Bandhan bank to take offerforsale route to cut promoters shareholding to 40

first_imgBandhan BankReutersBandhan bank, which has been directed by the Reserve Bank of India to cut down its promoter’s shareholding, has decided to reduce the same through the offer-for-sale (OFS) route. The bank further added that it is not looking at any more acquisitions now. The declaration was made during a press conference of the lender while announcing the results of March quarter. The bank reported a 67.8% increase in its March quarter net profit as a result of higher net interest and non-interest income. The bank managed to beat the analyst estimations and reported a net profit of Rs. 651 crores against Rs. 388 crores last year same period. As per a Bloomberg poll, the Analysts had expected a profit of Rs. 546.30 crore.Announcing results of the first quarter of the current financial year, bank’s CEO and MD said: “We cannot go for any further acquisition and the option is to have an offer for sale.” He also added the bank is under process of getting the approval of authorities and expected to get the National Company Law Tribunal (NCLT) approval as well. “Now we need the approval of NCLT and whenever the approval comes, we will merge the entities. However, we cannot give a timeline for the NCLT approval,” he said. The bank reported a 67.8% increase in its March quarter net profit as a result of higher net interest and non-interest income.Credit:ReutersIt is to be noted that the OFS mechanism was introduced by the market regulator, the Securities and Exchange Board of India (SEBI) in 2012 which allows the promoter of an entity to dilute their holdings in the listed company. The Kolkata-headquartered bank had announced the takeover of Gruh Finance, the affordable-housing finance arm of Housing Development Finance Corporation (HDFC), in a share swap deal. The deal would dilute the promoters holding of Bandhan Financial Holdings Ltd in the bank to 61% from 82% at present. Last month, the Competition Commission of India (CCI) approved the proposed takeover.The deal was necessitated after the apex bank, in September last year, barred Bandhan Bank from expanding its branches without is approval. Moreover, RBI also ordered to freeze the salary of its CEO, Ghosh. As per RBI’s latest bank licensing guidelines, Bandhan Financial Holdings Ltd, the bank’s promoter had to cut down its stake from 82% to 40% within three years of commencing the operations. The deadline ended on 23 August 2018 for Bandhan Bank..last_img read more

EC officials for army deployment to ensure fair polls

first_imgElection CommissionField-level officials of the election commission (EC) are in favour of deploying defence personnel as regular law enforcement to create confidence among voters during the next general elections.They came up with these recommendations as their opinion was sought in order to amend 14 laws, rules and directives ahead of the 11th parliamentary polls.Reinsertion of the provision for ‘No’ option in the ballot paper is another of the 58 recommendations the officials submitted to the law section of the EC secretariat.EC officials said the draft recommendations will be placed at the EC’s consultation meetings with the political parties, civil society leaders and election experts likely to begin soon.The armed forces — army, navy, and air force — were included as a law enforcement agency alongside police, armed police, RAB, ansar, BGB (then BDR), and the coast guard, in the amended version of the Representation of People Order during the past caretaker government in 2008. However, in 2013, the armed forces were excluded from the definition of law enforcement agency as per RPO.Inclusion of the armed forces as a law enforcement agency is being emphasised in view of the fact that the election would be held under the incumbent political government. It is believed to be important for creating an even field for all political parties.”Army deployment is necessary to create confidence in the minds of the voters. In fact, it would be hard to hold a fair election without the army. We cannot understand it why it had been removed from the definition of law enforcement,” said former election commissioner M Sakhawat Hossain.The main opposition Bangladesh Nationalist Party (BNP) has all along favoured army deployment while the ruling Awami League wants to keep the army only as striking force.BNP standing committee member Moudud Ahmed reiterated the party’s demand for deployment of the armed forces and added that the BNP wants election-time supportive government for the sake of fair election.AL presidium member, health minister Mohammad Nasim said the army should be deployed during the next general elections the way current election law has defined.However, Jatiya Party leader GM Quader said, if the army deployment creates confidence among the political parties, army should be included as law enforcement in the electoral laws.Although the EC officials recommended reintroduction of the provision for allowing ‘No’ vote as a choice of electorates, both the AL and the BNP do not consider it important.* This report, originally published in Prothom Alo print edition, has been rewritten in English by Khawaza Main Uddin.last_img read more

Santal beats

first_imgSome of the finest musical traditions and puppetry forms that originated and flourished in the tribal heartland of India have now travelled to the capital city, as the National Museum (NM) is holding an exhibition on documentation of the cultural heritage of the Santal tribal community. The exhibition, Cadence and Counterpoint: Documenting Santal Musical Traditions, is a collaboration between the NM, Crafts Museum (Delhi), Museum Rietberg (Zurich, Switzerland) and Indira Gandhi Rashtriya Manav Sangrahalaya (Bhopal). Also Read – ‘Playing Jojo was emotionally exhausting’The 32-day-long event commencing on Wednesday brings into focus aspects of the intangible and tangible heritage of the Santal community, especially their musical traditions. It has been jointly curated by Ruchira Ghose, Mushtak Khan, Krittika Narula, Marie-Eve Celio-Scheurer and Johannes Beltz.Significantly, it is the first time the NM is holding an exhibition that can be interpreted by the visually-impaired as well. For this, the museum has collaborated with UNESCO and Saksham, a Delhi- based organisation working for people with disabilities, to offer interpretation through a braille booklet, tactile graphics and an audio-guide. A major feature of the exhibition is three objects related to the Santal musical tradition like — Banam, Tamak and Jadupatua. An important part of the exhibition is the documentation of Santal traditions.Where: National MuseumWhen: On till May 2last_img read more

The Best Online Tools for Managing Your Business Contacts

first_img Register Now » Growing a business sometimes requires thinking outside the box. 5 min read Whether you work in sales, advertising, or even journalism, your business will always need a way to manage projects, tasks, professional contacts, and calendar appointments.It’s common to spread each of these tasks among your Outlook, Google Apps, or address book. But with a customer relationship management tool, you can keep all your information in one place and have it accessible to your colleagues.There are several affordable and easy to use CRM options out there now. (Even some free, open source ones). We listed the best services here.1. Zoho is an affordable CRM optionFeatures: Zoho is a full suite of Web-based business apps that are designed to compete with big boys like Microsoft and Google. But Zoho is not afraid to offer the standard set of CRM features while still integrating data from Google Apps, Outlook, QuickBooks, and many more third party services. There’s also a suite of more than 30 Zoho apps ranging from chat to document publishing that makes Zoho an excellent Web-based Office alternative.The good: Google Apps integration, affordable pricing plan, and a mobile site optimized for iPhone.The Bad: Lacks connection to social media sites like LinkedIn or Twitter.Price: Zoho is a freemium service. The top-tier plan costs $25 per user per month. Click here for more pricing details.2. Free CRM isn’t pretty, but it’ll get the job doneFeatures: Free CRM will give you all the basic features such as calendars, contacts, and task management for free. (Up to five users). PC World rated Free CRM one of the best free online business tools.The good: The price is right.The Bad: The dashboard is an eye sore, PC World says its difficult to set up.Price: Free for up to five users. Premium plans are available for more users and include extra features.3. Salesforce is one of the most popular CRMs availableFeatures: Salesforce has too many features and options to list here. You can start with a simple contacts manager or opt for the full suite of features that includes 24/7 support. The fact that several cheaper CRMs integrate Salesforce into their services is further proof that this is one of the best services in the business.The good: Excellent interface, iPhone app, and a million dashboard tools.The Bad: Salesforce isn’t cheap, but it’s one of the best.Price: Starts at $5 per user per month for up to five users. Click here to see a breakdown of each plan.4. SugarCRM is open source and affordableFeatures: SugarCRM is an open source CRM tool with an impressive mobile offering and nice social media integration. If you have a new business, trying out the free, open source version will help you manage your new list of contacts.The good: Twitter integration so you can view your contacts’ tweets from the dashboard, iPhone app.The Bad: The free edition doesn’t allow access to the mobile site.Price: The Community Ediition offers the basic service for free. Other plans start at $360 per user per year. Click here for more plans and prices.5. Check out vtiger as another open source CRM optionFeatures: Like SugarCRM, there’s a free, open source version of vtiger with all the basic features you need: Salesforce integration, calendars, task management, etc.The good: It’s free!The Bad: The desktop application is only available on Windows and Linux.Price: You can also get the full-featured product for $12 per month per user. Click here to sign up.6. We love Highrise’s designFeatures: The Highrise dashboard looks like a Facebook news feed. You can view the latest activity from your contacts in the river, or search for individual contacts and view their history. You can also forward e-mails to your Highrise account and it will automatically link the message to the appropriate contact.The good: Excellent design, iPhone app, and integrates with several other services.The Bad: The top-tier plan only allows 40 users, so large companies may want to stick with Salesforce.Price: The Basic Plan starts at $24 per month and supports up to six users. Click here for the breakdown.7. BatchBook is a “social CRM”Features: BatchBook offers a heavy focus on social media integration. You can view your contacts’ Twitter, Flickr, blog, and LinkedIn updates from your dashboard. There’s also a huge focus on tagging contacts so you can group them together by subject.The good: Social media integration, works with a variety of third-party services like MailChimp and Google.The Bad: Social media updates are cool, but they may not be useful for every business.Price: There are five plans to choose from, starting at $9.95 per month. Click here to see them all.8. Daylite is a Mac-only CRMFeatures: Daylite is a desktop application for Mac OS X and iPhone. The service caters to industries like film, photography, and design, since many in those fields already use Mac. There are also several plugins available, including one that integrates with Apple’s Mail desktop application. It’s not cheap, but if your business runs entirely on OS X, it’s worth looking at.The good: Integrates with Mac OS X native applications iCal and Address Book, iPhone app.The Bad: Not available for Linux or Windows, limited integration options with third party services.Price: Bundles start at $1,499.95 for up to five users. Click here to see a full pricing list.Our Pick: Highrise. This CRM has an excellent user interface, affordable pricing plans for small businesses, and can be accessed from any computer. Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global Brought to you by Business Insider December 3, 2010last_img read more

IBM to Sell Server Business to ChinaBased Lenovo for 23 Billion

first_img Opinions expressed by Entrepreneur contributors are their own. Free Workshop | August 28: Get Better Engagement and Build Trust With Customers Now January 23, 2014 This hands-on workshop will give you the tools to authentically connect with an increasingly skeptical online audience. Enroll Now for Free 2 min read A deal that has been rumored for several months, China-based PC maker Lenovo Group Ltd has agreed purchase IBM’s server business in the biggest merger deal in Chinese history, worth $2.3 billion.Lenovo rose to the top of the PC industry after acquiring IBM’s struggling ThinkPad business for $1.75 billion in 2005. But with powerful competition from smartphones and tablets, the Beijing-based computer company is seeking to diversify by moving into the x86 server business.For IBM, the extra capital should allow the company to continue to concentrate on its more profitable businesses such as software.The announcement comes after a tumultuous bargaining process that saw negotiations deteriorate last year over the price. IBM reportedly sought up to $6 billion for its server business.Related: The Real Reason Why Google Bought Nest for $3.2 BillionIBM’s server business posted a loss of $26.4 million in the last 12 months and profits of $187 million in the 12 months that ended last March. Lenovo told Reuters that the x86 generates $4.6 billion in annual revenue.In the wake of revelations about the U.S. security state, Beijing is trying to reign in foreign technology purchases. Analysts say that Lenovo will likely have an easier time selling the x86 servers to local companies than IBM.The acquisition, which still needs to be approved by the Committee on Foreign Investment in the United States., would boost Lenovo’s market share in the sector from 2 percent to 14 percent.Related: Intel Wants to Make Computers Think More Like Humanslast_img read more