Credit Suisse India to get banking license

The Indian arm of the Swiss financial services behemoth may soon launch its banking operations here, after receiving in-principle approval from the RBI

The Indian arm of Swiss financial services conglomerate Credit Suisse Group has received an in-principle nod from the country’s central bank, the Reserve Bank of India (RBI), to launch banking services here.

The multinational company (MNC), which has been operating in India with a focus on wealth management and investment banking, is likely to get its banking license soon. Mihir Doshi, country head, Swiss Bank India, confirmed the development to Moneylife. “We have received an in-principle approval from the RBI. We are still working on the modalities; (we) have not yet decided as to when we plan to launch our banking operations.”

Finance minister Pranab Mukherjee had in his Budget day speech earlier this year announced his intention to offer banking licenses to new entities. There was a lot of speculation in industry and media circles that the first to get banking licenses would be Indian non-banking finance companies (NBFCs).

Indian NBFCs like Indiabulls, Reliance Capital, Religare, IL&FS, IDFC and Aditya Birla Financial Services were considered likely to apply for bank licences after the announcement. Players like Aditya Birla Financial Services and the Shriram Group have already evinced interest in floating their own banks.

As such, Credit Suisse could emerge among the first companies to get the coveted banking license from the RBI. Its presence would mark the entry of yet another foreign bank in India’s banking fraternity. More significantly, Credit Suisse’s entry will usher in the sophisticated and professional practices of the world-renowned Swiss banking community.

Credit Suisse is active in over 50 countries and employs more than 48,000 people from approximately 100 different nations. Its total assets under management (AUM) as at 31 March 2010 stands at 1,270 billion Swiss francs.

This development is also significant as no new banks have been set up in the past eight years in India. In fact, no new Indian bank has been set up since the first flush of liberalisation in 1993 when half-a-dozen banking licences were handed out.

NBFCs that were earlier allowed to be converted into banks were Kotak Mahindra Finance and 20th Century Finance. While Kotak has diversified into various financial services, 20th Century became Centurion Bank; it was taken over by a bunch of private equity investors and eventually merged with HDFC Bank. Two of the other new licensees in the early 1990s—HDFC Bank and UTI Bank (renamed Axis Bank)—have become very successful private banks.



jack loach

4 years ago

Pictet & Cie. Bank – list of crimes.

1996 ---- Breach in London.
2003 --- FSA --- States rogues operating in Pictet’s –London
Office . Ivan Pictet said documents were forgeries but
were lated proved to be genuine. Had documents held
in London office destroyed.

2007 --- Japan. ---- The Securities and Exchange Surveillance
issued a recommendation that the Prime Minister and
The Commissioner of the FSA to take disciplinary
action against Pictet Asset Management. Japan Ltd.

2008 --- Dec. ---Pictet Bank state --- “ we have never chosen
any funds linked to Madoff.”

2011 --- Madoff Trustees sue Pictet & Cie. For $156 Million.

2011--- Bank at centre of Bribery and money laundering case.
Being sued for $350 million. ( In U.S.A.)

2012.--- Geneva Bank Pictet used in Offshore Tax Scheme.
U.S. Authority states.

jack loach

6 years ago

Update .Dec . 17 th. 2010.

Nov.23 - - -Nov.26 th. 2010.
The following sent to - - - - 312- - Lords - - - - - - House of Lords.
The following sent to - - - - 649 - - M.P.'s - - - - - House of Commons.


Pictet & Cie Bank.

Ivan Pictet.
Charles Pictet.
Nicolas Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat..

Pictet & Cie.- claim they are the “Rolls Royce”of swiss banks.

Swiss Banks or more correctly Swizz banks.

Swizz. ---- “ a great disappointment.” or a “ fraud.”

Fraud. ---“ an intentional deception or dishonesty.”— “a crime.”

Crime. ---“ an act committed or omitted in violation of a law.”

Serious Crimes .
Conspiring to pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.

Pictet & Cie Bank –Partners –(1996—2010)-liable.
Peters &Peters – Partners.—(1999----2010)-liable.

The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.

---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.””

(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)

(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .

(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .

(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael).

(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .

(6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.

(7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.

In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”

On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.

*** We thank --David Cameron. M.P. ( Canary Wharf Speech.) Dec. 15th. 2008.

(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
(5) That we make sure we root out any wrongdoing that may have happened, whoever
is involved, however high or well connected they may be.

Ivan Pictet.
Managing partner in Pictet & Cie Bank . --- retiring -?. 2010.
President of the Geneva Financial Centre. ---stepping down -2010. ?
World Bank.committee member.---- ?
United Nations. Investment Committee member,
Vice President – Global Humanitarian Forum. --- redundant.2010.?
Member of the Henokiens.
Blackstone Group --- Board Member.
Past- President – Geneva Private Bankers association.
Past –President – Geneva Chamber of Commerce and Industry.

Monty Raphael. ( Peters & Peters.)
Quote.” ---- Doyen of U.K. Fraud lawyers.
Head of Fraud and Regulatory Dept. ---- stepping down, --2009.? Director of the Fraud Advisory panel.
Member of the Law Society of England & Wales.
International Bar Association Member.

Written Parliamentary Questions received by the table office ..

(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

On Dec 9th,2008. the complaint was sent to 150 Members of the House Of Lords and 230 Members of Parliament.
On Aug 19th.2009.another complainants file regarding the “cover up” was forwarded to the same 380 members.

We started our campaign in June 2008 -- via the “net” to highlight our fight to get “justice”. In our second year campaign we hoped to reveal further damning evidence . Due to there being an on going Police investigation into our complaint we are at this moment unable to place dozens of documents on to the “net”. Again we thank other “ E- Mailers” for their information in relation to our campaign.

Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

Truth Hurts.
Ivan Pictet. Announces stepping down from Pictet & Cie. 5th Feb 2010.
Stepping Down—President of Geneva Financial centre.—2010.
Monty Raphael. Steps down as head . May. 2009.

*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

*** Were currently waiting to see if the Police and other Law Enforcement Bodies attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their solicitors at Peters & Peters .London -- prosecuted and” struck off”..

*** Started campaign --- June 6th.2008.
2 years ---- approx 2million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true.

*** . The bigger they are --- the harder they fall.!!!
In America ---- they would have all been in prison for the last seven years.
Nov.23rd --Nov.26th. 2010 .
The above sent to ------ 312 - - Lords - - - House of Lords.
The above sent to --- --649 - - M.P.'s - - - House of Commons._

Full Story.
Go to search box on “Google” and insert ( Ivan Pictet / Monty Raphael) or
insert ( Pictet & Cie / Monty Raphael ) - - then try it on “Google”.
Or try on Yahoo. - - - ( Charles Flint Q.C.) .
Or try on Yahoo - - - ( Nicholas Campiche.)


jack loach

In Reply to jack loach 5 years ago

*** Were currently waiting to see if the West Yorkshire Police :-
(1) Chief Constable. --- Sir Norman Bettison.
(2) Forces Solicitor . -- Mike Percival .
(3) Head Of Economic Crime Unit. -- Det . Chief Inspector Steven Taylor.
continue to attempt to cover this case up like their F.S.A. counterparts. If they do –“ then watch this space.”

We were informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London.
It has been noted that the book launch for PICTET was held at Lord Myners Belgravia home.We might as well have asked Ivan Pictet to investigate our complaint.-or someone from FRIENDS RE-UNITED.
Lady Myners on Prix PICTET advisory board.

The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”
In America ---- they would have all been in prison for the last seven years.

jack loach

In Reply to jack loach 5 years ago

West Yorkshire Police.

We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( one down two to go.)

A file of some 339 pages including scores of documentation has been forwarded to the following ---
640 --- Members of Parliament.
460 --- Members of the House of Lords.
Ministry of Justice.
F.S.A. – Financial Services Authority.
Serious Fraud Office,
Peters & Peters .London. -- Solicitors.
Pictet & Cie Bank --- London & Geneva.
West Yorkshire Police Authority.
I.P.C.C.--- Independent Police Complaints Commission.
C.C.R.C. --- Criminal Cases Review Commission.
Swiss Ambassador London.


6 years ago

Respected Regulatory Authorities
Before issuing any more licences to the NBFC & Industrial/Business houses, let us go through the ground realities from different angles as an Investor, Depositor & as a Regulator of the Republic Citizens of India and then let us come to an debatable conclusion if India really requires new faces of private banks and if answer is really YES then let us answer some questions i.e. whether the existing regulator has enough capacity to monitor those new faces? Whether the regulator was successful in the past in monitoring the existing banks? Where is the accountability of the regulator & the promoters in monitoring those sunk ships like GTB and various NBFCs like CRB, Lloyds etc ? Is our Regulator know for giving clean chits?. How does RBI monitor those mushrooming Microfinance companies ? who loot the poor by charging 25% to 40% Interest in the name financial inclusion, by adopting all unethical practices including involvement in money laundering activities. Does RBI has control over Microfinance Companies towards end use of those funds? Or is it the best time to consolidate banking sector with few private and nationalised bank and save the investors money. Let us discuss all those points in detail
With my 17 years experience in private bank, we have seen the tremendous growth in business by adopting all unethical practices, and major chunk of business is pooled from nationalised bank, as at that time the nationalised bank were not having core banking solutions and ATM network till 2007, but now due to core banking solutions, most of the corporate and individuals feel more secured with the transparency of nationalised bank and the same concepts stands true with insurance also and hence we see the reverse scenario of shifting the business back to the nationalised bank. Refer my comment on Axis Culture Ref Business India dated 25/07/2010 & page 8 of Business India – Independence Day special issue dated 22/08/2010. “Axis Bank has grown by acquiring business by putting aggressive pressure on the branches and adopting all unethical and illegal practices and ignored fundamental aspects of banking such as operational efficiency, staff accountability, audit & compliance and hence the bank is facing a serious issues with a high NPAs, serious frauds through senior branch officials due to business pressure and also unethical HR practices like withdrawal of ESOPs up to the level of AVPs and giving 1 lac and 2 lac esops to MD and DMD, promotion not on the basis of merits and performance but on the basis of lobbying, frequent changes in PMS & Promotion policies has increased staff attrition rate. Its a time to re look into those issues seriously and grow clean & green in order to bring the permanent light from shadow. Sanjay Prabhu – Pune Ex Employee & Share Holder of Axis”
Axis Bank in order to show 70% YoY growth, has given unachievable budgets of 90% to 100% yoy basis to Branch Head and employees and those Branch Heads has adopted all unethical and illegal practices to achieve the budgeted level of growth, and in the pressure of growing business they have unknowingly committed serious frauds not only in savings and current accounts but also a criminal breach of trust in Govt Accounts such as JNNURM 150 crores fraud with Nashik Municipal Corporation Accounts, Central Excise Chandigarh fraud, Defence Accounts frauds at Kanpur, out of court settlement with Exporters in forex derivatives frauds, Agri Credit fraud at Rajkot, Lucknow, Forex Frauds in Kolkatta and Mumbai, agricultural debt waiver and debt relief scheme frauds which has been happening for last 3 years and the bank internal and external auditors could not unearth the frauds, as the auditors like Mr. Vyas – VP & Zonal Audit Head & Mr. Nandi – erstwhile Zonal Head and presently the Audit Head of the Bank, was himself involved in serious frauds and hence before giving licences to any new faces I request CBI, Enforcement Directorate & Economic Offence Wing should investigate in to the matter and fix accountability on the Top Officials of Axis Bank.
After my whistle blower on staff accountability, axis bank management woke up suddenly after 15 years and first time in the history of axis bank they have realised that they are dealing in public money and they have terminated the services of those branch heads and junior employees who actually where not the real beneficiaries of frauds, but the Axis Bank top management who took a large chunk of variable and functional pay along with large number of ESOPs where the actual beneficiaries of those frauds, as all unethical practices has been forced by the management on the branches in order to deliver the results at any cost and hence the branch employees had no option, but to bribe the officials and get the business and the branch heads and junior level employees have been made scapegoat by the management.
By giving new licenses to new faces we will be compromising on safety and security aspects of public money, as the preset regulatory authority has failed in monitoring the existing private bank and if we allow new faces we will be putting more burden on the depositors money. Presently in Urban & Semi-Urban locations we see all the Nationalized & Private Sector Bank not competing but actually pulling the business of each other by adopting all unethical and illegal practices. In order to handle the same volume of business at one center we spend crores of investors money in various banks branches leased premises rentals & lavish Interiors, staff cost, Electricity and if we consolidate and grow with few private and nationalized bank, then every bank will have enough business to handle, we will see healthy competition and the greatest saving will be on the multiple cost incurred by each bank on leased premises rentals & lavish Interiors, staff cost, Electricity & transactions cost, which will definitely add value to investors / depositors money, at the same time it will be easy for Regulatory Authority too to monitor and keep a track of the situation.
I see the future of India in villages / rural areas i.e. category III to VI Branches and hence in order to capture the great potentials of growth in Agri business and to give equal opportunity for Poor and underprivileged to enjoy better standard of living, it is our obligation to provide transparent banking facilities towards financial inclusion in those villages, but keep in mind that not at the cost of looting the poor in the name of financial inclusion. Hence RBI as the regulator should make it compulsory for all private banks that rural Savings A/c & Current A/c should have an average balance requirement of Rs. 1000/- & 2500/- respectively and the charge structure should not be the looting one as it is prevailing today in private sector banks. RBI should monitor the bank more aggressively and also keep the third eye reserved in order to monitor the worst practices adopted by the bank management, so that we can protect the interest of investors / depositors, before it is too late. I would like to quote one such example of Axis Bank failure on Corporate governance which is as under
“In February 2010 the Times of India & Economic Times has reported that axis banks new headquarters deal in buying Bombay dyeing property at Rs. 782 croes is the costliest deal in the present market recession, where as the similar properties are available at Rs. 500 crores and even banks like ICICI is cutting its cost by shifting the major departments to hyderabad and Axis Bank being the schedule commercial bank should have invited quotes for such a huge investment of public money through all the leading newspaper for buying the property, instead they have opted illegal methods and paid the brokerage to the tune of 23.50 crores from public kitty and they have deceived the investors and taxpayers money to the tune of rs. 282 crores , plus the brokerage to the tune of rs. 23.50 crores. Banks top officials are involved in multi crore fraud of leased premises, wherein they have purchased the Branch & ATM premises in their relatives name and given it to Axis Bank at a rent which is twice above the prevailing market price and if this type of practices continues in private sector banks then I am sure the new junior faces will follow the legacy of our new and old generation private sector banks and the depositors will be taken for a Ferrari Ride.
Wake up regulators, its time to act judiciously in the interest of the investors, as every one wants to take a bath in the holy rivers of India and make it more polluted. If this fraudulent practices continues with the blessings of our regulators, then we will see collapse of Indian financial systems and RBI will have to merge this white private sector elephants with nationalized bank and we will see more frauds in banking similar in line of satyam.
If you really wants to give the opportunity of adding new faces in the banking, then I request you to give the opportunity to the Indian Post Offices and LIC, and I am sure they will handle the job of financial inclusion in a sincere manner.
My sincere thanks to Dr K. C. Chakrabarty, Deputy Governor, RBI, as we see one person among the 113 crores population, who can voice the concern for investors protection and if every citizen try to perform his duties with sincerity then India can have Ram Rajya against all the odd Rawanas.

Sanjay Prabhu – Pune
President of Private Bank Employees & Investors Protection Forum
Ex Discharged Employee & Share Holder of Axis Bank

[email protected] 95940 88588

Daily Market View: No rally in sight, yet

If the Sensex goes below 16,100, panic selling may start. If not, expect a laboured rise

The market pared early gains to end slightly higher than its Friday’s close. The Sensex ended 24 points higher at 16,469 (0.1%) while the Nifty shut at 4,944, higher by 13 points (0.2%). The bourses started the day in the green, taking cues from Asian markets. The market traded firm in the morning session but pared gains in the early afternoon session, wiping off most off the gains posted earlier in the session and touching an intraday low of 16,413 towards the close of trade.

Asian stocks were up on Monday tracking the rise on Wall Street on Friday. Key benchmark indices in China, South Korea, Indonesia, Hong Kong, Singapore and Taiwan were up 0.3% to 3.48%. On the other hand, markets in Indonesia and Japan fell by 0.27% to 0.36%.

US stocks snapped a three-day losing streak on Friday supported by bank stocks on investors’ confidence that the financial regulation bill won't be as onerous as some had feared. Bank shares rose a day after the US Senate approved a sweeping overhaul of regulations of Wall Street firms, capping months of wrangling over the biggest changes since the 1930s. The Dow was up 125 points (1.2%), to 10,193.4. The S&P 500 was up 16 points (1.5%), to 1,087.7. The Nasdaq rose 25 points (1.14%), to 2,229.

Back home, the monsoon is expected to reach the country's southern coast on 30th  May and Cyclone Laila cyclone in the Bay of Bengal would not drive away the June-September rainfall, the weather office said. The India Meteorological Department (IMD) in late April said rainfall is likely to be 98% of the long-term average.

Prime minister Manmohan Singh said that controlling inflation will be one of the top priorities of the government.

China said that USA’s hint on easing controls on high-tech exports to China is an appreciated move. China’s vice premier said that the economic ties between China and US have enjoyed dynamic growth.

Foreign Institutional Investors were net sellers on Friday of Rs1,540 crore while Domestic Institutional Investors were net buyers of Rs 816 crore. 

The government has reportedly asked telecom firms, which won third-generation (3G) spectrum in the recently concluded auction, to pay by 31st May. The government has collected almost Rs70,000 crore from the sale of 3G spectrum, nearly twice the projected revenue. The government could additionally generate about Rs15,000 crore from sale of pan-India licenses for broadband wireless access (BWA) services. 

The board of directors of ICICI Bank (down 0.3%) and Bank of Rajasthan (BoR) (up 10%) have approved amalgamation of BoR with ICICI Bank. A swap ratio for the merger has been already set at 25 shares of ICICI Bank for 118 shares of Bank of Rajasthan. Bharat Forge (up 0.8%) has received a contract for engineering procurement and construction (EPC) from an independent power project (IPP). The company will execute the EPC contract under its 100% subsidiary. JK Lakshmi Cement (closed flat with a negative bias) is reportedly in talks to acquire an Egyptian cement firm for about Rs800 crore. Godrej Consumer Products (GCPL) (down 2.6%) will buy the entire equity stake in South America-based unlisted hair-care products maker, Issue Group. GCPL, which will get an entry into the South American market through this acquisition, did not disclose the size of the deal. Godrej said that the acquisition fits in the strategic objective of the firm that wants to increase its presence in hair colour, insecticides and soap businesses in Asia, Africa and Latin America. 

Hindustan Construction Company (up 0.1%) has completed the repair and restoration of the damaged Malad water supply tunnel, in suburban Mumbai, well ahead of its scheduled date of completion of the project. With this, drinking water supply to the western suburbs of Mumbai can be restored to normalcy in the coming days.


Piramal Healthcare volumes and price action speak volumes about insider trading

The stock shot up 25% on heavy volumes since early March 2010—almost three months before its deal with Abbott was announced. Will SEBI look into what appears to be a possible case of insider trading?

On 21st May, Piramal Healthcare announced that it was selling a part of its business to Abbott Laboratories, ending months of speculation about what was going on in the counter. While that made the headlines, there was something else going on in parallel as well—a suspicious case of price rise on the back of large volumes. On 26 February 2010, Piramal Healthcare was trading at Rs397.85 and by 20th May—the day before the deal was announced—it had shot up to Rs570.10 on the National Stock Exchange. This meant a jump of 43%. In contrast, the Pharma index had gone up by just 3% during the same period.

The rise in price was backed by huge volumes. The average volume in January was 1.50 lakh. This went down to 52,115 in February. However, in March, as the discussions about the deal with Abbott progressed, the price shot up on huge volumes. In March, volumes skyrocketed to 71,146 shares per day, a jump of 47% over the January and February average. In April, volumes surged even further to an average of 2.12 lakh shares per day. On 20th May after the market closed, Piramal announced that it is selling its domestic formulations business to Abbott for $3.72 billion (approximately Rs17,112 crore). In the 16 days of trading in May, average daily volumes were an unprecedented 18.32 lakh shares.

Those in the know of the deal might have laughed all the way to the bank. The volumes in other pharma counters hardly budged from their averages. The correlation between the rising price of Piramal Healthcare shares, the rising volumes and the final announcement of the deal seems apparent to anyone who wants to see it. The question, do the regulators have any interest in seeing it?

The first line of regulators are the stock exchanges. They are not known to stir themselves into insider trading investigation. We have written to the Securities and Exchange Board of India whether the price rise, accompanied by large volumes over months and culminating in a deal, warrants an investigation but we have not heard from the regulator till the time of uploading this piece.

The Piramal Group has interests in healthcare, drug discovery & research, diagnostics, glass, real estate and financial services. The company recorded a consolidated operating income of Rs3,670 crore in the year ended 31 March 2010 while it posted an operating profit of Rs740 crore. In FY10, its Healthcare Solutions (Domestic Formulations) division reported sales of Rs2,000 crore. Piramal Healthcare, controlled by Ajay Piramal, was put together through a series of acquisitions.




6 years ago

No one cares about this in India. It is actually a corporate perk - and a govt perk in case of PSUs.

ramesh b

6 years ago

Good one! there are many such in the interest of investors...further this has been resorted to in PSU selloff IPO/FPOs earlier...many of them are in discount....One non-psu ipo of shree Ganesh Jewellers..priced at 260 dropped to 102 in few sessions....IFCI took large chunk in that IPO...

Parackal thomas

6 years ago

How about lodging a compliant with THE STOCK EXCHANGES ?
Or go on CNBC or Bloomberg and have a say of SUSPICION in the trading of this stock for a LARGER AUDIENCE.

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