a good chance to
drive India's first bullet train. According to IIT Council may junk JEE advanced
National High Speed Rail Corporation IKEA is now open for business in India: Here's what
(NHSRCL), the implementing agency of it offers
Ahmedabad Mumbai bullet train along with
https://economictimes.indiatimes.com/wealth/invest/the-story-of-how-a-retiree-started-investing-at-77-and-built-a-fortune-for-his-heirs-in-12-years/art… 21/24
8/13/2018 Investment: The story of how a retiree started investing at 77 and built a fortune for his heirs in 12 years
Ahmedabad-Mumbai bullet train, along with Yoga pause? Ramdev's Patanjali is caught in 6
psychometry test and Japanese language body locks
skills, minimum educational qualification for
SFIO arrests Bhushan Steel ex-promoter Neeraj
drivers is likely to be Bachelor’s degree, not Singal for alleged fund diversion
engineering. The agency plans to initially hire
More »
The agency plans to initially hire 56 bullet train drivers 56 bullet train drivers and around that many
and around that many station masters.
station masters.
Industry Top Trending Terms

A Hindustan Times report said since most of the training is going to be provided in Japan Bullet Train IKEA in India Mangalore port labourers

and most trainers there don't know English, the agency is planning to keep Japanese Patanjali Bhushan Steel RCom
IKEA Hyderabad Store HPCL Cochin Airport
language as a qualification for the bullet train drivers.
Indian Railways IIT JEE Exam

Psychometric tests are also going to be another criteria for hiring of high-speed train
drivers. Psychometric tests measures the individual’s suitability for the role based on his
personality characteristics and aptitude. The test identifies the extent to which a
candidate’s personality and cognitive abilities match to the required role.

“The agency plans to send about 360 people for training in Japan in 2-3 years,” Hindustan
Times quoted a NHSRCL official.

India's first Mumbai-Ahmedabad bullet train project is expected to be constructed by


August 2022 with the help of Japan. The government plans to start construction for the
508-km long train corridor in January 2019. Once the bullet train project is operational, the
journey between the two cities will be completed in two hours, instead of eight-nine hours
at present.
Facebook braces for India's
Initially, the bullet trains will operate 35 trips each way between Mumbai and Ahmedabad
elections
and will carry around 700 passengers on each trip. The fares for the train is likely to be 20 yrs on, its time for
between Rs 250 and Rs 3,000 depending on the destination. NHRC plans to operate 24 IndiaMART to deliver
train sets with 10 coaches each.
The good news on jobs no one's
talking about
Each train will have 55 business class seats and 695 seats for standard class. There will
GO TO ET PRIME →
be facilities for sick persons, separate washrooms for men and women and toilets with
extra space for wheelchair-bound passengers. Passengers will also get a dedicated room
for child feeding.

Japanese International Cooperation Agency is providing a soft loan of Rs 88,000 crore for
the project for a period of 50 years at a nominal annual interest rate of 0.1 per cent. Japan
has given a moratorium of 15 years to the railways, which means the railways will start
paying only after 15 years from the date the loan was released. According to estimates,
the ambitious project will cost around $17 billion.

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