Modi govt has turned ties with centre into 'India-Pak' situation: Kejriwal

July 17, 2016

New Delhi, Jul 17: In the midst of his bitter fight with the Centre on a range of issues, Chief Minister Arvind Kejriwal today accused the Modi dispensation of turning its ties with Delhi government into an "India-Pakistan" type situation and said absence of obstacles would have helped him achieve four times of what has been done so far in the city.

kjIn the first edition of his 'Talk to AK' show, seen as an attempt to increase Aam Aadmi Party's national connect, Kejriwal touched upon a number of contentious issue including appointment of 21 Parliamentary Secretaries, arrest of a top bureaucrat by CBI and transfer of officers even as he taunted the Prime Minister saying, he was the "only corrupt Chief Minister in the country in the eyes of" Narendra Modi.

The Delhi Chief Minister, in the nearly two-hour-long programme that began with a monologue followed by a question and answer session, alleged that the Centre was trying to "break" the AAP government and that BJP President Amit Shah was micromanaging CBI, adding, "but every dog has his day and all these will soon come to an end."

Kejriwal, the AAP national convenor, indicated that the party may contest the next assembly polls in Gujarat, alleging that an "atmosphere of suppression" was prevailing there and people wanted to overthrow the BJP regime.

Justifying his government's spendings on advertisement, he insisted that it spent only Rs 75 crore not 526 crore in the last fiscal and accused the RSS of spreading rumours on the issue, saying it has no parallel in the world in spreading rumours.

"If they would not have made this India-Pakistan situation, then work done by us would have been four times.

"I had told him (PM), forgive me if I have committed any mistake, but please end this irritants. A lot of work has been done. But if not for obstacles, the amount of work would have been four times.

"Our Assembly passed 14 bills, including on time-bound services delivery, which had the clause of automatic compensation. It's been eight months since this passage of this bill.

"Remember the Ramlila version of Jan Lokpal Bill? It's been eight months that we passed it and since then the Centre's approval is awaited," Kejriwal said.

Flanked by his deputy Chief Minister Manish Sisodia and music composer Vishal Dadlani - the moderator for the programme which is seen as Kejriwal's answer to PM's 'Maan Ki Baat' radio address, Kejriwal alleged that Delhi has become the "victim" of Centre's confrontational attitude as AAP MLAs are being arrested on "false charges".

"In PM's eyes there is only one corrupt CM in the country. They want to break us. They enter into settings with other parties.

"Have FIRs been filed against Robert Vadra or Sonia Gandhi or Shivraj Singh Chouhan? They are not scared of me, they are scared of my honesty. The full police force is after us," he said.

"The Centre is working like the British used to treat the freedom fighters. I have told MLAs this is the second freedom struggle," Kejriwal said.

"They are not probing the CWG scam. I have told my MLAs to be ready to go to jail. If Rajendra Kumar was not in my office then I can challenge that he would not have been arrested.

"The message to officers is do not work for us. Amit Shah is micromanaging CBI. But every dog has his day. All these will soon come to an end," he said.

Warning the Centre not to "mess" with the student community, he said if the current "trend" continues then there may be a "danger" for the country in the future.

"The Centre led by BJP reduced the education budget by 25 per cent. From 82,000 crore to 68,000 crore. The country will be ruined if youth don't study," he said.

Referring to a letter to him by former Gujarat BJP MLA Yatin Oza in which the latter alleged that Amit Shah had struck a deal with AIMIM MLA Akbaruddin Owaisi ahead of the 2015 Bihar elections, the Delhi Chief Minister said if the claims are true, then it was very dangerous.

"Oza is a senior lawyer who was very close to Amit Shah. If what the letter says is true then it's very dangerous. In Gujarat there is an atmosphere of suppression. There are cases of treason against teachers.

"People have decided to teach them a lesson. We will contest elections in Gujarat if people want. The response we received was tremendous. We will replicate our good work in Punjab," he said.

"In Punjab, there will be a crackdown on illegal agencies taking people abroad. We will form a board to manage the issues of people who want to go abroad," he said.

On the issue of transfer of 11 top officials of Delhi Government out of the city, he said the city dispensation must be discussed on such crucial matters and added that his government will bring officers from outside.

"Officers from my office has been transferred. Probably for the first time in India's history officers have been transferred from CMO without permission. Your intention is to stall governance in Delhi.

"We will bring officers from outside by giving adverts. Delhi government has 39 posts at the secretary level. 20 posts are empty. This is the level of shortage and despite that they transfer.

"They want to paralyse us but we will go strong. Will bring out ads in few days inviting experts from across the country," he said.

Severely critical of functioning of the Anti Corruption Branch (ACB), Kejriwal said "Last year, on June 8, the Centre had sent paramilitary forces in taking over the ACB.

"Today if I spot anyone taking bribe in front me, I won't be able to do anything. We have sent 32 cases in the last one year to it, and people have forwarded 150 complaints but no action has been taken. It has only worked to catch Manish Sisodia, Kapil Mishra and to file FIR against me."

On the issue of appointment of Parliamentary Secretaries, he said he has "full faith" on the Election Commission which was examining the issue and claimed that MLAs holding the post in Punjab and Gujarat were earning in crores.

"Actually rival parties have no habit of working. One of our parliamentary secretaries makes rounds of schools daily - he is not given any money, cars anything - and he reports to Sisodia. Other goes to hospitals," Kejriwal said.

"We have given responsibilities to other MLAs. We had to name them parliamentary secretaries then to give authenticity to their work.

"Otherwise even schools would question their legitimacy outside their respective constituencies. We have spoken to top lawyers and all of them said that this is not an office of profit," said Kejriwal.

Responding to criticism against his government over spending on advertisement, Kejriwal said ads are being given in newspapers outside the capital also as people want to know what is happening in Delhi.

"We spent Rs 75 crore not Rs 526 crore. RSS is an expert in spreading rumours. They have no parallel in the world in spreading rumours. We have centralised ads. And why are we giving ads outside Delhi? Because Delhi is the capital of the country and people from all the states stay here.

"Everyone would want to know what's happening here. It's important that people know that good work is happening in Delhi for attracting investments.

"For example in the event management industry, NOCs from 27 departments were required. We cancelled many NOCs and made the rest online.

"This people should know if they want to organise event here. If things are improving, then people from India and across the world should know," he said.

On the the Talk to AK programme, he said it was to make him available for public scrutiny.

"When you are in public life you have to be ready for public scrutiny. At times we feel that media's questions and people's questions are different.

"There was a need for a platform to take questions directly.

"And you can face the public only when you are ethical and honest," said the Delhi Chief Minister.

Comments

Abdul Latif
 - 
Sunday, 17 Jul 2016

Micky Mouse fight...he he he

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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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News Network
June 8,2020

Jun 8: Petrol and diesel prices were hiked by 60 paisa per litre on Monday, for the second day in a row, as state-owned oil firms reverted to daily price revisions after a 83-day hiatus.

Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a price notification of state oil marketing companies.

This is the second daily increase in rates in a row. Oil companies had on Sunday raised prices by 60 paisa per litre on both petrol and diesel after ending a 83-day hiatus in daily rate revision.

Daily price revision has restarted, an oil company official said.

While oil PSUs have regularly revised ATF and LPG prices, they had since March 16 kept petrol and diesel prices on hold, ostensibly on account of extreme volatility in the international oil markets.

Auto fuel prices were frozen soon after the government raised excise duty on petrol and diesel by Rs 3 per litre each to mop up gains arising from falling international rates.

The government on May 6 again raised excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel.

Oil companies, instead of passing on the excise hike to consumers, decided to adjust them against the reduction required because of the drop in international oil prices. They used the same tool and did not pass on the Re 1 per litre hike required for switching over to ultra-clean BS-VI grade fuel from April 1.

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News Network
March 23,2020

New Delhi, Mar 23: The total number of COVID-19 cases in the country rose to 390 on Monday after 30 fresh cases were reported.

The figure includes 41 foreign nationals and the seven deaths reported so far.

Gujarat, Bihar and Maharahstra reported a death each on Sunday, while four fatalities were reported earlier from Karnataka, Delhi, Maharashtra and Punjab, the Union Health Ministry said.

The total number of active COVID-19 cases across the country now stands at 359, while 24 people have been cured/discharged/migrated.

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