Birla Sun Life MF launches Fixed Term Plan-Series DO

Birla Sun Life MF new issue closes on 4th October

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series DO, a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

The new issue closes on 4th October. The minimum investment amount is Rs5,000.

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Standard Chartered launches Approval-in-Principle for credit cards

Standard Chartered Bank is the first bank in the country to offer an instant approval-in-principle decision to customers applying for credit cards online

Standard Chartered Bank has launched Approval-in-Principle (AIP) for customers applying for credit cards online. This first of its kind offering in India, will enable customers to get an instant approval in-principal decision on his/her credit card application.

The approval is given with the help of a net based real-time engine which instantly checks the customers' information against the key bank policy rules and the customers' credit rating through the Credit Bureau. The result is communicated to the customer in a matter of a few seconds. Applications which are approved in-principal have a higher probability of eventually getting a card subject to the Bank's verification of details shared and documentation completion including collection of KYC and income-proof documents.

The service is currently available for customers applying for a credit card online and will subsequently be introduced at the physical branches and partner retail outlets. With the use of a strong technology backbone, a customer can expect to receive a Standard Chartered Bank credit card within in 48 hours.

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Raja seeks Chidambaram’s examination as witness in 2G case

Appearing for Mr Raja, senior advocate Shushil Kumar told special CBI judge OP Saini that the agency should have recorded Mr Chidambaram's statement regarding a Cabinet meeting in which he had clarified the issue of dilution of shares

New Delhi: Former telecom minister A Raja Monday told a Delhi court that former finance minister and now home minister P Chidambaram should be summoned and examined as a witness in the second generation (2G) spectrum allocation case, reports PTI.

Appearing for Mr Raja, senior advocate Shushil Kumar told special Central Bureau of Investigation (CBI) judge OP Saini that the agency should have recorded Mr Chidambaram's statement regarding a Cabinet meeting in which he had clarified the issue of dilution of shares.

Mr Raja's counsel submitted that Mr Chidambaram should be asked whether he gave the advice on the issue of dilution of shares in the presence of prime minister Manmohan Singh.

"Call Mr Chidambaram here (in the court) and ask him whether this meeting took place or not in the presence of the prime minister and you (Mr Chidambaram) gave this advice or not. Call him and confront him with the minutes of the meeting," he said.

Regarding the alleged loss incurred by the exchequer, he said none less than the prime minister has said on the floor of Parliament that there is no loss.

The CBI, in its charge-sheet, has said that accused Shahid Balwa's Swan Telecom and Sanjay Chandra's Unitech Wireless (Tamil Nadu) Pvt Ltd offloaded their shares to Dubai-based Etisalat and Norway-based Telenor respectively.

Mr Raja's counsel submitted that the court should use its power under section 311 Criminal Procedure Code (CrPC) to summon and examine Mr Chidambaram as a witness.

"In the meeting, the then finance minister clarified (the issue of) dilution of shares. Mr Chidambaram is party to it and I am not calling him as an accused. The CBI should have recorded his statement earlier," he said.

"Call Mr Chidambaram under section 311 CrPC and ask whether this meeting took place," the defence counsel said, adding that the CBI's case is based on two pillars that Mr Raja must have auctioned the spectrum and that he showed favour to two companies who, in turn, earned 'windfall' profit by diluting their shares.

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