Egg prices jump 40% to Rs 7.5 a piece on tight supply, low production

New Delhi, May 9: Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.

The CBI had recently booked the company engaged in export of Basmati rice to the West Asian and European countries and its directors Naresh Kumar, Suresh Kumar and Sangita on the basis of complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

The company had three rice milling plants, besides eight sorting and grading units in Karnal district with offices in Saudi Arabia and Dubai for trading purposes, the SBI complaint said.

Besides SBI, other members of consortium are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank, they said.

The Central Bureau of Investigation (CBI) did not carry out any searches in the matter because of the coronavirus-induced lockdown, the officials said.

The agency will start the process of summoning the accused, incase they do not join the investigation, appropriate legal action will be initiated, they said.

According to the complaint filed by SBI, the account had become non-performing asset (NPA) on January 27, 2016.

The banks conducted a joint inspection of properties in August and October, nearly 7-9 months later only to find Haryana Police security guards deployed there, they said.

"On inquiry, it has been come to notice that borrowers are absconding and have left the country," the complaint filed on February 25, 2020, after over a year of account becoming NPA, the officials said.

The complaint alleged that borrowers had removed entire machinery from old plant and fudged the balance sheets in order to unlawfully gain at the cost of banks'' funds, it said.

New Delhi, Jan 21: With the IMF lowering India's economic growth estimate for the current fiscal to 4.8 per cent, senior Congress leader P Chidambaram on Tuesday claimed an attack on the world body and its chief economist Gita Gopinath by government ministers was imminent.

He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

"Reality check from IMF. Growth in 2019-20 will be BELOW 5 per cent at 4.8 per cent," Chidambaram said in a series of tweets.

"Even the 4.8 per cent is after some window dressing. I will not be surprised if it goes even lower," the former finance minister said.

IMF Chief Economist Gopinath was one of the first to denounce demonetisation, he noted.

"I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath," Chidambaram said.

The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the IMF had pegged India economic growth at 6.1 per cent for 2019.

Listing decline in rural demand growth and an overall credit sluggishness for lowering of India forecasts, Gopinath, however, had said the growth momentum should improve next year due to factors like positive impact of corporate tax rate reduction.

Hubballi, Mar 31: In a bid to increase the country's capacity for isolation facilities, the Railways is converting sleeper class coaches into isolation wards by modifying the coaches as per prototype issued by Railway Board to make them suitable to act as quarantine hubs. On South Western Railway (SWR) a total of 312 coaches will be converted for isolation/quarantine wards.

"The coaches will be equipped with basic facilities needed as per medical guidelines. Provision is being made for charging points of mobiles and laptops. Mosquito nets with space for paramedics etc are also being made available. Each coach will provide 8 berth cabin for isolation facility.

Zonal Railways have been advised to prepare coaches as per isolation cabin prototype to meet the needs of the patients by Railway Board," a press statement of SWR reads.

The efforts of Indian Railways have been aimed not only to supplement the present health infrastructure of the nation but also to contribute to national efforts to fight the coronavirus.

According to the Union Ministry of Health and Family Welfare, the total number of coronavirus cases in the country stand at 1,251.