January 20, 2020
The court granted Singal interim relief on furnishing
The court granted Singal interim relief on furnishing of a personal bond of Rs 5
lakh and two sureties of Rs 2 lakh each.He was the first person ever to be
arrested by SFIO which was given this power only in August last year.. New
Delhi: The Delhi High Court on Wednesday directed interim release of Bhushan
Steel&wholesale
heavy hex nuts39;s ex-promoter Neeraj Singal, arrested by the Serious Fraud
Investigation Office (SFIO) for allegedly siphoning off Rs 20 billion funds. The
court granted Singal interim relief on furnishing of a personal bond of Rs 5
lakh and two sureties of Rs 2 lakh each.The plea has claimed that his arrest was
illegal as no grounds for arrest were communicated to him orally or in writing
by the probe agency at the time of arrest.
Singal, represented by advocate Pramod
Kumar Dubey, was arrested on August 8 in relation to an SFIO investigation into
the affairs of Bhushan Steel Ltd and Bhushan Steel and Power Ltd, pursuant to a
May 2016 order of the Centre under the Companies Act. The plea has claimed that
his arrest was illegal as no grounds for arrest were communicated to him orally
or in writing by the probe agency at the time of arrest.A habeas corpus
petition, filed through advocates Ranjana Roy Gawai, Arshdeep Singh and Hemant
Shah, has also challenged certain provisions of the Companies Act on grant of
bail to persons arrested under the Act, claiming that they were violative of
fundamental rights as they # imposed "unreasonable restrictions".A bench of
Justices S Muralidhar and Vinod Goel declined SFIO's oral plea for stay of its
interim order
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The court granted Singal interim relief on furnishing
The court granted Singal interim relief on furnishing of a personal bond of Rs 5
lakh and two sureties of Rs 2 lakh each.He was the first person ever to be
arrested by SFIO which was given this power only in August last year.. New
Delhi: The Delhi High Court on Wednesday directed interim release of Bhushan
Steel&wholesale
heavy hex nuts39;s ex-promoter Neeraj Singal, arrested by the Serious Fraud
Investigation Office (SFIO) for allegedly siphoning off Rs 20 billion funds. The
court granted Singal interim relief on furnishing of a personal bond of Rs 5
lakh and two sureties of Rs 2 lakh each.The plea has claimed that his arrest was
illegal as no grounds for arrest were communicated to him orally or in writing
by the probe agency at the time of arrest.
Singal, represented by advocate Pramod
Kumar Dubey, was arrested on August 8 in relation to an SFIO investigation into
the affairs of Bhushan Steel Ltd and Bhushan Steel and Power Ltd, pursuant to a
May 2016 order of the Centre under the Companies Act. The plea has claimed that
his arrest was illegal as no grounds for arrest were communicated to him orally
or in writing by the probe agency at the time of arrest.A habeas corpus
petition, filed through advocates Ranjana Roy Gawai, Arshdeep Singh and Hemant
Shah, has also challenged certain provisions of the Companies Act on grant of
bail to persons arrested under the Act, claiming that they were violative of
fundamental rights as they # imposed "unreasonable restrictions".A bench of
Justices S Muralidhar and Vinod Goel declined SFIO's oral plea for stay of its
interim order
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January 15, 2020
The NCLT cannot be the solution for all cases
A number of banks, including State Bank of India (SBI), Punjab National Bank
(PNB), Bank of Baroda and IDBI Bank, have initiated proceedings against
defaulters by moving the NCLT to recover their dues. New Delhi: SBI Managing
Director P K Gupta on Friday said banks should use the best available mechanism
to recover bad loans and the NCLT route cannot be used effectively in all NPA
cases.
Indicating that one size fits all approach may not work in all cases, he
said that basically, the NCLT (National Company Law Tribunal) is one of the
resolution mechanisms."The banks that find it tough to recover loans from
borrowers can refer such cases to the NCLT as part of insolvency
proceedings."The banks have to use what is the best mechanism in each particular
case..The banking carbon steel nut
Manufacturers sector is saddled with non-performing assets (NPAs) of over Rs
8 lakh crore, of which Rs 6 lakh crore is with public sector banks (PSBs).The
Reserve Bank of India (RBI) has identified 12 large NPA accounts constituting 25
per cent or about Rs 2 lakh crore of the total pie.Banking sector is saddled
with non-performing assets (NPAs) of over Rs 8 lakh crore.
The NCLT cannot be
the solution for all cases."A lot of resolution mechanisms already are there --
the RBI scheme, an oversight committee," Gupta told reporters on the sidelines
of a conference organised by the PFRDA here.Essar Steel, Bhushan Steel, Bhushan
Steel and Power, Electrosteel Steel, Lanco Infratech, Alok Industries, Jyoti
Structures and Jaypee Infratech are among the big names that are facing NCLT
cases. RBI has identified 12 large NPA accounts constituting 25 per cent or
about Rs 2 lakh crore of the total pie
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January 09, 2020
The corruption in an earlier scandalous allocation of mines was another violation
The corruption in an earlier scandalous allocation of mines was another
violation of competition principles by not following competitive bidding. Were
they at fault for doing it Not really, since they were following the government
diktat to coordinate their marketing including to not to poach on each others’
clients. Indeed, a sad example of our government working in silos and selective
amnesia. "When the RBI has deregulated the saving bank interest rate in October,
2011, most banks fixed the same at four per cent. The whole purpose of
deregulation is then lost, and consequently the economy suffers. They claim that
their steel plant would generate much more employment than the power plant, and
that they had also proposed a power plant in their steel conglomerate. United
India won the bid and agreed to share 10 per cent of its profits on this
business with National and New India.com/nflrxf4) which will show the reader the
rainbow lucidly.
These four companies: National, New India, Oriental and United
India had a combined loss of Rs 1,500 crores in 2012 and were fined Rs 671. In
this process some concerns have been raised by companies such as Jindal Steel
who claim to have been discriminated against. The government refuses to break
the monopoly in spite of various demands though some amount of deregulation has
taken place by allocating captive mining to large users with a future provision
of flexibility to sell their surplus production. The other problem is such
anticompetitive practices cannot be challenged under competition rules, because
they are sanctioned by a policy. If only, our draft National Competition Policy
(NCP) is implemented the case load will mainly be of firm level malpractices and
distortions addressed separately. Fortuitously, the CCI has launched such a
programme by inviting research institutions to register with them to carry out
such studies. His successor, Naved Masood commented stoically that "officers
take a stand where they sitâ€. Countless examples exist in our governance such as
SEBI or even the Supreme Court inviting tenders for deposits only from state
owned banks.
Or flying only by Air India when on government business, or
sovereign guarantee to LIC policy holders and not to other private life
insurance companies’ policy holders and so on. Once this programme is set in
motion one can hope to start the corrective processes, subject to the typical
hurdles, and take our economy up a new growth path, or the second big wave of
reforms after 1991. The writer is secretary-general, CUTS International. This
energy behemoth is a government monopoly and lack of competition has made it
complacent. Few days earlier, private sector transmission line companies raised
the issue of nomination to the PSU: Power Grid Corporation without inviting
tenders. After receiving the 11th M.A large number of cases before the
Competition Commission of India show how policy distortions lead to them. Are we
to believe that the cost of deposit mobilisation is the same for all banks —
big, small, public, private, foreign 10mm hex nuts — and
that has remained static since 2011â€, she said. Mittal who had moved from the
department of corporate affairs, where he had launched the efforts for NCP.
A
large number of cases before the Competition Commission of India show how policy
distortions lead to them. One of the recommendations of the NCP is to carry out
competition impact assessment of government policies, laws, regulations and
practices to address the distortions by presenting a cost-benefit analysis. That
has been addressed in cases of private sector by following a public auction
route, though PSUs continue to get them through the nomination route.At CUTS, we
have been documenting such competition distortions in a quarterly dossier
(http://tinyurl. Competitive neutrality is another victim of government policies
and practices where the public sector gets a preferential treatment over the
private sector.
What beats common sense is that if any sector has been
deregulated, the step motherly treatment is a sort of admission that the public
sector needs to be mollycoddled for all the time; competition could go to hell.
It has been covered under the NCP as a recommendation to enable the government
to clean up such policies which distort neutrality.Another policy induced
distortion which landed in the court of CCI is that of abuse of dominance
against Coal India Ltd, when it was fined Rs 1,773 crores. It also carries a
section on food for thought which can be an easy checklist for reviewing the
policy on the touchstone of competition. No case has yet come up before the CCI
but can we believe that the government is not a tacit supporter, because of the
preponderance of public sector banks which occupies over 73 per cent of the
market.05 crores as penalty for bid rigging in a case involving the government
of Kerala’s Rashtriya Swasthya Bima Yojana.
Pai memorial award in early
September, former deputy governor of RBI, Kishori Udeshi came down heavily on
banks for cartelising on saving account interest rates, aided by the Indian
Banks Association.On May 24th, 2012 the department of financial services
directed the four companies to coordinate their marketing activities.Let me take
the case of our four public sector general insurance companies who were recently
hauled up for collusion. (This order has been stayed by the Competition
Appellate Tribunal and the case is still awaiting closure). Jindal Steel’s
complaint is basically on lack of competitive neutrality and particularly to
cancel their coal block allocation in Chattisgarh (won in recent auctions) and
award it to the power sector. The paradox of the government order was that the
then secretary of financial services was Dinesh K.Another example from the
financial services domain is how banks coordinate the interest rates on savings
account.
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January 02, 2020
I am trying to find a way to use a resource we have
I am trying to find a way to use a resource we have,†Ford said.Syukuro Manabe,
a soil specialist at the Geophysical Fluid Dynamics Laboratory of the National
Oceanic and Atmospheric Administration, said it was more likely that the current
drought was the result of natural fluctuations than the greenhouse warming.54
degrees Fahrenheit per decade until the middle of the next century, and sea
levels could rise by a foot.
The "greenhouse effect†global warming of the earth
is here, but the current drought and heat wave over much of the United States
can’t be blamed on it, a scientist told a Senate panel Thursday.Carbon dioxide
concentrations in the atmosphere are 10 percent above 1958 levels and 25 percent
above concentrations believed to prevail in 1790 when the industrial revolution
brought the first widespread burning of coal in the industry to fire the new
steam engines. (Photo: Pixabay) On June 23, 1988, a top NASA scientist told
Congress and the world that global warming had arrived., concerned about his
state’s coal industry, asked physical chemist William R.
NASA scientist James
Hansen predicted that 1988 would be the world’s hottest year on record, thanks
to the burning of fossil fuels that released heat-trapping gases.Gases emitted
by modern civilization — notably carbon dioxide from the burning of fossil fuels
but also methane, nitrous oxide and the chlorofluorocarbon gases that major
nations agreed last year to reduce — trap heat from the earth’s surface that
normally would be radiated out to space just as the glass over a greenhouse
traps the sun’s heat inside. China Hex Nuts Factory
From China Suppliers Climate change.The Associated Press is republishing a
version of its report on the testimony to mark the 30th anniversary. Woodwell,
director of the Woods Hole Research Center in Massachusetts... "It is well
within reach, no question about that. has the potential for turning the world
into a form of chaos not greatly different from that produced by global war,†he
said. Dallas would see 78 such days instead of 19.â€(Source).Tropical
temperatures wouldn’t change much at all, but in Canada, the change could be two
or three times as large as the average."If we could magically reduce (annual)
emissions (of carbon) by about 3 billion tons, we could stabilize the content of
the atmosphere,†said George M.A major report from the World Meteorological
Organization and the United Nations Environment Program earlier this month
concluded that without a major effort to fight warming, global temperatures
could increase by 0.Extreme temperatures would occur more often. Hansen, a
climatologist at the National Aeronautics and Space Administration’s Goddard
Institute for Space Studies in New York City. Moomaw of the World Resources
Institute, a Washington-based policy research organisation if technology could
not reduce the harmful emissions.Many studies have said global warming could
bring drastic changes in weather, including more rainfall at low and high
latitudes and more drought in between, with drastic shifts in possible crop
patterns.However, similar heat waves and droughts can be expected much more
often as a result of future warming, said James E.Though there has been much
speculation by scientists around the world that the warming resulted from the
greenhouse effect, Hansen’s statement is the most definite yet.
Hansen earlier
calculated that instead of the typical one day a year with temperatures above
100 degrees Fahrenheit in Washington — it reached 101 on Wednesday — the year
2030 could see 12 days.â€"The problem .Sen.Moomaw replied, "I would argue the
resource we have in most abundance is the potential for using fossil fuels more
efficiently at much lower cost than building any form of power generation.
Wendell Ford, D-Ky.Heat waves and droughts can be expected much more often as a
result of future warming.
The four warmest years on record have been recorded in
the 1980s — and without what Hansen called an improbable cooling for the rest of
the year, 1988 will break all records.For unknown reasons, the earth has been
getting warmer for more than a century, though with cooler intervals."It is an
example of the kind of drought that will occur more frequently as the global
warming become larger,†he said.Hansen told the Senate Energy and Natural
Resources Committee there is only a 1 percent chance that he is wrong in blaming
rising temperatures around the world on the buildup of man-made gases in the
atmosphere
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