Another Maha minister faces irregularities charge in contract

New Delhi, Jun 20: After Prime Minister Narendra Modi said there are no foreign incursions into India, China has once again claimed that Galwan valley of Ladakh union territory is located on the Chinese side of the Line of Actual Control (LAC).

In an official statement on the step-by-step account of the Galwan face-off where 20 Indian soldiers were killed, China's foreign ministry spokesperson Zhao Lijian has said the Galwan valley is located on the Chinese side of the LAC in the west section of the China-India boundary.

"For many years, the Chinese border troops have been patrolling and on duty in this region," Zhao said alleging that since April this year, the Indian border troops have unilaterally and continuously built roads, bridges and other facilities at the LAC in the Galwan Valley.

China has lodged representations and protests on multiple occasions but India has gone even further to cross the LAC and make provocations, Zhao said.

By the early morning of May 6, the Indian border troops, who had crossed the LAC by night and trespassed into China's territory, built fortification and barricades, which impeded the patrol of Chinese border troops, Zhao said adding that they deliberately made provocations in an attempt to unilaterally change the status quo of control and management.

The Chinese border troops, he said, were "forced to take necessary measures to respond to the situation on the ground and strengthen management and control in the border areas."

In order to ease the situation, China and India have stayed in close communication through military and diplomatic channels, he said. "In response to the strong demand of the Chinese side, India agreed to withdraw the personnel who crossed the LAC and demolish the facilities, and so they did.

On June 6, the border troops of both countries held a commander-level meeting and reached consensus on easing the situation. The Indian side, he said, promised that they would not cross the estuary of the Galwan river to patrol and build facilities and the two sides would discuss and decide phased withdrawal of troops through the meetings between commanders on the ground.

"Shockingly, on the evening of June 15, India's front-line troops, in violation of the agreement reached at the commander-level meeting, once again crossed the Line of Actual Control for deliberate provocation when the situation in the Galwan Valley was already easing, and even violently attacked the Chinese officers and soldiers who went there for negotiation, thus triggering fierce physical conflicts and causing casualties."

"The adventurous acts of the Indian army have seriously undermined the stability of the border areas, threatened the lives of Chinese personnel, violated the agreements reached between the two countries on the border issue, and breached the basic norms governing international relations," the spokesperson said.

Beijing, he said, hopes that India will work with China, follow faithfully the important consensus reached between the two leaders, abide by the agreements reached between the two governments, and strengthen communication and coordination on properly managing the current situation through diplomatic and military channels, and jointly uphold peace and stability in the border areas.

Mumbai, Mar 8: A day after the Enforcement Directorate registered a money laundering case against Yes Bank founder Rana Kapoor and raided his premises, he was taken to the agency's office in Mumbai on Saturday for further questioning.

Kapoor, who was grilled by central agency's officials on Friday night at his Samudra Mahal residence in Mumbai, was shifted to the ED office in the metropolis around 12.30 pm.

ED officials said Kapoor was questioned throughout the night, with some rest time.

A senior ED official connected with the probe told IANS: "Kapoor will be questioned about Yes Bank loans to Dewan Housing Finance Limited (DHFL)."

The official said that during searches a lot of incriminating documents were found and the agency wanted to grill him on his links with DHFL promoters and other companies.

Kapoor's alleged role in the disbursal of loan to a corporate entity and kickbacks reportedly received in his wife's bank account are also under probe.

The ED had filed the money laundering case against Kapoor and raided his residence, apart from issuing a look-out circular so that he does not flee the country.

The ED registered a money laundering case against Kapoor as a continuation of its probe against the DHFL wherein it was allegedly found that Rs 12,500 crore was diverted to 80 shell companies using one lakh fake borrowers. The transactions with these shell companies date back to 2015.

An ED official in New Delhi told IANS that the DHFL probe revealed that funds diverted by the DHFL originated from Yes Bank.

He said that the searches at Kapoor's residence on Friday night were meant to find out any irregularity in grant of loans to the DHFL by the Yes Bank.

The ED has accused Kapil and Dheeraj Wadhawan of DHFL of purchasing shares in five firms -- Faith Realtors, Marvel Township, Abe Realty, Poseidon Realty, and Random Realtors -- after which they were amalgamated with Sunblink.

The outstanding loans of these five firms, totalling around Rs 2,186 crore till July 2019, were allegedly appropriated onto the books of Sunblink to cover up the diversion of loans acquired from DHFL.

The ED's action comes after the RBI superseded Yes Bank Board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawals by account holders for a month.

The RBI said that the bank's board was superseded "owing to serious deterioration in the financial position of the bank".

Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank, which has over 1,000 branches and 1,800-plus ATMs across the country.

On Thursday, Union Finance Minister Nirmala Sitharaman said that the bank was on watch since 2017 and developments relating to it were monitored on a day-to-day basis.

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”