Charges are in line with those of other ULIPs
Edelweiss Tokio Life Insurance, a new...
The apex court also directed release of Reliance ADAG managing director Gautam Doshi, Sanjay Chandra, Vinod Goenka, on furnishing two surities of Rs5 lakh each
The Supreme Court on Wednesday granted bails to five corporate executives who were arrested for their roles in the second-generation (2G) spectrum allocation scam allegedly involving former telecom minister A Raja and Tamil Nadu chief minister M Karunanidhi's MP daughter Kanimozhi. This is the first bail the 2G spectrum case granted by the apex court.
A bench comprising Justices GS Singhvi and HL Dattu directed release of accused from Tihar Jail including Reliance ADAG managing director (MD) Gautam Doshi, Hari Nair and Surendra Pipara, Unitech MD Sanjay Chandra and Swan Telcom's director Vinod Goenka, on furnishing two sureties of Rs5 lakh each.
The accused had moved the apex court challenging Delhi High Court and trial court orders turning down their bail pleas. The Central Bureau of Investigations (CBI) had opposed their release on bail saying they could approach the trial court for relief.
The bail plea of Ms Kanimozhi and four others is due to come up for hearing before the Delhi High Court on 1st December. Other accused in the case include Mr Raja's private secretary RK Chandolia, who is a suspended IRS officer, and former Telecom Secretary Siddhartha Behura. Swan Telecom promoter Shahid Usman Balwa, his cousin Asif Balwa and their colleague Rajeev Agarwal, besides DMK-run Kalaignar TV MD Sharad Kumar and Mumbai filmmaker Karim Morani are the other accused arrested in the 2G spectrum case.
The CBI chargesheeted 14 persons in the 2G scam, with Mr. Raja being the first to be arrested on 2 February 2011, along with Mr Behura. Three telecom companies, Reliance Telecom Ltd, Swan Telecom and Unitech (Tamil Nadu) Wireless Ltd too have been listed as accused in the CBI charge sheet.
Theoretically right, practically tough
Axis Mutual Fund has filed an offer document to launch Axis Focused 25 Fund, an open-ended equity scheme. The scheme will invest 65%-100% in equity of 25 companies chosen from the top 200 in terms of market capitalisation. It will invest up to 35% in debt and money-market instruments with low- to medium-risk profile. We already have some 16 existing schemes with a similar objective. They have not done that well. Will Axis Focused 25 Fund do any better than the existing well-performing schemes?
Focused funds—portfolios with only a couple of dozen holdings—are getting attention in a market where stock selection is more important than ever. But focused fund managers have to tackle risk more proactively. They have less room for error. They emphasise in-depth stock research—digging into a company’s business and the quality of its finances and management, looking for the top prospects in myriad industries. And, as an extra cushion, managers have to buy shares at a discount to what they believe is the actual worth. Is this possible for all fund managers? It is tough. Take a look at the table.
over time. The benchmark for the fund is S&P CNX Nifty.