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The Odisha Vigilance on Monday launched simultaneous raids on the properties and office of a joint director-rank officer at eight locations in three districts in connection with its probe into his alleged disproportionate assets. The Vigilance Department launched the search operations on the properties of the Soil Conservation and Watershed Development joint director, following allegations that he amassed wealth disproportionate to his known sources of income. The official was a former project director (PD) of the Watershed Department in Rayagada. "Simultaneous searches are being conducted by Odisha Vigilance officials led by 10 deputy superintendents of police, eight inspectors, 10 ASIs, and other supporting staffers on the strength of search warrants issued by the Special Judge, Vigilance, Bhawanipatna," an officer said. The raids are being carried out at three places in Bhubaneswar, two locations in Kalahandi district and three places in Nabarangpur, the Vigilance officer ...
The proposed demerger of Vedanta's diverse verticals that represent more than 15 commodities, will see the company progress from being asset managers to asset owners, Chairman Anil Agarwal has said. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. "Our expansionary moves are aligned with our business model transformation. The upcoming demerger of our diverse verticals that represent more than 15 commodities, will see us progress from being asset managers to asset owners," Agarwal said in a latest report. As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as world leaders in each of its verticals, the Chairman said. Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law .
Investment manager Capitalmind Financial Services on Thursday said it aims to raise Rs 500 crore in its maiden alternate investment fund over the next year. The company has been in the portfolio management services space and currently, boasts Rs 2,200 crore assets under management, its founder and chief executive officer Deepak Shenoy said. The firm received the Sebi approval for a category 3 AIF which it christened as "Capitalmind Select India One" last year, he told reporters, adding that the minimum investment amount will be Rs 1 crore. The fund is designed for sophisticated investors seeking exposure to a diversified, quantitatively managed equity portfolio with active risk management, he said, adding that it will invest in 20-40 stocks. It combines multiple factors such as momentum, low volatility and quality into a single pooled vehicle, offering investors an opportunity for long-term wealth appreciation, a statement said.