Uddhav bats for Ram temple; backs tie-up with BJP

Agencies
October 9, 2019

New Delhi, Oct 9: Shiv Sena chief Uddhav Thackeray on Tuesday made a strong pitch for a Ram temple in Ayodhya and demanded enactment of a special law to facilitate its construction, while he justified his decision to ally with the BJP for the October 21 Maharashtra assembly elections.

Making a slew of announcements ahead of the polling, he said the Shiv Sena is committed to providing reservation in jobs and education to the Dhangar (shepherd) community and will also fight for the rights of "India-loving" Muslims.

In his 35-minute-long speech at the Sena's annual Dussehra rally in Shivaji Park in central Mumbai, Thackeray spoke on a range of issues, from Article 370 to the ongoing protests in Hong Kong.

"Courts have a holiday on the day when Lord Ram killed Ravan (on Dussehra). Courts are also closed the day when Ram returned to Ayodhya (on Diwali) after killing Ravan. The only issue of contention now is whether Ram was born in Ayodhya," he said.

He said Prime Minister Narendra Modi had advised not to speak on the Ram temple issue as the matter is pending before the Supreme Court.

"The Supreme Court verdict is expected this month, but our demand remains that a special law is enacted for construction of a Ram mandir in Ayodhya," he said.

Speaking at a rally in Nashik last month, Modi, in an apparent jibe at ally Shiv Sena, had said the Supreme Court is hearing the Ram mandir case and asked "some loudmouths" to refrain from making statements on the issue.

"I am amazed at the 'bayan bahadurs and badbole' (loudmouths) on the Ram Mandir issue. Everyone in the country respects the Supreme Court. The apex court is hearing the case. I want to tell these people with folded hands to have faith in the judicial system," Modi had said.

Speaking at the Dussehra rally, Thackeray said his party is not the raising the issue of Ram temple for politics or electoral gains.

"We are committed to the construction of the temple. When we got our bow and arrow symbol, the issue of Ram mandir wasn't there," he said to drive home the point that the sensitive matter was above politics for the party.

Thackeray sought to dispel the notion that the Shiv Sena had "surrendered" while entering into a pre-poll alliance with the BJP for the assembly polls.

Of the 288 seats, the BJP is contesting 164 and the Shiv Sena 124, establishing the latter as a junior ally in a state where it was once the senior coalition partner.

"The Shiv Sena doesn't bow before anyone except Chhatrapati Shivaji Maharaj and the Marathi-speaking people," he asserted.

"We did make some compromises for the alliance to happen, but they were in the interest of Maharashtra. I apologise to Shiv Sainiks whose seats have gone to the allies.

"You have to continue working hard to make the party strong and work to ensure its victory," he said, seeking to assuage the feelings of those left out in ticket race and to ensure they don't work against official alliance nominees.

In an apparent reference to the BJP, Thackeray said no one should even dare to betray Shiv Sainik.

"Chhatrapati Shivaji's Maharashtra doesn't kowtow before anyone. The Shiv Sainik is my sword. I will not give strength to the Congress which opposed scrapping of Article 370 (which accorded special status to Jammu and Kashmir) and wanted to repeal sedition laws," he said.

Thackeray said there was a vast difference between the Sena-BJP alliance and the SP-BSP tie-up in Uttar Pradesh.

"Ours is a genuine alliance, while the SP-BSP pact was solely for the lust of power so people rejected it," the Sena president said.

Hitting out at the Congress-NCP combine, Thackeray mocked senior Congress leader Sushilkumar Shinde for his remarks that the two opposition parties are now tired as separate entities and should come together.

"First decide who is your leader - (NCP president) Sharad Pawar or (Congress chief) Sonia Gandhi because of whom the NCP was formed. Don't be tired."

"Keep yourself fresh to have our victory pedas (sweets)," he said, expressing confidence about the saffron front's win in the polls.

After Article 370, construction of a Ram temple in Ayodhya and enactment of a Uniform Civil Code should be next on agenda of the government, Thackeray said.

Taking potshots at NCP leader Ajit Pawar, who recently got emotional at a press conference, the Sena chief said he was merely shedding crocodile tears.

Speaking about the Opposition's charge that the BJP-led government was acting out of revenge, reflected in an ED case against Sharad Pawar and his nephew Ajit, he said in 2000, the then Congress-NCP government had acted out of revenge by arresting his father, Bal Thackeray, in a 10-year-old riot case.

Thackeray also criticised the Congress-NCP combine over their manifesto promising 80 per cent reservation in jobs to local youth.

"When Shiv Sena fought for the rights of the Marathi youth, the Congress government had punished Shiv Sainiks with lathis," Thackeray said.

He said on being voted to power, the Sena will ensure loan waiver for farmers, 'thali' of nutritious food at Rs 10 for the poor, reduce electricity rates for consumption up to 300 units, start health check-up at Re one and launch special bus services for women.

Thackeray said this year Vijayadashmi is being celebrated on two days - October 8 and October 24 (when assembly election results will be announced).

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News Network
January 6,2020

Hyderabad, Jan 6: AIMIM president Asaduddin Owaisi on Monday expressed solidarity with students of Jawaharlal Nehru University in Delhi, following violence in the campus and said the "cruel attack" was meant to "punish"the students as they "dared to stand up".

"In solidarity with the brave students of JNU. This cruel attack is meant to 'punish' JNU students because they dared to stand up. It's so bad that even Union Ministers are tweeting helplessly. Modi Sarkar must answer why cops aresiding with goons," the Hyderabad MP tweeted.

The AIMIM has also tweeted expressing solidarity with the "students of JNU". "AIMIM stands in solidarity with the students of Jawaharlal Nehru University. Who feels threatened by the voice of students?," the party said in a tweet.

Violence broke out at the JNU on Sunday night as masked men armed with sticks and rods attacked students and teachers and damaged property on the campus, prompting the administration to call in police which conducted a flag march.

At least 28 people, including JNU Students' Union president Aishe Ghosh, were injured as chaos reigned on the campus for nearly two hours.

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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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Agencies
March 25,2020

New Delhi, Mar 25: The Indian Rail Catering and Tourism Corporation (IRCTC) on Wednesday appealed to the people not to cancel their e-tickets on their own in case of trains being cancelled by the national transporter due to nation-wide lockdown to help curb the spread of novel coronavirus pandemic.

Clearing the doubts of the railway passengers, IRCTC spokesperson Siddharth Singh said, "Doubts have been raised regarding cancellation of e-tickets subsequent to the halting of railway passenger trains.

"It may be submitted that for trains cancelled by the railways in its complete run, refund on e-tickets is full and automatic. In this case, no cancellation exercise is required to be done on the part of the user," he said.

The IRCTC official said that if user cancels his e-ticket in situations of train cancellations, there are chances he may get "less refund". "Hence passengers are advised not to cancel e-tickets on their own for those trains which have been cancelled by the railways," he said.

He also said that the refund amount will be credited to the user account used for booking e-tickets automatically and no charges will be deducted by the railways in case of train cancellation.

His remarks came as the national transporter announced the suspension of the passenger, mail and express services from March 23 till March 31. However, the railways extended the suspension of services till April 14 in the wake of the three week lockdown announced by Prime Minister Narendra Modi from March 25 during his second special address to the nation on Tuesday night.

The railways has cancelled over 13,600 passengers trains across the country in a bid to combat the spread of novel coronavirus. Only freight trains are running to ensure the supply of essential services. About 9,000 freight trains are transporting essential items every day across the country.

On Wednesday, India recorded 562 cases of COVID-19 with 10 deaths.

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