INDIA SLAMS UN PANEL’S CONCLUSIONS ON MICHEL

Hours after foreign media reports that the United Nations Working Group on Arbitrary Detention (WGAD) has concluded that alleged British middleman Christian James Michel was being detained arbitrarily in India, New Delhi on Friday evening “rejected the opinion rendered by the Working Group”, and “regretted that the conclusions drawn by the Working Group are based on limited information, biased allegations from an unidentified source and on an inaccurate understanding of India’s criminal justice system”. Slamming the “selective leaks” of the WGAD opinion “even before its official release” in this case, India also said the “allegations which form the basis of the opinion rendered by the Working Group are contrary to facts”, adding that “the Working Group is not a judicial body, and therefore, its opinions are not legally binding on the Member States”.

It may be recalled that in December 2018, the United Arab Emirates (UAE) had extradited Michel to India in the `3,546 crore AgustaWestland VVIP chopper deal case. Michel was reportedly wanted on charges of alleged money laundering, bribery and fraud in connection with the cancelled deal.

India had subsequently granted Britain consular access to Michel who is a British national. New Delhi said that the “extradition was done entirely in accordance with the provisions of the Extradition Treaty signed between two sovereign States.”

State Bank of India, the country's largest lender, is preparing for its mutual fund joint venture for an initial public offering, according to people familiar with the matter.

SBI plans to ask investment banks for proposals after discussions with its board and shareholder Amundi Asset Management and kick off the process in the next few months, the people said. The lender could raise about $1 billion from the offering, one of the people said, who asked not to be identified, as the information is private.

SBI's mutual fund is now valued at about $7 billion, another person said.

At $1 billion, the firsttime share sale could be India's biggest since the $1.4 billion listing by SBI Cards & Payment Services Ltd in March, according to data compiled by Bloomberg. The SBI mutual fund business would also be the third such listing of its kind in the country, joining rivals UTI Asset Management Co and HDFC Asset Management Co.

SBI's plan to list the mutual fund arm is part of its strategy to extract more value from its units after divesting some of its stakes in its life insurance and cards year.

SBI's mutual fund is the largest in India with Rs 5 lakh crore ($68.4 billion) of assets under management, according to its website. The fund house posted a net income of Rs 498 crore for the April-December period, according to an investor presentation. SBI holds a 63 per cent stake in the mutual fund business, while Paris-based Amundi owns the rest.

Deliberations are at an early stage and details of the share sale could still change, the people said. A representative for SBI didn't immediately respond to requests for comment.

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