Modi govt to sell Air India, Bharat Petroleum by March 2020

News Network
November 17, 2019

Nov 17: Air India-Bharat Petroleum disinvestment: Finance minister Nirmala Sitharaman Saturday said that the government is planning to sell state-run airline Air India and the oil marketing PSU Bharat Petroleum Corporation (BPCL) by March 2020.

The finance minister stated that the strategic disinvestment of the two state-run companies is critical for the government to meet its disinvestment target of Rs 1 lakh crore for the current fiscal year.

"We are moving on both with the expectation that we can complete them this year. The ground realities will play out," Sitharaman told the Times of India.

The finance minister added that there is a "lot of interest" among investors which is apparent in international roadshows ahead of Air India's sale. The government had to drop the national carrier's stake sale last year owing to investors' lukewarm response. But, it is counting on proceeds from disinvestment (which includes the strategic sale and public offers) to bolster its revenues in a year when tax collections suggest a likely fiscal slippage.

However, the government has been taking a lot of steps to arrest the downturn in the economy which is manifested in a lot of sectors coming out of distress, Sitharaman told the news daily. She further stated that the industry captains had contributed to improving their balance sheets and many of them were also mulling fresh investments.

The finance minister said that she expected GST collections to revive following an improvement in sales in some segments as well as owing to the government's measures to plug leakages lately. Commenting on the Supreme Court's recent verdict on Essar Steel, Sitharaman said that the ruling has strengthened the constitutionality and legal strength of the IBC law and it would have a significant impact on the balance sheets of banks in the next quarter.

She also claimed that there were indications of revival in consumer sentiment, which was exhibited in demand of around Rs 1.8 lakh crore in loans from banks at the outreach programme during the festival season.

"If consumer confidence is not on way to being restored, why would you think that such an amount would have gone out as loans during the two outreach programmes started by banks? And, it is all over the country," the finance minister told the news daily.

Comments

Mohammed
 - 
Monday, 18 Nov 2019

We will soon be known as India (Pvt) Ltd Country 

Mohan ss
 - 
Monday, 18 Nov 2019

Sell entire India to British, they were better than you, Acche din will come soon finally

shamshuddin mohammed
 - 
Sunday, 17 Nov 2019

AB BACHA KYA HAI ...................

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News Network
May 6,2020

Belgaum, May 6: A police constable engaged in security duty at the Belgaum District Collector's bungalow committed suicide by shooting himself on Wednesday morning.

The deceased was identified as Prakash Gurvannavar (32) who was a native of Ambadgatti village in Kittur taluka in the Belgaum district.

Upon receiving information about the incident, Commissioner of Police Lokesh Kumar rushed to the spot.

Further investigation is underway.

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News Network
January 24,2020

Newsroom, Jan 24: BJP leader and Udupi-Chikkamagaluru MP Shobha Karandlaje has been booked by Kerala police over a misleading and communally provocative social media post.

Karandlaje had tweeted that that Hindus from a colony in Kuttipuram in Malappuram district were denied water supply as they supported the the Citizenship Amendment Act (CAA). 

"Kerala is taking baby steps to become another Kashmir. Hindus of Kuttipuram Panchayat of Malappuram was denied water supply as they supported #CAA2019. #SevaBharati has been supplying water ever since. Will Lutyens telecast this intolerance of PEACEFULS frm God's Own Country!?," she tweeted. 

A case has been booked under section 153(A) of IPC (promoting enmity between different groups on grounds of religion, race etc). Karandlaje took to Twitter to slam the Kerala government, and said it had lodged a complaint against her instead of acting against the discrimination faced by dalit families of Cherukunnu. 

"It is high time the society unites against these pressure tactics of a non-performing, biased left government," she said. 

Karandlaje claimed that the CAA had been accepted by both houses of Parliament and people supporting the Act were facing boycott in business and were being denied basic amenities and jobs. "The CPI(M) government is blind to all these incidents across Kerala, but files a case against me for speaking the truth!" she retorted.

According to reportage from multiple outlets, the colony in Malappuram district's Kuttippuram was dependent on a private individual for water; then came accusations that they were denied the water for attending BJP's pro-CAA rally. 

A resident of the colony was quoted by a newspaper, “We were denied drinking water because our husbands participated in a meeting organised to gather support for the CAA. Some people told the family that they should not give drinking water to us because CAA is a threat to the people in their community.” 

However, the individual in question denied the accusation, claiming a lack of water because of technical issues.

The case was registered after a complaint by lawyer Subhash Chandran, a resident of Malappuram. Aravindan E.A., SI of Kuttippuram police, said, "From a private person's borewell, water was being provided to the people of the colony. This motor had taken for agricultural work and he was recently issued a warning by State Electricity Board. He was told that if he uses the motor for any other purpose, power supply would be disconnected. He then had stopped using the pump following the crisis worsened.”

Comments

Vishwas
 - 
Friday, 24 Jan 2020

This is BJP's usual drama. If your bloody seva bharathi people denied water, there is strong govt and youths to provide water. and other facilities

Yashwantha
 - 
Friday, 24 Jan 2020

Sobhakka's adhika prasanga wont work in kerala. She should visit kerala and experience. She can only boast via social media

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Agencies
July 25,2020

New Delhi, Jul 25: Nearly a year after Cafe Coffee Day founder V.G. Siddhartha's death, the probe committee appointed by the Board of Coffee Day Enterprises Ltd (CDEL) has given a virtual clean chit to private equity investors and the Income Tax Department who were named in his last letter.
The investigation report noted that Siddhartha may have felt "aversive behavioural stimulus" due to persistent reminders from the PE investors and other lenders.

"However, such reminders and follow-ups by the PE investors and lenders are not something which are beyond normal industry practices and we believe that PE investors were acting as per accepted legal and business norms," said that report.

It further said that the investigators were not provided with any documentary evidence to show any "advertent or inadvertent harassment" from the Income Tax Department.

It however, said that the financial records suggest a serious liquidity crunch which may have arisen due to the attachment of Mindtree shares by the IT Department.

Further, the probe revealed that MACEL, a private firm of Siddhartha, owes Rs 2,693 crore to Coffee Day Enterprises, which the report says, "needs to be addressed".

The Cafe Coffee Day founder's body was fished out of the Netravathi river in Karnataka by a group of fishermen on July 31 last year, a day after he went missing.

His last note raised several questions about the role of investors, and tax officials.

He had written: "Tremendous pressure from other lenders lead to me succumbing to the situation. There was a lot of harassment from the previous DG Income Tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking possession of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch."

The massive shock to the industry and the country also led the government to assure that tax officials would not harass businessmen and the situation would improve.

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