HYDERABAD, May 26:
The Central Bureau of Investigation (CBI) began questioning YSR Congress Party President Y S Jagan Mohan Reddy at Dilkusha Guest House for the second day today in the alleged disproportionate assets case against him.
Though there was much hype across the state about Jagan’s arrest yesterday and police making elaborate security arrangements, it did not happen.
The investigating agency which questioned him for nearly eight hours yesterday on the assets and Vanpic deal had asked him to come again for another round of questioning today.
Complying with the direction of the CBI officials, the Kadapa MP started in his black Scorpio vehicle from his palatial residence at Lotus Pond with police escort accompanying him and reached the guest house at 1030 hrs.
Mr Jagan had said yesterday that he answered all the questions asked by the CBI very calmly and he was very much satisfied after answering them.
“I will come again tomorrow and answer rest of the questions,” the YSR Congress Chief further said.
Strict security arrangement was made around the guest house. Policemen had lined the road from Jagan’s residence to the Guest House as they feared law and order problems in the eventuality of his arrest.
The probe agency questioned Jagan on the Vadarevu and Nizampatnam Ports and Industrial Corridor (VANPIC) deal in the presence of industrialist Nimmagadda Prasad, senior bureaucrat K V Brahamandna Reddy and former Excise Minister Mopidevi Venkatavama Rao, who were already under arrest.
Mr Prasad is promoter in the VANPIC deal and allegedly invested Rs 850 crore in the business of Jagan for land allotment made to VANPIC project by the then YSR regime on quid-pro-quo basis. (UNI)
CBI grills Jagan for second day in illegal assets case
Paternity row involving Tiwari: Rohit, mother give blood samples
NEW DELHI, May 26:
A youth claiming to be the biological son of veteran Congress leader N D Tiwari today gave his blood samples along with his mother in the Delhi High Court in connection with a paternity suit.
Rohit Shekhar and his mother Ujjawala Sharma made themselves available before a Joint Registrar as ordered by single judge bench of Reva Khetrapal to give their blood samples.
A doctor and nurse took the blood samples for the DNA test of the duo in the chamber of Joint Registrar Deepak Garg and kept them in a sealed cover.
“You (Shekhar and Sharma) come inside the chamber along with your lawyers for collection of the blood samples as the court room is small,” Garg said minutes after a doctor and a nurse entered the court room.
The blood samples of the mother-son duo were taken in presence of Bahar-U-Barqi, the counsel for Tiwari.
Earlier, the High Court had also asked 86-year-old Tiwari to give his blood sample before it but that order was modified by the Supreme Court on May 24 which was communicated to the Joint Registrar by the counsel for 32-year-old Rohit Shekhar.
The counsel referred to the Supreme Court order which said that Congress leader would be giving his blood sample at his residence in Dehradun, Uttarakhand on May 29.
“In pursuance of the aforesaid modification in the order of the High Court, respondent number two (N D Tiwari) would be giving his blood sample for the DNA profile test at his residence in Dehradun,” the lawyer said.
Three separate DNA testing kits kept in a sealed cover were unsealed in an open court room for collection of the blood samples of the mother-son duo.
The court then ordered resealing of the third remaining kit which would be taken to Dehradun by a Joint Registrar of the High Court for extracting the blood sample of Tiwari in presence of the civil surgeon of a government hospital, a pathologist and the District Judge of Dehradun.
The Supreme Court, in its order, earlier said “the pathologist would take the blood sample of the petitioner (Tiwari) in confidentiality in their presence for DNA profile test and the said sample shall be sent in a proper seal immediately to Centre for DNA Fingerprinting and Diagnostics at Hyderabad…”.
The apex court had also specified a special messenger of the High Court would carry the blood sample to Hyderabad.
It was also clarified that Rohit and his mother “may remain present either in person or through their representatives” at Tiwari’s residence on May 29 when the procedure for collection of blood sample would be undertaken.(PTI)
I will file complaint in Aircel-Maxis deal: Swamy tells court
NEW DELHI, May 26: Janata Party president Subramanian Swamy today told a Delhi court hearing the 2G spectrum case that he will file a private complaint in the case relating to Aircel-Maxis deal.
He told Special CBI Judge O P Saini that the CBI is investigating the Aircel-Maxis deal but he wants to file an additional complaint in the case over which he had earlier levelled allegations against Home Minister P Chidambaram.
CBI is probing the alleged role of former Telecom Minister Dayanidhi Maran in the Aircel-Maxis deal. The Court posted hearing in the case for August 25.
Swamy had earlier told the Supreme Court, which is hearing the case, that the CBI probe into the Aircel-Maxis deal was focused only on Maran’s role in arm-twisting Aircel’s owner to sell his stake to the Malaysian firm Maxis.
“My matter is partially different from the CBI’s case. In the Aircel-Maxis matter, there is a separate FIR by the CBI. The Supreme Court has said that scope of the probe should be widened…I wish to file an additional complaint case before this court,” Swamy told the court.
When the judge said anyone can file a private complaint, Swamy said “there is something related to the Foreign Investment Promotion Board (FIPB)”. As Finance Minister between 2004 and 2008, Chidambaram had headed FIPB as Chairman.
Swamy, who was to argue on his plea levelling some fresh allegations against former Telecom Minister A Raja in the 2G case, today sought adjournment in the matter saying that order on his plea is pending in the apex court.
“On February 4, 2012, you (judge) had passed an order and, partially aggrieved by it, I had moved the Supreme Court and the Supreme Court has reserved its order on my plea. I am seeking adjournment,” Swamy said.
Chidambaram and the Union Government have denied all the allegations made by Swamy.
The special judge, in his February 4 order, had dismissed Swamy petition seeking to make Chidambaram a co-accused in the 2G spectrum case saying he did not indulge in any criminal conspiracy or derived any pecuniary advantage in the decisions taken with Raja.
Giving a clean chit to Chidambaram, who was the finance minister during the controversial allocation of 2G spectrum in 2008, the court had said he was party to only two decisions—keeping spectrum prices at 2001 level and dilution of equity by two companies and they “are not per se criminal” offence.
The court had said there was no evidence on record to suggest that there was an agreement between Chidambaram and Raja to subvert telecom policy and obtain pecuniary advantage for himself or for any other person. (PTI)
Air India agitation enters 19th day, losses climb to Rs 300 crore
NEW DELHI, May 26: The Air India pilots’ agitation today entered its 19th day, making the national carrier’s losses go up to Rs 300 crore.
A senior official of Air India said:”Till now, the losses stand at Rs 270 crore on various accounts such as ticket cancellations, unused labour and bulk of Boeing-777 fleet being grounded. While some of our bookings have gone up due to maximum seat categories being in the lowest price bracket, our per-day losses are now contained downwards of Rs10 crore in the current contingency plan.”
The AI had on Thursday decided to slash fares by placing a large chunk of seats under the lowest fare category to augment its share in the domestic and international sector.
The airline had the fourth-largest market share in April at 17.6 per cent, preceded by SpiceJet at 17.7, Jet Airways at 21.4 per cent and IndiGo at 23.8 per cent.
Besides the new fare scheme, the airline will shift to a truncated interim schedule for June 1, whereby it will drop seven international destinations, which include Hong Kong, Osaka, Seoul and Toronto, from its regular routine. The airline will then operate only 38 services instead of the regular 45.
Civil Aviation Minister Ajit Singh yesterday toughened his stand and warned agitating Air India pilots that the airline may hire new pilots if they refused to end their agitation soon.
“We can think of hiring new pilots,” Mr Singh is learnt to have told a group of pilots who met him for their first time since the agitaion began. The Minister also bluntly told them the airline’s mounting losses due to the strike may make it difficult for it to pay wage arrears to all staff by the end of June as promised.
His remark came after a 90-minute meeting with five pilots belonging to the Indian Pilots’ Guild which is spearheading the agitation.
IPG sources said they were consulting legal experts on what to do next. IPG members asked the Minister to reinstate 101 sacked pilots.
(UNI)
BHEL commissions another 500 MW unit at NTPC Rihand plant
NEW DELHI, May 26: State-run Bharat Heavy Electricals Ltd (BHEL) today said it has commissioned another 500 MW unit at NTPC’s Rihand thermal power plant in Uttar Pradesh.
The unit has been commissioned for Stage III of of the Rihand Super Thermal Power Station.
“With the commissioning of the fifth unit, the cumulative generating capacity of Rihand STPS has gone up to 2,500 MW (5×500 MW),” the company said in a statement.
Previously, BHEL had commissioned four 500 MW units at the power plant. Similar sets have been installed by the firm at NTPC’s projects at Vallur, Simhadri and Mouda.
“For NTPC, BHEL is also presently executing contracts at Barh (2×660 MW), Jhajjar (1×500 MW), Vallur (2×500 MW), Rihand (1×500 MW), Mouda (1×500 MW), Vindhyachal (2×500 MW), Bongaigaon (3×250 MW), Muzaffarpur (2×195 MW) and Nabinagar (4×250 MW),” the statement said. (PTI)
Temples made of various types fruits attract huge crowds
COONOOR, TN, May 26: The famous Meenakshi Temple of Madurai and Nellaippar Temple in Tirunelveli in Tamil Nadu, made of various types of fruits are attracting huge crowds at the 52nd fruit show, which began here today.
The six-foot tall temples are made of all available fruits, besides seasonal fruits and people are thronging to have a look at them at the two day show,organised by the Horticulture Board,as part of various summer festivals to attract tourists.
However, the cynosure of all eyes is the 18-foot tall and 22 feet wide Taj Mahal, made of 20,000 sweet limes, weighing about 2.5 tonnes, at Sim’s Park.
Other attractions include three and half feet tall teddy bear made of jackfruit, replica of monorail made of mango, Pineapple Dragon and a bunch of grape made of 350 kg of Grape.
Some rare fruits available only in the interior jungles was also on display at the show.
The show was inaugurated by the Nilgiris District Collector Archana Patnaik, in the presence of senior district officials and those from Horticulture department. (PTI)
Hotel Leelaventure redeems outstanding bonds worth USD 41.6 mn
NEW DELHI, May 26: Hotel Leelaventure today said it has fully redeemed outstanding bonds for USD 41.6 million that were issued in 2007 and were listed on the Singapore Exchange Securities Trading Ltd.
“…On May 25, 2012, the company has fully redeemed the outstanding Zero Coupon Convertible Bonds aggregating USD 41.6 million together with the redemption premium, along with applicable interest for the delayed period,” Hotel Leelaventure said in a filing to the BSE.
In April 2007, the company had issued USD 100 million Zero Coupon Convertible Bonds due in 2012.
“The outstanding bonds were due for redemption on April 25, 2012. The redemption amount of the outstanding Bonds on the Redemption Date was 146.61 per cent of the principal amount of such bonds and aggregated to USD 60.99 million,” the company said.
As per the circular, there is a provision for interest for the delayed period at the rate of 8.80 per cent per annum the redemption value of the bond for the delayed period.
Hotel Leelaventure said the outstanding USD bonds now cease to exist.
Earlier, the company repurchased and cancelled 584 bonds of an aggregate principal amount of USD 58.40 million.
The latest round of exercise means the “full and final redemption of USD 100 million Zero Coupon Convertible Bonds due 2012”, it said. (PTI)
Leading Spanish bank seeks fund support to avert bankruptcy
BERLIN, May 26: Spain’s fourth largest bank Bankia, which lost billions of euros through its exposure to the collapsed property market on Friday asked the government for a financial support of 19 billion euros to avert bankruptcy.
Bankia had already received from the Spanish government a financial assistance of 4.5 billion euros when it was partially nationalised two weeks ago and the total costs of rescuing the bank will now go up to 23.5 billion euros.
More bad news for the Spanish government came from the regional government in Catalonia, which asked for help to make payments.
While the financial crisis in Greece was triggered by massive debts and huge budgetary deficit, the crisis in Spain stems from the banking sector, which suffered massive losses after the property bubble burst in 2008.
Bankia, which reportedly has provided about 32 billion euros credit to the unsuccessful property market is at the centre of the Spanish financial crisis.
The government of Prime Minister Rajoy is determined to prevent a collapse of the bank at any cost, media reports said quoting government officials.
The Spanish government holds a 45 per cent stake in the bank, which was created two years ago by merging Caja Madrid with several regional savings banks.
In view of the deteriorating situation of the Spanish banks, rating agency Standard & Poor’s on Friday evening downgraded the creditworthiness of Bankia and four other banks to BB+ from BBB.
Last week, Moody’s downgraded 16 Spanish banks.
Bankia announced on Friday that it suffered a loss of around 3 billion euros in 2011, correcting an earlier claim that it made a profit of 300 million euros.
Trading in Bankia shares was temporarily suspended in the Madrid stock exchange.
Spain’s economy minister Luis De Guindos told Parliament in Madrid that his government will make available the funds necessary for Bankia’s survival.
The Institute of International finance (IIF) estimates that the Spanish banks are sitting on credits worth about 260 billion euros and they will need an additional 76 billion euros to protect against credit default.
Spain ’s economic outlook is “worse than that of Ireland”, which was bailed out by the EU and the IMF last year, the London-based institute said.
The IIF said earlier this week that the Spanish banks are in a position to raise 184 billion euros and the state will have to step in to fill the financing gap of 76 billion euros. (PTI)
‘India, Indonesia trade ties could reach $45 bn by 2015’
BHOPAL, May 26: Trade ties between Indonesia and India are growing at a steady pace and could reach USD 45 billion mark by 2015, Indonesian Ambassador Andi M Ghalib said today.
“I hope that the volume of business between the two countries would reach USD 45 billion by 2015,” the Ambassador who had come here for an event told mediapersons.
The volume of trade between the two countries last year was about USD 14 billion.
Ghalib said an indication of the warm ties between the two countries came when the Indonesian President was invited to be the chief guest at the Republic Day parade two years back.
He said a lot of work has been done to encourage Hinduism in his country and pointed out that Indonesia’s national airlines is known as Garuda Airlines.
The Ambassador said more than 30 memorandum of understandings (MoUs) has been signed between India and Indonesia against only five to seven MoUs signed by other countries.
He said the economic growth rate of both India and Indonesia is almost similar. (PTI)
Vital to understand legal nuances of real estate projects: Experts
NEW DELHI, May 26: Chairman of the Competition Commission of India Ashok Chawla has said it was vital to understand the nuances of various legal compliances relating to real estate projects in advance so as to prevent future national projects from the clutches of legal challenges.
Lex Witness – India’s Magazine on Legal and Corporate Affairs organised The Real Estate & Construction Legal Summit (RCLS), 2012–creating a platform for the stakeholders of real estate, infrastructure and construction industry to share their thoughts and analyse new insights on how to manage the vitalities in the legal facets of their businesses.
The full day conference saw over 20 expert speakers consisting of various In House Corporate Counsel from real estate, infrastructure and construction companies, law firm partners coming face to face with legal representatives from Government bodies and senior government officials for an interactive session.
In a message sent for the initiative; Minister of Law & Justice
Salman Khurshid shared that with the insurgence of large-scale countrywide infrastructure developments in all sectors, it is becoming increasingly critical to have in place a robust legal framework to minimize the impact of disputes and risks.
Some of the key areas of debate focused on the analysis of the current and future legal and compliance challenges facing Construction, Real Estate & Infrastructure Industry; land acquisition strategies, case studies, Rehabilitation & Resettlement Bill, Litigations communications strategies, justifying dispute risk through effective contract management and strategies for managing and resolving disputes in the industry.
Speaking during the discussion at the Summit Mr Lalit Bhasin, President, Society of Indian Law Firms said, “The need of the hour is introduction of new measures to resolve disputes in a fair, speedy and cost-efficient manner in construction sector. Though courts in India are now pronouncing landmark judgments safeguarding rights of land owners and focusing their attention on the concept of social and economic justice. However to ensure equitable wealth generation, the government has to further ensure a level playing field in terms of regulations and use of government power.”
The expert speakers panel included Ranjeev Dubey – Managing Partner, N South Advocates, B Sai Chandravadhan – Managing Director, Sand Legal, Amitabh Chaturvedi – Managing Partner, Mine & Young Advocates & Legal Consultants Ajay Bakaya, Executive Director – Sarovar Hotels & Resorts Pvt. Ltd, Badrinath Durvasula, Vice-President & Head Legal – Larsen & Toubro, Hemant Kumar, President Legal – Reliance Anil Dhirubhai Ambani Group, Dr. Sanjeev Gemawat, VP-Legal, DLF Rentco Group, Sumant Naik, Chief Legal Officer Airport Sector, GMR, Rajinder Sharma, Director Corporate Affairs & General Counsel-South Asia at EI DuPont India Pvt. Ltd, Harish Sehgal, ED Law Dalmia Cements among many more.
Commenting on the communication aspect, Mr Shyam Grover, Group Editor & CEO, Lex Witness said, ‘In the current business environment where it is no longer business as usual, a media actively hunting for stories, viral news spread through social media, cases of legal complications or sticky land acquisition can get un-precedent publicity affecting organizational as well as sectoral investment climate.
Concluding on the importance of the summit, PBA Srinivasan, Editor-in-Chief, Lex Witness said, “Disputes in construction industry are believed to have locked up a significant amount of investment capital. These disputes along with legal complications,
inconsistent & ambiguous contracts not only affect the cash flow of the organization but also tarnish its reputation.” (UNI)