Hoffland Finance asked to furnish deposit detailsThe Company Law Board (CLB) has asked Hoffland Finance Ltd to furnish details of terms on which it raised money from the public. The board direction came last week after the company submitted before the board that the money raised by it were loans against securities and not fixed deposits. The board, in its interim order said, there is doubt whether the deposits raised by the company are in keeping with the jurdisication of the Company Law Board. "We took money from depositors for purchasing shares for the investors and not as fixed deposits," a company representative told the CLB.
Repo auction
The Reserve Bank of India (RBI) has announced a three-day fixed rate repo in government of India dated securities on February 16 for parties holding SGL and current account. The interest rate for the three-day fixed rate repo is pegged at nine per cent.The application should be submitted before 1.30 pm on February 16. Payment by applicants will be onthe same day and repurchase by RBI will be on February 19.
Repo auction draws a blank
The RBI did not receive any application for the three-day fixed rate repo held on February 14. The interest rate for the three-day fixed rate repo was pegged at nine per cent.
20th Century Finance schemes
20th Century Finance Corporation has launched three schemes for 100cc and above motorcycle and scooter segment namely security deposit option, down payment option, advance EMI scheme. Under the security deposit option, the company will provide 100 per cent finance on receipt of a small refundable security deposit with interest during the period of repayment of loan.
Under the down payment option, it will provide 85 per cent finance depending on the financial capacity of the customer whereas under advance EMI scheme, it will provide 100 per cent finance option with no security deposit.
Verma, Khan on IDFC board
MS Verma chairman SBI and SH Khan chairman IDBI have joined the board ofInfrastructure Development Finance Co (IDFC). Three other independent directors have also been appointed on the board-PG Kakodkar, former SBI chairman, Rakesh Mohan and noted advocate Cyril Shroff. Centurian Bank opens branch: Centurion Bank, last week opened its third branch in Chennai thereby taking the number of branches to 29. The bank was the first new private sector bank to offer `anywhere banking' in India. The bank's plan for the fiscal 1998-99 includes expansion of network strength to 40 branches, inter-active tele banking and to come out with a public issue.
Gadre is United Western Bank ED
Shrikant Trimbak Gadre has taken over as United Western Bank's first executive director. He started his career with Bhabha Atomic Research Centre (BARC) as a production engineer. He joined Bank of India as an officer in 1971. Before joining United Western Bank, he was incharge of Gujarat zone, Bank of India.
Catholic Syrian Bank shareholders plea
The Catholic Syrian Bank Shareholders'Assocation today urged the Reserve Bank to take stern action against its elected directors for flouting the apex bank's directions to return the shares to the NRIs. According to CSBSA president, KP Devassy, the Thrissur-based bank's directors had `fooled the RBI' several times without adhering to its directions. The Bangkok-based Siam Vidhya Group headed by Surachan Chansrichawla and 10 others, had acquired 36.18 per cent equity in CSB in early 1994.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
