Post Reply
1101-1120 of 1138
forever drama
hschsc ( Date: 08-Jun-2022 07:38) Posted:
|
Money! Money! Money! Issue rights again. No money lay.
shk363 ( Date: 08-Jun-2022 00:05) Posted:
|
Short x 3
later open at 0.05 going 0.01
their merchant road HQ sold already?
I guess time will tell.
So many legal suits. Malaysia, India & Singapore. What's wrong?
expect monday to sell down to 50
Few good man and few good stocks in SGX..
Confidence have plummeted..
Dyodd
Confidence have plummeted..
Dyodd
Raffles Education board says allegations against it in India are ' without legal merit'
Raffles Education Corporation (REC) on Thursday (June 2) said it has learnt that summonses have been issued by an Indian magistrate against the company, certain current and former directors, employees and a consultant.
The advice from its legal counsel in India is that the allegations are " without basis and without merit" .
The latest update relates to a case, first announced in October last year, registered with the Economic Offences Wing (EOW) of the Delhi Police.
REC had previously announced that a closure report had been filed. But in its Thursday filing, REC said the case had been reopened following allegations made by a company associated with Mr Shantanu Prakash, the founder of Educomp Solutions and a former business partner of REC.
Following completion of further investigations, EOW has filed a charge sheet with a district court in Delhi alleging, among other things, theft, forgery and extortion against Mr Prakash and his associates.
The court magistrate has ordered summonses to be issued against the company and its chairman Chew Hua Seng, directors Lim How Teck and He Jun, and former directors Gan Hui Tin and Teo Cheng Lok.
Summonses were also issued against current employees: Mr Chew' s wife Doris Chew, his son Chew Han Wei, legal director John Tham and Mr Saurabh Sharma - a consultant to one of REC' s wholly owned subsidiaries in India.
The company and the accused persons have yet to receive service of any such summonses, REC said.
In its filing, the group said it intends to " rigorously defend its position" . There is also a " good chance" of having the case quashed, according to its legal counsel in India.
The group' s India legal counsel holds the view that the accused persons who are directors or key management were named in the charge sheet only by virtue of their designations in the company at the relevant time.
For the accused persons who are employees but not directors or top management, the Indian counsel believes they, too, could successfully maintain a challenge to the summons as the allegations against them are similarly without basis and without merit.
The summoning order and resulting proceedings against the company and other accused persons can be argued to be an " abuse of the process of law" , REC said.
REC, Educomp and Mr Prakash have had a long-running dispute.
An arbitration tribunal in India had passed an arbitration award against Educomp and awarded REC damages of around 163.2 million rupees (S$2.9 million) - a decision that REC said Educomp has to date failed to comply with. The arbitration proceedings were regarding breaches over a share purchase agreement.
REC also reiterated points from an earlier announcement that Mr Prakash has several pending civil and criminal investigations in India against him.
Play at this counter before. Only play, don' t hold it. Not worth holding.
Lots of drama happening to raffles edu. borrowings + legal actions against them in india...
return to profitability student enrollment increase time to cheong
Raffles Education Corp reverses into black with $1.5 mil earnings in 3QFY2022
In the 9MFY2022, however, the company posted a 69% y-o-y decline in earnings to $10.3 million.
Raffles Education Corporation has reported earnings of $1.5 million in the 3QFY2022 ended March, reversing from the loss of $2.7 million it posted in the corresponding period the year before.
In the 9MFY2022, however, the company posted a 69% y-o-y decline in earnings to $10.3 million.
Earnings per share (EPS) for the 3QFY2022 stood at 0.11 cents, up from the loss per share of 0.19 cents in the same period the year before.
9MFY2022 EPS stood at 0.74 cents, down from the 2.40 cents in the 9MFY2021.
3QFY2022 revenue increased by 7% y-o-y to $26.7 million mainly due to revenue from the company&rsquo s colleges in China and Asean. Of the four reportable segments within the company, only the education and education real estate investment & development posted y-o-y increases.
Other operating income plunged by 92% y-o-y to $83,000 due to the absence of accrued interest income arising from deferment of receivables in relation to the disposal of the company&rsquo s stake in Langfang Development Zone Oriental University City Sino-Singapore Education Investment Co., Ltd.
According to Raffles Education, its management has been in negotiations with the buyer over this.
Share of results of joint ventures surged to around 25.7 times to $3.2 million, while share of results of associates fell into a loss of $174,000 from the $430,000 in the same period the year before.
As at end-March, cash and cash equivalents stood at $20.1 million.
No dividend was declared for the period.
india case can be very very long to close
moonsun ( Date: 21-Apr-2022 07:58) Posted:
|
Raffles Education clarifies media reports on charges filed over dispute in India
Mainboard-listed Raffles Education Corporation (REC) on Wednesday (April 20) sought to clarify media reports regarding a charge sheet filed against the company over its dispute in India.
In a bourse filing, REC noted that an article said the Delhi Police' s Economic Offences Wing (EOW) had filed a charge sheet against its directors and top management over its dispute with Educomp Group and Jai Radha Raman Education Society.
The article also reported alleged attempts by an REC unit to grab the education society' s land and buildings in India, as well as a supposed " criminal conspiracy" to defame Educomp Group through forged evidence and documents.
REC said " there is no basis for any of the allegations" referred to in the article, and that it has not received any summons or notice after the filing of a charge sheet as stated in the article.
It noted that the article itself had suggested that the concerned court has not taken cognisance of the charge sheet as of date.
Adding that the article was published without seeking comment from the company, REC said it was taking legal advice to respond to both the article and the allegations.
The article said the EOW has booked REC chairman Chew Hua Seng, his wife Doris Chung, his son Chew Han Wei, legal director John Tham, independent directors Lim How Teck and Gan Hui Tin, former independent director Teo Cheng Lok John, non-independent director Joseph He and the corporation' s India representative Saurabh Sharma.
REC said it " believes that the allegations in the article are a response to the pending disputes" it has against Educomp Solutions and its units.
It noted that an arbitration tribunal in India had passed an arbitration award against Educomp previously, and awarded REC damages of around 163.2 million rupees (S$3.1 million), of which Educomp has to date failed to comply with.
The arbitration proceedings were regarding breeches over a share purchase agreement.
Got big names directors la.. also kenna.. sigh..
Raffles Education Corporation on Wednesday (Apr 20) sought to clarify media reports regarding a charge sheet filed against the company over its dispute in India.
In a bourse filing, REC noted an article that said the Delhi Police's Economic Offences Wing (EOW) had filed a charge sheet against its directors and top management.
Business time
In a bourse filing, REC noted an article that said the Delhi Police's Economic Offences Wing (EOW) had filed a charge sheet against its directors and top management.
Business time
rumour again . can short to 50
CLARIFICATION OF MARKET RUMOURS
Raffles Education Corporation Limited (the ' Company' ) is aware of an article entitled ' EOW files
charges against Singapore firm' s management for trying to grab edu society' s land' (' Article' ) that
states, inter alia, that a charge sheet has been filed by the Delhi Police' s Economic Offences Wing
against certain Directors and top management of the Company (the ' Relevant Individuals' ), in
connection with certain offences alleged to have been committed in respect of the Educomp Group and
Jai Radha Raman Education Society (' JRRES' ).
The Company wishes to announce that the Company, and the Relevant Individuals have not received
any summons or notice after the filing of a charge sheet as stated in the Article. The Article itself
suggests that the concerned court has not taken cognizance of the charge sheet as of date. The
Company wishes to state that there is no basis for any of the allegations against the Company or the
Relevant Individuals as referred to in the Article. The Article was published without seeking any
comment from the Company. The Company is taking legal advice to respond to both the Article and the
allegations contained therein.
As highlighted in the Company' s announcement dated 29 October 2021, the Company is in dispute with
Educomp Solutions Ltd (" Educomp" ), its subsidiaries, and affiliates. The Company believes that the
allegations in the Article are a response to the pending disputes. The Company wishes to highlight that
arbitration proceedings were commenced against Educomp previously, where the arbitration tribunal
had passed a comprehensive arbitration award against Educomp, awarding the Company, in addition
to costs and other amounts, damages of 16.32 crores (about SGD 3.05 million) plus interest thereon at
5.33% from 19 August 2015 until payment. Educomp has to-date failed to comply with the arbitration
tribunal' s award.
Raffles Education Corporation Limited (the ' Company' ) is aware of an article entitled ' EOW files
charges against Singapore firm' s management for trying to grab edu society' s land' (' Article' ) that
states, inter alia, that a charge sheet has been filed by the Delhi Police' s Economic Offences Wing
against certain Directors and top management of the Company (the ' Relevant Individuals' ), in
connection with certain offences alleged to have been committed in respect of the Educomp Group and
Jai Radha Raman Education Society (' JRRES' ).
The Company wishes to announce that the Company, and the Relevant Individuals have not received
any summons or notice after the filing of a charge sheet as stated in the Article. The Article itself
suggests that the concerned court has not taken cognizance of the charge sheet as of date. The
Company wishes to state that there is no basis for any of the allegations against the Company or the
Relevant Individuals as referred to in the Article. The Article was published without seeking any
comment from the Company. The Company is taking legal advice to respond to both the Article and the
allegations contained therein.
As highlighted in the Company' s announcement dated 29 October 2021, the Company is in dispute with
Educomp Solutions Ltd (" Educomp" ), its subsidiaries, and affiliates. The Company believes that the
allegations in the Article are a response to the pending disputes. The Company wishes to highlight that
arbitration proceedings were commenced against Educomp previously, where the arbitration tribunal
had passed a comprehensive arbitration award against Educomp, awarding the Company, in addition
to costs and other amounts, damages of 16.32 crores (about SGD 3.05 million) plus interest thereon at
5.33% from 19 August 2015 until payment. Educomp has to-date failed to comply with the arbitration
tribunal' s award.