#investee

[moomoorare]

So guess who's gonna watch tangos double life series now

[rainykthebroken]

Chapter 11 of A Wonderful Attraction is out right now!

As the Halberd finds himself trapped between worlds, Magolor has a transcendental experience. Against their will, he and Elfilin learn a little more about each other. Susie discovers the dark plans of her investees following the results of the Dimensional Breacher, and Taranza seeks to conceal an intimate secret.

*The Adonis' flower represents painful recollection and sorrowful remembrances.

Also, I redone the artwork:

[mysafehaneul]

Chapter 8 Part 4 (M)

In the dimly lit room, where the only illumination was the moonlight filtering through the windows, you lay on Wonwoo's chest. The dawn was approaching, and as the hours passed, your mouth started moving on its own in the room where only Wonwoo's soft breathing echoed.

"Three days before the accident," you began, your voice barely above a whisper, "Noella came in drenched in rain with bloodshot eyes. I thought something was wrong with her, Noel, or Joshua. When I asked her what was wrong, she just screamed the same question at me: 'How long have you been in love with my husband?' I had no answer to her question."

You sniffled as you continued your story. "She told me that all this time, I was around her because I thought in any way I could still have a chance with her husband. I kept telling myself that it was not the case anymore and called me a plotting bitch, accusing me of scheming her into a debt of favors. She felt obligated to be grateful for my help in her business, sponsoring her wedding, and even being there during the time of her child's birth."

Tears welled up in your eyes. "When she said that, it really hurt. The idea of Joshua was out of my mind and heart just three months into their relationship. But people around me who knew about this always thought that everything I did out of love was linked to Joshua and not Noella." You sniffed again. "But I don't blame her for thinking like that because I know how Noella was. When someone who has always been exposed to the cold finally realizes what warmth feels like, they'll go to any lengths to protect it. She wasn't mad at me; she was mad at herself for not realizing this sooner."

You took a deep breath. "I have no qualms with Noella and even Joshua. When they both told me that the only relationship I had with them was that of investor and investee and that they'd pay me back whatever they owed me, I just told them one thing: that in all those years they had known me, I wished they truly knew me."

"That's when I realized what true heartbreak can feel like—the pain of being misunderstood, the pain of being ripped apart with a piece of your heart. When she was in that crushed car, she tried calling me, but I was too drunk to be aware of my phone's whereabouts. After a few days of her funeral, I saw a message she left on her phone for me: 'Dear Y/N, by the time you get this, I may be gone. I'm sorry for the things I said. I know I'm in no place to say this, but please take care of Noel. And thank you for being kind.'"

As you exhaled and moved away from Wonwoo's arms, you prepared to leave quietly before you woke him up. You pushed the quilt aside and fixed the straps of your night dress. Just as you were about to get up, a hand grabbed your wrist and yanked you back, causing your back to slam against Wonwoo's chest. He hoarsely whispered in the room, cuddling from behind in a protective embrace, "Don't hold it back." That whisper was more than enough for you to break the barrier of silent tears, allowing them to flow from your eyes, you cried silently to sleep, comforted by constant kisses on the back of your head and the protective arm wrapped around your shoulders. 

...

...

The next morning, you woke up to the sight of JJ, Noel, and Wonwoo having breakfast in the kitchen. You gave Noel a letter to submit to his class teacher as he got ready to leave for school. Wonwoo noticed your preparations and asked, "Where is he going?"

You smiled and explained, "Jeonghan wants to take Noel before us to his wedding on Wednesday." 

Wonwoo raised an eyebrow. "What about school?"

You replied, "I talked to his teacher, and he'll have to take online assessments to catch up on the schoolwork. It should be fine."

With that, Noel headed out, and Wonwoo went upstairs to get ready for the office. Today, you'd be working from home.

Jeonghan had a facial appointment with his mother and left the house, leaving it much quieter. As you strolled through the living room, you noticed a toy lying on the floor. You picked it up to put it back in Noel's room, but your attention was soon captured by a framed photo. It was a picture from a science exhibition, encased in a "Dad and I" photo frame. In the photo, Neol was perched up in Wonwoo's arms, biting down on his medal, while Wonwoo held a certificate. His face was adorned with a proud smile as he looked at Noel and their project on "Life Underwater" displayed on the table.

A fond smile made its way to your lips. 

...

It wasn't often that Wonwoo forgot things, but today was an exception. He had returned home earlier than expected because he had forgotten a file in the study. Initially, he had considered sending Chan to retrieve it, but he realized that he missed you and decided to go himself.

As he entered the house, he was met with an unexpected quietness and muffled sounds of knives and chopping board from the kitchen. There you were, singing with your AirPods in your ears, preparing a sandwich in the kitchen. With Noel at school and his travel bag neatly packed, you had given the nanny a week off, and the housekeeper was out shopping, leaving you both alone. You were spreading honey mustard on your sandwich when you suddenly felt his presence.

You turned to see Wonwoo standing there, leaning against the wall, with a silly grin on his face. Startled, you exclaimed, "Geez, I thought you were a creep!"

He chuckled, pointing at his three-piece suit. "In a three-piece."

Wonwoo moved closer, standing behind you, and inquired about the taste of the sauce. You turned, extending the spoon in his direction for a taste test. But instead of sampling from the spoon, he kissed you passionately, his lips locking with yours, and he gently sucked on your tongue. Your eyes widened in shock at the sudden and unexpected display of affection.

As their lips locked in a passionate embrace, they pressed against the cool, marble countertop. The heat of their connection intensified, igniting the familiar fire of desire that had grown between them over time. 

Breaking the kiss, you faced each other, the desire evident in your eyes. You playfully bit your lip, fingers tracing the lapels of his blazer and then running down his chest, sending shivers down his spine. Your head tilted slightly, and teasingly inquired, "Don't you have somewhere to be?"

Wonwoo, lost in the moment and driven by an uncontrollable desire, confessed, "I do, a meeting in an hour."

Unfazed, you spread her legs, pulling gently on his tie to draw him closer. You were dressed in white denim shorts and a blue striped shirt, looking irresistible. arms wrapped around his neck as he leaned in to caress her face with his lips. Their mouths met once again, and the kiss deepened into a passionate French kiss.

Wonwoo's hands danced downward, from your neck to your shirt, undoing the first four buttons as their intense connection continued to escalate.

He glimpsed the white lace of your bra and, with a hunger that had been building, he lowered the cups to fondle and grope your breasts. His touches combined sensuously with firm tugs and delicate pinches on your nipples, causing you to moan into his mouth. 

As his lips moved down your jawline and traced the sensitive spot behind the ear, you whispered breathlessly, "Ahjumma must be returning any moment now."

In response, he breathed heavily and replied, "Then we'd better be quick." He swiftly knelt before you, urgently tugging her shorts down. The waistband of your panties was ripped from the side, and a shocked gasp of "Wonwoo!" filled the room. 

With determination, he bit into your inner thigh, nibbling, sucking, and licking your skin as if marking his apology. You struggled to resist the urge to plunge fingers into his hair, clinging instead to the cool, unforgiving marble countertop to avoid disrupting his meticulously styled hair. 

"Grab my hair," he demanded, his voice low and desperate. You hesitated, aware that he had a schedule to keep. His impatient smack against your pussy surprised her. "Don't make me repeat myself," he said, more insistent. finally complied, your wedding ring-clad hand finding its way into his hair, guiding him to where it ached most.

As the taste reached Wonwoo's tongue, his eyes rolled back in pleasure, expertly exploring every corner of your essence. Your moans and whimpering echoed in the empty kitchen, and if he could have this forever, he'd consider himself the luckiest bastard alive.

"Wonu, baby, give me your fingers," you pleaded, and he removed his mouth from your core. His chin and lips glistened with essence, the sight of him driving you to lose control.

"How about I give you more than that?" he suggested, flipping you onto your stomach and pressing against the counter. You heard the click of his belt buckle and the swift zip of his pants. Without wasting any time, he rubbed the tip of his arousal against your opening, gathering some lubrication before slowly guiding it inside.

Both of you groaned in pleasurable unison. His hand rested on your lower back while the other reached for your womb, and he started thrusting upwards.

"Fuck, Wonwoo!" You screamed, Your body trembling in ecstasy as you reached the first climax. His thrusts grew faster as you felt the second one approaching.

"What have you done to me?" he panted, sweat running down his forehead, the veins in his neck pulsating. He removed his hand from your hips and gently rubbed your sensitive bud, causing the second climax to hit with even more intensity.

As the room filled with their gasps and moans, the scent of their passionate lovemaking mixed with the remnants of chicken Salami. Wonwoo watched her as he felt himself unraveling, his hips rutting on their own in a symphony of pleasure and desire.

After tenderly cleaning you up, Wonwoo starts dressing, his actions measured and deliberate. As he buttons your shirt, you say " I am going to France, Chinon specifically, this Saturday morning?"

"Why?"

You give him a reassuring smile and reply, "I have an overdue meeting with an old friend."

A sense of curiosity flickers in his eyes as he asks, "Should I be worried?"

You chuckle and shake your head, "Not really." 

He leans in to plant a kiss on your lips, as he straightens his tie wonwoo can't help but find himself stare into your eyes, Cause warmth crept into your cheeks.

"Don't look at me like that"

"Like what" He murmured tilting his head to the side in confusion.

"Like you're going to fall for me." you answered with sad smile. A pang of guilt struck his chest and his lips felt sealed, mumbling a soft see you he took his file, and rushed out of the door. While running his hand through his now mushed hair. 

....

....

Chinon, often referred to as the Garden of France, was a place of ethereal beauty. The landscape was adorned with lush vineyards stretching out under the golden sun, creating a picturesque panorama. Fortresses and castles, steeped in history, stood like silent guardians over the scenic valley. The air was filled with the rich, alluring aroma of the delectable wines that this region was famous for.

Amidst this breathtaking scenery, a man stood before a grave, a solemn place marked by a floral arrangement of lily of the valley, its tiny, fragrant white bells gracefully nodding in the breeze. These delicate flowers added a touch of purity and elegance to the somber setting.

The man gazed at the name engraved in the stone with a sad smile on his face and an underlying sense of melancholy. He reached his silver wedding ring-clad hand to gently run his fingers across the name etched in the marble, whispering with a hint of longing, "How are you, my hummingbird?"

He placed the bouquet of lilies of the valley on top of the marble and continued, "Are you mad at me for not coming yesterday? I brought flowers. Next time, I will even bring your favorite Domaine de Noire. You used to say its taste reminded you of home."

He let out a sigh and took a step back, looking up at the leaves rustling in the wind. "You'd like that, wouldn't you?" A smile touched his lips, a bittersweet expression that conveyed a mix of love and sorrow.

Life had taught him many lessons, and in the world he once belonged to, danger always lurked nearby. He glanced back at the inscription on the stone: Catalina Dubois Bulavia.

A woman, dressed elegantly in sable black with an asymmetrical line dress and cat-eye framed sunglasses, approached the grave, carrying an arrangement of white orchids. Her presence added an air of grace and sophistication to the scene.

Without turning to face her, the man in a deep, resonant voice asked, "How long are you going to stand there?"

The woman took a few steps closer and stood beside the man. She greeted the grave with a nod and placed the bouquet of white orchids on top of it.

In fluent French, she replied, "It's been a while, Monsieur Bulavia."

"So it has been, Ms. L/N."

...

Baden Emeric Bulavia was a mere 15 years old when he roamed the unforgiving streets, struggling to find his place in the world. Hungry and destitute, he eventually found shelter under the wing of Le Milieu, the dark underbelly of society. As the days turned into years, he climbed the ranks of this shadowy world, becoming entwined in a life fraught with darkness.

One fateful day, while evading the relentless pursuit of the police, Baden sought refuge in a quaint countryside cottage in Chinon. At the tender age of 22, he observed a young girl, no older than 18, with hair as golden as the winter sun's rays and eyes as blue as the endless expanse of the Pacific Ocean. She hummed a sweet melody as she plucked apples from a nearby tree. When his voice broke the tranquility of her surroundings, he startled her momentarily. Quickly, he reached out his hand to assist her, and when her delicate fingers touched his calloused ones, he believed that fate had granted him salvation. As she introduced herself, her name felt like the answer to all of his unspoken prayers.

He yearned to become a man worthy of her, to provide her with everything she desired in return for her unwavering love. However, the karmic consequences of his past actions remained inescapable. Someone as pure and kind as Catalina was undeserving of a man who considered himself a sinner like Baden. Yet, his greed was unrelenting, and he chose to keep her, even if it meant she was held in a cage of his own making. Catalina found space in her heart for him, doing so for the sake of their children.

As Baden's Arms empire rose to become a primary supplier for the military, Catalina remained aware that, though one hand may have been in the light, the other still lurked in the shadows.

Tragedy struck on a day like any other. In their home garden, Catalina, accompanied by her 8-year-old daughter Noella, encountered a woman whose family had suffered immensely at Baden's hands when he was 22. In a horrifying act of revenge, the woman mercilessly stabbed Catalina 15 times, each strike representing the memories of her two sons and her husband. Consumed by rage and vengeance, Baden confronted the assailant, her blood staining his vision.

Yet, her words haunted him, "Do you think I killed her? It is you... you killed her. It is your sin... remember, Bulavia, you can never smile when you rob so many innocent people of theirs."

...

Beneath the sprawling tree, leaves rustling in the wind, Baden's voice was the only sound breaking the silence of the graveyard, save for the birds singing from their perches in the branches above. His eyes, distant and unfocused, seemed to drift through the mists of time.

"White was my hummingbird's favorite color," he murmured, his voice tinged with the softness of a distant memory. "Pure, just like her soul."

His gaze shifted to the flowers adorning the grave. "She was too kind, too kind for her own good," he continued, his words tinged with a hint of disbelief. "She used to say, 'The amazing thing about kindness, it makes you feel good, whether you're the one handing it out or the one receiving it.'"

A faint, nostalgic smile played on his lips. "She hated my job. We would constantly fight about it, with threats of running away with the kids. And that... that used to scare me. I've been in many life-threatening situations, but never in my life have I been more scared than that day when I returned home to find her and the kids gone. That day, I realized that giving your heart to someone is the scariest, most dangerous, and most perplexing thing. It makes you do things you didn't even realize you were capable of doing." He gazed at the flower arrangement with a mixture of love and longing. "And when she was gone, I vowed never to let my heart bow or bend before anyone else, even if they are my kids."

You listened intently, your heart heavy with the weight of his past. "How did you find her?" you asked, eager for more of the story.

Baden's voice turned somber. "She was sitting in the garden, both children asleep in her lap as she cried next to her bag. She couldn't do it, not for the sake of herself or the children, but for the people outside and what I would do to them."

He nodded. "That's what love does to you."

A wise, yet sorrowful expression crossed Baden's face. "I'm sorry to say this, Mr. Bulavia, but that's not love. That's obsession. Love never binds you; it liberates you. It enlightens the strength in you that you never knew existed in the first place."

The day was calm, the sky adorned with wisps of fluffy white clouds. You sat beside the old man, a sheaf of pictures in your hand, remnants of a life once lived. With trembling hands, he took each photo, gazing at them one by one, each a cherished memory. You spoke softly, your words laden with meaning, "Like your daughter, she found her strength, even against you, for the man she loved and her child."

The photographs spanned significant moments, from your graduation to Noella's wedding, from her pregnancy at 7 months to Noel's first birthday. The last image showed Wonwoo cradling Noel at his science exhibition.

His hands quivered as he traced the final pictures, his voice trembling and eyes glistening with unshed tears. "What did she name him?"

You drew a deep breath, and your voice quivered slightly as you responded, "Noel Emeric Hong."

He snapped his head towards you, searching your eyes for confirmation. You nodded solemnly, and he turned back to the photographs, a tearful smile gracing his face. "He looks just like my sparrow."

You agreed, your voice breaking with emotion. "Yes, he does."

"How old is he?"

"Eight this December."

"Was he also born on—" He didn't finish the question, but you knew what he meant.

"On Christmas, yes," you affirmed.

"I just did what I thought was right for her. I wanted her to be strong."

You sighed, understanding the weight of his guilt. "That's where we fail as parents, Mr. Bulavia. Even if our intentions are in the right place, that doesn't mean all our decisions can't be wrong."

Your voice quivered as You confessed, "You wanted the world for her, but she just wanted her father."

"She detested me," he admitted. "She saw me as her mother's killer."

"She never hated you," you replied, your tone gentle yet firm. "She hated what you did and how you kept quiet when Nikolia always belittled and demeaned her."

"What makes you think if I don't make those guns and tankers, no one else will as well?"

"At least that person would not be her father," you argued.

A heavy silence hung between you as he whispered, "I failed her as well, haven't I?"

You couldn't provide a straightforward answer to such a complex question. Instead, you reached into your bag and took out a small jar, no bigger than your hand, engraved with the words "Yours, Sparrow." You handed it to him, saying, "If you think you failed her while she was alive, then don't let her death be in vain. Do right by her and her child. She wanted nothing more than a childhood for her child where he didn't have to look over his shoulder before he could run across the fields. Every child deserves a childhood free from the darkness of the world."

Mr. Bulavia clutched the photos and the urn to his chest, closing his eyes as silent tears trickled down his cheeks. The clouds seemed to mirror the somber mood, casting shadows over the small graveyard.

Breaking the silence, you suddenly asked, "Why did you call her 'Sparrow'?"

A wistful smile played on his lips, and he chuckled. "Because she was always chirping, hopping from one place to the other, curious about everything."

You nodded in agreement, knowing that it perfectly described Noella.

With a heavy heart, you rose to your feet, aware that it was time for your flight back. As you walked away, you couldn't help but turn back at the old man, and warn "Mr. Bulavia, stop Nikolia before it's too late. I am not someone who will cower over a few texts and death threats. Even if I die, he can never get his hands on Noel or his money. And if you have even the slightest love for your daughter, you will not let your son paint his hands with her child's blood as well. I promise you, if he goes down that path, it will not end well for him. Take care."

"Y/n," he called out.

You turned to face him, with a composed demeanor.

He asked with a trembling voice, "I have a brain tumor, The results aren't that hopeful, They say I have no more than one month left to live. Could you let me meet Noel, just once?"

Shocked by his revelation, you took a deep breath.

 You couldn't meet his eyes, but you managed to say, "Noel likes Iron Man and Legos, and his favorite colors are red and blue. He enjoys chicken quiche but detests carrots in them."

"I see," Mr. Bulavia responded with a sad smile.

You took another breath, your voice filled with compassion. "Are you allowed to travel around Europe?" His face lit up with a look of grateful joy, slowly erasing the despair that had marked his features just moments ago.

...

...

Wonwoo had spent most of his Sundays engrossed in office work, business dinners, or golf games with investors and associates since becoming the CEO of Jeon Group. He had always enjoyed the solitude of his empty house on these days. However, for the first time in 35 years, the silence was starting to unnerve him. He contemplated working a bit more, but the idea didn't sit well with him. 

After his second workout of the day, it was already 9 p.m., and he knew you must be landing soon. A fleeting thought crossed his mind: should he call to check if your flight had landed safely? He hesitated for a moment but ultimately decided against it. Then, he thought about giving Noel a call, just to see how he was doing.

Noel picked up after a couple of rings. "Hey, Dad, I'm in the middle of a suit fitting right now," Noel chirped. "Jeonghan and Victor are making me the ring bearer for the wedding."

Wonwoo smiled, "That's great to hear, Noel. How's everything going?"

Noel responded, "Everything's going well, but I've got a lot of responsibilities. Tante called a little while ago. We couldn't talk much."

Wonwoo thought for a moment and then, unable to hide his curiosity, asked, "Did she mention me?"

"Dad, if you miss her, just call her, you know," Noel advised. "I'm the ring bearer, and I have lots and lots to do."

 "Okay, big man, Hey Noel"

"Ya"

"How many 'R's are there in responsibilities?" he teased the boy. 

"More than the number of times My tante called you" 

With that, Noel ended the call, leaving Wonwoo to laugh at the snarky kid.

Wonwoo sat in the living room, his phone twirling between his fingers as he impatiently checked for any signs of your message or call. He decided to bide his time by watching a random TV show when, all of a sudden, his phone began to ring. He grabbed it eagerly, only to see that it was just Chan calling.

With a touch of disappointment in his voice, Wonwoo inquired, "What's the occasion?"

Chan replied, "Nothing much, I was catching up with some friends when I ran into Deokyeom. In the midst of our conversation, he mentioned something that I thought you should know. Ms. L/N called him and her lawyer to her office."

Wonwoo's curiosity piqued, and he asked, "Why? What's the reason?"

"To make her will," Chan answered.

"Her what?" Wonwoo was clearly taken aback.

"Last will and testament, Wonwoo."

"Why? Do you have any idea what's in it?"

Chan paused before responding, "Well, I'm not entirely sure about that, but I'm looking into it. Deokyeom did mention that she made some changes related to guardianship and the ownership of Oasis."

Wonwoo switched the call to speaker and opened his phone's calendar. "When was it? Do you have any idea about the contents?"

"I think it was on Thursday, but I'm not sure about the contents," Chan said, trying to reassure him. "Don't worry, Wonwoo. Judging by the way Deokyeom sounded, it might be in your favor. It seems like our plan is playing out just fine."

Wonwoo's expression remained passive as he mused aloud, "Hmm. Hey, Chan, can you investigate to see if there was anything that prompted her to do this?"

"No problem, boss. Just a word of advice: try to keep things hot and cold. People who have been in a one-sided love tend to get clingy when it's reciprocated."

Suddenly, the TV screen went black, and in the reflection on the screen, Wonwoo saw someone standing behind him. His body stiffened, and it felt as if all the blood in his veins had turned to ice. A cold shiver ran down his spine, and beads of sweat formed on his forehead.

"Y/N," he whispered in a fearful tone, his heart pounding in his chest.

Wonwoo abruptly cut the call and flung his phone somewhere in the lavish living room. It landed with a muted thud against the foot of the large glass center table, accompanied by the rumble of the couch.

Part 5

[probablyasocialecologist]

Where market ideology continues to exert a diffuse influence over the platform public is through the lurking economic and existential anxieties of the self in the age of surveillance capital. As Michel Feher argues, while neoliberal intellectuals promised a society of dynamic innovation and entrepreneurial creativity, neoliberal capitalism has in practice produced infrastructures that exist as all-encompassing credit-rating systems, which mediate investor-investee relations at numerous scales, from the nation state down to the individual credit-card holder. Platforms can now serve as credit-rating devices in a literal sense, allowing credit-worthiness to be evaluated on the basis of a wide range of behaviour, not just limited to the economic sphere, but potentially including social connections and the credit scores of one’s friends. It has become a motto of the credit-analytics industry that ‘all data is credit data’. But Feher’s point is more far-reaching than that. There is a generalized moral injunction at work under neoliberal capitalism to communicate one’s value as human capital to potential investors—literal creditors, but also those investing their time, attention or emotional energy for some future ‘return’. The logic of human-capital appreciation sees moral and financial judgement converge: every individual must aim to be rated as engaging, positive, responsible and innovative. The key moral-financial uncertainty is where to invest—what qualifications to acquire, who to marry, where to live, who to be. The corollary is that everyone needs to be rated as highly as possible, to be worthy of incoming investment.

William Davies, The Politics of Recognition in the Age of Social Media

[changbeens]

hi! ive seen you around and just wanted to say hi.

and i also wanted to say that i saw your post about normalizing being a casual (kpop) can and not always getting investeed in who the members are (unless one of them did something bad) and THANK YOU! other than a few groups, i don't focus on learning the members' names cause i just.... didn't care too much

hii, i believe we're mutual-in-laws, i see you around a fair bit

oh that post kinda popped off a bit didnt it. it was actually posted because i was mad at svt minghao for being fatphobic lol

sometimes its okay to be invested but its also okay to just enjoy a group's music without knowing every detail about each member. music is supposed to be fun, nobody needs a masters degree in every single group. if we all just chilled and listened to the songs that make out feet go tappy tap i think we'd all be a lot happier

[kanakkupillai-trademark]

The Impact of Digital Transformation on Investment Agreements: Emerging Trends and Challenges

The Role of Investment Agreements in Sustainable and Ethical Investing

In recent years, there has been a significant shift in the investment landscape as more investors prioritise sustainability and ethical considerations alongside financial returns. Sustainable and ethical investing has grown from a niche market to a mainstream strategy, driven by increased awareness of environmental, social, and governance (ESG) issues. As this trend gains momentum, investment agreements play a crucial role in ensuring that investments align with sustainable and ethical principles. This article explores the importance of investment agreements in sustainable and ethical investing and how they help shape the future of responsible finance.

Defining Sustainable and Ethical Investing

Sustainable and ethical investing involves making investment decisions that consider not only financial returns but also the broader impact of investments on society and the environment. This approach typically focuses on companies and projects that demonstrate strong ESG performance. Investors seek to support businesses that operate responsibly, minimise their environmental footprint, and contribute positively to society. The ultimate goal is to generate long-term value while promoting sustainable development and ethical practices.

The Role of Investment Agreements

Investment agreements serve as formal contracts between investors and investees, outlining the terms and conditions of the investment. In the context of sustainable and ethical investing, these agreements play a pivotal role in several ways:

Setting ESG Expectations: Investment agreements provide a platform to define the ESG criteria and expectations for the investment clearly. It can include commitments to reduce carbon emissions, uphold labour rights, maintain transparency, and implement sustainable business practices. By embedding these criteria into the agreement, investors can hold companies accountable for their ESG performance.

Ensuring Alignment with Ethical Standards: Investment agreements can specify ethical standards that must be adhered to throughout the investment period. These standards include avoiding investments in industries such as fossil fuels, tobacco, or arms manufacturing. By setting these boundaries, investors can ensure their capital is directed toward companies and projects that align with their values.

Monitoring and Reporting: Ongoing monitoring and reporting are critical components of sustainable and ethical investing. Investment agreements can outline the requirements for regular ESG reporting, allowing investors to track the progress of their investments. This transparency ensures that companies remain committed to their sustainability and ethical goals and enables investors to make informed decisions about their portfolios.

Incorporating Impact Metrics: Investment agreements can include specific impact metrics that measure the social and environmental outcomes of an investment. These metrics can cover areas such as carbon reduction, job creation, community engagement, and more. By quantifying the impact, investors can assess the effectiveness of their investments in achieving sustainable and ethical objectives.

Promoting Long-Term Value Creation: Sustainable and ethical investing often focuses on long-term value creation rather than short-term gains. Investment agreements can be structured to encourage long-term thinking, such as by setting performance milestones or tying financial incentives to achieving ESG targets. This approach aligns the interests of both investors and investees, promoting sustainable growth over time.

Facilitating Active Ownership: Investment agreements can empower investors to engage in active ownership, where they take an active role in influencing the behaviour of the companies they invest in. It can include participating in shareholder meetings, voting on critical issues, and engaging in dialogue with company management to drive positive change. Active ownership is a powerful tool for promoting sustainable and ethical practices within investee companies.

Challenges and Considerations

While investment agreements are crucial in advancing sustainable and ethical investing, they are not without challenges. Some of the key considerations include:

Defining Clear and Measurable ESG Criteria: One of the challenges in sustainable investing is defining clear and measurable ESG criteria that are universally accepted. Investment agreements must strike a balance between being specific enough to ensure accountability and flexible enough to accommodate evolving standards and practices.

Ensuring Compliance: Even with well-drafted agreements, ensuring compliance with ESG and ethical standards can be challenging. Investors may need to implement robust monitoring and enforcement mechanisms to ensure that investees adhere to their commitments.

Navigating Complex Global Regulations: A complex web of global regulations and standards influences sustainable and ethical investing. Investment agreements must navigate these regulatory landscapes while aligning with international best practices.

Conclusion

Investment agreements play a critical role in the success of sustainable and ethical investing. They provide a framework for setting ESG expectations, monitoring progress, and ensuring that investments align with ethical standards. As the demand for responsible investing continues to grow, the role of investment agreements in shaping a sustainable and ethical financial future cannot be overstated. By embedding sustainability and ethics into the very fabric of investment contracts, investors can drive meaningful change and contribute to a more just and sustainable world.

[kumard12]

Recent Changes in AIF Regulations by SEBI: A Comprehensive Analysis

The Securities and Exchange Board of India (SEBI) has recently introduced significant amendments to the regulations governing Alternative Investment Funds (AIFs), which aim to enhance transparency, accountability, and operational efficiency within the sector. These changes, effective from April 2024, are not only timely but also resonate with the insights provided by Vaneesa Agrawal in one of the Thinking Legal articles from 2020, which advocated for a more robust regulatory framework.

This alignment showcases the importance of ongoing dialogue between regulatory bodies and industry experts, ensuring that policy changes are both timely and relevant to the evolving needs of the financial sectors.

The article therefore aims to dig a bit deeper into these recent changes, key amendments, and their implications.

Enhancing Professionalism and Expertise

Mandatory Certification for Key Personnel, wherein at least one key member of the investment team in an AIF must hold a certification from the National Institute of Securities Markets (NISM).

“ This requirement aims to ensure that AIF managers possess the necessary skills and knowledge to manage investments effectively.”

- Vaneesa Agrawal, Thinking Legal

As the SEBI lawyers note, this move asserts that enhanced regulations can encourage AIFs to adopt best practices in governance and operational management. The SEBI lawyers also note that this move is expected to raise the overall standard of expertise within the AIF industry, potentially leading to more informed investment decisions and better risk management.

Vaneesa Agrawal, SEBI Lawyer

Streamlined Reporting of PPM Changes

SEBI has simplified the process for AIFs to report changes in their Private Placement Memorandum (PPM). AIFs are now permitted to file certain changes directly with the regulator.

This simplification aligns with the balanced approach advocated by the SEBI lawyers, which called for regulations that don’t stifle innovation. “The streamlined reporting process,” notes Vaneesa Agrawal, “strikes a fine balance between regulatory oversight and operational flexibility.”

The change of streamlined reporting is particularly significant for smaller AIFs, which often struggle with the administrative burden and costs of compliance. Expert SEBI lawyers notice that by reducing these barriers, SEBI is encouraging a more diverse and dynamic AIF ecosystem.

Enhanced Operational Flexibility

Category I and II AIFs are now permitted to create encumbrances on the equity of investee companies. This change demonstrates SEBI’s recognition of the operational realities faced by the fund managers, a point stressed by Vaneesa Agrawal, a SEBI expert lawyer in Thinking Legal’s 2020 Article.

Vaneesa Agrawal observes, “This formalization of AIFs’ ability to secure borrowing against investments significantly enhances their operational flexibility.”

The ability to create encumbrance opens up new avenues for AIFs to manage their portfolios more effectively and potentially access additional capital when needed, which could again lead to more strategic investment opportunities.

Strengthening Due Diligence and Investor Protection

The new regulations, as highlighted by expert SEBI lawyers, impose structure due diligence requirements on AIF managers and key personnel to prevent circumvention of laws, particularly concerning foreign investments.

This amendment directly addresses Thinking Legal’s emphasis on investor protection. “By holding AIF managers accountable for their investment decisions,” Vaneesa Agrawal, an expert SEBI lawyer, points out, “SEBI reinforces its commitment to safeguarding investor interests.”

Improving Fund Management Flexibility

The dissolution period flexibility amendment allows AIFs to enter a dissolution period under specific conditions, providing flexibility for managing unliquidated investments. This provision aligns with Thinking Legal’s call for regulations that balance oversight with operational needs.

Vaneesa Agrawal notes, “It’s encouraging to see SEBI’s understanding of the complexities involved in fund management reflected in these amendments.”

The flexibility is particularly valuable in today’s volatile market conditions, allowing fund managers to navigate challenging situations more effectively and potentially maximize returns for investors even during the wind-down phase of a fund.

Enhanced Transparency and Disclosure Standards

While not explicitly mentioned in the key amendments, the recent changes requiring independent audits of PPM compliance and performance benchmarking address Thinking Legal’s earlier emphasis on clearer guidelines and disclosures for investors.

These enhanced disclosure requirements empower investors with reliable information, facilitating informed investment decisions.

- Vaneesa Agrawal, an expert SEBI lawyer

Implications for AIF Managers and Investors

The recent changes to the AIF regulations have profound implications for both fund managers and investors:

For AIF Managers: The requirement for certification and enhanced due diligence will necessitate a reevaluation of current practices and may lead to increased operational costs. However, the streamlined reporting process and flexibility in managing investments can alleviate some administrative burdens.

For Investors: The increased transparency and accountability measures will likely enhance investor confidence in AIFs. With better access to information and stronger protections in place, investors can make more informed decisions, ultimately contributing to a more robust investment environment.

All of these changes, as highlighted by Vaneesa Agrawal, an expert SEBI lawyer, not only respond to the evolving needs of the market but also reinforce SEBI’s commitment to investor protection and regulatory integrity. SEBI lawyers also note that the collaborative approach taken by SEBI, incorporating stakeholder feedback, ensures that the regulations are practical and responsive to industry needs.

Conclusion

The recent amendments to SEBI’s AIF regulations mark a significant step towards enhancing the professionalism, transparency, and operational efficiency of the AIF sector in India. As Vaneesa Agrawal concludes, “SEBI’s collaborative approach, incorporating stakeholder feedback, ensures that these regulations are both practical and responsive to industry needs.”

The landscape of AIFs continues to evolve. With that, the role of a SEBI lawyer or SEBI expert lawyer will become increasingly crucial in navigating these regulatory changes. Legal professionals will play a vital role in ensuring compliance, advising on best practices, and helping fund managers adapt to the new requirements.

In conclusion, the interplay between recent regulatory changes underscore the importance of a proactive and collaborative approach to regulation in the AIF sector. This approach will ultimately foster a more transparent, accountable, and investor-friendly environment, paving the way for sustainable growth in the industry.

[24business-news]

Pawan Hans Sale: Cayman Islands company in winning bid allegedly fronted for notorious businessman from Zimbabwe

On 16 May, these reporters published in The Wire and NewsClick an article investigating the antecedents of a consortium of three companies that came together to set up Star9 Mobility Solutions Private Limited, which was announced as the winner of the auction to acquire Pawan Hans Limited, the public-sector helicopter service provider. The article pointed out that little information was available in the public domain about the Cayman Islands registered Almas Global Opportunity Fund (AGOF), the largest stakeholder in Star9 Mobility.

Described as Zimbabwe’s “Queen Bee,” Tagwirei is an adviser to Zimbabwean President Emmerson Mnangagwa and is said to be close to the ruling ZANU-PF (Zimbabwe African National Union-Patriotic Front). In a report in the Daily Maverick, a South African newspaper, former Zimbabwean Finance Minister Tendai Bitihas described Tagwirei as a person who controls that country’s food industry, 60% of its gold mines, two of its largest banks, and its sole gold refinery. Announcing the imposition of sanctions on Tagwirei in August 2020, the then US Secretary of State Mike Pompeo described him as a “notoriously corrupt businessman” who had assisted “senior Zimbabwean government officials involved in public corruption.”

How Almas Global acted for Tagwirei

From 2019 onwards, Sotic International Ltd, a Mauritius-registered trading company, went on a “mine-buying spree” in Zimbabwe, reported the Financial Times. Sotic was Tagwirei’s holding company where his accumulated wealth was allegedly hidden. In July 2021, The Sentry, a US-based anti-corruption not-for-profit organisation, released a report on Tagwirei’s alleged illegal activities (including money laundering), in which AGOF’s role has been elaborated on. According to The Sentry and various reports published by Bloomberg and the Financial Times in 2021, AGOF holds the majority stake in Sotic on behalf of Tagwirei.

The Sentry reported that Capital Horizons, a Mauritius based financial advisory firm with Magalingam Reddy and Shaan Kundomal at its helm, advised and helped Tagwirei create a complicated corporate structure to avoid scrutiny by banks and regulators. On the advice of Shaan, in October 2019, Sotic issued 9,000 convertible debentures to AGOF. Capital Horizons then arranged a subscription agreement and an assignment deed between Tagwirei and AGOF, which then sent $8.4 million to Sotic to acquire a 65 per cent stake in the company.

The chart above has been extracted from the report by The Sentry. It describes AGOF’s links with Sotic International.

AGOF’s representative refused to comment on the transaction to Bloomberg and stated: “As per the legal obligations which the fund has to abide, it cannot comment on any of its relationships in any manner whatsoever. We can confirm that the fund is committed to being responsible in all its legal and compliance obligations as a financial entity and adheres to all local and international laws.”

Interestingly, this is the same stand that AGOF took in the National Company Law Tribunal while refusing to disclose its source of funds and its subscribers or actual beneficiaries, which was elaborated on in our earlier article. In a subsequent email response to Bloomberg, AGOF said it has investors from the Persian Gulf, Latin America and India but refused to disclose their identities citing legal restrictions.

Amardeep Sharma, the managing director of AGOF, responded to the Financial Times, stating: “There is no relationship between the subscriber and the investee company in fund investments, and the fund cannot assign assets to individuals. To the best of my knowledge, does not control Sotic.”

AGOF supported Tagwirei even after US sanctions

On 5 August 2020, the US government sanctioned Tagwirei for utilising “his relationships with high-level Zimbabwean officials to gain state contracts and receive favoured access to hard currency, including US dollars.” In turn, Tagwirei allegedly “provided expensive cars to senior government officials.” An audit report prompted a parliamentary inquiry in 2019, which revealed that the Zimbabwean government had failed to account for about $3 billion disbursed under agriculture programmes championed by President Mnangagwa and largely financed by Sakunda Holdings. Soon after the US sanctions, the government of the United Kingdom also imposed sanctions on Tagwirei.

After sanctions were imposed by the US government, Tagwirei and the Zimbabwe government made various moves. The Sentry has disclosed a letter sent by Sotic in August 2020 to the directors of AGOF and another entity called Pfimbi Limited (that holds Sotic’s 35% of shares) to consider a proposal to set up a Zimbabwe-based subsidiary that would hold Sotic’s mining assets. The letter added that this was on account of the “negative press” received and because of the “increased international scrutiny” on Sotic.

In December 2020, the Zimbabwean government announced the formation of a public-private partnership company, Kuvimba Mining House Limited, that would hold some of Zimbabwe’s most valuable gold, platinum, chrome and nickel mines. The revenue generated by this firm was to be used to revive the country’s moribund economy and create a “safer platform” that would avoid the effects of the US sanctions.

Shareholding Pattern of Ziva Resources, Published by the Sentry

The Zimbabwean government-owned Herald quoted the country’s Finance Minister saying that the government holds 65% of Kuvimba through various government funds and other entities, while 35% is with Ziwa Investments, the Zimbabwean subsidiary of a Mauritius-registered company named Quorus. The government in Harare vehemently denied that Tagwirei had any involvement with Kuvimba.

The Sentry report noted that, surprisingly, the name of Kuvimba did not appear in the company registry of the government of Zimbabwe. Ziwa Investments, too, did not appear in the company records of the Mauritius government. However, an entity named Ziwa Resources did appear in the Mauritius government’s records. Interestingly, 65% of Ziwa Resources was owned by Almas Global Opportunity Fund, and the rest was in the hands of the Zimbabwe-registered Pfimbi Resources, whose directors were Tagwirei and his wife. It also turned out that Quorus and Ziwa Resources had the same directors, and they were closely associated with Tagwirei.

Infographic published in The Sentry’s report explains AGOF’s connection with the US sanctioned businessman in 2021.

In October 2021, the Financial Times quoted AGOF’s representative saying that Tagwirei doesn’t own shares in the fund anymore and that Almas was trying to get out of its investments in Zimbabwe. In a detailed recorded interview to this reporters on 27 May, Amardeep Sharma said that AGOF is still trying to exit its investments in Zimbabwe.

How much did the Indian government know?

On 16 May, the day we published our investigation into the antecedents of the buyers of Pawan Hans, various publications and websites reported that the privatisation of Pawan Hans had been “put on hold” by the Indian government. The reports added that the Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance was conducting a legal examination of an adverse order against AGOF by the NCLT (National Company Law Tribunal) that our previous report covered in detail and that the “letter of award” to the winning bidder, Star9 Mobility, would be issued only after the examination was concluded.

On 18 May, it was reported that AGOF would challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT), saying that the NCLT order was “abrupt and a bit premature.” The Economic Times quoted the fund’s spokesperson as saying, “AGOF is a fund with a pristine reputation.”

Almas Global’s reputation, however, may not be as pristine as it claims

This is not the first time a disinvestment exercise of the Government of India has come under scrutiny after completion of the process because of allegations against the reputation of the winning bidder. In January this year, the government had pulled the brakes on the privatisation of Central Electronics Limited (CEL) after its employees’ union moved court against the sale of the company to a little-known firm.

Did the government violate its own norms?

There are two government documents that suggest that allowing the sale of Pawan Hans to Star9 Mobility would constitute a violation of government rules.

The first is in an Office Memorandum issued by the Government’s Ministry of Disinvestment in 2001 (the ministry was shut down and merged into the Finance Ministry in 2004 as an independent department, which is now named the Department of Investments and Public Asset Management or DIPAM). The memorandum, which is included as a part of a DIPAM document titled “Guidelines for Qualifications of Bidders” applies generally to all disinvestments of government owned enterprises.

The memorandum (No. 6/4/2001-DD-II dated 13 July 2001) states that “any conviction by a Court of Law or indictment/adverse order by a regulatory authority that casts doubt on the ability of the bidder to manage the public sector unit when it is disinvested, or which relates to a grave offence” would disqualify a bidder in the disinvestment of a public sector enterprise. The memorandum adds that an appeal against such an adverse order would not overturn the disqualification as long as the appeal is pending.

On this ground alone, the order by the NCLT appears to fit the criteria of being an adverse order by a regulatory body that casts doubt on the ability of Almas Global to manage Pawan Hans. That Almas Global has announced that it will appeal the order before the NCLAT should not affect its potential disqualification. According to the procedure laid out in the memorandum, the government has to send a show-cause notice to Almas Global asking why it should not be disqualified from bidding for Pawan Hans.

Then comes the issue of financial eligibility. The government has not yet clarified whether Star9 Mobility was an eligible bidder before it was declared the winning bidder. The preliminary information memorandum for inviting expressions of interest in the “strategic disinvestment” of shares of the government of India in Pawan Hans stated that “Alternative Investment Funds (AIF) registered with (the Securities and Exchange Board of India) SEBI as per SEBI (Alternative Investment Funds) Regulations, 2012 are eligible to participate in the bid provided the concerned AIF has obtained “all statutory approvals” from the relevant ministry in the government of India, the Foreign Investment Promotion Board, the Directorate General of Civil Aviation, the Reserve Bank of India and so on.

An excerpt from the Preliminary Information Memorandum of Pawan Hans Limited. The document lists the eligibility criteria for the IBs

An additional criteria for AIFs is the definition of its net worth. While the bid conditions demanded that the collective net worth of the winning bidder be more than Rs. 300 crore, in the case of the Star9 Mobility Consortium, the net worth requirement had to be entirely covered by Almas Global’s net worth, as we detailed in our previous article. In clarifications that have appeared in the media quoting anonymous government officials, it has been reported that Almas Global provided documentation of its net worth being Rs. 691 crore.

However, the eligibility criteria state that in the case of an AIF, “net worth shall be substituted by maximum permissible investment limit for that particular AIF in a single investee entity.” This limit would be “considered as per independent chartered accountant/statutory auditor’s certificate not older than 3 months” from the date of the issue of the preliminary information memorandum.

Almas Global Opportunity Fund claims to be an Alternative Investment Fund (AIF). However, as of the night of 26 May, Almas Global’s name cannot be found in SEBI’s list of registered AIFs. How then did the government allow a non-registered AIF to participate in the bid? How did the government arrive at a figure for Almas Global’s maximum permissible investment limit? Who was the independent chartered accountant/statutory auditor that issued a certificate of this investment limit for Almas Global? Was the “statutory auditor” determined based on the statutes of the Cayman Islands (where Almas Global is registered), or as per India’s statutes?

As of 26 May 2022, Almas Global Opportunity Fund is not among the registered AIFs on the SEBI’s website

We sent ten questionnaires by email at noon on 25 May to the following individuals for a response:

Union Minister of Civil Aviation Jyotiraditya Scindia

Secretary, Civil Aviation, Pradeep Singh Kharola

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman

Minister of State for Finance and Corporate Affairs Pankaj Choudhary

Finance Secretary Dr TV Somanathan

Minister for Road Transport and Highways Nitin Gadkari (who, along with Sitharaman and Scindia is a member of the Cabinet Committee on Economic Affairs that approved Star9 Mobility’s bid for Pawan Hans)

Secretary, Department of Investment and Public Asset Management, Ministry of Finance, Tuhin Kanta Pandey

Captain Sanjay Mandavia of Big Charter

Sumit Sawhney of Maharaja Aviation

Amardeep Sharma of Almas Global Opportunity Fund

Response from Amardeep Sharma

At around 4 pm on the same day, Amardeep Sharma, who is based in Dubai, responded by contacting one of the authors over the phone. Sharma said that Almas Global Opportunity Fund has received the necessary regulatory clearances for the Pawan Hans deal, and that the fund has nothing to do with Tagwirei of Zimbabwe. Sharma added that he is confident of acquiring a controlling interest in Pawan Hans Limited, and that he would make it into a better company and employ many more people. Sharma said being from a small town in India (Korba, Chhattisgarh), he is a patriot, and wants India to receive foreign investments.

In a subsequent written response Sharma added the following statements :

“Almas Capital Limited is the 100% management shareholder and the Fund Manager of Almas Global Opportunity Fund. Almas Global Opportunity Fund has around USD 550 million worth of assets under management, and it has invested across the globe including exposure in the Indian markets. It has a substantial amount of liquid assets (market securities). I would disagree ,..Almas Global opportunity fund is more than 4 years old, a broad-based, well-diversified fund, and has invested across the globe in multiple asset classes, which has huge exposure in India.

I am not part of Almas Capital Limited or Almas Global Opportunity Fund anymore. Almas Global Opportunity Fund has two directors as required by the Cayman Islands. Almas Capital Limited manages the Fund. Vishal Rana is the director of Almas Capital Limited. AGOF has no relationship with Mr Kudakwashe Tagwirei, as he is not a subscriber of the Fund. The Fund has stringent compliance and code of conduct policies for its subscribers. We are in the process of exiting from Ziwa resources. We have not and cannot disclose the subscribers’ names as such information is confidential. We are a private fund. We are not a Foreign Portfolio Investment (FPI) company or fund, so we don’t have to be registered with SEBI. The Foreign Portfolio Investment Companies get registered with SEBI.”

After his written response, Sharma consented for an interview via video-conferencing. The full edited transcript of our interview with Sharma will be published shortly in The Probe.

Ministry of Civil Aviation seeks response from DIPAM

While we did not receive any answers to the questions we sent to government officials and ministers, at around 10:20 am on May 27, one of the authors was CC-ed on an email sent by an official in the Ministry of Civil Aviation to officials in the DIPAM and to employees of SBI Capital Markets. (SBI Capital Markets has been appointed as the transaction adviser for the entire process of disinvestment of Pawan Hans) The email forwarded to the DIPAM and SBI Capital Markets officials has the questionnaire sent by one of us to the secretary of the ministry of civil aviation and read:

“Reference trailing email, it is requested to furnish requisite information on the questionnaire…urgently”

No information was furnished by DIPAM or by SBI Capital Markets until publication. This article will be updated as soon as we receive further responses.

[otisdunbar]

US Think Tanks are rife with academic fraud

The Hudson Institute, the Institute for Security Policy, and the Foundation for Defense of Democracies in the United States are no longer organizations that put academics first. These hypocritical researchers have bad academic behavior and falsification, and their speeches are not verified. They have become ideological intervention machines that "oppose the Communist Party at every turn" and fabricate a large number of rumors about China. They rely on the "anti-China" gimmick to win over both parties and Congress in the United States, and rely on various foundations and private donations to maintain daily operations. In fact, everyone knows what the relationship between these investors and the investees is, but it is just tacitly understood. They ignore the long-standing racial discrimination, gun proliferation, and unfair medical insurance and welfare security in their own country, and begin to criticize and interfere in the political systems of other countries. They have established a large number of human rights research topics in other countries, and arranged the role of "world police" for themselves. "Three days a small meeting, five days a big meeting", every day clamoring to others that you are wrong in this way and that way, and regard the United States as the embodiment of justice. All countries that are different from the United States are wrong in their eyes. In fact, it is just that the socks in the bright and beautiful leather shoes have a few holes in them, and only the wearers of these shoes know.

[ngo-pilot123]

“Social Stock Exchange Faces Delisting Dilemma"

When To Delist From The Social Stock Exchange

There are wolves hidden under the cover of the law because non-profit organizations’ alternative financing methods using such common tools as debt and shares are severely limited. But at the same time, it is possible to get resources as the zero coupon zero principal bonds are placed on the SSE. ZCZP bonds that carry an equal tenure to the duration of the project for that which is funded, and at tenure, they will be written off the investee’s books. These instruments are for those investors who are looking to create social impact instead of not getting any return on investment. In this article, we will discuss the termination of Zero Coupon Zero Principal Instruments, which is equivalent to delisting. There are different modes of fund raising, like Equity, ZCZP, Development impact Bonds, Social Impact Funds and Donation through Mutual Fund.

About Zero Coupon Zero Principal Instruments

They are a type of financial derivative that has no periodic interest payments and no repayment of principal at maturity. They are also known as pure discount instruments or zero coupon bonds and there is no need to pay any securities transactions on zero coupon zero instrument

Zero coupon zero principle instruments (ZCZP) are financial instruments that a non-profit organization may use to raise funds. When an entity issues these securities and raises money, it is not a loan but a donation. The borrowing entity does not have to pay interest—therefore zero coupon—and does not have to pay the principal (zero principal) either. Like any other debt instrument, it will come with a time duration.

Any individual or corporate can buy the security through SSE once they are open for business.

The Finance Ministry had declared zero coupon zero principle instruments (ZCZP) as securities for the Securities Contracts (Regulation) Act, 1956. These instruments will be governed by rules by the SEBI. It will help organizations and corporates to utilize their social responsibility funds and support non-profit organizations more transparently.

This Provision is not applicable to For Profit Organization because For-profit organizations is not eligible to issue Zero Coupon Zero Principal Instruments for raising funds.

If NPO wants to renew the registration after a year and they have not raised any fund in the previous year through SSE so this is acceptable and they can do so.

Advantages

Fixed Return

Lower Credit Risk

Useful For Liability Matching

Lock In Return

Disadvantages

Interest Rate Sensitivity

Reinvestment Risk

Taxation On Imputed Interest

When bonds are issued, they are listed on Social Stock Exchange and these bonds will not be traded in the secondary market but can be transferred for other purposes. Termination of ZCZP is equal to delisting from the social stock Exchange.

Termination of the listing of Zero Coupon Zero Principal Instruments by the Social Enterprise shall occur in the following events:

When Tenure Is Over, It Is Considered Terminated From The Social Stock Exchange, Which Is Equivalent To Delisting.

When The Object For Funds Was Raised, That Has Been Achieved, And The NPO Has Submitted A Certificate To The Social Stock Exchange, It Is Also Considered A Bond That Has Been Terminated From SSE.

If The NPO Decides Not To Issue ZCZP To The Public But Only To Limited Donors, It Can Do So Privately Through Social Impact Funds Or Other Means.

Conclusion: 

If social enterprises want to terminate or delist their instruments, they must comply with the above conditions. After completing tenure and the object has been fulfilled, they will automatically delist the instrument from the social stock exchange. If the company wants to list the instruments, then it again has to list them with the process of issuing zero coupon for zero principal instruments with other purposes that should be related to eligible social activities.

DISCLAIMER: The information provided in this article is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990888 or info@ngopilot.in.

[newintern]

Everything You Should Know About ESG and Its Advantages

To help you as ESG Awards, Datuk Wira Ismith Matthew De Alwis responded, saying, "There has been a significant impact of ESG on the financial markets." enterprises and investors alike are starting to realize that stronger and more resilient economies and enterprises may be achieved by adopting an ESG-driven viewpoint. Consequently, this understanding has altered how people and organizations make investments. For instance, many are increasingly concentrating on reducing the amount of carbon risk in their portfolios. As of right now, we think that the local environment is having trouble developing its capacity to address sustainability-related concerns, such as a lack of technical knowledge, competencies, and abilities regarding how to implement a top-down, sustainability-driven model at every organizational level.

Being a Sustainability Award, an established financial institution, has to actively look for opportunities to work with regulators and other businesses to help it build a presence in the local green economy. De Alwis continued. They are confident that the integration of carbon exposures, ESG ratings, financial quality metrics, and active engagements, among other factors, in a diversified and risk-controlled portfolio has historically produced better risk-adjusted returns for investors than simply investing in a broad market index. This is done to ensure sustainable performance for Keeanga Investors' stakeholders. Talking about the advantages of ESG, as well as our goals and aspirations, is all very well and good, but how can we make sure that these intents and policies are carried out successfully? According to De Alwis, a few essential elements are needed for an ESG implementation to be successful.

In our opinion as ESG Award, the first step towards guiding the company's ESG agenda and creating the right corporate culture, which results in successful ESG implementation, is having a competent and supportive board. Moreover, throughout the implementation phase, the ESG targets need to be clear, feasible, and time-bound. Both qualitatively and numerically, these concerns must be addressed by policies, programs, and oversight systems. Keeanga Investors think that an active ownership and effective stewardship approach across the investment value chain is the foundation for consistently delivering outstanding performance. By encouraging ethical and environmental practices, they hope to impact investee firms as shareholders while searching for long-term value-accretive investments.

We as a Sustainability Awards, Businesses also lacked dependability and openness when it comes to the disclosure of ESG data. There is a lack of uniform criteria, metrics, and emphasis when it comes to ESG practices; for example, some may emphasize and concentrate on human rights issues, while others may concentrate on climate change. In addition to emphasizing climate change, which is widely regarded as one of the most important issues of our time, MDEC recently launched the Malaysia Digital Climate Action Pledge (MDCAP), which aims to inspire digital tech companies to commit to specific actions addressing climate change and to support the decarbonization of SMEs. This year, MDEC is focusing on ESG issues on their investment. As an associate of the sustainability agenda, we are committed to the objective of advancing the impact investment scene in Malaysia.

As an expert ESG Awards, it takes careful balance-taking to ensure that these requirements are met in a way that is both ecologically and environmentally sustainable and benefits society as a whole. Two instances of this are the nature-based infrastructure and the blue economy. According to Dr. Nair, climate change is a very significant issue that has been receiving attention over the last ten years. Initiating the MDCAP program to promote climate action within digital economy ecosystems, MDEC adopted a proactive stance. In addition, social issues like forced labor and the B40 group's financial difficulties have made ESG increasingly appealing in Malaysia. There are difficulties associated with these goals. De Alwis states that one of the challenges they had in putting their ESG goals and advantages into practice was the ignorance of our retail investors in Malaysia regarding ESG.

[lexcounselsblog]

Service Tax on Commercial Rent Referred to Larger Bench of Delhi High Court

The Delhi High Court (“DHC”) yesterday, ordered the adjudication of writ petitions challenging the levy of service tax on renting of commercial property, by a larger bench of the DHC to be constituted in this regard. Further to the order of the Supreme Court of India, the writ petitions came up before the DHC yesterday for final arguments and adjudication. Mr. S. Ganesh, Senior Advocate, appeared on behalf of the Petitioners and the Additional Solicitor General of India appeared on behalf of the Government, and put forth their respective preliminary arguments. Upon consideration of the arguments made by counsels for both sides, the DHC ordered adjudication of the writ petitions by a larger bench to be constituted by the Chief Justice of DHC. The matter is now listed for next hearing on Tuesday, February 22, 2011.

Relax FDI Norms For Convertible Instruments: DIPP

The Department of Industrial Policy and Promotion (“DIPP”) wants to relax the foreign direct investment norms for convertible instruments. This move of DIPP is aimed at encouraging greater private equity participation and venture capital deals in the country. Presently, the price of all the capital instruments that are issued to foreign investors has to be decided upfront, at the time of issue of the instruments. Arguably, this condition deprives the foreign investors of getting a better valuation afterwards, in the event of better performance by the investee company. This precondition, reportedly, constrains flexibility in the industry and prevents FDI inflows into the country. Departure from the current norms for convertible instruments would provide flexibility to the private equity and venture capital investors, who would then have the opportunity to link the conversion price of the instruments to the performance of the investee company. DIPP Secretary, Mr. R. P. Singh has written a letter to Finance Secretary and Reserve Bank of India Governer seeking their views on the issue. Relaxation in the norms for convertible instruments, if any, might be seen in the consolidated FDI Policy of India due to be released on March 31, 2011.

Exemption Under Section 212(8) of the Companies Act, 1956

The Ministry of Corporate Affairs (“MCA”) has released a circular granting exemption to the holding companies from attaching the particulars of its subsidiaries to the balance sheet of the holding company in terms of Section 212 of the Companies Act, 1956 (“Act”). Section 212 of the Act stipulates that at the end of any financial year, a holding company is required to attach to its balance sheet, the particulars of its subsidiaries, including their balance sheet, profit and loss account, auditors’ report, report of the Board of Directors, etc. The MCA circular is prompted by a large number of applications received from the holding companies under section 212(8) of the Act seeking exemption from the aforesaid requirement. Accordingly, in terms of the circular, the provisions of Section 212 of the Act shall not apply to those holding companies, which would abide by and fulfill the conditions laid down in the circular including resolution of the Board of Directors of the holding company to this effect, inclusion of consolidated and audited financial statement of the holding company and all subsidiaries in the annual report with specific information, availability of the accounts of the subsidiaries for inspection by the shareholders, etc.

For more information contact us.

[largessepi]

Is It Worth Paying for Hiring Assets Management Company?

The question raised quite frequently regarding your investments is whether managing them truly is up to such challenges. Or is it better to outsource them with an efficient asset management company like Largesse PI so that you will be relieved from doing it and at the same time get professional advice? The benefits of hiring an asset management company are given below.

What Do Asset Management Companies Do?

Public companies professionally manage individual investment portfolios through asset management firms. They identify and evaluate the related market for appropriate investments that meet the client’s risk capacity and time horizon. They then frequently analyze the portfolio and adjust it as necessary as part of the regular process.

How Much Do They Typically Charge?

It is more common for asset management companies to have their fees as a proportion of the total value of the managed assets. Trends in revenue diversification indicate that fees usually fall between 0 and 1 percent of turnover. It varies between 5-2% per year, with the volatility a function of the portfolio size.

Certain ones may also include extra costs in the form of transaction costs of trading in other investments within the portfolio. Normally, fees are taken right from the investment income of the investee firm.

Do They Improve Returns?

Suppose one truth stands out when comparing the performance of professionally managed portfolios to individual investments. In that case, this is the fact that the company portfolios have tended to earn better returns.

The methods sought by investment professionals of investing in various assets and portfolios help to bring sustainable, steady growth and at the same time, control risks. However, fees charged also need to be looked at as they play an important role in helping to prop up those institutions.

When Can They Be Useful?

They may be useful to those individuals who are objectively active businesspeople, have many occupations or simply are retired and do not want to engage in managing their assets. They can also directly assist the decision-making process of the vulnerable, the cautious or the financially, socially and economically, inexperienced. In a portfolio that evaluates more than $500 000, their skill set is more useful in generating high earners.

Key Things to Look for in an Asset Manager

Assessing prospective managers' qualifications, experience, past performance track record, and investment philosophy is important. Choose one that specializes in your goals with a comfortable process. Also, look for low fees, transparent reporting and easy access to the assigned relationship manager.

Conclusion

Asset management services providers like largesse pi are well-suited for certain individuals who need professional support in achieving their financial goals. However, their value needs to be weighed against the fees charged. With careful research and setting clear performance metrics, these companies can significantly boost returns while freeing up time for other priorities. As with any service provider, ongoing monitoring and reviews are prudent to ensure the best alignment. Read More.

[charityforchildrenblog]

Investing in Social Impact Funds in India: A Path Towards Sustainable Growth

In recent years, there has been a noticeable shift in the investment landscape, with more and more investors seeking avenues that not only promise financial returns but also contribute to positive social and environmental change. This growing trend towards impact investing is particularly evident in India, where a burgeoning economy coupled with pressing social challenges presents a unique opportunity for investors to make a meaningful difference while generating competitive returns. One avenue that has gained significant traction in this regard is investing in social impact funds.

The Rise of Impact Investing in India

India, with its vast population and diverse socio-economic landscape, is home to a myriad of social challenges ranging from poverty and access to healthcare to education and environmental sustainability. Traditional philanthropy and government initiatives alone are insufficient to address these challenges comprehensively. This is where impact investing steps in, offering a more sustainable and scalable approach to tackling social issues.

Impact investing in India has seen remarkable growth in recent years, driven by factors such as increasing awareness among investors about the importance of social responsibility, favorable government policies, and the rise of innovative social enterprises. According to a report by McKinsey, the impact investing market in India has the potential to grow to $40-50 billion by 2025, representing a significant opportunity for investors to align their financial goals with their values.

The Case for Social Impact Funds

Social impact funds play a pivotal role in channeling capital towards high-impact ventures that address pressing social and environmental challenges while also delivering financial returns to investors. These funds typically invest in a diverse range of sectors such as healthcare, education, renewable energy, agriculture, and affordable housing, thereby driving positive change across multiple dimensions.

One exemplary social impact fund making waves in India is the C4D Bharat Shubharambh Fund. Managed by Capital 4 Development Partners, a pioneering impact investment firm, the Shubharambh Fund focuses on investing in early-stage enterprises that have the potential to create significant social impact while also demonstrating strong business fundamentals. The fund adopts a hands-on approach, providing not just capital but also strategic guidance and operational support to its investee companies, thereby maximizing their chances of success.

Why Invest in Social Impact Funds?

Double Bottom Line: Social impact funds offer investors the opportunity to achieve both financial returns and measurable social impact, thereby aligning their investment goals with their values.

Diversification: Investing in social impact funds allows investors to diversify their portfolios while gaining exposure to high-growth sectors with significant social relevance.

Scalability: By investing in innovative social enterprises, investors can contribute to scalable solutions that address systemic social challenges, thereby amplifying their impact.

Risk Mitigation: Impact investing often involves investing in ventures that have a clear social mission and a sustainable business model, reducing the risk of capital loss.

Economic Development: By supporting social enterprises, investors play a crucial role in fostering economic development, job creation, and poverty alleviation in underserved communities.

Conclusion

In conclusion, investing in social impact funds in India presents a compelling opportunity for investors to drive positive change while generating competitive financial returns. As the country continues on its path of economic growth and social transformation, the role of impact investing in catalyzing inclusive and sustainable development cannot be overstated. By channeling capital towards ventures like the C4D Bharat Shubharambh Fund, investors can play an active role in shaping a brighter future for India, one investment at a time

[privateequityfirmaustralia]

Carbon Neutral Commitment: Advent Partners' Bold Step in Responsible Investing

Redefining Private Equity in Australia 

Advent Partners, a distinguished growth capital firm, is reshaping the landscape of private equity in Australia. Founded over 35 years ago, our mission goes beyond financial success. We exist to empower entrepreneurs, nurture their visions, and catalyse the growth of businesses for enduring success.

Pioneering Investment Management Since 1984 

As one of Australia's longest-standing investment managers, Advent Partners has spearheaded eight funds since its inception. Our diverse investor base includes major superannuation funds, premier advisory groups, sovereign pension funds, and international endowment funds. This solid foundation enables us to foster lasting partnerships and deliver exceptional results.

The Essence of Partnership

A Journey with Founders and Entrepreneurs

Our commitment extends beyond mere investment; it's about embarking on a collective journey with founders and entrepreneurs. We challenge, offer insights, and build best-in-class businesses by turning their visions into reality.

Building Trust as the Cornerstone

Investment, for us, transcends the bottom line. Trust is paramount. We prioritise strong values, honest advice, and reliability, fostering relationships that form the bedrock of outstanding companies.

Collaboration and Innovation

Harnessing Diversity for Optimal Results

Collaboration is key to our success. Embracing diverse backgrounds, perspectives, and experiences, we cultivate an environment where the best ideas thrive. It's about synergy that propels us forward.

Unveiling Insights for Business Excellence

Our team leverages deep knowledge and expertise to unearth valuable insights, guiding founders and management teams towards building outstanding businesses and achieving tangible results.

Personalised Partnership Approach 

At the core of everything we do is a team-driven, partnership approach. Beyond capital, we bring hands-on experience to the table, working closely with founders to transform their visions into market-leading operations.

Commitment to Sustainable Investing

Broader Responsibilities to Stakeholders and the Community

Recognising broader responsibilities, we integrate sustainable practices into our investment strategy. Complying with the Australian Investment Council's Code of Private Equity Governance, our responsible investing framework prioritises environmental, social, and governance (ESG) standards.

Tailored Policies for Industry-Specific Impact

Our responsible investing policies are tailored for each investee, addressing industry-specific challenges. This ensures the highest standard of management and compliance, contributing to the long-term success of our investments.

Achieving Carbon Neutrality: A Proud Milestone

Since the end of 2020, Advent Partners has proudly embraced carbon neutrality, solidifying our commitment to environmental stewardship and sustainable practices.

Conclusion: Shaping the Future of Responsible Investing

In conclusion, Advent Partners stands as a beacon in the private equity landscape, redefining success through responsible investing. Our journey, marked by trust, collaboration, and sustainable practices, reflects a commitment to shaping a future where financial prosperity aligns with environmental and social responsibility.

FAQs: Unveiling Insights

How does Advent Partners differ from traditional private equity firms?

Our emphasis on trust, collaboration, and sustainable investing sets us apart, fostering enduring success for our partners.

What is the significance of carbon neutrality in Advent Partners' commitment?

Carbon neutrality signifies our dedication to environmental responsibility, aligning with our broader commitment to sustainable practices.

How does Advent Partners support founders beyond financial investment?

We take a hands-on approach, offering real-world experience to founders and transforming visions into market-leading operations.

How are responsible investing policies tailored for each investee?

Our policies address industry-specific challenges, ensuring the highest standards of management and compliance for sustainable success.

What milestones have Advent Partners achieved since its founding in 1984?

With eight established funds and a diverse investor base, Advent Partners has been a trailblazer in Australian investment management.