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RBI asks banks not to delete CCTV footage from 2016 demonetisation period

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“Banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016, to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to the illegal accumulation of new currency notes,” the RBI said in a circular.

The Reserve Bank of India (RBI) on Tuesday asked banks not to delete the CCTV recordings of their branch operations and currency chests from the 2016 demonetisation period. The move is aimed at helping enforcement agencies in their probe against illegal activities during the demonetisation period.

“Banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016, to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to the illegal accumulation of new currency notes,” the RBI said in a circular.

It may be noted that the government had banned the circulation of high denomination notes (Rs 500 and Rs 1,000) on November 8, 2016, in order to curb black money. As a part of the exercise, the government had allowed people to exchange high currency notes (Rs 500 and Rs 1,000) at banks or deposit them in their bank accounts. The government also issued new Rs 500 and Rs 2,000 notes. People lined up in front of banks and ATMs to get new currency notes. There were reports of illegal accumulation of new currency notes.

In order to help in the investigation of such matters, the RBI has asked banks to preserve CCTV footage. “Keeping in view the investigations pending with law enforcement agencies, proceedings pending at various courts, you are advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016, to December 30, 2016, in a proper way, till further orders,” RBI said in the circular.

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Reserve Bank of India – Tenders

Tenders

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The captioned meeting was held at 11:00 am on June 08, 2021 in the conference hall of RBI, Panaji RO. The meeting was chaired by Shri Richard Gomes, Asst General Manager (AGM) and the undernoted officers attended the meeting:

Shri Manoj Pillai, Manager (P&S Cell)

Shri Prafull Thakur, Asst Manager (Estate Cell)

Shri Vijay Ajarekar, Sr Asst (Estate Cell)

Representatives from the following vendors attended the meeting:

  1. M/s. Veejay Facility Management Pvt Ltd

  2. M/s. Shubhda Facility Management Services

Shri Richard Gomes, AGM welcomed and briefed the representatives of the vendors.

Clarifications on queries raised by prospective bidders in the meeting are furnished below:

Sr No Query Clarification submitted by Panaji RO
1 What about the increase of service charges in following years? The percentage increase in the contract value will be calculated as per the changes in CPI/WPI every year and service charges will also be changed accordingly.
2 What about the increase in VDA/Other factors imposed by central/state Govt towards min. wages We will follow the order issued by the Office of Chief Labour Commissioner, New Delhi, Ministry of Labour & Employment, Govt of India on time to time in connection with the minimum wages to be paid to the labourers for the captioned contract.
3 Ensuring proper operation of the water pumping systems and lighting system by the Security Staff in the Officers quarters and arranging for water tankers whenever required – Clarity required Water tanker charges will be reimbursed on actual basis after the submission of original bills within 30 days from the date of submission.
4 Making arrangements of sufficient cleaning material required for day to day cleaning without extra cost to the Bank – consumables under whose scope The cleaning material needs to be arranged by the vendor for cleaning of residential premises and same will be paid separately subjected to submission of bill. However, for cleaning of office premises, cleaning material will be provided by the Bank.
5 Whether the Bank has kitchen with all facilities / storage space (including refrigerator) to prepare and keep all raw materials, Fresh vegetables, milk, soft drinks etc.  The Bank has full fledged kitchen at its Residential Quarters with sufficient space including refrigerator/Microwave/Toaster etc to prepare and keep all food items.
6 What about quantity of ingredients in the available place in the VOF to ensure preparation of food items in time. The Contractor shall store sufficient quantity of high quality ingredients in the available place in the VOF to ensure preparation of food items in time. The Contractor at his own risk shall make the procurement and storage.
7 Is the contractor expected to provide efficient and prompt service to all guests. Yes. It is expected from the vendor to provide efficient and prompt services by arranging their manpower efficiently.
8 Will all food items to be supplied be at pre-determined rates Subsidized rates for food items will be finalised in consultation of the contractor after award of the work.
9 Need clarifications regarding supply of welcome kit Welcome Kit (contents as decided by the bank) shall be provided by the vendor and same will be paid separately based on consumption and occupancy at the rate of ₹ 150/Kit (approx.).
10 What is expected from the proposed gardener? Gardener should be experienced and should also be able to operate Organic Waste Converter which is installed at the Banks Residential Quarters
11 Manpower deployed should be physically fit in all respects. Medical fitness will be considered as per fresh medical fitness certificate from Registered Medical practitioner with qualification not less than MBBS as produced for verification by the Contractor to be submitted annually. Contractor should bear expenses towards Medical Fitness tests / certificate. The Bank’s medical consultant will also be assessing the fitness as and when required.
12 Will cleaning material be provided by the Bank for cleaning office premises? Yes.
13 Whether the Solvency Certificate should be submitted for any specific amount? Yes. All interested bidders should submit the solvency certificate from their banker of amount not less than 3 lakhs
14 Whether the tenderer shall compulsorily submit licenses under Food Safety and Standard Act, 2006? All interested bidders may apply for e-Tender without requiring the licenses obtained under Food Safety and Standard Act 2006. However, the successful bidder to whom the contract will be awarded shall obtain necessary licenses and permits (as may be applicable), including licenses under Food Safety and Standard Act, 2006 within 3 months from the date of award of contract.
15 Is it compulsory for the bidder/s to have own Office/ branch in Goa? Yes. Since, location of work is in Goa, it will be convenient for the Bank to correspond with contractor for resolving any issues which may occur during the period of contract.

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RBI approves re-appointment of GC Chaturvedi as part-time chairman of ICICI Bank

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The Reserve Bank of India has approved the re-appointment of Girish Chandra Chaturvedi as the part-time Chairman of ICICI Bank for a period of three years starting July 1, 2021.

“The shareholders at the Annual General Meeting held on August 14, 2020 had already approved the re-appointment of Girish Chandra Chaturvedi as non-executive (part-time) Chairman of the Bank for a period of three years effective from July 1, 2021,” ICICI Bank said in a regulatory filing on Tuesday.

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Upcoming IPOs in June 2021

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1. Shyam Metallics:

IPO size: Rs. 909 crore

Offer period: June 14- June 16, 2021

Issue details: Fresh issue of equity shares aggregating up to Rs. 657 crore

OFS of equity shares totaling to Rs. 252 crore

Bid lot- 45 shares and in multiples thereof

Price band- Rs. 303- 306

For the retail investors- 35% of the net offer is reserved

Book running lead manager: Axis Capital, ICICI Securities, IIFL Securities, JM Financial, SBI Capital Markets

Registrar: KFin Technologies Pvt. Ltd.

The Kolkata based Shyam Metallics and Energy is a top manufacturer of ferro alloys in India. The company’s customers include Jindal Staniless Steel, BHEL, SAIL and JSW Steel among others. Earlier also the company reached out to the capital markets and got approval from SEBI in 2019 but then deferred its IPO plan.

Promoters and promoter group entities of the company who will pare stake via the OFS are Subham Capital, Kalpataru Housefin & Trading, Toplight Mercantiles, Narantak Dealcomm, Dorite Tracon and Subham Buildwell.

The proceeds from the issue will be put towards pre-paying or repaying the company’s and its subsidiary’s-Shyam SEL and Power’s debt worth Rs. 470 crore and other general corporate tasks.

As per the IPO Mantra site, the shares of Shyam Metallics commanded a grey market premium of Rs. 140 (appx)

2. Sona BLW Precision Forgings:

2. Sona BLW Precision Forgings:

IPO size: Rs. 5550 crore

Issue offer period: June 14-June 16, 2021

BRLM- Kotak Mahindra Capital, Credit Suisse, JP Morgan India, JM Financial and Nomura

Auto components manufacturer’s public offer

shall comprise a fresh issuance of shares worth Rs. 300 crore. Also, the issue shall comprise an offer for sale by the company’s shareholders. A Blackstone company Singapore VII Topco III Pte. Ltd will pare its holding in the firm which is currently at 66.28 percent.

The company shall use the sum mopped up through the issue for pre-paying or repaying some of its borrowings.

This shall be the second big IPO by Blackstone entity this year after mortgage financing company Aadhar Housing finance filed its DRHP with SEBI for a Rs. 7300 crore IPO.

3. Navoday Enterprises:

3. Navoday Enterprises:

The company currently into 3 business segments namely, marketing support and advertising, management and financial consultancy and component supply and support services to packaging and allied machines’ manufacturers is all set to come up with its IPO offer.

Offer period: June 14- June 17, 2021

Issue size: 2,304,000 Equity Shares of Rs. 10

(aggregating up to Rs.4.61 Crore

Price band – Rs. 20 per share

Face value- Rs. 10 per share

Minimum bid quantity- 6000 shares

Listing shall be: At BSE SME

As per the company, Rs. 43.68 crore worth of shares will be termed as net issue while 1.2 million shares valued at Rs. 24 lakh shall be available for market makers. The proceeds mopped up from the issue will be used for meeting working capital requirements and other general corporate purpose.

GoodReturns.in



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Franklin Templeton to move SAT against SEBI order

Banking & Finance

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Franklin Templeton and its top executives have decided to move the Securities Appellate Tribunal against SEBI’s order that banned the company from launching any new debt schemes for two years in addition to imposing a fine of ₹5 crore on the fund house.

“We strongly disagree with the findings in the SEBI order and intend to file an appeal with the Securities Appellate Tribunal,” said Franklin Templeton spokesperson on Tuesday.

“We place great emphasis on compliance. The decision by the Trustee in April 2020 to wind up the funds was due to the severe market dislocation and illiquidity caused by the Covid pandemic and was taken with the sole objective of preserving value for unitholders,” said the spokesperson.

On Monday, SEBI asked FT AMC to return nearly ₹460 crore it had collected as management and advisory fees from the investors in the six debt schemes since June 2018 with 12 per cent interest. SEBI had found serious lapses in the way Franklin Templeton India mutual fund had managed the debt funds that were wound up suddenly last April. Additionally, SEBI imposed a penalty of ₹5 crore on Franklin Templeton India AMC for violating various SEBI rules. SEBI also levied a penalty of ₹7 crore.

Also read: SEBI bans Vivek Kudva, Roopa Kudva for one year from market in FT case

‘Trustee vindicated’

The company said the amount repaid to investors so far ranges between 40 per cent and 92 per cent of AUM across the six schemes. The current net asset value of each of the six schemes is higher than what it was on April 23 last year. “We believe this supports the decision made by the Trustee in consultation with the AMC and its investment management team to wind up the six schemes,” the spokesperson said.

These schemes provided an important source of funding to growing companies in India that to date have proven to be sound investments. Many of these holdings are now being liquidated by the schemes at fair value under normal market conditions, said the spokesperson.

Kudva mulls next move

Vivek Kudva, Head of Franklin Templeton Asia-Pacific, is also likely to move SAT against the SEBI order that found him and his family members guilty of violating the Prevention of Fraudulent and Unfair Trading Practices.

Kudva has claimed that he has already set aside the proceeds from the sale of units and will not enjoy more than what other investors in the scheme get after the closure of the schemes. “I am reviewing the order and considering appropriate next steps which may include filing an appeal before the SAT,” said Kudva.

“I have always acted in accordance with SEBI regulations, including in this instance. My personal transactions in the two schemes (under wind-up proceedings) have been conducted with no intent to gain an unfair benefit,” he added.

 

 

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Reserve Bank of India – Tenders

Tenders

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The online Pre-Bid meeting for the captioned tender was held on June 3, 2021 at 11.00 A.M via Cisco Web-ex Platform. The meeting was chaired by Shri.B.Dhal, General Manager and officials of Estate office, the full details of which is funished in the table annexed. The following firms participated in the pre-bid meeting.

  1. M/s Blue Star Limited – Thara Nair

  2. M/s Voltas Limited – Prateek Narayan

  3. M/s Snowmex Engineers Limited –Rrabinder sharma

  4. M/s ABS Fujistu General Limited – Sandeep shirke

The various firms has requested for few clarifications on certain points for which Bank has calrified all the points to the satisfaction of all the firms, except the following for which the clarifications are as under:

1. The vendor has to comply with ISHRAE guidelines for UVGI system having exposure time of 15 minutes with irradiation intensity of 4016 μW/cm² and also to ensure minimum average intensity of 100μW/cm² on the surface of cooling coil.

2. The vendor to ensure that in line with ISHRAE guidelines for operational safety UL-1995 and for fire and smoke safety UL-2043 standard to be complied with for the safety of the UVGI system to be installed.

3. The vendor to ensure that the average acceptable life of UV lamp is 9000 hrs. For any fault in lamp before 9000 hrs of acceptable life shall be replaced free of cost. Also, the faulty UV lamps and other spares should be replaced free of cost within DLP and CAMC period as per tender terms and conditions.

Al other terms and conditions of the tender remain same.

The meeting ended with a vote of thanks from the Chair to the participants.

Annexure

Participants of the Pre-Bid meeting held on June 3, 2021 at 11.00 am

Sl. No Name Designation
1. Shri B. Dhal General Manager
2. Shri Abhay Joshi Asst.General Manager
3. Shri R P Mhatre Asst.Manager (Tech)
4. Shri Anand Mahadevan Asst.Manager

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63 Moons to challenge NCLT nod to Piramal’s DHFL buy

Banking & Finance

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63 Moons Technologies on Tuesday said it plans to challenge the order of the National Company Law Tribunal (NCLT) approving Piramal Group’s resolution plan for Dewan Housing Finance Corporation.

“63 Moons believes that the current resolution plan is contrary to law and against the interest of all DHFL’s creditors, including non-convertible debenture holders,” it said in a statement.

The move comes a day after the Mumbai Bench of the NCLT approved the Piramal Group’s ₹37,250 crore resolution plan for DHFL, subject to certain conditions.

NCD holders disappointed

63 Moons holds over ₹200 crore of NCDs of DHFL. It had earlier filed an application in theNCLT, Mumbai seeking that the fraudulent transaction recovery benefit of about ₹45,000 crore filed by the DHFL administrator should come to creditors, including NCD holders and not to the buyer of the company.

“The current resolution plan is disappointing for NCD holders in as much as they stand to bear the greatest loss as opposed to any other party involved. Other members of the Committee of Creditors, which comprise mainly banks, have recourse to personal guarantees of promoters whereas NCD holders do not have any such contractual recourse,” it added. The statement added that NCD holders will be left high and dry with haircut of 65-75 per cent if, in future, such recoveries from fraudulent transactions are allowed to pass through to the resolution applicants, instead of the creditors.

“63 Moons is awaiting for the copy of the order and will be reviewing its options on the basis of advice from its legal advisors,” it said.

Another challenge

Fixed-deposit holders of DHFL are also planning to challenge the NCLT order in NCLAT as they want 100 per cent re-payment.

63 Moons said the Resolution Plan is drafted in such a way that it favours the resolution applicant or Piramal Group.

“Ascribing a value of ₹1 to the recoveries of fraud where claims are in excess of ₹45,000 crore creates unjust enrichment of the buyer (Piramal) at the cost of creditors,” it said, adding that Piramal has bid only for the current value of DHFL, which does not include these amounts that were taken away fraudulently.

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RBI Dy Governor Mahesh Jain gets two-year extension

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The Appointments Committee of the Cabinet on Tuesday approved the re-appointment of Mahesh Kumar Jain, Deputy Governor, Reserve Bank of India (RBI), for two years with effect from June 22.

It may be recalled that Jain’s three-year term as RBI Deputy Governor is due to get completed on June 21.

With the re-appointment of Jain, the Centre has stuck to the tradition of having a commercial banker occupy the post of RBI Deputy Governor (reserved for bankers). As a result, the central bank now has four serving RBI Deputy Governors. The other three serving deputy governors are Michael Patra, M Rajeshwar Rao and Rabi Sankar.

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Reserve Bank of India – Tenders

Tenders

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e-Tender No. RBI/Central Office/DIT/19/20-21/ET/753

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on May 11, 2021 inviting application from eligible vendors for the tender through e-tender on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/) and the subsequent corrigendum. It has been decided to extend the timeline for submission and opening of the tender as mentioned below:

Sl. No. Tendering Process Revised Date and Time
1 Date and time of closing of tender for submission of Technical Bid and Price Bid June 22, 2021, upto 15:00 hrs
2 Date & time of opening of Technical Bid June 22, 2021, 15:30 hrs

Also, Bidders may submit the benchmark performance testing report of proposed NGFW model for the parameters provided in the Internet Engineering Task Force (IETF) – ‘Benchmarking Methodology for Network Security Device Performance draft-ietf-bmwg-ngfw-performance-08’ document dated April 16, 2021 along with the technical bid.

* All other terms and conditions mentioned in the tender remain unchanged.

Chief General Manager-in-Charge
DIT, Central Office

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Canara Bank donates 50 oxygen concentrators

Banking & Finance

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Canara Bank, a public sector bank, has donated 50 oxygen concentrators and made a ₹1 crore contribution to the Karnataka Chief Minister’s Relief Fund to help Covid-19 patients.

Bank’s Executive Director A Manimekhalai, handed over the cheque to Karnataka Chief Minister B S Yediyurappa and oxygen concentrators were donated under the bank’s CSR Activities, said a bank release.

K A Sindhu, General Manager, P C Wing, HO, A Ramalingam, DGM, FI Wing, HO, B Parswanath, DGM, Circle Office, Bengaluru accompanied the Executive Director.

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