Madhusudan Ganpathi, an IFS officer of 1975-batch, who is now secretary (west) in the external affairs ministry had informed the ministry in March that the officials of Loop Telecom had met him and sought details about the Letters Rogatory sent by the CBI in connection with the probe into certain transactions by a dozen companies from that country
New Delhi: The Central Bureau of Investigation (CBI) may present a former Indian High Commissioner to Mauritius as a prosecution witness in the trial of alleged irregularities in the second generation (2G) spectrum allocation awarded to Loop Telecom, reports PTI.
Madhusudan Ganpathi, an IFS officer of 1975-batch, who is now secretary (west) in the external affairs ministry had informed the ministry in March that the officials of Loop Telecom had met him and sought details about the Letters Rogatory sent by the CBI in connection with the probe into certain transactions by a dozen companies from that country.
The ministry in turn communicated to the CBI about the questions posed by Loop officials, agency sources said.
During the trial, CBI may raise the issue of the meeting of Loop officials with the Indian High Commissioner during the trial as it feels that it was aimed at influencing the probe, CBI sources said.
When contacted, Loop Telecom refused to give comments saying the matter is sub-judice.
In its second supplementary charge-sheet filed before a special court here, the CBI has listed Mr Ganpathi as witness number 29, among 100 witnesses which may be produced by the agency, whose statement is yet to be recorded.
The agency, through its judicial requests, had said that “allegations have also surfaced that some public servants of the Government of India have stakes in Etisalat DB Telecom Pvt Ltd (formerly Swan Telecom Pvt Ltd) and Loop Telecom through Mauritius based companies.”
Through LR, it had sought collection of documents from the Registrar of Companies, documents and information to be collected from banks besides representatives of these companies in Mauritius.
As part of the strategy to infuse liquidity in the system, the RBI Thursday bought bonds worth Rs8,109.48 crore under open market operations, much lower than the Rs12,000 crore target
Mumbai: As part of the strategy to infuse liquidity in the system, the Reserve Bank of India (RBI) Thursday bought bonds worth Rs8,109.48 crore under open market operations (OMO), much lower than the Rs12,000 crore target, reports PTI.
Four securities were on offer for OMO but the RBI subscribed only to two, the central bank said in a statement.
While the government security (G-Sec) maturing 2018, with a coupon rate of 7.83%, garnered over Rs5,234.89 crore, the 7.80% G-Sec maturing on 2021 garnered Rs2,874.58 crore.
The central bank has infused over Rs33,100 crore in four tranches in the last one month. While it bought bonds worth Rs9,435.48 crore on 24th November, it infused Rs5,782.95 crore on 1st December this year.
On 8th December, it bought bonds worth further Rs9,092.9 crore, followed Rs8,790 crore on 22nd December.
OMOs are the “first preference” of RBI while injecting liquidity and there is an opportunity to raise up to Rs2.74 lakh crore through the window.
RBI deputy governor Subir Gokarn had last month said that liquidity is likely to be under pressure for some more time on account of such as advance tax payments.
Overnight drawings by banks from RBI’s liquidity adjustment facility have exceeded Rs1,20,000 crore and it has said in the past that deficit has exceeded its targeted 1% of net demand and time liabilities (NDTL).
Most of the mutual funds launched in the course of the year 2011 have outperformed their benchmark.
NFOs (new fund offers) haven’t brought in much into equity this year. But, out of the nine equity linked schemes where the benchmark performance was available, seven were able to outperform their benchmarks. The year (January 2011 to December 2011*) saw just 10 equity-linked NFOs being launched with a total inflow of Rs612 crore whereas the previous year saw 23 NFOs being launched bringing in Rs4,659 crore. Out of the recent NFOs, Tata Retirement Savings Fund-Moderate Plan and Tata Retirement Savings Fund-Progressive Plan, could pull in just Rs10 crore of investment. Whereas the last two NFOs prior to this—Peerless Equity Fund and Edelweiss Select Midcap Fund—pulled in Rs24 crore, and Rs6 crore, respectively. A rather poor performance compared to Union KBC Equity Fund which got Rs167 crore of investments in June 2011, one of the highest inflow for the year.
The performance of Union KBC Equity fund just about matched that of its benchmark, whereas the other funds have managed to perform slightly better than their benchmarks. There were two mid-cap funds as well which were able to beat the benchmarks—Axis Midcap Fund and Edelweiss Select Midcap Fund.
As far as liquid and monthly income plans (MIPs) go, all of them launched this year have outperformed their benchmarks. The were three liquid funds—Union KBC Liquid Fund, Morgan Stanley Liquid Fund and Indiabulls Liquid Fund and five MIPs—ICICI Prudential MIP 5, IDBI MIP, Kotak Multi Asset Allocation Fund, L&T MIP Wealth Builder Fund and Pramerica Dynamic Monthly Income Fund.
There were four income funds, as well—Axis Dynamic Bond Fund, Pramerica Credit Opportunities Fund, Taurus Dynamic Income Fund, Templeton India Corporate Bond Opportunities Fund. Out of these, Pramerica fell short of its benchmark—giving a return just 0.03 percentage points lower than its benchmark with 1.94%.
We had 32 capital protection funds launched by nine fund houses. Out of the 30 funds where returns were available, 20 outperformed their benchmark. Most of the outperformers came from Axis MF, Birla Sun Life MF, Canara Robeco MF, SBI MF, Sundaram Mutual and Tata MF. Four funds each from ICICI MF and Sundaram MF underperformed their benchmarks.