We are happy to inform you that Study Circle meeting of Chennai West of ICSI of SIRC will be held on today ( June 15, 2013.) Mr. Henry Richard, ROC, Chennai has kindly consented to address the members.
| Infosys board meeting under Sebi scanner |
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Mumbai/ Bangalore, 14 June The Securities and Exchange Board of India ( Sebi) has asked Infosys for details about a June 1 board meeting where the decision to appoint NR Narayana Murthy as executive chairman was taken. The capital market regulator sought the information on the series of events in the run- up to the meeting, the outcome of which drove up Infosys shares up by nine per cent on the next trading day ( June 3). Sebi had also asked Infosys about the list of people who were privy to the agenda of the board meeting, said a source. The regulator is looking into the reasons for the price rise and spurt in activity in the stock a day before the event (May 31) when sentiment in shares of other software exporters and the broader market was weak. In response to an email query by Business Standard on the matter, Infosys said, " Sebi has sought certain clarifications from us relating to the board meeting held on June 1 and we have provided the same. We will fully co- operate with Sebi and provide all necessary information in this matter." On May 31 ( the day before the board meeting), roughly 24 million shares of Infosys, worth ₹ 575 crore, were traded on both the exchanges against a three- month daily average of 14.5 million shares, worth about ₹ 365 crore. The stock had advanced 2.7 per cent on May 31 when the Sensex fell 2.3 per cent and the BSE IT index gained 0.4 per cent. Brokers said the surge in volumes on that day was driven by a few large deals in the last hour of trading session. Talks to bring Murthy back from retirement to Infosys were initiated on May 4. This was revealed by Murthy during a press briefing on June 1, soon after the board met to decide on his re- entry. Murthy said he was approached by the outgoing chairman, K V Kamath, on May 4 when he returned to Bangalore from aforeign trip. Investors and analysts cheered Murthy's return, as Infosys' earnings have disappointed Dalal Street in the last two years. The re- entry has heightened hopes of Infosys regaining its past glory. After spurt in share trade, regulator seeks details about meet in which Murthy's return was decided INFY ON THE BOURSES The board meeting in question was held on May 31 Date Price ( in ~) Shares ( mn) T/ O (~ cr) 3M A- shares ( mn) 3M A- T/ O (~ cr) 27/ 5/ 2013 2,366.35 4.67 110.27 14.92 378.79 28/ 5/ 2013 2,366.35 5.61 132.75 14.84 375.98 29/ 5/ 2013 2,350.50 6.87 162.13 14.67 370.65 30/ 5/ 2013 2,342.15 8.96 209.57 14.60 367.94 31/ 5/ 2013 2,407.60 24.01 575.47 14.52 364.79 03/ 6/ 2013 2,513.94 46.42 1,181.61 14.77 369.82 3M A = 3- month rolling average; T/ O = Turnover |
| Mumbai police salary accounts with Axis Bank hacked |
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Mumbai, 14 June At least 15 personnel of the city police have found their Axis Bank salary accounts hacked into and the money withdrawn, it appears, from ATMs in Greece. The matter has been considered serious enough for the state's director- general of police to discuss with Axis; a team led by a deputy commissioner of the force is probing. Axis has set up a team, too. A case has been registered at the Colaba police station. In all, 37 accounts have been found hacked. The total amount debited fradulently is ₹ 15.47 lakh, of which ₹ 2.5 is from the salary accounts of 15 Mumbai policemen. "Axis Bank has assured return of the money to the police personnel through the insurance scheme," a city police official told Business Standard. Axis' spokesperson said: " A small number of our customers' accounts (less than 50) have been impacted through transactions at compromised ATMs in Mumbai, belonging to multiple banks. We have reversed the impact in all such customers' accounts with immediate effect, to ensure they are not inconvenienced. We are undertaking a full investigation into the incident and are working closely with law enforcement officials in this regard. We wish to assure our customers that Axis Bank stands committed to protecting their interests and that we have the necessary systems to ensure the same." Cyber expert Vijay Mukhi said it was a case of cloning, wherein the hackers succeeded in copying the magnetic stripe placed on the back of an ATM card and also the PIN. " The hacker must have sold it to somebody who has withdrawn the money from Greece," he added. Mukhi suggested ATMs be upgraded to the use of chip- based cards, which cannot be cloned. Further, banks should focus on location tracking. Money withdrawn from ATMs in Greece |
Company Secretary, Chennai
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