Sharjah ruler promises to release 149 Indian prisoners

Agencies
September 27, 2017

Thiruvananthapuram, Sept 27: A total of 149 Indians serving prison terms for minor and financial offences in Sharjah will be released following the amnesty declared here by the Emirate's visiting ruler Sultan Bin Mohammed Al- Quasimi.

The announcement came in response to a request by Kerala Chief Minister Pinarayi Vijayan seeking the release of Keralites who had completed three years of their jail term in Sharjah.

According to a joint communique issued by the Sharjah and Kerala governments, those facing punishment for minor offences and financial misappropriation would be given pardon as per the general amnesty.

Al-Quasimi was honoured with an honorary D.lit Degree from Calicut University at a function held at Raj Bhavan here. Governor Justice (retd) P Sathasivam conferred the degree.

Sharjah also agreed to open an institution of higher learning for Arabic studies and research and set up a chain of skill development centres for imparting training to those seeking jobs in the Gulf region.

"This was announced by Al-Quasimi during his one-to-one meeting with Vijayan", the communique said.

Sharjah has also accepted in-principle the state's proposal for giving international driving licence to those who seeking jobs in the Emirate, the release said.

A joint committee consisting top officials of Sharjah and Kerala would be set up to work out an action plan to implement projects agreed to by both sides.

The Kerala government also offered land for construction of a permanent building for the UAE consulate in the state capital.

The Sharjah Family City project, cultural centre and International Education Complex to be set up by Kerala in Sharjah were some of the other projects under the active consideration of the Sharjah government, the release said.

Later, giving a lecture, Al-Quasimi hailed the harmony among the people of Kerala and wanted them to preserve it.

"I saw a dance yesterday. I was very happy to see three sects of people dancing together with love. I hope that will remain always," he said.

Al-Quasimi, who reached here on September 24 on a five- day visit to the state, promised he would be back within a year to celebrate the fulfilling of promises he had made.

The ruler met the chief minister at his official residence in the morning. He also met the council of ministers yesterday and discussed various issues pertaining to Kerala and Sharjah.

Comments

Syed
 - 
Wednesday, 27 Sep 2017

Appreciated....And Ache Din for Indian Prisoners.....Thanks to PV and Sultan of Sharjah.

Danish
 - 
Wednesday, 27 Sep 2017

Both are good rulers

Ganesh
 - 
Wednesday, 27 Sep 2017

Great sultan... Real humanitarian 

Kumar
 - 
Wednesday, 27 Sep 2017

Great news... when centre failed and state won to save many lives...

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News Network
June 2,2020

New Delhi, Jun 2: Congress leader Rahul Gandhi on Monday took a jibe at Prime Minister Narendra Modi over Moody's Investors Service downgrading India's sovereign rating to the lowest investment rate and said that the global rating agency has rated his handling of the country's economy "a step above junk".

"Moody's has rated Modi's handling of India's economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come," the Congress leader tweeted citing a media report on Moody's downgrading the nation.

On Monday, Moody's downgraded the country's rating to "Baa3" from "Baa2". This comes at a time when the government is facing criticism from the Opposition over its handling of the COVID-19 situation and measures to boost the economy.

The government has already announced a stimulus package of Rs 20 lakh crore to deal with the situation.

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News Network
June 26,2020

New Delhi, Jun 26: With the highest single-day spike of 17,296 COVID-19 cases reported in the last 24 hours, India's COVID-19 count reached 4,90,401 on Friday, said the Union Ministry of Health and Family Welfare (MoHFW).

The country also saw 407 deaths in the last 24 hours, which pushed the death toll to 15,301.

The total number of cases includes 1,89,463 active cases, 2,85,637cured/discharged/migrated cases, as per the MoHFW.

According to the Indian Council of Medical Research (ICMR), the total number of samples tested up to June 25 is 77,76,228; the number of samples tested on 25 June is 2,15,446.

Maharashtra remains the worst-affected state in the country with 1,47,741 cases. The active cases in the state are 63,357. The number of people cured or discharged stands at 77,453 while the death toll is at 6,931.

Delhi has so far reported 73,780 cases. The active cases in the national capital stood at 26,586. While the cured and discharged numbers stood at 44,765. The death toll in the city is 2,429.

Tamil Nadu has so far reported 70,977. With active cases at 30,067 and the number of cured or discharged at 39,999, while the death toll stood at 911.

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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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