Mutual Funds
Axis AMC launches 'Axis Focused 25 Fund'

The equity fund scheme will be opened for subscription till 25 June 2012 and people can invest through monthly instalments of Rs1,000 or a one-time investment of Rs5,000

 

Mumbai: Axis Asset Management Company today launched the 'Axis Focused 25 Fund' that will focus on select 25 best companies with a majority of these being drawn from the top 200 domestic companies, reports PTI.

The equity fund offer will be opened for subscription till 25 June 2012 and people can invest through monthly instalments of Rs1,000 or a one-time investment of Rs5,000, the company said.

“The key feature of the fund is that we will attempt to nurture these companies over their business cycle without being unduly concerned by short term market volatility. It is thus ideal for patient and long term equity investors with an investment time horizon of more than five years,” managing director and CEO of Axis AMC, Rajiv Anand said.

The new scheme, which is based on the premises that quality companies tend to maintain their growth trajectory despite downturn will have strict internal risk management limits for the Axis Focused 25 Fund to ensure that the portfolio is well-diversified across sectors and is not illiquid.

Axis AMC is a wholly owned subsidiary of Axis Bank and manages assets of over Rs9,000 crore in over 410,000 investor accounts.

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Direct tax collection in April-May up 3.6% at Rs52,232 crore

Gross collection of personal income tax during April-May 2012  was up by 10% to Rs27,884 crore

 

New Delhi: The gross direct tax collection grew marginally by 3.62% to Rs52,232 crore in the first two months of the current fiscal, reports PTI.

The gross realisation from direct tax in April and May 2011 was Rs50,407 crore.

Net direct tax collections, however, were significantly up at Rs35,323 crore during April-May of 2012-13 from Rs12,956 crore in the year-ago period, according to a Finance Ministry statement.

“This upward surge in net collections was due to declined in refunds by (-) 54.85% as compared to year ago period,” the statement said.

The refunds were about Rs16,900 crore in the two months, significantly lower than the refunds issued in corresponding period of last financial year. The refunds had totalled about Rs95,000 crore in 2011-12.

For the current fiscal, the government has set a direct tax collection target of Rs5.7 lakh crore, which is about 15.2% more than the actual collection of Rs4.95 lakh crore in the previous fiscal.

The Ministry further said gross mop-up of corporate taxes showed a decline of 2.82%  during April-May of 2012-13 and totalled Rs24,329 crore as against Rs25,035 crore in the same period last fiscal.

On the other hand, gross collection of personal income tax during the months under review was up by 10.02% to Rs27,884 crore from Rs25,344 crore year-on-year.

Wealth Tax collection too declined by 16.67% during April-May of 2012-13 to Rs15 crore. The collection was Rs18 crore in the same period last year.

However, realisation from Securities Transaction Tax increased by 7.36% to Rs540 crore from Rs503 crore in the same period last fiscal.

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Goldman Sachs, P&G paid Rajat Gupta's legal fee

As per a deal reached between Goldman and Gupta before the trial, the latter would have to reimburse the bank for the legal fees advanced to him if found guilty

 

New York: Financial services firm Goldman Sachs has paid a large chunk of the nearly $30 million legal fees for its former board member Rajat Gupta's defence, a media report said.

"Goldman Sachs has paid for the bulk of Gupta's legal defence, which has cost nearly $30 million," the New York Times reported, citing a source familiar with the matter.

Proctor & Gamble (P&G) paid the remaining balance, NYT said.

Gupta who was a board member at Goldman Sachs and Proctor & Gamble was found guilty last week of passing confidential boardroom discussions at Goldman to the former founder of hedge fund Galleon, Raj Rajaratnam.

As per a deal reached between Goldman and Gupta before the trial, the latter would have to reimburse the bank for the legal fees advanced to him if found guilty, the report noted.

In addition, Goldman Sachs must continue to pay Gupta's bills until a final resolution of Gupta's appeal, a process that could take a couple of years.

"Goldman has been advancing Gupta money to pay his lawyer's bills because the bank's by laws require it to pay the legal fees of its top officers and directors for conduct that occurred while acting on behalf of the company," the NYT said.

"And Delaware, where Goldman is incorporated has generous laws regarding indemnifying executives to protect them from incurring personal liability for their work while doing their jobs," it added.

The publication noted that Gupta's lawyer fees does not only include his month-long trial, but also two-and-a-half- year legal odyssey that led to the charges against him, including a pitched battle with the Securities and Exchange Commission in a related civil case.

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