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IDBI will seek reduction of govt. stake
Mumbai: The Industrial Development Bank of India wants the government to
reduce its stake in the institution from the current 72 per cent to below 51 per cent. The
IDBI may ask the government to do this in two stages; one, to bring it to 51 per cent, and
the next to take it below 51 per cent after necessary amendments are made to the IDBI Act.
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Kotak Mahindra to buy Ceat Financial's assets
Calcutta: Kotak Mahindra Finance is understood to be acquiring a
significant part of the assets of Ceat Financial Services, the RPG group company that is
facing difficulties. Kotak Mahindra Finance will buy the good and not-so-good assets of
Ceat Financial Service's loan portfolio at prices that will depend on the quality of the
accounts while Ceat Financial Services will try to recover money from bad debtors. The
sales proceeds will be utilised by Ceat Financial Services to repay depositors.
Ceat Financial Services, a registered non-banking
financial company, has stopped accepting deposits after the recent inspection conducted by
the Reserve Bank of India. It has a current deposit liability of over Rs 240 crore. The
RPG group has recently infused Rs 100 crore into the ailing company.
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Warburg
picks up stake in HDFC
Mumbai: Warburg Pincus, a private equity fund, has bought a 6 per cent
stake in the Housing Development Finance Corporation from the secondary market. The cap of
30 per cent investment by foreign institutional investors in HDFC has already been
breached. Warburg would now have to seek permission from the government to keep the stake.
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ANZ
revamping
Calcutta: ANZ Grindlays Bank will create a division comprising excess
staff, who will now be given specific business tasks. According to a report in the Business
Standard, ANZ’s restructuring plan will be similar to that adopted by Standard
Chartered Bank.
ANZ would revamp the junior,
middle and senior management cadre and also go in for a voluntary retirement scheme.
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United
India wakes up
Chennai: United India Insurance Company has decided to pay greater
attention to strategy as the insurance sector is finally about to be privatised.
The public sector insurance
company has set up a committee comprising K P Geethakrishnan, former finance secretary,
government of India, Ashok Goenka, former chairman, General Insurance Corporation, T G
Menon, former general manager, United India Insurance, and C N Ramachandran, a chartered
accountant, for this purpose. The committee will submit a report to chairman and managing
director K N Bhandari in a month, suggesting strategies to be adopted by United India.
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SBI
Factors applies for ‘FI’ category
Pune: The State Bank of India’s factoring arm, SBI Factors Ltd, has
sought Reserve Bank of India approval to change its categorisation from 'non-banking
finance company' to 'financial institution'.
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Truckers' strike
makes little impact
Mumbai: Movement of cargo and essential commodities continued largely
unhindered by the truckers strike called by the All-India Motor Transporters Congress. The
truckers' association claims that there was no movement of freight in the country and that
it will continue with the strike until the diesel price hike is revoked.
Oil companies, on the other hand,
feel that diesel prices have to be hiked yet again since international prices have risen
from the period the last revision was made. High speed diesel prices have risen to $165
per tonne from the $150 a tonne, that prevailed during the last price hike.
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Late
Rajiv in Bofors chargesheet
New Delhi: The Central Bureau of Investigation has chargesheeted former
prime minister Rajiv Gandhi, Bofors’s former agent Win Chadha and Italian businessman
Ottavio Quattrocchi in the Bofors scam. The government drew flak over the fact that the
Hindujas have not been named in the chargesheet.
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