Gold hits record high on global rally, weak rupee

August 27, 2012

gold_high

Mumbai, August 27: India's benchmark October gold contract extended gains on Monday morning to hit a record high of 31,077 rupees per 10 grams, following a rally in the world markets and on a weak rupee.

International spot gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the U.S. Federal Reserve kept sentiment buoyant.

However, a price rise is set to trim India's gold consumption, and subsequently imports, in the peak festive season.


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News Network
March 31,2020

New Delhi, Mar 31: At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine centre. Total 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organisers of the religious event saying that they have committed a grave crime.

"The event's organisers committed a grave crime. Disaster Act and Contagious Diseases Act was enforced in Delhi, no assembly of more than 5 people was allowed. Still, they did this. I have written to Lieutenant Governor to take strict action against them. Delhi government has given an order to file an FIR against the organisers," the Health Minister said.

Earlier, the Delhi government had said: "It has come to our knowledge that administrators of Nizammuddin Markaz violated coronavirus lockdown conditions and now several positive cases have been found. Strong action would be taken against those in charge of this establishment. Delhi government will ask the police to register an FIR against Maulana of Markaz, Nizamuddin." 

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Agencies
July 30,2020

Kochi, Jul 30: The Kerala High Court on Thursday refused to grant the extension for the stay of a 74-year-old US citizen, Johnny Paul Pierce, who had earlier said that he felt safer to remain in India than in the United States amid the COVID-19 pandemic.

The single-judge bench of Justice CS Dias, which considered the writ petition, observed that the grant or extension of visa to foreign nationals fall exclusively within the domain of the Government of India (GoI) and that judicial review in such matters is minimal.

The power of the GoI to expel foreigners is absolute and unlimited, the bench said.

"In view of the categoric declaration of law by the Supreme Court, the plea of the petitioner to permit him to stay back in India cannot be accepted, as it falls within the purview of the guidelines and the discretion of the Government of India," the order said.

"The petitioner cannot be heard that the guidelines/policies/regulations formulated by the Government of India, that an American national though has been granted a visa having validity of five years has to leave India within 180 days, is irrational or unreasonable," it added.

The High Court, which was hearing a plea to permit the US citizen to stay in India for a further period of six months, said that the petitioner does not have a case that there is an infraction of Article 21 of the Constitution of India.

"The petitioner was well aware of the visa conditions when he arrived in India, and it is too late in the day for him to raise a grievance on the visa conditions," the bench said noting that the petitioner's love for India was heartening.

The High Court also directed the Foreigners Registration Officer to consider the petitioner's representation within a period of two weeks in accordance with the applicable guidelines and policies.

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News Network
February 14,2020

London, Feb 14: Liquor tycoon Vijay Mallya once again asked the Indian banks to take back 100 per cent of the principal amount owed to them at the end of his three-day British High Court appeal on Thursday against an extradition order to India.

The 64-year-old former Kingfisher Airlines boss, wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores in unpaid bank loans, said the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are fighting over the same assets and not treating him reasonably in the process.

“I request the banks with folded hands, take 100 per cent of your principal back, immediately,” he said outside the Royal Courts of Justice in London.

“The Enforcement Directorate attached the assets on the complaint by the banks that I was not paying them. I have not committed any offenses under the PMLA (Prevention of Money Laundering Act) that the Enforcement Directorate should suo moto attach my assets," he said.

"I am saying, please banks take your money. The ED is saying no, we have a claim over these assets. So, the ED on the one side and the banks on the other are fighting over the same assets,” he added.

Asked about heading back to India, he noted: “I should be where my family is, where my interests are.

"If the CBI and the ED are going to be reasonable, it’s a different story. What all they are doing to me for the last four years is totally unreasonable.”

Lord Justice Stephen Irwin and Justice Elisabeth Laing, the two-member bench presiding over the appeal, concluded hearing the arguments in the case and said they will be handing down their verdict at a later date after considering the oral as well as written submissions in the “very dense” case over the next few weeks.

On a day of heated arguments between Mallya’s barrister, Clare Montgomery, and Crown Prosecution Service (CPS) counsel Mark Summers, arguing on behalf of the Indian government, both sides clashed over the prima facie case of fraud and deception against Mallya.

“We submit that he lied to get the loans, then did something with the money he wasn’t supposed to and then refused to give back the money. All this could be perceived by a jury as patently dishonest conduct,” said Summers.

“What they [Kingfisher Airlines] were saying [to the banks] about profitability going forward was knowingly wrong,” he said, as he took the High Court through evidence to counter Mallya’s lawyers’ claims that Westminster Magistrates Court Judge Emma Arbuthnot had fallen into error when she found a case to answer in the Indian courts against Mallya.

Mallya, who remains on bail on an extradition warrant, is not required to attend the hearings but has been in court to observe the proceedings since the three-day appeal opened on Tuesday. A key defence to disprove a prima facie case of fraud and misrepresentation on his part has revolved around the fact that Kingfisher Airlines was the victim of economic misfortune alongside other Indian airlines.

However, the CPS has argued that “there is enough in the 32,000 pages of overall evidence to fulfil the [extradition] treaty obligations that there is a case to answer”. “There is not just a prima facie case but overwhelming evidence of dishonesty… and given the volume and depth of evidence the District Judge [Arbuthnot] had before her, the judgment is comprehensive and detailed with the odd error but nothing that impacts the prima facie case,” said Summers.

At the start of the appeal, Mallya’s counsel claimed Arbuthnot did not look at all of the evidence because if she had, she would not have fallen into the multiple errors that permeate her judgment. The High Court must establish if the magistrates’ court had in fact fallen short on a point of law in its verdict in favour of extradition.

Representatives from the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI), as well as the Indian High Commission in London, have been present in court to take notes during the course of the appeal hearing.

Mallya had received permission to appeal against his extradition order signed off by former UK home secretary Sajid Javid last February only on one ground, which challenges the Indian government's prima facie case against him of fraudulent intentions in acquiring bank loans.

At the end of a year-long extradition trial at Westminster Magistrates’ Court in London in December 2018, Judge Arbuthnot had found “clear evidence of dispersal and misapplication of the loan funds” and accepted a prima facie case of fraud and a conspiracy to launder money against Mallya, as presented by the CPS on behalf of the Indian government.

Mallya remains on bail since his arrest on an extradition warrant in April 2017 involving a bond worth 650,000 pounds and other restrictions on his travel while he contests that ruling.

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