CBI books Totem Infra in Rs 1,394 crore bank loan fraud case

Agencies
March 23, 2018

New Delhi, Mar 23: The CBI has booked a Hyderabad-based construction and infrastructure company for allegedly defrauding a consortium of eight banks to the tune of over Rs 1,394 crore, officials said on Thursday.

Totem Infrastructure Ltd, which worked as a sub-contractor for several major infrastructure companies, and its promoters Tottempudi Salalith and Tottempudi Kavita were named in a CBI FIR, registered on the basis of a complaint from the Union Bank of India, one of the eight banks, they said.

The company figured in the list of the biggest tax defaulters released by the Income Tax Department in 2015 with an outstanding tax of over Rs 400 crore.

The I-T department had in 2015 also announced a reward of up to Rs 15 lakh to informants for tracing the company, calling it "untraceable", and other defaulters in the list.

The bank also alleged that the promoters were untraceable, but the agency managed to track them down at their new place of residence and carried out searches there today, the officials said.

The CBI also issued a Look Out Circular against the promoters to prevent them from leaving the country and tracking their movements, they said.

The bank alleged in the complaint that it suffered a loss of Rs 313.84 crore as the loans given to the company had become NPA in June, 2012.

They said the total dues towards the consortium stand at Rs 1394.43 crore.

It is alleged that the loans taken from the banks for various projects were diverted for purposes other than they were meant for and to personal accounts of the promoters.

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News Network
January 1,2020

New Delhi, Jan 1: The new Army chief Lieutenant General MM Naravane on Wednesday said that India needs to pay more attention to its border along China and asserted that the force is capable of dealing with any security challenge.

"We have been giving attention to our western front in the past. The northern front now also requires an equal amount of attention... The Army is capable of tackling any dangers to the country," General Naravane told reporters after receiving the first Guard of Honour as the Army chief.

"In that context, we are now going in for capability development and enhancement of our capacities even in our northern borders which includes the northeastern part of our country," he said.

On the border dispute with China, the Army chief said that continuing peace along the border will pave the way for a solution.

He said: "We have been able to maintain peace and tranquility along borders and I'm sure that situation will prevail. By maintaining this, we will be able to set the stage for the eventual solution."

General Naravane said that operational readiness and modernisation will be among the top priorities of the Army under his leadership.

"Our priority will be to be ready to meet any challenge and to be operationally prepared at all times. This will happen as a result of modernisation. We will continue to build our capability especially in the North and Northeast region of our country," he said.

He said that the Indian Army will pay special attention to respect human rights. "We will also pay special emphasis on raising security awareness among ranks and file and pay special attention to respect human rights," the Army chief said.

Assuring the country on security, he said, "All three services — the Army, the Navy and the Air Force — are ready to defend the country."

He extended wishes to people in the new year and hoped that the country will make huge progress in this decade.

General Naravane took over as the 28th Chief of the Army Staff (COAS) on Tuesday, succeeding General Bipin Rawat who has become India's first Chief of Defence Staff (CDS).

General Naravane was previously the Vice Chief of Army Staff.

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News Network
May 17,2020

New Delhi, May 17: Spelling out the government’s fourth tranche of initiatives towards achieving Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’, Union Finance Minister Nirmala Sitharaman on Saturday announced significant structural reforms in eight sectors of the economy — coal, minerals, defense production, aviation, power distribution in Union territories, space and atomic energy.

Addressing her fourth and the second-last press conference, Sitharaman said crucial sectors such as coal production and exploration, defence production and space would see an increased participation from private entities.

Coal sector:

In the realm of coal exploration, the government has decided to liberalise the entry norms for private entities, which would mean that any interested party could bid for a coal block and sell it in the open market. The minister said that the government would do away with all the eligibility conditions at the time of bidding for a coal block, except requiring an “upfront payment with a ceiling.”

Nearly 50 coal blocks would be offered to private players immediately, revealed Sitharaman.

She further said that Rs 50,000 crore would be spent by Centre in creating ‘coal evacuation’ infrastructure, which would expedite the transport of mined product to the destination.

Defence sector:

In defence production, Sitharaman revealed that the government would raise the foreign direct investment (FDI) limit in the sector from current 49 per cent to 74 per cent. Further, the government would also work towards corporatising the ordnance factory boards. “Corporatising doesn’t amount to privatization,” added Sitharaman.

In a bid to boost indigenous production of defence products and gave an impetus to Make in India, Sitharaman said that the government was in a process of notifying a list of weapons/platforms for an import ban with year-wise timelines.

These decisions would also help in reducing huge import bills, the finance minister said.

Privatisation of electricity:

In another announcement that could have an effect on electricity charges in the union territories, Union Finance Minister Nirmala Sitharaman announced on Saturday that power departments and utilities in all the centrally administered territories would be privatised.

Sitharaman said that the proposed move would lead to better service to consumers and improvement in operational and financial efficiency in distribution.

The finance minister said that decision was guided by 'sub-optimal' utilisation of performance of power distribution and supply'.

She said that the move to that effect would provide a model for emulation by other utilities across the country, in what could be an indicator of what's in the pipeline for utilities in other states as well.

Sitharaman said that the privation reform was in line with the tariff policy reforms and would help in enhancing consumer rights, promote industry and improve the overall sustainability of the sector.

Space sector:

Sitharaman also announced the opening up of the space exploration sector for private players. Till date, the government-run Indian Space Research Organisation (ISRO) has held a monopoly on all activities concerning space exploration and satellite launches.

The Indian private sector will be a co-traveller in India's space sector journey, said Sitharaman, while announcing a series of structural reforms in eight crucial areas of the economy. The Union Finance Minister was addressing her fourth press conference in as many days, as a follow-up towards realising Prime Minister Narendra Modi's vision of 'atmanirbhar Bharat', which was spelled out in his video address on May 12.

Sitharaman said that the reforms in the space sector will provide a level-playing field for private companies in satellite launches and space-based services.

She said that the private sector would be allowed to use ISRO facilities and other assets to improve their capacities. Stating that the government would provide predictable policy and regulatory environment to private players, Sitharaman also disclosed that future projects for planetary exploration and outer space travel among others would be opened up for private entities.

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Agencies
July 13,2020

New Delhi, Jul 13: Top Congress leaders, including Rahul Gandhi and Priyanka Gandhi, are in touch with Sachin Pilot and are trying to placate him, a day after the Rajasthan Deputy CM declared open rebellion against Chief Minister Ashok Gehlot, sources said on Monday.

Pilot has claimed that the Ashok Gehlot government is in minority and that he has the support of over 30 MLAs in the 200-member Assembly.

According to sources, top Congress leaders have talked to Pilot and have asked him not to rebel against the chief minister. They also assured him that his grievances would be redressed at the party level.

For latest updates on Rajasthan political crisis, click here

Besides Rahul Gandhi and Priyanka Gandhi, other Congress leaders who are learnt to have spoken with Pilot are Ahmed Patel, former Union finance minister P Chidambaram and AICC general secretary K C Venugopal.

It was not immediately known what transpired during the discussions.

Sources said the leaders asked Pilot to attend a Congress Legislature Party meeting in Jaipur, but he has not given any assurance.

Pilot, who is in Delhi, has not been taking calls of many party leaders. AICC general secretary in-charge for Rajasthan Avinash Pande has said that Pilot has not been responding to calls and messages have been left with him.

Pilot has raised a banner of revolt against Gehlot after the special operations group (SOG) of Rajasthan Police sent a notice to him for appearing before it in the case involving "horse-trading" of MLAs in the state.

The SOG has registered an FIR in this regard and has also sent notices to the chief minister, chief whip of Congress and some ministers and MLAs.

Meanwhile, Congress has pulled out all the stops to save its government in Rajasthan and CM Gehlot has convened a meeting of the state legislature party.

Pilot, who is also the state Congress president, is miffed with Gehlot and has alleged that he was not being kept in the loop on key decisions.

The Congress Legislature Party meeting began about three hours later than scheduled, with ministers and MLAs flashed victory signs for the cameras.

The Congress said 109 MLAs have already expressed support for Chief Minister Ashok Gehlot, rejecting the claim by Deputy Chief Minister and the party’s state unit president Sachin Pilot that the senior leader does not have the majority.

About 100 MLAs had walked into the chief minister’s residence by 12.30 pm, an hour before the meeting actually started.

But some MLAs considered close to Pilot had not arrived till then. 

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