Bank of Baroda's CMD Mundra assumed charge as RBI's deputy governor, a position that was lying vacant since April when Dr Chakraborty vacated office
SS Mundra, the chairman & managing director (CMD) of Bank of Baroda (BoB), took over as the new Deputy Governor of Reserve Bank of India (RBI) for a three-year term, on Thursday.
RBI has four deputy governors, but since April when Dr KC Chakraborty demitted office, the position of the fourth deputy governor was vacant.
Following Mr Mundra's appointment, RBI now has four Deputy Governors. Of the four deputy governors, two are selected from outside RBI, while the other two are from within. Of the two outsiders, one is a commercial banker and the other an economist. Earlier in July, the central bank extended Deputy Governor HR Khan's term by two years. The other two deputy governors are Urjit Patel and R Gandhi.
Mr Mundra took charge as chairman and managing director of BoB in January 2013. Prior to his elevation, he was the executive director of Union Bank of India since 2010.
Born on 18 July 1954, Mr Mundra holds a Masters Degree in Commerce and is a Certified Associate of the Indian Institute of Banking & Finance (CAIIB). He started his career as a probationary officer with Bank of Baroda in 1977 and has more than three decades of experience in the sector.
Mr Mundra has also held key leadership positions such as the zonal head of the Maharashtra & Goa zone. He was also the chief executive of Bank of Baroda’s UK operations for three years.
The case has proved to be a tough nut to crack, especially for Sahara with a number of Senior Advocates like Ram Jethmalani and Aryama Sundaram, withdrawing from the case midway
Senior Advocate Rajeev Dhavan will no longer appear for Subrata Roy in the SEBI-Sahara dispute before the Supreme Court. He has been replaced by Senior Advocate KTS Tulsi, who becomes one in the long list of senior lawyers engaged by the Sahara group.
Dhavan's exit is particularly interesting given the fact that he has been the most vociferous of all the lawyers engaged by Sahara. Engaging in heated discussion with the Bench almost to the point of telling them off, Dhavan's belligerence had been a subject of debate and controversy in the corridors of Supreme Court.
After Roy was sent to jail, Dhavan had very strongly come down upon Justices KS Radhakrishnan and JS Khehar for their alleged “terribly terribly wrong” order. During one such hearing, Dhavan had gone to the extent of remarking that, “Respect is a matter of court discipline. If I were to meet you outside the court, it might be different.”
During another hearing, Dhavan, while arguing in his inimitable, slow style, was asked to wrap up his arguments and not to repeat what the other lawyers had argued. An infuriated Dhavan had replied that he will argue till he is done and that the judges will have to give him audience.
Things did not end there. Dhavan also made an appearance during the contempt proceedings against the lawyer, who had smeared ink on Subrata Roy's face. When the hearing was over, Dhavan interfered and asked the judges to pass an order in the Habeas Corpus petition urgently on the ground that Roy was finding it difficult to bear the summer heat in jail. The judges were confounded by this act and had left the courtroom without a word.
The Court, on its part, had responded very strongly in its judgement in the Habeas Corpus petition by criticising Dhavan and Jethmalani for their “psychological offensives, mind games, affronts, jibes and consciously planned snubs” against the Bench.
It would seem that the final nail in the coffin was the dialogue, which Dhavan had with Justice Thakur after the Court turned down Roy's request for a forty-day parole. Dhavan could not digest certain remarks by Justice Thakur and had objected to what he perceived as Justice Thakur “making fun of him.” The unprecedented incident had left those present in the courtroom perplexed.
Subsequently, it was learnt that Dhavan had been replaced by Tulsi.
The SEBI-Sahara case has proved to be a tough nut to crack with a number of Senior Advocates withdrawing from the case midway; Ram Jethmalani and Aryama Sundaram are two such examples.
The following lawyers have appeared for Sahara till date:
(1) Ram Jethmalani
(2) Aryama Sundaram
(3) Rajeev Dhavan
(4) S Ganesh
(5) Fali Nariman
(6) Ravi Shankar Prasad
(7) Gopal Subramanium
(8) Rakesh Dwivedi
(9) PH Parekh
(11) KTS Tulsi
(12) UU Lalit
SEBI has been represented all along by Senior Advocate Arvind Datar along with Advocate Pratap Venugopal from KJ John & Co.
(Image of Rajeev Dhavan taken from here )
The prospect of trading in thousands and keeping the majority of the profits is the focus of tradingadvantagecapital.com, which never tells you how many people who sign up for its costly educational course ever end up being chosen to trade the money and keep profits
The hook is provocative – the chance to trade up to $100,000 of someone else’s money and pocket 60 percent of the profits – but consumers should be wary.
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At least the terms of service on tradingadvantagecapital.com backs him up:
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But the prospect of trading thousands and keeping the majority of the profits is the focus of the website, which never tells you how many people who sign up for the costly educational course ever end up being chosen to trade the money and keep profits.
The online testimonials don’t offer much in the way of transparency either. While both tout the virtues of lessons learned with Trading Advantage Capital, a disclaimer right below them notes that “the average reader should not necessarily expect the same or similar results.”