BJP backs Gadkari, Advani skips party’s core group meeting

November 7, 2012

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New Delhi, November 7: Divisions persisted within BJP over the continuance of Nitin Gadkari as its president even as its core group yet again stood behind him insisting that there was "no legal or moral wrongdoing" by him in the running of his company.

The party's second public backing for Gadkari in a fortnight came on a day of hectic activities in the wake of public demand by eminent lawyer and party MP Ram Jethmalani for Gadkari's immediate resignation with apparent backing of some senior leaders including Jaswant Singh and Yashwant Sinha.

The meeting of party's Core Group and General Secretaries discussed the issue but senior leader L K Advani kept away apparently unhappy over Gadkari's continuance in the post. Gadkari also stayed away from the meeting to which RSS ideologue and chartered accountant S Gurumurthy was specially invited to make a detailed presentation on the investments made in Gadkari's company Purti Sugar and Power Ltd.

"Gurumurthy, who has examined these documents, made a detailed presentation to party leaders. The meeting accepted the presentation and is convinced that there was no legal or moral wrongdoing by Gadkari," said a Joint Statement issued by senior leaders Arun Jaitley and Sushma Swaraj after the two-hour meeting at the party headquarters. The statement endorsed Gadkari's readiness to face any probe, maintaining that he has "no direct or indirect interest" in the 18 companies which have invested in Purti Group.

"The party has full faith in the leadership of Gadkari and appeals to all party leaders not to air their views in public," said the statement read out by chief spokesman Ravi Shanker Prasad.

Though Gadkari appeared to have a reprieve, the unfolding events could force the party leadership to have a rethink on a second term to him after the expiry of his current term in December. The party's National Council had recently amended its Constitution to enable Gadkari to get a second term.

A day after his son Mahesh quit the BJP National Executive protesting against Gadkari's continuance, Ram Jethmalani raised the pitch for the resignation of the party chief, claiming that some other senior leaders like Jaswant Singh, Yashwant Sinha and Shatrughan Sinha were with him on the issue.

He also wrote a strong letter to Advani claiming to have the endorsement of the three leaders in which he reportedly said that they met two days ago to consider whether they should quit the party over the issue.

While Yashwant Sinha refrained from commenting, Shatrughan Sinha reportedly said he was part of that group.

With Jethmalani setting the agenda for the day, the party leaders went into a huddle over a number of sessions. Gadkari himself drove to residences of Jaitley and Swaraj.

Swaraj later met party leaders including Advani who is reportedly unhappy with Gadkari's insistence on continuing in the post. Jaitley, Ananth Kumar and Balbir Punj were also present at the meeting when they reportedly tried to persuade Advani to attend the Core Group meeting and not to push for Gadkari's immediate exit.

Seeking to downplay Advani's absence from the Core Group meeting, Prasad said he had already been briefed elaborately by Gurumurthy on the fundings.

Gurumurthy appeared to have taken the role of a mediator as he met Advani and later Jethmalani in a bid to persuade the latter to relent on the issue.

Jethmalani said he would like to check the documents on the basis of which Gadkari is claiming innocence.

Advani chose not to go to the meeting in the party office on a day of hectic activities triggered by the demand for Gadkari's resignation by party MP Ram Jethmalani in the wake of allegations of dubious funding for his company Purti.

Earlier, Swaraj tweeted to "reiterate" her support to Gadkari and deny media reports that she was not supporting him.

Meanwhile, two senior party leaders Mukhtar Abbas Naqvi and Vinay Katiyar held a separate meeting and are understood to have shared the view that BJP's image had suffered because of allegations against Gadkari and something needed to be done immediately.

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News Network
May 29,2020

Bengaluru, May 29: Former prime minister H D Deve Gowda mourned the demise of Rajya Sabha member and Managing Director of leading Malayalam daily Mathrubhumi M P Veerendra Kumar, hailing him as a great journalist and writer.

"My deepest condolences on the demise of former union Minister and Rajya sabha member Shri M.P. Veerendra Kumar. He was a great journalist and writer. May god give strength to his family & his people to bear the loss," Gowda said in his condolence message.

Veerandra Kumar, who was a member of PTIs Board of Directors, died late Thursday at a private hospital in Kozhikode in Kerala following cardiac arrest.

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News Network
February 28,2020

Feb 28: National oil marketer Indian Oil Corporation (IOC) on Friday said it is ready to supply low emission BS-VI fuels from April 1 and that there will be a marginal increase in retail prices.

The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulfur diesel and petrol, the company's chairman Sanjiv Singh told reporters here.

Without disclosing the quantum of price increase, Singh said, “there will definitely be a marginal increase in retail prices of the fuels from April 1 when the whole country will be run on new fuels, which will have a sulphur content of only 10 parts per million (ppm) as against the present 50 ppm.

“But let me assure you, we will not be burdening the consumers with a steep hike,” Singh said.

He said, state-run oil marketing companies (OMCs) have invested Rs 35,000 crore to upgrade their refineries, of which Rs 17,000 crore have been spent by IOC alone.

Earlier this week, the sell-off bound BPCL said it had invested around Rs 7,000 crore for the same. ONGC-run HPCL has not so far disclosed its readiness for BS-VI supplies or its capex on the same.

HPCL had said from February 26-27 it was ready with BS-VI fuels and that it would sell only the new fuels from March 1.

IOC switched to BS-VI fuel production a fortnight ago and all its depots and containers are ready now, Singh said.

However, he said some remote locations, where the intake is very low, will take some more time to switch. But the company is planning to drain out the entire BS-IV stock and replenish the new fuels at such locations, he added.

Further, it has been reported that the companies will have to increase prices by 70-120 paise a litre, but Singh said, to arrive such a weighted average is not possible given the complexities of each refinery.

He, however, asserted that the price hike will not be a burden on consumers.

We are not looking at this investment from a pure return on investment basis, but this is a national mandate and we have done it.

Having said that, all those countries that moved to low emission fuels are charging higher prices; and from April 1, our prices will also be benchmarked against Euro VI prices as against the present practice of the cost-plus model, Singh concluded.

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Agencies
May 17,2020

New Delhi, May 17: Eight of the 10 most valued domestic firms suffered a combined erosion of Rs 1,37,311.31 crore in market valuation last week, with Reliance Industries (RIL) taking the biggest knock.

Only Bharti Airtel and ITC from the top-10 list managed to close the week with gains.

RIL's market cap plunged Rs 65,232.46 crore to Rs 9,24,855.56 crore.

The market valuation of HDFC Bank declined Rs 22,347.07 crore to Rs 4,87,083.88 crore and that of Hindustan Unilever Limited tanked Rs 13,192.26 crore to Rs 4,77,458.89 crore.

ICICI Bank's market cap dropped Rs 9,770.06 crore to Rs 2,08,900.79 crore.

Infosys witnessed a decline of Rs 9,518.84 crore in valuation to reach Rs 2,77,814.09 crore while that of HDFC tumbled Rs 9,370.38 crore to Rs 2,83,293.70 crore.

The m-cap of Kotak Mahindra Bank slipped by Rs 7,805.2 crore to Rs 2,25,327.22 crore.

Tata Consultancy Services' market valuation dipped Rs 75.04 crore to Rs 7,10,439 crore.

In contrast, Bharti Airtel added Rs 13,147.89 crore to its valuation to stand at Rs 3,02,292.43 crore.

ITC's valuation also rose by Rs 7,744.11 crore to Rs 2,02,330.13 crore.

In the ranking of top-10 firms, RIL retained the number one spot, followed by TCS, HDFC Bank, HUL, Airtel, HDFC, Infosys, Kotak Mahindra Bank, ICICI Bank and ITC.

During the last week, the Sensex declined 544.97 points or 1.72 per cent.

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