HDFC Bank and Diners Club International ink strategic partnership

HDFC Bank to offer Diners Club international credit cards and merchant acquiring services in India

HDFC Bank and Diners Club International Ltd have announced a strategic alliance, whereby HDFC Bank will issue Diners Club International credit cards in India. The Bank will also provide merchant acquiring services, thereby creating more acceptance opportunities for the Diners Club brand in India.

With this strategic alliance, the Diners Club brand will join hands with the bank to reach out and serve the payment needs of India’s rapidly growing affluent class. This will help HDFC Bank, which is already India’s largest credit card issuer, to further extend its foray into the super premium segment to address the rich clientele.

Pralay Mondal, country head, retail assets and credit cards, HDFC Bank, said: “HDFC Bank enjoys the highest mind and wallet share in credit cards in India. To add to that, HDFC Bank and Diners Club will now form a powerful combination that has the potential to redefine the lifestyle experience of the Indian elite with its global reach, exclusive privileges and customised personal services.”

“Our strategic partnership with HDFC Bank demonstrates our continued commitment to expanding our brand in India, which is recognised as one of the world’s key emerging markets,” said Rajive Chadha, president of Diners Club International, a subsidiary of Discover. “We know that HDFC Bank and its customers will benefit from the international network provided by Diners Club International, as well as access to millions of merchant locations and more than 800,000 cash access locations and ATMs.”

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Kotak Mahindra MF launches 370 days fixed maturity plan

Kotak Mahindra Mutual Fund new fund offer closes 13th October

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 60 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenure of the scheme is 370 days.

The new issue closes on 13 October 2011. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Index is the benchmark index. Abhishek Bisen and Mayank Prakash will be the fund managers.

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Five Satyam accounting fraud accused granted bail by SC

The former Satyam employees who were granted bail were its former internal chief auditor VS Prabhakar Gupta, executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC’s former auditor Subramani Gopalakrishnan

New Delhi: Four former employees of IT major Satyam Computers Services and a former auditor of PricewaterhouseCoopers (PWC), arrested for their alleged roles in multi-crore accounting fraud involving the software firm, were today granted bail by the Supreme Court, reports PTI.

“On the totality of the circumstances, we deem it appropriate to release them on bail on a personal bond of Rs2 lakh and surety of like amount,” a bench of justices Dalveer Bhandari and Dipak Misra said, while granting bail to the five accused.

The former Satyam employees who were granted bail were its former internal chief auditor VS Prabhakar Gupta besides executives G Ramakrishna, D Venkatpathi Raju and Ch Srisailam. The fifth accused, who got the bail, is PWC’s former auditor Subramani Gopalakrishnan.

The five had approached the apex court challenging the 30th August order of Andhra Pradesh High Court which had rejected their bail pleas.

Of the total ten accused in the case, Satyam’s founder B Ramalinga Raju’s younger brother B Suryanarayana Raju and former PWC auditor T Srinivas had already been granted bail by different courts earlier.

The prime accused, B Ramalinga Raju and his brother and Satyam’s former MD B Rama Raju, have so far not approached the apex court for bail and are still lodged in Hyderabad’s Chanchalguda Central Prison under judicial custody.

The tenth accused in the case is Satyam’s former chief financial officer Vadlamani Srinivas, who too is in judicial custody.

The five accused, who were granted bail, had sought it on the grounds that the trial in the Satyam scam was not completed within the Supreme Court-stipulated deadline of 31st July and that all the prosecution witnesses had been examined.

For his alleged role in the accounting fraud, Satyam Computer’s founder and its former chairman Ramalinga Raju had been arrested first in January 2009, but his bail was cancelled in October last year by the Supreme Court.

While cancelling his bail, the apex court had stipulated that the accused would file another bail application only after 31 July 2011, if the trial in the case is not completed in the local court.

Following cancellation of his bail on the CBI’s plea, Raju had surrendered on 10th November last year before a Hyderabad court adjudicating the nation's biggest corporate fraud, allegedly to the tune of Rs14,000 crore.

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COMMENTS

Nagesh Kini FCA

5 years ago

For the 2009 accounting fraud the US SEC penalizes, but our system that includes the Economic Offenses Police, MCA, RAC, SEBI and ICAI are still unable to press charges is in deed indicative of the sad state.The poor small shareholder is at the loss with the scamsters protected as Andhra Govt.sons-in-law!

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