Filing review petition will harm Hindu-Muslim unity, claims Rizvi

News Network
November 24, 2019

New Delhi, Nov 24: Filing a review petition challenging the Supreme Court's Ayodhya verdict will not be in the interest of Muslims and will "harm" Hindu-Muslim unity, National Commission for Minorities chairperson Ghayorul Hasan Rizvi said on Sunday.

The minority panel chief said filing the review petition would send a message to the Hindus that they were trying to put roadblocks in the way of building the Ram temple.

He also urged the Muslim side to accept the five-acre alternative land to be given for a mosque, saying they would be respecting the judiciary by doing so.

In an interview to PTI, Rizvi said the NCM had held a meeting after the Supreme Court verdict and all its members in one voice had said the verdict should be accepted.

The NCM chairperson said Muslims should help in building the temple in Ayodhya, while Hindus should help in the construction of the mosque. He said it would prove to be a milestone in strengthening the social harmony between the two communities.

According to Rizvi, filing of the review petition would send a message to the Hindus that the Muslim community wanted to put roadblocks in the way of building of the Ram temple in Ayodhya, which he said would "harm" Hindu-Muslim unity.

"Review petition should not be filed at all because all sides, including the All India Muslim Personal Law Board (AIMPLB) and the Jamiat Ulema-i-Hind, had promised that the verdict given by the Supreme Court will be respected," Rizvi said.

He alleged that Muslim bodies like the AIMPLB and the Jamiat were going back on their word after making the proclamation that the apex court's verdict would be respected.

"Not just now, for years they have been saying that they will accept the verdict by the Supreme Court, then what is the need for review?" Rizvi asked.

He wondered what was the point of the Muslim bodies in filing a review petition if they were also saying the review petition would be rejected "100 per cent".

"The common Muslim of this country is not in favour of a review petition because he or she does not want that matters which have been settled are again raised and the community gets caught up in such things," the NCM chief said.

"So the question is for whom are you filing the petition for? Are you filing the petition to harm the brotherhood and disturb the harmony among the communities? Are you doing this for your personal satisfaction?" he asked.

Rizvi said just four-five members of the AIMPLB, including All India Majlis-e-Ittehad-ul-Muslimeen (AIMIM) chief Asaduddin Owaisi, were in favour of filing a review petition.

The NCM chief alleged that Owaisi does politics using Muslims and wants to "keep them caught up in such issues so that he gets the votes".

Rizvi underscored that leaders should avoid all this as there are several issues of Muslims and work should be done for that.

"This (review) will not be in the interest of Muslims. As the chairman of the commission, a number of Muslims meet me everyday and they say that review should not be filed," he said.

"It will not be in the interest of Muslims because the message will go to the Hindus that Muslims want to keep the temple issue unresolved which in a way will harm Hindu-Muslim unity," Rizvi said.

In its judgement in the Babri Masjid-Ram Janmabhoomi title case on November 9, the Supreme Court had ruled that the entire 2.77 acres of disputed land should be handed over to deity 'Ram Lalla' (infant Ram), who was one of the three litigants.

The five-judge constitution bench also directed the Centre to allot a five-acre plot to the Sunni Waqf Board in Ayodhya to build a mosque.

Rizvi said the Muslim side should accept the five-acre land, adding that they would be respecting the government and the court by doing so.

"There are six-seven mosques in Ayodhya and Muslim population is not much so they suffice," he said. "But it is not an issue of mosque, if the Muslim side accepts the land to be allotted by the government, it will be respecting the government and the court."

The AIMPLB and the Maulana Arshad Madani-led Jamiat had announced last Sunday that a review petition would be filed against the Ayodhya verdict.

The board, after a meeting in Lucknow, had also said it was against accepting the five-acre alternative land given for a mosque as it "will neither balance equity nor repair the damage caused".

The Maulana Mahmood Madani-led faction of the Jamiat, however, has said filing a review would not be fruitful.

The Uttar Pradesh Sunni Central Waqf Board has said it would not file a review petition in the Ayodhya verdict. The board will hold a meeting to discuss various issues related to the verdict at its meeting on Tuesday.

Comments

abbu
 - 
Monday, 25 Nov 2019

rizvi jiii where is unity now within muslims and hindu.... raise your voice on lynching ... and other cases which is happening everyday to the muslims.... where is brotherhood now... even majority of hindus are saying that this verdict is not correct.. what u say abt that....

patroit
 - 
Sunday, 24 Nov 2019

robber come and attack your house and demolish then you go to supreme court of india to get justic but the court say give the land to robber who demolished your house....wah re waaa what a justic of our hindu suprem court...in other word

 

if you say we have power now & we are majoriry then mark my word in commining centure we will build the masjid in same place...

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News Network
May 10,2020

May 10: Delhi recorded five more deaths due to coronavirus, while 381 fresh cases of the virus were reported, the city government said on Sunday.

With the fresh cases, the virus tally in the national capital has climbed to 6,923.

Between midnight of May 8 and midnight of May 9, five fresh fatalities due to the virus were reported, taking the death toll to 73, the government said in its health bulletin.

While there are 4,781 active cases of the virus in the city, 2069 patients have so far recovered from COVID-19.

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News Network
March 6,2020

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.

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News Network
January 1,2020

New Delhi, Jan 1: Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed banks that lent money to embattled liquor tycoon Vijay Mallya to utilize seized assets, news agency reported today quoting sources from the Enforcement Directorate (ED). The court also said all parties affected by the order can appeal at the Bombay High Court till January 18.

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.

He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.

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