India will boycyott CPU meeting in Pakistan

August 7, 2015

New Delhi, Aug 7: India will boycott a Commonwealth Parliamentary Union meeting in Islamabad next month in protest against Pakistan not inviting the Speaker of Jammu and Kashmir Assembly, a decision that comes in the midst of tensions over two terror attacks in Punjab and J and K.MAHAJAN

"A meeting of Speakers of all states here today unanimously decided that India will boycott the meeting of the CPU if the Speaker of the Jammu and Kashmir Assembly is not invited," Lok Sabha Speaker Sumitra Mahajan told reporters after the meeting.

This follows Pakistan not sending an invitation to J and Kashmir Speaker to the Inter Parliamentary Union meeting to be held from Sept 30 to Oct 8 in Islamabad while invitations have been sent to all the other Speakers in India.

The decision of the Speakers come against the backdrop of simmering tensions between the two countries over the recent terror attacks in Gurdaspur in Punjab and near Udhampur in J and K by terrorists, perpetrated by terrorists who had infiltrated from Pakistan.

Mahajan said this was against a rule in the CPU in which all the Speakers, who are members of the Commonwealth Parliamentary Association (CPA), have to be extended an invitation to the CPU meeting.

"It is wrong (on the part of Pakistan). They cited an old rule of 1951-57 regarding their having raised an issue in the UN Security Council for not inviting J and K Speaker," she said adding it had lost relevance.

The Speaker said Pakistan gave this reply when India took up the matter strongly with the CPA Chairperson and Secretary General against leaving out J and K Speaker.

"We (31 Speakers) reviewed this issue and felt this was wrong. We reject this decision (of Pakistan). We are writing to the CPA Chairperson that if I and K Speaker is not invited then India will not attend the meeting or change the venue (for us to attend)," she said.

Welcoming the decision J and K Speaker Ravindra Gupta, who attended the meeting, thanked the Speakers for the decision saying it was a question of unity and integrity of the country. He called Pakistan a terrorist state.

Gupta said Pakistan has done this (not inviting J and K Speaker) "deliberately" and added today's decision is a strong message to that country.

Mahajan made it clear that to ensure participation of the Speaker of Lok Sabha and those of Indian Assemblies, J and K Speaker will have to be invited or the venue should be changed to some other country.

She said Pakistan had expressed "constraint" in inviting Jammu and Kashmir Speaker citing an old rule which was "irrelevant" now as the state had participated in such a conference in 2007.

Describing Pakistan's decision as "wrong", she said she had called today's meeting to consult Speakers of the Assemblies before taking a decision.

The meeting noted that since Speakers of all the state Assemblies are members of the 'India Region of Commonwealth Parliamentary Association (CPA)', it was wrong to single out Jammu and Kashmir Assembly and not invite its Speaker.

After detailed discussions at the meeting attended by Speakers of 31 Assemblies, a resolution was adopted "unanimously", condemning the unilateral decision of Pakistan for not inviting Jammu and Kashmir Assembly Speaker to the 61st Conference.

The resolution said Pakistani decisions violates the "provisions of the CPA Constitution, keeping the Executive Committee and the General Assembly of CPA in the dark while acting against the century-old tradition of CPA which is a membership organisation that has constitutionally been bound to invite all its member branches to the CPA annual conference so long as a Branch is in good financial standing with the Association."

"The meeting resolved to call upon Dr Shirin Chaudhury, Speaker of Bangladesh Parliament and Chairperson of the CPA Executive Committee to use her good offices to immediately resolve the matter and ensure issue of invitation to the Jammu and Kashmir 'CPA Branch' failing which 'CPA India Region' including the Union and State Branches' (will) boycott the 61st Commonwealth Parliamentary Conference in Islamabad, Pakistan from September 30 to October 8...," the resolution said.

India's Parliament and Assemblies are treated as 'India region' and all the Assemblies are the members of the CPA.

The resolution underlined that Jammu and Kashmir "fulfills all conditions" of CPA membership. "The meeting further resolved that Chairperson and members of the Executive Committee of CPA view this matter in all seriousness and insist that Pakistan CPA Branch forfeit its right to host the 61st CP conference for not inviting Jammu and Kashmir CPA Branch to the conference in violation of Article 8 of the CPA Constitution and that the venue of the conference be shifted to another country," it said.

Article 8 of the CPA Constitution says that each 'Branch' (meaning Parliament and State Assemblies) "shall be entitled to send prescribed number of delegates and officials to each plenary conference and accordingly Jammu and Kashmir Branch is entitled to send one delegate to the Conference."

The meeting authorised Lok Sabha Speaker, who is the chairperson of CPA India Region, to take "such further action as may be deemed necessary in the matter".

The Speaker said India took up the issue with the Commonwealth Parliamentary Association Secretariat after Jammu and Kashmir was not invited while all other states of India received the invitations.

The CPA Secretariat talked to Pakistan Assembly Speaker who expressed "constraint" in inviting Jammu and Kashmir. Invitations for the conference are sent by the host country. Gupta said Pakistan deliberately wanted to keep his state away from the conference to "humiliate" India.

He said Jammu and Kashmir is an integral part of India and thanked the Lok Sabha Speaker and Speakers of other Assemblies on taking the stand.

Gupta added that "Pakistan is a terrorist state and many countries do not want to go there" to attend the Conference. PTI AKK "The meeting resolved to call upon Dr Shirin Chaudhury, Speaker of Bangladesh Parliament and Chairperson of the CPA Executive Committee to use her good offices to immediately resolve the matter and ensure issue of invitation to the Jammu and Kashmir 'CPA Branch' failing which 'CPA India Region' including the Union and State Branches' (will) boycott the 61st Commonwealth Parliamentary Conference in Islamabad, Pakistan from September 30 to October 8...," the resolution said.

India's Parliament and Assemblies are treated as 'India region' and all the Assemblies are the members of the CPA.

The resolution underlined that Jammu and Kashmir "fulfils all conditions" of CPA membership. "The meeting further resolved that Chairperson and members of the Executive Committee of CPA view this matter in all seriousness and insist that Pakistan CPA Branch forfeit its right to host the 61st CP conference for not inviting Jammu and Kashmir CPA Branch to the conference in violation of Article 8 of the CPA Constitution and that the venue of the conference be shifted to another country," it said.

Article 8 of the CPA Constitution says that each 'Branch' (meaning Parliament and State Assemblies) "shall be entitled to send prescribed number of delegates and officials to each plenary conference and accordingly Jammu and Kashmir Branch is entitled to send one delegate to the Conference."

The meeting authorised Lok Sabha Speaker, who is the chairperson of CPA India Region, to take "such further action as may be deemed necessary in the matter".

The Speaker said India took up the issue with the Commonwealth Parliamentary Association Secretariat after Jammu and Kashmir was not invited while all other states of India received the invitations.

The CPA Secretariat talked to Pakistan Assembly Speaker who expressed "constraint" in inviting Jammu and Kashmir. Invitations for the conference are sent by the host country. Gupta said Pakistan deliberately wanted to keep his state away from the conference to "humiliate" India. He said Jammu and Kashmir is an integral part of India and thanked the Lok Sabha Speaker and Speakers of other Assemblies on taking the stand.

Gupta added that "Pakistan is a terrorist state and many countries do not want to go there" to attend the Conference.

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News Network
August 6,2020

New Delhi Aug 6: In a new twist in the Vijay Mallya case, a certain document connected with the case in the Supreme Court has gone missing from the apex court files. 

A bench comprising Justices U.U. Lalit and Ashok Bhushan adjourned the hearing to August 20.

It was hearing the review plea filed by Mallya against a July 14, 2017 judgment wherein he was found guilty of contempt for not paying Rs 9,000 crore dues to banks despite repeated directions, although he had transferred $40 million to his children.

The bench was looking for a reply on an intervention application, which it seemed has gone missing from the case papers.Parties involved in the case sought more time to file fresh copies.

On June 19, the Supreme Court sought explanation from its registry regarding Mallya's appeal against the May 2017 conviction in the contempt case for not repaying Rs 9,000 crore dues to banks not listed for the last 3 years.

A bench comprising Justices Lalit and Bhushan had asked the Registry to furnish all the details including names of the officials who had dealt with the file concerning the Review Petition for last three years.

The bench said according to the record, placed before it, the review petition was not listed before the court for last three years. "Before we deal with the submissions raised in the Review Petition, we direct the Registry to explain why the Review Petition was not listed before the concerned Court for last three years," said the bench.In May 2017, the apex court held him guilty of contempt of court for transferring $40 million to his children, and ordered him to appear on July 10 to argue on the quantum of punishment.

The bench said let the explanation be furnished within two weeks. "The Review Petition shall, thereafter, be considered on merits," it added.In 2017, the apex court passed the order on a contempt petition against Mallya by a consortium of banks led by the SBI. 

The banks claimed Mallya transferred $40 million from Daigeo to his children's accounts, and did not use this money to clear his debt. Banks cited this as violation of judicial orders.

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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
April 5,2020

New Delhi, April 5: People were seen buying diyas and candles across the country to light them at 9 p.m. on Sunday to fight the "darkness of coronavirus" as requested by Prime Minister Narendra Modi.

Although the country is under a lockdown and all the shops barring those selling essential items are shut, but a number of makeshift roadside shops and carts have cropped up selling earthen lamps or diyas at various places.

The earthen lamps, along with other 'puja samgari', are also sold near various temples. Those shops also opened on Sunday.

Gatherings at the temples and other religious places too are barred.
Those who did not find diyas in their localities contended with candles available at the local general stores.

Prime Minister Narendra Modi had on April 3 appealed to people in a televised address to light diyas and candles on April 5 at 9 pm to fight the darkness spread by coronavirus pandemic.

"Friends, amidst the darkness spread by the corona pandemic, we must continuously progress towards light and hope. We must defeat the deep darkness of the crisis by spreading the glory of light in all four directions," said the Prime Minister in a video message.

"And that is why, this Sunday, on April 5, we must all together, challenge the darkness spread by the corona crisis, introducing it to the power of light. On this day, we must awaken the superpower of 130 crore Indians. We must take the super resolve of 130 crore Indians to even greater heights," Modi said.

He asked the people to turn off all the lights in their homes and stand at doors or balconies and light candles or diyas, torches or mobile flashlights for 9 minutes on April 5.

"In that light, in that lustre, in that radiance, let us resolve in our minds that we are not alone, that no one is alone! 130 crore Indians are committed, through a common resolve!" he said.
PM Modi's call to light diyas, torches or mobile flashlights amid the lockdown has proved to be a boon for shopkeepers selling diyas and candles.

"Sales of diyas have increased to 50 per cent and we also got orders. It has happened because of Modi ji's appeal. We are with him in this," Ram Ravi Kumar, a shopkeeper in Delhi told news agency.

Vikas Kumar, a resident of Patna, said, "I have bought 50 diyas for today. PM Modi had said that people have to light the diyas for nine minutes after switching off light at home."
Modi has asked citizens to not assemble anywhere while participating in this programme and emphasised on the importance of social distancing to prevent coronavirus spread.

Meanwhile, the number of positive cases of coronavirus in the country continues to surge. As per the Ministry of Health and Family Welfare, the total number of confirmed COVID-19 cases is 3,374 with 79 deaths.

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