RK Bammi elevated to executive director, Axis Bank

RK Bammi will continue to be responsible for the retail banking businesses and will be in-charge of distribution, retail lending and retail liabilities & investment products

Axis Bank said that it has elevated RK Bammi, president & head-retail banking, to executive director with effect from 1st June. He has been designated as the executive director-retail banking.

Mr Bammi will continue to be responsible for the retail banking businesses and will be in-charge of distribution, retail lending and retail liabilities & investment products.

Mr Bammi, a post graduate from Delhi School of Economics and a Certified Associate from the Indian Institute of Bankers has over 30 years of experience in banking sector. He joined Axis Bank in 1994 as asst. general manager (Credit), prior to which he was with State Bank group for over a decade.

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CIC directs MEA to disclose details about Anderson extradition case

The Central Information Commission says information is of significant importance to the public, particularly families who suffered in the Bhopal gas tragedy

New Delhi: The Central Information Commission (CIC) has directed the Ministry of External Affairs to disclose the communication between it and the Central Bureau of Investigation (CBI) on the extradition of former Union Carbide chief Warren Anderson in the Bhopal gas tragedy case.

The CIC issued the order, while overruling the ministry's objections that it could not give this information as the matter was sub-judice. The Commission said that this could not be sufficient ground to deny information to the public.

The Ministry had said that disclosure of correspondence between it and the CBI could adversely affect the Anderson extradition case. It also said that it had not spent any money in the case, PTI reports.

Information Commissioner Annapurna Dixit said that the matter was of significance to the general public and particularly to the families of the victims who have been awaiting justice for 26 years.

The CIC's direction was issued on an RTI application that sought these details. "It is also a matter of general awareness that the case related to the extradition of Mr Warren Anderson has been heard and judgment reserved by the Supreme Court recently. Therefore, no question of impeding the process of extradition arises," Ms Dixit said in the order.

"The Commission directs the public authority to provide all the information as available with them in their official records relating to the matter, and as sought by the complainant, by or within 10 June 2011," she said.

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Schneider Electric to buy 74% stake in Luminous Power

Luminous employs approximately 3,000 people in eight different industrial sites in India and one in China

French firm Schneider Electric said it will invest Rs1,400 crore to acquire a 74% stake in the country's Luminous Power Technologies Pvt Ltd, which is engaged in providing inverters, UPS and power storage systems for homes and small and medium-sized businesses.

"Schneider Electric acquires 74% of Luminous Power Technologies Pvt Ltd to secure a position in India's inverter and power market. The purchase price for 74% of the shares is Rs1,400 crore," a company statement said.

Luminous employs approximately 3,000 people in eight different industrial sites in India and one in China. It generated revenues of Rs1,100 crore for the financial year ended March 2011, it said.

Luminous will bring a strong brand name in the Indian market for inverters and power storage, a diverse portfolio that includes inverters for homes and small and medium enterprises, deep-cycle batteries, uninterruptible power supply, physical infrastructure solutions for IT & telecom, renewable energy systems (wind and solar) and engineering design and support services to Schneider Electric.

It would also give Schneider Electric a broad customer base, with 30 lakh existing inverter users, and also access to institutional clients in particular government and telecom sectors.

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