Current Affairs India - 6 February 2013

1. In fresh trouble to Sahara group, the Supreme Court on has said today that SEBI is free to freeze bank accounts and seize properties of its two companies of the group, Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC),  for defying court orders by not refunding Rs 24,000 crore to millions of  investors. The apex court also pulled up SEBI for not taking action against the companies as of now. The apex court had  earlier directed the two companies to refund around Rs 24,000 crore to their investors within three months with 15% per annum for raising the amount from its investors in violation of rules and regulations in August last year. Now the group has to arrange huge amount of money to pay back both the principal and interest amount to those investors.


2. India-s Private sector bank Kotak Mahindra Bank has acquired Barclays India's business loans portfolio or SME lending business worth about Rs 700 crore involving more than 6000 customers. The deal amount is not disclosed. The acquisition is in line with Kotak Bank's strategy to add value to its existing business lines as it strengthens its business loans portfolio. Also these acquired loans are classified as standard loans as per existing regulatory norms governed by the RBI.


3. Travel services provider Thomas Cook (India) Ltd (TCIL) has announced that it is acquiring 74% stake in HR solutions company IKYA Human Capital Solutions for Rs 256 crore. The company expects the acquisition to add to its existing bouquet of services.  IKYA offered specialized HR services that included search, recruitment, project-based hiring and skill development to more than 500 corporate clients in India. The move would enable TCIL to expand its portfolio of service related businesses by making a foray into India-s human resource market with very high growth potential.


4. Chairman and MD of Cipla Ltd, India's second largest healthcare company by market cap, YK Hamied has decided to step down as the MD of the company. However he will continue to be the chairman of Cipla in a non-executive role effective from 1st April this year. YK Hamied had taken over the MD role of Cipla after his father Khwaja Abdul Hamied died in 1972.


5. India-s women cricket team has been eliminated from the ICC Women's World Cup yesterday after they were defeated by Sri Lanka Women cricket tea. Chasing a target of 283 to win, the Indian team was all out for 144 in 42 overs in a group A match in Mumbai yesterday. At the same time, England Women cricket team advanced to the super sixes after beating the West Indies by six wickets from the same group.