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Properties of two firms attached for duping people

Bengaluru: DH News Service May 17 2017, 1:25 IST

Law Minister T B Jayachandra. File photo

Law Minister T B Jayachandra. File photo

The state government has issued orders for attaching properties of AgriGold and Maithri Plantation and Horticulture companies for duping people by promising high interest rates on deposits, Law Minister T B Jayachandra said on Tuesday. Speaking to reporters after holding a meeting with Law Department officials, Jayachandra said Revenue Department officials will be told that the properties be attached within 15 days.

He said the two companies operated especially in rural areas three years ago luring gullible people with high rate of interest on deposits. According to official sources, they had collected around Rs 500 crore especially in Tumakuru, Raichur and Kolar districts. Following several complaints against the companies, the case was handed over to the CID.

The companies also operated in Kerala and Andhra Pradesh. The government intends to return the deposits to the people by attaching the properties he said. Letters have been written to chief secretaries of Telangana, Andhra Pradesh and Kerala in this regard, he added.

Jayachandra said the companies had utilised the most of the deposits collected from Karnataka to purchase land in Kerala. The managing directors of the companies are absconding. He added that the Centre should bring in a law to curb financial frauds by such companies. Jayachandra, who also holds the Minor Irrigation portfolio, said Rs 100 crore has been earmarked for rejuvenation of five lakes in every Assembly constituency across Karnataka.

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GST provision may lead to closure of branches & formation of shell firms

The introduction of the goods and services tax (GST) in July will pose a challenge for the enforcement authorities due to a provision in the GST law that mandates companies transferring goods to a branch outside the state to pay the interstate goods and services tax (IGST). However, if the same company sells goods to customers on approval basis outside the state, it gets six months to pay the IGST.

Surendra Mehta, secretary, Indian Bullion and Jewellers Association (IBJA), said: “This provision will lead to branches closing down, and start shell companies at branch locations to defer the payment.”

Customers in India and their advisors look for ways to find loopholes to reduce, delay, or avoid tax payments. Jewellery, textiles, and other industries in which the tax burden is likely to be higher than the ones prevailing now, or those in the chain not paying tax currently will come in the tax net once the GST comes into force. In all these industries unorganised trade and the grey market had always operated.

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Many jewellers are growing beyond state boundaries and opening shops across the country while in textiles the grey market is huge and there is no excise on fabric now. The provision of tax on transferring goods to branches outside the state and sale outside state in approval bases could cause compliance issues.

Rahul Mehta, chairman, Indian Clothing Manufacturers Association, said: “The Indian evil genius usually succeeds over government policies and regulations. Under the GST, a single trail found in a chain will be noticed and hence it will not be easy to skip tax sleuths eyes.”

Asher O, managing director (Indian Operations), Malabar Group said, “For companies doing business on a pan-Indian basis, under the model GST law, the matter of concern would be the valuation of stocks being transferred and the availing of input tax credit. The taxability of stock transfers under
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Pomerantz Law Firm Announces the Filing of a Class Action against Dick’s Sporting Goods, Inc. and Certain Officers – DKS

NEW YORK, May 16, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Dick’s Sporting Goods, Inc. (“Dick’s” or the “Company”) (NYSE:DKS) and certain of its officers.   The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-03680, is on behalf of a class consisting of investors who purchased or otherwise acquired Dick’s securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Dick’s securities between March 7, 2017 and May 15, 2017, both dates inclusive, you have until July 17, 2017 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Dick’s Sporting Goods, Inc. is a sporting goods retailer that offers a broad selection of brand name sporting goods equipment, apparel, and footwear.  The Company owns and operates Golf Galaxy, Inc., Field & Stream and other specialty chain stores. 

Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) Dick’s had overstated its adjusted EBITDA amounts; (ii) accordingly, the Company lacked effective internal controls; and (iii) as a result of the foregoing, Dick’s public statements were materially false and misleading at all relevant times.  

On May 12, 2017, Dick’s issued a Current Report filed on Form 8-K/A with the Securities and Exchange Commission, reporting that a “computation error resulted in a $23.4 million overstatement of Adjusted EBITDA amounts for both the 13 weeks and 52 weeks ended January 28, 2017”.  

On this news, Dick’s share price fell $2.62 or 5.22%, over the following two trading days, to close at $47.57 on May 15, 2017.

On May 16, 2017, Dick’s announced that sales at its existing stores in the first quarter of 2016 had fallen short of forecasts and advised investors that the Company planned to scale back new store openings in 2018 and 2019. 

On this news, Dick’s share price fell as much as $6.82, or 14.34%, during intraday trading on May 16, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of United Technologies Corporation – UTX

NEW YORK, May 16, 2017 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of United Technologies Corporation (“United Technologies” or the “Company”)

UTX, +0.40%

  Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether United Technologies and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here to join a class action]

On July 21, 2015, United Technologies cut its 2015 earnings guidance, citing weak performance by the Company’s UTC Aerospace Systems (“UTAS”) and Otis Elevator Co. (“Otis”) units.  On a related earnings conference call, the Company’s officers advised investors that, in their view, the assumptions relating to UTAS and Otis that had formed the basis of the earnings guidance were “way too aggressive” and that United Technologies did not “dig deep enough” when setting the guidance. 

On this news, United Technologies’ share price fell $7.77, or 7.03%, to close at $102.71 on July 21, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:

Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-united-technologies-corporation—utx-300458605.html

SOURCE Pomerantz LLP

Copyright (C) 2017 PR Newswire. All rights reserved

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Pomerantz Law Firm Investigates Claims On Behalf of Investors of Dick’s Sporting Goods, Inc. – DKS

NEW YORK, NY / ACCESSWIRE / May 16, 2017 / Pomerantz LLP is investigating claims on behalf of investors of Dick’s Sporting Goods, Inc. (“Dick’s” or the “Company”) (NYSE: DKS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.

The investigation concerns whether Dicks and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On May 12, 2017, Dick’s reported that a “computation error resulted in a $23.4 million overstatement of Adjusted EBITDA amounts for both the 13 weeks and 52 weeks ended January 28, 2017.”

On this news, Dick’s’ share price fell $2.13, or 4.24%, to close at $48.06 on May 12, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP


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Wakefield Quin and HCS Law merge

Published May 15, 2017 at 6:45 pm
(Updated May 15, 2017 at 11:45 pm)

  • Law firms combine: Wendell Hollis will be a senior consultant to Wakefield Quin Ltd following an agreed merger with HCS Law Ltd

    Law firms combine: Wendell Hollis will be a senior consultant to Wakefield Quin Ltd following an agreed merger with HCS Law Ltd

Law firms Wakefield Quin Ltd and HCS Law Ltd have agreed to merge and continue in the name of Wakefield Quin Ltd.

HCS Law is a boutique Bermuda law firm located on Pitts Bay Road. The merger includes Hollis Corporate Services Ltd, a corporate administration company administering the corporate affairs of many of Bermudas leading businesses as well as a select group of international companies based in Bermuda.

Wendell Hollis, the principal of HCS Law, has practiced law in Bermuda for over 40 years and founded and managed some of Bermudas leading law firms.

In addition, he has had significant government and public service experience having served as a senator and chairman of many of Governments advisory boards.

He chaired the Government appointed Task Force on Gaming, the Defence Board, the Bermuda Regiment Promotions Board and the Permanent Arbitration Tribunal and is chairman of the Labour Laws Reform Committee.

HCS Law and Hollis Corporate Services act generally for the largest entrepreneurial business in Russia, Roust Trading Ltd. It is a Bermudian-based company with more than 100 subsidiary companies, principally in the vodka and spirits business, and is a major player in banking and insurance in Russia.

Mr Hollis sits as a director and vice-president of Roust Trading Ltd. He also acts for the Bermuda interests of a number of globally known individuals from both the entertainment and the global business community.

Wakefield Quin is one of Bermudas leading law firms. It is a full-service firm with a history of advising local and international clients in the areas of banking, corporate and commercial, real estate, restructuring and insolvency, trusts, private client and litigation.

Wakefield Quin, through its affiliates, provides a full range of fund and trust administration, corporate secretarial, accounting and management services.

Mr Hollis said the merger indicated that he was honoured for HCS Law Ltd to merge with Wakefield Quin, who distinguish themselves by the quality of their work and their approach to their clients.

He explained they are entrepreneurial and innovative, take the time to understand clients needs and understand the high service standards that their clients require.

We have been working together on a number of matters over the last six to seven years and I believe that the combination of the two firms will result in the advent of one of Bermudas most formidable law firms.

Most of my clients have been with me for more than 30 years and I feel very comfortable that I am placing them, by the merger, in even more capable hands.

I intend to continue to look after the needs and requirements of my clients in the capacity as senior consultant to Wakefield Quin.

Ian Stone of Wakefield Quin said: We are very pleased to be joining forces with Wendell and his group. They have a great business and are good people.

The HCS businesses will be a very positive addition to WQ and we are looking forward to working together with Wendell and his staff.

The agreement took effect on May 12.


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Kazerouni Law Group & Hyde & Swigart Bring Numerous Lawsuits Via Arbitration Against Credit One Financial, Credit One Bank for Allegedly Harassing Consumers with Robocalls

May 16, 2017 (PRWeb.com via COMTEX) — Kazerouni Law Group, APC & Hyde & Swigart Bring approximately 200 lawsuits via arbitration against Credit One Financial dba Credit One Bank for allegedly harassing consumers with robocalls. Mighaccio, Dawn vs. Credit One Financial dba Credit One Bank – REF# 1220054586 JAMS Mediation, Arbitration, ADR Services.

Attorneys with Kazerouni Law Group, APC & Hyde & Swigart recently filed approximately 200 separate arbitrations Credit One Financial dba Credit One Bank (“Credit One”), for allegedly harassing consumers with thousands of automated telephone calls.

In the complaints filed in arbitration on behalf of approximately 200 Credit One customers in California, Washington, Colorado, Texas, Illinois, Florida, Minnesota, and Michigan, Kazerouni Law Group, APC & Hyde & Swigart allege that for years, the bank intentionally robocalled its consumers. Federal law prohibits businesses from autodialing customers without their consent. Violators of this law must pay the call recipients statutory damages. The plaintiffs also alleged state law claims premised upon Credit One’s systematic pattern of harassment.

Kazerouni Law Group, APC & Hyde & Swigart are both California based consumer protection law firms with offices in California, Washington, Arizona, Nevada, Colorado, Texas, Minnesota, and Michigan.

Contact Information: For interviews or inquiries, contact Abbas Kazerounian, Esq. at (800)400-6808 Ext 2 or at ak(at)kazlg(dot)com

Read the full story at http://www.prweb.com/releases/2017/05/prweb14329933.htm

 
PRWeb.com 

PRWEB.COM Newswire

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Global firms to China: Put new cyber rules on hold

Ransomware 'WannaCry' attack explained

Ransomware ‘WannaCry’ attack explained

Chinese President Xi Jinping has been talking up his country’s free trade credentials this week, but some of the world’s biggest business groups warn that Beijing is about to put up new barriers.

Dozens of industry organizations, including the U.S. Chamber of Commerce, have sent a letter to the Chinese government over a new cybersecurity law that’s due to take effect next month, calling for it to be delayed.

One of the biggest concerns about the new rules is China’s plan to conduct security reviews of technology products, which the letter describes as “trade-inhibiting.”

It also argues that the requirements on issues ranging from data disclosure to encryption could give Chinese companies an unfair advantage over their rivals from overseas. Foreign businesses operating in China usually need to transfer information outside the country, but the new law states that sensitive data must now be stored domestically, a move critics say will hinder trade and innovation.

Related: China’s ‘draconian’ new cybersecurity law slammed by rights groups and businesses

The industry groups, which also include the Japan Chamber of Commerce and Industry and BusinessEurope, told the Chinese government they fear the measures will “erect trade barriers along national boundaries that effectively bar participation in your market.”

“Our organizations remain concerned that China’s current approach is leading to greater separation rather than integration among our economies,” the letter said.

china web browser security

According to Chinese authorities, the law is intended to better protect personal information and ensure it is only collected when individuals agree to it — and also to improve national security.

Those who violate the law can have their business activities suspended and their licenses revoked. They can also be fined up to 1 million yuan ($145,000) or even detained for up to 15 days.

Related: China fortifies Great Firewall with crackdown on VPNs

The letter from the trade groups, which was dated Monday, came amid a huge cyberattack that hit hundreds of thousands of computers around the world, including many in China. Based on software from a trove of spy tools that were either leaked or stolen from the U.S. National Security Agency, the virus took advantage of a vulnerability in Microsoft Windows to try to seize control of data.

Hua Chunying, a spokeswoman for the Chinese Foreign Ministry, said Tuesday that the attack highlighted the importance of cybersecurity.

Some experts say that much of the Chinese law mirrors data privacy measures that other countries have already put in place. However, questions remain over the process businesses will need to follow to comply with the new rules.

— Steven Jiang contributed to this report.

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