Naidu breaks down as RS mourns death of Jaipal Reddy

Agencies
July 29, 2019

New Delhi, Jul 29: Rajya Sabha Chairman M Venkaiah Naidu on Monday broke down as he read out an obituary reference for his old friend and former union minister S Jaipal Reddy, saying he was pained by his death.

When the House met for the day, Naidu read out an obituary reference for Reddy, who passed away on Sunday at the age of 77.

Reddy, who represented the state of Andhra Pradesh in the Upper House for two terms -- from April 1990 to April 1996 and from September 1997 to March 1998, was union minister holding different portfolios during 1997-98 and 2004-14, he said.

"In passing away of Shri S Jaipal Reddy, the country has lost a veteran parliamentarian, an outstanding orator and an able administrator," he said.

Recalling his personal association with Reddy in a choking voice, Naidu recalled that they used to sit on the same bench of Andhra Pradesh Assembly when the two were members.

"Reddy was a friend, senior and guide because he was six years senior to me," he said, adding the House deeply mourns the death of its former member.

MPs stood in their places for a moment as a mark of respect to the memory of the departed soul.

When members took their place, Naidu said Andhra Pradesh Assembly used to meet at 8 am in those days and he and Reddy would often meet over breakfast at 7 in the morning to discuss issues

"The amount of knowledge, depth of understanding and mastery of language, both English and Telugu and some Urdu, is really remarkable," he said as he attempted to hide his emotions.

"It is really painful that he has left us," he said.

Wiping his tears, Naidu said he was sorry he could not control his emotions. "I am sorry I cannot control my emotions because of 40 years of association."

The House congratulated MC Mary Kom, the six-time world champion and a Rajya Sabha member, for winning the Gold medal in the 23rd President's Cup in Labuan Bajo, Indonesia on Sunday.

The Indian boxers finished their campaign with nine medals, including seven gold and two silver, helping the contingent win the 'Best Team' award.

Naidu congratulated Kom as also other medal winners including Simranjit Kaur, Jamuna Boro, Monika, Neeraj Swami, Ananta Prahlad Chopade and Ankush Dahiya.

Members thumped their desk to congratulate the Indian contingent.

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News Network
May 18,2020

Muscat, May 18: An Air India special flight left for Hyderabad with a total of 182 stranded Indians from Oman on Monday.

"IX 818 departed for Hyderabad with total 182 passengers. We again express our gratitude to Omani & Indian authorities and wish all the passengers, safe journey home," Indian embassy in Oman said in a tweet.

Under the Vande Bharat Mission, Air India operated repatriation flight from Oman on Sunday to Kerala. It had brought back 183 Indians.

The phased evacuation is being done under the Centre's 'Vande Bharat' mission whose second phase started from May 16.

In order to facilitate the return of stranded Indian nationals in Oman, the Indian government has decided to operate more special flights to Bangalore, Calicut, Delhi, Kannur, Kochi, and Gaya on May 20, 21, 22 and 23.

Under the second phase, a total of 149 flights, including feeder flights, are expected to be operated to bring back stranded Indians from 40 countries.

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Agencies
May 23,2020

New Delhi, May 23: India will try to restart a good percentage of international passenger flights before August, Civil Aviation Minister Hardeep Singh Puri said on Saturday, three days after announcing resumption of domestic flights from May 25.

All scheduled commercial passenger flights have been suspended in India since March 25 when the Modi government imposed a lockdown to contain the novel coronavirus pandemic.

"I am fully hopeful that before August or September, we will try to start a good percentage of international civil aviation operations, if not complete international operations," Puri said during a Facebook live session.

"I can't put a date on it (restarting international flights). But if somebody says can it be done by August or September, my response is why not earlier depending on what is the situation," he said.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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