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Tribunal
stays ICICI notice to Mardia
Mumbai:
The Debt Recovery Tribunal, Ahmedabad, has stayed ICICI
Bank's notice to Mardia Chemicals under the Securitisation
Act. The ad-interim ex-parte injunction will be in force
till July 1, when Mardia Chemicals' appeal next comes
up for a hearing.
This comes after the Supreme Court judgment of April 8,
which allowed lenders to approach the Debt Recovery Tribunal
freely by striking down a provision of the Securitisation
Act that required a borrower to deposit 75 per cent of
the lender's claim before he could file an appeal with
the DRT.
Following the Supreme Court order, Mardia Chemicals filed
its appeal with the DRT on May 20. Apart from restraining
ICICI Bank from acting under the July 2002 notice, Mardia
Chemicals had also asked the DRT to direct ICICI Bank
to preserve and protect the company's assets under its
possession. The DRT has granted relief only on the first
appeal.
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Stanchart
plans subsidiary
Mumbai: Standard Chartered Bank is planning to
convert itself into a subsidiary of a foreign bank rather
than retain its branch status due to the strong and growing
competition from Indian banks. Earlier, Stanchart had
ruled out exploring the possibility of taking the subsidiary
route. Foreign banks have the option of converting their
branches into wholly-owned subsidiaries which will enable
them to freely set up branches at a time when private
sector banks are expanding their reach to second and third-tier
towns.
However according to RBI branch licensing norms, foreign
banks are not allowed to set up too many branches but
as a subsidiary, they will be able to expand their branch
network like their counterparts in the private and public
sector. The bank has not as yet applied to the RBI for
a subsidiary licence, as it is waiting for the new government
to settle down at the Centre, said Sanderson.
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StanChart
MF to launch new `fund of funds' scheme
Mumbai: Standard Chartered Mutual Fund is planning
to launch a `fund of funds' scheme, to provide stable
returns and make available an investment avenue for a
longer horizon, according to the details filed in the
offer document with SEBI. The fund offers three options
- regular, institutional and super institutional. The
super institutional plan is for non-individuals who would
invest a minimum amount of Rs1crore in the fund.
The Fund of Funds scheme, available with dividend and
growth options, does not carry any entry load. Exit load
of 0.5 per cent will be charged for the regular plan where
amount invested is less than Rs10 lakh and investment
is redeemed within 6 months, stated the document. The
investment objective of the fund is to optimise returns
through investments in debt-oriented mutual funds and
money market instruments.
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Sundaram
Mutual announces launch of Leadership Fund
Chennai:
TVS group company Sundaram Mutual has announced launch
of a new open ended equity fund - the Sundaram India Leadership
fund (SILF). The seeks to achieve capital appreciation
by investing in select stocks companies that meet the
criteria of "leaders' in their respective sector
and sub-sectors. Leaders would be identified as the top
two or three companies in any sectors in terms of net
revenue or total income.
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