Two get death, Abu Salem, another get life term in 1993 Mumbai blasts case

Kolkata, Jan 2: In what could spark fresh tensions between West Bengal Chief Minister Mamata Banerjee and the BJP-led centre, the Union Ministry of Defence on Wednesday rejected her state's tableau proposal for the Republic Day parade on January 26.

"The tableau proposal of West Bengal government was examined by the expert committee in two rounds of meetings. The tableau proposal of the West Bengal government was not taken forward for further consideration by the committee after deliberations in the second meeting," the ministry said in its statement.

Twenty two proposals comprising 16 states and union territories and six ministries and departments have been shortlisted for the parade. The shortlist was compiled from as many as 56 tableau proposals - 32 from states and union territories and 24 from various ministries and departments - received by the central government.

"The expert committee examines the proposals on the basis of theme, concept, design and visual impact before making its recommendations. Due to time constraints arising out of the overall duration of the parade, only a limited number of tableaux can be shortlisted for participation in the parade," the statement read, adding that West Bengal was shortlisted for the 2019 Republic Day parade through a similar process.

"The rejection of the West Bengal tableau for the Republic Day parade is discriminatory. It has been done because West Bengal has been opposing the centre's CAA (Citizenship Amendment Act) and the NRC (National Register of Citizens) plans," Trinamool Congress MP Saugata Roy told news agency.

"West Bengal is known to be living state as far as culture, including arts, music and other things are concerned. So obviously, this is a discriminatory step taken by the central government against West Bengal," Mr Roy added.

The Trinamool Congress-led Bengal government is at loggerheads with the central government over several issues, and the expanding presence of the BJP in the eastern state ahead of the 2021 assembly elections has further intensified their rivalry.

Mamata Banerjee has repeatedly said that she will not allow Bengal to be a part of the proposed nationwide National Register of Citizens, an assertion that the BJP claims is proof of her minority appeasement strategy. Last month, a four-member delegation of Trinamool Congress politicians that visited BJP-ruled Uttar Pradesh to meet families of those killed in violent protests against the Citizenship Amendment Act were stopped by police personnel at the Lucknow airport.

The BJP leadership has now decided to launch a campaign blitzkrieg in West Bengal to counter what it claims is the Trinamool's "misinformation programmes" against the amended citizenship law and reach out to refugees. Protests across the country have currently put the party on the backfoot.

The Citizenship Amendment Act, for the first time, makes religion the test of citizenship in India. The government says it will help minorities from three Muslim-dominated countries get citizenship if they fled to India because of religious persecution before 2015. Critics say it is designed to discriminate against Muslims and violates the secular principals of the Constitution.

Brazilian President Jair Bolsonaro will be the chief guest at the Republic Day celebrations.

Domestic flights resumed operations on a truncated schedule on Monday with the first aircraft departing from the Delhi Airport for Pune, more than two months after a nationwide lockdown was announced to combat COVID-19.

The first flight to take off was an IndiGo aircraft to Pune, flying passengers stranded in the national capital since the lockdown was announced on March 24.

Passengers were screened at the airport with electronic thermometers, and revised protocol for air travel that included santisation of luggage through ultra-violent scanners, and maintaining physical distancing.

Only asymptomatic passengers were allowed to enter the airport.

Passengers were also seen wearing face masks and face shields given to them at the embarkation point by the airline to minimise the chances of infection while onboard.

The first flight arrived at Delhi Airport from Ahmedabad – a SpiceJet aircraft – at around 8:00 am.

BJD Lok Sabha member Anubhav Mohanty was among those who took the Air Vistara flight to Bhubaneshwar that departed Delhi airport at 6:50 am.

The first flight to take off from Mumbai was an IndiGo aircraft that departed for Patna at 6:45 am, while passengers from Lucknow were the first to reach the financial capital on an IndiGo aircraft that touched down at 8:20 am.

The food & beverage and retail outlets, which were closed for the past 63 days, opened at Terminal 3 of Delhi’s Indira Gandhi International (IGI) Airport.

The flight services resumed after a day of long and hard negotiations between the Centre and the states on Sunday.

All states finally agreed to accept at least some flights but announced different quarantine and self-isolation rules for arriving passengers to address apprehension about infections being brought in from other cities.

The Centre had issued guidelines for all modes of domestic travel that advised all asymptomatic passengers to self-monitor their health parameters for 14 days on completion of the journey and report to health authorities if they displayed any symptoms for COVID-19.

However, the Centre had allowed state governments to prescribe their own health protocols for disembarking passengers which led to differential guidelines across the country.

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.