Jagan Mohan Reddy disproportionate assets case: CBI summons BCCI chief N Srinivasan

June 8, 2012

srinivasan_bcci_reuters_271x181 Hyderabad, June 8: There has been a new twist in the Jagan Mohan Reddy disproportionate assets case. The Central Bureau of Investigation (CBI) has summoned the Board of Control for Cricket in India (BCCI) chief and India Cements MD N Srinivasan in connection with the case.

Srinivasan has been summoned in his capacity as the Managing Director of India Cements Ltd. The CBI wants Srinivasan to explain his firm's investments in Jagan's companies. The CBI believes that India Cements got benefits in the form of enhanced water allocations under the YSR regime, enabling it to double its production.

The CBI, which is probing the corruption charges against Jagan questioned Andhra Pradesh Information Technology Minister Ponnala Lakshmaiah for over eight hours on Thursday.

After being summoned, the Minister appeared before the agency which questioned him regarding the Government Orders (GOs) issued during 2004-09 by the Irrigation Department, when he was the Major Irrigation Minister in the cabinet of late YS Rajasekhara Reddy, on supply of water to manufacturing plants of some cement firms. These firms allegedly made investments in Jagan's businesses.

Senior IAS officer Adityanath Das, who was the then Principal Secretary of Irrigation, was also quizzed with regard to the GOs, sources said.

Ponnala is among the six Andhra Pradesh Ministers who were issued notices by the Supreme Court in March seeking their stand on the allegations about their alleged roles in the corruption case against Jagan.

The central agency, which has so far arrested Jagan, his financial advisor V Vijay Sai Reddy (currently out on bail), former AP Minister Mopidevi Venkatramana Rao, industrialist Nimmagadda Prasad and senior bureaucrat KV Brahmananda Reddy, has also quizzed two other AP Ministers - Sabitha Indra Reddy and Dharmana Prasada Rao - over GOs that allegedly benefited some companies.

The CBI chargesheets allege that Jagan and his father had hatched a conspiracy to defraud the government, and the firms receiving government favours would invest in Jagan's companies as a quid pro quo.

The five-day custodial interrogation period of Jagan ended on Thursday, and the CBI took him back to Chanchalguda jail where he is under judicial custody till June 11.

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Accepting defeat, Alka Lamba says Hindu-Muslim votes were ‘polarised’

Agencies

February 11,2020

New Delhi, Feb 11: Votes between Hindus and Muslims were ''completely polarised'', said Congress party's Alka Lamba, as she trailed at Chandni Chowk assembly seat on Tuesday.

"I accept the result, but don't give up. Hindu-Muslim votes were completely polarised. The #Congress Party will now have to prepare for a new fight with new faces and a long struggle for the people of #Delhi. If you fight today, you will also win tomorrow," Ms. Lamba tweeted in Hindi.

As per the Election Commission (EC) website, Ms. Lamba is in third position with just 1,229 votes so far. AAP's Parlad Singh Sawhney is ahead with 23,281 votes followed by Suman Kumar Gupta of BJP.

Ms. Lamba, who had won from Chandni Chowk on an AAP ticket in the 2015 polls, was expelled from AAP last year after she joined Congress, citing differences with Delhi Chief Minister Arvind Kejriwal.

As per the EC official trends, AAP is maintaining a strong lead on 58 seats, while the BJP is far behind at 12. Congress has failed to open its account so far.

The counting of votes for 70 seats of the Delhi Assembly began at 8 am today amid tight security.

Delhi went to polls in a single-phase on February 8. AAP, BJP, Congress are the main political parties in the fray.

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Low pressure over Arabian sea to intensify into ‘cyclonic storm’ soon, says IMD

Agencies

May 31,2020

New Delhi, May 31: A low pressure area formed over Arabian sea and Lakshadweep is likely to intensify further into a cyclonic storm and reach coastal states of Maharashtra and Gujarat next week, the Indian Meteorological Department (IMD) said on Sunday.

Sunitha Devi, in charge of cyclones at IMD, said, "A low pressure area has formed over southeast and adjoining east central Arabian sea and Lakshadweep area. It is very likely to concentrate into a depression during the next 24 hours and intensify further into a cyclonic storm during subsequent 24 hours."

She added, "It is likely to move nearly northwards and reach near north Maharashtra and Gujarat coasts by 3rd June."

A low pressure area and a depression are the first two levels on the IMD's eight-category scale used to classify cyclones based on their intensity.

The weather bureau said that the sea condition will be very rough and advised fishermen not to venture into the sea till June 4.

It has forecast heavy to very heavy rainfall over south coastal Maharashtra for June 2-4, on north coast on June 2-3 and in Gujarat, Daman and Diu and Dadar and Nagar Haveli on June 3-5.

IMD said that under the influence of likely formation of a low pressure system over Arabian Sea, conditions will become favourable from June 1 for onset of monsoon over Kerala.

The arrival date for monsoon in Kerala is around June 1 every year and in Maharashtra around June 10.

On Saturday, a private forecasting agency claimed that monsoon has already hit Kerala, but the assertions were quickly rebutted by the Ministry of Earth Sciences.

"The news about monsoon onset over Kerala in Social Media is not correct. Monsoon has not arrived over Kerala. The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge a"Stephen Hawking," saidAMadhavan Rajeevan, Secretary, Ministry of Earth Sciences.

Kuldeep Srivastava, the head of IMD's Regional Weather Forecasting Centre said that the formation of a low pressure system in Arabian sea and its movement towards Gujarat coast will bring moisture to Delhi-NCR and North West India from June 3.

Two storms are forming over the Arabian Sea, one lies off the African coast and is likely to move over Oman and Yemen, while the other is placed close to India.

The development comes almost ten days after 'Amphan' pummeled four districts of Bengal in the fiercest cyclone in the region in a century, that left 86 people dead and rendered ten million people homeless.

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According to IMD alert appeared in some newspapers on 31 May 2020 , a cyclonic storm is brewing in the Arabian Sea , which is likely to reach coastal districts of Gujarat and Maharashtra by 3 June. It is expected that the these States would take more care and appropriate strategy well in time to combat the likely danger to the coastal districts from cyclonic storm designated as ‘Nisarga’. In this context , it may be apt to refer readers to this Vedic astrology writer’s predictive alerts in article - “ Predictions for coming year 2020 by kushal kumar” - published last year 2019 on 10 October at theindiapost.com/articles/predictions-for-coming-year-2020-by-kushal-kumar/. The related text of the predictive alert reads as follows in the said article :-

“ The next three months from April to June 2020 , appears to be a period of time testing ‘patience’ and ‘ perseverance’ , introducing several parts of the country to worrisome concerns. Coastal States of India , particularly those in the southern part , may be called upon to take more care and appropriate strategy against likely cyclones , storms , floods , coming of danger via sea , landslide and damage to crops during April-June in 2020. Such dates of month of May as 6 , 7 , 13 to 16 , 25 and 26 may be watched with care. Similarly , the dates 3 , 4 , 11 to 13 , 21 , 22 and 26 in June 2020 may be watched with care. Coastal States /UTs such as Gujarat , some parts of Maharashtra ……………………………………look to be vulnerable. It may be apt for them to take necessary precautions during May-June , 2020”.

The aforesaid details suggest that the predictive alert of this writer published last year 2019 on 10 October , is coinciding with the alert of IMD appeared near about 31 May , 2020.

Kushal kumar ,

202- GH28 , Mansarovar Apartments ,

Sector 20 , Panchkula -134116 , Haryana.

1 June , 2020.

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Yes Bank posts standalone net loss of ₹18,560 crore

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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