Pleas on Loya's death serious but don't cast aspersions: SC

Agencies
January 22, 2018

New Delhi, Jan 22: The Supreme Court today dubbed as "serious" the issues raised in the pleas relating to the death of special CBI judge B H Loya but castigated a senior lawyer for raking up the name of BJP president Amit Shah in the case.

The apex court, which decided to look into "all documents with utmost seriousness" connected with the death of Loya, who was trying the Soharabuddin Sheikh fake encounter case, also took umbrage at senior advocate Indira Jaising, who during the hearing, inferred a possible future order that the apex court may gag the media in the case.

A bench headed by Chief Justice Dipak Misra, which was hearing two PILS on the Loya's death in 2014 transferred to itself the two other petitions pending at Nagpur and Mumbai benches of the Bombay High Court.

The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, restrained all the high courts in the country from entertaining any petition relating to Loya's death.

Loya, who was hearing the sensitive Sohrabuddin Sheikh fake encounter case, had allegedly died of cardiac arrest in Nagpur on December 1, 2014, when he had gone to attend the wedding of a colleague's daughter.

The bench asked the parties to catalogue all documents relating to Loya's death which have not been filed so far and submit them for its perusal on February 2, the next date of hearing. "We must look into all documents with the utmost seriousness", it said.

The bench got irked when senior advocate Dushyant Dave, appearing for a Bombay lawyers' body which has filed a PIL in the high court there, took the name of BJP president Amit Shah during the hearing, alleging that everything has been done to protect him (Shah).

"As of today, it is a natural death. Then, do not cast aspersions," the bench said while considering the strong opposition on the issue by senior advocate Harish Salve, the counsel for Maharashtra government.

During the hearing, CJI Misra got angry when activist lawyer Jaising inferred a possible future order that the apex court may gag the media in the case.

"This is not fair to me. This you cannot do," the CJI lamented and asked Jaising to retract and apologise forthwith.

Jaising retracted her statement and tendered an apology.

Earlier, a bench headed by Justice Arun Mishra had recused itself from hearing two petitions, filed by Congress leader Tehseen Poonawalla and a Maharashtra journalist B S Lone on the issue, and had said that the matter be posted before "an appropriate bench".

In pursuance of that order, these two matters were listed today before the bench headed by the CJI.

Four senior-most apex court judges -- Justices J Chelameswar, Ranjan Gogoi, M B Lokur and Kurian Joseph -- at their January 12 press conference had questioned the manner in which sensitive cases were being allocated and Loya's case was one of them.

A bench headed by Justice Arun Mishra had on January 19 posted the pleas seeking an independent probe into the alleged mysterious death of Loya for today by directing listing of petitions before "an appropriate bench".

The same bench on January 16 had also left it to the Maharashtra government to decide which documents, relating to Loya's death, could be handed over to the petitioners.

The state government, which had filed documents in a sealed cover relating to Loya's death, had opposed the petitioners' demand that the entire material should be handed over to them for perusal.

The apex court, in its January 16, the order said, "Let the documents be placed on record within seven days and if it is considered appropriate, copies be furnished to the petitioners. Put up before the appropriate bench".

In the encounter case which was being heard by Loya, the BJP President along with Rajasthan Home Minister Gulabchand Kataria, Rajasthan-based businessman Vimal Patni, former Gujarat police chief P C Pande, Additional Director General of Police Geeta Johri and Gujarat police officers Abhay Chudasama and N K Amin, have already been discharged.

The issue of Loya's death had come under the spotlight in November last year after media reports quoting his sister had fuelled suspicion about the circumstances surrounding his death and its link to the Sohrabuddin case.

However, Loya's son had on January 14 said in Mumbai that his father died of natural causes and not under suspicious circumstances.

The counsel for petitioners had told the court that this was a case of alleged mysterious death of a judge, who was hearing a sensitive case, and an independent probe was required.

In the pleas, it has been claimed that circumstances revolving around the death of the judge were "questionable, mysterious and contradicting".

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Agencies
June 19,2020

New Delhi, Jun 19: Delhi minister Satyendar Jain's health has deteriorated further. He is infected with the coronavirus. Jain has also been diagnosed with pneumonia. He is being shifted to an ICU.  According to doctors, Jain is now kept full-time on oxygen support as his oxygen saturation level has dipped.  

Jain was admitted to Rajiv Gandhi Super Speciality Hospital early Tuesday after running high fever and suffering a sudden drop in oxygen level. The 55-year-old leader's test result came positive on Wednesday evening after a second test. Jain was brought to the hospital and was administered a test for the novel coronavirus infection on Tuesday morning, for which he tested negative. But he still ran fever and showed symptoms, so another test was done after 24 hours of the first.

He will now be shifted Max Hospital in Saket and administered plasma therapy. 

Union Home Minister Amit Shah has also wished for Jain's speedy recovery.

On Thursday, Delhi Deputy Chief Minister Manish Sisodia took over the charge of health, PWD, power and other departments held by Jain. Jain will remain the cabinet minister without any portfolio in the Arvind Kejriwal government until he recovers. 

On Sunday, Jain attended a high-level meeting on the coronavirus situation in the national capital, chaired by Union Home Minister Amit Shah, which was also attended by Delhi Lt Governor Anil Baijal, Kejriwal, Sisodia and Union Health Minister Harsh Vardhan.

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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
July 1,2020

New Delhi, Jul 1: Jet fuel or ATF price on Wednesday was hiked by 7.5 per cent, the third increase in a month, while petrol and diesel rates were unchanged for the second day in a row.

Aviation turbine fuel (ATF) price was hiked by Rs 2,922.94 per kilolitre (kl), or 7.48 per cent, to Rs 41,992.81 per kl in the national capital, according to a price notification by state-owned oil marketing companies.

This is the third straight increase in ATF prices in a month. Rates were hiked by a record 56.6 per cent (Rs 12,126.75 per kl) on June 1, followed by Rs 5,494.5 per kl (16.3 per cent) increase on June 16.

Simultaneously, non-subsidised cooking gas LPG rates were increased by Re 1 to Rs 594 per 14.2-kg cylinder in the national capital. Prices were up by Rs 4 in other metros mostly because of different local sales tax or VAT rate.

On the other hand, petrol and diesel prices were unchanged for the second day in a row.

This, after diesel rates scaled a new high after prices were hiked 22 times in just over three weeks.

In Delhi, a litre of petrol comes for Rs 80.43 per litre, while diesel is priced at Rs 80.53 per litre.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

While the diesel price had been hiked on 22 occasions since June 7, petrol price had been raised on 21 occasions.

The cumulative increase since the oil companies started the cycle on June 7 totals to Rs 9.17 for petrol and Rs 11.14 for diesel.

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