CBI quizzes Stan Chart officials on Aircel-Maxis deal

Standard Chartered was the banker in the deal in which Maxis bought 74% stake in Aircel. CBI said documents from the bank could provide crucial details about the financial transactions

New Delhi: The Central Bureau of Investigation (CBI) on Wednesday sought clarifications from Standard Chartered Bank officials in connection with its probe into former Aircel chief C Sivasankaran's allegations that the then telecom minister Dayanidhi Maran forced him to sell his company to Malaysia-based Maxis group in 2006, reports PTI.

The agency has registered a preliminary enquiry into sale of telecom spectrum during 2001-07.

Sources in the agency said Standard Chartered was the banker in the deal in which Maxis bought 74% stake in Aircel. They said documents from the bank could provide crucial details about the financial transactions.

They said officials of the bank's corporate wing were quizzed by CBI officials.

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.

CBI, the country's premier investigating agency, in the preliminary enquiry is verifying the allegations levelled by Mr Sivasankaran and seeking documents and other details from Standard Chartered officials are part of that exercise, the sources said.

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Motherson Sumi to acquire 80% stake in Germany’s Peguform

The acquisition would be carried out through a special purpose vehicle in which MSSL will hold 51% and Samvardhana Motherson Finance Ltd will hold a 49% share

Auto component-maker Motherson Sumi Systems Ltd (MSSL) said it will acquire an 80% stake in Germany's Peguform Group from Cross Industries AG for an undisclosed sum.

The acquisition will be carried out jointly with group firm Samvardhana Motherson Finance Ltd, the company said.

"At the meeting held on 13 July 2011, the board of directors of MSSL has in-principle approved the proposal to (jointly with Samvardhana Motherson Finance Ltd) acquire 80% of the shareholding of Peguform Group, Germany, from Cross Industries AG," it said.
Cross industries would continue to hold a 20% shareholding, the statement added.

The acquisition would be carried out through a special purpose vehicle in which MSSL will hold 51% and Samvardhana Motherson Finance Ltd will hold a 49% share, it said.

This SPV would acquire 80% of the shares of Peguform Group, while 20% of the shares would remain with the existing shareholder, Cross Industries AG.
"This (the acquisition) would also include 50% holding in Wethje Carbon Composite, which is a part of Cross Industries," it said. These acquisitions are subject to regulatory and other approvals, as may be necessary in this regard.

Samvardhana Motherson Group (SMG) chairman and MSSL vice-chairman VC Sehgal said: "Apart from the synergies that SMG would bring to the acquired entity, the product range of Peguform complements our polymer product range in India. There are obvious synergies in terms of customers served which will further strengthen the position of the group as a global module supplier to automotive OEMs."

He said the deal would be closed by September-October. "We will announce the value then only," he told reporters, adding that the acquisition would be funded through debt, for which it has tied up with a consortium of Indian banks.

Peguform is a leading full service supplier of differentiated high quality interior and exterior products for the automotive and related industries. It is into the development, manufacture and distribution of bumper systems, plastic components for vehicle exteriors, vehicle cockpits, dashboards and vehicle interior trims.

Peguform has a strong presence in Europe, supplying to major premium German brands. Cross Industries AG is an Austrian industrial holding company with a strategic and operative focus on the automotive sector.

Sehgal said Peguform is expected to close this calendar year with revenue of 1.6 billion euros.

On Wednesday, MSSL ended 3.51% down at Rs230.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 1% to 18,596.02.

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Union Bank, ElectraCard Services to launch ecommerce services

Electraecomm is a secure, online, real time payment processing solution, supporting all major credit and debit cards

ElectraCard Services, a provider of software solutions for electronic payment systems, has set up an electronic internet payment gateway with its solution, electraecomm for Union Bank of India, a public sector bank.

ECS's electraecomm is a secure, online, real time payment processing solution, supporting all major credit and debit cards from global payment processing networks and multiple currencies. It provides transaction acquiring and processing interfaces to web merchants, customers, EFT switches & acquirer networks.

ElectraCard Services will host the payment gateway and merchant management systems for Union Bank from its data centre in Mumbai. Along with electraecomm, Union Bank has also implemented electrasecure, a solution that will enable safe online transactions.

On Wednesday, Union Bank ended 0.93% up at Rs299.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 1% to 18,596.02.

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