NCP-UPA trouble live: Congress in damage control after Sharad Pawar quits

July 20, 2012

congressdam

New Delhi, July 20: 11:15 am: The UPA is reportedly making all possible efforts to placate Nationalist Congress Party (NCP) chief Sharad Pawar after he and party leader Praful Patel sent their resignation letters to the Prime Minister. The Congress has said that the NCP is important to it.

"Pawar has supported Pranab Mukherjee, he is an important person. The NCP is important to us and ll our allies are intact," Congress leader Jagdambika Pal said.

10:45 am: It is being said that the UPA is not following the coalition dharma and is ignoring smaller allies. Sharad Pawar has now red-flagged the issue and has, in a way, asked the UPA to be serious about smaller allies.

10 am: The UPA is likely to accommodate some demands of Nationalist Congress Party (NCP) chief Sharad Pawar, according to sources. Sharad Pawar, in his meeting with UPA Chairperson Sonia Gandhi, conveyed his displeasure.

Sharad Pawar is reportedly angry at being superseded for the number two position in the Union Cabinet. However, Congress sources claim that the number two position in the Cabinet is not an issue and say the government will take up some of Pawar's demands like forward contracts soon.

9:30 am: Nationalist Congress Party (NCP) chief Sharad Pawar, who resigned from the Cabinet late on Thursday night, met UPA Chairperson Sonia Gandhi on Friday morning.

Nationalist Congress Party (NCP) chief Sharad Pawar and party member Praful Patel on Friday sent in their resignations to Prime Minister Manmohan Singh, sources said. The duo were said to be upset over the NCP chief not being made the number two within the UPA government.

The duo had said they will not attend their offices on Friday. Pawar and Patel sent their resignation letters to Prime Minister Manmohan Singh late on Thursday night. However, the letters have been written in a manner that leaves a window of opportunity open for the UPA as it provides a scope for negotiations.

This may be seen as a trouble for the UPA as the NCP has been one of the most reliable allies of the UPA as it has supported the UPA in important situations. The NCP was among one of the first parties to support UPA candidate Pranab Mukherjee in the Presidential poll. Therefore, the UPA is likely to make efforts to placate Pawar.

The UPA has two options. They can either give the number two position to Pawar, as he desires, or they can make him the Leader of the Lok Sabha. The UPA core committee will meet later on Friday and may chalk out a plan to placate Pawar and Patel.

In fact, for a second time on Thursday, Pawar and Patel had skipped the Cabinet meeting despite the fact that on agenda was a matter relating to Pawar's ministry.

Sources said the rift was over the number two slot. With Pranab Mukherjee gone, Pawar, as per seniority, should have been made number two.

Congress, however, argued that the NCP had only nine MPs while Congress was the largest constituent of the UPA and hence could choose the number two. It's Defence Minister AK Antony who got the slot. This upset the NCP.

NCP sources also said Pawar was upset by the Congress's witch-hunting and lack of gratitude.

Pawar is believed to have been angry that some of his nominees for the Governor's post and for chairmanship of NABARD and NAFED were rejected. Certain projects with which Sharad Pawar was involved were not cleared by government. Also, he accused the Cabinet of dragging its feet over forward trading.

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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
January 6,2020

Hyderabad, Jan 6: AIMIM president Asaduddin Owaisi on Monday expressed solidarity with students of Jawaharlal Nehru University in Delhi, following violence in the campus and said the "cruel attack" was meant to "punish"the students as they "dared to stand up".

"In solidarity with the brave students of JNU. This cruel attack is meant to 'punish' JNU students because they dared to stand up. It's so bad that even Union Ministers are tweeting helplessly. Modi Sarkar must answer why cops aresiding with goons," the Hyderabad MP tweeted.

The AIMIM has also tweeted expressing solidarity with the "students of JNU". "AIMIM stands in solidarity with the students of Jawaharlal Nehru University. Who feels threatened by the voice of students?," the party said in a tweet.

Violence broke out at the JNU on Sunday night as masked men armed with sticks and rods attacked students and teachers and damaged property on the campus, prompting the administration to call in police which conducted a flag march.

At least 28 people, including JNU Students' Union president Aishe Ghosh, were injured as chaos reigned on the campus for nearly two hours.

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News Network
April 14,2020

Thiruvananthapuram, Apr 14: The Kerala government on Monday requested Prime Minister Narendra Modi to arrange special flights to the Gulf to bring back non resident Keralites stranded there due to the lockdown.

In a letter to Modi, Chief Minister Pinarayi Vijayan said many Keralites who had gone on visit visas and in search of employment were finding it difficult to continue there without jobs.

"While we appreciate the constraints faced in allowing international travel as the threat of COVID-19 has not yet receded, it is requested that special consideration to their needs be given and at an earliest opportune time, the Government of India consider arranging special flights to bring these people back," Vijayan said in the letter.

All International health protocols can be followed while extending this facility, he said and assured that testing and quarantine needs of Keralites who are returning would be undertaken by the state government. During the video conferencing the Prime Minister had with Chief Ministers on April 11, this matter had been broght to Modi's notice, Vijayan said.

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