As received………………
DEAR FRIEND………………..
BEWARE..!!!!!!!!!!!!!
PL SEE SUNDAY MALAYALA MANORAMA PAGE 5 (BOTTOM RIGHT SIDE - (TRIVANDRUM EDITION) FOR A NOTIFICATION FOR PUBLIC INTEREST ON MANAPPURAM FINANCE LTD FORBIDDING ACCEPTING DEPOSITS BY MR M C JADHAV, BY DY GM , RESERVE BANK OF INDIA (RBI)
NB: Attached is the Comment from RBI - Published in Manorama - Page 5.
THE RBI ALLEGES THAT THE COMPANY IS NOT ALLOWED TO ACCEPT ANY DEPOSIT FROM 22ND MARCH 2011 AND MORE OVER, THE EXECUTIVE CHAIRMAN MR P V NANDAKUMAR IS ACCEPTING AND RENEWING DEPOSITS IN THE NAME OF MANAPPURAM AGRO FARM (MANGRO) WHICH IS AGAINST THE RBI NOTIFICATION AND IS ILLEGAL….THIS WILL AFFECT THE CREDIBILITY OF MANAPPURAM AND WE CAN SEE THE FATE AS IN THE CASE OF "S K S MICRO FINANCE" WHICH IS QUOTING RS 86 NOW (FROM THE HIGH OF RS 1,200 SOME TIME BACK)…
THIS WILL AFFECT THE REPUTATION OF OTHER NON BANKING FINANCE COMPANIES WHICH HAS MULTIPLE OUTFITS SUCH AS MUTHOOT ETC….
SO BEWARE……….
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