Ministerial panel to consider legislation to end instant triple talaq

Pune, Jan 21: The Pune session court on Tuesday rejected the bail application of accused Vikram Bhave in the Dabholkar murder case.
Last year, Pune Sessions Court had granted an extension of 90 days to the Central Bureau of Investigation (CBI) to file a charge-sheet against Bhave.

On August 17, 2019, the court had rejected Bhave's bail plea.

During the course of hearing, Special Public Prosecutor (SPP) Prakash Suryavanshi, appearing for the CBI, had in June last year contended that Bhave helped the assailants to escape.

The CBI had arrested Bhave and another accused Sanjeev Punalekar from Mumbai on May 25, 2019 in connection with the matter.

Founder of the Maharashtra Andhashraddha Nirmoolan Samiti (MANS), Dabholkar was shot dead by bike-borne assailants while returning home from a morning walk on August 20, 2013. 

Patna, July 1: A wedding ceremony in rural Patna a fortnight ago where the groom was running high fever, two days before he died and his body cremated without being tested for COVID 19, appears to have set off the biggest infection chain in Bihar so far, health department officials said on Tuesday.

More than 111 people have tested positive in Paliganj sub-division of Patna district, about 55 km from the state capital, in the last few days, out of over 350 who have been tested upon contact tracing, they said. Fifteen of his relatives who attended the wedding tested positive for the contagion and apparently infected others.

The officials, who requested anonymity, said the groom was a software engineer based in Gurugram and had returned home for his marriage in the last week of May. A few days after the ''tilak'' ceremony, he started showing symptoms of the disease.

On June 15, the date of wedding, he was running high fever and wanted the ceremony to be deferred, but relented upon the insistence of family members who made him swallow paracetamol tablets and go through the rituals.
On June 17, his condition deteriorated significantly and family members made a dash to AIIMS, Patna, but he died on the way.

The body was cremated in a huff, without the authorities being informed. But somebody telephoned the district magistrate and narrated the whole episode. All close relatives of the deceased, who attended the ceremony, were tested on June 19. Of them 15 tested positive, the officials said.

As a measure to contain the spread of the disease, a special camp was set up at the village where the marriage took place on June 24-26 during which samples of 364 people were collected. Of them, 86 tested positive, the officials added.

The sudden explosion of the dreaded coronavirus has triggered panic in the area. Although most who tested positive were asymptomatic, they have been admitted to isolation centres in Bihta and Phulwarisharif.

Block Development Officer Chiranjeev Pandey said Meetha Kuan, Khagari Mohalla and parts of Paliganj Bazaar have been sealed for thorough sanitisation.

Patna district happens to be the worst-affected in Bihar with 699 confirmed cases till date and five casualties, according to figures provided by the administration. The number of active cases is 372.

On Monday, when the state witnessed its biggest single day spike with 394 cases, Patna district accounted for more than 20 per cent of these. About eighty cases were reported from Paliganj alone.

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.