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Investors' loss at Rs 390 cr: RBI
The Reserve Bank of India (RBI) yesterday disclosed more details about the CRB scam when the Deputy Governor S P Talwar met the aggrieved representatives of Investors Grievances Forum here. The DG revealed that the total amount lost by small investors is not Rs 180 crore put in the company's fixed deposits, but Rs 390 crore as the company's Rs 200 crore esteem bonds issued on private placement basis was also an unsecured loan.
Gujral flays `publicity-oriented' probes
Restating his opposition to ``witch-hunting'', Prime Minister I K Gujral yesterday lashed out against ``publicity-oriented'' probes by investigative agencies. The Prime minister criticised corruption in public life at the Chief ministers' conference to discuss the ``Action Plan for Effective and Responsive Government''. The chief ministers endorsed the plan in principle, but but did not necessarily agree on the details.
CMM orders CBI probe into Rajan Pillai's death
The Central Bureau of Investigation (CBI) has been directed to investigate the alleged criminal conspiracy leading to the murder of biscuit baron Rajan Pillai and file its report by September 30.
Abandoned by State, suicide was the only option for Sandhu:
Former Punjab Police Director-General K P S Gill yesterday said that laws should be amended to protect police officers like former Tarn Taran SSP Ajit Singh Sandhu, who committed suicide by jumping before a running train on Friday.
Stormy UF meeting over oil prices likely
A potentially controversial round of meetings of top United Front leaders begins today with the battle lines clearly drawn between the Left Front and the rest of the UF leadership on more than one issue. The issues likely to be discussed are the proposed hike in diesel and LPG prices, the question of Bihar Chief Minister Laloo Prasad Yadav's resignation on the fodder scam and the 33 per cent reservation for women in elected bodies in India.
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Non-creation of charge on assets among CRB crimes
The fraud committed by CRB Capital Markets included the non-creation of charge on assets meant to secure Rs 200 crore debentures issued in April 1996. This meant that the total amount lost by retail investors is Rs 390 crore, RBI deputy governor SP Talwar on Saturday told a delegation of CRB investors led by Investors Grievances Forum (IGF) president Kirit Somaiya.
CBI asks Reserve Bank to furnish inspection report
The Central Bureau of Investigation (CBI) has asked for the Reserve Bank inspection reports on the CRB Capital Markets. A letter to this effect has been sent to Reserve Bank deputy governor SP Talwar on Friday, the Central Bureau of Investigation has said.
Mutuals on a hardsell trail, school investors on values
The mutual fund industry has realised that convincing investors about the product is more important than selling it. The Association of Mutual Funds in India (AMFI) has kicked off an education series since most mutuals are unable to shell out the kind of money. Sun F&C, which just floated its first scheme, has joined the small club of mutuals.
Cadbury, Nestle hike wafer chocolate price by 10%
Cadbury India and Nestle have hiked the prices of wafer chocolate products by 10%. A few other chocolate confectionery products will see a similar increase in the next two to three months. The price of Cadbury's Perk, for instance, has gone up by Re 1 to Rs 10 while Kit Kat, too, has gone through a price rise, from Rs 11 two years back, to Rs 13.
Brand Equity Fund Trust to spot product groups
The India Brand Equity Fund Trust at its second meeting here on Wednesday decided to identify specific product groups and markets for focussed attention for its financing and promotion efforts. The product groups would be long-term comparative advantage to India.
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