Standoff between students, Jamia university admin resolved

London, May 14: Vijay Mallya on Thursday lost his application seeking leave to appeal in the UK Supreme Court, in a setback for the embattled liquor tycoon who last month lost his High Court appeal against an extradition order to India on charges of fraud and money laundering related to unrecovered loans to his now-defunct Kingfisher Airlines.

The 64-year-old businessman had 14 days to file this application to seek permission to move the higher court on the High Court judgment from April 20, which dismissed his appeal against a Westminster Magistrates' Court's extradition order certified by the UK Home Secretary.

The latest ruling will now go back for re-certification and the process of extradition should be triggered within 28 days.

The UK Crown Prosecution Service (CPS) said Mallya's appeal to certify a point of law was rejected on all three counts, of hearing oral submissions, grant a certificate on the questions as drafted, and grant permission to appeal to the Supreme Court.

The Indian government's response to the appeal application had been submitted earlier this week.

The leave to appeal to the Supreme Court is on a point of law of general public importance, which according to experts is a very high threshold that is not often met.

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

Prayagraj,  April 1: Seven Indonesian nationals, one person from Kolkata and one from Kerala who had attended the event at Delhi's Nizamuddin Markaz have been put under quarantine, informed SP (City) Prayagraj, Brijesh Kumar Srivastava on Wednesday.

"Seven Indonesian nationals, one person from Kolkata and one from Kerala, were found at Abdullah mosque here. During the investigation, it was found that they had attended the Markaz gathering in Delhi. These people, along with 28 people who came in contact with them, have been quarantined." he said.

"A case has also been registered against them for not informing the police on reaching here," he added.

Earlier, Delhi Health Minister Satyendar Jain had said that the officials are not certain of the accurate number of people who participated in the event but it is being estimated that 1,500-1,700 people had assembled at the Markaz building.

The religious gathering was held at the Markaz building in Nizamuddin between March 13 and March 15.

The total number of active cases rose to 1466 in the country, while 132 people have been cured and discharged after receiving treatment, as of 9 am.

The number of deaths due to the infection also rose to 38, while one person has migrated.