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HC refuses to quash FIR against former medical dean in Rs 550cr procurement scam
HC refuses to quash FIR against former medical dean in Rs 550cr procurement scam

Time of India

time23-07-2025

  • Politics
  • Time of India

HC refuses to quash FIR against former medical dean in Rs 550cr procurement scam

Ahmedabad: The Gujarat high court has refused to quash an FIR against Dr P D Vithalani, former dean of multiple govt medical colleges, who is facing allegations of administrative and financial irregularities in the procurement of medical equipment worth Rs 550 crore. Tired of too many ads? go ad free now The FIR was registered by Vadodara police following an order by a sessions court. The complaint was filed by Dr Amal Bhattacharya, an associate professor, who alleged that Vithalani abused his authority as dean by appointing and promoting ineligible doctors, shielding them when they were found engaged in private practice. He also accused Vithalani of misappropriating government funds through inflated bills and bogus transactions related to the procurement process. Additionally, Bhattacharya claimed that Vithalani had his office pay his electricity bills. The allegations were based on information obtained under the Right to Information (RTI) Act. After the police initially took no action, Bhattacharya approached a magisterial court. When the Judicial Magistrate First Class (JMFC) rejected his application, he filed a revision petition before a sessions court, which subsequently directed the registration of an FIR in 2013. Following this, Vithalani moved the HC seeking to quash the FIR and all related proceedings, arguing that the complaint was malicious and driven by personal vendetta. He contended that the appointments and promotions were carried out legally, and that the electricity bill in question had been recovered by the department following an objection. He also denied any wrongdoing in the procurement process. However, the high court considered the report submitted by the investigating officer, which indicated a prima facie misuse of authority in the appointments and promotions. Regarding the procurement allegations, the court observed, "Prima facie material collected in the investigation supports the allegation of a scam in the purchase of medical instruments as also the involvement of the petitioner." Justice J C Doshi concluded, "The FIR establishes a cognizable offence against the petitioner." He dismissed Vithalani's plea, calling it "frivolous, vexatious, and devoid of merit."

With market volatility, Gujarat investors shift from equity MF to gold
With market volatility, Gujarat investors shift from equity MF to gold

Time of India

time28-04-2025

  • Business
  • Time of India

With market volatility, Gujarat investors shift from equity MF to gold

Ahmedabad: Gujarat's famed equity investors, known for their bullish spirit, have been reining in their bets. In the January-March quarter of 2025, mutual fund (MF) assets under management (AUM) in the state shrank by a hefty Rs 35,685 crore, according to the latest data from the Association of Mutual Funds in India (AMFI). The total AUM fell from Rs 4.88 lakh crore in Jan to Rs 4.63 lakh crore by the end of March, with equity mutual funds bearing the brunt of the slide. However, market volatility isn't the only reason for the shrinking MF kitty. Investors are considering alternative asset classes, such as gold, to park their funds before markets went from bad to worse. According to Ahmedabad Air Cargo Complex (AACC), gold imports in the Jan-March quarter stood at 30.5 metric tonnes (MT) in Gujarat, an increase of 33.75% against the same period in 2024, when 22.84 MT of gold was imported. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad Moreover, in a telling shift, gold exchange-traded funds (ETFs) saw net inflows of Rs 146.98 crore during the quarter — a small but clear sign of investors seeking the comfort of a traditional safe haven amid the market squall. According to market experts, Gujarat investors still veer towards equity investments, and when it comes to gold, physical bullion is more popular than ETFs. Against this backdrop, the BSE Sensex dipped only 1.3% in the last quarter of 2024-25. Putting this in perspective, Jayesh Vithalani, a financial consultant, said, "March always witnesses heavy redemption, but this year, there were two key factors — shifting asset class to gold and tax planning. Given the geopolitical uncertainty, the rise in gold prices over the $3,300 level was anticipated, and many shrewd investors therefore also shifted their asset class to gold to keep their wealth growing. Investors also booked gains to manage their capital gains tax liabilities and even booked losses deliberately to offset earlier gains." Equity MF AUM alone fell from Rs 3.05 lakh crore to Rs 2.94 lakh crore over the last three months of FY25, as investors scrambled to book gains ahead of the financial year-end. Moreover, US tariff moves kept the Indian equity markets edgy, impacting fresh inflows and pushing some investors to cut their exposure too, said Vithalani. While systematic investment plan (SIP) inflows nationwide held up relatively well, Gujarat saw a visible dip in fresh investments. Liquid funds recorded an outflow of Rs 10,509 crore, while debt funds shrank by Rs 4,931 crore as risk aversion spread across segments. (GFX sent to designers) Head: MF kitty in Q4 of FY25 Month AUM (₹ lakh cr) Erosion (₹ cr) Jan 4.88 -11,266.58 Feb 4.76 -11,540.65 Mar 4.63 -12,887.86 Source: Association of Mutual Funds in India AUM: Asset Under Management

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