[aaykarbhavan] Business standard updates

News  in  Brief  -  some  of  the  news  highlights   For  more  details,  please read  business standard articles  appended  below.

Savings accounts for minors to promote financial inclusion

Savings  accounts  for  minors  to  promote  financial  inclusion:-  Individual  banks  has  to  take  necessary  safety  before  opening  such  accounts.  Helps  for  more  financial  inclusion.

YES Bank to seek regulatory clarity on Kapur's status

Yes  Bank  is  seeking  clarification  from  regulatory authorities  on  status  of  Mrs.Madhu  Kapur   that  whether  she  can treated as  Promoter or  not. 

"Madhu Kapur being successor of late Ashok Kapur cannot be considered as Indian partner or India promoter and accordingly, cannot inherit the rights under Articles of Association or the status of promoter of YES Bank," YES Bank had said in a statement on April 28

Govt plan to drop conciliation offer prompted Vodafone arbitration move

Telecom major Vodafone's international arbitration notice in its ₹ 24,000- crore tax dispute with the government came after the income tax department decided to withdraw its conciliation offer in the matter without waiting for a tribunal's decision in the transfer pricing case. 

IPOs can't bank on the rich

Reserve requirements, mandatory investment in G- secs under Companies Act may slow lending for HNI investment in IPOs

NBFC  has  to  maintain  Debenture  redemption  reserve   with  15%  investment  in  G-Secs.

Real estate investment trusts get regulatory push

A  Real  Estate  investment  trust ( REIT ) is an investment vehicle that puts money into real estate assets to generate income     Let  us  wait  for  SEBI   final  decision for  creation of  the trust.

 

  

 

Savings accounts for minors to promote financial inclusion

PUNEET WADHWA New Delhi, 8 May On Tuesday, the Reserve Bank of India ( RBI) allowed minors aged more than 10 years to open and operate savings bank accounts independently. Taking into account their risk management systems, banks, however, can fix limits in terms of the minimum age and the amount up to which minors may be allowed to operate the deposit accounts. They can also decide the documents required to open such accounts. The central bank's directive also allows banks to offer additional banking facilities to minors. These include internet banking, automated teller machines/ debit cards and cheque book facilities, subject to the conditions that these accounts aren't overdrawn and always maintain a certain credit balance. Safety In December, 1976, RBI had allowed banks to open accounts ( fixed and savings deposit) for minors, with their mothers as guardians, subject to certain safeguards. In 1989, the facility was extended to recurring deposits. The central bank has said its latest step will promote financial inclusion and bring uniformity among banks in opening and operating minors' accounts. But should one worry about safety? Soumya Kanti Ghosh, chief economic advisor ( economic research department), State Bank of India, says, " This is apositive step and is directed towards enabling more people to have bank accounts, with an objective of financial inclusion. With this, 10- year- olds can now open accounts singularly. In certain cases, in which banks allow minors aged at least 12, the move will reduce the age criterion. This will help banks get more accounts into their fold." "I am not too worried about the safety element, as it is well taken care of by banks. Banks have multiple security layers. Moreover, KYC ( know- yourcustomer) norms are quite stringent and take care of verification and validation of all accounts," he adds. In some cases, RBI's latest move merely lowers the age requirement. Several products that let minors open and operate savings bank accounts are already available, albeit if they are aged more than 12. HDFC Bank, for instance, allows those aged more than 12 to open and operate savings bank accounts. " The minor can open a savings bank account and this can be operated by the natural guardian or the minor himself/ herself, if he/ she is aged more than 12. The account can also be opened jointly," the bank's website says. " On attaining majority, the erstwhile minor should confirm the balance in his/ her account, and if the account is operated by the natural guardian/ guardian, fresh KYC documents and specimen signature of the erstwhile minor, duly verified by the natural guardian, will be obtained and kept on record for all operational purposes," it adds. ICICI Bank offers the ' ICICI Bank Young Stars Account' for those aged up to 18. According to the norms for these, it is essential for the parent/ guardian to hold an account with the bank, too. The bank, however, authorises only the guardian/ parent to open and operate the account. Similarly, Kotak Mahindra Bank offers the ' Kotak Junior Account', for which non- maintenance charges are waived. These accounts have personalised debit cards for minors, which are issued only on a guardian's request to children aged more than 10, with a withdrawal limit of ₹ 5,000. NO PARENTAL GUIDANCE more than 10 years to open and operate savings bank accounts independently limits in terms of the minimum age amount up to which minors may be allowed to operate the accounts had allowed banks to open accounts for minors, with their mothers as guardians financial inclusion

 

SBI to launch children's savings a/ c in 3 months BS REPORTER Mumbai, 8 May Following the Reserve Bank of India ( RBI)' s move to allow minors aged more than 10 to open and operate savings bank accounts independently, the State Bank of India ( SBI) on Thursday said it would start a special scheme for children soon. "We do open accounts for children, but we have restrictions on overdrafts. This is because if there is overdraft, we won't be able to realise it. However, there is no restriction on deposits. We are going to launch a special scheme for children in the next three months," SBI Chairman Arundhati Bhattacharya told reporters on the sidelines of abanking seminar organised by the Indian Merchants' Chamber. SBI wouldn't issue cheque books for such savings bank accounts, she added. RBI has said for accounts for minors, banks can decide the age criterion and the amount up to which minors can be allowed to transact. It had added banks were free to offer additional facilities such internet banking, ATM (automated teller machine)/ debit cards, cheque book facility, etc, subject to the conditions these accounts weren't overdrawn and always had a certain balance. On RBI's directive to stop charging prepayment penalties on floating- rate loans, Bhattacharya said as SBI didn't have any such charges, there would be no impact on its margins. She added the bank charged foreclosure fees on fixed- rate term loans. On the priorities before the new government, the SBI chief said it had to contain inflation on a priority basis and take steps to revive the investment cycle. It had to engage with state governments for building consensus on implementing various policies on land acquisition, etc, she added. On lending models for commercial loans, she said there was a limit to asset- backed lending, as was the case with infrastructure financing. Banks would have to consider experimenting with cash- flow- analysis- based funding to farmers and small and medium enterprises. YES Bank to seek regulatory clarity on Kapur's status PRESS TRUST OF INDIA New Delhi, 8 May Private sector lender YES Bank is seeking clarity from concerned regulators, including the Securities and Exchange Board of India (Sebi), on whether Madhu Kapur can be moved out of the promoter category. Against the backdrop of an ongoing legal tussle over Madhu Kapurs right to nominate directors on the lenders board, the YES Bank board late last month had decided that she cannot be treated as a promoter. Last month, the Bombay High Court had directed Rana Kapoor and Madhu Kapur to amicably resolve a dispute relating to the latters right to nominate directors on YES Banks board. Madhu Kapur is the estranged sister- in- law of YES Bank CEO Rana Kapoor. She and her family as well as a related entity together have nearly 12 per cent stake in the bank, according to data available with stock exchanges. " In order to ensure compliance with law, the bank is in the process of seeking regulatory clarifications on the matter from the concerned authorities. Further, the bank has made appropriate public disclosures in this regard...," a YES Bank spokesperson said. He was responding to queries on whether the bank with regard to plans to remove Madhu Kapur from the promoter category, has the bank sought clarifications from Sebi, the corporate affairs ministry and the Reserve Bank of India ( RBI). In the shareholding pattern details provided to the NSE, YES Bank has mentioned " subject to regulatory clarifications" against promoter entities —Madhu Kapur and family, and Mags Finvest Private Ltd. At the end of March, 2014, Madhu Kapur and family held 9.74 per cent while the shareholding of Mags Finvest stood at 2.17 per cent. Madhu Kapur is the wife of late Ashok Kapur who was co- founder and promoter of YES Bank. "Madhu Kapur being successor of late Ashok Kapur cannot be considered as Indian partner or India promoter and accordingly, cannot inherit the rights under Articles of Association or the status of promoter of YES Bank," YES Bank had said in a statement on April 28. The board of YES Bank had taken this decision during their meeting last month. "Since the advocates of Madhu Kapur as a start up to any amicable resolution require the bank to recognise her rights as Indian partner, the board is not in a position to accede to any such request for the reason mentioned above," it had said. Rana Kapoor and Ashok Kapur jointly founded the bank in 2004. Ashok Kapur was killed in the Mumbai terrorist attack of November 2008. In 2013, Madhu Kapur had moved the Bombay High Court alleging that Rana Kapoor attempted to deprive her and her daughter Shagun Kapur Gogia of a place on the board. In 2013, Madhu Kapur had moved the Bombay High Court alleging that Rana Kapoor attempted to deprive her and her daughter Shagun Kapur Gogia of a place on the board Govt plan to drop conciliation offer prompted Vodafone arbitration move VRISHTI BENIWAL & SURAJEET DASGUPTA New Delhi, 8 May Telecom major Vodafone's international arbitration notice in its ₹ 24,000- crore tax dispute with the government came after the income tax department decided to withdraw its conciliation offer in the matter without waiting for a tribunal's decision in the transfer pricing case. Officials said the tax department had prepared a Cabinet note to withdraw conciliation on Finance Minister PChidambaram's instructions. "The note was moved before we received the arbitration notice on April 17," said the official, asking not to be named. On Thursday, Chidambaram said he had already proposed to the Cabinet that since Vodafone had issued a fresh arbitration notice, the original offer of a non- binding conciliation should be considered withdrawn. "That offer is no longer there," he told reporters here. In its April 17 notice, Vodafone said it would go ahead with an international arbitration, preferably in London, to resolve the long- pending tax dispute concerning its 2007 acquisition of Hutchison Whampoa's stake in Hutchison- Essar. It gave the government two months to respond to the notice. The latest Cabinet note was the second proposal to withdraw the conciliation offer. The finance ministry had circulated another Cabinet note seeking to withdraw the offer in February, too. However, the Cabinet had put that on hold, pending settlement of Vodafone's transfer- pricing case at the Income Tax Appellate Tribunal ( ITAT), and asked the tribunal to hear it expeditiously. However, the I- T department decided to move a second note, as it found the ITAT hearing was not ending anytime soon. Asked why the department did not wait for ITAT's decision, the official said: " Hearing on the transferpricing case was on at ITAT, but it was taking time." Other sources close to the development said Vodafone served the arbitration notice after a three- month window given in the conciliation offer, which started on January 17, ended. They said India would have to appoint arbitrator of its choice by June 17, failing which international arbitration court could appoint an arbitrator on its behalf. The finance ministry is confident that Vodafone doesn't have a basis to go for international arbitration. According to officials, the notice was served under the Bilateral Investment Promotion and Protection Agreement (Bippa) between India and the Netherlands, which does not cover tax issues. In 2012- 13, the government had amended the Income Tax Act with retrospective effect to upturn a Supreme Court judgment and tax Vodafone on Hutchison- Essar deal. The dispute relates to the incometax department's demand of ₹ 7,900 crore of tax from Vodafone. It was later raised to ₹ 23,800 crore with interest of around ₹ 8,000 crore and apenalty of ₹ 7,900 crore for defaulting on tax payment. But later, as the move got India a lot of criticism and negative publicity, the finance ministry agreed to make a conciliation proposal to Vodafone. Parthasarathi Shome, advisor to the finance minister, said," I had wished and hoped the conciliation would have been feasible because then, a huge amount of revenue could have been garnered. But it's a government decision...." Shome, who headed a panel to review the retrospective amendments to the IT Act, was talking to reporters on the sidelines of an Assocham event to felicitate him. A Cabinet approval was taken for the conciliation, but the process could not start, as Vodafone wanted it under the United Nations Commission on International Trade Law ( Uncitral), while the government was not ready to do it outside the Indian Arbitration and Conciliation Act. Besides, Vodafone wanted to club its transfer- pricing cases in the same conciliation. The company is fighting a ₹ 3,700- crore transfer- pricing dispute with tax authorities for atransaction made in 2008- 09. Recently, the tax department had added another ₹ 3,200 crore to the income of Vodafone in a fresh transferpricing case, pegging its additional tax liability at over ₹ 1,000 crore. "Since Vodafone and the Indian government have been unable to find an amicable means of resolving the dispute, Vodafone has commenced an international investment arbitration as a way to achieve resolution," the telecom company had said in a statement on Wednesday. SHUFFLING CALLS |May ' 07: Vodafone acquires Hutchison- Essar |Oct ' 09: Revenue dept asks Vodafone why the deal is not taxable |May ' 10: Dept claims jurisdiction to tax the deal |Jun ' 10: Vodafone moves the Bombay HC |Sep ' 10: The Bombay HC rules in favour of the revenue dept; Vodafone moves SC, which asks dept to quantify tax dues |Oct ' 10: Revenue Dept raises tax demand |Apr ' 11: SC bars the dept from enforcing penalties till case is resolved |Jan ' 12: SC rules in favour of Vodafone |Mar ' 12: Retrospective changes to I- T Act announced |Jun ' 13: Cabinet offers conciliation talks |Feb ' 14: Note put up before Cabinet to withdraw conciliation; Cabinet asks finance ministry to hold it till tax tribunal decides on Vodafone's transfer- pricing case; Subsequently, I- T prepares another Cabinet note to withdraw conciliation, sensing tribunal is taking time to decide on the transfer- pricing case |Apr ' 14: Vodafone insists on international arbitration; India withdraws conciliation offer

IPOs can't bank on the rich

Mumbai, 8 May The revival of a practice by which brokerages lent capital to high net worth individuals to finance their participation in initial public offerings ( IPOs) might be affected by Companies Act norms on how such funds are raised. Most brokerages carry this out through non- banking financial companies ( NBFCs), which might be part of the same group as the brokerage, or through a tie- up with an unrelated entity. New norms in the Companies Act require them to increase reserve requirements and invest a portion of their corpus in government securities ( G- secs); this might have an effect on their ability to fund themselves, say experts. The Companies Act requires NBFCs to create a debenture redemption reserve account to meet redemption obligations within a year. Also, they have to invest 15 per cent of their resources in G- secs. Prateek Pant, executive director ( products & services), RBS Private Banking, India, said operations of capital market NBFCs would be impacted. "The new norms are a significant dampner for NBFCs that use NCDs ( non- convertible debentures) for funding operations. This could kill a significant source of funding for capital markets, which includes primary market activity such as investments in IPOs," he said. Sandeep Nayak, executive director and chief executive of Centrum Broking, said such entities would get lower returns from their activities. "The need to keep 15 per cent of liabilities in NCDs due within ayear in G- secs; yielding lower returns will reduce the resources available to lend. The overall yield on the portfolio could be impacted by 2575 basis points, depending on the size of the NBFC," he said. The move comes at a time when investor interest in the primary market has shown signs of a comeback. The success of the Wonderla Holidays IPO was the first in a long time, attracting investor interest. It received bids for 160 times the shares on offer to high net worth individuals, who were said to have borrowed ₹ 4,000 crore to invest in the ₹ 180 crore IPO. At ₹ 1,204.82 crore, the funds raised through public offers in 2013- 14 were the lowest since 2002- 03, according to statistics from PRIME Database. In a report on the brokerage sector, ratings agency Icra pegged the capital market financing book of the top 18 brokers and capital market NBFCs at ₹ 24,200 crore. This included IPO financing, as well as other activities such as loans against shares. Nayak said at a systemic level, there would be a marginal hit, with some impact on the profitability of NBFCs. "The debenture issue route is an avenue used by NBFCs; but typically, the issuances are 24- 60- month tenures. Typically, the debentures due within the next year will be less than five per cent of the total liabilities for most large players," he said. Reserve requirements, mandatory investment in G- secs under Companies Act may slow lending for HNI investment in IPOs HOW HNI LENDING WORKS |HNIs borrow money from NBFCs to invest in IPOs |Activity has been limited in light of tepid primary market |Hopes of an IPO financing revival had risen once again |HNIs said to have borrowed ₹ 4,000 crore for investing in the ₹ 180crore Wonderla Holidays IPO |The Companies Act now requires NBFCs to create a debenture redemption reserve |They have to invest 15 per cent of their resources in government securities |New norms may affect lending, according to experts WINDOW GETS NARROWER IPO FUND- RAISING (~ cr) Source: PRIME Database

 

Real estate investment trusts get regulatory push JAYSHREE PYASI Mumbai, 8 May The Securities and Exchange Board of India ( Sebi) is preparing to remove the barriers for launch of trading in Real Estate Investment Trusts ( REITs). A REIT is an investment vehicle that puts money into real estate assets to generate income. The market regulator has called a meeting on Monday with important stakeholders, including the Reserve Bank of India ( RBI) and finance ministry officials, in this regard. Sebi had issued draft guidelines on REITs in October and invited public comment. The latest move gives hope to the cash- starved real estate sector, apprehending the launch of this product might be deferred. The capital market regulator was supposed to issue final guidelines on REITs at its board meeting in December 2013. Sebi, however, deferred any decision due to tax- related hurdles. According to people in the know, next week's meeting is likely to be attended by Arvind Mayaram, finance secretary and secretary, department of economic affairs, and Urijit Patel, deputy governor, RBI. "The meeting will discuss what amendments are needed in the REIT draft guidelines to facilitate takeoff. The panel would also ponder upon the representations from market players," said a source. Experts said REITs can succeed only if given the status of apass- through vehicle by the revenue department. The Income Tax Act is silent on the tax treatment of income earned by a REIT or its investors. Sebi and the finance ministry are already in dialogue with the IT department in this regard. "The market regulator has done a good job with the ( proposed) regulations on REITs. High taxation remains the critical roadblock. It can only be ironed out in the next Budget," said Gautum Mehra, executive director at PricewaterhouseCoopers. " The meeting gives new hope but one cant expect much till REITs are given the required tax benefit," said Ruchir Sinha, co- head, private equity, Nishith Desai Associates. REITs' assets in India need to be held as a special purpose vehicle ( SPV). Real estate players say a tax exemption is needed at both the SPV level in terms of distributions and exemption of capital gains when you make atransfer to a REIT. The market had also suggested that REITs be allowed to raise funds via a rights issue or preferential issue. Currently, REITs can raise funds only via afollow- on public offer or an initial public offering. Sebi's draft regulations on REITs in October had proposed aminimum initial offer size of ₹ 250 crore and the minimum public float for a REIT was proposed to be 25 per cent. Also, that a REIT will be set up in a trust form under the Indian Trust Act, 1882, comprising key parties like the sponsor, manager and principal valuer. Sebi calls meeting with RBI and finance ministry on Monday to consider rules for their launch and trade Sebi was supposed to issue final guidelines on REITs at its board meeting in December 2013. However, it deferred any decision due to tax- related hurdles. BS PHOTO   >YOUR MONEY You changed jobs and moved cities but didn't bother closing your salary account. After all, there is not much money in it. Besides, the bank also deducts charges as penalty for not maintaining the minimum balance. In fact, you are worried that you will have to pay additional penalty if you go back to close the account. Not any more. The Reserve Bank of India ( RBI) has told banks not to levy penal charges for non- maintenance of minimum balances in any inoperative account. RBI says there is an estimated ₹ 3,500 crore of unclaimed deposits with banks. With this rule change, some of these accounts could be reactivated, says A Surendran, headretail &international banking, Federal Bank. Accounts remain inoperative if the account holder changes jobs, shifts to another city or sometimes shifts to another bank due to better service there. An account that does not is why account holders often find that the balance in inoperative accounts gets depleted even if they don't withdraw it. In fact, there are lots of cases where the amount in the account goes into a negative figure — the amount is lower than the minimum balance and the deposit holder has not closed the account due to sheer inertia, says Harsh Roongta, chief executive officer, Apnapaisa. com. " There are lots of inoperative accounts with large amounts. In such cases, there is no issue because it is more than the minimum balance requirement,'' he says. In inoperative accounts, the amount is classified as an unclaimed deposit after 10 years of the account turning inoperative and the amount is transferred to the Depositor Education and Awareness Fund Scheme opened by RBI. However, banks have not started transferring funds yet, as the proposed scheme is yet to be notified by the government, says Surendran. The quarterly minimum to be maintained in savings bank accounts ranges from ₹ 1,000 to ₹ 10,000. It is usually less in public sector banks as compared to private or foreign ones. If your account is in an urban branch, the minimum balance requirement is higher than in a rural one. The charge for non- maintenance of the minimum balance ranges between nil and ₹ 350. It is nil for no- frills accounts or those with no additional facilities such as a cheque book or ATM card. Banks charge a penalty for non- maintenance of the minimum balance as they incur a cost to maintain the account. There is a capital cost for keeping records and a recurring operational cost for handling cheques that might be returned due to the insufficient balance or attending to queries on the account. Last year, Federal Bank organised a campaign for revival of inoperative accounts and managed to do so for about 200,000, across the domestic and non- resident categories. "We contacted our customers and waived the penalty on non- maintenance of balance in the operative accounts. It is cheaper than getting new accounts opened. And, this way we maintained the relationship with our customers,'' says Surendran. PRIYA NAIR It will work out cheaper to revive the account. If it remains idle for too long, balance would be transferred to the depositor awareness fund Have an inoperative bank account? An account that does not see any transaction for six months to a year is classified as inoperative or dormant. But the bank has to maintain it and pay the interest on it   NMCE ends promoter's voting rights RAJESH BHAYANI Mumbai, 8 May Ahmedabad- based National Multi Commodities Exchange ( NMCE) is to extinguish the voting rights on the shareholding of its promoter, Neptune Overseas. The latter holds 30.18 per cent stake in the exchange. All these 5.77 million shares will now not have voting rights; other benefits will also be withheld by the exchange till the shares are sold. The case is a few years old, before both the Supreme Court (SC) and Company Law Board (CLB). The exchange spokesperson declined to comment. Voting rights on 15 per cent shareholding of the promoters was extinguished by the Forward Markets Commission ( FMC) a few years earlier. This was after it was found the promoters had raised the holding in the exchange by purchasing shares from the exchange's money. Now, voting rights on the entire lot have been removed. NMCE was promoted by Kailash Gupta in 2003 and was operationalised the same year. Later, when FMC made the charge of siphoning of funds from the exchange to purchase its shares, the promoters were declared ' not fit and proper' to run a commodity exchange. This was challenged in the Gujarat high court, which squashed FMC's order. However, the SC had restored the order. Later, the enforcement directorate had attached the promoters' shares; this was challenged in court. Meantime, NMCE approached the CLB, which is hearing the case but no significant progress has taken place. If the courts rule in favour of the exchange, the promoters' stake alleged to have been purchased with the exchange's money will be issued back to the shareholders proportionately or cancelled. NMCE is likely to call a meeting of its board of directors next month to give effect to FMC's new directions on ownership patterns. As with all other commodity exchanges, it would have to revise its bylaws and articles of association. Central Warehousing Corporation ( 29.7 per cent stake), Bajaj Holdings and Investment (12.82 per cent), Reliance Capital (8.72 per cent) and Gujarat Agro (5.47 per cent) will all have to bring down their stake in the exchange to five per cent each, over the next five years. NMCE is the third largest exchange but its market share is much lower. The exchange is known for trading in plantation crops, chiefly rubber. NMCE SHAREHOLDING As of March 2013 Source: Exchange Compiled by BS Research Bureau Neptune Overseas %Stake Central Warehousing Corporation Reliance Capital Punjab National Bank Gujarat Agro Inds Others Bajaj Holding & Invest FMC directs MCX to drop Deloitte as auditor JAYSHREE PYASI Mumbai, 8 May The Forward Markets Commission (FMC) isn't taking PricewaterhouseCoopers ( PwC)' s forensic audit report of Multi Commodity Exchange ( MCX) lightly. In the wake of the damning observations by the auditor, FMC has directed MCX to drop Deloitte as statutory auditor. "We think Deloitte should have detected some of the violations that occurred at MCX," said an FMC official. A Deloitte spokesperson said the company would respect and abide by any decision taken by the regulator. Earlier, Deloitte had defended its audit work at MCX, saying the Companies Act and the Securities Exchange Board of India ( Sebi)' s corporate governance norms didn't mandate it to go beyond basic examination of the book of accounts. "As a statutory auditor, the scope of our work at MCX was to ensure the management made a full disclosure of related- party transactions and whether these were cleared by the board or not. As a forensic auditor, PwC had a wider scope to investigate the entities with which MCX had trade relations," said a Deloitte spokesperson PwC's forensic audit of MCX had revealed while there were more than 670 related- party trades on the platform, the company had disclosed only 235. The special audit report had also highlighted transactions worth ₹ 105 crore were carried out with benami entities.

 

--

 

CS A Rengarajan

9381011200

CS Benevolent Fund is a collective effort towards extending the much needed financial support to the community of Company Secretaries in times of distress  Let us lend support and join for noble cause.

SHARING KNOWLEDGE SKY IS THE LIMIT

This mail and its attachments (if any) are confidential information intended for persons to whom the email is planned for delivery by the sender. If you have received this mail in error please notify the sender of the error by forwarding the email and its attachments (if any) and then deleting the mail received in error and the relevant email trail in this connection without making any copies or taking any prints.

__._,_.___

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Visit Your Group

• New Members 3

• Privacy • Unsubscribe • Terms of Use