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Karti Chidambaram gets bail from HC in INX Media case

Agencies
March 23, 2018

New Delhi, Mar 23: The Delhi High Court today granted bail to Karti Chidambaram, son of senior Congress leader P Chidambaram, in the INX Media corruption case.

Karti was arrested on February 28 by the CBI on his return from the United Kingdom, and his 12-day judicial custody was to expire tomorrow in the case.

Justice S P Garg directed him to furnish a surety of Rs 10 lakh and imposed additional conditions including that he will seek prior permission of the CBI if he wants to leave the country.

His passport is already deposited with the authorities, his lawyers had earlier told the court.

The court also said that while out on bail, Karti will not tamper with any evidence in the case.

The CBI had opposed his bail plea on the grounds that he has "already destroyed evidence" in the case and was an "influential" person.

Karti's counsel had argued that no case under the Prevention of Corruption Act was made out against him since the Central Bureau of Investigation (CBI) had neither questioned any public servant nor made them an accused in the matter.

Karti's lawyers had denied allegations of tampering with evidence and added that when the CBI had not sought his further custodial interrogation, why should he be kept in judicial custody.

He was arrested from Chennai in connection with an FIR lodged on May 15 last year, alleging irregularities in a Foreign Investment Promotion Board (FIPB) clearance given to INX Media for receiving funds of about Rs 305 crore from overseas in 2007 when his father was the Union finance minister.

The CBI had initially alleged that Karti received Rs 10 lakh as a bribe for facilitating the FIPB clearance to INX Media. It had later revised the figure to USD 1 million (about Rs 6.50 crore at the current exchange rate and Rs 4.5 crore in 2007).

The fresh evidence in the case, which triggered Karti's arrest, was based on a statement of Indrani Mukerjea, former director of INX Media (P) Ltd, who recorded it under Section 164 of the CrPC before a magistrate on February 17. Indrani is currently lodged in a Mumbai prison in connection with the case of the murder of her daughter Sheena Bora.

In the separate money laundering case arising out of the corruption matter, the high court had on March 9 directed the Enforcement Directorate not to arrest or take any coercive action against Karti.

The protection was later extended by the high court till March 22.

Subsequently, the Supreme Court had transferred the ED case to itself.

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News Network
January 27,2020

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

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Agencies
June 22,2020

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

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Agencies
August 8,2020

Kozhikode, Aug 8: Kerala Chief Minister Pinarayi Vijayan on Saturday announced a compensation of Rs 10 lakh to the next of kin of each passenger who died when an Air India Express flight veered off the runway while attempting to land at the Karipur International Airport here on August 7.

He was briefing the media after visiting the crash site at the airport and the injured at the Kozhikode Medical College Hospital.

Offering his condolences, the Chief Minister said, "Apart from the solatium for the victims, the state government would bear the treatment expenses of all those injured in this unfortunate plane crash irrespective of the hospitals they are in. The Civil Aviation Ministry and other Central Government agencies are expected to announce compensation for the air passengers. 

If any further assistance is required, the State Government will take an appropriate decision at that time to support them to get back to a normal life."

"However, the immediate task now is to ensure the best possible treatment for the survivors of the accident. The District Authority is coordinating the treatment of those rescued who are now in 16 hospitals across Kozhikode and Malappuram Districts," added Vijayan.

Of the 190 people on board the ill-fated plane, there were 184 passengers and six crew members. Of the 18 dead so far, 14 are adults (seven males and females each) and four are children. Both the Pilot and the Co-Pilot are among those dead. At present, 149 passengers are hospitalised, of them 23 with serious injuries. Till now, 23 passengers have been discharged. There are few passengers from Tamil Nadu and Telangana also.

All the dead have been identified, eight from Kozhikode district, six from Malappuram district and two from Palakkad district. The post mortem process has been expedited despite the Covid threat and is expected to finish before evening. All the accident victims will be tested for Covid including those who died in the crash. So far, only one victim has tested positive for coronavirus, the Chief Minister said.

He also appreciated the instant response by the local public living in the vicinity of the airport and also the local authorities to this tragedy which ensured the minimum loss of lives in a disaster of such large magnitude as a plane crash. The rescue operations were finished in the shortest possible time yesterday.

"Even though 18 precious lives have been lost due to the impact of the crash, the rescue operations were a miraculous work. The general public and the officials played a big role in spearheading the rescue operations," he said.

Vijayan along with Governor Arif Mohammad Khan reached Kozhikode this morning.

Governor Arif Mohammad Khan expressed his condolences and sympathies to the families of the accident victims and his best wishes for the speedy recovery of those injured.

The Chief Minister was accompanied by the Niyamasabha Speaker, P. Sreeramakrishnan; Minister for Industry E.P Jayarajan, Minister for Health and Social Justice, K K Shailaja; Minister for Agriculture V.S Sunilkumar; Minister for Ports Ramachandran Kadannappalli; Minister for Transport AK Saseendran, Minister for Excise T.P Ramakrishnan, Chief Secretary, Dr Vishwas Mehta; and State Police Chief, Loknath Behra, DGP. 

The Minister for Local Self Governments, A C Moideen and the Minister for Higher Education and Welfare of Minorities, Dr K T Jaleel were already present in Kozhikode.

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