ED raids Karti Chidambaram's premises in Delhi, Chennai

Agencies
January 13, 2018

New Delhi, Jan 13: The Enforcement Directorate (ED) today conducted searches at multiple premises linked to Karti Chidambaram, the son of Congress leader P Chidambaram, in connection with its money laundering probe in the Aircel- Maxis case.

Official sources said the raids are being conducted in Delhi and Chennai since early morning.

The central probe agency, on December 1 last year, had conducted similar searches on the premises of a relative of Karti and others in this case.

The ED case pertains to the Foreign Investment Promotion Board (FIPB) approval granted in 2006 by the then finance minister P Chidambaram.

The agency had said it is investigating the circumstances of the said FIPB approval granted by the then finance minister (P Chidambaram)".

The ED also alleged that Karti has "disposed" of a property in Gurgaon, which he had allegedly rented out to a multinational company "to whom foreign direct investment (FDI) approval had been granted in 2013".

It charged that Karti had "also closed certain bank accounts and attempted to close other bank accounts in order to frustrate the process of attachment" under the PMLA.

The agency said FIPB approval in the Aircel-Maxis FDI case was granted in March, 2006 by the then FM even though he was competent to accord approval on project proposals only up to Rs 600 crore and beyond that it required the approval of the Cabinet Committee on Economic Affairs (CCEA).

"In the instant case, the approval for FDI of 800 million USD (over Rs 3,500 crore) was sought. Hence, CCEA was competent to grant approval.

"However, approval was not obtained from CCEA," it alleged.

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News Network
March 2,2020

Mar 2: Two more positive cases of the novel coronavirus -- one in Delhi and another in Telangana -were reported, the Union Health Ministry said on Monday.

The person from Delhi had travelled to Italy, it said adding he is being diagnosed at RML hospital.

The other person with the coronavirus infection has a travel history to Dubai, the ministry added.

"Both the patients are stable and being closely monitored," the ministry said.

Sunitha Krishnan is the name of the patient from Telangana and she is a social activist.

Krishnan has tweeted, "So going to enjoy hospitality at Gandhi Hospital for two days as admitted in the isolation ward suspected coronavirus. They have not started the tests yet( 1.30 hrs since I arrived).I believe the results make take 48hrs. At this pace, I have a feeling I am might be here sometime."

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News Network
May 30,2020

Coronavirus lockdown in India has been extended till June 30 with more relaxations.

While the lockdown has been extended in containment zones, relaxations outside containment zones include reopening of religious places for public  from June 8. 

Hotels, restaurants and shopping malls also to open from June 8. Decision on opening educational institutions to be taken in July.
 

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News Network
March 6,2020

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

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