Lalit blames Srini for forex law breach

June 20, 2015

New Delhi, Jun 20: Lalit Modi blamed N Srinivasan for violation of forex laws while organising the Indian Premier League (IPL), but the Board of Control for Cricket in India (BCCI) ex-chief said they were “taken for a ride” by the IPL former boss, according to their interactions with law enforcement agencies.

lalit-modiThe mutual animosity they harbour is evident in Modi's responses to agencies like the Enforcement Directorate (ED) and Directorate of Revenue Intelligence.

Srinivasan's remarks against his rival are recorded in a Parliamentary Standing Committee report and a complaint he filed against Modi in Chennai.

In almost all responses, lawyers on behalf of Modi harped on the same themes, saying there was no personal allegation against him, and that Srinivasan played a “key role” in decision-making. The cases included remittance of Rs 88.48 crore to International Management Group, transaction of Rs 243.45 crore between BCCI and Cricket South Africa and acceptance of Performance Deposit from an NRI investor in Rajasthan Royals, all RBI permission. Irregularities in awarding media rights to MSM-WSG were also probed.

Modi, Srinivasan and other BCCI officials were also issued show-cause notices related to FEMA violations. An ED report said Modi was responsible for the conduct of IPL and had “full knowledge and awareness of the nature of transactions between BCCI and foreign parties”. It also found fault with Srinivasan, saying he failed to take prior permission of RBI as required under FEMA before accepting deposit from people residing abroad.

Modi's stock argument was that Srinivasan was the treasurer of BCCI when IPL started. “Without he being at the centre of decision-making, being in-charge of and responsible for all financial matters, none of these decisions could have been made,” he said, adding that taking permission from RBI was his responsibility.

He also said Srinivasan, as de facto owner of Chennai Super Kings and BCCI office-bearer, knew about the workings of IPL, and was at all times “personally interested in its pecuniary and financial matters”.

Modi also went on to say that after becoming BCCI secretary, Srinivasan routed all financial matters to the treasurer through his office.

On his part, Srinivasan had told the Parliamentary Standing Committee on Finance in 2011: “We were taken for a ride. Unfortunately, there was too much of power given to him. Was he above the IPL at that time? The powers given to him were like that, and that is how he acted.”

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News Network
June 20,2020

New Delhi, Jun 20: A rare celestial event, annular solar eclipse, which is popularly known as the "ring of fire" eclipse, will be visible this Sunday in India.

It will be the first solar eclipse of this year takes place on the summer solstice, which is the longest day in the Northern Hemisphere.

While people living along the path annular eclipse passing through Anupgarh, Suratgarh, Sirsa, Jakhal, Kurukshetra, Yamunanagar, Dehradun, Tapowan and Joshimath will be able to see the annular phase, people in rest of India can witness a partial eclipse, said the Ministry of Science and Technology.

When Moon comes between the Sun and Earth, the shadow falls on the surface of the Earth. The Sun is entirely covered by the Moon for a brief period. Those places that are engulfed by the dark, dense umbral shadow of the Moon experience the total solar eclipse. In the regions that plunge into the soft diffused penumbral shadow of the Moon experience the partial eclipse.

"Annular solar eclipse is a particular case of the total solar eclipse. Like the total solar eclipse, the Moon is aligned with the Sun. However, on that day, the apparent size of the Moon happens to be a wee smaller than the Sun. Hence the Moon covers the central part of the Sun, and the rim of the Sun appear like a 'ring of fire' in the sky for a very brief moment" explains Samir Dhurde of The Inter-University Centre for Astronomy and Astrophysics, Pune.

During the solar eclipse, the apparent size of the Moon is smaller than that of the Sun by 1 per cent, the expert said.

Allying rumours that the eclipse will mark the end of coronavirus, Aniket Sule, Chairperson, Public Outreach and Education Committee of the Astronomical Society of India, said: "Solar eclipse is caused when the Moon comes in front of the Sun for a short time. As seen from Earth eclipses occur somewhere in the Earth 2 to 5 times a year. Eclipses do not impact microorganisms on Earth. Likewise there no danger in eating of stepping out during an eclipse. No mysterious rays come out of the Sun during an eclipse."

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News Network
April 15,2020

New Delhi, Apr 15: CPI-M leader Sitaram Yechury has sought a substantial increase in relief spending of the Central government in the fight against coronavirus, saying that there should be cash transfer of Rs 7,500 to families not paying income tax and distribution of free foodgrains to all needy.

In an article in the forthcoming issue of the party's mouthpiece -- People's Democracy -- Yechury said that India ranks among the countries that are testing the least for the coronavirus and testing should be increased rapidly.

Yechury said the financial stimulus package should be raised from the current 0.8 per cent to at least 5 per cent of GDP and States should be provided liberal funding.

"We must ensure that there are no starvation deaths that occur in our country. It is, therefore, imperative that the government must immediately implement a Rs 7,500 ex gratia cash transfer to all non-income tax-paying families and resort to universal distribution of free foodgrains to all needy people," Yechury said.

He said all MGNREGA workers should be paid wages irrespective of work and employers should be assisted financially to protect workers from job losses and wage cuts and arrangement should be made for the return of migrant workers to their homes.

"Testing is of crucial importance to identify the clusters where the pandemic is spreading in order to isolate and insulate them to contain the community spread. Inadequate testing does not provide us with such information. It is dangerous both for the inability to contain the spread and to identify the critical areas," the article said.

It said that till April 9, India's record of testing was 0.092 per thousand, while in Germany it was 15.96, Italy 14.43, Australia 12.99, Denmark 10.73 and Canada 9.99. "Unless our testing rate increases substantially, our strength to combat the pandemic will not grow," the article said.

Yechury said that the first case in India was reported on January 30 and "no substantive measures were taken despite this for seven long weeks" until the declaration of the lockdown on March 24.

"As far as the lockdown is concerned, many countries in the world moved with greater urgency - China locked down Wuhan on January 23, the whole of Italy was locked down on March 10, USA declared a national emergency on March 13, Spain on March 14, France on March 17 and UK on March 23," he said.

Yechury said the people were looking forward to the Prime Minister's address to the nation on the last day of the three-week countrywide lockdown.

"These three weeks have thrown up many experiences that need to be addressed urgently in order, both, to strengthen our fight against the COVID-19 pandemic and to protect the lives and survival of crores of our fellow citizens. On none of these issues of vital importance did the Prime Minister have anything substantial to say," he said.

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News Network
March 26,2020

New Delhi, Mar 26: Ujjwala beneficiaries will get free gas cylinders (LPG cylinders) in the next three months, Finance Minister Nirmala Sitharaman announced on Thursday. Addressing a press briefing amid coronavirus pandemic, the finance minister said the announcement is set to benefit 8.3 crore BPL families. 

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