New Delhi, Jul 20: Former Delhi Chief Minister and senior Congress leader Sheila Dikshit passed away here on Saturday.
Dikshit was the longest-serving Chief Minister of Delhi, having served in office for 15 years from 1998.
The 81-year-old was appointed as the president of Delhi Pradesh Congress Committee earlier this year, in the run-up to the Lok Sabha elections.
Bengaluru, Mar 23: Indian stocks plunged over 9% on Monday, as the rapidly spreading coronavirus pandemic sent major states including the country's capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.
The NSE Nifty 50 index slipped 9.17% to 7,937.75 by 0408 GMT, while the S&P BSE Sensex was 9.42% lower at 27,093.24.
Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.
"Panic has gone up domestically because of the lockdown situation," said Vinod Nair, head of research at Geojit Financial Services.
"There is fear that the situation will not be brought under control soon."
The rupee hit a fresh record low of 76.05 against the dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world's reserve currency.
Meanwhile, global markets crumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding nearly 4% as the global death toll climbed to over 14,000, further battering economic activity, and raising fears of a global recession.
After market hours on Friday, the Securities and Exchange Board of India halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares to curb "abnormally high" volatility amid the pandemic.
In domestic trading, the Nifty PSU Bank Index plunged 8%, while the Nifty bank index crashed nearly 10%.
The Nifty Auto Index slid 9% after several carmakers over the weekend suspended production due to the virus.
New Delhi, Feb 10: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.
The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.
"The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.
The process for the transaction has been divided into two stages, namely, Stage I and Stage II.
After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.
The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.
The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.
CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.
More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.
Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.
In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".
The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".
Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.
New delhi, Feb 10: The Supreme Court on Monday upheld the constitutional validity of the SC/ST Amendment Act, 2018, and said a court can grant anticipatory bail only in cases where a prima facie case is not made out.
A bench headed by Justice Arun Mishra said a preliminary inquiry is not essential before lodging an FIR under the act and the approval of senior police officials is not needed.
Justice Ravindra Bhat, the other member of the bench, said in a concurring verdict that every citizen needs to treat fellow citizens equally and foster the concept of fraternity.
Justice Bhat said a court can quash the FIR if a prima facie case is not made out under the SC/ST Act and the liberal use of anticipatory bail will defeat the intention of Parliament.
The top court's verdict came on a batch of PILs challenging the validity of the SC/ST Amendment Act of 2018, which was brought to nullify the effect of the apex court's 2018 ruling, which had diluted the provisions of the stringent Act.
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