PNB CASE: INDIA ASKS ANTIGUA TO DETAIN, HAND OVER CHOKSI

NEW DELHI: India requested the authorities of Caribbean nation, Antigua and Barbuda to detain and hand over fugitive diamantaire Mehul Choski, accused of the multi-crore Punjab National Bank (PNB) fraud in India, persons familiar with the development said. After alerting the authorities on the issue, Indian high commissioner in Guyana based in Georgetown V Mahalingam would meet the authorities of the Antigua and Barbuda with a request to release him. “As soon as Ministry of External Affairs received information of the likely presence of Mehul Choksi in Antigua, our high commission in Georgetown (that also covers Antigua and Barbuda ) had alerted the A&B government, in writing and verbally, to confirm his presence in their territory and detain him and prevent his movement by land, air or sea,” a person familiar with the development said.

Axis Bank Q1 profit down 46.3% to ₹701.09 cr

MUMBAI: Axis Bank Ltd’s firstquarter net profit dipped 46% year-on-year to ₹701.09 crore due to higher provisions and lower other income. Profit however topped the ₹624.2 crore estimate in a Bloomberg poll of 16 analysts. The private sector lender had a net loss of ₹2,188.74 crore in the January-march quarter. The bank increased provisions by 42.5% during the quarter to ₹3,337.7 crore, compared with ₹2,341.93 crore a year-earlier. In Q4 FY18, the bank set aside ₹7,179.53 crore in provisions.

HSBC appoints Surendra Rosha as India CEO

NEW DELHI: The Hongkong and Shanghai Banking Corp. on Monday announced the appointment of Surendra Rosha as chief executive officer for HSBC India, subject to regulatory approvals. Rosha, currently HSBC’S Head of Financial Institutions Group (FIG) for Asia-pacific, will succeed Jayant Rikhye, who is taking a leave of absence for medical reasons, a company statement said. “His 27 years of experience in financial services makes him ideally suited to leading our bank in India and driving forward our strategy in one of HSBC’S key markets,” said Peter Wong, deputy chairman and chief executive of HSBC.

M&M to hike PV prices by up to ₹30,000 from Aug

NEW DELHI: Utility vehicle major Mahindra & Mahindra (M&M) today said it plans to increase prices of its passenger vehicles by up to ₹30,000 from next month in order to offset impact of rising commodity prices. The company plans to increase the prices of its passenger vehicles by up to ₹30,000, or 2%, and will be effective from August, M&M said in a statement. “With the ongoing increase in commodity prices, we plan to take a price hike of up to 2% in some models,” M&M’S president Automotive Sector Rajan Wadhera said.

ARM said to agree to buy Treasure Data

LONDON : ARM Holdings Plc, the British computer-chip designer owned by Softbank Group Corp., has agreed to buy Us-based data analytics firm Treasure Data Inc., people familiar with the matter said. Treasure Data may fetch about $600 million in the sale, the people said, asking not to be identified because the deal isn’t yet public. A spokesman for ARM declined to comment.

COMPILED FROM MINT, HT REPORTERS AND AGENCIES