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President Pranab Mukherjee warns Pakistan, says state-sponsored terrorism cannot be accepted

October 4, 2013

Pranab_MukherjeeBrussels, Oct 4: India wants peace with Pakistan but there can be no compromise with its own territorial integrity, President Pranab Mukherjee has said while asserting that state-sponsored terrorism from across the border cannot be accepted.

He also dismissed Pakistan's contention that "non-state actors" were behind the terror acts in India, saying they are not coming from heaven, but from territory under the control of the neighbouring country.

Mukherjee, who is on a four-day state visit to Belgium, reiterated that the terror infrastructure in Pakistan needs to be brought down.

"Terrorist activities must be curbed. And state-sponsored terrorism can never be accepted. Therefore, repeatedly we are saying, please dismantle the terrorist outfits which are located in your area," he said in an interview to Euronews.

Mukherjee said non-state actors who perpetrate terrorism was a word used by Pakistan.

"It may not be. But non-state actors, that is the phrase they used, then I responded by saying that non-state actors are not coming from heaven. Non-state actors are coming from territory under your control.

"And not now, in 2004 Pakistan agreed that their territories will not be allowed to be used by forces inimical to India," he said when he was asked to comment that India says that this is state-sponsored terrorism and Pakistan says it is not state-sponsored terrorism.

He said India does not have any territorial ambitions and wants peace with its neighbours while maintaining its own territorial integrity.

"In 1971, when Indira Gandhi was Prime Minister and Zulfikar Ali Bhutto was Prime Minister of Pakistan, India entered into an agreement which is known as Shimla Agreement...ninety-one thousand imprisoned soldiers, prisoners of war, were returned," he said.

"This was just to show the goodwill that in our basic foreign policy we do not have any territorial ambition, we do not have any ambition to export our ideology to any country or we do not have any commercial interests," Mukherjee said.

The President stressed that no country can, however, compromise on its territorial integrity.

"We want to have good relations with our neighbours. When I was Foreign Minister, more than often I used to say that I can change my friends if I like but I cannot change my neighbours if I like. I shall have to accept the neighbour the way he is.

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News Network
June 19,2020

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

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Agencies
January 16,2020

New Delhi, Jan 16: In trouble brewing for the Gautam Adani-led M/S Adani Enterprises, the Central Bureau of Investigation (CBI) on Thursday said that it has registered a case against former officials of the National Co-operative Consumer Federation (NCCF) and others over alleged irregularities in supply of coal to the Andhra Pradesh Power Generation Corporation (APGENCO) in 2010.

The CBI in its FIR has named Virendra Singh, the then Chairman of the NCCF, G P Gupta, the then MD of the NCCF, S C Singhal, the then Senior Advisor of NCCF, Adani Enterprises Ltd and other unknown public servants and others for criminal conspiracy, cheating and criminal misconduct by public servants.

According to CBI, the case was filed on Wednesday after the preliminary enquiry revealed the crime by the officials named in the FIR and the Adani Enterprises was found to be true.

The FIR alleged that on June 26, 2010, APGENCO floated a tender enquiry for supply of six lakh metric tonnes of imported coal "on free on rail destination" basis to Dr Narla Tata Rao Thermal Station (NTTPS), Vijaywada and Rayalasaleema Thermal Power Plant (RTTP), Kadapa, Andhra Pradesh/RTPP via Kakinada-Vizag-Chennai-Krishnapatnam or any other ports

The same was forwarded by the Chief Engineer, APGENCO to seven PSUs -- PEC Limited, STC Limited, MSTC Limited, NCCF, MMTC, Coal India Limited and SCCL Limited.

The FIR alleged that during the probe, the Adani Enterprises used a proxy company to get the supply contract. It said, "NCCF received bids from six companies -- Adani Enterprises Ltd, Maheshwari Brothers Coal Limited (MBCL), Vyom Trade Links Pvt. Ltd, Swarana Projects Pvt. Ltd, Gupta Coal India Ltd and Kyori Oremen Ltd.

During investigation it was found that Gupta Coal India Ltd had quoted the NCCF margin of 11.3 percent, while the MBCL quoted the margin of 2.25 percent and rest did not quote any margin to the NCCF.

The FIR said the quotes of the Gupta Coal India Ltd, Kyori Oremen Ltd and Swarana Projects Pvt. Ltd were rejected by the NCCF as they were not found to be fulfilling the tender conditions.

"Post tender negotiation was done by senior officials of NCCF to give undue favour to Adani Enterprises Ltd despite it not qualifing the tender (terms)," the FIR said, adding instead of cancelling the bid of Adani Enterprise Ltd, senior management of NCCF conveyed the offer margin to the company through one of its representative -- Munish Sehgal, who was sitting in the NCCF head office. It is prima facie evident that when the bids were being processed at NCCF head office in Delhi, a representative of Adani Enterprises Ltd. was informed regarding their imminent rejection due to non-submission of NCCF margin and also that MBCL was eligible bidder quoted 2.25 percent margin," it alleged.

The CBI in its FIR, further alleged that Adani Enterprises Ltd. had given an unsecured loan of Rs 16.81 crore to Vyom Trade Links Ltd in 2008-09. "And further it was revealed that the bank guarantees of the Adani Enterprises Ltd. and Vyom Trade Links Ltd. were issues by the same branch of the State Bank of India and at the same time," it said.

"It was clear that Adani Enterprises Ltd. presented Vyom Trade Links Ltd. as a proxy company in this particular tender and Vyom Trade Links Ltd. later withdrew its offer on flimsy ground," the CBI FIR said.

"The aforesaid acts of commissions and omissions on the part of the senior management of the NCCF disclose that during their tenure, they acted in a manner unbecoming of public servants and committed irregularities by way of manipulation in the selection of bidders, thereby giving undue favours to Adani Enterprises Ltd. in award of work for supply of coal to APGENCO despite its disqualification," it added.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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