Category: Personal Finance

Fresh troubles surface for Dhanlaxmi Bank

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A shareholder and two others have approached the court against the board’s decision of rejecting their candidature for the office of director, to be placed before members during the annual general meeting scheduled for September 29.

Problems seem to be never ending for Dhanlaxmi Bank, with major shareholders, including NRI Ravi Pillai, engaging in conflict with the board of directors.

A shareholder and two others have approached the court against the board’s decision of rejecting their candidature for the office of director, to be placed before members during the annual general meeting scheduled for September 29.

KN Madhusoodan, a shareholder of the company, P Mohanan and Prakash D L have approached the court seeking a direction to the respondents – RBI and Dhanlaxmi bank – to discharge their statutory responsibilities under Section 160 of the Companies Act to inform the members about the candidature of the petitioners for the office of the director as mandated under Section 160(2) of the Companies Act.

The board of the bank arbitrarily rejected the applications of all five candidates, including prominent shareholder Ravi Pillai ( B Ravindran Pillai) and former independent director PK Vijayakumar, filed under Section 160 of the Companies Act, a highly-placed source told FE.

The petitioners had to move their candidature under Section 160 of the Companies Act after the board decided to defer their candidatures.

“The action of the board has no basis in law as the names of P Mohanan and Prakash were previously cleared by the Nomination and Remuneration Committee during its meeting held on July 23, 2021,” sources said.

“It is a truncated board and they want to keep it that way to have a controlling stake. There are only 8 directors, including 2 RBI nominees, and it helps them to take unilateral decisions against shareholders’ interests,”sources added.

Ravi Pillai holds a 10% stake in the lender and was on the board till May 2020. He had to exit on turning 70. Later, the RBI raised the age limit for non-executive directors, including the chair, to 75. CK Gopinathan and his two family members together hold close to 10% in the bank. NRI MA Yussuffali and Kapil Wadhawan own a 5% stake.

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Uday Kotak’s tenure at IL&FS helm extended by six months

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Uday Kotak’s tenure at IL&FS helm extended by six monthsCS Rajan, managing director of IL& FS, hailed the move and said under Kotak’s continued leadership, IL&FS will accomplish the resolution targets.

The government has extended the term of Kotak Mahindra Bank managing director Uday Kotak as the non-executive chairman of the IL&FS group by six months through April 2, 2022.

In a gazette notification, the Department of Financial Services said: “…whereas the Central government, on the recommendations of the Reserve Bank of India, has considered it necessary to grant said exemption to Kotak Mahindra Bank Limited for a further period of six months with effect from the 3rd day of October, 2021.”

According to the Banking Regulation Act, a bank cannot be managed by any person who is a director of any other company. He can be granted a temporary exception for three months or nine months with the approval of the RBI.

The Centre had appointed Kotak as the head of the lender’s board in 2018 to help the debt-laden firm come out of stress, after the government took over the board. He was initially allowed to be at the helm of IL&FS for three months, which was extended by nine months. Subsequently, he got two extensions of one year each.

CS Rajan, managing director of IL& FS, hailed the move and said under Kotak’s continued leadership, IL&FS will accomplish the resolution targets.

In fact, following the Evergrande crisis in China, Kotak had tweeted on September 21 that the trouble at the property developer seems like China’s Lehman moment and reminds him of IL&FS.

He tweeted: “Indian Government acted swiftly. Provided calm to financial markets. The Government appointed board estimates 61% recovery at IL&FS.”

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Uday Kotak’s tenure at IL&FS helm extended by six months

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Uday Kotak’s tenure at IL&FS helm extended by six monthsCS Rajan, managing director of IL& FS, hailed the move and said under Kotak’s continued leadership, IL&FS will accomplish the resolution targets.

The government has extended the term of Kotak Mahindra Bank managing director Uday Kotak as the non-executive chairman of the IL&FS group by six months through April 2, 2022.

In a gazette notification, the Department of Financial Services said: “…whereas the Central government, on the recommendations of the Reserve Bank of India, has considered it necessary to grant said exemption to Kotak Mahindra Bank Limited for a further period of six months with effect from the 3rd day of October, 2021.”

According to the Banking Regulation Act, a bank cannot be managed by any person who is a director of any other company. He can be granted a temporary exception for three months or nine months with the approval of the RBI.

The Centre had appointed Kotak as the head of the lender’s board in 2018 to help the debt-laden firm come out of stress, after the government took over the board. He was initially allowed to be at the helm of IL&FS for three months, which was extended by nine months. Subsequently, he got two extensions of one year each.

CS Rajan, managing director of IL& FS, hailed the move and said under Kotak’s continued leadership, IL&FS will accomplish the resolution targets.

In fact, following the Evergrande crisis in China, Kotak had tweeted on September 21 that the trouble at the property developer seems like China’s Lehman moment and reminds him of IL&FS.

He tweeted: “Indian Government acted swiftly. Provided calm to financial markets. The Government appointed board estimates 61% recovery at IL&FS.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

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Indian Gold Prices Under Pressure, Waiting For US Fed Decisions

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Personal Finance

oi-Kuntala Sarkar

|

Today, on September 22, in India 22 carat gold price is quoted at Rs. 45,360 and 24 carat gold is quoted at Rs. 46,360 per 10 grams. The prices of both 22 carat and 24 carat gold have hiked only by Rs. 30/10 grams. The international gold market is not in a good position, and in India, the same trend is being experienced, as the country imports gold for domestic needs. In the international spot market gold prices fell by a minor 0.02% today, at $1774/oz, whilst the US dollar index also dropped by 0.01% till noon. Mirroring the same trend, Comex gold rates fell by 0.09% at $1776, and the Mumbai MCX gold in October future fell by 0.01% as today till noon. The global gold market is under a dilemma regarding the USA’s monetary policy which is not allowing the gold rates to increase. The US Fed is holding 2 days meeting to assess the earlier weak employment data and inflation rates. The FOMC meeting will give their statement on the economic issue and decide the taper timeline along with interest rate change. However, industry insiders are expecting the gold rates to fall again globally, impacting India similarly.

Indian Gold Prices Hiked Only Marginally, Waiting For US Fed Decisions

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,360/- 46,360/-
Delhi 46,000/- 50,180/-
Bangalore 43,850/- 47,840/-
Hyderabad 43,850/- 47,840/-
Chennai 44,100/- 48,110/-
Kerala 43,850/- 47,840/-
Kolkata 46,200/- 48,900/-

According to reports, “Gold saw encouraging double-digit gains as Evergrande concerns rattled the markets early this week.” But now, the Fed will probably announce the tapering timeline which is expected to start in December. At the end of the FOMC meeting, the US Fed will give its assessment of the employment data, economic recovery, and monetary policy on interest rates. At present, the Fed purchases $80 billion US debt and $40 billion mortgage-backed securities every month. If the Fed cuts these purchases, this will negatively impact gold rates in the global markets.

However, the August payrolls stood at just 235,000 new jobs, only one-third of the expected number in the US. This might concern Chair Powell and he would not pull back liquidity. According to a Bloomberg report, “Powell has set out the FOMC’s criteria for rates liftoff: maximum employment, and inflation that hits and is set to exceed the 2% target for some time.” At the present market, bears are in control. Any more negative nod from the US Fed and interest rate hike will again drag down the gold rates.



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Mutual Fund Central (MFC) Platform To Make Investment Easy

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Personal Finance

oi-Kuntala Sarkar

|

Tomorrow, on September 23, a new Mutual Fund Central (MFC) platform will be launched to ease the challenges related to mutual fund investments. In the present day, a large number of investors are moving forwards towards mutual funds and SIPs, rather than traditional FD. Keeping them in mind, the Mutual Fund (MF) industry is going to launch the MFC. Different fund houses follow different rules and procedures for investors for a mutual fund. The young population of India and digitally sound people find it easy to invest in mutual funds online. But some people shy away from this opportunity, although they are interested. As of now, any change in the bank mandate or transmission of units follows different processes for different fund houses. But the new MFC will help investors to overcome the situation. Accepting the orders by the Securities and Exchange Board of India (SEBI), the MF industry is going to launch the new platform.

Mutual Fund Central (MFC) Platform To Make Investment Easy

Easy access through MFC

In the MFC, an investor will not require to open a new account, rather the Permanent Account Number (PAN) and mobile number linking will automatically fetch all the investment details – across a statement of account format and Demat in a consolidated list. In a Common Account Statement (CAS) the investor can check all the mutual fund investments. In case of any investment, the PAN details, mobile number, and KYC are mandatory, and the MFC will derive the information from there to make the investment procedures easy. In the case of other online portals, the investor is needed to open a new account and fill up forms from the very first step.

Non-financial transactions

In the first phase of MFC, the platform can be utilized to make non-financial transactions on the website, CAS, and unclaimed dividends. And in the second phase, the MFC will launch a mobile app, and in the third phase, through the mobile app, an investor can buy and sell mutual funds. For the first phase, the non-financial transaction will mean changing bank mandates, update on of mobile numbers, etc., which are not always possible on other platforms.

On the other hand, an investor can also register complaints or initiate a service request with any fund house on MFC. The same platform will also fetch all the previous complaints to give a consolidated picture of complaints filed with SEBI and other fund houses.

Story first published: Wednesday, September 22, 2021, 21:36 [IST]



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Govt extends Uday Kotak’s term as IL&FS chairman by 6 months, BFSI News, ET BFSI

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NEW DELHI: The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by another six months.

The government through a gazette notification extended the term of Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank, till April 2, 2022.

The notification was issued by the department of financial services in the ministry of finance dated September 21, 2021.

Last year, the government had extended his term by 12 months till October 2, 2021. The extended six-month term will commence from October 3, 2021.

Under the Banking Regulation Act, 1949, a bank cannot be managed by any person who is a director of any other company. He or she can be given a temporary exception for three months or nine months with the concurrence of the RBI.

The statutes will “not apply to Kotak Mahindra Bank in so far as it relates to its managing director and chief executive officer Uday Kotak being on Board of Infrastructure Leasing and Financial Services Limited as its non-executive director for a further period up to the 2nd day of April, 2022,” the notification said.

Kotak was appointed by the government as the head of the lender’s board in 2018 to help the troubled company come out of difficulties, after the state took over the board.

The Uday Kotak-led board has discovered that there was a complex web of over 250 companies which were part of the overall IL&FS group that has an outstanding of over Rs 94,000 crore to lenders. Over 90 per cent of the flagship company’s assets are classified as dud.

The board is trying to keep the company as a going concern by focusing on asset sales and has appointed a resolution professional to steer the way.



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Indian shares end flat as private banks drag; media stocks surge, BFSI News, ET BFSI

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Indian shares ended flat on Wednesday as major private bank stocks slipped and offset sharp gains in Coal India, while media firms soared on news of Zee Entertainment merging with a rival.

The blue-chip NSE Nifty 50 index closed 0.09% lower at 17,546.65, while the S&P BSE Sensex fell 0.13% to 58,927.33.

Investors also awaited the results of a two-day U.S. Federal Reserve meeting later in the day, where the central bank is expected to give cues on a possible tapering of its bond buying program.

An indication of tapering would likely impact the market and “suck out some liquidity”, said K.K. Mittal, an investment advisor with Venus India.

Private banks fell 0.7%, erasing gains from the previous session, with Housing Development Finance Corp shedding more than 1% to be among the biggest losers on the Nifty 50.

Media stocks posted their best day ever as Zee Entertainment surged 39% on its board approval for a merger with Sony Group Corp‘s Indian unit, a week after the Indian media giant’s top shareholders had asked for a management reshuffle.

Real estate stocks jumped 8.5%, with Godrej Properties adding 13.2% to lead the charge in the sector.

Analysts have said signs of improving sales on easing COVID-19 restrictions is helping sentiment, with a rise in large asset purchases expected during the upcoming festive season.

Auto stocks ended 1.3% higher, as analysts pointed to similar factors aiding gains in the sector.

Consumer stocks fell, with Nestle India dropping nearly 1.5% to be the top loser on the Nifty 50. On Tuesday, the company’s chairman told https://economictimes.indiatimes.com/industry/cons-products/fmcg/unsure-if-demand-will-stay-inflation-a-concern-for-2022-nestle-india-chairman-suresh-narayanan/articleshow/86386070.cms local media there were no sure signs that sustained consumption is here to stay.



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PFRDA Revises Lumpsum Withdrawal Limit On Exit From NPS

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Investment

oi-Vipul Das

|

The Pension Fund Regulatory and Development Authority (PFRDA) has amended the National Pension System’s premature exit regulations, mandating that a surplus of 20% be provided as a lump sum to the subscriber and the remaining balance be used to purchase an annuity from the Annuity Service Providers (ASP) empaneled by PFRDA. This premature exit will extend to the subscribers of both Government Sector and Non – Government Sector. Under NPS subscribers who are continuously invested for a period of 10 years are categorized as Non – Government Sector.

PFRDA Revises Lumpsum Withdrawal Limit On Exit From NPS

According to PFRDA, if the corpus is equal to or below 2.5 lakh, lump sum is payable and if the corpus is higher than 2.5 lakh, at least 80% of the accumulated pension wealth has to be utilized for the purchase of an Annuity providing for monthly pension to the subscriber. The balance of 20% is payable as a lump sum to the subscriber of the government sector on premature exit before 60 years/Superannuation. Whereas subscribers under the Non – Government Sector lump sum payable if the corpus is equal to or less than 2.5 lakh and if the corpus is more than 2.5 lakh, at least 80% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity. The balance of 20% is payable as a lump sum.

Under normal exit (60 years or beyond) & Superannuation), lump-sum withdrawal is allowed if the corpus is equal to or below 5 lakhs and if the corpus is more than 5 lakhs, at least 40% of the accumulated pension wealth of the subscriber has to be utilized for purchase of an Annuity providing for monthly pension to the subscriber. The balance of 60% is paid as a lump sum to the subscribers of government sector, Whereas subscribers under the Non – Government Sector lump sum withdrawal is allowed if the corpus is less than or equal to 5 lakhs and if the corpus is more than 5 lakhs, at least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity. The balance of 60% is paid as a lump sum.

In case of unfortunate death of a subscriber of government sector lump sum is payable to nominees/legal heirs if the corpus is less than or equal to 5 lakhs. If the corpus is higher than 5 lakhs, at least 80% of the accumulated pension wealth of the Subscriber has to be utilized for the purchase of Default Annuity by dependents and the balance 20% is paid as a lump sum to the nominee/legal heir and if none of the dependent family members (spouse, mother & father) are alive unfortunately, 20% is to be paid as a lump sum to the nominee/legal heir. The balance corpus i.e. 80 % is payable to the surviving children of the Subscriber or to the legal heirs. Whereas subscribers under the Non – Government Sector the entire accumulated pension wealth of the Subscriber is payable to the nominee or legal heirs.

For subscribers who are on-boarded NPS between 18-60 years, PFRDA has clarified in its circular dated 21st September 2021 that “Default Annuity Scheme provides for Annuity for life of the subscriber and the spouse with provision for return of purchase price of the Annuity. Upon the demise of such annuitants, the Annuity will be re-issued to the family members. After the coverage of the family members, the purchase price shall be returned to the surviving children of the Subscriber and in the absence of children, the legal heirs of the Subscriber, as may be applicable.”

Subscribers who join NPS beyond 60 years:

The exit before 3 years shall be treated as ‘premature exit’ and those withdrawals beyond 3 years is the ‘normal exit’. For premature exit, the permissible limit for a lump sum is 2.5 lacs and 5 lacs under normal exit without the need for annuitization. In case of the unfortunate death of those subscribers, the entire corpus shall be paid to the nominee/legal heirs, said PFRDA.

According to PFRDA, if the corpus is equal to or below 2.5 lakhs, lump sum is payable, and if the corpus is higher than 2.5 lakhs, at least 80% of the accumulated pension wealth has to be utilized for the purchase of an Annuity providing for monthly pension to the Subscriber. The balance of 20% is payable as a lump sum, to the subscriber of non-government sector on-boarded NPS between 60-70 years of age but made a premature exit before completion of 3 years.

In case of a normal exit made after completion of 3 years, lump-sum withdrawal is allowed if the corpus is equal to or below 5 lakhs and if the corpus is more than 5 lakhs, at least 40% of the accumulated pension wealth of the Subscriber has to be utilized for purchase of an Annuity providing for monthly pension to the Subscriber. The balance of 60% is payable as a lump sum to the subscriber.

In case of unfortunate death of a subscriber of non-government sector, the entire accumulated pension wealth of the Subscriber is payable to the nominee or legal heirs, according to the new premature exit rules made by PRRDA on dated 21st September 2021.

Source: PFRDA

Story first published: Wednesday, September 22, 2021, 17:38 [IST]



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2 Best Flexi Cap Funds Ranked 1 By CRISIL With 1 Year Returns Over 70%

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PGIM India Flexi Cap Fund Direct Growth

This fund is a multi-cap mutual fund scheme founded by the fund house PGIM India Mutual Fund in the year 2015. According to Value Research, PGIM India Flexi Cap Fund Direct-Growth returns over the previous year have been 74.19 percent, with an average annual return of 17.60 percent since its debut. The fund has a 0.22 percent expense ratio, which is lower than most other funds in the same category.

The fund has major equity sector allocation across Financial, Technology, Healthcare, Construction, Chemicals sectors. ICICI Bank Ltd., Infosys Ltd., Alkem Laboratories Ltd., State Bank of India, and Larsen & Toubro Ltd. are the fund’s top five holdings. The fund’s Net Asset Value (NAV) is Rs 28.95 as of September 21, 2021, and its Asset Under Management (AUM) is Rs 2,030.64 Cr. If you withdraw more than 10% of your investment within 90 days, the fund will charge you a 0.5 percent exit load. SIPs in this fund can be started with as little as Rs 1000 per month.

UTI Flexi Cap Fund Direct Growth

UTI Flexi Cap Fund Direct Growth

It is a multi-cap mutual fund scheme offered by UTI Mutual Fund, which has been in operation for the past eight years. According to Value Research, UTI Flexi Cap Fund Direct-Growth returns over the last year have been 73.71 percent, with an average annual return of 18.42 percent since its debut. The fund’s expense ratio is 1.09 percent, which is higher than the expense ratio charged by most other funds in the same category. CRISIL has given UTI Flexi Cap Fund Direct-Growth a 1-star rating, whereas Value Research and Morningstar have given it a 5-star rating, indicating its potential to provide returns in the long term.

The major equity allocation of the fund is diversified across Financial, Healthcare, Technology, Services, Chemicals sectors. Bajaj Finance Ltd., HDFC Bank Ltd., Larsen & Toubro Infotech Ltd., Housing Development Finance Corpn. Ltd., and Kotak Mahindra Bank Ltd. are the fund’s five best holdings. As of September 21, 2021, the fund’s Net Asset Value (NAV) is Rs 277.01 and its Asset Under Management (AUM) is Rs 22,591.88 Cr. The fund charges an exit load of 1% if units more than 10% of the investments are liquidated within 1 year of the purchasing date. With a minimum monthly contribution of Rs 500, one can start SIP in this fund.

Best Performing Flexi Cap Funds In 2021

Best Performing Flexi Cap Funds In 2021

Based on earlier performance and ratings assigned by different leading agencies, we have selected the best performing flexi cap mutual funds based on our own analysis and research.

Funds 1-month returns 6-month returns 1-year returns 3-year returns 5-year returns Rating by CRISIL Rating by Value Research Rating by Morningstar
PGIM India Flexi Cap Fund 4.47% 31.65% 74.19% 29.12% 21.03% 1 5 star 5 star
UTI Flexi Cap Fund Direct Growth 7.55% 26.51% 73.71% 24.50% 19.71% 1 5 star 5 star

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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