The CBI said Standard Chartered was the banker in the deal in which Maxis bought 74% stake in Aircel, adding the documents could provide crucial details about the financial transactions
New Delhi: The Central Bureau of Investigation (CBI) is examining the documents submitted by Standard Chartered Bank in connection with its probe into former Aircel chief C Sivasankaran's allegations that then telecom minister Dayanidhi Maran forced him to sell his company to Malaysia-based Maxis group in 2006, reports PTI.
The documents were handed over to the CBI after some bank officials were recently questioned. The agency has registered a preliminary enquiry into sale of telecom spectrum during 2001-07.
Sources in the agency said examination was being done with the help of some bank officials deputed by the Reserve Bank of India (RBI).
They said Standard Chartered was the banker in the deal in which Maxis bought 74% stake in Aircel, adding the documents could provide crucial details about the financial transactions.
Mr Sivasankaran had alleged in a statement before the agency that he was forced to sell his stake in Aircel by Mr Maran and his brother Kalanidhi at a very cheap price to Malaysia-based Maxis, which is considered closed to the Marans.
The allegations have been refuted by Dayanidhi who maintains that he did not play any role in the Aircel-Maxis deal.
Sources said the CBI primarily wants to get details of correspondence of bank with both parties-Sivasankaran and Maxis officials-and the manner in which entire deal was done.
The CBI in the preliminary enquiry is verifying the allegations levelled by Sivasankaran, the sources said.
The company, which is under the scanner for duping investors with the promise of 10% monthly returns, is now trying to draw many more with a new tea project in Ooty
Another multi-level marketing company, Tycoon Empire International, has duped investors of thousands of crores of rupees under the pretext of promising 10% monthly guaranteed returns on investment. The company is under the scanner of investigators in Kerala and Tamil Nadu. But despite this mess, information available on various blogs on the web indicate that the company has come up with a new plan to lure investors with a tea project in Ooty.
Chennai-based Tycoon Empire International had collected Rs370 crore from 50,000 investors. The company's owners are from Chennai, but it has promoters from Kerala. According to media reports, the Kozhikode police has intensified investigations into alleged money swindling to the tune of Rs370 crore by Tycoon. Police said the company had collected money under the pretext of products, and that its claims to be an ISO certified company are false.
Tycoon offered Rs10,000 per month, besides a commission for enrolling new members, to anyone who could invest Rs1 lakh. According to media reports, most of the people duped by Tycoon are from Payyoli and Vadakara regions and Palakkad and Thrissure districts of Kerala. A majority of those duped are police personnel, government employees and teachers.
According to complainants, the company had paid returns for the first three months, but stopped abruptly after that. There has been no payout since April. One such complaint on consumercomplaint.com states: "I am a member of Tycoons Empire for monthly investment plan @ 8.5% monthly and 1.5% by TDS claim. But after completing one year I have not received TDS form on my submission and have also not received my monthly payouts for the last more than 2-3 months."
Another complaint on the same website reads: "Since April 2011, they have been telling that they are facing legal conflicts. But are not revealing the actual problem, and are simply telling that they would like to do the operations under safe mode. Now all customers are very anxious. Why these guys are so silent? Once they raise amount from the public, they are answerable. From last week they are not updating. At least return our principle amount immediately. This is not the way of treating their customers."
Despite being under investigation, Tycoon has stated on a blog that everything will be solved with the support of the law and that no official will be available for the next ten days as they are engaged in legal work. Interestingly, it has asked its members to refrain from talking about the company's current situation with anyone and holding any group meeting.
The new scheme, advertised on the Internet, promises a unit of land in Ooty tea and real estate that can be re-sold on prior intimation. It also promises active income on creating more unit holders.
A broucher uploaded on one of the blogs says that the membership for the scheme is Rs10, 000, which entitles the member to a unit of land in the tea-estate project. "One unit is equivalent to 1.5 cents, which in turns equals 654.5sq ft. The value of 654.5 sq ft is Rs100,000 for an existing member. Add land value (LV) by paying Rs15,000 against each unit (this total sum will be deducted from the unit cost) and register land in your name immediately. Balance unit cost can be paid back from your green incentive every month. Maximum of 15% on unit advance value is your green incentive. This may differ and it depends on the cultivation output and natural calamities."
For new members, the entry package is Rs15,000 and each membership will get one unit registration. (1 unit = 1.5 cents = 654.5sq.ft = Rs125,000). Basic registration charges and 5% service charges are applicable on each membership. The company also promises price value, land value and online declaration on its official website.
Experts point out that promising such huge values for a piece of land engaged in tea cultivation is a doubtful proposition. Also, given the dubious business operations of the company, the plan appears to be another fraud.
The tea estate scheme brings to mind memories of numerous plantation companies in the 1980s and 90s that collected money for grand land development and agro projects with the promise of guaranteed returns through post-dated cheques. Thousands of investors lost their money and estimates of the losses are in the region of Rs8,000 crore.
Nifty may go up to 5,130
Despite weak global sentiments, the Indian market closed in the positive today, snapping a three-day decline. The Nifty managed to evade yesterday's lows, but it could not breach yesterday's high. We expect a small bounce-back in the days to come, till the level of 5,130, if the Nifty manages to hold above 5,017 tomorrow.
The market opened flat despite negative global cues and domestic political developments. The Nifty opened six points lower at 5,030, while the Sensex gained 51 points to resume at 16,782. The indices overlooked weak Asian markets and continued their upmove, with banking, metal and oil & gas stocks in demand.
The market moved steadily higher with the indices touching their intra-day highs at around 11am. At the day's high, the Nifty rose to 5,112 and the Sensex crossed its psychological level of 17,000.
However, profit-booking set in, pulling the benchmarks briefly into the negative zone and to their intra-day lows in noon trade. At the lows, the Nifty was at 5,017 and the Sensex dropped back to 16,709. The market pushed back into the green a short while later, but volatility persisted, pressuring the indices.
The market finally settled higher, the Nifty closing at 5,057, up 21 points, and the Sensex gaining 110 points to 16,841.
The advance-decline ratio on the National Stock Exchange (NSE) was 450:1230.
In the broader markets, the BSE Mid-cap index slipped 0.87% and the BSE Small-cap index declined 1.61%.
The sectoral gainers were led by BSE IT (up 2.23%), BSE TECk (up 1.57%), BSE Fast Moving Consumer Goods (up 1.38%), BSE Capital Goods (up 0.59%) and BSE Consumer Durables (up 0.57%). The main losers were BSE Realty (down 2.82%), BSE Auto (down 1.20%), BSE Bankex (down 1.10%), BSE PSU (down 0.28%) and BSE Power (down 0.15%).
The top gainers on the Sensex were TCS (up 3.13%), Hero MotoCorp (up 2.80%), Coal India (up 2.64%), Infosys (up 2.36%) and HDFC Bank (up 2.26%). The laggards were led by DLF (down 6.03%), Maruti Suzuki (down 3.19%), Tata Motors (down 2.80%), ICICI Bank (down 2.63%) and Mahindra & Mahindra (down 1.67%).
The best performers on the Nifty were HCL Technologies (up 3.27%), HDFC Bank (up 2.97%), TCS (up 2.71%), HDFC (up 2.56%) and Hero MotoCorp (up 2.43%). The major losers on the index were DLF (down 6.27%), Axis Bank (down 3.61%), Maruti Suzuki (down 3.27%), Tata Motors (down 2.69%) and ICICI Bank (down 2.47%).
Markets in Asia settled mixed as the meeting between German chancellor Angela Merkel and French president Nicolas Sarkozy on Tuesday did not yield any concrete announcement towards easing the problems of Eurozone members. Shares in Hong Kong rose after the visiting Chinese vice-premier announced an expansion of investment options for overseas yuan holdings that could also boost capital inflows from the mainland.
The Hang Seng gained 0.38%, the KLSE Composite rose 0.32% and the Seoul Composite surged 0.68%. On the other hand, the Shanghai Composite lost 0.26%, the Jakarta Composite fell 0.17%, the Nikkei 225 declined 0.55%, the Straits Times shed 0.15% and the Taiwan Weighted slipped 0.73%.
Back home, foreign institutional investors were net sellers of stocks worth Rs261.12 crore on Tuesday. On the positive side, domestic institutional investors were net buyers of equities worth Rs251.67 crore.
State-run Coal India today toppled billionaire Mukesh Ambani-led Reliance Industries as the country's most valued company, with a slightly higher market valuation at around mid-day. At around noon on the NSE, Coal India (CIL) commanded a market cap of Rs250,759.67 crore compared to RIL's market cap of Rs250,580.21 crore at the same time.
A few minutes later, CIL's market valuation exceeded that of RIL on the BSE as well. At 12.06 pm, RIL's market cap on the BSE stood at Rs2,50,468 crore, slightly lower than CIL's Rs2,50,538 crore. CIL ended at Rs398 on the NSE, up 2.83%.
India's largest car-maker Maruti Suzuki India today launched the new version of its premium hatchback 'Swift' at an introductory price ranging from Rs4.22 lakh to Rs6.38 lakh. Built on an all-new platform, the company and its suppliers have invested over Rs500 crore on the new car. The company's stock declined 3.27% to close at Rs1,185.10 on the NSE.
Mahindra Satyam (Satyam Computer Services) has been selected by insurance regulator IRDA to develop and implement an IT system for monitoring surveyors. The selection was made following a detailed scrutiny of the commercial proposals submitted by shortlisted IT firms and further evaluation, the regulator said. Satyam fell 1.79% to Rs71.35 on the NSE.