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Debt recovery tribunal cannot accept equity shares
The Delhi high court last week ruled that equity shares cannot be considered as liabilities under the Recovery of Debts Due to Banks and Financial Institutions Act. Therefore, a claim to issuance of shares or delivery of shares in place of debt repayment cannot be regarded as an action seeking the recovery of a debt as defined in Section 2(g) of the said Act. This ruling against the order of the debt recovery tribunal in Delhi came in the case, Cochin International Airport Ltd vs Hudco. http://smallpersonalloans.org.uk

Mahindra Satyam to expand Malaysia operations
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.

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MCF to invest Rs 500 cr in retail foray
Vijay Mallya-controlled Mangalore Chemicals and Fertilisers Ltd (MCF)has embarked on an agri project initiative with a twin objective of helping farmers use best farming practices and offer the consumer good-quality staples and vegetables.
Business Ideas

Galleon exits Edelweiss; sells 7% stake for Rs 255.54 cr

Galleon Group LLC, the US hedge fund whose founder Raj Rajaratnam has been charged with insider trading, has exited domestic brokerage firm Edelweiss Capital by selling entire 7.02 per cent stake in the company. - 4 Indians among 20 charged - IIM-A alumni"s firms flock to campus to recruit for summer - Wall St insider trading: 14 charged - Edged with colour - Galleon said to have liquidated more than 90% of investments - Prosecutors knew since 2001 about Galleon seeking data Galleon Group, through its various arms, sold its entire holding in Edelweiss Cap for Rs 255.54 crore through open market transactions, the bulk deal data available on the Bombay Stock Exchange (BSE) showed. Galleon, through its funds Galleon International Master Fund and Galleon Special Opportunities Master Fund, sold 52.68 lakh shares of Edelweiss Cap at a price of Rs 485 a piece. As per the September quarter shareholding available on the BSE, Galleon International Master Fund held 4.42 per cent and Galleon Special Opportunities Master Fund held 2.60 per cent stake in Edelweiss Capital. In another bulk deal, promoters of Edelweiss Capital -- Rashesh Chandrakant Shah and Venkat Ramaswamy -- bought 21.13 lakh shares, representing 2.81 per cent stake in firm, for Rs 102.52 crore, the data showed. Switzerland-based Privatbank IHAG Zürich bought 26 lakh shares of Edelweiss Capital at Rs 485 per share, while Reliance MF has purchased 8 lakh shares worth Rs 38.80 crore. Billionaire Raj Rajaratnam and five others, last month, were arrested by the US authorities in connection with alleged insider-trading fraud estimated to be $20 million. Shares of Edelweiss Capital closed at Rs 485.25 on the BSE, up 0.86 per cent from its previous close.


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