P Chidambaram arrested by CBI amid high drama in Delhi

Agencies
August 22, 2019

New Delhi, Aug 21: Former finance minister P Chidambaram was picked up from his private residence here on Wednesday night by the CBI and later formally arrested, capping a day-long drama that started with a battery of lawyers knocking at the doors of the Supreme Court seeking anticipatory bail for him.

But, with the Supreme Court declining to immediately hear the matter and posting it for Friday, the former minister turned up at the Congress headquarters after a 24-hour hiatus where, flanked by his party colleagues Ghulam Nabi Azad, Kapil Sibal, Abhishek Manu Singhvi, Ahmed Patel and Salman Khurshid, he played the victim card.

Before he was taken away by a team of CBI officials, scenes at his 115A Jor Bagh residence resembled an action film with sleuths scaling the almost six-foot boundary wall to arrest him in connection with the INX Media scam.

"Mr P Chidambaram has been arrested in connection with INX media case," a senior official of the agency said.

Moments later, a team of the Enforcement Directorate, too, arrived. There was even a minor scuffle as Congress workers gathered there tried to prevent ED and CBI officials from entering the house.

By that time, Chidambaram had already left for his residence 115-A in Jorbagh, a 10-minute distance from the party office, in a luxury sedan accompanied with his lawyers and party colleagues -- Singhvi and Sibal.

With a big media contingent beaming live images of the developments, the CBI team first knocked the gates to gain entry but finding no response, they nimbly scaled the nearly five-ft high walls to gain entry.

Once three officers reached inside, they opened the gates to allow entry to other team members waiting outside.

Soon a team of officers, identifying themselves as from ED, too arrived at the scene.

A team of about two dozen officials remained on guard at the bungalow when Chidambaram was inside with Sibal and Singhvi.

After his arrest at his residence, the former minister was taken to Ram Manohar Lohia Hospital where a medical examination was done, sources said.

Chidambaram has been lodged in suit No. 5 of the CBI Guest House on the ground floor of the agency HQ.

After completing arrest formalities, the CBI team had to wade through Congress supporters who had gathered outside raising slogans against the agency.

Some supporters jumped on the white car in which Chidambaram was being taken to the agency headquarters.

Delhi Police personnel were also posted to prevent any adverse law and order situation.

After his presser, a team of CBI officials rushed to his house and scaled the walls to enter the building. The Enforcement Directorate and Delhi police too reached his house to cordon off the area.

The anticipatory bail plea he sought to move in the Supreme Court is now infructuous. Chidambaram can only seek regular bail.

The CBI is expected to produce him on Thursday before a designated CBI special court, where it is likely to seek his remand for further questioning.

Earlier, addressing the media at the Congress headquarters, Chidambaram said, “I believe that the foundation of a democracy is liberty. The most precious Article of the Constitution of India is Article 21 that guarantees life and liberty. If I am asked to choose between life and liberty, I shall unhesitatingly choose liberty. Why are the years up to 1947 called the years of freedom struggle? Because, to win freedom, we must struggle. To preserve freedom too, we must struggle.”

Flanked by senior Supreme Court lawyers and party colleagues Kapil Sibal and Abhishek Manu Singhvi, Chidambaram said he was working with his lawyers through the last night, preparing his papers for his bail application, which was filed before the Supreme Court earlier.

According to sources, the party high command wanted him to make a public appearance to dispel negative perceptions over his going underground.

In the INX Media case, Chidambaram is accused of facilitating foreign investment in a media company when he was the Finance Minister at the instance of his son Karti Chidambaram, who is accused of receiving kickbacks. Both the father and son have denied any wrongdoing.

The agency had been seeking Chidambaram's "custodial interrogation" in the case pertaining to alleged irregularities in the grant of foreign investment clearances to INX Media when he was the finance minister.

They said Chidambaram was summoned last year for questioning in the case but he remained evasive in his responses.

The CBI had registered an FIR on May 15, 2017, alleging irregularities in the Foreign Investment Promotion Board (FIPB) clearance granted to the INX media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as finance minister.

Thereafter, the ED lodged a money laundering case in this regard in 2018.

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
May 27,2020

New Delhi, May 27: Professor Johan Giesecke of the Karolinska Institute, Sweden, on Wednesday claimed that India will ruin its economy very quickly if it had a severe lockdown.

Claiming that a strict lockdown may disrupt India's economic growth, Giesecke during an interaction with Congress leader Rahul Gandhi said: "In India, you will do more harm than good with strict lockdown measures. India will ruin its economy very quickly if it had a severe lockdown."

While calling for a soft lockdown approach in India, he suggested that India has to ease restrictions one by one. It may, however, take months to completely come out of lockdown, he said.

He further criticised countries across the globe for having no post-lockdown strategy.

Emphasising on the disease, the Swedish health expert said that coronavirus is spreading like a wildfire across the world. "It is a very mild disease. Ninety-nine per cent infected people will have very less or no symptoms," he added.

Meanwhile, Ashish Jha, Director Harvard Global Health Institute and a recognised public health official, in interaction with Gandhi, called for a need to go in for an 'aggressive' COVID-19 testing to create confidence among people.

"When the economy is opened post-lockdown, you have to create confidence. There is a need for aggressive testing strategy in high-risk areas," he said.

He asserted that COVID-19 is not the last pandemic in the world, adding that "We are entering the age of large pandemics".

Jha further said that countries like South Korea, Taiwan and Hong Kong have responded the best to COVID-19 pandemic, while Italy, Spain, the US and the UK have responded the worst.

A few days ago, the Gandhi scion had interacted with former Reserve Bank of India Governor Raghuram Rajan and Nobel Prize Winner Abhijit Banerjee to discuss various issues related to the COVID-19 crisis.

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.
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.

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
January 29,2020

Mumbai, Jan 29: Unfazed by his suspension from flying on Tuesday, stand-up comedian Kunal Kamra on Wednesday claimed that he once again approached television journalist Arnab Goswami, who he said was his co-passenger on a flight from Lucknow, for an "honest discussion" but was turned away.

Kamra tweeted in the morning that "Arnab Goswami was again travelling in his flight while returning from Lucknow". "I again asked him politely if he wants to have a honest discussion he with his verbal arrogant hand jester he asked me to move away & I did that (sic)," he tweeted.

The comedian was suspended from flying by IndiGo and Air India on Tuesday after he allegedly heckled Goswami aboard a Mumbai-Lucknow plane and posted a video clip on his Twitter handle.

While IndiGo suspended Kamra from flying with it for a period of six months, Air India banned him until further notice.

In a statement released on Twitter after he posted the video, Kamra said he did "exactly what Republic TV journalists do to people in their private/public spaces". Kamra stated he had not done anything criminal by allegedly heckling Goswami.

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.