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Money Changing
2nd July , 2008 |
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| LIC & GIC warned by IRDA on UTI equity expose |
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ON 25/7/2001 A WARNING SHOT WAS FIRED STRAIGHT FROM THE HIPS AT THE TWO BIGGIES OF INDIAN INSURANCE SECTOR – LIC AND GIC and its former subsidiaries by the Insurance Regulatory and Development Authority (IRDA)
chairman N Rangachary that they should adhere to the prudential investment norms if they decided to buy a bulk of UTI's equity holdings.He further said that they have been asked to follow the prudential guidelines and if they follow that, we have no objection (to their buying equity from UTI. THIS DIRE WARNING comes after Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) reportedly expressed willingness to buy some of the Unit Trust of India's equity at market price and IRDA CHAIRMAN SAYS THAT so far they have not violated the investment norms and gave a clean chit to insurance companies.
Asked whether IRDA would probe into LIC and GIC's investment in the tainted cyberspace Infosys, he said "I can't expect them to be good boys when the norms were not there."
CYBERSPACE KINGPIN Johari in CBI custody in Mumbai till Aug 1
THE MOVIE GETS MORE SUSPENSEFUL AS The major and prime accused in the Cyberspace scam, the promoter of the company Arvind Johari was brought to Mumbai by the sleuths of Central Bureau of Investigation (CBI) on 24/7/2001 night and was produced before the special CBI court on Wednesday.
The special judge SR Mehra remanded him to CBI custody till August 1. CBI has already booked former chairman of UTI PS Subramanyam, its two executive directors MM Kapur and SK Basu in the Cyberspace scam and along with these three a stock broker Rakesh G Mehta was also remanded to CBI custody on last Saturday till Friday July 27 and the four stalwarts in the scam would be giving company to the lynchpin of the scam JOHARI.
To turn the clock back, the man Johari was arrested by CBI Lucknow few months back in connection with a case related to Century Consultant, another company promoted by Johari and his associates and CBI sought custodial interrogation of PS Subramanyam and others in this case as the counsel for the agency had argued in the court that these accused were not co-operating in the investigation and were passing the blame on one another and the CLINCHING EVEIDENCE IS THAT the transfer of Johari to Mumbai is also to give pace to the investigation.
UTI’s former chairman and suspended officials and the stock broker along with Johari entered into criminal conspiracy, the object of which was to cause wrongful loss of Rs 32 crore to UTI. Top executives of UTI decided to subscribe to 3.45 lakh shares of Cyberspace Infosys Ltd at exorbitant price of Rs 930 per share after suddenly reversing their own decision taken few days earlier rejecting the offer and against expert professional advise of their own research cell and fund managers of UTI.
ISN’T the move getting excited and hey wait for the same has not ended, right now passing the buck of blame is on and the real climax is still a few days away and until then keep dreaming of the big dream.
NOW >> GIC’s Cyberspace link under CBI lens
THE DRAMA OF CYBERSPACE SEEMS TO BE WIDENING AND CAUGHT UP IN ITS NET IS THE BIG SHARK OF INDIAN INSURANCE BUSINESS – GIC. The news is that THE CBI has widened the investigation into la affaire Cyberspace. It has now launched a probe into the circumstances in which GIC Mutual Fund purchased 35,000 Cyberspace Infosys shares of Rs 10 each, which at present is split into shares of Rs 2 each.
THE TALE OF GIC’S INVOLVEMENT GOES AS FOLLOWS >> Sources said that the CBI has called for relevant files from the mutual fund and the action follows a statement made by Century promoter Arvind Johari during his interrogation that GIC MF, too, had subscribed to Cyberspace stock through the same private placement as UTI.
The inquiry aimed at determining whether extraneous considerations influenced the GIC MF’s decision to pick up equity in Cyberspace and the role of Rakesh Mehta appears to be significant in this context, because according to Johari, it was the stockbroker’s expertise in private placement that helped him swing the deal with GIC MF. Mehta, who was crucial factor in the UTI’s purchase of shares of the IT startup, is a co-accused in the UTI case. Johari is also understood to have told the CBI that Mehta was a resourceful man.
He had the reputation of someone who could organize private placements. And, indeed, he had introduced Johari to UTI executive directors M M Kapoor and S K Basu and in the GIC MF case, the CBI would like to determine whether the decision to subscribe to Cyberspace was taken for commercial considerations or Mehta’s clout with FIs.
During the interrogation, Johari is learnt to have confessed that he rigged price of Cyberspace shares by vesting 50 per cent of the equity into shell companies - Kamal Infosys, Asian Continental Finance and Century Home Finance - which bought half of the total 10 lakh shares issued during the private placement. Of the remaining half, 3.45 lakh shares were bought by UTI while GIC MF bought another 35,000.
Johari has now been taken to Mumbai for further interrogation. The CBI on Wednesday also had a detailed session with those working for UTI’s equity research cell. The ERC personnel are learnt to have told the CBI that it was difficult to imagine the decision of the UTI board to go in for Cyberspace was a commercial proposition.
FINALLY >> Sleuths ready to crack open Ketan’s Swiss bank a/c
The big bull is certainly bigger than the word BIG and story is out that INVESTIGATIONS into big bull Ketan Parekh’s clandestinely held Swiss bank account have taken a step forward with the CBI finalising its `letter rogatory’ to Swiss authorities requesting them for details of the account.
CBI DIG Arun Gupta visited Switzerland last week to do the groundwork in this connection AND Gupta had also liaised with officials of the federal department of justice and police in Switzerland, which had initially tipped off the Indian authorities about Parekh’s alleged account.
HEAR THIS >> The tip was about Parekh’s account in Credit Suisse in Zurich allegedly containing millions of Swiss francs came earlier this month from the Swiss money laundering reporting office, a wing of the justice department.
According to CBI, the money had been routed through the Bahamas and the CBI said the contracting partner of this account was a corporation registered in Nassau, Bahamas and the CBI official’s preparatory work in Switzerland was necessary because Switzerland has recently amended its laws relating to money laundering.
The agency is expected to approach the courts for issuing of the letter rogatory next week and the account has been frozen after CBI made a request to the Swiss authorities. CBI got the lead from Interpol.
The CBI had approached the Interpol for an international probe into the siphoning off of money from India in the past one-year. It is suspected that the account of Parekh contains funds mopped up from various financial frauds.
In the meantime, the Bombay HC will tomorrow deliver its verdict on anticipatory bail plea of Parekh.
GREAT STUFF THE LIKE OF WHICH THE COMMON MAN CAN ONLY DREAM AND DREAM HE CAN ONLY AFTER CLEARS HIS MIND FROM ALL IMPURTITIES.
Fantastic, where from here now is the word, is it the ultimate or only the beginning > for this watch the confirmation for only a few few more days. UNTIL THEN IT’S GOODBYE and a happy day. |
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