the rossiya bank ( bank rossiya , in russian : акционерный коммерческий банк россия , акб россия ) is a russian joint stock bank founded on june 27 , 1990 .

the company 's headquarters are in saint petersburg .

rossiya bank

gep was the 43rd largest bank by equity compared to rossiya’s rankings of 51st .
gazprom officials said they considered the swap ratio fair and explained that auditors estimated bank rossiya share split by calculating assets of the larger rossiya group and not just the bank .
bank rossiya until recently had links to gazprombank , as the asset management company that managed gazfond was partly owned by an insurance company , sogaz , owned by bank rossiya .
ofac has identified and added cjsc abr management to the sdn list for acting for or on behalf of bank rossiya ( previously placed on the sdn list in march 2014 ) . bank rossiya managers founded abr management to strategically manage the banking group’s assets . as the trustee under a trust agreement with certain bank rossiya shareholders , abr management has the power to exercise voting rights for a majority of bank rossiya shares , including rights to propose candidates for bank rossiya management positions .
further , additional “also known as” names have been added to the description for bank rossiya : a . k . a . ab rossiya , oao ; f . k . a . aktsionerny bank russian federation ; and a . k . a . otkrytoe aaktsionernoe obshchestvo aaktsionerny bank rossiya .
is the personal bank for senior officials of the russian federation . bank rossiya’s shareholders include members of putin’s inner circle associated with the ozero
and not only that , bank rossiya itself has profited massively at the expense of russian taxpayers .
not content merely to manage media assets , bank rossiya began buying up media companies of its own .
sandalwood was not alone in winning big . bank rossiya would do an even bigger deal – one that transformed it into a major russian bank .
, a housing community in which they live . bank rossiya is also controlled by kovalchuk , designated today .
a woman walks past the head office of bank rossiya in st . petersburg credit : reuters / alexander demianchuk
is designated for acting for or on behalf of , directly or indirectly , and materially assisting , sponsoring , or providing , financial , material , or technological support for , or goods or services to or in support of , bank rossiya . bank rossiya managers founded abr management to strategically manage the banking group’s assets . as the trustee under a trust agreement with certain bank rossiya shareholders , abr management has the power to exercise voting rights for a majority of bank rossiya shares , including rights to propose candidates for bank rossiya management positions .
he also owns 3 . 2 % of bank rossiya . the st petersburg private bank has been described as putin’s “crony bank” . the us imposed sanctions on it after russia’s 2014 invasion of ukraine .
meanwhile , bank rossiya benefited from the merger . by the end of 2010 , bank rossiya’s assets had more than doubled to us $ 8 billion and its equity had increased to us $ 660 million , while the deposits by corporate clients doubled as well . bank rossiya had become an important financial player in the russian gas industry .
arkady rotenberg , boris rotenberg , yuri kovalchuk and bank rossiya . in addition to being designated for providing material support to russian government officials , bank rossiya is also being designated for being controlled by designated inner circle member kovalchuk .
sandalwood , meanwhile , made a fortune on bank rossiya’s shares by simply buying and reselling them in two days . shareholders of bank rossiya , connected to putin since the 1990s , were also lucky by acquiring the valuable assets of a former gazprom bank without paying any cash .
in march of 2010 , the board of directors of gep approved a merger with bank rossiya . the deal allowed bank rossiya to take over gep in exchange for newly issued shares of bank rossiya . no cash was included in the deal . but the deal turned out to be a very poor deal for taxpayers because the shares of bank rossiya , which are not openly traded , tended to change value in such a way that benefitted the private bank and its shareholders at the expense of the state .
cjsc abr management ( “abr management” ) is designated for acting for or on behalf of , directly or indirectly , and materially assisting , sponsoring , or providing , financial , material , or technological support for , or goods or services to or in support of , bank rossiya . bank rossiya managers founded abr management to strategically manage the banking group’s assets . as the trustee under a trust agreement with certain bank rossiya shareholders , abr management has the power to exercise voting rights for a majority of bank rossiya shares , including rights to propose candidates for bank rossiya management positions .
the st petersburg communist party founded rossiya bank in 1990 . when the communist party was outlawed a year later , rossiya bank — with about $ 70 million of communist party funds — was taken over by associates of putin . in the early 1990’s , the tambov organized crime group controlled as much as 20 % of rossiya bank shares . bank rossiya , in turn , held shares in ptk , the gas distributor run by the tambov gang , which had an exclusive contract to supply the city . directors of kinex — the st petersburg refinery which supplied the oil in the oil - for - food barter — owned 7 % of rossiya bank shares . friends and associates of putin continue to own significant stakes in rossiya bank . sergei roldugin , a celebrated cellist and boyhood friend of putin , currently is a major shareholder . the panama papers recently implicated roldugin in money laundering . rossiya bank is referred to colloquially as putin’s bank . the us specifically sanctioned rossiya bank in 2014 in response to the russian invasion of crimea . in response to sanctions , rossiya bank received a huge influx of government business .
by plugging into the domestic electricity market , bank rossiya is putting itself beyond the reach of u . s . sanctions . u . s . officials said in march that bank rossiya would be
frozen out of the dollar .
“putin said , ‘bank rossiya , that’s it , ’ ” mr . milov later told the russian edition of forbes .
yuri kovalchuk is bank rossiya ' s billionaire chairman as well as its largest shareholder . photograph : alexander zemlianichenko / ap
these assets are only part of a series of linked financial schemes revealed in the documents that revolve round bank rossiya .
a woman passes by the headquarters of russia ' s rossiya bank in st . petersburg , april 4 , 2016 .
the target the office in st . petersburg , russia , of bank rossiya , a primary focus of united states sanctions .
a year later , a bank rossiya subsidiary bought a controlling stake in ren tv , today the country’s eighth - largest broadcaster .
yury kovalchuk and putin turned their attention to bank rossiya in 1991 , when its largest shareholder was still the leningrad communist party .
roldugin’s friendship with putin likely landed him in the exclusive club of bank rossiya shareholders . in 2010 , a russian news service disclosed roldugin owned more than 3 percent of the bank .
market council , the organization that regulates the electricity market , confirmed the appointment of bank rossiya on monday . the bank was given the right to service payments because it proposed the most advantageous conditions for its payment services , a representative of the regulator said , adding that alfa bank will continue to service payments while bank rossiya builds up the technological wherewithal to take over .
on the eve of the merger , in june 2010 , gep was a larger bank both in terms of assets and equity than bank rossiya according to the interfax rating of russian banks .
president vladimir v . putin has moved to prop up bank rossiya , owned by close friends , in the face of western sanctions .
the mossack fonseca files show that the communal principles that defined ozero continued with bank rossiya and its participants more than a decade later .
dmitry lebedev , 43 , has more than 20 years of banking experience in russia . mr . lebedev has served as chairman of the management board of bank rossiya , a large russian national corporate bank , since 2006 , and joined bank rossiya in 2004 as advisor to the chairman of the board of directors . bank rossiya has an indirect interest in telcrest investments limited ( telcrest ) , which holds a 25 . 2 % stake in ctc media . mr . lebedev also serves on the board of directors of several affiliates of bank rossiya , including sogaz , the second largest insurance company in russia .
newly listed was cjsc abr management , an asset management firm closely linked to already - sanctioned rossiya bank , often called the personal bank of president vladimir putin and members of his closest circle .
one of bank rossiya’s holdings owns 25 percent stake in channel 1 , a state - controlled tv network with the largest audience in russia .
lawyers for kovalchuk said information about bank rossiya was publicly available . “we do not understand why you address these questions to mr kovalchuk . ”
kovalchuk is part of a dacha cooperative with other members of this upmarket lakeside community , with several other members also major shareholders in bank rossiya .
the panama papers detail how a few suspicious deals involving bank rossiya’s shares helped a company linked to roldugin make a fortune in just two days .
bank rossiya considers the report an attack by both russian and foreign media and does not accept its authenticity , the vedomosti business newspaper reported tuesday .
mr . timchenko , the oil trader , entered the bank rossiya circle as an investor ; according to the bank , his stake is owned by a company he controls . mr . warnig , the german banker , would later join bank rossiya’s board . ( when mr . putin’s wife was badly injured in a car accident , mr . warnig’s bank arranged to pay for her medical care in germany . )
according to us treasury officials bank rossiya
is the personal bank for senior officials in the russian federation
and kovalchuk
is also the personal banker for senior officials . . . including putin
.
bank rossiya ( f . k . a . aktsionerny bank russian federation ) , 2 liter a pl . rastrelli , saint petersburg 191124 , russia ; swift / bic rosy ru 2p ; website www . urltoken ; email address bank @ urltoken [ ukraine2 ] .
otkritie bank is a universal bank with diversified business structure and recognized by the cbr as a systemically important financial institution .
correction : an earlier version of this article incorrectly said that visa and mastercard resumed payment services for bank rossiya after blocking the bank on march 21 . in fact , visa and mastercard did not resume services .
although gep’s contribution to the combined bank was more than half the equity and assets according to their financial statements , gep shareholders only got a bit more than 16 percent in the newly joined bank , according to bank rossiya’s 2010 international financial reporting standards ( ifrs ) report .
the reconstituted bank rossiya quickly became a favored city institution . at the mayor’s instruction , according to news reports , the city opened several large accounts there , fattening the bank’s coffers and setting it on its way .
novaya gazeta sought comment on this series of transactions from kovalchuk , bank rossiya’s largest shareholder , and alexei miller , the head of gazprom . neither responded .
after medvedev replaced putin as president , lesin left the government and joined the nation’s biggest private media group , gazprom - media , which bank rossiya managed .
as for bank rossiya , he went on : “as far as i recall , this is a medium - sized bank . personally , i did not have an account there , but i will definitely open one on monday . ” he later directed the presidential administration to begin depositing his official salary — roughly $ 7 , 500 a month — into a bank rossiya account .
bank rossiya ( f . k . a . aktsionerny bank russian federation ) , 2 liter a pl . rastrelli , saint petersburg 191124 , russia ; swift / bic rosy ru 2p ; website www . urltoken ; email address bank @ urltoken [ ukraine - eo13661 ] . - to - bank rossiya ( a . k . a . ab rossiya , oao ; f . k . a . aktsionerny bank russian federation ; a . k . a . otkrytoe aktsionernoe obshchestvo aktsionerny bank rossiya ) , 2 liter a pl . rastrelli , saint petersburg 191124 , russia ; swift / bic rosy ru 2p ; website www . urltoken ; email address bank @ urltoken ; registration id 1027800000084 ( russia ) ; tax id no . 7831000122 ( russia ) ; government gazette number 09804148 ( russia ) [ ukraine - eo13661 ] .
bank rossiya has confirmed the frozen accounts to rt . it has become hardest hit russian organization after it fell under us sanctions after crimea became part of russia . the frozen accounts of bank rossiya in the united states include $ 572 million which is about 10 percent of its 2013 assets , at today’s exchange rate .
in 2010 , about one month after sandalwood sold the shares to horwich , bank rossiya took over gazenergoprombank ( gep ) , owned by gazprom , a state company , through its subsidiaries . shareholders of bank rossiya ended up paying nothing for a bank which filled their coffers with billions of dollars and more than doubled their assets from us $ 3 billion to more than us $ 8 billion .
mikhail lesin was intimately involved in the efforts of putin and bank rossiya to control russian media . as putin’s first media minister , he oversaw the regime’s propaganda push . lesin’s government tenure paralleled the growth of the bank’s media empire .
bank rossiya , the russian bank best known for its close ties to top kremlin figures , is to be
frozen out of the dollar
, according to us officials , as part of the new wave of sanctions from washington .
such layers of secrecy surrounded the offshore deals that bank rossiya staff in st petersburg sent all their instructions to a confidential intermediary – a firm of swiss lawyers in zurich .
the bank has been well known for its substantial dealings with russian gas group gazprom . banking analysts at fitch ratings have noted in the past that bank rossiya relied heavily on a tiny handful of customers for about 60 % of its funding , some of whom also act as customers and shareholders of the bank .
bank rossiya shares were priced at the time of the merger at us $ 1 , 100making the share of gazprom gazoraspredelenie worth at least about us $ 330 million in 2010 .
gazprom - media was only part of the media conglomerate that bank rossiya built . its sprawl has earned the bank’s chairman , yury kovalchuk , the nickname the russian rupert murdoch . in 2005 , bank rossiya bought a stake in a small television network , which putin then designated as a national broadcaster , greatly expanding its reach and profit . it also took over ren - tv , muting critical voices and investigations of the government .
either way , bank rossiya’s holdings would increase tenfold during mr . putin’s second term . critical to this remarkable growth was the bank’s ability to snap up assets , at knockdown prices , that had previously belonged to the state - owned energy company gazprom .
. while bank rossiya publicly owned 16 percent of video international , a roldugin offshore company created by the bank secretly held an additional 12 . 5 percent stake , the files show . according to its 2014 bank account forms , the company , international media overseas , had annual income of about $ 10 million from its holdings .
the modifications satisfied mossack fonseca . the panamanians also took comfort from the fact that a swiss law firm , dietrich baumgartner & partners , helped process paperwork for the bank rossiya network .
the data implicates 12 current or former heads of state . the panama papers also detailed a trail of transactions that leads from bank rossiya — a russian bank on the eu and u . s . sanctions list — to various countries including switzerland and panama .
one of these loyalists is bank rossiya’s chairman and largest shareholder , yuri v . kovalchuk , a physicist by training , sometimes called the rupert murdoch of russia for his role as architect of the bank’s media interests . other bank rossiya shareholders include several of the country’s wealthiest men , the son of mr . putin’s cousin and even an old st . petersburg friend of his , a cellist who was formerly first chair at the fabled mariinsky theater .
to grasp how bank rossiya’s holdings extend around the globe — and how island tax havens and other tools of global finance may serve to obscure their true breadth — one place to visit is 13a karpathou street in nicosia . this is the registered address of med media network limited , a company listed in a corporate flow chart connecting bank rossiya to a company called video international .
bank rossiya featured prominently in earlier occrp stories that showed roldugin used offshores to conduct a series of highly suspicious transactions , many of which made no financial sense but left roldugin much wealthier .
he is the second largest shareholder in bank rossiya ( with about 10 % ) . like mr kovalchuk , he is a long - time acquaintance of mr putin , the eu says .
a day after the bank appeared on the u . s . ' s sanctions list , visa and mastercard abruptly stopped providing payment services for the bank .
reuters reported last year that igora was the site of the 2013 wedding between putin’s daughter tikhonova and kirill shamalov , son of the long - time putin friend and bank rossiya shareholder nikolay shamalov .
a lawyer for kovalchuk said information about bank rossiya was available from pubic sources , adding : “we do not understand why your decision was to address these questions to mr . yury kovalchuk . ”
the united states and european union have imposed sanctions on several russian and ukrainian individuals and washington has also sanctioned bank rossiya , owned by businessmen it regards as close to russian president vladimir putin .
however , during this time bank rossiya actually grew significantly . from 2010 until 2013 , bank rossiya’s assets quadrupled , from us $ 3 . 2 billion to us $ 12 . 5 billion ; its equity more than tripled from us $ 270 million to almost us $ 950 million ; and its net profit grew almost 10 times , from us $ 17 million to us $ 155 million . with such robust grown , how the bank’s share value actually dropped is unclear .
in sanctioning bank rossiya , the obama administration would resurface the “cashier” allegation , though it offered no evidence that mr . putin has personally profited from the bank . mr . kovalchuk , who through a spokeswoman did not respond to requests for comment , in the past has attributed his bank’s success not to any special treatment but to sound investment and business decisions .
the bank is headed by yuri kovalchuk . the us alleges he is the “personal banker” for many senior russian government officials including putin . the panama papers disclose that kovalchuk and bank rossiya achieved the transfer of at least $ 1bn to a specially created offshore entity called sandalwood continental .
in a matter of days , bank rossiya had received an enormous windfall , nearly all from different branches of the russian state , which was delivering a pointed message . in late march , the united states had made bank rossiya a primary target of sanctions , effectively ostracizing it from the global financial system . now the kremlin was pushing back , steering lucrative accounts its way to reduce the pain .
kovalchuk became majority shareholder and board chair of this new version of bank rossiya . when the u . s . government sanctioned him in 2014 , it described kovalchuk as one of putin’s “cashiers . ”
on march 28 , bank rossiya — the country ' s 15th - largest bank with 421 billion rubles ( $ 12 billion ) in assets as of jan 1 , according to rating agency ria rating — said it would cease all foreign currency operations and work only with the ruble .
otkritie is a full - service commercial bank benefiting from a diversified business structure . the bank focuses on corporate investment banking , retail business , smes and private banking .
in 2013 , bank rossiya reported total assets of roughly $ 5 . 6 billion ( 338 billion rubles ) at today’s exchange rates . the frozen assets include accounts belonging to sobinbank , a wholly owned subsidiary .
rossiya 24 tv even accused some of them of trying to
capitalise
on the currency crisis
at any cost
, after they set up exchange rates much higher than those of the central bank .
the bank boss , now estimated by forbes to have a personal fortune of $ 1 . 4bn according to forbes , helped transform the bank from a communist party - backed enterprise into a fast - growing and , above all , well - connected bank .
sberbank , the largest bank , saw a relatively modest reduction of 25 billion roubles .
the market regulator gave the bank the role in a board meeting on april 10 , taking the job away from alfa bank , which has serviced the domestic electricity market since 2008 , kommersant reported . the appointment will boost bank rossiya ' s turnover by 10 percent and give it additional revenue of about 4 billion rubles ( $ 112 million ) annually from commission charges , analysts estimated .
with no advance notice or public debate , though , the board voted that day in april to shift that business to bank rossiya , a smaller institution that lacked the ability to immediately absorb the work . for bank rossiya , it was a tidy coup set to yield an estimated $ 100 million or more in annual commissions , yet it was hardly the only new business coming in . state corporations , local governments and even the black sea fleet in crimea were suddenly shifting their accounts to the bank , too .
bank rossiya , sanctioned by the u . s . last month for being the financier of the russian elite , has been granted the right to service payments on russia ' s $ 36 billion wholesale electricity market .
bank rossiya , which reported less than $ 1 million in profits the year before mr . putin became president , had grown steadily , but figures like mr . kovalchuk and mr . timchenko remained in the shadows .
on june 23 , 2010 , sandalwood bought 66 , 198 shares ( about 3 percent of the share capital ) of bank rossiya from evgeny malov . malov is another well - connected businessman from st . petersburg .
during his time out of the presidency , 2008 to 2012 , bank rossiya’s balance sheet ballooned from under $ 4 billion to more than $ 8 billion . and the network of putin associates kicked into high gear .
© 2014 - 2018 public joint - stock company
bank otkritie financial corporation
. regulated by central bank of russian federation ( general license # 2209 of 24 november 2014 )
abros was and remains on america’s sanctions list . so it is unclear why rossiya , also under sanctions , would want to distance itself from its former subsidiary . it could be that rossiya hoped that if abros were no longer a majority - owned subsidiary of the bank , it would be taken off the list . but this has not happened .
bank rossiya had already assumed management of the assets of gazprombank , one of russia’s largest . now , gazprombank purchased gazprom media group , which owns five television and several radio stations . the price : $ 166 million .
attempting to unwind video international’s convoluted corporate structure requires going back to 2011 . that is when bank rossiya and a couple of partners purchased the company , according to an interview given by video international’s chief executive in 2013 .
an early deal involved one of the country’s biggest insurers , sogaz . bank rossiya bought a controlling stake in sogaz by acquiring shares that had been held by gazprom . the bank paid around $ 100 million , according to mr . nemtsov and mr . milov , who later valued sogaz at $ 2 billion .
the bank of russia transactions balance for liquidity supply / withdrawal of 09 . 07 . 2018
reuters has also learned that earlier this year katerina , 29 , described herself as the “spouse” of kirill shamalov , son of nikolai shamalov , a longtime friend of the president . shamalov senior is a shareholder in bank rossiya , which u . s . officials have described as the personal bank of the russian elite .
loans from these rotenberg companies totaling more than $ 231 million appear to have gone to a british virgin islands - based company called sunbarn limited , created by a manager at bank rossiya . the loans had no repayment schedule .
bank rossiya , whose biggest shareholder is yury kovalchuk — a man who according to the u . s . state department is president vladimir putin ' s
personal banker
— is under sanctions for its involvement in ukraine .
as well as leading the boardroom , kovalchuk is the largest shareholder in bank rossiya , owning close to 30 % . outside banking , he also has interests in a number of federal television channels and a mobile network , tele2 .
the files make clear that bank rossiya built the network . its employees tended to it , working to create the offshore companies , assigning ownership to roldugin and others and shepherding the transactions through banks in russia , cyprus and switzerland .
vtb press office said the bank does not comment on its monthly accounting data , calling the local standards used to prepare it “unrepresentative” as they do not reflect all the bank’s foreign subsidiaries .
the council met at its office in moscow’s world trade center . a spokeswoman declined to discuss the vote , except to say that a quorum attended , explaining that she did not want to contribute to an “anti - russian” article . the decision to shift the business to bank rossiya , she said , was one of several routine actions taken during a regular meeting that day . in remarks published on the council’s website in may , its director , maksim s . bystrov , said bank rossiya had “brought us” a proposal with lower commissions than those charged by the previous bank , alfa . but he declined to provide details , and alfa bank declined to comment .
is the largest single shareholder of bank rossiya and is also the personal banker for senior officials of the russian federation including putin . kovalchuk is a close advisor to president putin and has been referred to as one of his “cashiers . ”
but additional analysis of the records by occrp and novaya gazeta show that offshore companies connected to sergey roldugin , one of putin’s oldest friends , profited obscenely in building the jewel of the financial empire of putin’s inner circle : bank rossiya .
centrist daily nezavisimaya gazeta argues that the central bank itself has undermined the credibility of the rouble .
bank rossiya is indicated by all western intelligence as the mega piggy bank of putin ' s entourage . the documents revealed in panama papers have thrown a bit of light on the financial tricks used to divert the rivers of dollars in their pockets . a new investigation by the organized crime and corruption reporting project explains how it is possible .
until march 51 % of sogaz belonged to bank rossiya via a wholly owned subsidiary , called abros . rossiya is russia’s 17th - largest bank , and its owners have links to mr putin . the remainder of the shares in sogaz were divided between gazprom , its subsidiaries and other figures close to the president . this included a stake held indirectly by gennady timchenko , a billionaire investor whom america assumes to be a member of mr putin’s inner circle ( mr timchenko has denied this ) .
the reason the kremlin rushed to prop up bank rossiya is the same reason that the united states , and later its european allies , placed it on the sanctions list : its privileged status as what the obama administration calls the “personal bank” of the putin inner circle . built and run by some of the president’s closest friends and colleagues from his early days in st . petersburg , bank rossiya is emblematic of the way mr . putin’s brand of crony capitalism has turned loyalists into billionaires whose influence over strategic sectors of the economy has in turn helped him maintain his iron - fisted grip on power .
eight of the 22 - member board of directors that elevated bank rossiya to the position of the market ' s cashier are government officials appointed by the cabinet . the remaining 14 places are occupied by representatives of energy producers , buyers and infrastructure operators .
among those taking part in the new arrangement was ctc media , a company with several television channels that was partially owned by a subsidiary of bank rossiya . ctc continues to pay video international around $ 80 million a year — but as a consultant .
previously , a bank rossiya spokesman had told the newspaper kommersant that the deal was approved by shareholders based on “independent estimations of both lenders” by the global accounting firms pricewaterhousecoopers and deloitte cis , which weighed “all assets of each member of the merger . ”
many of the men linked to the network , including putin , share something else in common besides history . they are connected to the st . petersburg - based bank rossiya , which the u . s . government has identified as putin’s personal cashbox .
both bank rossiya and its principal shareholder , billionaire yury kovalchuk , were placed on the u . s . ' sanctions list on march 20 , two days after president vladimir putin announced that crimea would be annexed to russia from ukraine following a referendum branded illegitimate by western nations . bank rossiya was labeled
the personal bank for senior officials of the russian federation
by the u . s . treasury , while kovalchuk , a friend of putin ' s since the 1990s with a fortune of $ 1 . 1 billion , according to forbes , was described as one of putin ' s
cashiers .
putin immediately seemed to make the bank ' s survival a point of principle . all measures of support would be given , he said on march 21 , while promising to open a account with the bank .
its operations are concentrated in the north - west of russia and around moscow , where it is active in a wide range of saving and loan operations , with clients in oil , gas and energy . bank rossiya controls large insurance groups sogas and sk transneft .
rcb’s maratheftis said the bank “was always in full compliance with the anti - money laundering regulatory framework . ”
the movement of funds by gazprombank , revealed in data published by the central bank , means that at the beginning of april its foreign currency on deposit at the central bank dwarfed those of other major russian banks .
remitter ' s bank liivalaia 8 , 15040 tallinn swift kood / bic : habaee2x reg . number : 10060701
the economic model for how members of putin’s circle have shared the profits from this network was also established back in st . petersburg . in the 1990s , putin and the bank rossiya owners created a cooperative for a gated community where they all had houses . the cooperative kept a bank account in common . each could put money in , and anyone could take it out .
at various times , bank rossiya shareholders have included nikolay shamalov ( his son , kirill , is married to putin’s younger daughter katerina tikhonova ) ; mikhail shelomov , a distant relative of the president ; and roldugin , a celebrated cellist and godfather to putin’s oldest daughter .
monthly accounts available on the central bank website show that during march , gazprombank increased the foreign currency held at its correspondent account with the central bank from zero to 248 billion roubles ( $ 6 . 9 billion ) .
as retaliation for the annexation of crimea and kremlin support for pro - russian separatists in eastern ukraine , authorities in both the us and european union ( eu ) imposed sanctions on individuals and companies from putin’s inner circle . one of the most important targets was bank rossiya .
in 2014 , lesin resigned from gazprom - media . russian press reports blamed a conflict between him and bank rossiya’s kovalchuk . lesin relocated to america , where he allegedly owned millions of dollars in property , holdings that had raised the suspicions of u . s . authorities .
alfa - endo is funded by alfa bank , a large russian bank with subsidiaries in the united states , britain and cyprus . the largest shareholder is mikhail fridman , a billionaire with interests in banking , energy and telecoms . an official at the bank said : “alfa bank , and broadly speaking alfa group , act as financial sponsors for the project and that’s it … we are not aware who else is participating in the project otherwise . ”
it seemed to be a quintessential insider deal : the year before , yuri shamalov , son of the bank rossiya shareholder and ozero member , had been appointed chairman of gazfond . “shamalov jr . , as head of gazfond , sold shares in the company managing russia’s largest private pension fund at a fantastically low price to the bank owned by his father , ” mr . nemtsov asserted .
bm bank public joint stock company ( f . k . a . bm bank llc ; a . k . a . bmbank jsc ; a . k . a . publichnoye joint - stock company ' bm bank ' ; a . k . a .
llc bm bank
) , 37 / 122 t . shevchenko bld , kyiv 01032 , ukraine ; swift / bic bmlt ua uk ; website urltoken ; email address bank @ urltoken ; executive order 13662 directive determination - subject to directive 1 ; all offices worldwide ; for more information on directives , please visit the following link : urltoken [ ukraine - eo13662 ] ( linked to : bank of moscow ) .
the deal between malov and sandalwood was very lucrative for sandalwood , which bought shares from malov for 200 rubles per share ( us $ 6 . 50 ) , spending a total of 13 million rubles ( about us $ 425 , 000 ) for the stake in bank rossiya .
the bank issued a statement saying that it “considers it inappropriate to provide comments on such groundless speculation , ” but said it is not the first time the bank has been the object of “unsubstantiated information attacks , ” vedomosti reported .
other companies are lining up behind bank rossiya , hoping for bailouts . the government recently announced that it would pump $ 6 . 6 billion into two state - controlled banks whose access to foreign capital has been cut . and mr . sechin’s rosneft has requested a $ 42 billion loan .
the schemes are complex . the financial ploys are dark and convoluted . companies are owned by figurehead . but the occrp , the international network of investigative journalists specializing in crime and corruption in the countries of eastern europe , has joined all the dots scattered by years of journalistic investigations , investigations of the spanish judiciary and the revelations contained in the panama papers . and it came out a pretty clear picture of how putin’s aides have turned bank rossiya into a huge reservoir of wealth . at the expense of russian citizens . the us treasury department does not hesitate to define bank rossiya
the personal bank for senior officials of the russian federation . bank rossiya’s shareholders include members of putin’s inner circle associated with the ozero dacha cooperative , a housing community in which they live
. at various times , bank rossiya shareholders have included nikolay shamalov , putin’s son - in - law’s father , mikhail shelomov , a distant relative of the president , and the famous cellist sergei roldugin , putin’s longtime friend and star of panama papers . the bank was founded in 1990 in st . petersburg by some members of the communist party . after the collapse of the soviet union investors like yuri kovalchuk , vladimir yakunin and andrei frusenko , all putin’s friends , joined . in the mid - 90s st . petersburg criminal gangs entered the business , as the spanish investigators have discovered after ten years investigating gennady petrov and the tambovskaya gang . but with the rise to power of putin , things changed . today bank rossiya is one of the largest russian banks , with an assets of us $ 9 billion , and controls large slices of the national economy , including pieces of public money , such as gazprom’s pension fund . how was it possible ?
maratheftis said the bank was legally precluded from answering questions about “third parties , ” but it has always acted in “a transparent manner . ” he said the bank has forwarded icij’s questions to legal authorities in cyprus for an “independent investigation . ”
by 2008 , mr . putin’s second term was ending and the bank rossiya media empire provided a supportive voice when , rather than recede from politics , he decided to serve as prime minister . mr . medvedev was elected president , while mr . putin largely retained control over the levers of government .
the bank rossiya manager shepherding the transaction wanted mossack fonseca’s panamanian directors to sign the horwich trading loan agreement on behalf of sandalwood quickly . one of the mossack fonseca partners suggested that they get a letter indemnifying the law firm first , possibly to avoid being held responsible for the any looting of rcb .
woven deeply into the putin system is bank rossiya . founded as the tiniest of banks in the twilight of the soviet era , bank rossiya , through staggering , stealthy expansion backed by the largess of the state , now has nearly $ 11 billion in assets . it controls a vast financial empire with tentacles across the economy , including a large stake in the country’s most powerful private media conglomerate , a key instrument of the kremlin’s power to shape public opinion . how well the bank survives in a time of sanctions may ultimately be a barometer of whether economic pressure is enough to make mr . putin stand down at a time when neighboring countries , especially in the baltics , are increasingly anxious about a newly aggressive russia .
reporters for novaya gazeta / occrp showed these documents to three independent banking and financial analysts and all of them said the merger hurt the state - owned companies which controlled gep . none of the experts agreed to talk on the record , since , as one said , “you understand who is behind bank rossiya . ” according to their calculations , gep’s shareholders should have received no less than 50 percent of the merged bank .
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but whether bank rossiya retains a majority stake in video international is impossible to ascertain . records show that , on paper at least , its shares , held by a subsidiary , are down to 15 percent . nearly all the rest of the shareholders are buried behind fronts like med media of karpathou street .
mr . putin’s efforts to protect the bank were not just symbolic . he ordered the central bank to provide assistance if needed . state - owned energy companies transferred accounts to bank rossiya , and the governors of st . petersburg and the surrounding leningrad region told state institutions in their jurisdictions to do the same , according to russian news reports . additionally , in the lower house of parliament , the main party loyal to mr . putin provided the margin needed to rescind the law effectively limiting video international to just 35 percent of the advertising - placement market .
under these new rules , sogaz should have been subject to sanctions because of its links to both bank rossiya and kordeks , a 12 . 5 % shareholder reportedly controlled by mr timchenko , whom america had blacklisted several months earlier . ( mr timchenko declined to comment on this or any other details of his affairs . ) however , in another exquisitely timed transaction , rossiya cut its stake again—according to the paperwork , two days before the ofac changes were announced—thus helping sogaz avoid sanctions once more .
the bank is described by the us treasury department as “the personal bank for senior officials of the russian federation” whose “shareholders include members of putin’s inner circle associated with the ozero dacha cooperative , a housing community in which they live [ d ] ” .
only one russian bank has so far been targeted by u . s . sanctions , but some u . s . senators have recently called for sanctions against both state gas producer gazprom , the bank’s founder and minority shareholder , and other major banks .
the bank had its biggest $ 435 , 433 , 344 asset placed on a single us account with a financial company called computershare inc . some tens of millions of dollars were frozen in the accounts of raiffeisen bank , according to the us treasury .
in 2005 , a subsidiary of bank rossiya bought a stake in channel 5 , a local television network owned by the st . petersburg government . the price was $ 25 million . there was no competition . channel 5’s value swelled in 2006 , when regulators let it acquire frequencies in 30 regions across russia .
in 2010 , bank rossiya put its hands on the majority state owned russian energy jewel , gazprom . the subsidiary of the gas giant , gazenergoprombank , was at that time a public bank with equity of us $ 343 million , while bank rossiya reached a more modest us $ 270 million . the two banks decided to merge but , as we might have expected a fair distribution of the shares , the shareholders of gazenergoprombank only received 16 % of the new bank rossiya , whose owners instead managed to double their assets for nothing . this was possible because in rossiya’s annual report despite its low assets and equity it was estimated five times the market price of gazenergoprombank . but , at occrp say , if the real value of bank rossiya was really that , or about us $ 3 . 3 billion , how is it possible that a 12 % share in 2013 was sold for us $ 153 million when the correct price should havebeen at least us $ 340 million ? this is not the only case in which the bank rossiya owners did a roaring trade in the russian taxpayers’ expense . in 2010 the offshore company sandalwood , registered in the british virgin islands and owned by sergei roldugin , the cellist of miracles , bought 3 % of bank rossyia at us $ 6 . 50 a share . two days later , he resold the whole stake to the horwich trading of cyprus at $ 211 . 5 per share , and the latter company resold it all a month later to gazprom at us $ 1 , 120 a share . something like 172 times the price paid by roldugin . and , even worse , gazprom has then resold the stake at half of the price paid , obtaining a big loss of taxpayers’ money . roldugin has always defended himself by saying he do not have a penny .
even my cello is second - hand ,
he said on several occasions . one would be curious to know how much he paid for it and at what price he will resell it .
but in its 2013 report , gazprom’s subsidiary reported selling their bank rossiya’s shares for much less than half that price or us $ 153 million ( in exchange rates for december 2013 ) . at 2010 exchange rates , the price would be about us $ 170 million , or half what they had paid in 2010 .
secretary mnuchin leads u . s . delegation to g - 20 finance ministers and central bank governors meeting in buenos aires , argentina
the us explained the freezing of the bank assets on its blacklisted owner yuri kovalchuk who is part of the kremlin inner circle . on april 28 , 2014 , smp bank and sobinbank , which belong to the rotenberg brothers , were hit by similar sanctions .
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the owner on paper of sandalwood was oleg gordin , a small businessman with a background in “law enforcement agencies , ” according to an rcb bank account opening form found in the files . gordin also had power of attorney on some of roldugin’s company bank accounts .
angelo codignoni has served as a member of the board of directors since june 2011 . mr . codignoni has 30 years of experience in the television , media and advertising industries , which has included the creation and management of television networks in europe and asia . dmitry lebedev has served as chairman of the management board of bank rossiya , a large russian national corporate bank , since 2006 , and has more than 20 years of banking experience . bank rossiya has an indirect interest in telcrest investments limited , which holds a 25 . 2 % stake in ctc media . mr . codignoni and mr . lebedev are representatives of telcrest and their appointments have been made in accordance with the stockholders agreement between ctc media , mtg russia and telcrest that came into force on june 2 , 2011 .
records show that the ownership of one powerful television advertising company linked to bank rossiya , for example , is buried in offshore companies in panama , in the british virgin islands and even at a simple concrete house on karpathou street in nicosia , the capital of cyprus , whose owner had no idea of the company registered there .
in september 2009 , a mossack fonseca compliance officer flagged a transaction for $ 103 million involving a company called sandalwood continental limited . the manager for bank rossiya who was arranging the transaction wanted sandalwood corporate directors – who were stand - ins provided by the law firm – to approve the deal . but its size seemed worrisome .
moscow , april 24 ( reuters ) - russia’s third biggest bank moved almost $ 7 billion to the central bank as tension over ukraine rose in march and joined others in slashing its deposits in foreign banks where they could be frozen if more international sanctions are imposed .
“this could show that gazprombank was using the foreign currency correspondent account at the central bank as a sort of haven from sanctions . ”
the us has frozen accounts of russian banks smp , rossiya and its subsidiary sobinbank worth in total $ 640 million , as part of america’s escalating sanctions war against russia over its policy in ukraine .
a russian company called ozon holds title to the ski resort . bank rossiya’s kovalchuk is a co - owner of ozon . beginning in late 2009 , ozon received $ 11 . 3 million worth of loans from a key offshore company in the putin network , the mossack fonseca files show . the loans carried an interest rate of 1 percent .
now , the mossack fonseca files reveal that there was a secret component to both lesin and bank rossiya’s media dealings . lesin had a company called gloria market ltd . based in the british virgin islands . he created it in 2011 , to collect money from advertising , according to a source of funds form found in the mossack fonseca files .
this represented the bulk of the $ 8 billion that russian banks added to such central bank accounts as a whole , raiffeisenbank analysts calculated .
today bank rossiya is among the top 20 russian lenders according to the interfax rating agency , with assets of about us $ 9 billion and equity of us $ 700 million . it controls a sprawling financial empire with important strategic assets that underpin the russian economy , including one of the country’s largest insurers and the management company for gazprom’s pension fund .


tips industries ( bse : 532375 | nse : tipsindltd ) is one of the largest corporate houses in the field of music and films .

its main area of interest is music production , promotion and distribution , now also in films .

it has the highest number of gold and platinum discs to their credit in comparison with any other record label in india .

its team of distributors serve more than 1000 wholesalers across the length and breadth of the country who , in turn , serve more than 400,000 retailers .

tips industries limited

tips inds . : director reports , company results of tips inds . - ndtv
tips industries ltd . has declared 11 dividends since aug . 16 , 2001 .
you can view full text of the director ' s report for tips industries ltd .
toyam industries limited is launching its nutraceuticals product chain as part of its integrated sports league platform .
in the past 12 months , tips industries ltd . has declared an equity dividend amounting to rs 1 . 00 per share .
the increasing numbers of smartphone users are fueling the mobile gaming market in india . toyam industries limited is launching mobile , pc and console based combat games .
see fii , dii , mf , institutional , promoter and individuals share holding changes , pledges , historical increases and decreases of shareholding for tips industries ltd . for latest quarter in a single page .
tips industries limited ( tips ) is one of the most respected and renowned entertainment companies with presence in music , film production and distribution . mr . kumar taurani and mr . ramesh taurani , co - founder of tips , are well known names in the indian m & e ; space with a proven track record of producing films that have a wholesome entertainment for the entire family . tips also has one of the largest and diversified music library with a collection of over 25 , 000 songs across all genres and major languages . tips owns the race franchise , one of the most successful mainstream hindi film franchise in recent years with a proven success at box office . the company is also a leading producer of punjabi films in the country .
the company was originally incorporated on 25th january , 1985 in the name of chetram balkrishan limited with registrar of companies , new delhi under the provisions of the companies act , 1956 . the company has changed its name to m / s ojas asset reconstruction company limited vide roc certificate dated 10th day of november , 2009 . subsequently , the name of the company has been changed from ojas asset reconstruction company limited to toyam industries limited vide fresh roc certificate dated 20th december , 2016 with the change in main object from securitization and asset reconstruction to general business and trading activities . further , in the board meeting dated 28th april , 2017 it was resolved to expand and diversify the business of the company in all kinds of activities related to sports , fitness , fashion , films , entertainment or any other genre .
toyam industries is launching k1l merchandise through direct selling in the first and second year operations , and plans to start l & m third year onwards .
public relation public relations pave the path to skilled communication of ideas to identify and interpret policies and programmes of organizations with the aim to form a bridge of understanding and goodwill between the organizations and their public . communicate to us : pr @ urltoken careers with us toyam industries limited is a company growing at a very fast pace ! we recognize and appreciate talented individuals who want to grow with us . send us your resumes : hr @ urltoken
the mission of toyam industries limited is to create ' role models ' from among the fighters in the kumite 1 league to seep into the minds of the youth through a spectrum of related business models like , kumite 1 league , k1l nutraceuticals , k1l fight club , k1l arenas , k1l sports cafés , k1l merchandise & k1l gaming through world ' s first integrated sports league platform . our vision is to expand into middle east and eventually take our footprints to europe and the usa .
in the mainstream hindi films , the rom - com film
loveshhuda
, directed by vaibhav misra , was distributed by tips . the film stars girish kumar and navneet kaur dhillon in leading roles . it was released on february 19 , 2016 .
tips firmly believes in and has consistently practiced progressive hr values . the company inculcates the values of transparency , professionalism and accountability in its operations to generate long - term benefits for its shareholders , customers , employees and society alike . at tips , there is consistent emphasis on each individual ' ' s sense of responsibility , while simultaneously as part of a team . this results in our people ' ' s ability to work in perfect harmony despite coming from different disciplines . as of march 31 , 2016 , the number of employees on the payroll of the company was 53 .
mr . chetan desai has over 32 years of professional work experience as an entrepreneur and senior business manager across industries like fmcg , garment exports , media , sports management and advertising . his strengths lie in identifying growth areas in a constantly changing economic state and building them ground up to scale .
the outlook for the year 2016 continues to remain optimistic and buoyant . key agencies have forecast an above average monsoon for the year , a key to rural growth as well as consumption demand in key industries . the government ' ' s focus on reviving infrastructure , manufacturing and housing through long term initiatives that are all expected to aid gdp growth .
the government ' ' s digital india and smart city initiatives are set to exponentially increase the internet penetration in tier ii and tier iii cities , revolutionizing businesses and our way of life . india ' ' s estimated internet current user - base of more than 300 million ( as of december 2015 ) . one of the critical issues for such limited coverage is the poor broadband coverage in the tier ii and iii cities .
during the year 2015 - 16 , tips produced and released its punjabi comedy - thriller film
ambarsariya
on march 25 , 2016 . the film is directed by mandeep kumar , written by dheeraj rattan and stars diljit dosanjh , monica gill , navneet kaur dhillon , lauren gottlieb and others . the film received positive response from audience and got a good opening at u . s . box office in the first weekend .
aimmaf is india’s only central government recognized non - profit federation that regulates all contests or exhibitions of unarmed combat , including the licensure and supervision of promoters , boxers , mixed martial artists , kick boxers , seconds , ring officials , managers , ring announcers and matchmakers . the conduct and regulation of unarmed combat in india are governed by aimmaf , and are further clarified by the regulations of the federation . the federation administers the state laws and regulations governing unarmed combat for the protection of the public and to ensure the health and safety of the contestants . aimmaf regulates all contests and exhibitions of unarmed combat , including licensure and supervision of promoters , boxers , mixed martial artists , kick boxers , seconds , ring officials , managers , ring announcers and matchmakers . all india mma federation is the final authority on licensing matters , having the ability to approve , deny , revoke , or suspend all licenses for unarmed combat . toyam industries limited is recognized by the aimmaf .
the industry landscape is becoming highly dynamic , with the digital segment being among the fastest growing segments . rising income and evolving lifestyles , backed by increasing digitization and higher internet usage , pave way for the tremendous scope of growth for almost all segments of this industry . these are all positive developments for tips as the company is poised to leverage its experience and expertise of providing wholesome family entertainment to the indian audiences with its hindi and punjabi films , as well as its huge repertoire of digitized music collection across the digital media .
the buy - back offer commenced on november 26 , 2015 and closed on may 25 , 2016 . the company has bought back 10 , 39 , 981 equity shares from the open market using the nationwide electronic trading facilities of the bse limited ( ' ' bse ' ' ) and national stock exchange of india limited ( ' ' nse ' ' ) from the existing registered shareholders / beneficial owners , other than the promoters of the company . the total fund utilized in the buy - back is rs , 6 , 52 , 95 , 997 . 15 ( excluding brokerage , transactional charges and taxes ) which represents 96 . 02 % of the maximum buy - back size of rs , 6 , 80 , 00 , 000 / - ( excluding brokerage , transactional charges and taxes ) . the highest price at which the equity shares were bought back was rs , 70 / - per equity share while the lowest price was rs , 51 / - per equity share . the equity shares were bought back at an average price of rs , 62 . 79 per equity share . these prices are based on daily reporting by the broker and exclude brokerage , transactional charges and taxes .
in today’s turbulent times , the lost young generation is saddled with loneliness , grief and confusion with no clean path or direction . the online revolution has stolen the biggest foundation ‘sports’ away from the youth . an integrated sports platform uses this key element of a high intensity mma sport as a platform in the form of the k1 league to drive across one clear message to the youth . the message of discipline , focus , resilience , patience and willpower the youth can be empowered to face any adversity or obstacle in life . we at toyam industries limited believe that every individual today is a fighter and the fight is not restricted to the ‘ring’ . the philosophy of the integrated sports platform is to create ‘role models’ from among the fighters in the league through social media and publicity and seep into the minds of the youth through a spectrum of related business models like , k1 league , k1l nutraceuticals , k1l fight clubs , k1l arena ( live fights & a bar setup ) , k1l sports café ( health food based cafes ) , k1l merchandise ( online & retail ) & k1l gaming etc . we at til are starting from india , will move towards the uae and eventually will expand our footprint to europe and the usa .
ram ( girish kumar ) always introduces himself as badmaash , bigda hua and badtameez ! being the only child of australia based billionaire couple siddharth ( randhir kapoor ) and ashvini ( poonam dhillon ) , he’s not that far off the mark ! sona ( shruti haasan ) is a lovely girl from a small village , who has been lovingly brought up by her brother raghu ( sonu sood ) , who has worked night and day to make sure sona gets a good life . they are not very rich , but their love for each other is priceless . ram and his snobbish mother ashvini come to india to attend his cousin riya’s wedding . here he meets sona , who is riya’s childhood friend . it’s literally a clash between venus and mars ! ram , the habitual flirt , gets drawn to this lovely but simple girl from the village . young love blossoms – pure and magical . but sona’s brother raghu hates the wealthy , and ram’s mother has nothing but disdain for the not - so wealthy . ram will have to face impossible challenges and sona will have to witness his hardship and humiliation . can ram and sona face the impossible odds ? can their love overcome all obstacles for a happy ending ? watch ramaiya vastavaiya – the colourful and extravagant entertainer replete with music , drama and action , directed by prabhudheva and produced by tips industries ltd , releasing 19th july , 2013 .
the outlook for the next year is positive . tips is confident that its music business will continue to deliver consistent growth and revenue . with better 3g coverage and the introduction of 4g services , the consumption of digital music is expected to increase significantly over the next few years . the company has always been at the forefront of leveraging latest technology and innovation in the industry . the music library of the company is one of the most exhaustive in the industry comprising of a collection of over 25 , 000 songs , which are available for streaming and download across leading industry digital marketplaces like itunes and google play , as well as popular streaming platforms like saavn and gaana . the music revenue for the year 2015 - 16 was rs , 4309 . 86 lakhs as compared to rs , 3221 . 78 lakhs in the previous year . in the films business , the company is actively considering some exciting scripts for short listing .
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whether you choose to remain ' anonymous ' , lead a virtual life , or get famous , your opinion counts . your ratings and reviews will help other users make the right decision . in return , antya offers you a chance to be a brand for yourself . upload your pic , add your profile page from linkedin , or even add your blog or website . get a virtual identity . get famous !
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in the first of a two - part series on skills and jobs , businessline examines the angst and aspirations of . . .
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at the current share price of rs 73 . 05 , this results in a dividend yield of 1 . 37 % .
month change by - 44 . 66 % ( crossed threshold 20 % ) on 09 july , 2018
stock price ( 101 . 30 ) crossed below 100 day sma ( 109 . 26 ) on 20 june , 2018
stock price ( 101 . 30 ) crossed below 200 day sma ( 104 . 27 ) on 20 june , 2018
week change by - 27 . 59 % ( crossed threshold 20 % ) on 20 june , 2018
stock price ( 110 . 00 ) crossed below 150 day sma ( 113 . 4 ) on 19 june , 2018
statement of investor complaints for the quarter ended june 2018 - no . of investor complaints . . .
change in authorised kmp to determine materiality of an event or information and its . . .
promoters holding marginally changed to 74 . 82 % as of mar 2018 qtr .
institutional investors holding marginally changed to 0 . 05 % as of mar 2018 qtr .
there are currently many successful leagues running in the country , but there is no league on skilled fighting . k1l is going to raise the bar with its unique concept .
k1 fight club will be india ' s first fully equipped and fully functioning mma fight club and training facility .
k1 sports cafe is an mma theme based 1000 to 3000 sq . feet café , inspired by the raw mma cage effect .
“kumite” meaning fight in japanese . it is the basic philosophy behind the kumite one fight league . a full contact high intensity and thrilling sport where the fighters’ skills are tested on key attributes , like , focus , speed , balance and endurance . an exciting fusion of martial arts , karate , kung - fu , sumo , sando , ninji - tsu , wrestling , boxing , marine core & muay thai . kumite allows realistic nail - biting full contact combat under stimulated scenarios , recreated in the form of copyright sets . brace yourselves for the world’s most exciting fight league , which promises to pack a punch and raise the bar in the field of sport fighting ! !
til aims at positioning k1l as a new age youth centric brand with a target audience from 16 year olds to 35 year olds . til believes that the huge potential of a youth centric brand based upon martial arts from india ( the origin of martial arts through ‘kalaripayattu’ ) establishing a world renowned fight league and subsidiary synergized standalone related business models is the need of the hour and creates huge potential not just to the investors , but also to the community . we believe true success can only be achieved by eventually benefitting and uplifting society . til aims at slotting k1l as an aspirational yet new age brand , subtle yet vibrant and exclusive yet affordable . the target audience of k1l products are the middle class aspirational youth with an appetite to belong and identify with . the brand ideology believes in subtle branding on all its products thus emitting a sense of class and exclusivity in a world of over the top in your face branding .
til has earmarked its first league to be launched in 2019 in usa . th business models have been initiated to attract interested franchisee across the globe and pace up the brand penetration in indian subcontinent in phase 1 , the uae and asian markets in phase 2 and ultimately the europe and usa markets in phase 3 .
mohamed ali budhwani is known for promoting ventures requiring bold and competent leadership , bringing years of professional experience to facilitate operations , maximize revenue and productivity , and ensure strong future growth . the board chair provides leadership to k1l as it transitions from a newly launched entity into a sustainable international brand .
sunil kumar alagh is the founder and chairman of ska advisors – a business advisory and consultancy service with an emphasis on marketing and brand management strategies . his wide range of clients include godfrey phillips india , setco automotive , elite foods , louis dreyfus , amira foods , lt foods , gsk consumer , warburg pincus , emami , vip ltd , biocon india , and mahindra group .
compliance & investor grievances cs ketan vyas company secretary & compliance officer tel : 022 - 67425111 email id : csketan @ urltoken share registrar & transfer agent purva share registry ( india ) pvt . ltd 9 shiv shakti industrial estate j r boricha marg , lower parel ( e ) mumbai – 400011 . tel : 022 – 23016761 / 23018261
bkt’s high - end range of radial agricultural tires , developed to increase farmers’ business productivity . the agrimax tire range includes the ultimate tires for high - power tractors , high - performance tractors , harvesters , sprayers and spreaders . whatever your farming application is , the agrimax tire range offers top performance always providing the best protection to your fields .
bkt’s extensive range of radial otr tires , designed to withstand even the harshest operating conditions in quarries , mines and construction sites . enhanced by the common feature of a strong all steel structure conferring the tire casing durability and excellent resistance against impacts , the earthmax range of radial otr tires is ideal to be fitted on dumpers , graders , loaders , dozers , on / off trucks and load haul dumps .
bkt’s specialized range of radial port tires , able to meet the demanding requirements in logistics and port handling applications . the portmax tire lineup includes the ultimate tires for reach stackers and straddle carriers . strong and solid under the toughest operating conditions , these port tires handle even the heaviest loads maintaining excellent stability .
bkt’s wide range of radial mpt tires , conceived to cover a large variety of manifold agro - industrial applications . these versatile all - round talents of mpt tires can perform in many challenging environments on different kinds of surfaces . the multimax range is ideal to be fitted on telehandlers , compact loaders , backhoe loaders and universal vehicles .
bkt’s range of radial crane tires , ideal for the most demanding construction applications . since crane tires are subject to stress and extreme usage conditions , an essential feature of the airomax tire range is to provide excellent heat resistance . high speed during road transfers and reliability in lifting operations make the airomax tire range the right choice for your cranes .
bkt’s tire range of radial transport tires , ideal for both field and road - haulage operations . as a response to the increasing demand for farmers’ profitability , the ridemax tire range allows to carry heavy loads at higher speed to increase the productivity of cutting - edge large farming equipment . the ridemax range is suitable to be fitted on trailers , tankers and spreaders .
talent for innovation is a core competency of the bkt research and development division and one of our company’s strengths . investments in r & d ; are a fundamental key to success to compete in a complex global market with rapidly evolving needs . for this reason , we invest about 3 . 5 % of our annual sales into r & d . ;
welcome to south africa ! the legendary xtractor expedition has reached the home stretch . excitement , thrill and adventure - that is actually what our 9 drivers have experienced on their journey through unexpected obstacles and adversities in the midst of breathtaking landscapes , diverse cultures , . . .
at the tire cologne 2018 , one of the major international trade shows for the tire sector , the motto of the bkt booth is “astonishment” ! an astonishing huge plexiglas® dumper of about 6 . 5 tons , a crystal - clear tractor weighing 1 . 500 kg , an extraordinary deployment of cutting - edge ti . . .
back to europe and in the spotlight is monster jam 2018 , the most breathtaking and entertaining show ever . the event followed by over 4 million spectators worldwide has been sponsored by bkt for five years . the european tour has already started achieving great success during the first stage at the . . .
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girish kumar . . . as ram shruti haasan . . . as sona sonu sood . . . as raghuveer randhir kapoor . . . as siddharth poonam dhillon . . . as ashvini vinod khanna . . . as station master satish shah . . . as j . p . paresh ganatra . . . as bijli
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in jayalalithaa ' s rk nagar , results tomorrow . but everyone knows who won
the directors are pleased to present the 20th annual report on the business and operation of the company together with the audited financial statements for the financial year ended march 31 , 2016 . the management discussion and analysis is also included in this report .
the world economy continued its uphill climb during the year 2015 . geo - political tensions and slow pace of recovery in advanced economies led to the global output rising by 2 . 4 per cent in 2015 , marginally lower than the 2 . 6 per cent in 2014 , according to world economic situation and prospects , 2016 , published by united nations . other key factors affecting global growth were volatility and rebalancing in the chinese economy , drop in oil and other commodity prices , slowdown in emerging economies and slow demand pickup in major developed economies .
a major macro - economic event that had a big impact during the year was price of crude oil . this was a year in which the global economy saw a big drop in commodity prices , with crude oil dropping from a high of near usd100 per barrel in october 2014 to sub usd30 in january 2016 . while this volatility rocked many oil - producing economies around the world , it was a positive development for oil - importing countries like india .
the indian economy continued to power ahead during the year , in spite of many challenges . for the second year in a row , india surpassed china to emerge as the fastest growing major economy in the world , with the gdp growth rate of 7 . 6 per cent . other challenges included stressed balance sheets of major psu banks and passage of key reforms , which did affect investor sentiments . on the other hand , inflation largely remained within the desirable limits of the government , largely on account of low commodity prices , especially prices of crude oil . low crude oil prices also helped in keeping the current account deficit ( cad ) under control , allowing the reserve bank of india to loosen its monetary policy and lower repo rates .
the year 2015 was a seminal year in many ways for the media and entertainment ( m & e ; ) industry . a year that sparked excitement and renewed hope but at the same time a year in which reality came to roost . lower commodity prices , lower inflation and lower borrowing costs are likely to drive consumerism in the country benefiting the media industry . this resilience is reflected in the performance of the m & e ; sector which grew by 12 . 8 per cent from inr1026 billion in 2014 to inr1157 billion in 2015 .
for the m & e ; industry , the year was a mixed bag . exhibitors recorded a significant growth in regional and hollywood film collections , the collection for hindi films was almost fiat as compared to previous years . this may be an indicator of audiences looking beyond bolly wood for their entertainment . bolly wood delivered a handful of films based on superior content that performed well . however , weak contents failed to attract audiences to theatres .
the box office collections for bolly wood in 2015 were low compared to 2014 . in particular , only six of the leading 10 grossing films in 2015 crossed the inr1 billion mark and two crossed the inr2 billion mark as compared to 2014 wherein nine of the leading 10 grosser had collections above inr1 billion .
domestic theatricals continued to be the main source of revenue with a 73 per cent share in the total revenues for the indian film industry . in 2015 , domestic theatrical revenues grew by 8 . 5 per cent to reach inr101 billion on the back of an increase in overall footfalls as well as an inflationary growth in average ticket prices .
bollywood films such as ' ' bajrangi bhaijaan ' ' , ' ' tanu weds manu returns ' ' , ' ' piku ' ' and ' ' abcd2 ' ' performed very well at the box office due to the strong content . ' ' baahubali - a bi - lingual film , created box - office history and set a new standard for filmmakers in india also , a few hollywood franchise films such as ' ' avengers : age of ultron ' ' , ' ' fast & furious 7 ' ' , ' ' jurassic world ' ' , which got a wider release due to dubbing and release on e - cinema screens , also showed strong performance .
the music industry continued its shift to digital consumption in 2015 . the market size of the music industry is inr10 . 8 billion in 2015 and is expected to grow to inr20 . 6 billion by 2020 . digital music now generates revenue of over 55 per cent of the overall size of the music industry in india . nearly 40 per cent of the music consumed is bolly wood , 30 per cent is regional , 10 per cent is classical and devotional and 20 per cent is the rest of the market .
the year 2015 saw the music streaming services getting strong traction and clearer business models have begun to emerge for these players . players like gaana , saavan , hungama , wynk , rdio , and guvera have started to gain increased user traffic on the back of cheaper connectivity , better smartphone penetration and acceptance of fermium models amongst consumers supplemented by high levels of customer acquisition spend . however , most users are consuming content for free and there has been strong resistance to switching to subscription models . there are an estimated 40 million active consumers in india who stream every month and out of which only about 0 . 2 million customers are paid subscribers .
with the increased penetration of smart phones and internet to rural areas , there has been an increase of rural population as potential customers . as a result , most digital music companies in india are looking to develop / invest in regional content library . music rights are expected to recover on an average about 10 to 15 per cent of the production costs of a film .
the company earned total revenue including other income of rs , 7151 . 45 lakhs as compare to the previous year of rs , 10380 . 54 lakhs . the net profit after tax for the year stood at rs , 303 . 39 lakhs as compared to rs , 269 . 61 lakhs in the previous year .
the directors recommend final dividend of 10 % i . e . rs , 1 . 00 / - ( one rupee ) per share on fully paid - up equity shares of rs , 10 / - each of the company . the proposed dividend , subject to approval by the shareholder of the company at the annual general meeting , will absorb a sum of rs , 150 . 68 lakhs ( previous year being rs , 153 . 59 lakhs ) and dividend tax of rs , 30 . 67 lakhs ( previous year being rs , 31 . 27 lakhs ) .
the company transferred a sum of rs , 22 . 75 lakhs to the general reserve and amount of rs , 2424 . 16 lakhs is retained in the profit and loss account .
the paid up equity share capital as on march 31 , 2015 was 1 , 53 , 58 , 640 . due to the buy - back of 10 , 39 , 981 equity shares of the company , as on date , the paid - up share capital of the company has been reduced to 1 , 43 , 18 , 659 equity shares .
- during the year under review , the company has not issued shares with differential voting rights nor has granted any stock options or sweat equity . as on march 31 , 2016 , none of the directors of the company hold instruments convertible into equity shares of the company .
pursuant to regulation 34 ( 3 ) read with schedule v of the sebi ( listing obligations and disclosure requirements ) regulations , 2015 , a separate report on corporate governance along with a certificate from the auditors on its compliance , forms part of this report .
mr . vijay agarwal , independent director of the company , has resigned from the post of directorship with effect from closure of business hours of august 14 , 2015 .
the board takes this opportunity to place on record its appreciation for the support and invaluable contribution made by him during his tenure as independent director of the company .
in terms of section 152 of the companies act , 2013 , mr . ramesh taurani , director of the company , is liable to retire by rotation at the ensuing annual general meeting and being eligible offers himself for re - appointment . the board recommends the same for your approval .
mr . venkitaraman subramanian iyer was appointed as an additional director ( non - executive independent ) of the company with effect from may 25 , 2016 by the board of directors and holds office up to the date of this annual general meeting under section 161 of the companies act , 2013 . the company has received requisite notice in writing from a member proposing mr . venkitaraman subramanian iyer for appointment as an independent director . the board recommends the appointment of mr . venkitaraman subramanian iyer as independent director under section 149 of the companies act , 2013 and under regulation 25 of the sebi ( listing obligations and disclosure requirements ) regulations , 2015 to hold office for 5 consecutive years .
( b ) of sebi ( listing obligations and disclosure requirements ) regulations , 2015 .
mr . kumar taurani , chairman & managing director , mr . ramesh taurani , managing director , mr . ishwar gursahani , chief financial officer and ms . bijal patel , company secretary , were the key managerial personnel during the year under review .
pursuant to the provisions of the companies act , 2013 and the sebi ( listing obligations and disclosure requirements ) regulations , 2015 , the board has carried out performance evaluation . the manner in which the evaluation has been carried out has been explained in corporate governance report .
f . that the director had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively .
the board of directors met five times during the financial year ended march 31 , 2016 on may 8 , 2015 , august 14 , 2015 , november 4 , 2015 , november 5 , 2015 and february 11 , 2016 . details of the board meetings and attendance of the directors are provided in the corporate governance report , which forms part of this annual report .
with a view to have a more focused attention on business and for better governance and accountability , the board has constituted the committees viz . audit committee , stakeholders ' ' relationship committee , nomination and remuneration committee , corporate social responsibility committee and buy - back committee .
the details with respect to the compositions , roles , terms of reference , etc . of relevant committees are provided in the corporate governance report of the company , which forms part of this annual report .
all related party transactions that were entered into during the financial year were on an arm ' ' s length basis , in the ordinary course of business and were in compliance with the applicable provisions of the act and the listing regulations . there were no materially significant related party transactions made by the company during the year that would have required shareholder approval under the listing regulations .
all related party transactions are placed before the audit committee for approval . prior omnibus approval of the audit committee is obtained for the transactions which are repetitive in nature . a statement of all related party transactions is placed before the audit committee for its review on a quarterly basis , specifying the nature , value and terms and conditions of the transactions .
the company has adopted a related party transactions policy . the policy , as approved by the board , is uploaded on the company ' ' s website .
details of the transactions with related parties are provided in the accompanying financial statements . there were no transactions during the year which would require to be reported in form aoc - 2 .
m / s . sspa & associates , chartered accountants , ( firm registration no : 131069w ) who are statutory auditors of the company hold office till the conclusion of the ensuing annual general meeting and are eligible for re - appointment . the consent of the auditors along with certificate under section 139 of the companies act , 2013 has been obtained from the auditors to the effect that their appointment , if made , shall be in accordance with the prescribed conditions and that they are eligible to hold the office of auditors of the company .
in the opinion of the directors , the notes to financial statement are self - explanatory and adequately explain the matters , which are dealt within the auditors ' ' report . in case of qualified opinion of the auditors with respect to non - recognition of deferred tax explained in note no . 33 of the notes to financial statements .
provisions of section 204 read with rules made thereunder , m / s . n . l . bhatia & associates , practicing company secretaries ( c . p no . 422 ) had been appointed to undertake secretarial audit of the company . the report of the secretarial auditor is annexed herewith as annexure i and forms part of this report .
the said report does not contain any observation or qualification which requires any explanation or comments from the board under section 134 ( 3 ) of the companies act , 2013 .
pursuant to provisions of section 138 read with rules made there under , the board has appointed m / s . maheshwari & co . , chartered accountants ( firm registration no : 105834w ) , as the internal auditors of the company to check the internal controls and functioning of the activities , and recommend ways of improvement . internal audit is carried out on a quarterly basis , the report is placed in the meetings of the audit committee and the board for their consideration and direction . their scope of work is as decided by the audit committee and the board of directors .
the internal financial controls with reference to financial statements as designed and implemented by the company are adequate . it has documented the procedures covering all financial and operating functions and processes . these have been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls for ensuring reliability of financial reporting , monitoring of operations , protecting assets from unauthorized use or losses and compliance with regulations .
adequate internal control systems commensurate with the nature of the company ' ' s business and size and complexity of its operations have been recognized . internal control systems ensure reliability of financial reporting , timely feedback on achievement of operational and strategic goals , compliance with applicable laws and regulations and that all assets and resources are acquired economically , used efficiently and adequately protected .
during the year under review , no material or serious observations have been received from the internal auditors of the company with respect to inefficiency or inadequacy of the controls .
risks are an inherent part of any business . the company has formulated a risk assessment and minimization policy with regard to risk management to identify risks inherent in business operations of the company and provides guidelines to define , measure , report , control and mitigate the identified risks . this policy ensures the sustainable business growth with stability and to promote a pro - active approach in reporting , evaluating and resolving risks associated with the company ' ' s business .
piracy is a major risk and bane for the m & e ; industry globally . the industry has been working relentlessly to reduce this key threat . with the advent of internet and digitization , this threat continues to be a major source of revenue loss for all the stakeholders in the industry . this has a potential to incentivize piracy as people would and it much easier to watch movie on their laptops or mobile than travel to far off theatres . hence , there is need for a collective , structured , scientific , multipronged and proactive approach to combat piracy .
tv , ipl , ott platforms , live entertainment etc . and other forms of outdoor entertainment such as sports , eating out , etc . may eat into the share of domestic theatricals as an entertainment option .
india lags behind on account of screen penetration and lack of infrastructure is leading to a lost revenue opportunity for the industry . this affects the scope of the smaller films to a greater extent . each meritorious independent film , under marketed or under monetized would be a missed opportunity , not only for that particular film or film maker , but for the entire indian film industry .
increasing atps are dissuading the audience from watching the films in theatres . regions with low atp prices have witnessed improved occupancy levels and a boost to film business . for instance , the occupancy levels are very high in the south where the atp prices are capped . also , the marathi film industry experienced a boom in the last year due to low atp prices . hence , there is need to rationalize the atp prices to improve the footfalls .
the opportunities observed are based on the trends noticed in past couple of years , which continues to be relevant . some of the key ones are as follows :
digitization has impacted all aspects of the m & e ; industry right from production to distribution to exhibition to sales of tickets . the next wave of growth in the overall m & e ; industry is expected to be driven by increased digitization . over the year , there have been far - reaching changes in the form of availability of low - cost smart devices and dropping data plans . in spite of this , india still has a low internet penetration of around 19 per cent , indicating a huge growth potential . the advent of 4g services , the increasing adoption of 3g in urban areas and 2g in rural areas are all strong signals of the immense growth potential that will be unlocked by digitization .
the year 2014 saw a huge surge in production and release of regional films . from tamil to telugu and from marathi to punjabi , all the regional film markets performed excellently . the share of theatrical revenues from regional films has been rising from around 12 - 13 % in 2013 to almost 20 - 21 % in 2014 , particularly in tier 2 and tier 3 cities , as per industry data .
the growing popularity of bolly wood films in the overseas markets is another growing opportunity . over the year , new markets like china and europe have seen a huge surge in interest in hindi films . however , the share of overseas theatricals is still around 10 - 25 per cent , much lower than the almost 60 per cent for hollywood films . as more and more new markets like lebanon , burma and iraq continue to be mesmerized by hindi films , the overseas theatrical avenue is poised for a big leap .
the indian media and entertainment ( m & e ; ) industry is a sunrise sector for the economy and is growing at a rapid pace . the industry has witnessed tremendous growth in the last few years and the growth momentum is expected to continue . digitization has played a major role in the indian m & e ; industry , affecting every aspect from production to distribution . going forward , those companies who take the digital leap and adapt their business models to meet the digital world stand to make maximum gains . another key factor for the industry is the increasing number of screen in the country . in the next five years , the growth in the number of screens would primarily be driven by expansion to tier - ii and tier - iii cities .
the information required under section 197 of the companies act , 2013 read with companies ( appointment and remuneration of managerial personnel ) rules , 2014 in respect of employees of the company is provided in annexure ii forming part of this report .
the company has adopted a whistle blower policy / vigil mechanism policy for directors and employees to report their genuine concerns . details of the policy are provided in the corporate governance report , which forms part of this annual report .
as a part of its corporate social responsibility ( csr ) initiative , the company has undertaken project in accordance with schedule vii of the companies act , 2013 and the company ' ' s csr policy .
the average net profit of the company , computed as per section 198 of the companies act , 2013 during the three immediately preceding financial years was rs , 87 . 03 lakhs . it was required to spend rs , 1 . 74 lakhs on csr activities during the financial year 2015 - 16 , being 2 % of the average net profits of the three immediately preceding financial years .
the report on csr activities as required under the companies ( corporate social responsibility policy ) rules , 2014 is provided in annexure iii forming part of this report .
extract of the annual return in form mgt - 9 pursuant to section 92 ( 3 ) of the companies act , 2013 for the financial year ended march 31 , 2016 is provided in annexure iv forming part of this report .