Over Rs 68,600 cr loans of wilful defaulters, including Choksi, Mallya firms, written off: RBI in RTI reply

News Network
April 28, 2020

New Delhi, Apr 28: Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.

Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.

This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore.

Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies.

Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.

Forever Precious Jewellery and Diamonds Private Limited has loans of Rs 1,962 crore written off while Deccan Chronicle Holdings Limited have Rs 1915 crore written off loans.

Choksi's other firms Gili India and Nakshatra Brands also have loans of Rs 1,447 and Rs 1109 crore respectively written off.

REI Agro of Jhunjhunwala brothers is already under the scanner of ED. The CBI and ED are also probing alleged fraud by the owners of Winsome Diamonds.

Vikram Kothari's Rotomac is the fourth in the list. He and his son Rahul Kothari were arrested by the CBI for bank loan default.

In the last Parliament session, Rahul Gandhi had asked the government to provide a list of top 50 bank loans defaulters in the country, leading to sharp exchanges and uproar in the Lok Sabha.

"The information on top 50 wilful defaulters and their sum of funded amount outstanding and amount technically/prudentially written off as on September 30, 2019 reported in CRILC by banks, is provided," the RBI said in its written response dated April 24.

In his application, RTI activist Saket Gokhale had sought the list of defaulters as on February 16, but the RBI said the requested information is not available.

The RBI said that according to section 8 (1)(a) of RTI Act 2005 read with para 77 of Supreme Court judgement of December 16, 2015 in Jayantilal N Mistry case, information on overseas borrowers is exempted from public disclosure.

"Data is as reported by banks and RBI will not be held responsibly or accountable for any misreporting and/or incorrect reporting by the reporting entities," the RBI said in the written reply to the RTI query.

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News Network
January 17,2020

Jan 17: India's "high power" communication satellite GSAT-30 was successfully launched in the early hours of January 17, the Indian Space Research Organisation (ISRO) said.

The satellite, aimed at providing high-quality television, telecommunications and broadcasting services, was launched onboard Ariane 5 rocket from French Guiana.

Blasting off from the Ariane Launch Complex in Kourou, a French territory located in northeastern coast of South America at 2.35 am IST, European space consortium Arianespace's Ariane 5 vehicle injected GSAT-30 into the orbit in a flawless flight lasting about 38 minutes.

Arianespace CEO Stéphane Israël tweeted about the successful launch of GSAT-30.

ISRO's U R Rao Satellite Centre Director P Kunhikrishnan, who was present in Kourou, congratulated the ISRO community and Arianespace team on the successful launch.

Calling it an "excellent start" to 2020 for ISRO with the launch, he said, "The mission team at the master control facility have already acquired the satellite and they will immediately complete the post launch operations...."

The 3,357-kg satellite, which was deployed from the lower passenger position of Ariane-5 launch vehicle (VA 251) into to geostationary transfer orbit (GTO), is configured on ISRO's enhanced I-3K Bus structure to provide communication services from Geostationary orbit in C and Ku bands.

The satellite derives its heritage from ISRO's earlier INSAT/GSAT satellite series, and is equipped with 12 C and 12 Ku band transponders.

GSAT-30 is to serve as replacement to the "aging" INSAT-4A spacecraft services with enhanced coverage, ISRO has said, adding the satellite provides Indian mainland and islands coverage in Ku-band and extended coverage in C-band covering Gulf countries, a large number of Asian countries and Australia.

With a mission life of 15 years, GSAT-30 is an operational communication satellite for DTH, television uplink and VSAT services.

The Bengaluru-headquartered ISRO has said the communication payload of GSAT-30 is specifically designed and optimised to maximise the number of transponders on the spacecraft bus.

According to the space agency, the spacecraft would be extensively used for supporting VSAT (Very Small Aperture Terminal) network, television uplinking and teleport services, digital satellite news gathering (DSNG), DTH television services, cellular backhaul connectivity and many such applications.

One Ku-band beacon downlink signal is transmitted for ground-tracking purpose, it added.

For its initial flight of 2020, Arianespace on its website said, it would orbit EUTELSAT KONNECT, a telecommunication satellite for the operator Eutelsat, along with GSAT-30, using an Ariane 5 launch vehicle from the Guiana Space Centre.

EUTELSAT KONNECT – which was produced by Thales Alenia Space for Eutelsat – was riding in the upper position of Ariane 5's payload arrangement, and was released first in the flight sequence at 27 minutes following liftoff.

Since the launch of India's APPLE experimental satellite on Ariane Flight L03 in 1981, Arianespace has orbited 24 satellites, including GSAT-30, for the Indian space agency.

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News Network
February 13,2020

Guwahati, Feb 13: Hours after Assam's updated citizenship data disappeared from the website 'nrcassam.nic.in', an FIR was filed against a former NRC official for allegedly failing to submit the password to the sensitive document before quitting her job.

Talking to news agency on Thursday, NRC state coordinator Hitesh Dev Sarma said the complaint against former NRC project officer was filed under Official Secrets Act in Paltan Bazar police station here, as she "did not provide the password to the document, despite written reminders".

"She failed to surrender the password even after tendering her resignation on November 11 last year. She was a contractual employee and no longer authorised to hold the password, after quitting her job. An FIR has been filed against the former NRC project officer on Wednesday for violating the Official Secrets Act," he said.

Sarma also stated that the NRC office had written to her on several occasions for submitting the password, but did not get any response.

"We knew (she had resigned) and, therefore, sent several letters to her for handing over the password. But as she did not respond all these months, we filed a complaint against her yesterday for violating the Official Secrets Act.

"We must know if she has tampered with the sensitive information, after resigning," he added. The NRC state coordinator, however, refuted allegations of "malafide intent" involved in the matter.

"...this (cloud service provided by IT major Wipro) was not renewed by the earlier coordinator. So, the data went offline from December 15 last year. I assumed charge only on December 24," Sarma, who had gone on leave for a weeks after being appointed as the NRC state coordinator, clarified.

He also said that the state coordination committee had discussed the issue in its meeting on January 30 and wrote to Wipro during the first week of February.

"Once Wipro makes the data live, it will be available to the public. We hope that people will be able to access it in the next 2-3 days," Sarma claimed.

Reacting to the development, Wipro had said: "The IT Services Contract was not renewed by the authorities upon its expiry in October, 2019. However, as a gesture of goodwill, the company continued to pay the hosting service fee until January-end, 2020."

In another FIR filed with state criminal investigation department on Wednesday, NGO Assam Public Works (APW) alleged that former NRC Assam coordinator Prateek Hajela tampered with the final NRC list - published on August 31, 2019.

APW member Rajib Deka, in his complaint, accused Hajela of disobeying orders and directions of the Supreme Court, forgery of public register and committed offences under cyber laws for altering or changing public records by misusing his powers and position.

The NGO also said that after publication of the final list, several social networks and sections of the media had reported anomalies, insisting that many 'doubtful' persons were able to insert their names in the final list.

The Centre on Wednesday asserted that NRC data in Assam was safe even though some technical issues have been detected, which would be resolved soon.

Senior journalist-cum-RTI activist Saket Gokhale had sent an application to the NIC, the IT wing of the government, seeking a copy of the contract with Wipro.

"The Assam NRC data suddenly vanishing from the website (& the lack of data security) is incredibly shady. I've filed an RTI with the NIC specifically asking about details of the contract with Wipro, name of the cloud service provider, & all contracts signed for hosting this," he tweeted, while attaching a copy of the RTI application.

Leader of the Opposition in Assam Assembly and Congress leader Debabrata Saikia has also written to the Registrar General of India, requesting him to look into the fiasco urgently.

"It is a mystery as to why the online data should vanish all of a sudden, especially as the process to file appeals was yet to begin, all because of the go-slow attitude adopted by the NRC Authority. There is, therefore, ample scope to suspect that disappearance of online data is a malafide act," he had insisted.

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Agencies
February 6,2020

Mumbai, Feb 6: The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.

"Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo,” the Monetary Policy Committee (MPC) said.

The six-member committee voted unanimously to hold rates, but also said that there is “policy space available for further action”.

Between February and October 2019, the RBI had reduced repo rate by 135 basis points.

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