GTB's main problem was its exposure to the capital markets. Consequent to over-exposure to the capital markets in 2001, non-performing assets was one of the factors that worked against us.
Isn't it time to review the 'fit and proper' criteria for banking licence, particularly with reference to individuals applying for it, asks Tamal Bandyopadhyay?
Both Raju and Gelli symbolised the so-called 'Telugu pride' in the corporate world and were considered visionaries in their respective fields of operation. They were heralded as institution-builders, but in the end their fall too was equally swift due to a set of financial frauds. Incidentally, PricewaterhouseCoopers was the auditors of both the institutions.
Securities and Exchange Board of India, on Tuesday, debarred promoters of Global Trust Bank Ramesh Gelli and associates, and Ketan Parekh entities from dealing in GTB scrip in any manner.
Ramesh Gelli, then 37, was the youngest chairman in Indian banking industry when he headed Vysya Bank in 1983. Now 58, he plans to retire from banking for ever.
In an unusually lengthy statement, the agency said it has not conducted any search on the registered office of NDTV, media studio, news room or premises connected with media operations.
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