Justice rally in New York protesting Kathua, Unnao & Surat rapes

Agencies
April 18, 2018

New York, Apr 18: Several women's rights and advocacy groups, civil society and inter-faith organisations have joined hands to hold a rally here protesting against the rapes of young girls in Kathua, Unnao and Surat towns, expressing outrage at the horrific incidents and demanding swift justice.

The 'United For Justice Rally: Against the Rapes in India' was organised by Sadhana: Coalition of Progressive Hindus along with over 20 advocacy and civil rights groups, including Sakhi for South Asian Women, Women for Afghan Women, Turning Point for Women and Families, South Asian American Womens Alliance, Women's Islamic Initiative in Spirituality and Equality, Shri Shakti Mariamma Temple, Shri Lakshmi Narayan Mandir, Shaanti Bhavan Mandir and Iskcon Sri Sri Radha Govinda, Brooklyn.

Organised near a famed statue of Mahatma Gandhi in the city's popular Union Square park here on April 16, the rally was held in response to the recent incidents of rape in Unnao, Kathua and Surat districts as well as against many other "horrors faced by South Asian women every day".

The speakers and participants at the rally expressed their solidarity with the young girls "brutalised" by the horrific crimes and demanded swift justice for each family.

They also called out the "complicity and hypocrisy" of India's political and religious leaders.

Sunita Viswanath, board member of Sadhana and one of the main organisers of the rally, told PTI that the rally was a beginning rather than an end toward calling for action against the horrific rapes and murders and to demand justice.

She said the organisers of the rally hoped to raise about $10,000 that would go toward the families of the three rape victims in Unnao, Kathua and Surat.

"We are in touch with the fund-raising campaign in India and we can guarantee that funds raised will reach the three families.We hope many people will donate, so that we can bring some relief to these three devastated families," she said.

Participants in the rally held up pictures of the minor girl who was gang-raped by six men and then murdered in Jammu & Kashmir's Kathua. They were also protesting the rape of a teenage girl in Uttar Pradesh's Unnao. The young girl has alleged that a lawmaker had raped her last summer.

They carried placards and posters that read 'Justice for our Girls', 'Silence is Compliance', messages demanding marital rape be made a crime, calling for children to be educated about sex and abuse, changing attitude toward women.

Giving a rallying call of "enough is enough", the speakers expressed outrage at the unabated incidents of rape and sexual abuse and at the attitude of government and law enforcement authorities toward the victims of the crimes.

"Some actions are so vile that it becomes necessary for people to come forth and condemn them.

The recent rapes in Unnao, Kathua and Surat, India, that have come into light are nothing short of absolute monstrosities," Sadhana said.

Expressing solidarity with the victims and their families, the speakers said the rapes across India as well as in every corner of the earth were "nothing short of evil" and everyone needed to stand up against the perpetrators.

They said they were "shaken, heartbroken, disgusted" over the incidents of rape and enraged to see that politicians and police officers, who were alleged culprits, were being defended by the government and law.

Sakhi for South Asian Women's Kavita Mehra called the rapes and crimes against women an "epidemic".

"We are sick and tired of what we have to go through for equity and justice. What we need is justice every single day and what we are not getting is justice every single day.We must resist, it is our time to resist and our time to fight back," she said.

Speakers called on the government to punish the prosecutors and "not protect them for political gains".

Daisy Khan of Women's Islamic Initiative in Spirituality and Equality said she too hails from Kashmir and is heartbroken over the rape-and-murder case of Kathua.

"Those who claim to fight for justice are drowning in hypocrisy, fighting against those trying to defend the victims. My heart is breaking because I don't understand how people love the perpetrator and hate and reject the victim," she said, adding that the minor's death should "unite a nation proud of its tolerant heritage but instead they are being incited."

"It is heartbreaking that religions are being used as weapons to incite fear and hatred instead of connecting people to God." Khan asserted that the system had failed the minor and it failed women and girls every single day.

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News Network
July 2,2020

Washington, Jul 2: Former US Ambassador to the UN, Nikki Haley, on Wednesday (local time) hailed India's action to ban 59 apps linked to Chinese firms including Tik Tok and said New Delhi is continuing to show it will not back down from China's aggression.

"Good to see India banning 59 popular apps owned by Chinese firms, including TikTok, which counts India as one of its largest markets. India is continuing to show it won't back down from China's aggression," Haley tweeted.

The Indian government on Monday announced that it had decided to block 59 apps in view of the information available that "they are engaged in activities which are prejudicial to sovereignty and integrity of India, defence of India, the security of the state and public order".

Information Technology Minister, Ravi Shankar Prasad said that the government has banned the apps for the safety, security, defense, sovereignty, and integrity of India.

Haley'='s remarks come after US Secretary of State Mike Pompeo welcomed India''s ban on the Chinese apps and stressed that the move would "boost India''s integrity and national security".

"We welcome India''s ban on certain mobile apps. India''s clean app approach will boost India's sovereignty and boost integrity and national security," Pompeo said.

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Agencies
July 2,2020

New Delhi, Jul 2: In the midst of India's tense border standoff with China, the defence ministry on Thursday approved procurement of a number of frontline fighter jets, missile systems and other platforms at a cost of Rs 38,900 crore to bolster the combat capability of the armed forces, officials said.

They said 21 MiG-29 fighter jets are being bought from Russia while 12 Su-30 MKI aircraft will be procured from Russia. The ministry has also approved a separate proposal to upgrade existing 59 MiG-29 aircraft.

The decisions were taken at a meeting of the Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh.

The procurement of 21 MiG-29 and upgrading of the existing fleet of MiG-29 are estimated to cost the government Rs 7,418 crore while purchase of 12 new Su-30 MKI from the Hindustan Aeronautics Ltd will be made at a cost of Rs 10,730 crore, the officials said.

The DAC also approved procurement of long-range land-attack cruise missile systems with a range of 1,000 KM and Astra Missiles for Navy and Air Force.

The officials said cost of these design and development proposals is in the range of Rs 20,400 crore.

"While acquisition of Pinaka missile systems will enable raising additional regiments over and above the ones already inducted, addition of long-range land attack missile systems having a firing range of 1000 KM to the existing arsenal will bolster the attack capabilities of the Navy and the Air Force," said a defence ministry official.

"Similarly induction of Astra Missiles having beyond visual range capability will serve as a force multiplier and immensely add to the strike capability of the Indian Navy and the Indian Air Force," he said.

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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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