HC issues contempt notices to nine sacked AI pilots

A division bench headed by justice BD Ahmed, which heard the matter thrice during the day said, "These pilots do not understand the gravity of being prosecuted for the contempt of court"

New Delhi: The Delhi High Court today issued contempt notices to nine sacked office bearers of the Indian Commercial Pilots Association (ICPA) for disobeying its order to call-off the on-going strike in Air India (AI) which entered the seventh day, reports PTI.
"Issue notice to the nine office bearers of the ICPA and re-notify the matter on 25th May," a division bench headed by justice BD Ahmed said.

The bench, which heard the matter thrice during the day said, "These pilots do not understand the gravity of being prosecuted for the contempt of court."

The bench said, "All nine persons shall remain present in the court on the next date of hearing" and gave them two weeks time to respond to the contempt notices.

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Kotak MF launches close-ended debt scheme

The New Fund Offer opens for subscription on 9th May and closes on 19th May. No entry and exit load is applicable

Kotak Mutual Fund will open the New Fund Offer (NFO) Kotak FMP Series 46, a close ended debt scheme with the duration of 370 days from the date of allotment of units.

The NFO opens for subscription on 9 May 2011 and closes on 19 May 2011. No entry and exit load is applicable. The scheme will allocate 100% of assets in debt, money market instruments and government securities with low to medium risk profile.

The scheme will be benchmarked against the CRISIL Short Term Bond Index.

The minimum application amount will be Rs5,000 and in multiples of Rs10 thereafter.

The scheme will be managed by Deepak Agrawal and Abhishek Bisen.

The investment objective of the scheme is to try to generate returns through investments in debt and money market instruments with a view to reduce interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme.

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Savings bank interest rates to go up

However, RBI’s move will raise the cost of borrowing for banks which leverage high on their CASA funds

Interest rates on money lying in savings bank (SB) accounts will go up by half a percentage point, with the Reserve Bank of India deciding to hike rates to 4%. Deposit-holders in SB accounts were receiving the rate fixed eight years ago.

However, the move will raise the cost of borrowing for banks which leverage high on the 'Current Account, Savings Account' (CASA) funds. These CASA deposits are much cheaper than the time deposits, where the going rate for 6 months and above is about 8%.

Unlike the time deposits, the SB account interest rates are still regulated even as the central bank has put out a discussion paper for freeing the same. Interest rates on fixed deposit schemes were deregulated in 1997.

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