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After 15 months in jail, Raja gets bail

May 15, 2012

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New Delhi, May 15: Former telecommunications minister A. Raja was Tuesday granted bail in the 2G spectrum allocation case. He is the last of the 14 individuals charged in the case still in prison.

The bail was granted by Central Bureau of Investigation (CBI) special judge O.P. Saini. Raja has been in the capital's Tihar jail since February last year. Raja's counsel told reporters that the judge called Raja towards him and told him: "Your bail application is allowed."

The announcement triggered wild slogan shouting and cheering by his DMK supporters mainly from Tamil Nadu, who raised slogans in Tamil like: "Raja, vazhga!" (Long Live Raja!)

Besides the 14 individuals, three companies were also charged in the case. "Thirteen people had already got bail, and Raja was the last to get bail," the counsel said.

"Raja had not moved bail until all other 13 were granted bail," he added. "Now all the accused are on bail. The case will go on."

The counsel pointed out that Raja had got bail despite the CBI's opposition. The CBI had opposed Raja's bail application, saying he faced charges of accepting bribes of Rs.200 crore, which makes his case different from former telecom secretary Siddharth Behura, who was granted bail by the Supreme Court last week.

Raja, in his bail application, has requested the court to release him on the ground of parity. The agency said that important prosecution witnesses of department of telecommunications and other private people, especially connected to alleged bribe transaction of Rs. 200 crore from DB Group companies to Kalaignar TV, are yet to be examined.

It told the court that if the accused was released on bail at this crucial stage of trial, then he may influence the vital witness as some of them belong to his state Tamil Nadu.

Raja resigned as minister Nov 14, 2010 in the wake of the Comptroller and Auditor General reporting that his 2008 decision to allocate 2G spectrum on a first-come-first-served basis had caused the exchequer a presumptive loss of Rs.1.76 lakh crore. The CBI arrested him Feb 2, 2011.

The Supreme Court in February cancelled 122 spectrum licences allocated during Raja's tenure. It also ruled that all natural resources should be allocated through an auction, which the government is now preparing to do in the case of the cancelled licences.

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News Network
January 2,2020

Perambalur, Jan 2: Veteran Tamil writer Nellai Kannan was arrested in Perambalur for criticizing Prime Minister Narendra Modi and Home Minister Amit Shah during a protest against Citizenship (Amendment) Act.

The Tirunelveli Police had registered the FIR against the writer for the speech delivered at a meeting, which was called by the Social Democratic Party of India on December 29 last year.

The police have booked him on the basis of multiple complaints filed by BJP leaders.

Kannan has been booked under Sections 504, 505(1) and 505(2) of the Indian Penal Code.

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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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News Nerwork
June 7,2020

New Delhi, Jun 7: Rain lashed some parts of the Delhi-NCR on Sunday morning.

The India Meteorological Department (IMD) has predicted partly cloudy sky with possibility of development of thunder lightning for three days from June 10 onwards with minimum and maximum temperature will hover around 29° Celcius and 42° Celcius respectively.

Strong surface winds during day time have been predicted for today by IMD.

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