The Mint report for 02 October 2009

The Mint report for 02 October 2009

New Delhi: The Serious Fraud Investigations Office, or SFIO, has started an inquiry into the IPO scam that shook India’s stock markets in 2005. SFIO has written to both Sebi and RBI asking for information, and is hoping its investigation will uncover both the beneficiaries of the scam and any possible regulatory lapses.

The IPO scam was first unearthed in April 2006, revealing the presence of 59,000 fictitious demat accounts that were meant to corner IPO shares.

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SFIO is a part of the ministry of corporate affairs.

GE Healthcare is revamping its India operations. Nineteen years ago the company got into a partnership with Wipro that later became a joint venture called Wipro GE Healthcare. Now, both companies have announced they will integrate their plants and business units to make a more efficient organization.

Bajaj Auto says it has sold nearly a quarter of a million two-wheelers in the last month. The company has reported a 14.62% increase in two-wheeler sales to 249,133 units in September out of total vehicle sales of more than 280,000 units.

Parsvnath Developers has raised Rs225 crore by selling equity in two of its projects to private investors. The company needs the money to reduce its debt of Rs1,600 crore and to pay for construction activity. With the latest sales, Parsvnath has raised a total of Rs500 crore in the last four months.

The UPA’s flagship rural employment scheme is getting a name change. On Thursday, the government renamed the Nrega job scheme the Mahatma Gandhi National Rural Employment Guarantee Act. The move comes on the eve of Mahatma Gandhi’s 140th birth anniversary and amidst reports that some opposition-ruled states have started taking credit for Nrega.

Markets remained closed on Friday to commemorate the birth anniversary of the Father of the Nation.