2G Scam: Ex-Telecom Secy Misra Nails Maran; FinMin Releases Bill To Regulate Microfinance Industry; SKS Microfinance Staffers Swindle Rs 1.6 cr In FY11

Wednesday, Jul 06, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version 2G SCAM: EX-TELECOM SECY MISRA NAILS MARAN Former Telecom Secretary Nripendra Mishra told CBI that Dayanidhi Maran targeted Aircel to benefit his brother Kalanithi Maran's company. He said that Maran stalled granting of licences to Aircel owner C Sivasankaran and deliberately raised questions about Aircel's sisters concerns and status of newspaper reports appearing about the company. CBI sources say that the SUN TV group owned by Maran's brother Kalanithi benefitted to the tune of Rs 750 crores because of Dayanidhi Maran's tactics. In the case of Loop Telecom, the CBI told the Supreme Court that Essar group stood guarantee for Loop when it applied for SBI loan. It said, "Essar was the group behind Loop but two days before the grant of Unified Access Service Licence they reduced their stake to 2%." read more LEAD STORIES BILL TO REGULATE MICROFINANCE INDUSTRY RELEASED The MFI development and regulation bill says that all MFIs must get license from RBI. RBI will set MFI benchmarks and performance standards. read more SKS MICROFINANCE STAFFERS SWINDLED RS 1.6 CR IN FY11 S R Batliboi & Co, auditors of SKS Microfinance have identified 156 cases of alleged cash embezzlement by some of its employees. read more SENSEX DIPS 17 PTS; INVESTORS WARY AHEAD OF Q1 RESULTS Sensex closed at 18,726.97 points as investors remained cautious ahead of the Q1 results. Nifty was down 6.65 points to end at 5,625.45. read more TOP STORIES • Supreme Court blow for Noida builders, flat buyers • Vodafone-Essar deal not approved by FIPB • RBI caps banks' equity investments in companies • Captain Gopinath to exit Deccan 360 • Capgemini acquires Italian firm Aive for euro 42.9 mn • Allow FDI in multibrand retail: PM appointed panel • Battle for Hindu: N Ravi, others move SC • Again, Perdaman moves court against Lanco Infratech • CLB rejects Mansukhani plea in MAN Industries case • United Breweries pledges entire Kingfisher stake • Oil Ministry refers Reliance-BP deal to CCEA • SC rejects Pepsi, Cokes's plea agst octroi on bottles • Silver up by Rs 2,400, gold adds Rs 275 • SBI to take call on base rates hike by July 7 • Govt guarantee vital for investing PF in equities • Cadila gets USFDA warning on India plant • Titan launches light-powered watches • Telangana: fresh violence at Osmania University • Noted filmmaker Mani Kaul passes away at 66 • Global gaming spend to touch $112 bn by 2015: Study more stories TOP VIDEOS India Being One Of The Few Large Growing Markets In The World Will Augur Well For M&As, Whether Inbound, Outbound Or Domestic: Adi Godrej, Chairman, Godrej Group Silver Inventory Levels Are Really Low And We Have Reasonable Strong Physical Demand, So Medium-Term Prices Will Be High: Jurg Kiener, MD & CIO, Swiss Asia Capital We Have To Tackle Deficit In A Way That Informs Our Government To Live Within Its Means: Barack Obama, U.S. President AT A GLANCE BSE 18726.97 -17.59 NSE 5625.45 -6.65 TURNOVER Rs. 75,856 cr BSE CASH Rs. 2,571 cr NSE CASH Rs. 9,645 cr NSE F&O Rs. 63,639 cr BULLION GOLD 22168 +200 SILVER 53681 +459 CRUDE NYMEX 102.25 -0.08 BRENT 112.74 -0.87 FOREX $ / Re 44.395 +0.01 £ / Re 70.854 -0.42 € / Re 63.454 -0.63 EVENTS 8 July FM To Meet PSU Bank Chiefs GoM On Food To Meet 11 July Delhi Court To Begin Hearing On Framing Charges In 2G Scam Case 12 July Bombay HC To Hear Lavasa Case Infosys Q1 Results 2G Scam: Former Telecom Secretary S Behura To Appear Before JPC 18 July Empowered Committee Of State FMs To Meet On GST 20 July Conference On Supercritical Technology: A Multi Billion Market Opportunity, The Imperial, New Delhi EXPERT VIEWS "Essar was the group behind Loop but two days before the grant of Unified Access Service Licence (UASL) license they reduced their stake to approx 2%. Also, Essar stood corporate guarantee for Loop when it applied for State Bank of India loan." CBI 2G Report "CBI is doing what the nation expects them to do... It was long over due... I am happy they have done it at last. I think there is no use expecting Mr Maran to step down... Its high time that the Prime Minister drops him from the Union Council of Ministers." J Jayalalithaa CM, Tamil Nadu "If it (PF) is invested in equity, there should be backing with government assurance that in case of any shortfall, the funds will be provided by the managers." Bimal Jalan Former RBI Governor WATCH OUT India Unlimited with Sam Pitroda To make today's emerging India into an established global super power, we need innovation on a national level. That is the goal of the National Innovation Council, led by Sam Pitroda, the man who revolutionized India's telecom industry. Join Shereen Bhan as she explores how India can do things in novel ways to create future leaders, innovators and entrepreneurs, with the members of the National Innovation Council. SHOW TIMINGS Sat 11:30 am & 10:30 pm Sun 7 pm