Mumbai, Oct 4: Former managing director of Punjab Maharashtra Cooperative Bank, Joy Thomas, was arrested on Friday in connection with the alleged Rs 4,355 crore scam at the bank by the Economic Offences Wing of Mumbai Police.
Thomas was summoned to the EOW office at the city police headquarters and arrested after questioning, a police official said.
On Thursday, EOW had arrested HDIL directors Rakesh Wadhawan and his son Sarang Wadhawan in the case.
Mar 11: In a bid to keep its flock together, the crisis-hit Madhya Pradesh Congress has decided to shift its 92 MLAs either to Jaipur or some other place.
The move comes after 22 Congress MLAs loyal to former Union minister Jyotiraditya Scindia resigned on Tuesday, pushing the 15-month-old Kamal Nath government to the brink of collapse.
"We are going to take our 92 MLAs and those supporting our Madhya Pradesh government to a hotel," a senior Congress leader said on Wednesday.
The legislators would be taken either to Jaipur or some other Congress-ruled state like Chhattisgarh, a party source said.
Apart from its own MLAs, the Congress is also keeping a close watch on four Independents who are supporting the party-led state government.
On Tuesday, 22 Congress MLAs from Madhya Pradesh resigned soon after Scindia quit the party.
The development reduced the Congress government in the state to minority.
The state Congress unit is now making all efforts to save the Kamal Nath-led government.
The BJP on Tuesday night shifted its MLAs to Manesar at Gurugram in Haryana, sources in the saffron party said.
The Congress, whose tally before the rebellion was 114, has a wafer-thin majority in the Madhya Pradesh Assembly whose current effective strength is 228.
It also has the support of four Independents, two BSP legislators and one SP MLA, but some of them are now likely to switch sides to the BJP.
The BJP has 107 seats in the state Assembly.
May 29: Over 45,000 stranded Indians were brought back home from abroad under the Vande Bharat mission and another 1,00,000 will be evacuated till June 13, the Ministry of External Affairs said on Thursday.
The mega evacuation mission was launched on May 7.
MEA Spokesperson Anurag Srivastava said the government is also assisting return of stranded Indians from remote locations in Latin America and Caribbean, Africa, and parts of Europe.
"This is being done by taking advantage of foreign carriers flying to India primarily for evacuation of their nationals," he said during an online media briefing.
He said a total of 45,216 Indians were brought back till Thursday afternoon and they include 8,069 migrant workers, 7,656 students and 5,107 professionals.
About 5,000 Indians have returned through land border from Nepal and Bangladesh.
In the first phase of the mission from May 7 to 15, the government evacuated around 15,000 people from 12 countries. The second phase of the evacuation mission was scheduled from May 17 to 22. However, the government has extended it till June 13.
Srivastava said a total of 3,08,200 people have registered their request with Indian missions abroad for repatriation to India on compelling grounds.
"During the phase two, a total of 429 Air India flights (311 international flights + 118 feeder flights) from 60 countries are scheduled to land in India. The Indian Navy will be making four more sorties to bring back returnees from Iran, Sri Lanka and the Maldives," Srivastava said.
The MEA spokesperson said the government is targeting to bring back 1,00,000 people from 60 countries by the end of phase two of the Vande Bharat mission.
"Preparations for third phase of Vande Bharat Mission are well underway," he said.
As per the government's policy for evacuation, Indians having "compelling reasons" to return like pregnant women, elderly people, students and those facing the prospect of deportation are being brought back home.
Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.
There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.
“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.
“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.
The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.
Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.
“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.
The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.
“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”
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