The CBI wrote to the ED as the agency does not have powers to attach the properties as according to the provisions of the PMLA, it is the ED which can take such an action
New Delhi: The Enforcement Directorate (ED) is examining a request from the Central Bureau of Investigation (CBI) asking it to attach properties of DB Realty worth over Rs200 crore of DB Group under the stringent Prevention of Money Laundering Act (PMLA), reports PTI.
The ED is examining the legal issues on whether to attach the properties of DB Realty as proceeds of crime or that of the former managing director of the company Shahid Usman Balwa, who is now in jail, officials privy to the probe said here.
The CBI while reasoning out the attachment of property of the real estate group alleged that Rs200 crore bribe money was moved to DMK-owned Kalaignar TV from DB realty through a circuitous route, a charge denied by the company.
The CBI wrote to the ED as the agency does not have powers to attach the properties as according to the provisions of the PMLA, it is the ED which can take such an action.
In a statement, DB Realty distanced itself from the 2G spectrum issue and said that the real estate firm had had no direct or indirect shareholding in any telecom business entity.
“Some promoters of the company, in their individual capacity, have invested in Swan Telecom Private Limited (now known as Etisalat DB Telecom Private Limited),” a statement issued by the company said.
The statement from DB Realty came as the stocks of the real estate company declined by 1.79% in last 10 days after the news of the attachment of property started doing the rounds.
In its charge-sheet the CBI has alleged that Dynamix realty, a partnership firm of DB group of companies which also ran Swan Telecom, paid Rs200 crore as illegal gratification to Kalaignar TV, which is controlled by the affiliates of DMK—Ms Kanimozhi and Sharad Kumar. Former telecom minister A Raja belonged to DMK.
It alleged that there were several circumstances which “conclusively” established that the amount paid by Dynamix Realty to Kalaignar TV Pvt Ltd was not a genuine business transaction but bribe paid in lieu of the telecom licences, valuable spectrum and other undue benefit given to Swan Telecom—one of the beneficiaries of spectrum allocation.
The money was allegedly routed through Kusegaon Fruits and Vegetables Pvt Ltd and Karim Morani promoted Cineyug Films Pvt Ltd.
Once the CBI started its probe in the scam, the money was routed back to Dynamix Realty.
The money was brought back as an alleged investment in the property business. The agency’s move to attach properties is an attempt to recover the alleged Rs200 crore bribe money paid to Kalaignar TV, agency sources said.
Sandeep Das joined Standard Chartered Bank in 1991 and has held several key positions in the Bank, making immense contributions.
Standard Chartered Private Bank said that it has appointed Sandeep Das as the managing director and head of private bank, India.
Sandeep has 20 years of experience with Standard Chartered and was earlier general manager premium banking, consumer banking India, where he was responsible for leading the business focus on the affluent and emerging affluent customer segments. In his new role, Sandeep will be responsible for envisaging and driving the Private Bank's strategy for growth in India, a key market for the Bank.
Based in Mumbai, Sandeep will report to Stephen Richard Evans, Head of Private Bank, Europe, Middle East, Africa, India & the Americas and to Sanjeeb Chaudhuri, Regional Head, South Asia and Group Chief Marketing Officer for Consumer Banking.
Sanjeeb Chaudhuri, Regional Head, South Asia and Group Chief Marketing Officer for Consumer Banking said: "Sandeep's contribution to the consumer banking business over the last twenty years has been outstanding. With his long experience in the HNW space and strong relationships with Indian clients, Sandeep is very well suited to strengthen our position as a leading international private bank in India."
Sandeep joined Standard Chartered Bank in 1991 and has held several key positions in the Bank, making immense contributions.
EPFO has already missed a deadline of 31st March this year, the day on which the term of four fund managers including ICICI Pru, HSBC AMC, Reliance Capital and SBI expired. It had planned to appoint new fund managers for next three financial years beginning 1st April but since EPFO could not appoint new AMCs well in time, it was decided that SBI would manage its entire corpus for a three month period ending 30th June
New Delhi: “It is proposed that the time line for selection of fund managers be extended by another two months to 31 August 2011 or till the selection whichever is earlier,” as per the Employees Provident Fund Organisation (EPFO) proposal listed in the agenda of the CBT meeting scheduled on 24th June, reports PTI.
“It is also proposed that till the appointment of new fund managers, State Bank of India (SBI) may be allowed to continue as the fund manager of EPFO corpus,” it further said.
EPFO has already missed a deadline of 31st March this year, the day on which the term of four fund managers including ICICI Pru, HSBC AMC, Reliance Capital and SBI expired. It had planned to appoint new fund managers for next three financial years beginning 1st April.
Since EPFO could not appoint new AMCs well in time, the Central Board of Trustees (CBT) in its meeting on 30th March this year decided that SBI would manage its entire corpus for a three month period ending 30th June as an interim arrangement.
On 6th June, giving reasonable time for submitting technical and financial bids, EPFO had asked the 10 AMCs who had earlier evinced interest in managing its funds, to meet 24th June deadline for the purpose.
While the technical bids would be opened on 24th June, the financial tenders would be opened on 8th July. Therefore, the appointment of AMCs by EPFO is not possible by this month-end.
Besides, four AMCs who had managed EPFO corpus, seven new firms, including Kotak Securities, Securities Trading Corporation of India, UTI Securities and ICICI Securities, have expressed interest in managing the retirement fund.
EPFO had appointed the four multiple fund managers for the first time in July 2008 with an objective of providing better rate of return on deposits to its 4.72 crore subscribers.
Prior to this, SBI was the sole fund manager for it since its inception in 1952.
The retirement fund body EPFO will appoint the multiple asset management companies by 31st August to manage its huge corpus of over Rs3.5 lakh crore but till then, SBI would continue to be its sole fund manager.
EPFO had to appoint multiple AMCs by 30th June, so that the newly appointed managers could take over its fund by 1st July for a three-year period as desired by its apex decision making body CBT headed by the labour minister.