Alternative Investment
StanChart PE to invest $35 million in Prime Focus

StanChart PE will invest around Rs180 crore in visual entertainment services company Prime Focus on a preferential basis at Rs53 per share

 
Mumbai: Banking major Standard Chartered's private equity (PE) arm said it will invest $35 million (around Rs180 crore) in visual entertainment services company Prime Focus on a preferential basis, at a maximum price of Rs53 per share, reports PTI.
 
"Standard Chartered Private Equity (Mauritius) III will subscribe to our equity shares on a preferential basis for an aggregate amount of $35 million at a maximum price of Rs53 per equity share," a release from Prime Focus said.
 
It also said the company will issue warrants to promoter Namit Malhotra, representing a right to subscribe to equity shares, for an aggregate amount of Rs104 crore on a preferential basis.
 
Prime Focus will convene an extraordinary shareholders' meeting on 3rd November to seek their approval for these transactions, the company added.
 
"An investment by StanChart PE marks an important milestone for us and will go a long way in helping us sustain our future growth plans," Prime Focus said.
 

User

Live From A Lounge: New Planes, New Air India?

Air India is raving about its new Boeing 787s.Will the Dreamliner change the airline...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Andhra Pradesh police arrests four for siphoning off fixed deposits

The accused created fake letters in the name of AP State Minorities Finance Corp and diverted the fixed deposit receipts of Rs 55.47 crores into their own bank accounts

 
Hyderabad: Andhra Pradesh (AP) Police has arrested four people including a founder of a software firm and an assistant manager of a public sector bank on charge of siphoning off fixed deposits of about Rs55.47 crore belonging to the AP State Minorities Finance Corp (APSMFC), reports PTI.
 
AP Police crime investigation department (CID) probed the case after a complaint by Minorities Welfare Department secretary M Dana Kishore. It arrested C Venkata Koti Saikumar, who is the alleged mastermind behind misappropriation of funds, besides an assistant manager of Vijay Bank's Raichur branch in Karnataka, Naveen Sagar, as well as two others identified as N Venkata Raman and B Kesava Rao.
 
Koti Saikumar, who established a software company called Swal Computers at Begumpet where he alleged hatched a plan to siphon off fixed deposits of the APSMFC and as part of the plan joined hands with one Venkata Raman, Additional Director General of Police (CID) S V Ramana Murthy said.
 
Both Saikumar and Venkata Raman approached Kesava Rao, who is a middleman in arranging fixed deposits for banks from various government organisations and requested him to arrange some fixed deposits for Vijaya Bank from AP State Minorities Finance Corp, for which they said they would pay 1% commission on the deposit amount, he said.
 
Accordingly, Kesava Rao arranged one fixed deposit for Rs10 crores from APSMFC to Vijaya Bank.
 
Later, Saikumar and Venkata Raman got Naveen Sagar to open a current account in Vijaya Bank under the name of AP State Minorities Finance Corporation by paying him an amount of Rs10 lakhs, Murthy said. 
 
Venkata Raman floated 15 fictitious firms and opened bank accounts in different banks in Hyderabad even as Saikumar and Venkata Raman managed to get further fixed deposits to the tune of Rs68 crores from APSMFC through Kesava Rao, Murthy said.
 
"They prepared fake fixed deposit receipts (FDRs) in place of original FDRs and handed over them in the Corporation as if they are genuine.
 
Both Saikumar and Venkata Raman created fake letters in the name of APSMFC and diverted the FDRs of Rs 55.47 crores into the current account and thus diverted the entire amount to their bank accounts, the CID officer explained.
 
The CID formed several teams and conducted simultaneous searches in the houses of Saikumar and Venkata Raman besides at Vijaya Bank and in the Office of AP State Minorities Finance Corporation and seized original FDRs of Rs 14 crore and other documents/records, he said.
 
Investigation is in full swing and several teams have been formed to unearth the misappropriated money of the APSMFC, which were meant for grant of scholarships to the poor minorities and several welfare schemes.
 
Dana Kishore had on 9th October made a complaint that some unknown persons have withdrawn Rs55.47 crores from fixed deposits out of Rs78 crores by fraudulent means by issuing 240 cheques in the names of 16 different firms, by opening a fake current account in Vijaya Bank in the name of State Minorities Finance Corporation, according to a release from CID.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)