Subrata Roy moves Supreme Court against arrest warrant

The order to arrest Roy was issued on Wednesday for his failure to appear before the apex court in a contempt case arising out of non refund of Rs. 20,000 crore to investors by two of his companies.

Sahara Chief Subrata Roy on Thursday moved the Supreme Court seeking cancellation of non-bailable arrest warrant issued against him and undertook to appear before it on March 4, 2014.

The order to arrest Roy was issued on Wednesday for his failure to appear before the apex court in a contempt case arising out of non refund of Rs. 20,000 crore to investors by two of his companies.

The Sahara chief has offered unconditional apology to the apex court for his non-appearance.

Roy also sought recall of the apex court's Wednesday order in which non-bailable warrant was issued against him and police was ordered to arrest and produce him before it on March 4.

A bench of justices K.S. Radhakrishnan and J.S. Khehar had rejected Roy's plea to exempt him from personal appearance on the ground of ill-health of his 92-year-old mother.

Senior advocate Ram Jethmalani, who had appeared for Roy, had produced a medical certificate from Sahara Hospital, Lucknow, on the condition of Roy's mother and recommended that he be allowed on "humane as well as medical grounds" to be with his mother at this stage.

The bench had said since it had on February 25 declined to grant exemption, it did not find reason to accede to the renewal of the request made on Wednesday.

The three directors of Sahara Group, who were also summoned along with Roy, had appeared in the court on Wednesday.

The court had on February 20 come down heavily on the Sahara Group for not refunding Rs. 20,000 crore of investor money despite its order and summoned Mr. Roy, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of Sahara firms Sahara India Real Estate and Sahara India Housing Investment to be personally present before it on Wednesday.

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Infra story has derailed; coal must be privatised: Parekh

On coal, Parekh was of the view that the government's monopoly on the mineral had to be broken, and that privatisation of the sector was a must. Without privatisation, coal imports would be a huge drag on the economy, he said.

Revitalising the infrastructure sector, and energy security will be key challenges before the next government, feels Deepak Parekh, chairman Housing Development Finance Corporation.

Speaking at the India Economic Convention 2014 in New Delhi, Parekh said the country's infrastructure story has derailed. He said the banking sector was under tremendous stress due to non-performing assets, with 11 banks having NPAs of around Rs 4 lakh crore.

He said the provision of Rs 11,200 crore for PSU bank recapitalization in the Budget was inadequate, and that the banking sector could not finance infrastructure.

On coal, Parekh was of the view that the government's monopoly on the mineral had to be broken, and that privatization of the sector was a must. Without that, coal imports would be a huge drag on the economy, he said.

Parekh was also in favour of the Railways being corporatised, and said there was a need for better inter-ministerial co-ordination for speedier decision making.

He said India needed to rank higher on ease of doing of business, and there was a need for clear and transparent policies.

Coal India stock price

On February 24, 2014, Coal India closed at Rs 252.05, up Rs 0.85, or 0.34 percent. The 52-week high of the share was Rs 334.00 and the 52-week low was Rs 238.35.

The company's trailing 12-month (TTM) EPS was at Rs 26.41 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.54. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company is 7.76.

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How to revive infra sector? Experts discuss

Watch a panel discussion consists of Suresh Prabhu, Member of Lok Sabha and other eminent guests talking on how to revive the India infrastructure sector.

Watch a panel discussion consists of Suresh Prabhu, Member of Lok Sabha and other eminent guests talking on how to revive the India infrastructure sector.

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Hero MotoCorp launches operations in Turkey

Asya Makina, a subsidiary of Soysal Group, would distribute Hero MotoCorp two-wheelers through its network of 50 outlets spread across the Turkey.

Country's largest two-wheeler maker  Hero MotoCorp today launched its operations in Turkey by entering into a distribution agreement with Asya Makina. Asya Makina, a subsidiary of Soysal Group, would distribute Hero MotoCorp two-wheelers through its network of 50 outlets spread across the Turkey, the company said in a statement.

The Turkish partner would further add several new outlets in the next one year. The two-wheeler maker also introduced its 125cc motorcycle Glamour, 150cc bike Thriller and 100cc scooter Pleasure in Turkey, all compatible with Euro III emission norms. Hero MotoCorp Managing Director & Chief Executive Officer Pawan Munjal inaugurated Hero-Asya dealership at Camlica in Istanbul in the presence of Chairman of the Board of Directors of Soysal Group Uysal Soysal.

Speaking at ceremony, Munjal said: "The commencement of our operations in Turkey is a significant milestone in our overall global expansion plans. We are aware that Turkey has a strong bikes market where customers value quality products, and our vision is to provide convenient, fuel-efficient mobility to every two-wheeler customer across Turkey." We will be able to achieve our immediate target of having five percent market share in Turkey and bring more bikes from portfolio, he added. Hero MotoCorp has an objective of reaching 50 global markets by 2020.

Hero Motocorp stock price

On February 25, 2014, Hero Motocorp closed at Rs 1952.10, up Rs 1.75, or 0.09 percent. The 52-week high of the share was Rs 2214.70 and the 52-week low was Rs 1434.05.

The company's trailing 12-month (TTM) EPS was at Rs 106.61 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 18.31. The latest book value of the company is Rs 250.70 per share. At current value, the price-to-book value of the company is 7.79.

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Watch: Modi discusses taxes, corruption and federalism

Narendra Modi spoke to the Chartered Accountants Association in Delhi.

The BJP's prime ministerial candidate, Narendra Modi, addressed audience at the event held by the Chatered Accountants Association in Delhi. He touched upon issues such as the GST, state-centre relations and rural migration, etc.

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Overdrive gets you all the action from Auto Expo 2014

Here is a look at all the action that you missed out on from India's largest automotive show.

I must admit that we have struggled to pack in every thing that we wanted to from the Auto Expo 2014 into 21 minutes - that is the time that we have on the show.

Here is a look at all the action that you may have missed out on, from India's largest automotive show - Auto Expo 2014.

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Young Turks International

The venture develops technology that seamlessly connects all digital devices around you including your smart phone, tablet, wearable computer, glasses and your smart TV to create one giant brain that seamlessly provides you information when you most need it.

This week belongs to Israel based serial entrepreneur Enon Landenberg who co-founded the country's first interactive advertising agency in 1999 and then setup Infinity Augmented Reality in 2013.

The venture develops technology that seamlessly connects all digital devices around you including your smart phone, tablet, wearable computer, glasses and your smart TV to create one giant brain that seamlessly provides you information when you most need it.

Headquartered in New York along with a Research and Development center in Tel Aviv in Israel, the venture struck a deal with Google and plans are underway to develop an app for Google Glass, seems like a concept straight out of a sci-fi movie. If you need to see it to believe it, so take a look.

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Idea partners Opera for affordable internet packages

Using 'Idea Web Pass', users can access mobile Internet services on the Opera Mini web browser. The packages, which can be bought from within the Opera Mini browser, will cost Rs 7 (weekly Facebook pass), Rs 8 (daily Internet pass) and Rs 30 (weekly Internet pass).

Idea Cellular , India's third largest mobile operator, has partnered online browser Opera Software to offer Internet access to its subscribers for as low as Rs 7 per day.

Using 'Idea Web Pass', users can access mobile Internet services on the Opera Mini web browser. The packages, which can be bought from within the Opera Mini browser, will cost Rs 7 (weekly Facebook pass), Rs 8 (daily Internet pass) and Rs 30 (weekly Internet pass).

"At Opera, we work towards connecting the world, and we believe that the web is for everyone. We trust that this partnership with Idea Cellular will help us to reach out to first-time users who have not been exposed to the web," Opera Vice President (South Asia) Sunil Kamath said.

Idea Web Pass will entice more users to get online and serve as a catalyst to boost mobile Internet usage, he added. "Idea has consistently focused on growing data penetration across the country, we understand that a lot of Idea users choose to access a few preferred sites rather than buying full data plans," Idea Cellular Chief Marketing Officer Sashi Shankar said.

This partnership will help us to reach out to those users and provide them with a convenient data-plan option, he added. "We believe that more and more Internet users accessing web via mobile phones will usher in a new wave of mobile-data growth in the country," Shankar said. Idea Cellular subscribers can download Opera Mini from app stores or by visiting m.opera.com from their mobile devices.

Once Opera Mini is installed, they need to click the 'Idea Web Pass' Speed Dial entry to select data packages.

Idea Cellular stock price

On February 26, 2014, Idea Cellular closed at Rs 126.15, down Rs 1.15, or 0.9 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 101.10.

The company's trailing 12-month (TTM) EPS was at Rs 4.34 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 29.07. The latest book value of the company is Rs 42.26 per share. At current value, the price-to-book value of the company is 2.99.

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Archana Bhargava: Tracing a chequered career

Last week, one of the country's top women bankers, Archana Bhargava, tendered in her voluntary resignation as chairperson and managing director of United Bank of India , a year ahead of the expiry of her tenure.

The news came amid rising troubles for the state-run lender, which has come perilously close to flirting with the collapse line, even as news reports are emerging of a deep-running malaise of asset mismanagement, under-reporting of financials and activities that may not necessarily qualify as legal.

But more unsavory are details coming out about the chequered career of the former boss who won admirers for her go-getting ways as much as she came in for criticism for pushing the line of acceptable.

A gold medalist biochemist by education, she worked in a bevy of public banks in varying roles and her journey to the top was characteristic of a woman in hurry, according to an Economic Times feature, who could "get work done" even in the staid PSU culture.

And while it would be a exaggeration to state Bhargava was responsible for the non-performing asset mess that United Bank finds itself in -- hers was only a 10-month stint after she came in after serving as Canara Bank's executive director -- the stark worsening in the bank's state of finances coincides directly with her tenure.

In the first quarter on Bhargava's watch, United Bank's profits fell 74 percent to Rs 44 crore (from Rs 174 crore in the year-ago quarter), after which it notched up losses of Rs 489 crore and Rs 1,238 crore.

In three quarters, gross NPAs shot up from Rs 2,963 crore to Rs 8,545 crore, while its capital adequacy ratio (comprising of Tier I and II capital) fell to 9.01 percent, close to the 9 percent required by international Basel norms. An investigation by the Reserve Bank of India is on to find out what went on.

But the ET report lists several things about Bhargava -- reportedly christened Jhansi Ki Rani by some colleagues for her aggressive style of doing business -- that may not qualify as becoming of a top banker: the least being sending subordinates on a hunt to look for her missing dog.

But more than that, it is reports of a known past willingness of the banker to classify good loans as bad and speculation that the Central Vigilance Commission had found her not fit to lead a bank (including a negative appraisal from her own boss at Canara Bank), which may likely to raise eyebrows.

A Business Standard report attributes her resignation to a rift between other top executives over classification of assets and reporting of NPAs rather than her cited reason of "ill-health".

Whatever the case may be, it is likely the former banker has walked into the sunset quietly but certainly not in a blaze of glory.

United Bank stock price

On February 26, 2014, United Bank of India closed at Rs 25.50, down Rs 0.35, or 1.35 percent. The 52-week high of the share was Rs 67.20 and the 52-week low was Rs 23.40.

The latest book value of the company is Rs 94.89 per share. At current value, the price-to-book value of the company was 0.27.

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Timeline of the Sebi-Sahara case

The Supreme Court on Wednesday issued a non-bailable warrant against Sahara chief Subrata Roy for non-appearance despite a summon. This was in connection with the almost two-year long Sebi-Sahara legal fight, which started in August 2012.

The Securities and Exchange Board of India (Sebi) had asked Sahara to refund over Rs 20,000 crore to investors.

We bring you the background and timeline of events which led to this ruling.

November 24, 2010: Sebi restricts the promoters and directors of two Sahara group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, from raising any capital through the issue of securities: either equity shares, convertible debentures or any other securities.

December 13, 2010: Lucknow bench of Allahabad High Court stays Sebi order

January 2011

*SC turns down Sebi's plea to stop two firms from raising money from investors, but empowers it to seek information and issue advertisements to inform investors that the matter is pending investigation.

*Sebi issues a public notice on its website cautioning investors against the buying debentures of Sahara India Real Estate Corp and Sahara Housing Investment Corp.

*Sahara India Real Estate sends a legal notice to Sebi.

April 2011

*The Lucknow bench of Allahabad High Court vacates stay

*Sebi issues a public notice alerting investors about a ban on money mobilisation by two Sahara group firms.

*Sahara Group files a petition in the Supreme Court challenging the Allahabad High Court order, which asked it to share full details of investors participating in its fund-raising exercise with Sebi.

*Sahara accuses Sebi of defaming the company.

May 2011

SC directs Sebi to proceed with its investigation into financial instruments used by two Sahara group companies to raise money from the public.

June 2011

Sebi directs Sahara firms to immediately refund the money collected through sales of optionally fully convertible debentures (OFCDs) with annual interest of 15 percent.

July 2011

*Sahara appeals in SC that Sebi has no jurisdiction. Seeks notice to Centre.

*SC directs Sahara to approach SAT against Sebi order on OFCDs

October 2011: SAT upholds Sebi order against Sahara to refund money.

November 2011: SC stays SAT order

January 2012: SC gives Sahara group companies three weeks' time to choose between two courses to secure the investments made by the public in the OFCD scheme -- either to give sufficient bank guarantee or attach properties worth the amount.

August 31, 2012: A Supreme Court bench of Justice Radhakrishnan and Justice Khehar rules in favour of Sebi and orders the two Sahara companies to return to its OFCD investors the full outstanding amount of over Rs 20,000 crore, alongwith 15 percent interest, within three months.

October 2012: Sahara companies file a review petition in the Supreme Court. Sahara claims it sent a truckload of documentation to Sebi within the 10-day limit. But Sebi did not accept it as the documents arrived on the 10th day, after office hours.

October 19, 2012: Sebi approaches Supreme Court alleging Sahara's non-compliance with the main order.

November 2012: Sebi files a contempt petition against Sahara claiming it had not furnished the investor documents within the court stipulated time.

December 2012: The Sahara Group gets a temporary reprieve from the SC. The apex court grants it more time to repay the money.

January 2013: Sahara misses the repayment deadline set up by SC. The company fails to deposit the second installment amount with market regulator. It was required to submit Rs 10,000 crore by January first week.

February 2013: SC refuses to hear a plea asking for extension of deadline to refund investors' money. Sebi moves in to attach properties of the group and group chief.

March 2013: Sahara approaches special appellate tribunal against Sebi move to attach properties. Sebi seeks arrest of Roy. Sebi also says most of records provided by Sahara untraceable, implying several accounts were fictional.

July 2013: Sebi files a contempt petition against Sahara in SC. Says company flouting SC direction to make refund.

November 2013: SC bars Subrata Roy from leaving country. Sahara attacks Sebi, calls it a "sarkari gunda" which is working with political patronage.

February 2013: SC issues non bailable warrant against Roy for failing to appear at a court hearing.

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