Thursday, October 02, 2008

CPM = Communist Party with Mutual Fund..

An article by CPM General Secretary Prakash Karat last week came down heavily on the new pension scheme of the Government saying it would siphon off thousands of crores earned by employees to the speculative stockmarket with no assured returns. The argument: the stockmarket, capitalism’s seamy showcase, has to be avoided. But not when it comes to the CPM’s own cash reserve.

Income tax returns filed by the party from 2002 to 2006 show it has earned a substantial amount from interest and dividends: Rs 1.88 crore (2002), Rs 1.17 crore (2003), Rs 2.10 crore (2004), Rs 2.15 crore (2005) and Rs 1.92 crore (2006).

senior Politburo member M K Pandhe says

“We have invested in mutual funds because we get better returns than banks.As long as we are working in a capitalist system, we will have to be part of the system,”
In the portfolio, PSUs are not exactly at the top. As of July 31, 2008, the fund’s portfolio included Reliance Industries, Glaxosmithkline, Reliance Communications, Tata Tea, TCS, Infosys and Shoppers Stop.


Monday, September 29, 2008

"Total Doom" Sabarinath

Mallus have fallen prey to yet another fraud, this time its Sabarinath a Class 12 dropout.

Sabarinath fell out with his parents when they refused to give him money to start his business. He began as a financial consultant with a life insurance company and 18 months ago launched his firm Total4U. He used to offer Rs160,000 on an investment of Rs100,000 for three months. Last month, he closed down his share broking cum financial institution after cheating about 3,000 investors for about Rs 500 Crores.

As usual since the CPM-led LDF government came to power in the state, Police officials are having a tough time conducting independent inquiry. As till date, in most of the controversial cases, the name of Home Minister Kodiyeri Balakrishnan’s son and former SFI activist Bineesh Kodiyeri pop up at one point or another. Latest being this one. In this case, the mystery surrounding the business empire of Sabarinath deepens further with allegations that sons of two CPM ministers ( the son of Kodiyeri Balakrishnan, Binish and son of P.K Sreemathi, Sudhir Nambyar), supported his business dealings. Though, both police and politicians vehemently denied the allegations at one go, there were some mismatch in the police version about one of the cars the investigation team had seized from Sabarinath.

Now it has turned out that Bineesh Kodiyeri was the first owner of the Maruthi Swift car, which mysteriously disappeared from the resort of Sabarinath. Though the local police could not find out the car during their preliminary investigation, it was later taken into custody by the police from Attingal. However, in no time, the car vanished from the police custody and there was no clue or reference about the car when the case was handed over to Crime Branch for detailed investigation.

According to police, Bineesh Kodiyeri sold the vehicle to a person named Abdul Karim in Thiruvananthapuram. Sabarinath brought the vehicle from Abdul Karim. However, it is not clear why there was a concentrated effort to keep the vehicle off from the police custody?

The investigating team also nabbed Airport Shyam a local CPM leader and who is accused of holding Sabarinath hostage when the later failed to repay his money.