CAA Is "Divisive, Discriminatory", Revoke "Immediately": Goa Archbishop

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

May 30: A Delhi court on Saturday granted interim bail for 10 days to former municipal councillor from the Congress Ishrat Jahan, who has been booked under the stringent Unlawful Activities (Prevention) Act, to get married.

She has been booked under the anti-terror law in a case related to communal violence in northeast Delhi in February.

Additional Sessions Judge Dharmender Rana granted the interim relief from June 10 to June 19 to Jahan on furnishing two sureties of Rs 1 lakh.

The court directed her not to tamper with any evidence or influence the witnesses in the case.

According to the interim bail plea, filed through advocates S K Sharma and Lalit Valeecha, Jahan's marriage was fixed in 2018 for June 12, 2020.

The plea further said that Jahan would not tamper with any evidence or influence the witnesses if granted bail.

The petition, also filed through advocates Tushar Anand and Manu Prabhakar, claimed that Jahan has been falsely implicated in the case.

It alleged that upon bare perusal of the contents of the FIR, no incident of violence can be attributed to her and the wild and baseless allegations made against her were not only irresponsible and false, but also caused serious harm to her reputation.

Jahan, who is also an advocate, was only a supporter of ongoing peaceful protests and it was one of the fundamental rights of the citizens to protest and register their dissent against any unreasonable measure of the government, the plea said.

Besides Jahan, Jamia Millia Islamia University students Asif Iqbal Tanha, Gulfisha Khatoon, Jamia Coordination Committee members Safoora Zargar, Meeran Haider, president of Jamia Alumni Association Shifa-Ur-Rehman, suspended AAP councillor Tahir Hussain, activist Khalid Safi, JNU student Natasha Narwal and former student leader Umar Khalid have also been booked under the anti-terror law in the case.

The police had claimed in the FIR that Khalid and his associates had instigated people to start riots in the area and it was a "premeditated conspiracy".

Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control, leaving at least 53 people dead and around 200 injured.

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.