The counsel for Mr Chandolia told a special CBI judge OP Saini that Aseervatham Achary, an alleged associate of Mr Raja, had allegedly conspired to bring Kalaignar TV on a Tata Sky DTH bouquet by acting as a conduit between Mr Raja and Ms Radia
New Delhi: RK Chandolia, former aide of ex-telecom minister A Raja, today sought implication of corporate leaders and lobbyist Niira Radia in the second generation (2G) spectrum allocation case as accused, saying they had participated in the alleged ‘covert deal’ between the Tata group and Kalaignar TV, reports PTI.
The counsel for Mr Chandolia told a special CBI judge OP Saini that Aseervatham Achary, an alleged associate of Mr Raja, had allegedly conspired to bring Kalaignar TV on a Tata Sky DTH bouquet by acting as a conduit between Mr Raja and Ms Radia.
“During the conversation when Niira Radia referred to the deal, no where does Mr Achary ask her what was she talking about. This shows that he (Mr Achary) was well aware of the deal between Kalaignar TV and Tata being pursued by Mr Raja.
“Going by this, Mr Tata, Ms Radia, Mr Achary and Kalaignar TV all should be made accused in the case. Mr Tata and Ms Radia are big people and Central Bureau of Investigation (CBI) cannot touch them but why not Mr Achary,” advocate Vijay Agarwal appearing for Mr Chandolia said.
Mr Chandolia alleged they had allegedly conspired to bring Kalaignar TV on a Tata Sky bouquet.
Seeking discharge from the case, Mr Chandolia said no criminality can be attributed to him as he was merely executing the diktats of his ‘master’ A Raja.
He said Mr Achary has been closely associated with Mr Raja for the past 12 years.
“Deals are being struck between Ms Radia and Mr Tata through Mr Achary who is a conduit... Why are they not in jail when I am in jail even when I have no involvement in the matter?” he asked.
Mutual funds can floats infra schemes with five years maturity or lock-in of five years. Strategic investor must make firm commitment of Rs25 crore. Units to be listed
Mumbai: The Securities and Exchange Board of India (SEBI) has issued guidelines for infrastructure debt funds (IDF) which can be set up by any existing mutual fund or company that has been engaged in financing the sector for five years.
Now mutual funds can float an 'infrastructure debt fund' as a close-ended scheme maturing after five years, or an interval scheme with a lock-in of five years, SEBI chairman UK Sinha said, after a board meeting last evening.
The IDF would invest 90% of its assets in debt securities of infrastructure companies. The minimum investment in an IDF would be Rs1 crore and the minimum size of the unit would be R10 lakh, PTI reports.
The IDF, which was proposed by finance minister Pranab Mukherjee in the Union Budget for FY12, is aimed at accelerating and enhancing the flow of long-term debt for funding ambitious plans for infrastructure development in the country.
The requirement of infrastructure in the 12th Plan has been pegged at $1 trillion.
As per government norms, an IDF may be set up either as a trust or company. While the trust-based IDF (mutual fund) would be regulated by SEBI, an IDF set up as a company (NBFC) would be regulated by the Reserve Bank of India.
While announcing the guidelines for IDFs floated by MFs, SEBI said, the strategic investor would have to make a firm commitment of Rs25 crore. The units of infrastructure debt fund schemes shall be listed on the stock exchange.
An infrastructure debt fund shall have a minimum of five investors and no single investor shall hold more than 50% of net assets of the scheme.
MFs may also disclose the indicative portfolio of the infrastructure debt fund scheme to its potential investors, detailing the type of assets the mutual fund will invest in.
Market regulator says all persons part of promoter group are required to make disclosures of share holding and changes
Mumbai: With an aim to prevent insider trading by promoters, the Securities and Exchange Board of India (SEBI) has asked them to disclose every considerable purchase of sale of shares by all promoter entities.
Currently, directors and top executives of listed companies are required to make these disclosures.
According to a decision taken by the market regulator at a board meeting on Thursday, all promoters and persons who are part of the promoter group of a listed company would also be required to disclose their share dealings, PTI reports.
The promoters would be required to make initial disclosures relating to their shareholding at the time of becoming promoter or part of promoter group.
Besides, continuous disclosures would also be required whenever there is a change in their holdings exceeding Rs5 lakh in value, or 25,000 shares, or 1% of the total shareholding or voting rights, whichever is lower.
"Presently, similar disclosures are required to be made by the directors and officers of the company," SEBI said in a statement.