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ManPasand is only Promoters pasand as board meet turns into war zone

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New Delhi, Sep 16 : In what can only be described as the theatre of the absurd colliding with the world of surreal, developments at the embattled ManPasand Beverages over the last few days have left shareholders and people at large gaping. One needs to hear more from the regulators though! The level of jogger pokery at a new level.

Curiously on September 9, Batliboi and Purohit recently appointed statutory auditors of the company wrote to the Audit Committee and Board of Directors of ManPasand informing them that their audit team was not allowed to enter the Vadodara factory for conducting the statutory audit.

Security informed the audit team that they had no permission to enter the factory premises. This comes against the backdrop of Batliboi and Purohit being appointed as the auditor by ManPasand replacing Mehra Goel & Co who resigned.

Prior to this in May, 2018 Deloitte Haskins and Sells had also resigned on the eve of the comany’s earnings report day. The company has been going through a cycle of pain with the MD and CFO being arrested in the past for GST violations and evasion.

The Vadodara incident comes immediately after another fiasco. On September 6, Independent Director Bipin Rathod intimated the two exchanges that a board meeting had been scheduled in Mumbai at 1.30 p.m., which at the request of an independent director was rescheduled for 2.15 p.m.

The meeting convened at 2.13 p.m., and was attended by all board members barring Abhishek Singh, a whole time director.

The board was informed by the newly appointed statutory auditor Batliboi & Purohit that they have discovered innumerable discrepancies in the books of account in the main under sales and purchase, GST returns, subsequent reversal of sales by the suppliers, capital advances, sundry debtors and sundry creditors, operating expenses and non availability of bank statements and other relevant documents and data for conducting the statutory audit.

The auditors have expressed their suspicion on the said transactions to be fraudulent in nature, accordingly to ascertain the true and fair statement of the affairs of the company, the board has decided to appoint an independent forensic auditor for carrying out the same over the last three financial years.

Financial Solutions who had sanctioned loan of Rs 100 crore to the company has also informed the board that an independent study conducted by them has reiterated the above findings.

At this juncture, CMD Dhirendra Singh refused to continue as part of the proceedings further. This is when the rest of the board decided to take a break to reconvene at 5.30 p.m.

The new meeting continued to see Dhirendra Singh missing; Abhishek Singh Bharati Naik, Shailika Soni newly appointed Company Secretary also refused to be part of the meeting.

All this now openly contravening Companies Act and Sebi regulations.

Meeting concluded at 6.02 p.m. after the board was informed that a lender Finquest Financial Solutions had entered into a call option agreement dated 19.7.2019 with promoter Dhirendra Singh and ManPasand.

Dhirendra Singh had agreed in the agreement to irrevocably grant a call option on the call option shares 2,53,65,000 shares equivalent to 22.16 per cent of the paid up capital to sell the same in favour of Finquest Financial Solutions.

Complicating the issue and clearly showing that the board is a house divided with heated arguments taking place, Dhirendra Singh on September 12, intimated the exchanges that — we wish to clarify and affirm that the promoter does not have any intention to sell the stake held by them.

At the time of writing, the share price was at Rs 12.15.

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Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Apple patents new MacBook Touch Bar with Force Touch technology

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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San Francisco: Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.

A new patent published by the US Patent And Trademark Office, suggests Force Touch could have an expanded role in the future on the Mac, with the development of a new pressure-sensitive Touch Bar, reports MacRumors.

The patent offers visual examples of how force-sensing technology would be implemented in a MacBook Touch Bar, with Force Touch circuitry surrounding the touch-sensitive OLED strip.

“The secondary display and force-sensing circuitry may be encapsulated between two glass layers that are bonded to one another by a frit. In some embodiments, the force-sensing circuitry is formed from or constitutes part of, the frit,” reads the abstract of the patent application

Force Touch sensors were introduced for the first time with the first-generation Apple Watch and they allow the screen to identify the touch pressure in order to perform different actions based on touch intensity.

This technology was then introduced to the MacBook trackpad in 2015.

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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Black Friday in-store shopping drops amid pandemic

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

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New York: Christina, a 74-year-old woman, only spent about five minutes buying a toaster oven at Macy’s flagship store in New York city on Black Friday morning.

“It was quick, it was a short line. It is not very busy now,” the shopper, who did not give her surname, told Xinhua.

There were a few dozen in-store shoppers at Macy’s flagship store, Saks Fifth Avenue and other retailers’ stores in New York City on Black Friday, a sharp contrast to the crowded scenes in the same time any other year.

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

“This year is scary. You want to get out of the store quicker to protect yourself even though we have masks. We have to prevent socializing and gathering with large crowds. We have to keep a distance,” the 74-year old shopper said.

In the meantime, U.S. consumers’ online spending made a new record high of $5.1 billion on Thanksgiving Day with a year-on-year growth of 21.5 per cent, according to the data issued by Adobe Analytics.

As of Thursday afternoon, coronavirus deaths have added up to 24,241 and confirmed cases to 302,522 in New York City, according to The City, a project that tracks the spread of confirmed COVID-19 infections and fatalities in New York City.

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