Congress on edge as SP, Trinamool meet

April 20, 2012
Mamatha

New Delhi, April 20: With just over a month left for the close of nominations for the presidential elections, the ruling Congress is focusing all its energies on zeroing in on a candidate who will secure the approval of its allies in the United Progressive Alliance.

The UPA holds around 40 per cent of the votes, approximately 10 per cent ahead of the Bharatiya Janata Party-led National Democratic Alliance. But given the unpredictability of its allies, particularly the erratic Trinamool Congress, the Congress would prefer not to risk a contest.

There are, of course, “friendly” non-NDA, non-UPA parties such as the Samajwadi Party and the Bahujan Samaj Party, both of which support the UPA from outside: however, their support cannot be taken for granted either.

Not surprisingly, therefore, an hour-long meeting between Trinamool chief and West Bengal Chief Minister Mamata Banerjee and SP supremo Mulayam Singh's emissary, Kiranmoy Nanda, on Tuesday in Kolkata on the possibility of the two parties joining hands for the presidential polls is causing unease in the Congress camp.

The two parties are apparently keen on a Muslim candidate and the name of the former President A.P.J. Abdul Kalam — who is also well regarded by the BJP — is being taken in this connection. The Congress would be happy with a Muslim president, but is not keen on Mr. Kalam's candidature, sources said.

The choice of Mr. Nanda as mediator is interesting as he was a minister in successive Left Front governments in West Bengal, while Mr. Singh enjoyed — and continues to enjoy — a good relationship with the CPI(M)'s national leadership.

Of course, after this meeting, Mr. Nanda was at pains to publicly state that his association with the Left Front in West Bengal was a “closed chapter”. The meeting is significant for another reason: earlier this year, there was speculation in political circles that the SP might replace the Trinamool in the UPA.

If the SP and the Trinamool band together, they could play a role in deciding who the next President is. It is also learnt that the SP has been in touch with the AIADMK.

The SP, whose strength has gone up substantially since the recent Uttar Pradesh Assembly polls, is clearly in a mood to effectively deploy its newly acquired clout. There is even talk that senior SP leader Ramgopal Yadav, Mr. Mulayam Singh's cousin, is being pushed by his party for the post of Deputy Chairperson of the Rajya Sabha.

Meanwhile, Lutyens's Delhi is awash with names for potential presidential candidates: Union Finance Minister Pranab Mukherjee, senior Congress leader and former Maharaja of Kashmir Karan Singh, Lok Sabha Speaker Meira Kumar, Chief Election Commissioner S.Y. Quraishi, Union Non-Conventional Energy Minister Farooq Abdullah, the former West Bengal Governor and Mahatma Gandhi's grandson Gopalkrishna Gandhi and Vice-President Hamid Ansari.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
May 22,2020

Bengaluru, May 22: Amazon.com Inc’s India unit said it would hire 50,000 temporary workers to meet a surge in online shopping in the country, where customers have been stuck indoors for two months in a lockdown to fight the coronavirus outbreak.

E-commerce firms faced massive disruption in the initial days of the lockdown in India, but a slow easing of the stringent regulations has allowed them to resume large parts of their operations.

"We want to continue helping customers all over India get everything they need so they can continue to practice social distancing," Amazon senior executive Akhil Saxena said in a statement on the company's blog. (bit.ly/2A1Wv7O)

“(The move) will also keep as many people as possible working during this pandemic while providing a safe work environment for them,” said Saxena, Amazon’s VP for customer fulfillment operations in APAC, MENA & Latam.

The temporary hires will work in Amazon’s fulfillment centers and as part of its delivery network, the company said, making the announcement at a time when various other companies in the country have been forced to cut jobs as they try to tide over the health crisis.

Amazon itself has pushed its annual global Prime Day event, traditionally a summer affair, to September, the Wall Street Journal reported on Thursday.

In India, where the Jeff Bezos-led company faces stiff competition from Walmart Inc’s Flipkart, Amazon earlier said it plans to create 1 million jobs by 2025.

The company also said on Thursday it plans to enter the food delivery business in India, pitting itself against well-established startups such as Swiggy and Zomato.

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News Network
May 21,2020

New Delhi, May 21: As many as 5,609 new COVID-19 cases were reported in India in the last 24 hours, taking the total number of cases in the country to 1,12,359 according to the Union Ministry of Health and Family Welfare.

Out of the total cases, 63,624 are active cases, 45,300 patients have been cured/discharged or have migrated and 3,435 deaths have been reported.

With 39,297 cases in total, Maharashtra remains the worst affected state in the country, followed by Tamil Nadu (13,191 cases), Gujarat (12,537 cases), and Delhi (11,088 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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