News makers: :

Dave to advise IRDA on pension schemes
New Delhi—Former UTI chief SA Dave has been invited by the Insurance Regulatory and Development Authority to advise it on private sector role in the pension sector.
The insurance watchdog is undecided on involving companies other than life insurance companies in pension sector reforms.
IRDA has been given a time till October to come out with its suggestions. The Dave committee (also known as Project Oasis) had recommended a parallel pension scheme for the unorganised sector, creation of an autonomous regulatory authority to oversee the functioning of the pension system called the Indian Pensions Authority and the replacement of public provident fund with a new scheme.
The new scheme should revolve around entrusting the task of managing the funds to six professional fund managers under the regulatory purview of IPA, the committee had suggested.
The PFMs would manage the funds of the individuals under their direction.

Suggesting wide-ranging reforms, the committee also has proposed creation of a new PPF-2 scheme to replace the existing one, saying it has numerous flaws.
The committee has said that all fresh accretions to the PPF scheme should be stopped after meeting the existing commitments. A new scheme called PPF-2 should be announced.

Parekh may file defamation case against BoI
Mumbai--Ketan V Parekh says he will not accept the blame for manipulating the stock market. He also says that there was no scam and that his firm got carried in taking a bullish view on the markets for which it paid the price. Parekh was released on bail on May 21.
Clearing the Rs 137 crore liability of the Madhavpura Mercan- tile Cooperative Bank is high on his list of priorities.
He is also contemplating filing a Rs 5,000 crore case against the Bank of India saying that the bank has suppressed facts and portrayed a picture which gives a totally distorted view of the actual circumstances.

12 June 2001

ConvergeLabs CEO puts in papers
Bangalore--Ajoy Khandheria, CEO of ConvergeLabs Corporation, has resigned for personal reasons. The board of directors, of the company, has authorized Amol Patel to take on the responsibility of operating the company in addition to his current role as vice president of business development.
Head-quartered in Silicon Valley, ConvergeLabs has significant operations in India with offices in Delhi, Chennai and Pune.
ConvergeLabs is emerging to become the leading turnkey solutions provider for converged wireless networks.