CBI detects two new bank frauds worth Rs 8239 crore; firms in hyderabad, chennai booked

The CBI has booked Hyderabad-based Transstroy (India) Ltd and its directors for alleged bank fraud of over Rs 7,926 crore in a consortium led by Canara Bank, in one of the biggest banking scams in the country, officials said on Friday.

The agency carried out searches at the premises of the company and the accused directors, including former Telugu Desam Party (TDP) MP Rayapati Sambasiva Rao, which led to the recovery of incriminating documents, its spokesperson said in a statement.

Canara Bank has filed a complaint of fraud to the tune of Rs 7,926 crore against a Hyderabad based company, whileSBI has filed a complaint of fraud of Rs 314 crores against a Chennai firm. Both accounts have become NPA.

Rao, an additional director in the company, has been named in the FIR as accused, besides the company, its chairman-cum-managing director Cherukuri Sridhar and another additional director Akkineni Satish. It was alleged that the private firm based in Hyderabad and its directors had availed credit facilities on multiple banking arrangements. "The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round tripping of funds, etc.," CBI spokesperson R K Gaur said.

The Central Bureau of Investigation (CBI) has alleged that loans were misappropriated by the directors causing a loss of Rs 7,926.01 crore to the consortium members. "Searches were conducted at the premises of private company/other accused at Hyderabad and Guntur, which led to recovery of incriminating documents," Gaur said.

According to the CBI, diamantaire Nirav Modi had allegedly siphoned off Rs 6,000 crore while his uncle Mehul Choksi had swindled Rs 7,080.86 crore, both making it the country's biggest banking scam at over Rs 13,000 crore.

Burger King IPO: आपको शेयर मिला है या नहीं, चेक कीजिए स्टेटस

Burger King India, whose IPO ran from December 2 to December 4, is likely to finalise its basis of allotment on December 9, Wednesday . The issue, sold in the Rs 59-60 range, was subscribed a whopping 156.65 times in the three-day bidding process, with the HNI quota getting subscribed by a solid 354.11 times.

With this, Burger King India became the top 3 most subscribed IPOs this year, along with Happiest Minds Technologies and Mazagon Dock Shipbuilders. Analysts were quite upbeat on the IPO, as they felt the issue had left enough on the table.

Strong franchisee model, negative working capital, market share gains from standalone players and strong store expansion plans would help improve growth prospects of the quick serve restaurants (QSR) in the coming years, they noted, even as they said that the near-term financials of the company may remain under pressure due to the Covid pain and the fact that it is in an expansion phase.

The basis of allotment for the Burger King India IPO is likely on Wednesday, as per the IPO prospectus, while the refund process would be initiated on Thursday. The credit of shares to demat account will be done on Friday and a stock listing is likely by next Monday.

Those who had bid for the issue can check the subscription status on the online portal of Link Intime India, the registrar to the IPO. The registrar to an issue is a Sebi-registered entity, qualified to act as such, and which electronically processes all applications and carries out the allotment process as per the prospectus.

On Link Intime India's web portal https://linkintime.co.in/MIPO/Ipoallotment.html one needs to select the IPO whose data will be populated only when the basis of allotment is declared. One also needs PAN or application ID or client ID and DPID (depository participant identification) to arrive at the information.

The registrar is responsible for complying with the time deadlines for updating the electronic credit of shares to successful applicants, dispatch and uploading of refunds and attending to all investor-related queries after the issue is completed.

Another way of checking the allotment status is via stock exchange. On BSE, one can click here :

https://www.bseindia.com/investors/appli_check.aspx

The IPO received bids for 11,66,93,73,500 shares as against 7,44,91,524 shares on offer. The portion meant for qualified institutional buyers (QIBs) was subscribed 86.64 times, non-institutional investors 354.11 times and retail individual investors (RIIs) 68.15 times.

Promoter entity QSR Asia Pte sold up to 6 crore shares through the IPO. At the upper end of the price band, the sale fetched Rs 360 crore.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and JM Financial were the managers to the offer.