Companies & Sectors
Russia threatens international arbitration in Sistema case

Russia, which has been conveying its unhappiness over the cancellation of 2G licence to Sistema

 
New Delhi: Stepping up pressure on India, Russia has warned it that it will go for international arbitration if the issue of was not resolved in Indian courts, reports PTI.
 
"If the issue of cancellation of 2G license to Sistema is not resolved in Indian courts, we will go for international arbitration," Russian Ambassodor to India Alexander Kadakin said on the sidelines of a cultural event.
 
"We are upset about the decision," Kadakin added.
 
Russia, which has been conveying its unhappiness over the issue time and again, had earlier said the row over Sistema will have "great repercussion" not only on Indo-Russian bilateral cooperation but also for foreign investments in India.
 
Sistema holds 56.68% stake in Sistema Shyam Teleservices Ltd (SSTL) whose 21 out of 22 licences were cancelled by the Supreme Court in February on the grounds that the 122 permits issued by the then Telecom Minister A Raja were "arbitrary and unconstitutional". Russian government holds 17.14% stake in SSTL.
 
Russia had previously asserted it will not let Sistema's $3.1 billion investment in its Indian telecom venture go waste due to "internal problems" here. .
 
On Koodankulam issue, Kadakin said the nuclear power plant in Tamil Nadu is the "best and safest" in the world. If India wants to sustain a growth rate it needs consistent supply of nuclear energy, he said.
 
"Our station is the safest and best in the world. The first unit is complete and the second is about to be completed. Negotiations are on for third and fourth," Kadakin said.
 
Asked about Tamil Nadu Chief Minister Jayalalitha support to the power plant, he said "it's not about the Russian side, it's India's side. Those opposing the plant are against India.
 
"Protestors were silent for a while but I think another fresh inflow of foreign money came in and they are back," he said.
 
He also praised India'a initiative and said "India has done a lot" but at the same time wanted to know if Indian government has failed in spreading awareness about the plant's safety.
 
India's first 1000 MW atomic power plant is being built with Russian collaboration at Kundakulam.
 

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Housing prices in Q1FY13 up 6.7% compared with Q4 FY12: RBI

According to RBI's quarterly House Price Index rose 6.7% on quarterly basis and a whopping 24.1% on yearly basis

Mumbai: There has been a 6.7% growth in housing prices across the country in the first quarter of the current fiscal, Reserve Bank of India (RBI) said, reports PTI.

 

"The Reserve Bank's quarterly House Price Index, based on data for nine cities, indicates a Q-o-Q increase of 6.7% at the national level," the RBI macroeconomic and monetary developments report released on the eve of monetary policy announcement said.

 

On a year-on-year basis, the price increase has been recorded at 24.1%, the report revealed.

 

The index takes into account price situations in nine cities - Mumbai, Delhi, Chennai, Bangalore, Ahmedabad, Lucknow, Kolkata, Jaipur and Kanpur, it said.

 

Housing prices in the financial capital grew at a tepid 3.1% for the quarter ended June, while growth in Kolkata was the fastest, at 28.9%, it said, adding Bangalore and Kanpur witnessed a fall.

 

Going by transaction volumes, there was a 6.4% rise on a sequential basis, the quarterly index showed, while on a Y-o-Y basis it stood at 9.3%, it said.

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ED attaches assets worth Rs20 crore in Citibank fraud case

The attachment orders, freezing two bank accounts of relatives of main accused Shivraj Puri and two properties of two another of his associates, had been issued by ED recently

New Delhi: The Enforcement Directorate (ED) has issued orders attaching assets worth about Rs20 crore in connection with its money laundering probe in the Citibank Gurgaon fraud scam, reports PTI.

 

The attachment orders, freezing two bank accounts of relatives of main accused in the case Shivraj Puri and two properties of two another of his associates, had been issued by the agency recently, sources privy to the development said.

 

Several depositors and high-networth individuals (HNIs) were duped in the Rs460.91-crore alleged fraud engineered by Puri-- a Global Wealth Manager of the bank and was working at its Gurgaon branch.

 

The ED attachment order ensures that the accused are not able to use or derive any benefit out of these properties as they are termed as "proceeds of crime".

 

The accused can challenge the order at the Adjudicating Authority of the anti-money laundering law based in the national capital.

 

The ED had registered a Prevention of Money Laundering (PMLA) offence in this case last year.

 

The Haryana police had earlier this year filed a charge sheet against the fraud accused and capital market regulator SEBI too probed the matter as the fraud money was invested in the stock market.

 

As per a SEBI report, Puri had allegedly taken an exposure of Rs1.13 lakh crore in the equity market using Rs236 crore of 51 high networth individuals and corporates and lost everything following decline in stock markets.

 

The government had earlier said the fraud in the Gurgaon branch of the bank had been going on since September 2009 but major transactions only took place between May 2010 and November 2010.

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COMMENTS

MK Gupta

4 years ago

Could this fraud happen without insider help and profit-sharing basis?

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