NEW DELHI, July 22: The Supreme Court today denied bail to Sahara chief Subrata Roy, who is in jail since March 4 for not being able to deposit Rs 10,000 cr with SEBI for his release on bail.
A bench headed by Justice T S Thakur in their order noted ‘Roy cannot be granted bail for collecting money unless and until he comes out with concrete proposal.’
The apex court also turned down his request for his release for 40 days to arrange funds by disposing of the properties of the group in foreign countries.
The apex court also noted that Sahara Group chief can be allowed to meet the proposed buyers of his properties for six hours in police custody.
The top court had granted him bail with a rider that he will deposit Rs 10,000 crore with SEBI (Rs 5,000 crore in cash and a bank guarantee of remaining Rs 5,000 crore). Sahara group expressed its inability to arrange Rs 10,000 crore.
Roy is facing allegation of defrauding lakhs of investors, who, have invested their hard earned money in two real estate companies of the group.
He was directed to pay back Rs 21,000 cr which belongs to the investors with interest.
On the last of hearing, he begged the Supreme Court to show mercy on him but the court was not impressed. (UNI)
NEW DELHI, July 22: Government has decided to engage young interns to help it in improving policy formulation.
The Department of Personnel and Training (DoPT) has sought nominations from Indian nationals who are graduate, post-graduate or research students enrolled in reputed universities or institutions in India or abroad and preferably having specialization in human resource and associated subjects in public policy.
“The interns may benefit by getting an exposure to the government functioning and the policy issues in human resource management in Government of India and contribute to the policy formulation by generating policy inputs such as empirical analysis, briefing reports, policy papers etc.
“Department may benefit from the additional resources in the form of young talents and their outputs which will add to its policy formulation base,” according to the objective of the scheme put out by the DoPT.
The period of internship will be for a minimum period of two months, it said.
“Interns may be given a stipend of Rs 10,000 per month necessary to meet the conveyance and other daily needs. It is neither a job nor a promise for job in the future,” the DoPT said.
The government proposes to engage ten interns for internship. The last date for sending application to the DoPT is September 15. (PTI)
Ashok B Sharma
BRICS have laid the foundation for a New Development Bank at its sixth Summit at Fortaleza. But let’s not forget that it needs much to be done by India in the long run to derive benefits from the proposals and position itself as a leader of hope for the developing and emerging economies.
The proposal stipulates setting up of the bank at Shanghai, placing China at a more advantageous position. After getting the approval for BRICS Development Bank at Shanghai, China has another plan to push for hosting a separate multilateral bank – Asia Infrastructure Investment Bank (AIIB). With these two projects, China intends to spread its economic clout not only in Asia but also among the developing world.
It is proposed that the BRICS Bank will have an initial authorised capital of $100 billion and the initial subscribed capital will be $50 billion, equally shared among the five founding members – Brazil, Russia, India, China and South Africa. Thus meaning equal voting rights for all the five members, though the Fortaleza Declaration has not stated this in specific terms. Perhaps it has been left to Charter of the bank to define this aspect.
BRICS has also set up a $100 billion Contingent Reserve Arrangement to forestall short-term liquidity pressures through currency swaps and a MoU has been signed among BRICS Export Credit Guarantees Agencies to improve support environment for increasing trade opportunities.
However, analysts and think tank in China think in a different way. Professor Zhu Ning at the Shanghai Advanced Institute of Finance has raised the issue of coordination problem if the five founding members have equal share and say in the bank. Chinese think tanks have favoured more countries joining the bank and China contributing more to be in a dominant position. They feel that with the BRICS Bank and the proposed AIIB, China will be able to extend its sway over Asia and the developing world.
The AIIB was first announced in October last year when President Xi Jinping was on a tour to Southeast Asia, offering billions of dollars in trade deals and extending hope for a maritime silk route to link China with Southeast Asia and the Indian Ocean region apart from a silk route connecting Central Asia.
While the BRICS Bank stipulates “mobilizing resources for infrastructure and sustainable development projects in BRICS countries and other emerging and developing economies,” the AIIB is being proposed to solely finance infrastructure projects and not prioritise poverty reduction as the World Bank and the Asian Development Bank do.
What is the intention of China to host these two banks? A deeper study is necessary to unveil Chinese intention. It was India in 2012 New Delhi Summit who proposed setting up of the BRICS Bank. However, India failed to get the proposal for setting up of this bank in New Delhi in 2012.
China cleverly played its diplomatic cards to get the bank set up at Shanghai. China extended olive branch to India by inviting Prime Minister Narendra Modi to the APEC meeting which it is hosting in November. But November is a busy month for the Prime Minister with G-20 Summit in Brisbane and SAARC Summit in Kathmandu already scheduled. India has long being yearning for membership of APEC.
Modi’s meeting with Chinese President Xi Jinping initially scheduled for 40 minutes, lasted for 80 minutes, practically leaving no time for his meeting with the Russian President Vladimir Putin. Jinping, however, made no firm commitment to Modi for China’s support to India’s candidature for a permanent seat in the UN Security Council or for the full membership of Shanghai Cooperation Organisation (SCO) which India is long aspiring. Jinping just said that he looked forward to India working more deeply with the SCO. India currently enjoys Observer status at SCO.
Had Modi discussed the issue of location of BRICS Bank more extensively with the Brazilian President Dilma Rousseff, South African President Jacob Zuma and Russian President Vladimir Putin, the outcome could have been different.
However, the first presidency of the BRICS Bank has gone to India for a period of six years, taking into account that two years will be needed to set up the bank. The first chair of the Board of Governors will be from Russia and the first chair of the Board of Directors will be from Brazil. All these posts are however, on rotation basis.
India which will hold the presidency of the bank for six years has the onus overseeing how the Charter of bank would be drafted so that it can present itself as an alternative global financial architecture to the Bretton Woods – the World Bank and the International Monetary Fund. Whether the five founding members will have an equal say in the bank or China have a monopoly say? Whether the bank will in real sense be able to meet the needs of the emerging and developing economies?
For India, China is a hard nut to crack. It all depends upon the government of Narendrabhai Damodardass Modi to deal with the Chinese diplomacy in the near future. Xi Jinping has assured Modi to rectify India’s trade deficit through Chinese investments in India and encouraging Chinese tourist flows. Modi had pressed for more exports of software and pharma from India.
India has a lot to do to get the BRICS bank going in a transparent and equitable manner and not unfavourable to its interests. It should be careful that it does not result in monopoly say of China. We had the bitter experience of China striking down the proposal of ADB loan to Arunachal Pradesh. Modi Government should wake up to this realty and act. (IPA)
NEW DELHI, July 22: Government has no plans to review the Armed Forces Special Powers Act, Lok Sabha was informed today.
“At present there is no such proposal. If the situation so warrants that areas be declared as disturbed, the same is done. This is examined/assessed periodically,” Minister of State for Home Kiren Rijiju said.
He was replying to a question whether the government proposes to review the AFSPA Act, if so, the details thereof and if not, the reasons thereof.
Rijiju said representations have been received from time to time from different organisations/ NGOs from Manipur for withdrawal and also from the state government of Jammu and Kashmir for phased withdrawal of the AFSPA.
The Minister said for preventing misuse of powers under the AFSPA, guidelines containing ‘Do’s and Don’t’ for the armed forces deployed in counter insurgency operations have been issued as per the directions of the Supreme Court.
Violation of these guidelines by members of the armed forces make them liable for prosecution under the Army Act and the respective Acts of the Central Armed Police Forces.
Rijiju said the Chief of Army Staff has issued ‘Ten Commandments’ to the troops deployed in counter insurgency operations to guide them while conducting the operations.
“The troops are sensitised at regular intervals regarding the importance of upholding human rights. The guidelines are strictly adhered to,” he said. (AGENCIES)
Inderjeet S ‘Prince’
Guru Har Rai Ji, the 7th Guru of the Sikhs, passed away at an early age of 30 years in 1661. Though the records are silent about the end, it must have come unexpectedly, probably due to some fatal illness. But just before his death he had his younger son Harkrishan ordained as the 8th Guru of Sikhism. His elder son Ram Rai having alienated himself and continuing to befriend the Guru’s enemies. There was, therefore, no question of considering Ram Rai for Guruship, Guru Har Rai Ji had already disinherited his elder son for his misconduct.
Born in 1656, Guru Harkrishan Ji was only 5 years old when he was ordained Guru. When Ram Rai, the elder brother of Guru Harkrishan Ji came to know about it, he was wild with anger. He, in a fit of anger, declared himself to be the Guru in Delhi and started appointing his own masands in various places for collecting donations from the Sikhs.
Since Ram Rai was self appointed Guru, he started threatening and black mailing poor Sikhs in order to extract more and more money from them. What is more, he made a complaint to Aurangzeb that his father had discriminated against him because of his loyalty to the Delhi throne. He had endowed his younger brother with all the property, depriving him of his due share. Aurangzeb not only sympathised with him but he also fanned his grievance further. He wished the brothers to keep on quralling so that their influence with the Sikh masses would weaken and he could win them over to Islam.
It so happened that before his death, Guru Har Rai Ji had told his younger son Guru Har Krishan never to see Aurangzeb. When Ram Rai learnt about the injunction, he implored the Emperor to summon Guru Harkrishan to Delhi. He thought that if his younger brother met the king he would be going against his father’s wishes and thus incur the displeasure of his devotees and if he refused to go to Delhi, the king would naturally take stern action against him.
Aurangzeb asked Raja Jai Singh to get Guru Harkrishan to see him in Delhi. Raja Jai Singh was a senior court official and known for his devotion to the Sikh Gurus. He was in a great predicament. He was aware that the Guru had been enjoined upon by his revered father not to meet, the Mughal King ever and if he could n’t be brought to Delhi, it would annoy Aurangzeb, who was already ill-disposed towards the Sikhs and their Guru.
Raja Jai Singh, therefore, sent word to Kiratpur to tell the that the Sikhs in Delhi were also as anxious to see him as the King. He assured the Guru that while in Delhi he need not to see the King, his mere visit to the capital would absolve the Raja of his responsibility.
Considering the predicament of one of the ardent devotees of the Guru’s household, Guru Harkrishan’s mother and other Sikhs in Kiratpur agreed to the Guru going to Delhi.
When the Sikhs came to know that the Guru was on his way to Delhi, they collected in large numbers at every stage of his journey on his arrival in Delhi, the Guru and his followers were guest of Raja Jai Singh, who received them with great reverence. It is said that in order to test the Guru’s insight Raja Jai Singh’s wife dressed herself as a maid servant and came to pay her homage, along with other ladies. To her joy, the Guru spotted her at once and everyone present started singing the Guru’s praises.
Large crowds of people started visiting Guru Harkrishan Ji’s residence in Delhi. It so happened that during the Guru’s visit, small pox was raging in Delhi. With hundreds of devotees visiting him, he could not escape contracting the deadly disease. Before the king or his followers could provide proper treatment, the Guru was taken seriously ill.
As desired by Guru Harkrishan Ji, he was removed to a house on the bank of the river Jamuna where he breathed his last. Guru Ji was hardly 8 years old when he left this world in 1664. It is said that before he passed away he indicated to his mother and all those present that his successor was in Baba Bakala, thereby referring to Guru Tegh Bahadur Ji, who had settled there.
Guru Ji, was cremated at a place called Tilokpuri on the banks of the river Jamuna in South Delhi.
A Gurudawara came to be built subsequently at the place of Guru Harkrishan Ji’s Delhi residence and is known as Bangla Sahib Gurudawara. It, in due course of time, has become a place of pilgrimage with a holy tank added to it recently.
It is said that Guru Harkrishan Ji was an extremely charming child with bright eyes and sharp features. He had glow on his face. Even at an early age, Guru Ji remembered great many hymns of his predecessors and quoted them with amazing appropriateness. After he became Guru, he naturally had the divine light of Guru Nanak kindled in him. Whatever decisions he made had the stamp of maturity about them. While he listened to the wise counsels of his mother and other seniors, he remained steadfast in his decisions.
State Vigilance Organization is duty bound to unravel cases of shady dealings in any department if and when reported to it. As watchdog, its duties will not be welcomed by those whose record is tainted. It is a formidable task because corruption has seethed down to the entire society. The task of SVO is rendered very difficult and even indefinite by the fact that administration fails to bring the corrupt persons to book through proper judicial mechanism. We have often said that the most important ingredient of good governance is accountability. Our laws are complicated, our judicial structure is complicated and prosecution system too is complicated and time consuming. Enough time and space are allowed to the culprits to get themselves absolved of charges. Additionally, administrative machinery is suffering from a strong element of nepotism. Once a functionary is identified as violator of rules and functioning in autocratic and selfish manner, he galvanizes his sympathizers into action aimed at bringing the administration under pressure.
We have a glaring case of corruption under examination. The State Vigilance has directed for registration of a case against Revenue officials. Ownership of 4 kanals of prime land in Rajbagh locality of the city of Srinagar was conferred on one Sita Devi under Roshni Act on 30 June 2007. Deputy Commissioner of Srinagar confirmed ownership on 4 March 2008. Mutation has been entered in the Mutation Register on 16 April 2008. But Sita Devi had died more than three months prior to the entry of mutation in the records in the name of Sita Devi.
The question is how did revenue authorities enter mutation in the revenue records when the incumbent had already expired? We all know that the person in whose name mutation is to be entered has to be present before the revenue authorities in person and two persons are required as witnesses who can certify his identity and address. Apparently this important condition has not been observed and mutation has been made without asking for the presence of Sita Devi and the witnesses that would have identified her. It is the beginning of some shady deal shaping in the case. And that came to fore without loss of time when one Shamsher Singh appeared from nowhere and claimed to have become inheritor of late Sita Devi’s immoveable property by virtue of a will deed which allegedly was got registered, perhaps after Sita Devi had passed away. It is at this point that so many questions are raised. Making entries into revenue records is the task of a full hierarchical structure in the Revenue Department. Vital entries in this record are fundamentally made by the Patwaris. But then Naib Tehsildar, Tehsildar, Assistant Commissioner, Deputy Commissioner and finally the District Commissioner are required to examine, satisfy themselves and endorse mutation. How come that in the case of mutation in the name of Sita Devi took place when she had already died? It smells rat.
Secondly how come that one Shamsher Singh emerges on the scene suddenly and produces a will deed which again is accepted by the revenue authorities and ownership transferred to him although he had not made the full payment of 72 lacs of rupees as the cost of the land? This adds more doubts to the entire case and the simple inference one can draw is that unless the revenue authorities are accomplices in this fraudulent case, it could not have been dealt with so casually by revenue officials who are known for their discreet handling of revenue records and enters. We are not actually going to dabble in the legalities of the case and prove or disprove respective stands of parties involved. We would like to impress upon the Government agencies that unearthing cases of corruption in Government Departments is a complicated matter, and unless the official machinery cooperates with the vigilance organization proper justice cannot be done to the parties concerned.
Motor accident that happened on Srinagar-Baramulla road resulting in the loss of seven lives and serious injuries to two others has sent a wave of shock in the entire Valley. The Governor and the Chief Minister have expressed their deep sorrow on the loss of lives. This accident is followed by another tragedy in which a civilian vehicle plunged into Suroo nullah in Kargil resulting in the death of seven occupants of the vehicle. We convey condolence to the bereaved families that have suffered the tragic deaths, and pray for patience to bear the loss.
Road accidents do happen despite ceaseless efforts by Traffic Police to see to it that movement of vehicles is as smooth as possible. There are various causes of these accidents like mechanical failure, error on the part of the driver, visibility problem, slippery ground or faulty bridges and culverts etc. Everybody wants safe journey to be back with their friends and families. But as the axiom goes, death keeps no calendar. Accidents do happen and lives get destroyed. In the case of accident on Srinagar-Baramulla road in particular case, very tragic as it is, police authorities have registered a case and proper inquiry into the causes and nature of accident will be held. But to jump to the conclusion that the driver of the Army vehicle or the driver of the private car which carried passengers was at fault and should be punished by the mobs is not the way of handling such situations. Unruly mobs targeted the driver of the Army vehicle and would have harmed him physically if more troops had not rushed to the spot to control the situation. It is absolutely unrealistic on the part of Kashmir dissident political leaders to capitalize on incidents of road accident and use it for stirring up passions among the people against the Army. The Army Commander has formally expressed his anguish on the loss of lives and a probe has been promised. We expect senior leaders to behave with great sense of responsibility on such occasions. It is not a matter of settling political score but of human tragedy. We know that separatists and secessionists have been seeking even the smallest pretext to stir public demonstration in the Valley. They are not interested in contributing to peace process. But it is their mistake to think that a Government can be cowed down by intimidating acts or by insinuating the public with political undertones while giving call for strike.
We would appeal to the people of the Valley not to get swayed by the politically motivated insinuation by irresponsible leaders who want to ensure their popularity by catering to sentiments of violence and lawlessness. A State is not ruffled by these gimmicks. A matured society needs to think in a matured manner and not play in the hands of selfish leadership.
NEW DELHI, July 22: Gold prices moved down by 0.35 per cent to Rs 27,990 per 10 gram in futures trade today after participants offloaded partial positions, taking weak cues from global market.
At the Multi Commodity Exchange, gold for delivery in August declined by Rs 97, or 0.35 per cent, to Rs 27,990 per 10 gram in business turnover of 176 lots.
Likewise, the metal for delivery in far-month October contracts shed Rs 88, or 0.31 per cent, to Rs 28,040 per 10 gram in four lots.
Market analysts said a weak trend in overseas markets as signs of easing geopolitical tensions in Ukraine reduced demand for safe haven mainly put pressure on precious metal at futures trade here.
Globally, gold traded 0.30 per cent lower at USD 1,308.20 an ounce in Singapore today. (PTI)
NEW DELHI, July 22: Silver prices fell 0.50 per cent to Rs 44,948 per kg in futures trade today as participants trimmed their positions, tracking a weakening trend in precious metals overseas.
At the Multi Commodity Exchange, silver for delivery in September contracts shed Rs 226, or 0.50 per cent, to Rs 44,948 per kg in business turnover of 302 lots.
Similarly, the white metal for delivery in far-month December month declined by Rs 195, or 0.42 per cent, to Rs 45,801 per kg in business volume of six lots.
Analysts attributed the fall in silver prices at futures trade to offloading of positions by speculators as cooling down of geopolitical tensions in Ukraine reduced demand for the metal as an alternative investment.
In the international market, silver fell by 0.60 per cent to USD 20.80 an ounce in Singapore. (PTI)
NEW DELHI, July 22: Crude oil futures rose 0.76 per cent to Rs 6,237 per barrel today as speculators created positions on a firming trend in the Asian region.
At the Multi Commodity Exchange, crude oil prices for delivery in August traded higher by Rs 47, or 0.76 per cent, to Rs 6,237 per barrel, with a business turnover of 1,846 lots.
Crude oil prices for April were also up by a similar margin to Rs 6,212 per barrel with a business volume of 57 lots.
Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asian trade on geopolitical tensions.
Meanwhile, West Texas Intermediate crude prices for August delivery rose 54 cents to USD 105.13 and Brent crude for September climbed 26 cents to USD 107.95 a barrel at midday on the New York Mercantile Exchange. (PTI)
