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CBI starts scrutiny in Rs22 cr AirAsia transaction case
The Central Bureau of Investigation (CBI) has stared its probe in the alleged suspicious transactions of Rs 22 crore involving non-existent entities in India and Singapore in Malaysian carrier AirAsia.
 
The case is already being probed by the Enforcement Directorate.
 
Top CBI sources said that the agency is scrutinising the evidences in the allegations before filing the preliminary enquiry or an First Information Report.
 
In 2013, Tata Sons had joined hands with Malaysian carrier AirAsia and Arun Bhatia's Telestra Tradeplace to start low cost carrier AirAsia India.
 
The carrier had to wait for nine months before taking off.
 
In September 2013, Tata Group had joined hands with Singapore Airlines to start a new full-service airline in India, 18 years after a failed attempt.
 
Tata Sons owned 51 per cent stake in the carrier, which has been christened as Vistara, with Singapore Airlines holding the rest.
 
In October 2015, Tata Groups ex-Chairman Cyrus Mistry had claimed that a forensic investigation had revealed fraudulent transactions of Rs 22 crore involving non-existent entities in India and Singapore.
 
As a bitter war plays out between Mistry and Tata Groups interim Chairman Ratan Tata, the former had alleged that due to the latters passion for aviation, the Tata Sons Board increased capital infusion into the aviation sector at multiple levels of the initial commitment.
 
In a letter written to the Board members of Tata Sons, Mistry, a day after he was ousted on October 24, said that "board members and trustees are also aware that in the case of AirAsia, ethical concerns have been raised with respect to certain transactions as well as overall prevailing culture within the organisation".
 
"A recent forensic investigation revealed fraudulent transactions of Rs 22 crore involving non-existent parties in India and Singapore," it said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex in rally mode - Thursday closing report
Indian equities markets surged on Thursday as positive global cues, appreciation in the rupee and firm crude oil prices lifted investors' sentiments. The key indices closed with gains of around 1% each, as buying was witnessed in automobile, metal and banking stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 83.30 points or 1.02% to 8,273.80 points. The Sensex touched a high of 26,917.21 points and a low of 26,738.42 points during the intra-day trade.
 
The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
The BSE market breadth was skewed in favour of the bulls - with 1,941 advances and 903 declines. On Wednesday, weak domestic services data and a lack of consensus at the GST Council meet pulled the benchmark indices lower.
 
Broader market also rose with BSE Midcap and BSE Smallcap gaining 1.32% and 0.98% respectively. Shares of refinery companies continued their upward move with the S&P BSE Oil & Gas index hitting nine year high on the BSE in intra-day trade on Thursday. The index closed 1.78% higher. The oil & gas index hit an intra-day high of 12,601, its highest level since January 18, 2008. IOC hit a new high of Rs354, up 3%, while Oil India touched a fresh 52-week high of Rs469, up 3% on the BSE. ONGC, HPCL, IOC, BPCL and OIL from the index were up in the range of 2% to 3%.
 
BSE metal index rose around 3% in today’s trade out performing all the other sectoral indices. JSW Steel is the biggest gainer in the sector followed by JSPL, Vedanta and Hind Zinc. All ten index stocks ended in green in the index.
 
Tata Motors ended over 3% to Rs501.80 on the BSE after Jaguar Land Rover (JLR) reported strong sales. Chambal Fertilisers sizzled upon reports of Ministry of fertilisers seeking for Rs80, 000 crore as subsidy. 
 
The top gainers and top losers of the major indices are given in the table below:
 
 
Asian stocks climbed for an eighth consecutive day on Thursday, buoyed by further gains on Wall Street and an overnight bounce in oil prices that bolstered energy and resource shares. MSCI's broadest index of Asia-Pacific stocks outside Japan rose more than 1%, extending a rally that has seen it gain 2% in the opening days of 2017.
 
Markets in Europe open lower after minutes from the last US Federal meeting showed willingness to increase rates at a faster pace. The pan-European Stoxx 600 opened 0.39 points lower with most sectors trading in negative territory while Britain's FTSE 100 index held near record highs.
 
The closing values of the major Asian indices are given in the table below:
 

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