After office building, CM Yogi plans to paint text books in saffron

Jaipur, Jul 23: Four days after the Special Operation Group (SOG) sent a notice to Union minister Gajendra Singh Shekhawat in connection with the purported audio clips indicating his alleged involvement in horse trading of MLAs in Rajasthan, a city court has directed the Rajasthan police to probe a complaint alleging Shekhawat's role in a credit society scam worth Rs 840 crore.

The additional district judge Pawan Kumar, on Tuesday, directed the additional chief judicial magistrate's court to send the complaint against Shekhawat to the SOG.

Shekhawat, his wife and other partners have been named in the complaint in the Sanjivani Credit Cooperative Society scam in which around 50,000 investors allegedly lost about Rs 840 crore.

The Jaipur unit of the SOG has been probing the scam since last year after an FIR was registered on August 23, 2019.

Now, Jaipur ADJ Court-8 ordered a fresh inquiry in the case against Gajendra Singh accepting the revised application filed by Lagu Singh and Guman Singh and said that "this is a serious matter and hence SOG should investigate this".

Both the applicants had invested a huge amount in Sanjivani credit cooperative society.

It is alleged in the complaint that a multi-storey building has been built with the money instead of a theatre which was proposed earlier and many properties were also bought in Ethiopia with the money.

An SOG investigation also reveals that a large amount of money has been deposited into accounts of Shekhawat and his wife at different time spans, said sources.

Earlier, Shekhawat was not mentioned in the chargesheet filed by the SOG in connection with the case. Later, a magistrate's court also rejected the application to include him in the chargesheet. The applicants then approached the additional district judge's court with a revised application.

New Delhi, Jun 13: Petrol price on Saturday was hiked by 59 paise per litre and diesel by 58 paise as oil companies for the seventh day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.16 per litre from Rs 74.57, while diesel rates were increased to Rs 73.39 a litre from Rs 72.81, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the seventh daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."