Life sentence to ‘most wanted’ host Suhaib Ilyasi for murdering wife

New Delhi, Jan 18: Senior advocate Indira Jaising urged the mother of Nirbhaya to pardon the men on death row who were convicted for the 2012 gang rape of her daughter.

Jaising took to Twitter to make the request shortly after Asha Devi on Friday expressed her disappointment following a Delhi court postponed the date of the execution of the four convicts.

"While I fully identify with the pain of Asha Devi I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she didn't not want the death penalty for her. We are with you but against the death penalty," Jaisingh tweeted.

While I fully identify with the pain of Asha Devi I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she didn’t not want the death penalty for her . We are with you but against death penalty. https://t.co/VkWNIbiaJp

— Indira Jaising (@IJaising) January 17, 2020

Asha Devi lashed out at Jaisingh suggesting pardon for the convicts. "I can't believe how Indira Jaising even dared to suggest such this. I met her many times over the years in Supreme Court, not once she asked for my wellbeing and today, she is speaking for convicts. Such people earn livelihood by supporting rapists, hence rape incidents don't stop," Asha Devi told ANI.

Nalini was arrested and convicted for her role in the assassination of former prime minister Rajiv Gandhi in 1991.

Earlier on Friday Asha Devi had lashed out at the courts and the government stating that "the same people who had in the year 2012 gone around participating in rallies and raised slogans for women's safety are playing with the death of my daughter for their political gains. They have stopped the execution for their political gains."

The death-row convicts who were earlier slated to be executed on January 22 at 7 am are set to be hanged on February 1 at 6 am.

Asha Devi rued that the convicts got what they wished for. "I will not be satisfied until they are hanged," she added.

Four convicts, Vinay, Akshay, Pawan and Mukesh were convicted and sentenced to death for raping a 23-year-old woman in a moving bus in the national capital on the intervening night of December 16-17, 2012.

The victim, who was later given the name Nirbhaya succumbed to injuries at a hospital in Singapore where she had been airlifted for medical treatment.

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.

Mumbai, Feb 3: Maharashtra Chief Minister Uddhav Thackeray, whose party severed ties with the BJP after the state elections, on Monday said that if somebody breaks a promise, "pain and anger is obvious".

"No, I did not get any shock," Thackeray said in an interview with Shiv Sena mouthpiece Saamana while talking about forming an alliance with NCP and Congress, and becoming the Maharashtra Chief Minister.

"I am a son of Shiv Sena Pramukh (Balasaheb Thackeray), several people tried to give a shock to me but they didn't succeed. This is a field where you have to accept in the beginning that there will be a bit pushing and pulling," Thackeray said.

He added that accepting the Chief Minister's post was not a shock for him and neither was it his "dream at any point of time".

"But I can say one thing for sure that I had decided to go to any level to fulfil the promise which I made to Balasaheb Thackeray. I want to further clear it that me becoming Chief Minister is not the fulfilling of the promise made to Shiv Sena Pramukh but it's just a step towards that. I will fulfil every promise which I made to my father," Uddhav Thackeray said.

"There are several types of shock. Did people like it or not, it is the important part. I have spoken on this issue (alliance with NCP and Congress) several times and even people have understood this. Making promises and keeping them are two different things. If someone breaks a promise, pain and anger is obvious," he added.

The Chief Minister said that he does not know if BJP "has come out their shock till now or not."

"But I have to say if they had kept their promise what would have happened, what a big deal had I asked for? Did I ask for stars and moon? I only asked for what was decided before Lok Sabha polls, when we decided seat distribution," he said.

He further said, "Maharashtra and the country are watching (who betrayed/shocked whom), I don't need to say much on this."

Soon after the Assembly election results, Shiv Sena demanded rotation of the chief minister's post and equal power-sharing in the state government, which was rejected by then ally BJP. The weeks of political stalemate led to the imposition of President's rule on November 13.

Firm on its demands, Sena, the second-largest party in the state, did not hesitate to cobble up with the ideological opponents -- NCP and Congress -- and was given the chief minister's post.