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    Business Wire India

    Allianz Worldwide Care S.A. has welcomed designation of a financial strength rating of A+ (Superior) and an issuer credit rating of “aa-” by A.M. Best. The outlook assigned to both ratings is stable. A.M. Best is one of the oldest and most authoritative insurance rating and information sources.

     

    The ratings are based on a number of key deciding factors, including Allianz Worldwide Care’s excellent operating performance, strong risk-adjusted capitalisation and sound risk management framework. A.M. Best’s rating also reflects Allianz Worldwide Care’s strategic importance to its ultimate parent company, Allianz SE.

     

    Ida Luka-Lognoné, CEO, Allianz Worldwide Care commented “We take financial stability and risk management very seriously at Allianz Worldwide Care and we are delighted to see this reflected in the A.M. Best ratings.

     

    “In the past 15 months, Allianz Worldwide Care has expanded and enhanced its product portfolio, offering not only international health insurance but also life and disability insurance and a range of corporate assistance services.

     

    “We hope these ratings will enhance the confidence and trust that brokers and clients already have in Allianz Worldwide Care.”

     

    The positive ratings also highlight A.M. Best’s view that Allianz Worldwide Care is expected to report premium growth of approximately 10% per annum in the medium term. This is supported by growth in new business opportunities, as well as the development of its existing portfolio through an enhanced client offering and digital solutions.

     

    The ratings agency also believes that as the life and health insurance provider of Allianz Worldwide Partners, Allianz Worldwide Care will play an instrumental role in the expansion plans for the wider group.

     

    - ENDS -

     

    About Allianz Worldwide Care

     

    Allianz Worldwide Care is the international health and life insurance division of Allianz Worldwide Partners which serves more than 250 million beneficiaries in 34 countries and is part of the Allianz Group. Allianz Worldwide Care provides insurance solutions for health, life and disability to clients and insurance partners on a global scale. Our focus is on earning and maintaining client loyalty by providing a market leading product range, level of service and support. With a client base that includes many of the Fortune Global 500 companies, Allianz Worldwide Care continues to build a reputation for service excellence in international healthcare. www.allianzworldwidecare.com

     

     

     

     

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    Business Wire India

    • Max India Board to announce effective date for demerger of company into 3 separate listed entities in  January 2016
    • Max Financial Services expected to trade ex-demerger in January 2016, and the other resulting companies in February 2016 
       
    The Hon’ble High Court of Punjab and Haryana vide its order dated 14th December 2015 approved Max India’s Composite Scheme of Arrangement for the demerger of the company. The shareholders of Max India have already given their consent on July 4, 2015, with over 99.9% voting in favor of the demerger, which will unlock value and provide undiluted access to the company’s businesses. In addition, the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI) have already approved the demerger of Max India, into three separate listed entities. The court is expected to issue the detailed certified order shortly.
     
    Upon receipt of the detailed certified order, the Company will file the same with the Registrar of Companies (RoC) for achieving ‘Effective Date’ of the demergerthe day the 3 legal entities will stand demerged.
     
    On the Effective Date, the existing company, Max India will be renamed as Max Financial Services Limited. In addition, as per the sanctioned scheme, Resulting Company 1 i.e., Taurus Ventures Limited will be renamed as Max India Limited and Resulting Company 2, i.e., Capricorn Ventures Limited will be renamed as Max Ventures and Industries Limited. The demerged Max Financial Services Limited’s stock will start trading on the BSE as well as the NSE in a week from the Effective Date and the two additional companies are anticipated to list in about 45 days from the Effective Date.
     
    Explaining the rationale for the restructuring, Mr. Rahul Khosla, Managing Director, Max India said, “The strategic restructuring and the underlying strength and potential of each business make them well positioned to deliver stellar performance going forward. One of the main benefits of the restructuring is to provide choice for investors to participate specifically in the growth of different sectors/industries. The restructuring and separate listings will also lead to a more accurate value discovery of each vertical. The market has responded extremely favourably in the past few months since we announced the restructuring in January and we hope the investors’ trust in us will only continue to grow from here.”
     
    Commenting on the next steps in the restructuring exercise, Deputy Managing Director Mr. Mohit Talwar said, “The Court order has been a critical penultimate step towards the conclusion of the much awaited restructuring. We and our investors are now looking forward to the demerger and the resultant listing of the 3 demerged entities. We are seeing a significant amount of investor interest and shareholder confidence in all the listing entities.”
     
    Post demerger, the three holding companies will be as follows:
     
    1. Max Financial Services Limited will focus solely on, and manage the Group’s flagship life insurance activity, through its subsidiary Max Life Insurance, in which it holds 72% share, making it the first Indian listed company exclusively focused on life insurance.
       
    2. The second listed company, Max India Limited will manage investments in the high potential Healthcare and Allied businesses. It will have three subsidiariesMax Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phase, sharpened focus to fulfill their tremendous growth and value potential.
    3. The third listed company, Max Ventures and Industries Limited (MVIL), will manage investment in the Group’s manufacturing subsidiary, Max Speciality Films – an innovation leader in the Speciality Packaging Films business. In addition, MVIL will explore fresh ideas for new ventures in the ‘wider world of business’.
       

    Post restructuring, Max India’s existing shareholders will retain one equity share of Rs. 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.
     
    About Max Group
     
    The Max Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the worlds best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.


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    Business Wire India

    • Exide Life Insurance Junior Finance Guru launched in Bangalore and Jaipur. Will be launched in 20 cities later in the year 2016.
    • Specially designed study material will help students learn basic elements of money and savings
    • Students get to compete amongst leading schools at City Level for the “Junior Finance Guru” title
    • Registrations for the program are free and are currently open till 10th January 2016 – Visit juniorfinanceguru.com to register your child / students for the program today
       
    Exide Life Insurance, an established and profitable life insurance company announced launch of ‘Junior Finance Guru’. Being India’s one of its kind program, Junior Finance Guru emphasizes the importance of laying a strong foundation for children by familiarizing them on importance of good saving habits thereby helping them making an early start.
     
    The program in its initial phase will focus on children who are currently in 6 to 10 standard (typically in the age group of 11 to 15 years) as this is the right age for them to develop an understanding on the importance of money.
     
    Junior Finance Guru offers a specially designed learning course content which is an ideal mix of reading material and simple daily exercises. The entire program is based on self-learning as the material is very easy to read and comprehend. This material is sent to all participants after registration as a welcome kit comprising of an Admit Card, specially designed handbook titled “What They Don’t Teach You About Money?” and an activity book titled “My Money Book”. Over and above, the participants get access to the exclusive program website juniorfinanceguru.com.

    The program has been initially launched in Jaipur and Bangalore for which registrations are open till 10th January 2016. The participants will be given 15 days to prepare using the course content and will undergo a school level screening in the last week of January. The screening is aimed at selecting best students at School Level who will then form teams to compete with other schools at City level. City Level winners will be awarded the Junior Finance Guru title along with prize money. These city level winners will eventually battle it out at a National Level Championship later in 2016. The winners will be felicitated at an exclusive event that will be organized in Feb 2016.

    Speaking on the launch of Junior Finance Guru, Mohit Goel, Director – Marketing, Exide Life Insurance said “Junior Finance Guru is line with our brand mission of helping Indians prepare financially for their long and happy lives. We believe the learnings derived from this program will help children develop a practical understanding on the concepts of managing money from a very early stage. The program content which has been exclusively designed by experts familiarizes the children with benefits of starting early, power of compounding along with interesting trivia from the world of money and finance. We urge all School Principals and Parents to enroll their children for the program and make them India’s Junior Finance Gurus.”
     
    Registrations for Exide Life Insurance Junior Finance Guru are open till 10th January.

    Participants can register online by visiting http://www.juniorfinanceguru.com.
     
    About Exide Life Insurance Company Limited:
     
    Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001 and is head quartered in Bangalore. The company is profitable and serves over 10 lakh customers across India and manages over INR 8,800 crores in assets. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India. (*As on 31st March 2015)
     
    Exide Life Insurance distributes its products through multi-channels viz. Agency, Banc assurance, Alliances and Direct Channels. The Agency channel comprises of over 35,000 advisors who are attached to over 200 company offices and customer care centers across the country. The Alliances business includes distribution relationships with banks, Corporate Agents, Brokers & Referral Partners.
     
    Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in East and other parts of the country. The company is focused on providing long term protection and savings solutions and has a strong traditional product portfolio with a consistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.
     
    About Exide Industries Limited:
     
    Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 15,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century old brand equity is backed by a robust nation-wide network of 18000-plus dealers. (*As on 31st March 2015)
     
    With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines. After all, India moves on Exide.

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    Business Wire India

    The Renewables Academy AG (RENAC), based in Berlin (Germany), in cooperation with the Association of Development Financing Institutions in Asia & Pacific (ADFIAP) have started the three-year programme “Green Banking - Capacity Building for Development and Commercial Banks on Climate Finance”. “Green Banking” aims at increasing the availability of financing instruments for renewable energy and energy efficiency projects in the five partner countries. The project is part of the International Climate Initiative (ICI) with the support of the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB).

     

    Through the “Green Banking” trainings, professionals from private and public institutions involved or interested in financing green energy projects will gain specific knowledge in technologies, financial schemes, risk evaluation, mitigation measures and access to international Climate Funds.

     

    The agreement signed in Paris during the United Nations Climate Change Conference (COP21) is proof of the key role renewable energy and energy efficiency play in the international climate change mitigation efforts. While the green markets keep gaining momentum, India, Philippines, Vietnam, Thailand and Indonesiaenjoy the necessary natural resources for the widespread implementation of renewable energy and energy efficiency projects. Local professionals with the appropriate know-how will be able to profit from new business opportunities in a growing industry, which additionally presents manifold benefits (reduction of greenhouse gas emissions, energy security and job creation, among many others).

     

    Green Banking” will start with a Capacity Needs Assessment in all partner countries in order to develop the most appropriate tailor-made contents for each region. Further activities will include Business-to-Business (B2B) meetings in Germany, a Train-the-Trainer seminar at RENAC’s Training Centre in Berlin to build up local trainers, trainings in the partner countries, internet-based trainings, and the launching of the new degree “Green Finance Specialist”

     

    RENAC, based in Berlin, Germany, is a leading international provider for training and capacity building in renewable energy and energy efficiency. Since 2008, over 6,000 participants from 145 countries have participated in RENAC trainings.

     

    For further information, please visit RENAC’s website.

     

     

     

     

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    Business Wire India

    TA Associates, a leading global growth private equity firm, today announced promotions earned by nine investment staff members in TA’s Boston, Hong Kong, London, Menlo Park and Mumbai offices, effective January 1, 2016.

     

    “We are pleased to recognize the many accomplishments of these individuals, who demonstrate the breadth of talent of our global investment staff,” said Brian J. Conway, Chairman and a Managing Director at TA Associates. “The promotions are well-earned, as each of these professionals has made significant contributions to the firm, our investors and our portfolio companies during their careers with TA.”

     

    William D. Christ was promoted to Managing Director from Director. He is based in TA’s Boston office, focusing on investments in consumer products, retail, restaurant and education companies. Mr. Christ led TA’s investments in Amplify Snack Brands (formerly SkinnyPop Popcorn) (NYSE: BETR) and Dymatize Enterprises, and was actively involved in the firm’s investments in Full Sail, Towne Park and Vatterott Educational Centers. He serves on the Board of Directors of Amplify Snack Brands and formerly served on the Boards of Dymatize Enterprises, Microban International, Towne Park and Vatterott Educational Centers. Mr. Christ received a BS, summa cum laude, with Special Attainments, Phi Beta Kappa, in Business Administration from Washington and Lee University and an MBA as an Edward Tuck Scholar with High Distinction from the Tuck School of Business at Dartmouth College.

     

    Hythem T. El-Nazer was promoted to Managing Director from Director. He is based in TA’s Boston office, focusing on investments in software and technology-enabled companies. Mr. El-Nazer led TA’s investments in AboveNet, Accruent, Answers, Idera, MicroSeismic, Mitratech and TEOCO; co-sponsored Aicent, Bomgar, Gamma Technologies and WIND TELECOM; and was actively involved in the firm’s investments in Idea Cellular (NSE: IDEA.NS), MetroPCS Communications and RGM Advisors. He serves on the Board of Directors of Accruent, Bomgar, Gamma Technologies, Idera, MicroSeismic, Mitratech and TEOCO, and was formerly a Board Member of Aicent, Answers and WIND TELECOM. Mr. El-Nazer received a General Course degree from the London School of Economics and Political Science, an AB in Economics from Brown University and an MBA from Columbia Business School.

     

    J. Morgan Seigler was promoted to Managing Director from Director. He is based in the London office of TA Associates (UK), LLP, focusing on investments in technology companies across Europe. Mr. Seigler led TA’s investments in Access Technology Group, CMOSIS and Flashtalking; co-sponsored Bigpoint and eCircle; and was actively involved in the firm’s investments in AVG Technologies (NYSE: AVG), ION Trading and SmartStream Technologies. He serves on the Board of Directors of Access Technology Group, Bigpoint and Flashtalking, and was formerly a Board Member or a Board Observer of AVG Technologies, CMOSIS, eCircle and M and M Direct. Mr. Seigler received a BA in Economics from Yale University and an MBA from the Stanford Graduate School of Business.

     

    Naveen Wadhera was promoted to Managing Director from Director. He is based in the London office of TA Associates (UK), LLP, focusing on investments in companies across Europe and the Asia-Pacific region. He also serves as Co-Head of Asia. Mr. Wadhera advised on TA’s investments in Dr Lal PathLabs (NSE: LALPATHLAB), Fractal Analytics, IndiaIdeas.com (BillDesk), Micromax, RateGain, Tega Industries and YeePay; and was actively involved in the firm’s investments in 2ndStory Software, Drive Assist, GlobeOp Financial Services, ION Trading and SmartStream Technologies. He serves on the Board of Directors of Dr Lal PathLabs, Fractal Analytics, Micromax and RateGain. Mr. Wadhera received a BSc in Systems Engineering from the University of Pennsylvania and an MBA from the Wharton School of Business.

     

    Dhiraj Poddar was promoted to Director from Principal. He is Co-Head of India and based in the Mumbai office of TA Associates Advisory Pvt. Ltd., focusing on investments in companies in India and other emerging markets. Mr. Poddar advised on TA’s investments in Fractal Analytics, IndiaIdeas.com (BillDesk), RateGain and Tega Industries. He serves on the Board of Directors of Fractal Analytics, IndiaIdeas.com (BillDesk) and Tega Industries, and is a Board Observer at RateGain. Mr. Poddar received a degree from the Institute of Chartered Accountants of India and an MBA from the Indian Institute of Management, Ahmedabad.

     

    Patrick Sader was promoted to Director from Principal. He is based in the London office of TA Associates (UK), LLP, focusing on investments in consumer, financial and business services companies across Europe. Mr. Sader led TA’s investments in CIPRÉS, Hana Group and Zadig & Voltaire, and was actively involved in the firm’s investment in DNCA Finance. He serves on the Board of Directors of CIPRÉS, Hana Group and Zadig & Voltaire. Mr. Sader received a BA in Finance and Accounting from ESSEC Business School.

     

    Jason S. Mironov was promoted to Principal from Senior Vice President. He is based in TA’s Menlo Park office, focusing on investments in business, financial, technology-enabled and other services companies. Mr. Mironov led TA’s investment in Procare Software, co-sponsored DiscoverOrg and Plusgrade, and was actively involved in the firm’s investment in Dutch. He serves on the Board of Directors of DiscoverOrg, Procare Software and Plusgrade. Mr. Mironov received a BBA, with Distinction, from the University of Michigan Ross School of Business and an MBA from the Harvard Business School.

     

    Clara M. Jackson was promoted to Senior Vice President from Vice President. She is based in TA’s Boston office, focusing on investments in business, financial and other services companies. Ms. Jackson was actively involved in the firm’s investment in NorthStar Financial Services and serves on its Board of Directors. She is also involved in TA’s pending acquisition of Russell Investments and will serve as a Board Observer post-closing. Ms. Jackson received a BS, summa cum laude, Phi Beta Kappa, in Economics from Vanderbilt University and an MBA from the Harvard Business School.

     

    Daniel Brujis was promoted to Vice President from Senior Associate. He is based in the Hong Kong office of TA Associates Asia Pacific Ltd, focusing on investments in technology, consumer products, business services and financial services companies in the Asia-Pacific region. Mr. Brujis was actively involved in the firm’s investments in Söderberg & Partners and RateGain, and has an active role in SpeedCast International (ASX: SDA). He received a BS, magna cum laude, in Operations Research and Financial Engineering from Columbia University.

     

    About TA Associates

     

    TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 450 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.

     

     

     

     

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    Business Wire India

    Shackelford Holdings Group Corp. (SHG) introduces Divine Exchange, a Divine Financial Group Corp.-owned stock exchange. It will be a 24-hour electronic exchange, which will give investors from around the world the opportunity to buy and sell any security at any time in any country or currency. It will be the first stock market to be open around the clock. Divine Exchange Ltd. was incorporated on November 2, 2015, in the British Virgin Islands and will be located there as well.

     

    “Divine Exchange will revolutionize global finance because it allows the market to be truly global,” said Brady Shackelford, founder and CEO of Shackelford Holdings Group. “The ability to buy and sell securities in any currency 24-hours-a-day opens the market to many new possibilities.”

     

    To build Divine Exchange, Shackelford Holdings Group is issuing a $500 million convertible note in its first and only round of equity financing. Noteholders of the new exchange will receive shares at a 99% discount in two SHG subsidiaries, Divine Financial Group Corp. (DFG) and Diving Transportation Group Corp. (DTG), which are set to go public in roughly 3 and 8 years, respectively. $400 million of the proceeds will be used to build the new exchange. SHG is currently looking for an investment bank to underwrite its convertible note.

     

    Shackelford decided to open the exchange all hours of the day since investors throughout the world are located in multiple time zones. Divine Exchange was modeled after the Investors Exchange with the intention of creating a more moral exchange.

     

    Divine Exchange will offer global investors the unique ability to buy securities in one currency and sell in another. For more information about the new stock market and how it was created, visit http://www.divineexchange.com/.

     

    About Shackelford Holdings Group Corp.:

     

    Shackelford Holdings Group was founded in the British Virgin Islands by Brady Shackelford in July 2014. Shackelford is the author of “In God I Trust.” SHG will retain roughly half ownership of Divine Financial Group and Divine Transportation Group after they go public and will donate 25% of DFG’s and DTG’s tax-free dividends to philanthropic causes. Shackelford Holdings Group plans to use the remaining tax-free dividends to buy or establish companies and has a goal of comprising a minimum of 30 divisions in the future. View more about the company and its owner at https://www.shackelfordholdings.com/.

     

     

     

     

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    Business Wire India

    The Valence Group has advised Berwind Corporation on its sale of Specialty Coating Systems to KISCO Holding, Inc., a Delaware subsidiary of KISCO, Ltd., an Osaka, Japan-based, privately held, diversified materials company. Terms of the transaction, which closed just prior to year-end, were not disclosed.

     

    About Specialty Coating Systems

     

    Specialty Coating Systems provides highly specialized parylene conformal coatings, coating services and equipment to the medical device, electronics, automotive and military/aerospace industries. Headquartered in Indianapolis, Indiana, the company has 11 locations worldwide, including 6 facilities in the Americas, 3 in Europe and 2 in Asia.

     

    About Berwind Corporation

     

    Berwind is a family-owned investment management company based in Philadelphia, PA. With its roots dating to 1886, Berwind has evolved into a diversified portfolio of highly successful manufacturing and service companies, which are leaders in their market niche across multiple industries, including pharmaceutical, specialty chemical, medical technology, automotive, commercial and emergency vehicle, pet food, life sciences, energy, general industrial and natural resources.

     

    About The Valence Group

     

    The Valence Group is a specialist investment bank offering M&A advisory services exclusively to companies and investors in the chemicals, materials and related sectors. The Valence Group team includes a unique combination of professionals with backgrounds in investment banking and strategic consulting within the chemicals and materials industries, all focused exclusively on providing M&A advisory services to the chemicals and materials sector. The firm’s offices are located in New York and London.

     

     

     

     

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    Business Wire IndiaAxis Bank, India’s third largest private sector bank, has been conferred the Certificate of Recognition for excellence in Corporate Governance by the Institute of Company Secretaries of India (ICSI), for the year 2015. The recognition has been instituted by the ICSI to identify, foster and reward the efforts by Indian companies in creating and establishing an atmosphere of good corporate citizenry.
     
    The Bank is among the top 5 companies across industries and the only Bank in the country to be bestowed with the honour.
     
    Commenting on the recognition, Rajesh Dahiya, Group Executive, Axis Bank said, “It is indeed an honour for us to receive such a coveted recognition for Corporate Governance in the country. We stay committed to implementing and practicing the highest global standards of corporate governance in the organisation to create value for all our stakeholders in an inclusive and ethical manner."
     
    About Axis Bank

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

    With its 2,743 domestic branches (including extension counters) and 12,352 ATMs across the country, as on 30th September 2015, the network of Axis Bank spreads across 1,796 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dhaka, Dubai and Abu Dhabi. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
     
    About ICSI
     
    The Institute of Company Secretaries of India, a premier professional body has been set up under an Act of Parliament to develop and regulate the profession of Company Secretaries. The Institute functions under the administrative jurisdiction of the Ministry of Corporate Affairs, Government of India. The ICSI National Award for Excellence in Corporate Governance has been established in pursuit of excellence and to identify, foster and reward the culture of globally evolving acceptable standards of corporate governance among Indian companies.

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    Business Wire IndiaGiving priority to customer awareness of the available financial services of UAE Exchange India, Warangal branch of UAE Exchange India conducted customer meet on 13th January 2016 in their branch premise. One lucky customer was given gold coin as part of the company’s 35th Anniversary celebration and also a winner of the contest “Enquire and win” were given away with cash prize of Rs.1000/- in the function presided by Mr. Ramesh Sriramoji, Regional Head, Andhra Pradesh, UAE Exchange India, in the presence of  Branch Head and  around 30 customers.
     
    After the initial customary rights of silent prayer and welcome note, company products and services were introduced to the customers. Introduction had a higher pitch on creating general awareness among the assembled, about the available financial resources that could be used easily used without hindering their daily budgets and also about saving schemes, future investment plans and the most attractive leisure industry being catered with added conveniences including GoCash multicurrency card, optimized tour packages, and much more.  The company has a wide range of versatile products ranging from foreign Exchange, money transfer, loans, ticketing & tours, share trading etc with a supportive mobile app called XPay Wallet, which is catching the market at a steady pace. 

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    Business Wire IndiaLeading the digital wave and supporting the Digital India initiative, India’s leading brokerage house, Motilal Oswal Securities limited has launched ‘India’s first-of-its- kind’, completely paperless, e-KYC, instant trading & demat account facility.

    Motilal Oswal Securities Limited is the first brokerage house in India to start such a facility which eliminates the hassle of sending any kind of physical document to open an account.

    Through this initiative, customers from anywhere in the Country will now be able to open a Trading and Demat account completely online i.e. without any physical documentation in 15 minutes and start investing immediately thereafter. This facility will be available to all prospective customers who have an Aadhaar Card.

    On the occasion of the launch, Mr. Ajay Menon – CEO,  Motilal Oswal Securities Ltd, said, “ With digital transformation at its inflection point, there may be no better place to start than the account opening process and make it completely paperless. "Aadhar integrated" new account opening has not only eliminated the legacy of paper-based documentation and increased the customer satisfaction but will also usher in a new era of digitization in the broking industry. This completely online and paperless account opening is a pioneering service as it transforms the way a customer opens an account and is able to buy and sell shares instantly online and through our mobile app. We are confident that Motilal Oswal Digital Account opening facility will provide utmost convenience to our customers, while also providing the industry with an all new perspective when it comes to digitization.”

    About Motilal Oswal Financial Services Limited
     
    Motilal Oswal Financial Services Ltd. (NSE: MOTILALOFS, BSE: 532892, BLOOMBERG: MOFS IN) is a well-diversified, financial services company focused on wealth creation for all its customers, such as institutional, corporate, HNI and retail. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and principal strategies. The company distributes these products through 2,036 business locations spread across 637 cities and the online channel to over 873,176 registered customers. MOFSL has strong research capabilities, which enables them to identify market trends and stocks with high growth potential, facilitating clients to take well- informed and timely decisions. Motilal Oswal Securities (MOSL) won the ‘Best Performing National Financial Advisor Equity Broker' award at the CNBC TV18 Financial Advisor Awards 2014 for the 4th year in a row. MOSL won the ‘Best Research as Research Showcase Partner’ at Research Bytes IC Awards 2014. Motilal Oswal Private Equity Private Equity won the ‘Best Growth Capital Investor-2012’ award at the Awards for PE Excellence 2013. Motilal Oswal Private Wealth Management won at the UTI-MF CNBC Financial Advisor Award in HNI Wealth Management category for 2015. Aspire Housing Finance won the “Most Admired and Valuable Housing Finance Company 2015” at the 6th India Leadership Conclave 2015. MOSL won the Best Broking House - Institutional Segment and Cash Segment at the Dun & Bradstreet Equity Broking Awards 2015.
     

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    Business Wire India

    • Record date for demerger on 28th January
    • The company is being renamed as Max Financial Services

    The Max Group, one of India’s leading conglomerates, announced the record date for the recently concluded demerger, as 28th Jan 2016. The shares of Max India will start trading ex-demerger from 27th Jan 2016. The existing company is in the process of being renamed as Max Financial Services.

    Max India demerged into three separate companies on 15th Jan 2016, to give investors specific and undiluted access to the Group’s diverse lines of businesses, provide sharper focus to each operating business and unlock shareholder value. The first listed company, Max Financial Services Limited (MFS) will focus on managing the Group’s flagship life insurance business, through its 72% shareholding in Max Life, making it the first Indian listed company exclusively focused on life insurance.

    The second holding company, which retains the name Max India Limited, will manage investments in the high potential Health and Allied businesses - Max Healthcare, Max Bupa and Antara Senior Living. The demerger will provide these businesses, which are currently in their growth and development phases, closer attention to fulfil their tremendous potential.

    The third holding company, Max-Ventures & Industries Limited (MVIL) will manage the investment in the manufacturing subsidiary, Max Speciality Films, which is an innovation leader in the Speciality Packaging Films business. It will also evaluate new ideas in the ‘wider world of business’, including but not limited to sectors such as education, real estate and technology taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.

    The two additional resultant companies Max India and Max-Ventures & Industries Limited (MVIL) are expected to list on the stock exchanges by mid-march.  

    Following the demerger, the Group also announced the transition of Analjit Singh to the position of Founder & Chairman Emeritus, Max Group. He will continue to the Chairman of MVIL. Rahul Khosla has been elevated to the highest executive position in the Group, as President, Max Group, as part of a planned and orderly succession process that commenced with his appointment as Managing Director, Max India, in 2011. He will be Executive President of Max Financial Services and Chairman of Max India. Mohit Talwar, Deputy Managing Director of Max India, has been elevated to the position of Managing Director, Max Financial Services (MFS); Managing Director, Max India and Vice Chairman of MVIL.

    Post restructuring, the erstwhile Max India’s existing shareholders will retain one equity share of Rs 2/- in Max Financial Services Limited. They will additionally get one equity share of Rs. 2/- each of the new company Max India Limited for every one equity share held in Max Financial Services and one equity share of Rs. 10/- each of Max Ventures and Industries Limited for every 5 equity shares of Rs. 2/- each held in Max Financial Services. The company has applied for approval from the Foreign Investment Promotion Board (FIPB) to enable issuance of the aforesaid new shares.

    Even as all these changes will be implemented, the Group’s core values of Sevabhav, Excellence and Credibility will remain unchanged as it fulfils its commitments to its stakeholders and society.
     
    About the Max Group

    The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Healthcare & Allied businesses and packaging sectors. In FY ‘15, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015.The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, IFC Washington, Temasek, Fidelity and New York Life.

    The Max Group comprises three holding companies, namely:

    Max Financial Services, the holding company for Max Life, India’s largest non-bank-owned, private life insurance company. Max Financial Services owns and actively manages a 72.1 per cent stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan- headquartered global leader in life insurance.

    Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders, Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 46.4% per cent stake in Max Healthcare, a 76% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.

    Max-Ventures and Industries, the holding company for Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others.

    The two additional holding companies will be shortly listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
     

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    Business Wire India

    • The plan offers a Guaranteed Tax-Free Maturity Benefit*
    • Premium Payment Term = 5 years
    • 3 Policy Term Options = 10,12 or 15 years
    • Double Life Cover in event of an accident
    • Maximum age allowed at entry is 60 years   

    Exide Life Insurance, an established and profitable life Insurance company today announced the launch of “Exide Life Star Saver” - a limited payment savings cum insurance plan. Exide Life Star Saver offers guaranteed tax-free* maturity benefit along with comprehensive protection over the entire policy term.
     
    Under Exide Life Star Saver, you are required to pay premiums only for 5 years, while you continue to enjoy life cover over the entire policy term. You can choose from 3 policy term options of 10, 12 or 15 years. On staying invested for the chosen policy term, you get a guaranteed lump sum amount on maturity, which is tax-free*. In addition to the life cover amount, you get an additional life cover of an equivalent amount in case of an unforeseen event due to an accident.

    You can enhance protection under this plan by opting for riders by paying a nominal additional premium, where you can choose from Exide Life Critical Illness Rider to cover up to 25 critical illnesses or Exide Life Term Rider to double your base life cover.

    Commenting on the launch of Exide Life Star Saver, Sanjay Tiwari, Executive Vice President – Products Management at Exide Life Insurance said “When you have a guarantee on returns, you can easily plan your family’s dreams with confidence. Exide Life Star Saver, a simple & easy to understand plan, has been designed on this philosophy by assuring a tax-free* maturity benefit depending on choices made by the customer while purchasing this plan. Any person up to the age of 60 years can invest in this plan by paying a minimum of INR 24,000/- as annual premium for 5 years.”
     
    *Under this plan, you enjoy tax benefits on premiums paid and maturity payouts as per Income Tax Act 1961 (amended from time to time)
     
    Please refer to the attached product flier for more details.
     
    About Exide Life Insurance Company Limited:
     
    Exide Life Insurance Company Limited commenced operations in 2001 and is headquartered in Bangalore. The company is profitable and serves over 10 lakh customers across India and manages over INR 8,800 crores in assets*. The company is 100% owned by Exide Industries Limited and is proud to be part of a 100 year old brand heritage in India. (*As on 31st March 2015)
     
    Exide Life Insurance distributes its products through multi-channels viz. Agency, Bancassurance, Alliances and Direct Channels. The Agency channel comprises of over 35,000 advisors who are attached to over 200 company offices and customer care centers across the country. The Alliances business includes distribution relationships with banks, Corporate Agents, Brokers & Referral Partners.
     
    Exide Life Insurance, one of the leading life insurance companies in South India, is now growing its franchise in East and other parts of the country. The company is focused on providing long-term protection and savings solutions and has a strong traditional product portfolio with a consistent bonus track record. Exide Life Insurance has the ISO 9001:2008 quality certification for all Customer Service processes.
     
    About Exide Industries Limited:
     
    Exide is India’s largest manufacturer of electric storage batteries and its biggest power-storage solutions provider with a market capitalization of over INR 15,000 crores*. Since its introduction in India more than a hundred years ago, Exide remains the foremost and the most trusted battery brand in India. The century-old brand equity is backed by a robust nation-wide network of 18000-plus dealers. (*As on 31st March 2015)
     
    With 7 world-class battery manufacturing factories across India, the range of products offered by the company covers everything from the smallest batteries required in motorcycles to the giant batteries powering submarines. After all, India moves on Exide.
     
    Photo Caption: Exide Life Star Saver Flier
     

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    Business Wire IndiaPerformance Highlights
     

    • Standalone profit after tax at Rs. 4,486 crore for the nine months ended December 31, 2015
    • 23% growth in the individual loan book (after adding back the loans sold in the preceding 12 months)
    • Spread on loans at 2.31% for the nine months ended December 31, 2015 – maintained at the same level as the corresponding period last year
    • Gross non-performing loans at 0.72% of the loan portfolio as at December 31, 2015  
    • Consolidated profit after tax at Rs. 6,730 crore for the nine months ended December 31, 2015
     
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) announced its unaudited standalone financial results for the third quarter of the financial year 2015-16, following its meeting on Wednesday, January 27, 2016 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
     
    STANDALONE FINANCIAL RESULTS
     
    Financials for the nine months ended December 31, 2015

     
    For the nine months ended December 31, 2015, the profit before tax stood at Rs. 6,466 crore as compared to Rs. 5,971 crore in the corresponding period of the previous year.
     
    After providing Rs. 1,980 crore for tax, (inclusive of Rs. 266 crore as deferred tax liability on Special Reserve), the profit after tax for the nine months ended December 31, 2015 stood at Rs. 4,486 crore as compared to Rs. 4,128 crore in the corresponding period previous year, representing growth of 9%.
     
    Profit growth was impacted by lower profit on sale of investments, lower income from leased properties and other income and higher depreciation in the current year as compared to the previous year.
     
    Financials for the quarter ended December 31, 2015
     
    For the quarter ended December 31, 2015, the profit before tax stood at Rs. 2,191 crore as compared to Rs. 2,064 crore in the corresponding quarter of the previous year.
     
    After providing Rs. 670 crore for tax, (inclusive of Rs. 94 crore as deferred tax liability on Special Reserve), the profit after tax for the quarter ended December 31, 2015 stood at Rs. 1,521 crore as compared to Rs. 1,425 crore in the corresponding period previous year, representing growth of 7%.
     
    The lower growth in the profit for the quarter ended December 31, 2015 is due to lower  non-core income i.e. profit on sale of investments was Rs. 57 crore (PY Rs. 113 core) and income from leased properties was Rs. 1 crore (PY Rs 17 crore).
     
    Growth in the non-individual loan portfolio has picked up, recording a net increase of Rs. 1,987 crore for the quarter ended December 31, 2015. Accordingly, the Corporation made higher provisioning, mainly on account of standard assets at Rs. 68 crore (PY Rs. 45 crore). Also, owing to lower interest rates, the Corporation earned lower interest on shareholders’ funds, impacting profitability. If adjusted for these factors, the profit growth for the quarter would have been approximately 15%.
     
    TOTAL ASSETS
     
    As at December 31, 2015 the total assets of HDFC stood at Rs. 2,76,163 crore as against Rs. 2,45,881 crore as at December 31, 2014 – an increase of 12%.
     
    LENDING OPERATIONS
     
    As at December 31, 2015, the loan book stood at Rs. 2,48,097 crore as against Rs. 2,19,939 crore as at December 31, 2014. Loans sold in the preceding twelve months amounted to Rs. 12,975 crore. After adding back loans sold in the preceding 12 months, the growth in individual loan portfolio is 23%. The growth in the non-individual loan portfolio stood at 10%. The growth in the total loan book, after adding back the loans sold in the preceding 12 months is 19%.
     
    Of the total loan book on an Assets Under Management (AUM) basis, individual loans comprise 73%. The average size of the individual loans stood at Rs. 25 lac.  On an AUM basis, in the nine months ended December 31, 2015, 93% of the incremental growth in the loan book came from individual loans.
     
    As at December 31, 2015, the total loans outstanding in respect of loans sold/assigned stood at Rs. 28,987 crore. HDFC continues to service these loans and is entitled to the residual interest on the loans sold. The residual interest on the individual loans sold is 1.21% p.a. and is being accounted over the life of the loans and not on an upfront basis.
     
     
    Non-Performing Loans

    Gross non-performing loans as at December 31, 2015 amounted to Rs. 1,794 crore. This is equivalent to 0.72% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.54% while that of the non-individual portfolio stood at 1.12%.

    As per the National Housing Bank norms, the Corporation is required to carry a total provision of Rs. 1,865 crore.

    The balance in the provision for contingencies account as at December 31, 2015 stood at Rs. 2,186 crore of which Rs. 532 crore is on account of non-performing loans and the balance Rs. 1,654 crore is in respect of general provisioning on standard loans and other provisions. This balance in the provision for contingencies is equivalent to 0.88% of the portfolio. The Corporation carries an additional provision of RS. 321 crore over the regulatory requirements.
     
    Spread and Net Interest Margins
     
    The spread on loans over the cost of borrowings for the nine months ended December 31, 2015 stood at 2.31%, the same as in the corresponding period of the previous year. The spread on the individual loan book was 1.97% and on the non-individual book was 3.09%.
     
    Net Interest Margin for the nine months ended December 31, 2015 was 3.85%.
     
    INVESTMENTS
     
    As at December 31, 2015, the unrealised gains on HDFC’s listed investments amounted to Rs. 59,091 crore (previous year – Rs. 51,996 crore). This excludes the appreciation in the value of unlisted investments.
     
    CAPITAL ADEQUACY RATIO
     
    The Corporation’s capital adequacy ratio stood at 17.7%, of which Tier I capital was 14.2% and Tier II capital was 3.5%. Deferred Tax Liability on Special Reserve and the investment in HDFC Bank has also been considered as a deduction in the computation of Tier I and Tier II capital. As per regulatory norms, the minimum requirement for the Capital Adequacy Ratio and Tier I capital is 12% and 6% respectively.
     
    DISTRIBUTION NETWORK
     
    HDFC’s distribution network spans 396 outlets, which include 114 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and other third party selling associates.
     
    To cater to non-resident Indians, HDFC has representative offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Abu Dhabi and Saudi Arabia.
     
    CONSOLIDATED RESULTS
     
    For the nine months ended December 31, 2015, the consolidated profit after tax stood at Rs. 6,730 crore as compared to Rs. 6,116 crore in the corresponding period last year.
     
    The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 33% for the nine months ended December 31, 2015. 

    To View the PDF, Please Click on the Links Below
    Quarterly Results  (Consolidated) - for quarter/nine months ended in December 31, 2015
    Quarterly Results  (Standalone) - for quarter/nine months ended in December 31, 2015
     

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    Business Wire IndiaIndian banks seeking to issue EMV® chip payment cards on the RuPay payment scheme can now work with FIME to validate their card personalization in line with the National Payments Corporation of India’s (NPCI) requirements. FIME, an industry leading EMV migration service provider, is the first to be accredited to perform this chip validation (Chip V) service as part of the RuPay certification programme.
     
    This news follows the announcement in 2014 that NPCI, the umbrella organization which covers all retail payment schemes in the country, had appointed FIME to set up the RuPay certification scheme. As part of India’s financial inclusion plan, Pradhan Mantri Jan – Dhan Yojana, 131 million RuPay magnetic stripe debit cards have already been issued and this number is growing rapidly. All of these cards will, in time, be migrated to EMV.
     
    This latest accreditation will support Indian issuers by accelerating their RuPay card certifications as they work towards launching EMV card programmes in line with the country-wide migration to chip technology. Banks can also ensure a smooth certification process by using FIME’s personalization validation test tool, PersevalPro, co-developed with Barnes International, for pre-certification testing. The tool, with its newly-qualified RuPay libraries, is used by issuers during the development process in advance of FIME’s formal approval services, mitigating the risk of issues at this final stage.
     
    “We are a single point of contact for Indian issuers seeking RuPay Chip V approval,” comments Prakash Sambandam, Director at FIME India. “Indian banks are responding to market demands for more convenient and secure ways to pay and we are here to support them in bringing these new products and services to market in an efficient, cost-effective, and interoperable way. Our experienced team of EMV experts is on the ground in India, ready to help drive the migration forward.”
     
    Find out more about FIME’s services or contact a regional office to discuss a specific project.
     
    About FIME
     
    FIME is a trusted provider of consulting services, certification and tools. It enables customers to bring seamless card and mobile transactions services to market effectively and confidently using secure chip or cloud-based solutions.
     
    Working with the payment, telecom, transit and identity sectors, FIME is an implementation services partner for customers using contact and contactless EMV, near-field-communication (NFC), trusted service manager (TSM), trusted execution environment (TEE) and host card emulation (HCE) technologies. FIME supports customers from project initiation to completion by advising on technical requirements, consulting on industry regulations, certification authority implementation and streamlining testing and certification activity.
     
    With 11 offices around the world, serving more than 3,000 clients, FIME combines its global expertise and local knowledge to support its customers. FIME’s dedicated team actively contributes to the advancement and simplification of certification processes. Its service capacity also provides resource scalability to adapt to individual customer needs.
     
    FIME currently has operations across America (Canada and the United States), Asia Pacific (Japan, South Korea and Taiwan), Europe (France), the Middle East (Dubai) and South-East Asia (Bangalore).
     
    FIME partners with leading payment schemes and industry bodies to provide consultancy and certifications services for: American Express, Calypso Networks Association, China UnionPay (CUP), Discover, eftpos, EMVCo, EMV Migration Forum, First Data, Global Certification Forum (GCF), GlobalPlatform, GSMA, Interac, JCB, MasterCard, Network for Electronic Transfers (NETS), NFC Forum, National Payments Corporation of India (NPCI), National Standard Indonesia for Chip Card Specification (NSICC), OSCar Consortium, PTCRB, RuPay, TROY, UnionPay International (UPI) and Visa.
     
    www.fime.com | Twitter | LinkedIn

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    Business Wire India 

    • Half day session that explored crossroads of finance and e-commerce
    • Conclave attended by Leading Banks, NBFCs and financial institutions
     
    India’s leading online search platform and one of the largest digital SME marketplaces in the country, the AskMe Group organized Finclave 2016 at The Westin, Gurgaon. The event was organized to showcase AskmeFin, an initiative aimed at addressing the finance requirements of SMEs by offering them a suite of financing options.
     

    The conclave was aimed at discussing the existing and emerging solutions of finance for both offline and online SMEs in India to really accelerate SME growth. It included sessions around AskMe Group, AskmeFin, the details of the portfolio of loans offered as well as the group’s future plans for the proposition. It also shared insights on the outreach plans for the online as well as the offline sellers. There is big opportunity now with offline SMEs in India and AskMe is in a great position to enable this opportunity.  The conclave was attended by AskMe’s existing lending partners including Bajaj Finserv, Capital Float, Mahindra Finance and Religare.  Also, in attendance were representatives from private and public sector banks, NBFC, P2P lending institutions, Fintech companies and SME Aggregators.
     
    Speaking on the occasion, Mr. Sudeep Gupta, Head-AskmePay said, For over three decades, the AskMe Group has been at the forefront of fostering an ecosystem for SMEs in India where they can grow their business through the group’s various initiatives. We are currently working with over 14 million SMEs and have an in-depth understanding of their requirements. We understand that easy and hassle free finance is one of the key roadblocks to the growth of the SMEs in India and we believe that AskMe, with its digital focus and its strong access to long tail SMEs, can act as a catalyst and pave the way for SMEs to connect with the right kind of financial partners.”
     
    Mr. Pawan Lohia, CEO AskmeFin added, “We are committed to helping the SME owners get the funds they need in a hassle-free manner. Through Finclave, all our finance partners and sellers gathered together under one roof to get clarity of the process and know the benefits that we all will mutually get through this initiative.”
     
    AskMe Group had recently announced a series of strategic alliances to facilitate faster financing for SMEs, irrespective of the size of their business last month. It had tied up with Mahindra Finance, Bajaj Finserv, Capital Float, Religare, SMEBank.in and Mandii.com, and will be offering loans ranging from Rs. 50,000 to Rs. 1 crore to its sellers, available for tenure ranging from 15 days to 6 months.
     
    About AskmePay.com
     
    AskmePay.com is the payment initiative by AskMe that is committed to helping the SMEs with a wide range of offerings including easy acceptance of payment through mobile devices, easy availability of loans as well as individual CRM and Marketing offerings for the SME community. 

    Photo Caption: Left to Right:- Mr. Pawan Lohia, CEO, AskmeFin, Mr. Kiran Murthi, CEO, AskmeBazaar and Mr. Sudeep Gupta, Head-AskmePay at Finclave 2016

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    Business Wire IndiaGold and other correlated commodities have not been giving positive returns since past three years and 2016 should not be expected to be any different, says Amit Rathi, M.D, Anand Rathi Financial Services. In fact, spot gold ended with (-)6 per cent returns in 2015 and around (-)8.5 per cent CAGR for 2013-15. A major factor to this fall in gold values is the strengthening of USD.
     
    The dollar is at its strongest in 10 years and is getting stronger as the rest of the world currencies are turning weak. The US central bank has moved towards tightening the monetary policy after almost nine years and there is a high chance that they will continue to hike rates in 2016. This would lead to an increase in demand for dollar and pressure on prices of correlated commodities such as gold, silver, oil and copper,” said Amit Rathi.

    The other contributing factor is the combination of falling demand for gold in India, the largest gold importer and the recently launched gold monetization scheme by the government.
     
    The gold monetization scheme of the current government by which they plan to recycle existing private holding of gold, will cut India's gold imports substantially. Indian household savings too are moving away from gold to financial instruments like fixed deposits, bonds, equity etc on the backdrop of improved economic growth and negative returns by gold in last three years. The savings in financial instruments have increased from roughly 35 per cent to upwards of 40 per cent in the last two years,” said Amit Rathi.

    Adding to this pile is the fact that major global economies are in a deflationary mode which rules out the possibility of introducing inflation in few months from hence.
     
    Gold is an inflation hedge and hence the desire to hold gold is expected to be subdued, remarks Amit Rathi. For more details please visit https://www.rathi.com/

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    Business Wire India

    Luxury CardTM has launched three new metal credit card products with patented designs and construction: the top-tier MasterCard® Gold CardTM, the mid-level MasterCard® Black CardTM and the base-level MasterCard® Titanium CardTM.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160203005422/en/

     

    Luxury Card is the only credit card program in the world to offer a complete suite of metal and carbon cards, a proprietary 24K-gold-plated card and unlimited cash back redemptions up to 2%.

     

    Along with state-of-the-art design and construction, the cards offer extraordinary Cardmember benefits including:

     
    • Industry-Leading Rewards Program
    • DOUBLE POINTS when redeemed for airfare. For example, 50,000 points will get you a $1,000 ticket
    • Up to 2% value for cash back redemptions
    • Up to $200 annual credit for airline purchases for Gold Card and Black Card members
    • Luxury Card ConciergeTM, a dedicated 24/7 concierge service
    • VIP Hotel & Travel Program
    • Luxury Gifts from the world’s most iconic and recognized brand names for Gold Card and Black Card members
    • Members-only Luxury Magazine, the ultimate luxury guide
    • Chip technology to protect account information
     

    The Luxury Card products focus on Cardmembers’ lifestyle needs—at home or abroad. “All Luxury Card products are designed to ensure a customer-centric, stress-free experience. It starts with our newly designed website and permeates through all of our services. We are dedicated to offering Cardmembers exceptional benefits and value,” said Marina Kissam, Director of Customer Experience of Luxury Card.

     

    Each Luxury Card product has a different annual fee based on the suite of benefits. More information is available at luxurycard.com.

     

    About Luxury Card

     

    More information about Luxury Card products and credit card services is available at luxurycard.com.

     

    Tags: Luxury Card, metal cards, credit cards

     

     

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20160203005422/en/

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    Business Wire India

    Oberthur Technologies (OT), a leading global provider of embedded security software products, services and solutions, announces its support to the MasterCard Aid Network by providing pre-loaded chip cards to give people in need access to basic necessities such as food, medicine and shelter.

     

    We are very proud at OT to contribute to the MasterCard Aid Network to facilitate access for populations to first level aid around the world using chip cards. OT’s chip card technology is a very convenient way of easing aid distribution while maintaining a high level of security” said Eric Duforest, Managing Director of the Financial Services Institutions business at OT.

     

    To address the challenge humanitarian organizations face providing aid in areas of political and economic unrest, MasterCard developed the MasterCard Aid Network, an end-to-end, non-financial service designed to streamline aid distribution even in the absence of a telecommunications infrastructure. Enabled by MC Aid impacted populations can secure basic needs swiftly with the simple insertion of a card.

     

    Traditionally, aid distribution has relied on a paper voucher system that is largely crippled by slow distribution and with a high risk of fraud. To help modernize the system, OT provides chip cards pre-loaded with authorization to a selection of goods based on a points value system. Beneficiaries only have to insert their card into a dedicated terminal, select the groceries and produce they are entitled to by tapping the corresponding photos on a screen, and enter a PIN to securely verify their transaction.

     

    The MC Aid Network has been tested and proven in real-life situations and has delivered greater efficiency and transparency beyond the cumbersome traditional paper voucher model. Thanks to its wide network of service centers, OT is able to deliver customized pre-loaded chip cards in any place of the world, where aid is vital, on very short notice.

     

    ABOUT OBERTHUR TECHNOLOGIES

     

    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.

     

    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.

     

    OT employs over 6 300 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 140 countries. For more information: www.oberthur.com

     

    Download The M World,
    All you need to know about the latest trends of the Mobility world, available on AppStore and Google Play
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    Business Wire India

    Elliott1 announced the release of the attached letter to fellow shareholders of Bank of East Asia, Limited (“BEA”). Elliott, which owns a shareholding of over 7% in BEA, believes that the BEA board should now finally focus on delivering proper value for BEA shareholders by conducting an auction process to explore the scope for a sale of BEA at an appropriate premium.

     

    This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160203006710/en/

     

    Elliott’s Perspectives on BEA - Key Points in the Letter

     
    • Shareholders have long suffered from BEA’s entrenched executive management, which has mismanaged the business, resulting in weak underlying financial and operating performance and poor returns for independent minority shareholders
    • Serial usage of the general mandate to place new shares on a selective basis to CaixaBank and SMBC for “strategic” purposes has assisted in entrenching the incumbent management and led to BEA’s chronic underperformance
    • There is scope to sell BEA at an appropriate premium – historic Hong Kong bank sales have been priced at an average of 2x book value, equating in BEA’s case to approximately HK$60 per share, or around 185% more than the current BEA share price
    • Despite poor performance and poor corporate governance, the scale and profile of BEA’s banking platform is attractive to any potential acquiror which wants to expand its banking operations in Greater China
    • BEA’s announcement on 19 January 2016 that the long-standing lock-in agreement with CaixaBank has been removed frees up CaixaBank to tender its 17% stake into any takeover offer for BEA.

    - CaixaBank has conditionally agreed to sell its shareholding to its parent company, Criteria, at just HK$24.25 per BEA share. In contrast, Elliott estimates that a sale of CaixaBank’s BEA stake at HK$60 per share in cash in place of the announced intended share sale could enhance CaixaBank’s CET1 ratio by up to 200 basis points.

     

    - CaixaBank and Criteria are now free to agree to an alternative sale of the BEA stake at a significantly higher price into a takeover offer, creating awin-win outcome not only for BEA’s shareholders but also for CaixaBank’s shareholders.

     

    An Elliott spokesperson said, “We urge all shareholders, large and small, to also call on the BEA board to act now, to provide all shareholders with an opportunity to earn a meaningful return on their investment in BEA, through a sale of BEA”.

     

    In order to enable shareholders of BEA to understand the issues more fully, Elliott will shortly be launching a dedicated website, www.fairdealforbea.com, on which it will post information, including press statements and presentations.

     

    MESSAGE FROM ELLIOTT TO FELLOW SHAREHOLDERS OF BANK OF EAST ASIA, LIMITED (HKEx stock code: 23) (“BEA”) – ELLIOTT’S PERSPECTIVES ON BEA

     

    Dear Fellow Shareholders

     

    Introduction

     

    We hold over 7% of the ordinary issued share capital of BEA and have been a shareholder for several years.

     

    We believe that BEA shareholders have suffered over many years from an entrenched executive management team which has mismanaged the business, resulting in its weak underlying financial and operating performance and poor returns for independent minority shareholders. We consider that BEA has now reached a stage where the cumulative damage to shareholders’ interests must be stopped.

     

    The current BEA board should finally focus on delivering proper value for BEA shareholders – and in our assessment the only responsible way for the board to do that is to conduct an auction process to explore the scope for a sale of BEA at an appropriate premium.

     

    Underperformance and mismanagement at BEA

     

    BEA shareholders have long suffered from poor returns:

     
    • BEA: Total Annualised Return (“TAR”) of just 2.7% since 19972
    • Leading Hong Kong listed banks: TAR of 8.6% since 19973
    • Family-run Hong Kong listed banks: TAR of 12.8% since 19974

    Based upon TAR over the past 1, 3 and 5 years, BEA has underperformed an index of its peer group Family-run Hong Kong listed banks by 28.1%, 28.8% and 13.1%, respectively.

     

    In our view, this chronic underperformance is attributable to the long-term mismanagement of BEA, combined with the entrenchment of the current executive management team, all of which has come at the expense of BEA's independent minority shareholders and has prevented BEA from being sold at an appropriate premium to its market value, for the benefit of all shareholders.

     

    The serial usage by the BEA board of the general mandate to place new shares on a selective basis to CaixaBank, S.A. (“CaixaBank”) 5 and Sumitomo Mitsui Banking Corporation (and the related agreements between BEA and those shareholders) from 2007 onwards, for “strategic” purposes has, we believe, assisted in entrenching the incumbent BEA management and led to BEA’s chronic underperformance.

     

    Scope for a sale of BEA at an appropriate premium

     

    BEA has failed to demonstrate that it can remain competitive and generate healthy returns for shareholders as an independent bank, in a market where the best performing banks are backed by large foreign or PRC financial institutions. In stark contrast to BEA, most other family-run Hong Kong listed banks were able to provide attractive returns for their shareholders over the last several years, including by way of an opportunity for those shareholders to sell their shares at a significant premium into a takeover offer. Those takeover transactions were priced at an average of 2.0x book value, which for BEA would equate to approximately HK$60 per share6, or around 185% above the current share price.

     

    Regardless of poor performance and poor corporate governance, the scale and profile of BEA’s banking platform is attractive to any potential acquiror who wants to expand its banking operations in the Greater China region. In addition, BEA finally announced on 19 January 2016 that the long-standing lock-in agreement, which had prevented CaixaBank (one of BEA’s largest shareholders) from accepting any non-recommended takeover offer for BEA without BEA board approval, had been removed.

     

    BEA’s management can no longer rely on contractual lock-in arrangements to assist them in preventing a suitably-priced takeover offer for BEA from succeeding.

     

    CaixaBank is clearly willing to sell its 17% BEA shareholding, because it has currently conditionally agreed to sell it to its parent company, Criteria, at just HK$24.257 per BEA share. Consequently, CaixaBank and Criteria may now have an opportunity to agree to put that related party transaction aside and instead sell the BEA stake at a significantly better price, into a takeover offer for BEA made by a third party, thereby strengthening CaixaBank’s capital base.8 In our view this would be a win-win outcome for CaixaBank’s shareholders as well as BEA’s shareholders.

     

    Conclusions

     

    In our view, the BEA board should now finally focus on delivering proper value for BEA shareholders, by conducting an auction process to explore the scope for a sale of BEA at an appropriate premium. We have asked the BEA board to do this, but they have so far not responded to our request.

     

    We urge all shareholders, large and small, to also call on the BEA board to act now, to provide all shareholders with an opportunity to earn a meaningful return on their investment in BEA, through a sale of BEA.

     

    About Elliott

     

    Founded in 1977, Elliott manages two funds, Elliott Associates, L.P. and Elliott International, L.P., with assets under management totaling more than US$26 billion. Elliott’s investment strategies include actively-managed equity investments in relation to which Elliott’s objectives include promoting shareholder value and good corporate governance for the benefit of all shareholders.

     

    In order to enable shareholders of BEA to understand the issues more fully, Elliott will shortly be launching a dedicated website, www.fairdealforbea.com, on which it will post information, including press statements and presentations.

     

    1 Founded in 1977, Elliott manages two funds, Elliott Associates, L.P. and Elliott International, L.P., with assets under management totaling more than US$26 billion. Elliott’s investment strategies include actively-managed equity investments in relation to which Elliott’s objectives include promoting shareholder value and good corporate governance for the benefit of all shareholders.

     

    2 TAR for the period from 9 April 1997 to 3 February 2016 (Source: Bloomberg).

     

    3 Market capitalization weighted index TAR for Hang Seng Bank and Bank of China (HK) for the period from 9 April 1997 to 3 February 2016 (Source: Bloomberg).

     

    4 Market capitalization weighted index TAR for Dao Heng Bank, Wing Lung Bank, Chong Hing Bank, Wing Hang Bank and Dah Sing Bank for the period from 9 April 1997 to the earlier of one day following the respective takeover announcement dates and 3 February 2016 (Source: Bloomberg).

     

    5 Elliott is also a CaixaBank shareholder.

     

    6 Based on Hong Kong banking acquisition transactions over the past three years: Chong Hing Bank, Wing Hang Bank and Nanyang Commercial Bank, which had an average last 12 months ROE of 8.6% prior to being sold and were taken over at an average P/B ratio of 2.0x.

     

    7 Based on CaixaBank’s announcement of 3 December 2015, adjusted for recent share price movements.

     

    8 We estimate that a sale of the BEA stake at HK$60 per share in cash in place of the announced intended share sale could enhance CaixaBank’s CET1 ratio by up to 200 basis points.

     

     
    MULTIMEDIA AVAILABLE :
    http://www.businesswire.com/news/home/20160203006710/en/

    0 0

    Business Wire India

    The date at the end of the first paragraph of release dated February 2, 2016 should read: Wednesday, February 10, 2016 (instead of Tuesday, February 10, 2016).

     

    The corrected release reads:

     

    TARO TO ANNOUNCE THIRD QUARTER RESULTS ON FEBRUARY 10, 2016

     

    Taro Pharmaceutical Industries Ltd. (NYSE:TARO) announced today that it plans to release its financial results for the quarter and nine months ended December 31, 2015, after the close of market on Wednesday, February 10, 2016.

     

    Consistent with the Company’s policy, Taro will conduct its next earnings call when it announces its financial results for the year-ending March 31, 2016.

     

    The release will be accessible on Taro’s website at www.taro.com.

     

    About Taro

     

    Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com.

     

     

     

     

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