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Bharat Nidhi Limited (Bharat Bank Ltd) is registered with Reserve Bank of India as Non-Banking Financial Company. The Company has an agreement in force with Bennett, Coleman & Co. Limited for distribution of its Publications in Delhi/NCR.
For buying shares of Bharat Nidhi or any other companies, please call on 8108303330
In 1951, the company discontinued its banking business and subsequently changed its name to Bharat Nidhi Limited pursuant to revised Certificate of Incorporation issued by Registrar of Companies, NCT of Delhi and Haryana, dated February 27, 1952.
Bharat Nidhi was incorporated on 21st September 1942 under The Indian Companies Act, 1913 in the name and style of Bharat Bank Limited to carry out the Banking Activities.
Subramanian Swamy urges probe
BJP leader Subramanian Swamy filed a petition against Times of India Group’s owners, Jain family, to various agencies seeking a probe on huge tax evasion and money laundering through shell companies. In his petition to Prime Minister Narendra Modi and other agencies, Swamy accused the largest media company Times of India Group majority shareholders Samir Jain, Vineet Jain and their mother Indu Jain of floating several shell firms and indulged in dubious buyback of stock exchange-listed shares from minority shareholders in covert ways and creating a huge tax loss.
Swamy charged Jains of trying to acquire the shares of minority shareholders of Bharat Nidhi Limited in a fraudulent way by under-invoicing the share price. Bharat Nidhi Limited (BNL) directly owns 24.41% and indirectly 45% of Bennett and Coleman Company Limited (BCCL). The actual valuation of BCCL ranges between Rs.1.2 lakh crores (120,000 crores) to 1.5 lakh crores (150,000 crores) now. The minority shareholders sensed fraud when the Jain family tried to buy back their shares at a cheap price of Rs 11,229 (value of one share), while the market value considered is Rs 2,31,186 per share.
A group of minority shareholders in India’s Bharat Nidhi Ltd (BNL), a company owned by Indian media baron Vineet Jain, have sent multiple complaints to the market regulator against a proposed share buyback they say “grossly undervalues” the company. The investors have asked the Securities and Exchange Board of India (SEBI) to stall the buyback process, investigate the matter and appoint an independent valuer.
A share buyback was announced by the company in June 2019. The buyback offers 21,791 shares at an exit price of Rs 11,229 for an aggregate amount of up to Rs 24,46,91,139. The offer values the company at about Rs 3279 crore.
Bharat Nidhi counts BCCL and Bennett Property Holdings among its associates, in which it holds 24.41 per cent stake each. BCCL is the publisher of major national dailies The Times of India and The Economic Times. Other than this, Bharat Nidhi also holds shares in Times Publishing House and Times Internet.