Citizens' Issues
SpeakAsia's country head Sanjeev Mehta arrested by EOW

Mumbai Police arrested six persons including the Country Head (Sales) of accused firm, SpeakAsia, in the Rs2,276 crore cheating case

 

Mumbai Police arrested six persons including the Country Head (Sales) of accused firm, SpeakAsia, in the Rs2,276 crore cheating case. All the accused have been remanded to police custody till 7 February 2015. The Country Head is Sanjeev Mehta and the arrests have been carried out by the Economic Offences Wing (EOW) of Mumbai Police.
 
The arrested individuals include Hemant Suryavanshi, Hemant Chavan, Sudhanshu Tripathy, Virendra Singh and Hasmukh Patel. Suryavanshi, Chavan, Tripathy and Singh were SpeakAsia's franchise holders while Patel, arrested from Ahmedabad, ran Patel communication franchise. It was Chhattisgarh resident, Singh, with whom Navneet Khosla, the complainant, had deposited his money as investment. Rajvardhan Sinha, EOW chief, said that it was a lengthy investigation. EOW had filed a charge sheet earlier and it was still investigating the case and arresting suspects. In July 2011, Navneet Khosla, a Mumbai resident, had filed a police complaint stating that the firm had promised a return of Rs52,000 on his investment of Rs11,000.
 
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Nifty, Sensex may move up marginally – Monday closing report

If Nifty stays above 8,750, it will move up to 8,900

 

We had mentioned in Friday’s closing report that Nifty is headed lower and that it may find support at around 8,750. Today the low point of Nifty today was 8,751. The index opened in the red and remained there till around 1.25 pm when it regained strength and quickly moved into the green. But this upmove was short lived, and in less than an hour, the index again slipped back into the negative and closed marginally lower.
 
Sensex opened at 29,144 while Nifty opened at 8,803. The indices moved to the level of 28,959 and 8,751 before reaching the high of 29,268 and 8,841. Sensex closed at 29,122 (down 61 points or 0.21%) while Nifty closed at 8,797 (down 12 points or 0.13%). NSE recorded a volume of 100.94 crore shares. India VIX rose 1.15% to close at 20.4050.
 
India fiscal deficit reached 100.2% of Budget Estimate (BE) in nine months ended December 2014 to Rs5.32 lakh crore. The net tax revenue collection in April-December was Rs5.46 lakh crore 55.8% of BE, lower from 58.6% during the same period last year. Total receipts during the nine months of FY15 was Rs7.04 lakh crore, a 55.7% of the target, lower than 57.7% collected in corresponding period 2013-14.
 
According to Citigroup the government is likely to meet its fiscal deficit target of 4.1% of GDP for the current financial year though the fiscal trends are weak.
 
The government successfully completed divestment of 10% stake in Coal India. As against the total offer size of 63.16 crore shares, total bids received were for a quantity of 67.5 crore shares across all categories. The oversubscription was around 5%. With this divestment, the Government of India's (GoI) stake in CIL would come down to 79.65%, from 89.65%.
 
In January, India’s manufacturing activities expanded at a three-month-low pace, as orders moderated. The HSBC PMI declined to 52.9 points in January, compared with 54.5 in December.
 
A survey by the Assocham showed a weak picture of economic activities during the second half of 2014 — the period after Narendra Modi came to power. However, respondents (54.2%) were optimistic that things will improve over the next few months.
 
Monsanto (13.15%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. The company posted weak December 2014 quarter result on Friday however, the reports that government is persuading local groups to end opposition to genetically modified crops moved the stock higher.
 
TVS Motor (7.11%) was the top loser in ‘A’ group on the BSE. It reported a marginal growth of 1.22% in its total sales at 188,598 units in January 2015 over January 2014.
 
Axis Bank (4.82%) was the top gainer in Sensex 30 pack. It hit its 52-week high today.
 
Bharti Airtel (3.54%) was the top loser in Sensex 30 stock. Airtel M Commerce Services Limited, a wholly owned subsidiary of Bharti Airtel Limited, has decided to seek conversion of its existing pre-paid payment instrument license into a payments bank license from the RBI pursuant to the Payments Banks Guidelines issued by the RBI. Subject to the grant of a Payments Bank License by the RBI to AMSL, and other regulatory approvals, Kotak Mahindra Bank will be acquiring 19.90% stake in the subsidiary.
 
On Friday US indices closed in the red.
 
US economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006. Gross domestic product expanded at a 2.6% annual pace after the third quarter's spectacular 5% rate, the Commerce Department said in its first GDP snapshot on Friday.
Asian indices showed mixed performance. Straits Times (0.95%) was the top gainer while Shanghai Composite (2.56%) was the top loser. The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, inched up to a final reading of 49.7 in January from 49.6 in December, HSBC Holdings PLC said today.
 
European indices were trading higher. US Futures too were trading in the green.
 
Russia's central bank has surprised financial markets by cutting its key interest. The main interest rate was cut to 15% from 17%, just weeks after the central bank had raised the interest rate in the hope of preventing the rouble's collapse.
 

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Aditya Birla Nuvo applies to RBI for payments bank licence
Payments Banks cannot issue credit cards or undertake lending activities
 
Aditya Birla group has applied to RBI (Reserve Bank of India) for a payments bank license. The specific company within the group was Aditya Birla Nuvo Limited.
 
"Aditya Birla Nuvo, on 2 February 2015, submitted an application to the Reserve Bank of India for obtaining licence for setting-up Payments Bank," the company said in a BSE filing.
 
As per the proposed structure, the company will be the promoter of the new Payments Bank holding 51% equity capital. Idea Cellular Ltd, also an Aditya Birla Group company, will be holding the balance 49%.
 
As per RBI guidelines on Payments Bank, they can raise deposits of up to Rs1 lakh per individual, issue ATM/debit cards and sell simple financial products such as mutual funds and insurance products. Payments Banks cannot, however, issue credit cards or undertake lending activities.

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