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Rana Kapoor in ED Custody, Faces ~4K-Crkickbackprobe

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Rana Kapoor in ED Custody, Faces ~4K-Crkickbackprobe MONDAY, 9 MARCH 2020 16 pages in 1 section www.business-standard.com MUMBAI (CITY) ~9.00 VOLUME XXIV NUMBER 146 How markets performed last week % Chg over Dec 31, ‘19 Index on *One- --———————————————————————————————————————————————————————— Mar 6, ‘20 week Local currency in US $ Sensex 37,577 -1.9 -8.9 -11.9 Nifty 10,989 -1.9 -9.7 -12.6 BACK PAGE P14 BACK PAGE P14 Dow Jones 25,865 1.8 -9.4 -9.4 Nasdaq 8,576 0.1 -4.4 -4.4 Hang Seng 26,147 0.1 -7.2 -7.0 WHEN MODI SIGNED OFF, AND 7 ARAMCO SLIPS 9%, Nikkei 20,750 -1.9 -12.3 -9.6 FTSE 6,463 -1.8 -14.3 -15.7 WOMEN ACHIEVERS TOOK OVER NOW BELOW IPO PRICE DAX 11,542 -2.9 -12.9 -12.3 *Change (%) over previous week Source: Bloomberg PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE 5 NEW CORONAVIRUS CASES IN KERALA, TOTAL Rana Kapoor in ED custody, COUNT NOW AT 39 Foreign pension faces ~4K-cr kickback probe funds may soon 12 SHELL FIRMS, 2 UK LONDON-BOUND CBI BOOKS KAPOOR ASSETS, 44 PAINTINGS DAUGHTER STOPPED AND WADHAWAN ON get more leeway UNDER ED SCANNER AT MUMBAI AIRPORT CHARGES OF CHEATING SUBHOMOY BHATTACHARJEE New Delhi, 8 March The number of coronavirus cases rose to 39 in SHRIMI CHOUDHARY India on Sunday, after a couple and their son, New Delhi, 8 March Deep reforms are on the anvil in the who had flown from Italy last month and country’s pension market, with plans to evaded airport screening, and their two he Enforcement Directorate permit foreign pension funds to set up relatives tested positive in Kerala. The number (ED) has found that YES Bank independent pension trusts and make of novel coronavirus cases in the world stood co-founder Rana Kapoor and his the Pension Fund Regulatory at 105,836, including 3,595 deaths, across T family set up over a dozen shell Development Authority (PFRDA) the SECTOR SNAPSHOT 95 countries and territories. firms that were allegedly used for receiving sole authority to allow a pension product 2016 Dec 18 Dec 19 CAGR kickbacks to the tune of ~4,300 crore and into the market. This could entail a thor- AIRPORTS START STRINGENT invested in properties illegally. ough rewrite of the pension products over4 yrs SCREENING TO CHECK SPREAD P6> The agency arrested Kapoor, 62, early that insurance companies and some since ‘16 Sunday morning in connection with a mutual funds offer today in the fast- Number of subscribers (mn) money-laundering probe — three days expanding market for retirement prod- 12.23 25.41 32.69 27.85 after the Reserve Bank put YES Bank ucts in India. Contribution to NPS (~crore) under a 30-day moratorium and super- These are part of some 30 changes ON 95,849 22,6813 30,1851 seded its board. Kapoor was produced in a that the finance ministry is planning to 33.21 MONDAY Mumbai sessions court, bring in by amending the PFRDA Act of Assets under management (~crore) SPECIALS 118,810 291,060 401,152 EDIT PAGE 9 which remanded him in 2013. The amendment will also involve a 33.00 ED custody till March 11. change in the name of the regulator. Source: PFRDA data BUSINESS LAW END OF A LONG ROPE The agency told the court Instead of ‘Pension Fund Regulatory Regulating cryptocurrency: that Kapoor’s custody Development Authority’, the regulator The amendments will also help to On an uncharted path 13 > was required to investi- will be known as Pension Regulatory attract more foreign investors, who are Experts want the government and the gate the role of some companies run by his YES Bank co-founder Rana Kapoor being taken to a sessions court after being Development Authority. now allowed to invest upto 49 per cent in Reserve Bank to formulate light-touch family members, and are directly and indi- arrested by Enforcement Directorate, in Mumbai, on Sunday PHOTO: KAMLESH PEDNEKAR The word ‘fund’ will be deleted from the sector. Though government officials norms to help foster growth of this rectly controlled by him. the name because, as a government have often talked of plans to raise this evolving ecosystem, GEETIKA SRIVASTAVA “Kapoor obtained undue pecuniary THE DHFL ANGLE source explained, “The regulator is in limit to 74 per cent (in tandem with the & SUDIPTO DEY write advantage from DHFL (Dewan Housing | Bank gave loan | To cover this, DHFL gave | ~750 cr more given charge of the entire pension sector and insurance sector), the straitjacket of the Finance Corporation) in the matter of not just of the funds. The new name will pension rules is seen as a dampener. to DHFL against ~600 cr to Kapoor family to DHFL promoter > PERSONAL FINANCE investments in the debenture of DHFL ~3.7K-cr debentures firm against ~40-cr assets firm after default reflect this position better.” Turn to Page 3 Take charge of your by YES Bank, through the companies held financial life 11 > by his wife and daughters. It is also appre- While recounting their own journeys, hended that Kapoor had misused his offi- “Prima facie, there appears to be gen- under progress. three achievers from the financial services cial position in several other transactions eration and laundering of proceeds of Sources said these firms used the kick- industry advise women on how to achieve and obtained illegal kickbacks directly or crime to the tune of ~4,300 crore by the back amounts to buy properties valued at COVID may delay roll-out indirectly through entities controlled by ‘accused’ persons under Prevention of ~2,000 crore. The current market value security in money matters him and his family members,” the ED Money Laundering Act (PMLA), 2002,” of the assets could be more than ~5,000 THE SMART INVESTOR said in the remand to court, which was the ED said, adding further investigation crore, said ED officials. Low on confidence & growth, seen by the Business Standard. into the money trail of the proceeds was Turn to Page 10 > of Vivad se Vishwas scheme pvt banks in for tough days 12 > DILASHA SETH Majority of private bank stocks are REVENUE SHORTFALL New Delhi, 8 March down 10-33% YTD, indicating Direct tax collection 2019-20 ~ trn % growth weaning conviction in the sector, Shadow over AT-1 bond mkt Vivad se Vishwas, the government’s flag- HAMSINI KARTHIK writes ship scheme for resolving direct tax dis- Budget Estimate 13.35 17.30 POLITICS & PUBLIC AFFAIRS Small banks may find it difficult to access capital MAN WHO SAID ‘YES’ putes, may get an extended deadline Revised Estimate 11.7 2.80 beyond March 31 on account of the coron- Brand Mamata unleashed 14 > TO A CHOSEN FEW Collection JASH KRIPLANI impact investments of unit holders unless the avirus outbreak and a late notification, 7.45 -6.25 Banglar Gorbo Mamata campaign is (April-January) Mumbai, 8 March regulatory stance on the bonds changes. When Rana Kapoor arrived for which is still to come. Income-tax (I-T) offi- Required collection aimed at creating a personality cult “The scheme is still in the draft stage but, if ED questioning on Saturday, he cers are saying most people will need time 4.25 20.00 (February-March) ahead of the West Bengal election, The ~1-trillion additional tier-1 (AT-1) bond mar- implemented, it would indicate a shift in regu- seemed a far cry from the to arrange for funds to participate in the AVISHEK RAKSHIT writes ket — also called perpetual bonds — is likely to latory thinking on these bonds. This will have hard-driving executive who scheme and coronavirus will make it Source: CGA, Budget see a heavy loss of investor appetite after an impact on appetite for these bond issues. In made YES Bank one of India’s tougher for some firms, and many at their STATSGURU Reserve Bank of India proposed writing-down 2017-18, some of public sector banks with weak largest banks. global headquarters are shut temporarily. bright because otherwise assessees will > Mapping bank mergers 4 the AT-1 bonds of YES Bank. Forcing bond- financial health and equity erosion were put SACHIN P MAMPATTA writes 4 > The Direct Tax Vivad se Vishwas Bill not get a fair chance to participate in the holders to take a 100 per cent haircut on the under prompt corrective action of the RBI, but was passed by the Lok Sabha on scheme, which will make it unfair to most. bank’s AT-1 bonds would lead to losses to the AT-1 obligations were still paid out fully,” said R Wednesday. Being a money Bill, it does not Besides, genuine concerns like COVID-19 tune of ~10,800 crore, estimates Acuité Ratings. Sivakumar, fund manager at Axis MF. “In the BANKERS’ TRUST require the Rajya Sabha’s nod. However, it need to be taken into account,” said a tax No edition It says such a move can drive away investors current scenario, we are seeing a different treat- will go to the Upper House, which can rec- officer. Another tax officer said firms were YES Bank rescue: India’s There will be no edition of the newspaper from such bond issues in the future. ment for these bonds.” Fund managers and > ommend changes, but it will be up to the approaching the I-T department on delays on Tuesday as the offices of Business According to the rating agency, the bulk of fixed income experts say the regulator’s treat- TARP moment? 8 Lok Sabha to accept those or not.
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