Sedition charges against Dr Zafarul Islam Khan for warning bigots sparks row

Bengaluru, Jul 26: Today, one of the Co-founders of Infosys, SD Shibulal announced that over the last three days (22nd - 24th July) his family members have sold a portion of (representing approximately 0.20 per cent of the paid-up equity share capital) their holding in Infosys Ltd on the stock exchanges.

Proceeds from the partial stake monetization will be utilized for a combination of philanthropic and investment activities.

The sale was executed by Citigroup Global Markets India Private Limited as the Sole Broker.

The Founders, have served Infosys in various capacities, since its inception in 1981 until October 2014. Over the three decades, the Founders have nurtured the company transforming it into one of the professionally run companies in India with a global presence.

This press release is for information purposes only and is not an offer to sell, or a solicitation of an offer to buy, any of the shares described herein. The shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or in any state or other jurisdiction of the United States.

Securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the US Securities Act. 

There has not been and there will not be any public offering of the shares in the United States.

With the steep hike in excise duty in the past couple of months, an average consumer of petrol now pays over 275% in taxes to centre and states on a litre of the fuel.  The base price of petrol is just about Rs 18. The taxes are close to Rs 50 and the pump price is over Rs 72.

India imports 85% of all its crude oil demand.  After a steep hike in excise duty in the past two months despite a hold on daily price revisions by the oil public sector undertakings (PSUs), Indian consumers now pay 275% collectively in excise duty to state and centre. 

The central government hiked excise on petrol and diesel by Rs 10 and Rs 13 respectively last month. The excise duty on petrol is taxed around Rs 33-a-litre while the same on diesel it is Rs 32.

The Value-Added Tax (VAT) on both petrol and diesel is Rs 16.44 and Rs 16.26 respectively. Both the taxes together are around Rs 49 while it is sold at petrol pumps at 73-per-litre.

These two taxes cumulatively account for 69% of tax which is higher than anywhere else in the world. The same is taxed at 19% in the US, 47% in Japan, UK 62% and 63% in France. The government does not pass on the benefit of lower crude oil prices to the customer.

It is to be noted that Indian consumers continued to pay Rs 70-a-litre even when crude oil prices hit a paltry US $ 20-a-barrel on April 12.

Former finance minister and Congress leader recently took a jab at the Centre over rising prices stating, “Fuel selling prices raised twice in two days, following tax hikes two weeks ago. This time to benefit oil companies. Government is poor, it needs more taxes. Oil companies are poor, they need better prices. Only the poor and middle class are not poor, so they will pay”.

Mangalore, Feb 6: The first Rashtriya Lok Adalat of 2020 will get started from Feb 8, A district judge has announced, adding that it is being organised by Karnataka Law Services Authority and Dakshina Kannada Law Services Authority.

Speaking to media on Wednesday evening, Justice Sathyanarayana Acharya Kandlur said, "4,820 cases were resolved through Lok Adalat last year. 618 cases have been registered so far to be decided under the Lok Adalat."

Familial, civil and revenue cases of cheque dishonour, financial extortion, cases related to telephone, electricity, water, land encroachment and acquisition, motor vehicle cases, labour issues and maintenance expenses will be decided in the Lok Adalat.