Out of court settlement: Shia board proposes temple in Babri land; mosque in Lucknow

Agencies
November 20, 2017

Lucknow, Nov 20: Uttar Pradesh Shia Waqf Board today proposed relinquishing its right over the disputed land in Ayodhya, and building a 'masjid-e-aman" in Lucknow to resolve the Ram janmabhoomi-Babri masjid tangle, a move rejected by the Muslim protagonists involved in the protracted legal feud.

The board, which is the 'mutawalli' (caretaker) of the Babri Mosque, has proposed giving up its right over the land in Ayodhya, and a draft for resolving the issue, prepared by the Shia Waqf Board, has been submitted in the Supreme Court on November 18, its chairman Wasim Rizvi told reporters here.

Claiming that the formula for resolving the matter proposed by the Shia Waqf Board was the best, Rizvi said it is of the view that instead of Ayodhya, a 'masjid-e-aman' (the mosque of peace) be constructed in Lucknow's Hussainabad area.

The Board, he said, has requested the government to provide a one acre plot for it.

The proposal, however, did not go down well with the All India Muslim Personal Law Board (AIMPLB).

"On whose behalf has he brought this draft proposal? He (Rizvi) does not enjoy the confidence or recognition of either the Sunni sect or the Shia sect," AIMPLB counsel in the case and its senior member Zafaryab Jilani said.

Jilani, who is also the convenor of Babri Masjid Action committee, referred to some legal shortcomings in the draft proposal.

"The Shia Board has no authority over the disputed land as the Allahabad High Court, in 2010, had ruled a three-way division of the disputed 2.77-acre area at Ayodhya among Sunni Waqf Board, Nirmohi Akhara and Lord Ram Lalla...the Shia board has no right over any part of the land," he said.

Moreover, Jilani said since the Shia Waqf Board did not appeal against the high court's decision, it meant that the ruling, which was binding on all till the Supreme Court announced its judgement, was acceptable to them.

Rizvi, however, rejected the claim of UP Sunni Central Waqf Board over the disputed site, saying that the Allahabd High court had given the land to Muslims and not to Sunni Waqf Board.

Chairman of the UP Sunni Central Waqf Board Zafar Farooqui said any claim can be accepted or rejected only by the court "...our involvement has been since 1961 and it is being rejected by the Shia Board now...he (Rizvi) does not have the authority to do so..."

Rizvi, he said, has been chairman of the board since 2006-07, and could have spoken on the subject even when the case was being heard by the Lucknow bench, which came up with its verdict in 2010, or in the Supreme Court where the hearing is going on for the last seven years.

"It is absurd. He has been silent on it ever since and has become active only now. The case is going on in the highest court of the country. Whatever he has to say, he should do it in the court. What's the relevance of releasing his formula to the media?" he said.

Jilani alleged that Rizvi was "working overtime to please certain forces in order to serve his personal motives".

Rizvi, who addressed the press conference along with Mahant Narendra Giri, chairman of the All India Akhara Parishad, alleged that the Shia Board's views on the matter were never put forward in a forceful manner because the lawyers deployed for the purpose were "fake".

Referring to the criticism of his recent actions, Rizvi said it was because the board was never given any court copy and that it was not aware that lawyers were pleading on its behalf.

It was only on March 21, 2017, when the apex court said that talks could be initiated for mutual agreement to end the dispute that the Shia Waqf Board looked into the files in detail only to find that though it is a party in the case it never gave 'wakalatnama' to the counsel appearing on its behalf, Rizvi said.

"It is a matter of probe that the case is being pursued by overlooking the actual claimant which is the Shia Board...I have requested the central and state governments to get it enquired as to who had fielded the lawyers on our behalf," he said.

On Rizvi's allegations regarding fake counsel, Jilani said that it should be probed by the Shia board itself.

Jilani, however, said that he had never seen any counsel pleading on behalf of the Shia Board in the court.

On the role of AIMPLB, Rizvi said it (board) should have come forward for a dialogue but since it did not take the initiative, Shia board had to come forward.

Giri said a Ram temple in Ayodhya will be constructed and that an amicable settlement should be reached on the issue by talking to all the parties concerned.

Comments

Fairman
 - 
Tuesday, 21 Nov 2017

Anti Nationals / Terrorist following the devide and rule (same as British done before the Independence) with Sunni Muslims and Shia people for their benefits by giving money one way or other.  But these (Shia) absent minded people is folowing this because of Publicity. 

Mohammed SS
 - 
Tuesday, 21 Nov 2017

First of all Shias are not Muslims they can worship Ram as well, and they can perform their prayer in Ram Mandhir also, they dont have any right to interfere in this issue. This land belongs to Sunni waqf board and it will remain forever to build Mosque or to keep the land vacant it is Sunni Waqf bord choice and Shias nothing to do with this it is  Shia hated world wide and they will became rare to see very soon. 

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 22,2020

Geneva, Jun 22: The global count of coronavirus cases has surpassed 8.7 million, with 183,020 new cases recorded on Sunday, the World Health Organisation said in its daily situation report.

Over the last 24 hours, 4,743 people died from COVID-19 worldwide, taking the death toll to 461,715 fatalities, according to the report.

The cumulative global toll of confirmed cases has now reached 8,708,008, as stated in the report.

The WHO Regional Director for Europe, Dr Hans Henri P. Kluge, shared that Europe accounts for 31 per cent of COVID-19 cases and 43 per cent of COVID-19 deaths globally.

Dr Kluge highlighted that several countries continue to face increasing disease incidence and that "preparing for the autumn is a priority now at the WHO Regional Office for Europe"

The United States continues to be worst affected by the contagion with the highest count of cases and fatalities -- 2.2 million and 118,895, respectively.

The novel coronavirus was declared a pandemic by WHO on March 11.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
June 14,2020

Bengaluru, Jun 15: The total number of COVID-19 cases in Karnataka reached the 7,000-mark on Sunday, with the state reporting 176 new cases and five related fatalities, taking the toll to 86.

The day also saw 312 patients getting discharged in the state after recovery while the total number of positive cases in the Udupi district alone breached 1000 cases mark.

As of June 14 evening, cumulatively 7,000 COVID-19 positive cases have been confirmed in the state, which includes 86 deaths and 3,955 discharges, the health department said in its bulletin. It said, out of 2,956 active cases, 2,940 patients are in isolation at designated hospitals and are stable, while 16 are in ICU.

The five dead include- thee from Bengaluru urban, and one each from Dakshina Kannada and Bidar. The three from Bengaluru include- two women aged 57 and 60 respectively and a man who was 50 years; while the person who died in Dakshina Kannada was a 24-year-old man.

Also, a 76-year-old man from Bidar, who died at his residence on June 6, later tested positive for COVID-19. Out of 176 new cases, 88 are returnees from other states, the majority of them from neighboring Maharashtra. While 6 are those who returned from other countries.

Among the districts where new cases were reported, Bengaluru urban accounts for 42, Yadgir 22, Udupi 21, Bidar 20, Kalaburagi 13, Dharwad 10, Ballari 8, Kolar 7, Uttara Kannada 6, five each from Mandya and Dakshina Kannada, Bagalkote 4 and Ramanagara 3. Besides, two each from Raichur and Shivamogga, and one each from Belagavi, Hassan, Vijayapura, Bengaluru rural, and Haveri.

Udupi district tops the list of positive cases, with a total of 1,026 infections, followed by Kalaburagi 896 and Yadgir 809.

Among discharges also Udupi tops the list with total of 713 discharges, followed by Kalaburagi 427 and Bengaluru urban 327. A total of 4,43,969 samples were tested so far, out of which 7,451 were tested on Sunday alone. So far 4,27,608 samples have been reported as negative, and out of the 6,835 were reported negative today.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.