Indiabulls moves SC for listing of plea against it alleging misappropriation of funds

Agencies
June 12, 2019

New Delhi, Jun 12: The Indiabulls Housing Finance Ltd (IHFL) on Wednesday moved the Supreme Court seeking urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money.

Senior advocate A M Singhvi, appearing for the company, mentioned the matter for urgent listing before a vacation bench comprising justices Indira Banerjee and Ajay Rastogi. Singhvi told the bench that frivolous allegations have been levelled against the company in the petition and the plea was leaked to the media.

He said that due to the media reports regarding filing of the petition against the company, IHFL, has incurred loss of around Rs 7,000 crore of its market share. The bench said it would take a decision during the course of the day about listing of the plea.

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News Network
May 30,2020

May 30: Patients undergoing surgery after contracting the novel coronavirus are at an increased risk of postoperative death, according to a new study published in The Lancet journal which may lead to better treatment guidelines for COVID-19.

In the study, the scientists, including those from the University of Birmingham in the UK, examined data from 1,128 patients from 235 hospitals from a total of 24 countries.

Among COVID-19 patients who underwent surgery, they said the death rates approach those of the sickest patients admitted to intensive care after contracting the virus.

The scientists noted that SARS-CoV-2 infected patients who undergo surgery, experience substantially worse postoperative outcomes than would be expected for similar patients who do not have the infection.

According to the study, the 30-day mortality among these patients was nearly 24 per cent.

The researchers noted that mortality was disproportionately high across all subgroups, including those who underwent elective surgery (18.9 per cent), and emergency surgery (25.6 per cent).

Those who underwent minor surgery, such as appendicectomy or hernia repair (16.3 per cent), and major surgery such as hip surgery or for colon cancer also had higher mortality rates (26.9 per cent), the study said.

According to the study, the mortality rates were higher in men versus women, and in patients aged 70 years or over versus those aged under 70 years.

The scientists said in addition to age and sex, risk factors for postoperative death also included having severe pre-existing medical problems, undergoing cancer surgery, undergoing major procedures, and undergoing emergency surgery.

"We would normally expect mortality for patients having minor or elective surgery to be under 1 per cent, but our study suggests that in SARS-CoV-2 patients these mortality rates are much higher in both minor surgery (16.3%) and elective surgery (18.9%)," said study co-author Aneel Bhangu from the University of Birmingham.

Bhangu said these mortality rates are greater than those reported for even the highest-risk patients before the pandemic.

Citing an example from the 2019 UK National Emergency Laparotomy Audit report, he said the 30-day mortality was 16.9 per cent in the highest-risk patients.

Based on an earlier study across 58 countries, Bhangu said the 30-day mortality was 14.9 per cent in patients undergoing high-risk emergency surgery.

"We recommend that thresholds for surgery during the SARS-CoV-2 pandemic should be raised compared to normal practice," he said.

"For example, men aged 70 years and over undergoing emergency surgery are at particularly high risk of mortality, so these patients may benefit from their procedures being postponed," Bhangu added.

The study also noted that patients undergoing surgery are a vulnerable group at risk of SARS-CoV-2 exposure in hospital.

It noted that the patients may also be particularly susceptible to subsequent pulmonary complications, due to inflammatory and immunosuppressive responses to surgery and mechanical ventilation.

The scientists found that overall in the 30 days following surgery 51 per cent of patients developed a pneumonia, acute respiratory distress syndrome, or required unexpected ventilation.

Nearly 82 per cent of the patients who died had experienced pulmonary complications, the researchers said.

"Worldwide an estimated 28.4 million elective operations were cancelled due to disruption caused by COVID-19," said co-author Dmitri Nepogodiev from the University of Birmingham.

"Our data suggests that it was the right decision to postpone operations at a time when patients were at risk of being infected with SARS-CoV-2 in hospital," Nepogodiev said.

According to the researchers, there's now an urgent need for investment by governments and health providers in to measures which ensure that as surgery restarts patient safety is prioritised.

They said this includes the provision of adequate personal protective equipment (PPE), establishment of pathways for rapid preoperative SARS-CoV-2 testing, and consideration of the role of dedicated 'cold' surgical centres.

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Agencies
March 7,2020

New Delhi, Mar 7: The Union government has issued a Global Invite for Expression of Interest for disinvestment in Bharat Petroleum Corporation Limited (BPCL) from prospective bidders with a minimum net worth of $10 billion as of Saturday.

The EoI submissions can be made till May 2, whereas investor queries will be entertained till April 4.

Another condition pertains to a maximum of four members are permitted in a consortium, and the lead member must hold 40 per cent in proportion. Other members of the consortium must have a minimum $1 billion net worth.

The EOI allows changes in the consortium within 45 days, though the lead member cannot be changed.

The GoI proposes to disinvest its entire shareholding in BPCL comprising 1,14,91,83,592 equity shares held through the Ministry of Petroleum and Natural Gas, which constitutes 52.98 per cent of BPCL's equity share capital, along with the transfer of management control to the strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Limited (NRL) and management control thereon).

The shareholding of BPCL in NRL will be transferred to a Central Public Sector Enterprise operating in the oil and gas sector under the Ministry and accordingly is not a part of the proposed transaction.

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Agencies
May 14,2020

Social media platform WhatsApp assured the Supreme Court on Wednesday that it will not roll out its payment services without complying with all payment regulations and norms in the country.

A bench headed by Chief Justice S.A. Bobde and comprising Justices Indu Malhotra and Hrishikesh Roy took up the matter through video conferencing. Senior advocate Kapil Sibal, representing the social media platform, said "WhatsApp Inc makes a statement on behalf of his client that they will not go ahead with the payments' scheme without complying with all the regulations in force."

The statement was made during the hearing of a petition seeking a ban on payment through WhatsApp, as it does not conform to the data localization norms. The top court took the assurance made by WhatsApp on record.

WhatsApp made the statement during the hearing of a plea seeking a ban on its payment service, for not being in line with data localization norms.

In 2018, WhatsApp was granted a beta licence to launch its payment service, but a dedicated and separate app is yet to be launched. A petition was moved in the apex court that WhatsApp's existing model for its payments service should be declared inconsistent with the Unified Payment Interface (UPI) Scheme, as a separate dedicated app has not been offered by the company.

The petitioner NGO, Good Governance Chambers, argued that the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) must change its model on the lines of the UPI payment scheme, and its operations may be suspended until these conditions are met.

The apex court today asked the Centre, Facebook and WhatsApp to file their replies within three weeks and it will take up the matter thereafter. The court noted that the government may process the applications filed by WhatsApp in accordance with the law and there is no stay on the same. Facebook was represented by senior advocate Arvind Datar.

The petitioner argued that lapses have been found in relation to WhatsApp's claims of having a secure and safe technological interface for securing sensitive user data.

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