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According to CBSL's Finance Companies ( Liquid Assets ) Direction No 1 of 2009 , Every finance company should maintain 10% of their FD base in liquid assets. Further they define liquid assets as Government securities & deposits with LCB. Out of this 10% , 7.5% must be invested in Government securities ie . T-Bill , T-Bond , Repo
According to CIFL prospectus's Audited financial statement for Year ended 31st March 2010 , CIFL got Deposit Liability of RS 1.763 Billion and Investment in T-bills amounting to ONLY Rs 8.321 Million....
How can this be possible???? Shouldn't they at least maintain Rs 132.2 Million in government securities ( 7.5 % of total deposit liabilities )????? Did they receive special CBSL approval to not to go in line with CBSL direction??? Or are they just running the company not following the CBSL directions???? OR Did I read their prospectus wrongly???? People ... whats ur say on this....
According to CIFL prospectus's Audited financial statement for Year ended 31st March 2010 , CIFL got Deposit Liability of RS 1.763 Billion and Investment in T-bills amounting to ONLY Rs 8.321 Million....
How can this be possible???? Shouldn't they at least maintain Rs 132.2 Million in government securities ( 7.5 % of total deposit liabilities )????? Did they receive special CBSL approval to not to go in line with CBSL direction??? Or are they just running the company not following the CBSL directions???? OR Did I read their prospectus wrongly???? People ... whats ur say on this....
