Swami Aseemanand, associates acquitted in 2007 Makkah Masjid terror attack case

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

New Delhi, Apr 23: The nationwide lockdown in India which started about a month ago has impacted nearly 40 million internal migrants, the World Bank has said.

The lockdown in India has impacted the livelihoods of a large proportion of the country's nearly 40 million internal migrants. Around 50,000 60,000 moved from urban centers to rural areas of origin in the span of a few days, the bank said in a report released on Wednesday.

According to the report -- 'COVID-19 Crisis Through a Migration Lens' -- the magnitude of internal migration is about two-and-a-half times that of international migration.

Lockdowns, loss of employment, and social distancing prompted a chaotic and painful process of mass return for internal migrants in India and many countries in Latin America, it said.

Thus, the COVID-19 containment measures might have contributed to spreading the epidemic, the report said.

Governments need to address the challenges facing internal migrants by including them in health services and cash transfer and other social programmes, and protecting them from discrimination, it said.

World Bank said that coronavirus crisis has affected both international and internal migration in the South Asia region.

As the early phases of the crisis unfolded, many international migrants, especially from the Gulf countries, returned to countries such as India, Pakistan, and Bangladesh until travel restrictions halted these flows.

Some migrants had to be evacuated by governments, such as those of China and Iran, it said.

Before the coronavirus crisis, migrant outflows from the region were robust, the report said.

The number of recorded, primarily low-skilled emigrants from India and Pakistan rose in 2019 relative to the prior year but is expected to decline in 2020 due to the pandemic and oil price declines impacting the Gulf countries.

In India, the number of low-skilled emigrants seeking mandatory clearance for emigration rose slightly by eight percent to 368,048 in 2019.

In Pakistan, the number of emigrants jumped 63 per cent to 6,25,203 in 2019, largely due to a doubling of emigration to Saudi Arabia, it said.

According to the bank, migration flows are likely to fall, but the stock of international migrants may not decrease immediately, since migrants cannot return to their countries due to travel bans and disruption to transportation services.

In 2019, there were around 272 million international migrants.

The rate of voluntary return migration is likely to fall, except in the case of a few cross-border migration corridors in the South (such as Venezuela-Colombia, Nepal-India, Zimbabwe South Africa, Myanmar-Thailand), it said.

Migrant workers tend to be vulnerable to the loss of employment and wages during an economic crisis in their host country, more so than native-born workers.

Lockdowns in labour camps and dormitories can also increase the risk of contagion among migrant workers.

Many migrants have been stranded due to the suspension of transport services. Some host countries have granted visa extensions and temporary amnesty to migrant workers, and some have suspended the involuntary return of migrants, it said.

Observing that government policy responses to the COVID-19 crisis have largely excluded migrants and their families back home, the World Bank said there is a strong case for including migrants in the near-term health strategies of all countries, given the externalities associated with the health status of an entire population in the face of a highly contagious pandemic.

The Bank said governments would do well to consider short, medium and long-term interventions to support stranded migrants, remittance infrastructure, loss of subsistence income for families back home, and access to health, housing, education, and jobs for migrant workers in host/transit countries and their families back home.

The pandemic has also highlighted the global shortage of health professionals and an urgent need for global cooperation and long-term investments in medical training, it said.

New Delhi, Jan 29: The Supreme Court on Wednesday dismissed the plea by Mukesh Kumar Singh, one of the four death row convicts in the Nirbhaya gang rape and murder case, challenging the rejection of his mercy petition by the President.

A three-judge bench headed by Justice R Banumathi said that expeditious disposal of mercy plea by the President doesn't mean non-application of mind by him.

The court also said that alleged sufferings in prison can't be grounds to challenge the rejection of mercy petition.

The bench said all relevant material including judgments pronounced by trial court, high court and Supreme Court were placed before the President when he was considering the mercy plea of the convict.

The bench also comprising justices Ashok Bhushan and A S Bopanna rejected the contentions of the counsel appearing for Singh that entire materials of the case were not placed before the President when he was considering his mercy plea.

The bench, while referring to two files placed before it by the Centre on Tuesday, said that as per the January 15 covering letter which was sent by the Delhi government to the Ministry of Home Affairs, all relevant documents were sent.

The bench noted that detailed judgements of trial court, high court and the Supreme Court, curative petition filed by Singh, his past criminal history and his family background were sent to the Home Ministry by the Delhi government.

"All the documents were taken into consideration by the President while rejecting the mercy petition," the bench said.

The bench also dealt with submissions advanced by the convict's counsel, who had argued that the mercy plea was rejected at "lightning speed".

The bench said that if a mercy petition is expeditiously dealt with, it cannot be assumed that it has been adjudicated upon in a pre-conceived mind.