Reebok's ex-MD, COO among five arrested for fraud
BS REPORTER & PTI
New Delhi/Gurgaon, 19 September
Reebok India's sacked MD Subhinder Singh Prem and former COO Vishnu
Bhagat were today arrested along with three others for their alleged
involvement in a ~870-crore fraud in the company.
Singh, Prem and three others, Sanjay Mishra, Prashant Bhatnagar and
Surakshit Bhatt, have been arrested and will be produced in court
tomorrow. "We will seek their custody," said Assistant Commissioner of
Police Bhupinder Singh, who heads the special investigation team (SIT)
probing the case.
Prem and Bhagat were booked for fraud, criminal conspiracy and other
charges under the IPC for allegedly siphoning the sportswear company's
money by creating ghost distributors across the country and generating
forged bills over five years.
When the alleged scam came to light in March 2012, Prem, who had been
made the managing director of Adidas India last year as part of an
integration of the businesses of both Adidas and Reebok brands, was
dismissed from the company. Bhagat's services were terminated, too.
The company's financial director, Shahim Padath, later lodged a formal
complaint against the duo. The economic cell of Gurgaon police
conducted a probe and found that Prem and Bhagat had allegedly rented
four warehouses without informing their seniors and used them to store
goods and claimed they were supplied to genuine dealers.
They also allegedly siphoned goods to ghost companies and distributors
across the country, claiming they were defective pieces. On the
complaint of Shahim, an FIR was lodged against them. Prem and Bhagat
have denied the charges.
Sources close to Prem say for the past two days Prem and Bhagat had
been visiting the SIT to help in the investigation.
The case was handed to the Serious Fraud Investigation Office (SFIO),
which investigated the alleged fraud in the company. The SFIO is
expected to come out with its interim report in a few weeks
Finance ministry gears up for capital market push next week
SANTOSH TIWARI
New Delhi, 19 September
Undeterred by the political tussle over reform measures announced
recently, the finance ministry is set to move into overdrive next week
on initiatives to boost capital markets.
A senior finance ministry official told Business Standard
the Cabinet's appointment committee had approved the appointment of
Anup Wadhawan, a 1985 batch Indian Administrative Service officer, as
joint secretary in charge of capital markets. The official added a
number of steps were likely to be announced as soon as he joined the
ministry. These included the Rajiv Gandhi Equity Savings Scheme
(RGESS) and a scheme for external commercial borrowings for affordable
housing.
Currently, Wadhawan is joint secretary in the commerce ministry. In
the finance ministry, he would succeed Thomas Mathew, who was shifted
to Rashtrapati Bhawan earlier this month.
The ministry official said the final norms of RGESS, announced in the
Budget, were ready and could be announced on any date approved by
Finance Minister P Chidambaram.
Meanwhile, continuing with its efforts to push disinvestment with the
help of offers for sale through stock exchanges, the Department of
Disinvestment has invited bids from merchant bankers for divesting the
government's stake in Oil India (OIL). The deadline for expressions of
interest by merchant bankers and brokers for 10 per cent government
stake in OIL is October 4.
The process for disinvestment in NMDC, MMTC and Nalco has already been
initiated. To meet the disinvestment target of ~30,000 crore for this
financial year, the disinvestment department has invited bids from
advisors for setting up an exchange-traded fund (ETF) for selling
shares of public sector undertakings. The ETF would be an investment
fund, traded like stocks on exchanges. It would have an underlying
benchmark, possibly an index on a stock exchange. The deadline for
submitting proposals to set up the central public sector enterprises
ETF is October 8.
The ministry expects these measures would improve investor sentiment
and ensure the government meets the disinvestment target for the
current financial year. ON THE AGENDA
|Cabinet's appointment committee approves appointment of Anup
Wadhawan, former IAS officer, as joint secretary in charge of capital
markets |Steps to be announced by the ministry include, Rajiv Gandhi
Equity Savings Scheme and a scheme for ECBs for affordable housing
|Department of Disinvestment has invited bids from merchant bankers
for divesting government's stake in Oil India Limited.
|Process for disinvestment in NMDC, MMTC and Nalco has been initiated
|Ministry expects these measures to improve investor sentiment and
help meet the disinvestment target of ~30,000 crore for this financial
year
--
.
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CS A RENGARAJAN,, B.Com ,FCS, LLB, PGDBM
Company Secretary, Chennai
email csarengarajan@gmail.com
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