Mumbai: In a bid to give back-end support to business correspondents operating in rural areas and also exercise administrative control on them, State Bank of India has decided to set up 600 financial inclusion centres across the country.
The move to set up FICs is aimed at powering the bank's drive to reach basic and affordable banking services to 12,421 out of the 72,315 unbanked villages (identified according to 2001 census) having a population of over 2,000 by March-end 2012.
According to the Government and the Reserve Bank of India's directive, banks, especially from the public sector, between them have to ensure that all identified villages have appropriate banking services by March-end 2012. These services have to be provided using the business correspondent (BC) and other models with appropriate technology back-up.
As the FICs have been envisaged by SBI, each centre will provide the BCs back-end support services for opening ‘no frills account', processing applications for micro-credit (up to Rs 25,000) sourced by them, and cash management. Further, the centre will also keep tabs on the progress made by the BC in furthering the bank's financial inclusion plan.
Each FIC will support and control 25 BCs. India's biggest lender has marshalled the services of 14,000 odd BCs, including those working with third-party technology service providers, for fulfilling its financial inclusion mandate.
By March-end 2011, SBI will have 300 FICs. Last month, the bank set up 22 FICs in Andhra Pradesh and four in the National Capital Region. Overall, it will establish 600 FICs by March-end 2012.
Basic banking services
“Under the financial inclusion plan, our bank is currently providing basic banking services in 1,300 villages. This number will jump to 5,300 by March-end 2011. We will complete the target of providing banking outreach in 12,421 villages by March-end 2012,” said Mr M.I. Dholakia, Deputy General Manager, SBI.
A BC undertakes activities such as identification of borrowers; collection and preliminary processing of loan applications including verification of primary information/ data; creating awareness about savings and other products and advice on managing money and debt counselling; submit loan applications to banks; disbursal of small value credit, recovery of principal/ collection of interest, collection of small value deposits, sale of micro insurance/ mutual fund products/ pension products/ other third party products and receipt and delivery of small value remittances/ other payment instruments.
Among others, the entities that can function as BCs include NGOs/ MFIs set up under Societies/ Trust Acts, Post Offices, retired bank employees, ex-servicemen, retired teachers, retired government employees, individual kirana/ medical/ fair price shop owners, Public Call Office operators, agents of small savings schemes of Government of India/ Insurance Companies, individuals who own petrol pumps, and authorised functionaries of well run Self Help Groups (SHGs) linked to banks.
Success in my Habit
Tuesday, January 11, 2011
Tata, partner to hold 100% in African unit
Mumbai: Tata Steel and its Australian joint venture partner Riversdale Mining is acquiring full ownership of the $1-billion Benga power plant in Mozambique for an undisclosed amount. They are buying out Elgas’ 50% stake in Benga, which is expected to generate electricity in the next two years.
Riversdale, in which Tata Steel is the largest shareholder , said that moving to full control in the Benga power plant would accelerate the development of the project. It also would help in bringing in new strategic investors to the project.
Riversdale is subject to a takeover from Rio Tinto , which has offered $3.9 billion.
The coal-fired Benga power project is expected to produce 500 to 600 MW in the first phase and thereafter to 2,000 MW. After buying out Elgas in the Benga power project, the new shareholding pattern will be Tata Steel with a 35% and Riversdale with 65%.
Coal for the power plant will be provided from Riversdale’s coal mine, which is also in Benga. And the electricity generated from the power plant would be used to feed Riversdale’s Zambeze project and distribute it to South Africa’s power network.
Riversdale, in which Tata Steel is the largest shareholder , said that moving to full control in the Benga power plant would accelerate the development of the project. It also would help in bringing in new strategic investors to the project.
Riversdale is subject to a takeover from Rio Tinto , which has offered $3.9 billion.
The coal-fired Benga power project is expected to produce 500 to 600 MW in the first phase and thereafter to 2,000 MW. After buying out Elgas in the Benga power project, the new shareholding pattern will be Tata Steel with a 35% and Riversdale with 65%.
Coal for the power plant will be provided from Riversdale’s coal mine, which is also in Benga. And the electricity generated from the power plant would be used to feed Riversdale’s Zambeze project and distribute it to South Africa’s power network.
Surya acquires US drug brand ActivOn
New Delhi/ Chandigarh: Chandigarh-based Surya Pharmaceutical Ltd, a premier integrated pharmaceutical company in India, has acquired ActivOn, a leading OTC analgesic drug brand in the USA, with global marketing rights.
The brand comes with the acquisition of Ameshire Investment Corp, USA through its 100% subsidiary based out of Singapore. The company has funded the investment of US$ 22 million through a mix of internal accrual and debt financing from EXIM Bank.
ActivOn is a leading OTC analgesic brand in the topical analgesic category in the US market. It is used to provide relief of joint and muscle pain associated with arthritis, backache, strains, bruises and sprains.
Through the acquisition, the company also adds to its portfolio brands namely, PREFERON, FIRSTON and RENEWIN. The company would also have the global marketing rights for HEADON, another leading brand, except USA.
Commenting on the development, Hari Om Bhatia, CEO, Surya Pharma said, “This acquisition will not only entitle us to ready shelf space with leading retailers like Walmart, Walgreen, CVS, RiteAid, etc. but also will be instrumental in establishing our presence in the US markets. Our presence in the coming years will offer attractive opportunity to launch our OTC/FMCG products, using ActivOn’s distribution set-up.”
The brand comes with the acquisition of Ameshire Investment Corp, USA through its 100% subsidiary based out of Singapore. The company has funded the investment of US$ 22 million through a mix of internal accrual and debt financing from EXIM Bank.
ActivOn is a leading OTC analgesic brand in the topical analgesic category in the US market. It is used to provide relief of joint and muscle pain associated with arthritis, backache, strains, bruises and sprains.
Through the acquisition, the company also adds to its portfolio brands namely, PREFERON, FIRSTON and RENEWIN. The company would also have the global marketing rights for HEADON, another leading brand, except USA.
Commenting on the development, Hari Om Bhatia, CEO, Surya Pharma said, “This acquisition will not only entitle us to ready shelf space with leading retailers like Walmart, Walgreen, CVS, RiteAid, etc. but also will be instrumental in establishing our presence in the US markets. Our presence in the coming years will offer attractive opportunity to launch our OTC/FMCG products, using ActivOn’s distribution set-up.”
HCL Infosys acquires 20% in Dubai firm
New Delhi: Noida-based IT hardware firm HCL Infosystems on Thursday expanded its distribution business in Middle East by acquiring a 20% stake in Dubai-based Techmart Telecom Distribution FZCO, the Nokia distributor for Gulf and Africa.
The buyout is expected to add 20% of Techmart Telecom’s profits to HCL Infosystem’s bottoml ine next year. Techmart Telecom generates sales of about $40-50 million per month.
Post the deal announcement, HCL Infosystems stock moved up marginally by 0.8% to Rs 115 on the Bombay Stock Exchange
“We are consulting our advisors (PricewaterhouseCoopers) on how to consolidate revenues and profits of the new minority subsidiary to our financials. The buyout will give us a presence in almost 50 countries spread across Africa and Middle East,” HCL Infosystems CEO Harsh Chitale told ET.
The agreement provides an option to the Company to increase the equity stake in Techmart Telecom upto 51%. There is no deadline to the execution of the agreement to buy rest of the stake in Techmart Telecom. HCL Infosystems will also provide consultancy and operational services to the Dubai-based firm.
Chris Braam, VP-Sales Nokia Middle East and Asia said that HCL Infosystems is a key partner of Nokia globally. “We look forward to work with HCL Infosytems and Techmart Telecom, to expand our smartphone business in Middle East and Africa.”
The amount spent on the share purchase, executed through a special purpose vehicle set up in Singapore was not disclosed. The share purchase was funded through the cash reserves HCL Infosystems generated via a Rs 500 crore share issue to qualified institutional buyers, last year.
HCL Infosystems’ generated just Rs 242 crore of net profit on sales of Rs 12,159 crore, for the year ended June 30, 2010. About Rs 8,000 crore was earned from the IT distribution business, of which Nokia phone sales in north and east India accounted for maximum contribution. The company also distributes Apple, Nintendo and HP products in India.
The buyout is expected to add 20% of Techmart Telecom’s profits to HCL Infosystem’s bottoml ine next year. Techmart Telecom generates sales of about $40-50 million per month.
Post the deal announcement, HCL Infosystems stock moved up marginally by 0.8% to Rs 115 on the Bombay Stock Exchange
“We are consulting our advisors (PricewaterhouseCoopers) on how to consolidate revenues and profits of the new minority subsidiary to our financials. The buyout will give us a presence in almost 50 countries spread across Africa and Middle East,” HCL Infosystems CEO Harsh Chitale told ET.
The agreement provides an option to the Company to increase the equity stake in Techmart Telecom upto 51%. There is no deadline to the execution of the agreement to buy rest of the stake in Techmart Telecom. HCL Infosystems will also provide consultancy and operational services to the Dubai-based firm.
Chris Braam, VP-Sales Nokia Middle East and Asia said that HCL Infosystems is a key partner of Nokia globally. “We look forward to work with HCL Infosytems and Techmart Telecom, to expand our smartphone business in Middle East and Africa.”
The amount spent on the share purchase, executed through a special purpose vehicle set up in Singapore was not disclosed. The share purchase was funded through the cash reserves HCL Infosystems generated via a Rs 500 crore share issue to qualified institutional buyers, last year.
HCL Infosystems’ generated just Rs 242 crore of net profit on sales of Rs 12,159 crore, for the year ended June 30, 2010. About Rs 8,000 crore was earned from the IT distribution business, of which Nokia phone sales in north and east India accounted for maximum contribution. The company also distributes Apple, Nintendo and HP products in India.
Sahara buys UK hotel for Rs 3,275cr
Mumbai: In the first crossborder deal for the Indian hospitality sector this year and also the first one for Subrata Roy's Sahara India, the Lucknow-based financial services-to-real estate conglomerate has acquired UK's iconic Grosvenor House hotel for a knock-down price of £470 million (Rs 3,275 crore) from the Royal Bank of Scotland (RBS).
The UK has been a favourite shopping destination for Indian companies, with several well-known assets like Tetley and Typhoo in the tea category, Cuticura, Erasmic and Nulon in cosmetics and premier auto brands Jaguar & Land Rover having been snapped up.
The 494-room luxury property on London's Park Lane, which was once home to the Duke of Westminster, is Sahara India's second acquisition in the hospitality sector after its 2006 buyout of Sahara Star hotel, earlier known as Airport Centaur, in Mumbai.
"This acquisition is part of the major expansion plans of the group. In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures internationally," said Subrata Roy Sahara, managing worker & chairman, Sahara Group.
RBS took over Grosvenor House in 2001 after Le Meridien collapsed into administrative receivership. The bank had been looking for a buyer for Grosvenor House for the last three years. At that time, the hotel was "valued for more than £1 billion." However, unfavourable economic conditions hit valuations hard. Roy said, "The valuation, even today, is quite high but due to a highly satisfactory due diligence by RBS and after long and strict negotiations, we have purchased it for £470 million."
Richard Lewczynski of Blandford Goldsmith put the deal together for Sahara India, which has acquired the property through Amby Valley Ltd. Grosvenor House, which has the largest banquet hall in London, is managed by the US-based Marriott International and is positioned as a JW Marriott hotel since September 2008. However, following the change in ownership, Sahara and Marriott will jointly manage the property.
The conglomerate plans to refurbish Grosvenor House by offering several facilities such as an Indian restaurant under the name Namak, a night club, swimming pool and spa.
When Subrata Roy took over Sahara Star, he gave the property a complete makeover. The five-star hotel boasts of being the world's largest pillar-less clear-tosky dome structure complemented by India's biggest marine aquarium.
Kaushik Vardharajan, MD of HVS, a global hospitality consultancy firm, said, "The US and European hospitality sector continues to be under pressure with low room occupancy levels and dropping tariffs. As a result, valuation of hotels has declined significantly. This helps companies like Sahara to acquire properties at a discount."
Vardharajan added that in terms of capital investment, it works out better to acquire hotels abroad at a discount compared to building one in India. The cash flows kicks in immediately in a running hotel compared to a greenfield one.
The UK has been a favourite shopping destination for Indian companies, with several well-known assets like Tetley and Typhoo in the tea category, Cuticura, Erasmic and Nulon in cosmetics and premier auto brands Jaguar & Land Rover having been snapped up.
The 494-room luxury property on London's Park Lane, which was once home to the Duke of Westminster, is Sahara India's second acquisition in the hospitality sector after its 2006 buyout of Sahara Star hotel, earlier known as Airport Centaur, in Mumbai.
"This acquisition is part of the major expansion plans of the group. In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures internationally," said Subrata Roy Sahara, managing worker & chairman, Sahara Group.
RBS took over Grosvenor House in 2001 after Le Meridien collapsed into administrative receivership. The bank had been looking for a buyer for Grosvenor House for the last three years. At that time, the hotel was "valued for more than £1 billion." However, unfavourable economic conditions hit valuations hard. Roy said, "The valuation, even today, is quite high but due to a highly satisfactory due diligence by RBS and after long and strict negotiations, we have purchased it for £470 million."
Richard Lewczynski of Blandford Goldsmith put the deal together for Sahara India, which has acquired the property through Amby Valley Ltd. Grosvenor House, which has the largest banquet hall in London, is managed by the US-based Marriott International and is positioned as a JW Marriott hotel since September 2008. However, following the change in ownership, Sahara and Marriott will jointly manage the property.
The conglomerate plans to refurbish Grosvenor House by offering several facilities such as an Indian restaurant under the name Namak, a night club, swimming pool and spa.
When Subrata Roy took over Sahara Star, he gave the property a complete makeover. The five-star hotel boasts of being the world's largest pillar-less clear-tosky dome structure complemented by India's biggest marine aquarium.
Kaushik Vardharajan, MD of HVS, a global hospitality consultancy firm, said, "The US and European hospitality sector continues to be under pressure with low room occupancy levels and dropping tariffs. As a result, valuation of hotels has declined significantly. This helps companies like Sahara to acquire properties at a discount."
Vardharajan added that in terms of capital investment, it works out better to acquire hotels abroad at a discount compared to building one in India. The cash flows kicks in immediately in a running hotel compared to a greenfield one.
Drug retail sales up 18% in 2010 as cos take rural roads
New Delhi: Sales in the domestic drug retail market rose a healthy 18.36% during 2010, making India an attractive destination for foreign players who have been looking to buy local companies to increase exposure in one of the fastest growing healthcare markets globally.
The size of Indian drug retail market crossed Rs 46,500 crore for the 12 months ended November 2010, according to research firm IMS Health Information and Consulting Services. The stock market also captured the double digit growth in the pharma market with BSE Healthcare, a share index of drugmakers generating 31% returns for shareholders, better than the market benchmark Sensex.
Ranjit Kapadia, VP Institutional Sales at brokerage HDFC Securities who tracks pharma companies said, "Many companies forayed in rural market through new marketing teams and channels expanding the overall market."
American drugmaker Abbott Laboratories, which acquired Mumbai-based Piramal Healthcare's domestic branded medicines business for $3.7 billion in May this year, held on to its top position with a 6.9% market share despite a sluggish growth of its new business.
The acquired business, grew a meagre 12.7% for the 12-month ended November 2010 over the year-ago period. For November alone, it was the worst performer among the top 20 drugmakers with a mere 1.1% growth.
Sales of its best selling brand cough syrup Phensedyl fell as much as 72% to Rs 5.4 crore in November, due to shortage of raw materials. This has pushed Phensedyl down to the fourth position among the top selling medicine brands in the country. Till recently, it used to compete closely with Pfizer's cough syrup Corex, the best selling drug in India.
The size of Indian drug retail market crossed Rs 46,500 crore for the 12 months ended November 2010, according to research firm IMS Health Information and Consulting Services. The stock market also captured the double digit growth in the pharma market with BSE Healthcare, a share index of drugmakers generating 31% returns for shareholders, better than the market benchmark Sensex.
Ranjit Kapadia, VP Institutional Sales at brokerage HDFC Securities who tracks pharma companies said, "Many companies forayed in rural market through new marketing teams and channels expanding the overall market."
American drugmaker Abbott Laboratories, which acquired Mumbai-based Piramal Healthcare's domestic branded medicines business for $3.7 billion in May this year, held on to its top position with a 6.9% market share despite a sluggish growth of its new business.
The acquired business, grew a meagre 12.7% for the 12-month ended November 2010 over the year-ago period. For November alone, it was the worst performer among the top 20 drugmakers with a mere 1.1% growth.
Sales of its best selling brand cough syrup Phensedyl fell as much as 72% to Rs 5.4 crore in November, due to shortage of raw materials. This has pushed Phensedyl down to the fourth position among the top selling medicine brands in the country. Till recently, it used to compete closely with Pfizer's cough syrup Corex, the best selling drug in India.
India to become fourth largest passenger vehicle market in three years
New Delhi: India is poised to become the world's fourth largest passenger vehicles (PV) market in three years, with an investment requirement of around US$ 20 billion for the construction of nine new plants to address the growing demand, according to global consulting firm Booz&Co.
The Indian PV market is expected to touch 3.5 million units mark in the next three years.
Booz&Co Partner Vikas Sehgal said that the Indian PV market, currently the seventh largest, is expected to grow at 15-20 per cent every year till 2013. He added that India will even cross Japan by selling about five million PVs by 2017-18. He further said that in the next three years, India will need 6 to 9 new car plants with an average annual capacity of 1.5 lakh units, requiring an investment of at least US$ 15-20 billion.
According to Society of Indian Automobile Manufacturers, the PV market stood at about 2 million units in 2009-10 and is expected to reach 2.4 million units in this fiscal.
The Indian market had earlier set a target to become a US$ 145 billion market by 2016, under the Automotive Mission Plan (AMP).
The Indian PV market is expected to touch 3.5 million units mark in the next three years.
Booz&Co Partner Vikas Sehgal said that the Indian PV market, currently the seventh largest, is expected to grow at 15-20 per cent every year till 2013. He added that India will even cross Japan by selling about five million PVs by 2017-18. He further said that in the next three years, India will need 6 to 9 new car plants with an average annual capacity of 1.5 lakh units, requiring an investment of at least US$ 15-20 billion.
According to Society of Indian Automobile Manufacturers, the PV market stood at about 2 million units in 2009-10 and is expected to reach 2.4 million units in this fiscal.
The Indian market had earlier set a target to become a US$ 145 billion market by 2016, under the Automotive Mission Plan (AMP).
Exports at 33 month high, touch US$ 22.5 billion in December 2010
New Delhi: India's exports recorded strongest growth in last 33 months. Exports grew by a significant 36.4 per cent on an annual basis – raising prospects that US$ 215 to US$ 225 billion worth of merchandise will be exported in 2010-11.
Furthermore, in December 2010, the exporting sectors registered higher growth, which includes engineering (112 per cent), electronics (88 per cent), man-made fibres (30 per cent), yarns (65 per cent) and drugs (810 per cent).
"The US markets have been (doing) pretty good, even EU markets are good," according to Mr Rahul Khullar, the Commerce Secretary. Mr Khullar further added that the "remarkable job by exports" was also attributed to the diversification of India's export markets. For instance, 112 per cent rise in engineering exports was helped much by orders from Latin American countries like Columbia.
The Government had set an export target of US$ 200 billion for 2010-11. "It is quite clear that the Indian exports are on a rebound," according to Rakesh Mohan Joshi, Indian Institute of Foreign Trade (IIFT).
Furthermore, in December 2010, the exporting sectors registered higher growth, which includes engineering (112 per cent), electronics (88 per cent), man-made fibres (30 per cent), yarns (65 per cent) and drugs (810 per cent).
"The US markets have been (doing) pretty good, even EU markets are good," according to Mr Rahul Khullar, the Commerce Secretary. Mr Khullar further added that the "remarkable job by exports" was also attributed to the diversification of India's export markets. For instance, 112 per cent rise in engineering exports was helped much by orders from Latin American countries like Columbia.
The Government had set an export target of US$ 200 billion for 2010-11. "It is quite clear that the Indian exports are on a rebound," according to Rakesh Mohan Joshi, Indian Institute of Foreign Trade (IIFT).
Power tariff policy amended to boost clean energy usage
New Delhi: To enhance green energy proportion in the energy basket, the Government has amended the Power Tariff Policy to stipulate that the States' solar power purchase obligation should go up to 3 per cent by 2022.
A decision to this effect was taken by the Cabinet on Thursday. “The solar power purchase obligation for States may start with 0.25 per cent in Phase I (by 2013) and go up to 3 per cent by 2022,” an official statement said adding that, “This will be complemented by solar specific Renewable Energy Certificate (REC) mechanism to allow solar power generation companies to sell certificates to the utilities to meet their solar power purchase obligations.”
The present amendment is in accordance with the National Solar Mission strategy. The amendment will come into effect from the date of its publication in the official gazette, the statement added.
“A need was felt to prescribe specific percentages in the Tariff Policy, which would guide the State Electricity Regulators to meet the requirements under the National Solar Mission,” a senior official said.
To ensure that the State Electricity Regulators could fix a percentage of energy purchase from solar power under the renewable purchase obligation, the Ministry of Power had proposed amendment to the Tariff Policy, 2006.
A decision to this effect was taken by the Cabinet on Thursday. “The solar power purchase obligation for States may start with 0.25 per cent in Phase I (by 2013) and go up to 3 per cent by 2022,” an official statement said adding that, “This will be complemented by solar specific Renewable Energy Certificate (REC) mechanism to allow solar power generation companies to sell certificates to the utilities to meet their solar power purchase obligations.”
The present amendment is in accordance with the National Solar Mission strategy. The amendment will come into effect from the date of its publication in the official gazette, the statement added.
“A need was felt to prescribe specific percentages in the Tariff Policy, which would guide the State Electricity Regulators to meet the requirements under the National Solar Mission,” a senior official said.
To ensure that the State Electricity Regulators could fix a percentage of energy purchase from solar power under the renewable purchase obligation, the Ministry of Power had proposed amendment to the Tariff Policy, 2006.
Govt resolves tax issues, clears way for IFRS launch by April deadline
Mumbai: The ministry of corporate affairs has resolved tax hurdles to the implementation of the International Financial Reporting Standard (IFRS) with the tax department, Salman Khurshid, the Minister of State for Corporate Affairs and Minority Affairs said on Wednesday.
“The ministry was getting positive response from companies in regards to the implementation,” Mr Khurshid said in a summit at the Bombay Stock Exchange (BSE), a day after the minister said the deadline of April 2011 for the transition to the new international accounting norms will be met. He did not disclose details.
Recently, industry body Federation of Indian Chambers of Commerce and Industry (Ficci) sought to defer the IFRS implementation beyond the deadline.
According to the road map laid out by the corporate affairs ministry , companies will have to prepare their accounts as per the new norm in a phased manner, beginning with companies that have a net worth of over Rs 1,000 crore. BSE is planning to launch a platform for SME by end of 2011, said Madhu Kannan, the exchange’s chief executive officer, in the summit. He did not give further details.
The bourse sought the Securities and Exchange Board of India’s (Sebi) approval earlier this year to launch the SME exchange. Currently, there are almost 3,000 small- and medium-sized companies that trade on BSE.
Mr Khurshid said the company law board is not in a position to take a stand in the recent Citibank fiasco, as it comes under the Indian Penal Code (IPC).
“The fraud has been committed by the irresponsibility of a few people involved and not the whole organisation, unlike Satyam . So, it has to be tried under IPC,” said the minister.
Last week, Shivraj Puri, an employee of Citibank’s Gurgaon branch, was arrested on accusations of duping some wealthy investors and diverting around Rs 350 crore.
“The ministry was getting positive response from companies in regards to the implementation,” Mr Khurshid said in a summit at the Bombay Stock Exchange (BSE), a day after the minister said the deadline of April 2011 for the transition to the new international accounting norms will be met. He did not disclose details.
Recently, industry body Federation of Indian Chambers of Commerce and Industry (Ficci) sought to defer the IFRS implementation beyond the deadline.
According to the road map laid out by the corporate affairs ministry , companies will have to prepare their accounts as per the new norm in a phased manner, beginning with companies that have a net worth of over Rs 1,000 crore. BSE is planning to launch a platform for SME by end of 2011, said Madhu Kannan, the exchange’s chief executive officer, in the summit. He did not give further details.
The bourse sought the Securities and Exchange Board of India’s (Sebi) approval earlier this year to launch the SME exchange. Currently, there are almost 3,000 small- and medium-sized companies that trade on BSE.
Mr Khurshid said the company law board is not in a position to take a stand in the recent Citibank fiasco, as it comes under the Indian Penal Code (IPC).
“The fraud has been committed by the irresponsibility of a few people involved and not the whole organisation, unlike Satyam . So, it has to be tried under IPC,” said the minister.
Last week, Shivraj Puri, an employee of Citibank’s Gurgaon branch, was arrested on accusations of duping some wealthy investors and diverting around Rs 350 crore.
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