Need To Know | RBI cancels cooperative bank’s licence in Gujarat

Need To Know | RBI cancels cooperative bank’s licence in Gujarat

Mumbai: The Reserve Bank of India said it has cancelled the licence of Gujarat-based Nutan Sahakari Bank Ltd, as the cooperative bank has become insolvent.

The apex bank has cancelled the licence with effect from 5 November.

“Consequent to the cancellation of its licence, Nutan Sahakari Bank Ltd, Vadodara, Gujarat, is prohibited from carrying on banking business," RBI said in a release here.

On liquidation, every depositor will receive repayment of his deposit up to a ceiling of Rs1 lakh from the Deposit Insurance and Credit Guarantee Corporation, the release said.

RBI had given banking licence to Nutan Sahakari Bank in December 1986.

The central bank has cancelled the licence since all efforts to revive the bank, in consultation with the state government, had failed, it said.



Narendra is executive director of Bank of India

Mangalore:Mairpady Narendra has been appointed executive director of the Bank of India. He assumed office on 6 November, a bank press release said here on Saturday.

Prior to his appointment, he was chief general manager of Corporation Bank and headed its credit division since April 2005. He worked as branch head in different capacities, ranging from manager to assistant general manager in various branches across India.

He also headed the northern region at New Delhi. He successfully handled varied portfolios in operations and administration such as foreign exchange, financial and risk management, investment and international banking, precious metals, cash management services and subsidiary in important positions, the release said.



SAIL may cut down steel output in Rourkela unit

Rourkela: State-run Steel Authority of India Ltd (SAIL) is likely to cut down production from its steel unit here as demand for the metal in the global market has considerably reduced.

Rourkela Steel Plant (RSP), a giant unit and the first steel plant in the country, has been forced to reduce its normal production. RSP had sold about nine lakh tonnes of saleable steel during first half of the current fiscal, against its annual target of about 1.7 million tonnes and recorded a net profit of Rs800 crore till September. But due to falling demand in the global market, RSP could manage to sell only about 90,000 tonnes of saleable steel during October, sources in the steel plant said.



Global crisis: ‘right time to invest in gold’

Chennai: With the equities market taking a beating during this global financial crisis, the World Gold Council has said it is the right time to bet on gold, considered a safe investment during a crisis.

“Many investors lost heavily on the equities and there also seems to be a threat in the real estate market. Now, it is high time for people to invest in gold, which is the best return on investment option," World Gold Council vice- president K. Shivaram said.

Gold is considered a liquid asset and investing in that would be wise because its value always increases with time, he added.



Adani’s first power plant to be operational in ’09

Ahmedabad: Adani Group said on Sunday its first power plant of 330MW capacity is set to be commissioned in the first quarter of 2009 at Mundra.

“The first turbine of 330MW will be commissioned in the first quarter of 2009 in Mundra power plant," Adani Group chairman Gautam Adani said adding, “the entire 4,620MW power plant will be complete in the end of 2010."

Adani Power Ltd, subsidiary of Adani Group, has already inked two power-purchase agreements (PPA) of 1,000MW each with the state-owned power utility Gujarat Urja Vikas Nigam Ltd (GUVNL), while another PPA of 1,450MW has been signed with the Haryana state power utility.



SRL acquires Mena Healthcare of Dubai

New Delhi: Taking its first step in overseas expansion, diagnostic chain Super Religare Laboratories Ltd (SRL) has acquired Dubai-based leading diagnostic laboratory in the Gulf, Mena Healthcare.

“We have just completed acquisition of Dubai-based diagnostic laboratory, Mena Healthcare for $20 million (Rs95.6 crore)," SRL chief executive officer Sanjeev K. Chaudhary said.

The lab has facility to conduct around 25,000-30,000 tests per annum and is one of the leading diagnostic laboratories in the Gulf region, he said.

Speaking about the acquisition, Chaudhary said: “This is SRL’s first overseas acquisition and will help the company in expanding operations in Middle East, which is one of most lucrative markets."

Mena Healthcare is located inside the Dubai Healthcare city, which is the biggest hub of medical facilities in West Asia. SRL has also launched a new blood test, ‘BCtect’ for early detection of breast cancer in the country.

‘Btect’ is a test developed by a Norwegian company DiaGenic and in India, the test would be exclusively provided by SRL.

Initially, it would be available in the Capital only and in the next four months, SRL is planning a nationwide roll out of the test.

Super Religare Laboratories, which was earlier known as SRL Ranbaxy, has one of the largest diagnostic chains in the country with 40 laboratories and over 850 collection centres.



Unitech says Telenor deal after value creation

New Delhi: Under attack for sealing a deal with a Norwegian company, reality company Unitech Ltd alleged on Sunday that competitors were creating a needless controversy over majority stake sale in the telecom venture where they have already invested at least Rs4,100 crore.

Responding to clarification sought by the government over the deal, wherein 60% stake was sold to Telenor for at least Rs6,100 crore, Unitech explained that it was not taking a premium on spectrum as it had sought to create value before the deal.

There have been many misleading reports to show the partnership between Unitech Wireless and Telenor in a negative light, prompted possibly by the “vested interests" of competing forces interested in creating barriers to the entry of respected, world renowned players, Unitech said in a letter to telecom secretary Siddhartha Behura.



India-Asean trade agreement on schedule

New Delhi: Political problems in Thailand are unlikely to come in the way of India signing a trade-opening pact with the 10-nation south-east Asian economic bloc during the India-Asean summit on 17 December.

“If any country is unable to complete its domestic procedure, it would sign it later. The rest of them will sign on the scheduled date," a commerce ministry official said.

While the deal on the Comprehensive Economic Cooperation Agreement (Ceca) was clinched in August, it was left to be signed at the 17 December summit, which is scheduled to be attended by Prime Minister Manmohan Singh.

Unlike India, where trade agreements do not need parliamentary approval, Asean member-countries require clearance from their parliaments for the pact that would open the market for goods for 1.5 billion people.

Prolonged negotiations on the Ceca were completed in August. Differences revolved on the level of opening the politically-sensitive agricultural commodities such as tea, palm oil and pepper.

While Ceca would initially be restricted to goods, negotiations on extending its scope to services and investment would begin in the next phase. Asean has emerged as an important economic partner for India with bilateral trade growing to $38 billion (Rs1. 8 trillion) in 2007-08. This is set to grow to $50 billion by 2010.

Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam make up the 10-nation Asean.



Malegaon: accused may be booked under MCOCA

Mumbai: Maharashtra’s anti-terrorism squad (ATS) is considering pressing charges under the stringent Maharashtra Control of Organised Crime Act (MCOCA) against all the nine accused in the Malegaon blast case, including Lt Col Shrikant Prasad Purohit and Sadhvi Pragya Singh Thakur, prosecution sources said on Sunday.

“So far we have not pressed charges under Maharashtra Control of Organised Crime Act against the accused. Now we are considering booking all the nine accused under MCOCA," they said.

Under MCOCA, police can take up to 180 days to file chargesheets against the accused in comparison to a 90-day period available to the prosecution under the normal law for the purpose.

The charges relating to terrorist activities and conspiracy behind them entail a maximum punishment of life imprisonment and a minimum jail term of five years, the sources said.

The sources said ATS’ special public prosecutor Ajay Misar and other lawyers will be seeking extension of police custody of accused Sameer Kulkarni, a founder member of radical outfit Abhinav Bharat; Ajay Rahirkar, Rakesh Dhawde and two others when they are produced before a Nashik court on Monday.

“We will seek extension of police custody of Kulkarni and four others as we feel the accused are required by the prosecution to focus on certain key aspects of the case. They will be produced before the court tomorrow," they said.