Stock rally fades, oil turns higher on Russia/ Ukraine jitters By Reuters - Investing.com

2/2 © Reuters. FILE PHOTO: Passersby wearing protective face masks walk past a stock quotation board, amid the coronavirus disease (COVID-19) pandemic, in Tokyo, Japan January 25, 2022. REUTERS/Issei Kato 2/2

By Sinéad Carew

NEW YORK (Reuters) -Investors around the world lost their appetite for risk shortly after the U.S. market open on Wednesday with stocks turning lower and oil prices rallying as Ukraine declared a state of emergency and investors worried about a bigger Russian invasion.

Market's have been volatile since President Vladimir Putin's dispatch of troops into separatist regions of Ukraine on Monday and this triggered coordinated sanctions from Western countries on Tuesday with the prospect of more to come if Moscow sought to push further into the country.

Ukraine declared a state of emergency and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy in ominous signs for Ukrainians who fear an all-out Russian military onslaught. Shelling intensified in eastern Ukraine where Putin recognised the independence of two Moscow-backed regions and deployed troops as "peacekeepers".

After rising as much as 0.7% earlier on Wednesday the , a leading gauge of equity markets globally, reversed course after Ukraine announced a cyber attack and declared the state of emergency. It was last down 0.5%.

Meanwhile oil futures prices higher on concerns about supply stemming from heightened fears about Ukraine.

After falling as much as 1%, reversed course and was trading at $97.91, up 1.1%, while West Texas Intermediate was up 1.11% at $92.93 per barrel after earlier falling as much as 1.85%. [O/R]

U.S. Treasuries yields also pared gains sharply and the safe haven U.S. dollar turned slightly higher.

"The situation in the Ukraine has put a darker picture on the markets...bad news which might have been shrugged off earlier is taken much more to heart by investors," said Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

"The market's in a very emotional period where you've come off a few years of outsized gains and people have been worried about whether the music is going to stop."

Treasury yields rose while bond investors monitored the Russia/ Ukraine events and remained concerned about inflation and a potential Federal Reserve policy mistake.

Benchmark 10-year notes last fell 5/32 in price to yield 1.9633%, from 1.948% at Tuesday's close. The 30-year bond last fell 3/32 in price to yield 2.2572%, from 2.253% and the 2-year note last rose 1/32 in price to yield 1.5757%, from 1.587%.

Trading was choppy in currencies with the last up 0.107% and the euro down 0.14% at $1.1309. The Japanese yen strengthened 0.01% at 115.06 per dollar, while Sterling last traded at $1.3549, down 0.24%. [L1N2UY1HI]

The fell 134.54 points, or 0.4%, to 33,462.07, the dropped 28.74 points, or 0.67%, to 4,276.02 and the fell 138.46 points, or 1.03%, to 13,243.05.

After rising as much as 1.17% earlier in the day the pan-European STOXX Europe 600 index was last down 0.27%.

Gold added 0.5% to $1,907.18 an ounce.

Earlier, MSCI's index of Asia-Pacific shares outside Japan rose 0.4%.

Adblock test (Why?)

Stock rally fades, oil turns higher on Russia/ Ukraine jitters By Reuters - Investing.com
Read More

Ashneer Grover`s wife Madhuri posts videos of BharatPe officials allegedly drinking in office - Zee News

NEW DELHI: After BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm's co-founder and managing director Ashneer Grover, over alleged financial irregularities, she, now took to her micro-blogging site Twitter and shared few details related to the founders of the company. 

 Madhuri shared few videos of the founders of the company allegedly drinking and smoking in office premises. 

And treat women like objects like I’ve been treated in the whole episode with the male chauvinistic Board supporting you. @timesofindia @htTweets @chandrarsrikant @bharatpeindia @BhavikKoladiya @SuhailSameer14 @HarshjitSethi @mickymalka pic.twitter.com/Eh8ffbvSNO

— Madhuri Jain Grover (@madsj30) February 23, 2022

Congrats @SuhailSameer14 @BhavikKoladiya and Shashvat Nakrani. Now you may indulge in your ‘drunken orgies’ without having to wait for me (righteous lady) to leave office. Slow clap !! @timesofindia @htTweets @chandrarsrikant @livemint @bharatpeindia pic.twitter.com/gGJXRL97i7

— Madhuri Jain Grover (@madsj30) February 23, 2022

She tweeted, “Congrats @SuhailSameer14 @BhavikKoladiya and Shashvat Nakrani. Now you may indulge in your ‘drunken orgies’ without having to wait for me (righteous lady) to leave office. Slow clap !! 
@timesofindia @htTweets @chandrarsrikant
 @livemint @bharatpeindia..”

And these are the people @SuhailSameer14 sitting on Governance Review and passing judgement on me ! Great work by @sequoia and @HarshjitSethi and Chairman Rajnish Kumar for a perfectly executed witch hunt with your accomplices @sumeetsingh29 and @BhavikKoladiya. @bharatpeindia

— Madhuri Jain Grover (@madsj30) February 23, 2022

She further stated, “And these are the people 
@SuhailSameer14 sitting on Governance Review and passing judgement on me ! Great work by 
@sequoia and @HarshjitSethi and Chairman Rajnish Kumar for a perfectly executed witch hunt with your accomplices @sumeetsingh29 and @BhavikKoladiya @bharatpeindia.."

She took a dig at BharatPe management Suhail Sameer and Bhavik Koladiya accusing them of inappropriate behaviour in office.

For the unversed, Madhuri is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter said.

Besides, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known/friendly parties, they added.

While an email sent to Madhuri for comments remained unanswered, a company spokesperson confirmed the termination.

Adblock test (Why?)

Ashneer Grover`s wife Madhuri posts videos of BharatPe officials allegedly drinking in office - Zee News
Read More

LIC IPO: PMJJBY policyholders not eligible for shares at discounted prices - Moneycontrol.com

"It is a group insurance product and (PMJJBY policyholders) isn't eligible," the state-run insurer said in a statement.

LIC IPO (Representational image)

IPO-bound insurance giant LIC on February 22 clarified that subscribers of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are not eligible for shares at a discounted price in the upcoming initial public offering.

"It is a group insurance product and (PMJJBY policyholders) isn't eligible," the state-run company said in a statement.

The clarification came a day after LIC Chairman M R Kumar said PMJJBY subscribers are also eligible for the benefits available for policyholders. However, LIC said in the statement that it was "inadvertently mentioned".

As per the draft red herring prospectus (DRHP) filed last week, the maximum bid amount under the Policyholder Reservation Portion by an eligible policyholder would not exceed Rs 2,00,000 (net of policyholder discount).

LIC's share capital was raised from Rs 100 crore to Rs 6,325 crore during September last year to help facilitate the IPO.

Notably, the DRHP, filed on February 13 with the market regulator SEBI, said the offer is for the sale of a five percent stake by the government for an estimated Rs 63,000 crore.

Briefing reporters in Mumbai earlier today, Finance Minister Nirmala Sitharaman said there is a lot of interest and buzz in the market for the upcoming IPO of Life Insurance Corporation of India.

"Now that DRHP (for LIC IPO) is out, there is a buzz and a lot of interest in the market. I am glad the way in which it is crafted where shareholders also have a role to play. The way it has been crafted has created a lot of interest and we will be going ahead with it," Sitharaman said.

With PTI inputs

Moneycontrol News

Adblock test (Why?)

LIC IPO: PMJJBY policyholders not eligible for shares at discounted prices - Moneycontrol.com
Read More

Day Trading Guide: 2 stock recommendations for Wednesday - Economic Times

Domestic headline index Nifty50 ended a highly volatile session with a cut of 114 points following a massive 360 points gap-down opening amidst a global selloff.

Further, bulls did protect the 200-DMA once again which accords with the recent lows placed at 16,800 levels and may continue to act a key support on the downside and a trend decider.

If bulls fail to protect this support of 16,800, corrections could extend to levels of 16,400 which was the low of December last year and then 16,000 a psychological support level.

On the flip side, if the index sustains above the immediate hurdle of 17,200, then a short covering rally can play out taking the index higher to levels of 17,450 which is again a cluster of recent highs.

Largely, the headline index is still oscillating in a range between 16,800 on the downside and 17,400-17,800 on the upside. Moreover, market participants should not lose sight of the Indian VIX which has closed above the 25 resistance mark and is now headed to 30 levels which could trigger extended period of volatility and corrections

Recommendations:

EICHER MOTOR
Buy@CMP Rs 2,725
Target: Rs 2,890
Stop Loss: Rs 2,630

The stock has broken out of a narrow cluster of consolidation phase suggesting a possible short covering rally in the coming sessions. Technical Indicators are also favouring the same.

TCS
Sell@CMP Rs 3,586
Target: Rs 3,410
Stop Loss: Rs 3,675

The stock is approaching the lower end of the sideways range after breaking down from a bearish flag pattern suggesting weakness. Further, RSI is also suggesting lower levels in the coming sessions.

(The author, Aditya Agarwala, CMT, is Technical Analyst–Research at YES Securities)

Adblock test (Why?)

Day Trading Guide: 2 stock recommendations for Wednesday - Economic Times
Read More

IDFC First Bank chief V Vaidyanathan gifts Rs 4.83 crore shares to his staff in cash crunch - Moneycontrol.com

While Vaidyanathan gifted nine lakh shares, two lakh shares were disposed by Rukmani Social Welfare Trust for social activities. This works out to Rs 4.83 crore at February 21 market price.

V Vaidyanathan

In yet another philanthropic gesture, IDFC First Bank Ltd Managing Director and CEO V. Vaidyanathan has gifted equity shares of the bank held by him, worth about Rs 4.83 crore, to help some of its staff build their homes and other social causes.

While the billionaire banker gifted nine lakh shares held by him, another two lakh shares were disposed by Rukmani Social Welfare Trust, to support social activities, taking the total count to 11 lakh shares, according to a stock exchange announcement from IDFC First Bank. This works out to about Rs 4.83 crore at February 21 market price.

The shares were gifted away by Vaidyanathan to five people, including a driver, a trainer, a support staff and a couple of house helps.

“The recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations,” IDFC First Bank said. These transactions are without consideration and “there are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions.”

The executive is a trustee of Rukmani Social Welfare Trust.

Vaidyanathan, who founded Capital First that merged into IDFC Bank in December 2018 to create IDFC First Bank, has done this earlier too. In May 2021, he had gifted 1.5 lakh shares each to three persons to buy homes.

The veteran banker worked with Citibank Consumer Banking from 1990-2000, before moving to set up ICICI Group's retail banking. In 2010, Vaidyanathan quit ICICI Group for an entrepreneurial opportunity to acquire an NBFC (non-banking finance company) with an idea to convert it to a bank, focused on consumer and MSME lending.

KT Jagannathan is a senior journalist based in Chennai

Adblock test (Why?)

IDFC First Bank chief V Vaidyanathan gifts Rs 4.83 crore shares to his staff in cash crunch - Moneycontrol.com
Read More

Trade setup for Tuesday: Top 15 things to know before Opening Bell - Moneycontrol.com

The selling pressure amid volatility, in the benchmark indices, continued for the fourth consecutive session on February 21; however, it was the broader market that took the deep cuts as the Nifty Midcap 100 index declined 1.24 percent while Smallcap 100 index slumped 2.73 percent.

The BSE Sensex slipped 149 points to 57,684, while the Nifty50 declined 70 points to 17,207 and formed Doji kind of indecisive pattern on the daily charts as the closing was near opening levels.

"A small body of positive candle was formed on the daily chart with long upper and lower shadow. Technically, this pattern indicates a formation of high wave type candle pattern and this displays high volatility in the market," says Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

He further says, normally, such formations after a reasonable declines indicate bottom reversal in the market. But, "having formed this pattern at the high, within a narrow range movement, the chances of any important bottom reversal is ruled out."

He feels the short term trend of Nifty continues to be choppy with rangebound action. "Still there is no strong evidence of Nifty forming bottom reversals around the support of 17,100 levels. Further weakness from here could open a next downside target of 16,800 in the near term. Immediate resistance is placed at 17,350 levels," says Nagaraj Shetti.

We have collated 15 data points to help you spot profitable trades:

Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.

Key support and resistance levels on the Nifty

As per the pivot charts, the key support levels for the Nifty are placed at 17,068, followed by 16,929. If the index moves up, the key resistance levels to watch out for are 17,348 and 17,490.

Nifty Bank

The Nifty Bank outperformed frontline as well as broader markets again, climbing 86 points to settle at 37,685 on February 21. The important pivot level, which will act as crucial support for the index, is placed at 37,210, followed by 36,735. On the upside, key resistance levels are placed at 38,108 and 38,530 levels.

Call option data

Maximum Call open interest of 89.82 lakh contracts was seen at 18,000 strike, which will act as a crucial resistance level in the February series.

This is followed by 17,500 strike, which holds 48.78 lakh contracts, and 17,600 strike, which has accumulated 41.09 lakh contracts.

Call writing was seen at 18,000 strike, which added 18.29 lakh contracts, followed by 17,600 strike which added 9.94 lakh contracts, and 17,200 strike which added 9.75 lakh contracts.

Call unwinding was seen at 16,700 strike, which shed 3,900 contracts, followed by 16,600 strike which shed 750 contracts.

Put option data

Maximum Put open interest of 63.06 lakh contracts was seen at 17,000 strike, which will act as a crucial support level in the February series.

This is followed by 16,500 strike, which holds 41.06 lakh contracts, and 16,800 strike, which has accumulated 37.36 lakh contracts.

Put writing was seen at 17,100 strike, which added 6.34 lakh contracts, followed by 17,000 strike, which added 5.08 lakh contracts, and 17,200 strike which added 4.72 lakh contracts.

Put unwinding was seen at 17,300 strike, which shed 8.53 lakh contracts, followed by 17,500 strike which shed 5.02 lakh contracts, and 17,400 strike which shed 4.83 lakh contracts.

Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks.

16 stocks saw long build-up

An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the top 10 stocks in which a long build-up was seen.

69 stocks saw long unwinding

A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks in which long unwinding was seen.

92 stocks saw short build-up

An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, here are the top 10 stocks in which a short build-up was seen.

23 stocks witnessed short-covering

A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here is the top 10 stocks in which short-covering was seen.

Bulk deals

Advani Hotels & Resorts: Delta Corp sold 5,41,797 equity shares in the company via open market transactions at an average price of Rs 99.4 per share on the NSE, as per the bulk deal data.

L&T Finance Holdings: Citigroup Global Markets Mauritius sold 5,78,69,992 equity shares in the company; however, BNP Paribas Arbitrage was the buyer for same number of shares via open market transactions at an average price of Rs 71.35 per share on the BSE, as per the bulk deal data.

(For more bulk deals, click here)

Analysts/Investors Meetings

UltraTech Cement: The company's officials will meet OMERS on February 22.

Dr Lal PathLabs: The company's officials will attend Kotak Chasing Growth conference 2022 on February 22, and will meet Hill Fort Capital & Arihant Capital on February 23.

Ambuja Cements: The company's officials will attend Kotak Conference on February 22 & February 24.

Eicher Motors: The company's officials will attend Kotak Institutional Equities Investor Conference on February 22.

Computer Age Management Services: The company's officials will meet Kotak, SBI Life Insurance & Mondrian Investment on February 22.

Transport Corporation of India: The company's officials will attend Antique Stock Broking Investor conference, and will meet HDFC Mutual Fund on February 22.

Tata Consumer Products: The company's officials will meet Enam Asset Management Company, and will attend Kotak - Chasing Growth 2022 conference on February 22.

Siemens: The company's officials will meet ICICI Prudential Asset Management Company on February 22.

Angel One: The company's officials will meet UBS Securities on February 22; and Motilal Oswal Financial Services on February 22-24.

Ramco Cements: The company's officials will meet White Oak Capital on February 22.

Indian Energy Exchange: The company's officials will meet SBI Life Insurance, UTI AMC, & Skerryvore Asset Management on February 22; Ashmore UK on February 23; and Dalal Broacha on February 24.

Metropolis Healthcare: The company's officials will meet analysts on February 22.

KEC International: The company's officials will meet HDFC Securities on February 22; and Kotak Securities on February 25.

CRISIL: The company's officials will meet IIFLCAP on February 22.

Home First Finance Company: The company's officials will meet analysts on February 22.

Tata Chemicals: The company's officials will attend Antique's Investor Conference on February 23.

Neogen Chemicals: The company's officials will participate Ambit's Chemicals CXO Conclave on February 23.

Trident: The company's officials will meet Philip Capital on February 23.

TTK Prestige: The company's officials will meet investors on February 23.

Gland Pharma: The company's officials will meet Wasatch Advisors on February 23.

JK Cement: The company's officials will attend Kotak Institutional Equities Investor Conference on February 24.

Happiest Minds Technologies: The company's officials will attend Kotak Institutional Equities: Chasing Growth 2022 on February 24.

Allcargo Logistics: The company's officials will attend Antique Annual Investor Conference on February 24.

Nazara Technologies: The company's officials will attend Kotak Conference on February 25.

Can Fin Homes: The company's officials will meet Marcellus Investment Managers on February 28.

Stocks in News

7NR Retail: The company informed exchanges that it has approved the sub-division of equity shares from face value of Rs 10 each to face value of Re 1 each.

NHPC: The firm said its 120 MW Sewa-II power station in Mashka in Union Territory of Jammu and Kashmir has resumed power generation. The power station was under complete shutdown from September 25, 2020 due to damage of the Head Race Tunnel (HRT).

Vedanta: The firm announced it has made an oil discovery in its exploratory well in Rajasthan's Barmer district. In a regulatory filing, the company said it has notified the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas about the oil discovery in a block that was awarded to it under the Open Acreage Licensing Policy (OALP). This is the third hydrocarbon discovery notified by the company under the OALP portfolio.

Krsnaa Diagnostics: Himachal Pradesh gave an order to Krsnaa Diagnostics for providing diagnostic and laboratory services in the state. Krsnaa will install, operate and maintain Routine and Advance Laboratory testing facilities at selected Public Health Institutions (PHIs) which includes Government Medical Colleges, Districts / General Hospitals owned by Government and Community Health Centers.

Shankara Building Products: Flowering Tree Investment Management Pte Ltd sold 36,000 shares in the company via open market transactions on February 18. With this sale, Flowering Tree now holds 4.85 percent stake from 5.01% earlier.

Ducon Infratechnologies: The company said its board will meet on February 25 to consider the proposal for issue of bonus shares.

Fund Flow

FII and DII data

Foreign institutional investors (FIIs) have net sold Rs 2,261.90 crore worth of shares, whereas domestic institutional investors (DIIs) have net bought Rs 2,392.85 crore worth of shares in the Indian equity market on February 21, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Two stocks - Escorts, and Punjab National Bank - are under the F&O ban for February 22. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Adblock test (Why?)

Trade setup for Tuesday: Top 15 things to know before Opening Bell - Moneycontrol.com
Read More

Agencies on trail of Chitra Ramkrishna's tax haven trips - Mint

The agencies looking to scrutinize the affairs at India’s largest stock exchange include the corporate affairs ministry, income tax department and the Securities and Exchange Board of India (Sebi), the officials said, requesting anonymity.

The bizarre events at India’s largest stock exchange surfaced after a Sebi probe found Ramkrishna shared the bourse’s confidential information with an unidentified spiritual guru, apart from hiring a little-known public sector executive, Anand Subramanian, first as an adviser and then promoting him as chief operating officer at the guru’s behest. Ramkrishna also allegedly relied on the guru’s advice on crucial decisions about running the exchange and went on holidays to tax havens such as Seychelles, the probe found.

The moves by the government agencies follow the Central Bureau of Investigation (CBI) on Friday widening the scope of its ongoing probe into the case of preferential access to NSE’s algo-trading platform. CBI included the new facts of leakage of sensitive information from the exchange to an unknown third person as part of the probe.

“Ravi Narain (a former managing director and director on the board) was questioned on Saturday in Delhi by the CBI in connection with the co-location scam," said a person aware of the matter.

This isn’t the first allegation of corporate governance lapses that have played out at NSE. Its plan to go public suffered a setback after allegations emerged that it provided unfair access to some high-frequency traders by allowing them to host co-location servers at the exchange premises to speed up algorithmic trading.

Ramkrishna and Narain could not be immediately reached for comment. Spokespeople for the corporate affairs and finance ministries and Sebi did not respond to requests for comment. A spokesperson for NSE declined to comment. However, in an earlier statement, NSE said it would cooperate with regulatory authorities.

The ministry of corporate affairs is probing if Subramanian’s appointment as COO of NSE and the board’s failure to take corrective action violated the provisions of the Companies Act, the official said.

The Sebi order had said Subramanian’s re-designation as COO violated Companies Act, 2013.

“The re-designation was not tabled to the then NRC (nomination and remuneration committee) despite the fact that as per the provision of the Companies Act, 2013, he would have been a KMP (key managerial personnel), and his re-designation would have needed an approval from NRC," Sebi said in its order.

“The independent directors (called public interest directors or PIDs in case of exchanges) were severely lacking in their duties as they failed to take any action against Ramkrishna when they knew about the lapses in Subramanian’s hiring and were aware that key information pertaining to the exchange was being shared with an unknown third party. These can attract strictures under the Companies Act," the official added.

The Sebi order has gone into considerable detail about how the PIDs were lacking in their conduct. But regulatory action as a direct consequence of these violations has been limited to a ₹2 crore penalty on NSE and a restriction on launching any new products for the next six months.

“There is a separate ongoing proceeding against the directors who allowed Ramkrishna to exit through resignation with glowing praises for her years of work despite knowing that she has committed such a bizarre misconduct," said the second of the three officials.

An EY forensic audit submitted in July 2018 highlighted how confidential details, including those pertaining to NSE’s five-year financial projections, dividend payout ratio, business plans, board meeting agendas and consultations over employee ratings/performance, was shared by Ramkrishna with unknown people.

According to Sebi, there are two grave lapses. One, despite discussing irregularities in Subramanian’s appointment on 21 October 2016, the board did not record it in the minutes, citing confidentiality and sensitivity. Two, even though the email exchanges with the third party were brought to the notice of Ashok Chawla, the then chairman of NSE, and Dinesh Kanabar, chairman of NRC in November 2016, they were shared with NSE board in a closed-door meeting, and in view of the confidential and sensitive nature of information, it was not recorded in the minutes either.

The income tax department is examining the travel details of one board member, one private person, Ramkrishna and Subramanian, said the third official cited earlier. “The income tax department is specifically looking at records, before and after Ramkrishna resigned. The trigger for looking at travel history is the email which refers to travel plan to Seychelles, a so-called tax haven," said the third official.

Sebi’s 190-page order passed on 11 February cited an email sent on 17 February 2015 which made reference to travel plans sent by the unknown third person who communicated from the email address rigyajursama@outlook.com.

“P.s., keep bags ready I am planning a travel to Seychelles next month, will try if you can come with me, before Kanchan goes to London with Kaanchana and Barghava and you to New Zealand with two children. HK is a preferred transit or Singapore for onward journey. In case you need help pl let me know Seshu will do the needful. If you know swimming, then we could enjoy a sea bath in Seychelles and rest in the beach. I am asking my tour operator to connect with Kanchan for all of our tickets," it said.

The Economic Times reported on 19 February that the income tax department is probing a possible fund diversion to three foreign jurisdictions.

The tax department has found frequent visits to Singapore, Mauritius and Seychelles by Ramkrishna.

“The authorities could ask for information from these countries. Ramkrishna has explained the trips to Singapore and Mauritius as work-related since India gets considerable foreign flow from these countries, but many of the trips were personal in nature. Further, from Seychelles, India has low to nil foreign flow but is a known tax haven," said the official.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Adblock test (Why?)

Agencies on trail of Chitra Ramkrishna's tax haven trips - Mint
Read More