BOI planning to enter MF sector, in talks with Bharti AXA‎

Bank of India hopes to seal the deal before end September

Public sector lender Bank of India said it is in talks with Bharti Axa and two other asset management companies for an entry into the mutual funds business and hopes to seal the deal before end September.

“We are in talks with Bharti AXA and two other companies ... we will announce it before end of the next quarter,” chairman and managing director, Alok Misra, told reporters.

Bharti, which exited life insurance business earlier this month by selling off its stake in Bharti Axa Life Insurance to Reliance Industries, is also tipped to be looking at options of exiting other non-core businesses, to concentrate on telecom and retail.

A senior Bank of India official said it makes sense to acquire an operational business than start something which will take two years to build up.

The Mumbai-headquartered Bank of India has appointed consultancy firm Ernst and Young for advising it on the takeover of an existing player, the official added.

Bank of India hopes to firm up its non interest income through an entry into the MF business. It will use its network of over 3,500 branches nationally to distribute its products.

On Monday, BOI ended 0.48% down at Rs407.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.04% to 17,506.63.

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Tribhovandas Bhimji Zaveri enters men’s jewellery segment

TBZ Ltd has decided to brand the men’s jewellery under the name ‘The Gentlemen’s Collection’

Tribhovandas Bhimji Zaveri Ltd (TBZ) said that it has launched jewellery products for men under the brand name 'The Gentlemen's Collection', available in both gold and diamonds under four categories, namely, daily wear, formal wear, festival wear and club wear.

"TBZ Ltd has decided to brand the men's jewellery under the name 'The Gentlemen's Collection' and offer new designs and range in various combinations and sets. The company and the brand will focus on this segment," TBZ Ltd Director, Shrikant Zaveri, said. The collection is available across all TBZ Ltd showrooms.

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Lokpal Bill: Agreement on many issues; new ones come up

HRD minister Kapil Sibal told reporters that 80%-85% issues were resolved while activists Arvind Kejriwal and Prashant Bhushan differed on this percentage but contended that there was consensus on majority of the issues

New Delhi: After an acrimonious meeting last week, the joint drafting committee on the Lokpal Bill today agreed on most of the issues but new areas of disagreement like the manner of selection and removal of the ombudsman came up adding to persisting differences on contentious aspects, reports PTI.

Both the government side and the Anna Hazare team said the three-hour-long meeting was held in a “very cordial atmosphere” but differed on the extent of its success.

The committee will meet tomorrow for the last time during which both the sides will exchange their drafts on which they will comment upon.

HRD minister Kapil Sibal told reporters that 80%-85% issues were resolved while activists Arvind Kejriwal and Prashant Bhushan differed on this percentage but contended that there was consensus on majority of the issues.

“On a range of issues, there is a broad agreement. It is a major step forward. Both sides feel we should move towards a consensus to formulate a draft where difficult issues of divergence are spelt out when it goes to political parties sometime in July,” Mr Sibal said.

On the basis of this, a strong Lokpal Bill can be drafted and sent to the Cabinet so that it can be introduced in Parliament in the Monsoon session.

“There is agreement on 80%-85% of the issues,” Mr Sibal said. Immediately after, Mr Bhushan said agreement was on minor issues and differences persisted on contentious issues like bringing under Lokpal the post of prime minister, higher judiciary and the conduct of MPs inside Parliament.

He said “two new issues” of divergence came up. These relate to the constitution of the selection panel and procedure for removal of Lokpal.

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