FUND FLOWS

Foreigners: Foreign institutional investors pumped in large amounts most of the fortnight. They...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Pranab hopeful of further decline in food inflation

New Delhi: The government today said it is hopeful that food inflation, which is already at single-digit level, will come down further, reports PTI.

"Decrease in food inflation is good... I hope it will come down further," finance minister Pranab Mukherjee told reporters here.

Food inflation fell to a four-month low of 8.60% for the week ended 20th November, as prices of vegetables, wheat and pulses declined on increased output and arrival of kharif crop in the market.

The last time the food inflation was recorded at the single-digit level was for the week ended 24th July, when it came down to 9.53%.

Besides the four-month low, inflation has been dipping for the seven consecutive weeks now.

The fall in food inflation is in line with chief economic advisor Kaushik Basu's projection earlier this week that food prices inflation will come down to single digits, declining beyond 9% for the week ended 20th November.

The decline in food inflation has raised hopes that overall inflation may decline to around 6% by the end of the year, as predicted by the government.

User

Satyam case: 114 firms floated by Raju, family had accounts with HDFC

Hyderabad: An official of HDFC has told a Special Court, which is trying the accused in the multi-crore accounting fraud in Satyam Computers, that 114 companies floated by the promoters of Satyam Computer, including the company’s former chairman B Ramalinga Raju and his family members, had accounts with the bank.

In his deposition before the 21st Additional Chief Metropolitan Magistrate Court yesterday, C H Srinivas, branch manager of HDFC (Begumpet branch in Hyderabad), gave details on the banking transactions carried out by Satyam, which had five accounts with the bank, reports PTI. During his examination, Mr Srinivas said, “CBI asked for information regarding 327 companies, whether they are holding accounts in the bank. We verified the records and found 114 private limited companies of the 327 companies are having accounts in our bank. We have also given the statement of accounts of these companies.”

The banker gave details pertaining to the payment and receipts (during the period between 1999 and 2008) to the tune of several crore of rupees made to Satyam and from Satyam to various companies and individuals, besides shares and dividends. Over 184 documents are likely to be marked during the examination that continues today.

The CBI, in its chargesheet, had claimed that a total of 327 companies were incorporated from 1999 to 2008, from time to time, by Ramalinga Raju, his brother B Rama Raju along with their family members. Of these, 83 companies belonged to Ramalinga Raju, his wife B Nandini Raju and sons B Teja Raju and B Rama Raju (Junior), 78 companies to B Suryanarayana Raju, his wife B Jhansi Rani and their children B Purnima and B Satayanarayana Raju, 86 companies to B Rama Raju, his wife B Radha and their children Deepti and Rahul Raju. The remaining 80 companies belonged to other members of the family and trusted employees, the CBI said.

According to the CBI, an exclusive company, SRSR Advisory Services Private Limited, with B Suryanarayana Raju as the director, was floated for the purpose of doing the accounting and advisory services with regard to these companies.

Meanwhile, CBI sources said that so far 26 bankers have been examined by the court and six more witnesses (bank officials) are likely to be called. When the examination process of the bankers is over the Court will begin examination of Satyam employees who have been cited as CBI witnesses.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)