Row at Allahabad univ escalates, Oppn targets Irani

March 8, 2016

New Delhi, March 8: After Hyderabad varsity and JNU, Allahabad University was at the centre of a row that escalated today with eight Opposition parties targeting HRD Minister Smriti Irani over alleged harassment of its Student's Union President, accusing her of acting like ABVP's "patron saint".Smiriti-Irani

"We are agonized over the fact that the first ever lady President of Allahabad University Student's Union Richa Singh, a PhD scholar, is being harassed by the administration...," the parties that included Congress, Left and AAP said in a joint statement.

CPI general secretary S Sudhakar Reddy separately asked the BJP-RSS combine to "keep off" Allahabad University, alleging that RSS students wing ABVP was trying to "saffronise" it after "targeting" JNU and HCU, and sought action against those trying to "create tension" at its campus.

K C Tyagi of JD(U) raised the issue of the "authoritarian attitude" of Allahabad University Vice-Chancellor during Zero Hour in Rajya Sabha, saying Richa Singh had written to all MPs on the matter and about gender insensitivity.

"First we saw the sacrifice of Rohith, then the Kanhaiya episode and now Richa Singh episode is in the process."

Drawing parallel with dalit scholar Rohith Vemula's suicide in Hyderabad University and the JNU row involving Kanhaiya Kumar's arrest, leaders from the eight parties in the joint statement trained their guns on Irani, reminding her that she is a minister of the entire country and not just the RSS and BJP.

Jairam Ramesh and Rajeev Shukla (Congress), Sitaram Yechury (CPI-M), D Raja (CPI), K C Tyagi (JD-U), Javed Ali Khan (SP), Tiruchi Siva (DMK), Bhagwant Mann (AAP) and Jaiprakash Yadav (RJD) were signatories to the statement.

"A government, which refuses to learn that autonomy of education institution is foundation of democracy, is sowing widespread discontent in campuses by its blatant support to ABVP's goondaism," they said.

Noting that Richa Singh had won as an independent candidate in Allahabad University while all the other seats were won by ABVP, the leaders claimed she was in the eye of the storm for protesting against a visit of firebrand BJP MP Yogi Adityanath to the campus.

"ABVP members allegedly attacked the protestors but instead of investigating the attack, an enquiry was set up on Richa Singh herself. Further, there is a move now by the Vice Chancellor to declare her admission null and void, using some technical grounds, in order to get rid of what appears to be the only thorn in ABVP's side.

"We are aghast that University administration across the region are hunting students, who have a different view than the ABVP," they said.

Alleging that the HRD Minister is acting like the "patron saint of ABVP", they said, "we wish to remind her that she is a minister of this vast, diverse country and not just the RSS/BJP.

"It is her responsibility to encourage and protect all Constitutional freedoms in University campuses. If Richa Singh is made a victim of ABVP's diktats, on the heels of Rohith Vemula and Kanhaiya Kumar, then the students of this nation will be forced to rise in revolt," the statement added.

Comments

Rikaz
 - 
Tuesday, 8 Mar 2016

Actually BJP and RSS trapped this lady by giving her this post.. they are all fulfilling their hidden agenda behind the door....most of their members are criminals....want to change entire educational system which they cannot do it....because people are watching everywhere....and they they want to create a big problems around India....hope it will not happen...ultimately these sanghees will have to surrender to the wishes of people...

Aakhash
 - 
Tuesday, 8 Mar 2016

Fact is Mrs.Irani selected as HRD ministry just only because she is not at all capable for that post!!!! knowing this RSS made her HRD minister so they can control the ministry sitting in Nagapur!!!

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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
March 18,2020

New Delhi, Mar 18: As many as 276 Indians have been infected with coronavirus abroad, including 255 in Iran, 12 in UAE and five in Italy, the government informed the Lok Sabha on Wednesday.

In a written reply to a question in the Lok Sabha, Minister of State for External Affairs V Muraleedharan said the total number of Indians infected by coronavirus is 276 — 255 in Iran, 12 in UAE, five in Italy, and one each in Hong Kong, Kuwait, Rwanda and Sri Lanka.

A fourth batch of 53 Indians returned to India from Iran on Monday, taking the total number of people evacuated from the coronavirus-hit country to 389.

Iran is one of the worst-affected countries by the coronavirus outbreak and the government has been working to bring back Indians stranded there. Over 700 people have died from the disease in Iran and nearly 14,000 cases detected.

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News Network
May 10,2020

New Delhi, May 10: India's COVID-19 count crossed 60 thousand on Sunday, with Maharashtra being the worst-affected due to the infection so far, according to the Union Ministry of Health and Family Welfare.

The number of total confirmed cases in the country rose to 62,939, including 19,358 patients who have been cured and discharged or migrated, according to the Ministry.

The total number of active cases in the country, therefore, stands at 41,472.

The number of deaths in the country due to the infection reached 2,109 on Sunday.

While Maharashtra, with 20,228 cases is the worst-affected state, it is followed by Gujarat with 7,796 and the national capital, Delhi, with 6,542 cases. Tamil Nadu, is marginally behind Delhi with 6,535 cases.

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