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The Mint Report for 06 June 2011

The Mint Report for 06 June 2011
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First Published: Mon, Jun 06 2011. 10 21 PM IST
Updated: Mon, Jun 06 2011. 10 21 PM IST
Dayanidhi Maran’s problems have worsened. On Monday C. Sivasankaran, the former chief of Aircel spoke the CBI about his departure from the company. Mint has learnt Sivasankaran told investigators he was forced to sell off his stake in Aircel to Malaysia’s Maxis. According to allegations, Maxis then invested Rs600 crore in the Maran family’s Sun TV as a quid pro quo. Dayanidhi Maran was the telecom minister from 2004 to 2007 and is currently India’s textile minister.
Indian investors are fleeing from Standard Chartered after a decision by market regulator Sebi. The bank may have been the first overseas firm to issue Indian Depository Receipts, but their value has plummeted. Standard Chartered IDRs lost 17.53% on the BSE by the end of Monday’s trade. The exodus came in response to Sebi’s declaration that they could not be converted into shares. IDRs represent ownership in a specified number of equity shares in a company. Ten Standard Chartered IDRs make one share.
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First Published: Mon, Jun 06 2011. 10 21 PM IST