US returns 200 artifacts worth USD100 million to India

executive@coastaldigest.com (Agencies)
June 7, 2016

Washington, Jun 7: The US today returned to India over 200 stolen cultural artifacts, some dating back 2,000 years, estimated at USD 100 million, with Prime Minister Narendra Modi describing the cultural heritage as a great binding force in bilateral relationships.

US"Usually relationship between the countries of the world are very often covered by the present. It is present that plays a big role, but sometimes heritage becomes important in the relations of two countries. Sometimes what cannot be done by living persons is done by idols," the Prime Minister said at a ceremony held at the Blair House for the return of stolen artifacts to India.

Speaking in Hindi, the Prime Minister said that in the last two years various countries have endeavoured to return India's stolen cultural heritage.

"Both governments and law enforcement agencies of these countries now have become more alert on trafficking of cultural artifacts and are not only working to prevent it but also to send it back to the place of its origin," the Prime Minister said.

"I am grateful to the United States and President (Barack) Obama for returning these treasures to India which join us to our past," he said.

"For some, these artifacts may be measured in monetary terms and could be in millions for them, but for the people of India, it is a part of our culture and heritage that joins us to our past, that joins us to our values," the Prime Minister said in his brief remarks.

Modi said many tourists don't want to see only modern sites, but also they want to see the rich history a place offers.

People are attracted to India for its ancient civilisation, he said.

Referring to the Indus Valley civilisation, he said tourists are now flocking to India to see towns dating back 5,000 years.

"There treasures are to be enjoyed by the entire world. Technology can help us catch those indulging in illicit trafficking," the Prime Minister said.

Indian Ambassador to the US Arun K Singh said on Monday 12 artifacts have been returned and process has begun for the transfer of rest of the treasured artifacts.

Items returned included religious statues, bronzes and terra-cotta pieces, some dating back 2,000 years, looted from some of India's most treasured religious sites.

Among the pieces returned is a statue of Saint Manikkavichavakar, a Hindu mystic and poet from the Chola period (circa 850 AD to 1250 AD) stolen from the Sivan Temple in Chennai, which is valued at USD 1.5 million. Also included in the collection is a bronze sculpture of the Hindu god Ganesh estimated to be 1,000-year-old.

The artifacts that speak about India's astounding history and beautiful culture are beginning their journey home, said US Attorney General Loretta E Lynch.

"It is my hope – and the hope of the American people – that this repatriation will serve as a sign of our great respect for India's culture; our deep admiration for its people; and our sincere appreciation for the ties between our nations," she said.

"Protecting the cultural heritage of our global community is important work and we are committed to identifying and returning these priceless items to their countries of origin and rightful owners," said Secretary of Homeland Security Jeh Johnson said in a statement.

Johnson was not present at the repatriation ceremony.

"It's the responsibility of law enforcement worldwide to ensure criminal smuggling organisations do not profit from the theft of these culturally and historically valuable items," he said.

The majority of the pieces repatriated in the ceremony were seized during Operation Hidden Idol, an investigation that began in 2007 after Homeland Security Investigations (HSI) special agents received a tip about a shipment of seven crates destined for the US manifested as "marble garden table sets."

Examination of the shipment in question revealed numerous antiquities.

This shipment was imported by Subhash Kapoor, owner of Art of the Past Gallery.

HSI's Operation Hidden Idol focused on the activities of former New York-based art dealer Kapoor, currently in custody in India awaiting trial for allegedly looting tens of millions of dollars' worth of rare antiquities from several nations, a statement said.

Artifacts were also found in the Honolulu Museum and Peabody Essex, who promptly partnered with HSI to surrender illicit cultural property stemming from Kapoor.

HSI special agents have executed a series of search warrants targeting Kapoor's New York City gallery, along with warehouses and storage facilities linked to the dealer.

Additionally, five individuals have been arrested in the US for their role in the scheme, a statement said.

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Agencies
June 12,2020

Mumbai, Jun 12: Following an overwhelming response for the mega rights issue of Mukesh Ambani-owned Reliance Industries, the partly paid-up rights shares are set to debut on stock exchanges on June 15.

The biggest ever Rs 53,124 crore rights issue was subscribed 1.59 times and received bids worth Rs 84,000 crore on June 3.

Reliance said the rights issue saw a huge investor interest, including from lakhs of small investors and thousands of institutional investors, both Indian and foreign.

In 2019, Ambani said in the Reliance's annual general meeting that the company will be net zero debt by March 2021. The company is on course to achieve its target ahead of the deadline.

"In spite of the COVID-19 crisis and the lockdowns, the due-diligence by Saudi Aramco for the planned investment in the O2C business is on track as both the parties are committed and actively engaged," he said recently.

"With a strong visibility to these equity infusions, Reliance is set to achieve net zero debt status ahead of its own aggressive timeline. We believe rights issue was a part of the company's strategy of deleveraging its balance sheet," said Ambani. 

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News Network
July 28,2020

Bengaluru, Jul 28: Congress leader Siddaramaiah on Monday alleged that BJP is trying to destabilise the Congress government in Rajasthan.

"It is the duty of the Governor to act according to the decision of the state cabinet. But he is acting like a central government puppet," he said at a protest organised here by Karnataka Pradesh Congress Committee (KPCC).

He said the Congress is protesting across the country to save democracy and save the constitution.

"We are not fighting through violence. We are protesting peacefully. The Constitution has given the right to protest in a democratic system," he said.

He accused the BJP of "being disrespectful" to the Constitution.

"Governments must walk within the framework of the Constitution. The Constitution gives everyone rights and duties. BJP destabilises elected governments and buys our legislators by horse-trading by spending crores of money. The same thing happened in Karnataka as well," he alleged.

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Agencies
July 19,2020

New Delhi, Jul 19: Three of the 10 most valued companies added a total of Rs 98,622.89 crore to their market valuation last week, led by stellar gains in IT major Infosys.

Seven companies from the coveted list witnessed a decline in their market valuation last week, but their cumulative loss of Rs 37,701.1 crore was less than the total gain made by three firms -- Reliance Industries Limited, Hindustan Unilever Limited and Infosys.

The market capitalisation of Infosys zoomed Rs 52,046.87 crore to Rs 3,85,027.58 crore. Shares of Infosys had rallied over 9 per cent on Thursday after the company posted a stronger-than-expected 12.4 per cent rise in the first quarter consolidated net profit.

Hindustan Unilever Limited added Rs 25,751.07 crore in its market valuation which stood at Rs 5,48,232.26 crore at close on Friday. Reliance Industries' m-cap jumped Rs 20,824.95 crore to Rs 12,11,682.08 crore.

In contrast, HDFC's valuation plunged Rs 13,920.21 crore to Rs 3,13,269.70 crore and that of Tata Consultancy Services (TCS) declined Rs 7,617.34 crore to Rs 8,26,031.21 crore.

The valuation of ICICI Bank tumbled Rs 4,205.71 crore to Rs 2,29,156.24 crore and that of Kotak Mahindra Bank by Rs 4,175.28 crore to Rs 2,62,864.37 crore.

Bharti Airtel's m-cap dipped Rs 4,009.83 crore to Rs 3,09,521.05 crore and HDFC Bank's by Rs 3,403.97 crore to Rs 6,03,463.97 crore.

The valuation of ITC declined by Rs 368.76 crore to Rs 2,38,469.29 crore.

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

During the last week, the 30-share BSE index advanced 425.81 points or 1.16 per cent.

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