Mamata in fresh row, faces flak for calling students Maoists

May 19, 2012

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?Kolkata, May 19: West Bengal Chief Minister Mamata Banerjee on Friday stormed out of a CNN-IBN show on one year of Trinamool Congress rule, after accusing the audience, which consisted of students, to be Maoists and CPM cadre.

The Trinamool Congress chief lost her cool and stormed out of the interactive TV session when members of the audience questioned her on the arrest of Jadavpur University professor Ambikesh Mahapatra and increased rate of crime against women in the state, including the controversial Park Street rape case.

Alleging that the professor was a member of the CPM cadre, the West Bengal Chief Minister said, "It is not a cartoon. We love cartoons. Cartoon is a different thing. He is a CPM man. He misused the e-mail of his society people without their consent. He forwarded it to 60 people."

Mamata also hit out at the CPM, accusing it of working hand-in-glove with the Maoists.

While responding to the question on the cartoon controversy, Mamata slammed the students among the audience saying, "I know that Maoist people and CPM are putting up these questions."

The Chief Minister even went on to ask the girl student who had posed the question if she was a Maoist, asking, "Why students from outside Jadavpur University are not here?"

When asked by the students about crime against women in the state, the Chief Minister got furious. She argued there was no crime against women in the state, and accused the students of being CPM cadres and asking "Maoist questions".

Mamata claimed that it could even be verified that the members of the audience were Maoists and CPM cadres, and they were asking nothing but "questions of the Maoists and the CPM".

Post her walkout, an angry audience spoke out against Mamata's behaviour and expressed their dismay at the sorry state of affairs in the state.

The girl who was accused by the Chief Minister of being a Maoist cadre, said, "I study political science, I know of it in theory. I don't see it in practice. I mean, I am just asking her a question. I didn't provoke her. I didn't instigate her to do what she did. She put a label on me and she walked off. That's what she's been doing. She put a label on the rape victims even before the police had done their dues."

Another member of the audience said, "Looking at the chair, I stood like a lamp post here and that kind of symbolises what is happening in West Bengal. There is one post and everyone else is a lamp post. There is no other work in the Cabinet."

"I am not officially attached to any party. What amazes me as a common man is that if a head of the state behaves that way, then how do we expect local TMC people to behave?" another member asked.

"I have come back after 20 years to this state to try and do some work here because I was so enthused by the change and well... I am going back," said another.

"When she came here, didn't she know that she was going to be asked uncomfortable questions? What did she expect? That people will pat her back and say that you have done very good work? Wasn't she prepared for all these uncomfortable questions?" asked another.

"If you want to engage the youth, involve them in politics and governance. You need to be prepared to give honest answers and to suit their fears and address them."

"Whatever happened, we can joke about it, we can laugh about it but underlining that laughter is a sense of utter despair and the fact that she has landed exactly in that position of political intolerance of defence she voted out the CPM," said an audience member. "Every time she speaks she quotes from Ram Chandra Paramhans and Swami Vivekanand and Tagore and what she displayed here, if she could have just level headedly took the questions. If she thought that we were the ones who were wrong, she should have come out with a logic and told us that you are wrong because of these reasons and not just label somebody as a Maoist and walk off. That just shows that she doesn't have a hallmark of a true leader."

"She has been quoted in Time magazine as being a very powerful woman, Hilary Clinton has rave reviews about her. I wonder what these people will say when they hear about how she behaves with common citizens," said another.

"She has the perfect platform, she just let it go. This is unacceptable," another member added.

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News Network
March 6,2020

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.

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News Network
May 20,2020

New Delhi, May 20: With 5,611 new cases reported in the last 24 hours, India's COVID-19 tally reached 1,06,750 on Wednesday, according to the Union Ministry of Health and Family Welfare.

As many as 140 deaths have been reported in the last 24 hours, taking the total number of deaths to 3,303.

Out of the total cases, 61,149 are actives cases and 42,298 patients have been cured/discharged/migrated.

Maharashtra continues to remain the worst-affected state with 37,136 cases, followed by Tamil Nadu (12,448 cases), Gujarat (12,140 cases), and Delhi (10,554 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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News Network
June 30,2020

New Delhi, Jun 30: With a spike of 18,522 COVID-19 cases in the last 24 hours, India's coronavirus count now stand at 5,66,840, said the Union Health and Family Welfare Ministry on Tuesday.

According to the Ministry, 418 deaths due to COVID-19 were reported in the last 24 hours. The number of deaths in the country now stands at 16,893.

There are 2,15,125 active coronavirus cases in the country while the number of cured/discharged patients stands at 3,34,821 and one patient migrated.

As per the Ministry, Maharashtra is the worst-hit state with regard to the COVID-19 cases and has reported 1,69,883 cases, including 73, 313 active cases 88,960 cured/discharged patients and 7,610 fatalities.

Tamil Nadu has a total of 86,224 cases including 1,141 deaths. Delhi's COVID-19 count stands at 85,161 cases and 2,680 fatalities.

The total number of samples tested up to 29 June is 86,08,654 of which 2,10,292 samples were tested yesterday, informed the Indian Council of Medical Research.

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