Sridevi is dead, and so is the self-regulation promise of Indian media

Outrage is not enough; it has to be understood and dealt with, and to some extent, accepted as an inevitable part of a quarter-baked media in a half-baked democracy.

Today's Paper : Media channels have been condemned for their 'ghastly'coverage of the death of Bollywood superstar Sridevi as the nation continues to mourn her passing. Television channels have covered the 54-year-old actress' death relentlessly since she passed away unexpectedly Saturday night in Dubai. This author decodes the "third degree" journalism in India given the TV channels' tendency to behave like power-drunk interrogators.

It is time to face a simple truth after the outrage over Indian media coverage of the death of Bollywood's first female superstar, Sridevi: that outrage is not enough; it has to be understood and dealt with, and to some extent, accepted as an inevitable part of a quarter-baked media in a half-baked democracy. | Business Standard

In case you have not watched the prurient TV channels that made a macabre masquerade out of a solemn event (I confess even I did not watch much), the news in brief, elaborately tracked on the Web is this: they conjectured that the death was more than unnatural, hinted towards crimes and/or misdismeanours, and created scenarios and digital constructions that included a wine glass near a bathtub, a reporter crouching inside a bathtub, and detailed forensic measurements that would have been better off in a fictional channel specialising in crime.

But there are those who are outraged by the outrage over the media coverage, which has resulted in predictable and understandable articles that deride the fall of balance, ethics and responsibility in journalism. It is necessary to look beyond this outrage, at least to focus on the belief of the channels and their viewers who think they were indeed doing the right thing in "investigating" the death by drowning in a bathtub in a Dubai hotel.

Typically, celebrity death stories have three angles that editors would like to highlight:

 

one is the news of the death itself, second is the manner of the death, and the third would be on obituary references, which in the case of achievers like Sridevi are phenomenal. Ideally, the news of the death would be reported in solemn tones, obituary references in laudatory tones and the manner of death in proportion to the detail.

It is in the last that TV channels have triggered outrage, as they virtually abandoned the first two angles and used recent events like her dancing in a wedding the previous week and her cinematic persona to create a construction that smacks of what they call yellow journalism. We could call it "third degree" journalism, given the channels' tendency to behave like power-drunk interrogators.

Here is the problem: in the eyes of those who did it, obviously with television rating points (TRPs) in mind, what they were doing is an investigative journalism of sorts, given its forensic trappings. However, a culturally forensic look at this forensic journalism reveals a bias for presumption of some crime, a bias towards judging the morality of a woman who may have sipped alcohol, and a bias towards examining choices including marriage to a previously married man, a plastic surgery or eating habits. | Readmore

 

Boney Kapoor letter: Sridevi, my love, was axis around which our family ran

The funeral, marking the final journey of Sridevi, was one of the largest in Mumbai city in recent times

Sridevi, whose last rites were performed on Wednesday, lived her life with "dignity", her family said in a statement, while requesting the media to give the family the space to grieve her untimely death. | Today's Paper

The Bollywood icon's husband, film producer Boney Kapoor, also released a statement on Wednesday saying the loss was "inexplicable in words". "To the world she was their Chandni ...their Sridevi... but to me she was my love," the filmmaker wrote in a post that he shared from his wife's Twitter handle.

On the lines of the statement released by the family, Kapoor also urged media to respect the family's need to grieve privately.

Earlier on Wednesday, Sridevi was cremated in Vile Parle crematorium with full state honours. Hundreds of thousands of people, including Bollywood celebrities, joined the film star's family to bid adieu to the first lady superstar of India.

The last rites were performed by the actress' daughters Janhvi and Khushi before the body was consigned to flames in the electric crematorium with husband Boney Kapoor standing by.

"The past few days have been trying times for us as a family. Today, particularly, has been one of the hardest. We laid to rest a beautiful soul who has gone too soon," read the statement by the Kapoors, Ayyappan and Marwah families.

The funeral, marking the final journey of Sridevi, was one of the largest in Mumbai city in recent times.

Sridevi's funeral, in terms of sheer numbers, is estimated to have attracted the highest number of people, ranking on par with the previous biggest funeral processions -- of the legendary singer Mohammed Rafi and India's first superstar Rajesh Khanna.

Sridevi's mortal remains were flown in a private jet to Mumbai from Dubai where she passed away on Saturday following an accidental drowning in a bathtub in her hotel room.

Maharashtra government accorded full state honours for the funeral of Padma Shri Sridevi -- that included draping her body in the national tricolour, elaborate arrangements by the Mumbai Police and a gun salute before the cremation.

Here are the top 10 developments since the death of the legendary actor:
1. Boney's emotional letter: Hours after Sridevi was cremated, Boney Kapoor shared a post from her Twitter account where he remembered her as the love of his life. "Losing a friend, wife and mother of your two daughters is a loss inexplicable in words... I am blessed to have the support and love of Arjun and Anshula, who have been such pillars of strength for myself, Khushi and Janhvi. Together, as a family we have tried to face this unbearable loss," he wrote.

Click here to read → Boney Kapoor letter

 

Sridevi funeral: State honour for actor, celebs pay respect, & more updates

The actor passed away late Saturday night in Dubai, where she had gone along with her family for the wedding of her nephew Mohit Marwah

Veteran actor Sridevi will be cremated with state honours. The Maharashtra government has made arrangements for the elaborate event and the Mumbai Police band has already reached Celebration Sports Club. The actor will be honoured with a gun salute and the body will be draped in the national flag.  | Today's Paper

Earlier, Bollywood celebrities lined up to pay their final respect to Sridevi at Mumbai's Celebration Sports Club, where her mortal remains had been kept for condoling fans and celebs to pay their final tributes to the veteran actor. Aishwarya Rai, Sushmita Sen, Karan Johar were among the celebs to who paid their last respect.

Her mortal remains arrived in Mumbai on Tuesday night and the funeral will take place today at 3.30 pm. Her family announced that Sridevi's body would be kept at Celebration Sports Club in Lokhandwala for people to pay their last respect before it is taken for cremation.

"On behalf of Khushi, Jahnvi, Boney Kapoor, the entire Kapoor and Ayyappan families, a sincere thanks to the media for your continued sensitivity and support during this emotional moment," a statement released by the Kapoor family said.

The actor passed away late Saturday night in Dubai, where she had gone along with her family for the wedding of her nephew Mohit Marwah.

Dubai officials handed over the body to her family yesterday after completion of all formalities, which took three days. The Indian embassy in Dubai had worked closely with UAE officials to ensure the process was completed in the least possible time.

The actor's autopsy report had led to speculations over her death as the report stated that she died due to accidental drowning and not cardiac arrest as reported earlier. However, Dubai police has now closed the case as no foul play was apparently suspected by the investigators.

Here are the top 10 developments since the death of the legendary actor:

1. State honour for Sridevi: Maharashtra government has made arrangements to cremate the actor with state honours.

 2. Celebs pay their last respect to Sridevi: Filmmakers and actors were among the people who arrived at Mumbai's Celebration Sports Club to pay their respect to the veteran actor. Among the first to arrive at the club were actors Arbaz Khan and Urvashi Rautela. Actors Aishwarya Rai, Sushmita Sen and Sonal Kapoor also arrived at the club on Wednesday.

 

3. Funeral today: Sridevi's funeral will take place at the Vile Parle Seva Samaj Crematorium & Hindu Cemetery at around 3:30 pm. According to the arrangements, the media would not be allowed either inside the club or the crematorium.

 

4. Fans allowed to pay their last respect: The body will be kept for three hours at the Celebration Sports Club, Andheri (West) from 9.30 am onwards to enable people and her fans to pay their last respect, according to a statement released by her family.

 

Click here to read → Sridevifuneral

INX Media case: CBI arrests Karti Chidambaram

The CBI today arrested Karti Chidambaram, son of former Finance Minister P Chidambaram, in connection with its probe in the INX media case, officials here said.

The Central Bureau of Investigation official said that he was arrested from the Chennai airport after he returned from London. He will be brought to Delhi later in the day.

Meanwhile Congress leader, Randeep Surjewala, lashed out at the Modi government for pursuing vendetta politics. He also said that the Congress will continue to fight for truth.

An FIR filed by the CBI on May 15 last year had alleged irregularities in the FIPB clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was the Union finance minister. It is alleged Karti had received funds to the tune of Rs 10 lakh in the case, they said.

The FIR does not mention Chidambaram senior, though it said he cleared the FIPB approval for Rs 4.62 crore Foreign Direct Investment in the firm at an FIPB meeting on May 18, 2007.

The agency is investigating the junior Chidambaram's role in facilitating the FIPB clearance for INX Media when his father was the Finance Minister.

Karti Chidambaram is alleged to have received Rs 3.5 crore from the Mumbai-based INX Media, now 9X Media, for helping it get the clearance. It was then run by Peter Mukerjea and Indrani Mukerjea.

The ED has also registered a money laundering case.

The CBI is also probing the alleged irregularities in grant of the FIPB clearance to the Aircel-Maxis deal in 2006.  | Business standard

Sridevi funeral today, Urvashi, Karan pay last respect: Top 10 developments

The actor passed away late Saturday night in Dubai, where she had gone along with her family for the wedding of her nephew Mohit Marwah

Bollywood icon Sridevi's mortal remains have been kept at Mumbai's Celebration Sports Club, where celebs and fans can pay their last respect to the actor. Actors Arbaaz Khan, Urvashi Rautela and Karan Johar were among the people who paid their last respect to the veteran actor at the club. | Today's Paper

Her mortal remains arrived in Mumbai on Tuesday night and the funeral will take place today at 3.30 pm. Her family announced that Sridevi's body would be kept at Celebration Sports Club in Lokhandwala for people to pay their last respect before it is taken for cremation."On behalf of Khushi, Jahnvi, Boney Kapoor, the entire Kapoor and Ayyappan families, a sincere thanks to the media for your continued sensitivity and support during this emotional moment," a statement released by the Kapoor family said.The actor passed away late Saturday night in Dubai, where she had gone along with her family for the wedding of her nephew Mohit Marwah.Dubai officials handed over the body to her family yesterday after completion of all formalities, which took three days. The Indian embassy in Dubai had worked closely with UAE officials to ensure the process was completed in the least possible time.The actor's autopsy report had led to speculations over her death as the report stated that she died due to accidental drowning and not cardiac arrest as reported earlier. However, Dubai police has now closed the case as no foul play was apparently suspected by the investigators. | Business Standard

Here are the top 10 developments since the death of the legendary actor:

1. Celebs pay their last respect to Sridevi: Filmmakers and actors were among the people who arrived at Mumbai's Celebration Sports Club to pay their respect to the veteran actor. Among the first to arrive at the club were actors Arbaz Khan and Urvashi Rautela. Film producer Karan Johar also arrived at the club on Wednesday morning.

2. Funeral today: Sridevi's funeral will take place at the Vile Parle Seva Samaj Crematorium & Hindu Cemetery at around 3:30 pm. According to the arrangements, the media would not be allowed either inside the club or the crematorium.

3. Fans allowed to pay their last respect: The body will be kept for three hours at the Celebration Sports Club, Andheri (West) from 9.30 am onwards to enable people and her fans to pay their last respect, according to a statement released by her family.

4. Fans jostle for a glimpse: As the ambulance carrying the mortal remains of the actor entered her residence, a number of fans jostled for a glimpse of their favourite actor. Visuals from the site showed fans lining up on both sides of the road leading up to the residence with some even climbing the trees to have a clear view.

5. No foul play: Dubai prosecutor's office said on Tuesday that it was closing the case following the completion of investigations. The agency put to rest all speculations on her death by stating that she had died from "accidental drowning" in her bathtub, after losing consciousness. "The case had been closed," the prosecutor's office said.

Click here to read → Sridevi Funeral  Updates

 

Sridevi funeral: Body released; Arjun Kapoor in Dubai; top 10 developments

Sridevi's death case took a new twist on Monday as her autopsy report revealed that she died due to accidental drowning and not cardiac arrest

 

Sridevi's mortal remains are finally set to get embalmed after the Dubai Police on Tuesday handed over letters for the release of the Bollywood actor's body to the Indian consulate and her family members. | Today's Paper

 

Meanwhile, her stepson Arjun Kapoor landed in Dubai on Tuesday to help his father Boney Kapoor wrap up the formalities and take the body back to Mumbai. "Arjun has gone to Dubai this morning to be with his father at the hotel while the formalities are being wrapped up and to oversee the return journey," said an official statement from the family in Mumbai.

Indian Envoy to UAE Navdeep Suri assured that the Indian embassy was trying hard to send Sridevi's body to India at the earliest.

"Our embassy and consulate are working closely with local authorities to expedite the return of Sridevi's mortal remains and also keeping Kapoor family apprised. It is our endeavour to send mortal remains of Sridevi to India at the earliest, " Suri told ANI.

Sridevi's death took a new twist on Monday as her autopsy report revealed that she died due to accidental drowning and not cardiac arrest as reported earlier. The autopsy report has also revealed that there were traces of alcohol in her blood.

Today, her body will be moved to the AL Muhaisana embalming unit and will be repatriated to Mumbai once all the paperwork and investigation has been completed.

ALSO READ: Sridevi died due to 'accidental drowning' in bathtub: Top 10 developments

There have been conflicting reports on the questioning of Boney Kapoor. According to several media reports, Boney Kapoor was summoned by the Dubai police for questioning. However, Dubai-based Khaleej Times reported that Kapoor was not summoned by the police. Kapoor was questioned only at the time of the discovery of Sridevi's body at the hotel room, the report further said.

Here are the top 10 developments since the death of the legendary actor:
1. Body proceeds for embalming: Dubai Police has handed over the letters for the release of Sridevi's mortal remains to the Indian consulate and her family members, news agencies reported, citing information from the Khaleej Times. The body can now proceed for embalming.

2. Arjun Kapoor in Dubai: Sridevi's family released a statement on Tuesday stating that the actor's stepson had gone to Mumbai to be with his father at the hotel while the formalities were being wrapped up and to oversee the return journey.

 

Click here to read → Sridevi Death Twist

Meghalaya, Nagaland polls see 22% and 17% voting: Top 10 developments

Voting underway in Meghalaya and Nagaland Assembly elections 2018; BJP and Congress slug it out for the Northeast

Voting in the crucial Meghalaya and Nagaland Assembly elections began on Tuesday at 7 am amid tight security, with the Bharatiya Janata Party (BJP) and Congress slugging it out to see who would emerge as the more dominant party in the Northeast. Despite security being beefed up, one person was injured in a bomb blast at a polling station in Mon District's Tizit in Nagaland. | Today's Paper

According to the Election Commission, 22 per cent voting was recorded in Meghalaya till 9:30 am. While 17 per cent voting was recorded in Nagaland till 9 am.

Nagaland CM TR Zeliang has said that he will move towards a Naga political solution after the state polls are concluded.

The two states have a 60-member House each. However, voting will be held only for 59 constituencies in each. Voting for the 60-member Assemblies will commence from 7 am and conclude by 4 pm, except at some polling stations in Nagaland's interior districts where the process is scheduled to be completed at 3 pm.

The results of the polls in the two states, along with that of Tripura, will be declared on Saturday, March 3. The high-octane Meghalaya and Nagaland Assembly elections campaign, during which barbs flew thick and fast among parties, ended on Sunday.

Here are the top 10 developments in the crucial Meghalaya and Nagaland Assembly polls:

1) Naga political solution after polls: Speaking to news agencies, Nagaland CM TR Zeliang said, "We expect that polling will finish smoothly and we will get absolute majority according to the voice of the people. We hope peace will prevail in the state and we will move for Naga political solution."

2) Bomb blast at Nagaland polling station: One person was injured in a bomb blast at a polling station in Mon District's Tizit, in Nagaland.

According to reports, the bomb was handmade and was hurled at the polling station in the wee hours of Tuesday morning. However, the polling processes are continuing at the station. | Business Standard

3) Voting underway in both states: Citing the Election Commission, Firstpost reported that 22 per cent voting was recorded in Meghalaya till 9:30 am. While 17 per cent voting was recorded in Nagaland till 9 am.

Amid tight security, voting for the Meghalaya Assembly elections 2018 began on Tuesday, an official said. "Men and women in large numbers queued up in front of many polling stations well before polling opened at 7 am in the entire state. Polling ends at 4 pm," Chief Electoral Officer Frederick Roy Kharkongor said.

According to agency reports, women voters, in their colourful tribal attire, were seen queueing up at polling stations across the state since morning and shops in the vicinity did brisk business.

Click here to read → Nagaland Election 2018

Sridevi funeral: Actor drowned; body still in Dubai; top 10 developments

Sridevi's death case took a new twist on Monday as her autopsy report revealed that she died due to accidental drowning and not cardiac arrest

Veteran actor Sridevi's mortal remains are still in Dubai, pending paperwork. After receiving the Autopsy report, the Dubai police has started examining the circumstances of the actor's death. According to media reports, police are trying to recreate the sequence of events leading up to her death and have questioned those accompanying her, including her husband. | Today's Paper
Meanwhile, Indian Envoy to UAE Navdeep Suri assured that the Indian embassy was trying hard to send Sridevi's body to India at the earliest.

"Our embassy and consulate are working closely with local authorities to expedite the return of Sridevi's mortal remains and also keeping Kapoor family apprised. It is our endeavour to send mortal remains of Sridevi to India at the earliest, " Suri told ANI.

Sridevi's death took a new twist on Monday as her autopsy report revealed that she died due to accidental drowning and not cardiac arrest as reported earlier. The autopsy report has also revealed that there were traces of alcohol in her blood.

Today, her body will be moved to the AL Muhaisana embalming unit and will be repatriated to Mumbai once all the paperwork and investigation has been completed.

There have been conflicting reports on the questioning of Boney Kapoor. According to several media reports, Boney Kapoor was summoned by the Dubai police for questioning. However, Dubai-based Khaleej Times reported that Kapoor was not summoned by the police. Kapoor was questioned only at the time of the discovery of Sridevi's body at the hotel room, the report further said.

Also Read : Sridevi's body to be brought back from Dubai in Anil Ambani's aircraft

Here are the top 10 developments since the death of the legendary actor:
1. Police record Boney Kapoor's statement: Police recorded the statement of Sridevi's husband and noted film producer Boney kapoor, the Gulf News reported on late Monday night.
According to media reports, Kapoor was summoned by the Dubai police to Bur Dubai police station for investigation.

However, a Khaleej Times report denies that Kapoor was summoned by the Dubai police. The report says the police had a conversation with Kapoor when Sridevi's body was discovered at the hotel room on the night of death. Citing sources in the Dubai police, the report further says that Kapoor was not called by the police for any further interrogation.

2. Sridevi's body remains in Dubai: Sridevi's body was expected to reach India on Monday but it did't, pending paperwork. " Our experience in similar cases tells us that it does take 2-3 days to complete processes," India's Ambassador to UAE, Navdeep Suri said. He further said that the Indian embassy was trying hard to send her mortal remains to India at the earliest.

Dubai police sources, told the Times of India that clearance for the body to be taken to India would be given only after questioning has been completed on Tuesday.

3. Autopsy report: The forensic report by UAE's health ministry on Monday revealed that the cause of the actress' death was 'accidental drowning'. According to UAE's Gulf News, Sridevi was under the influence of alcohol in her hotel room when she lost her balance, fell into the bathtub and drowned. She was immediately rushed to Rashid Hospital in Dubai.

4. Celebs at Anil Kapoor's house: Bollywoood celebrities, including Shah Rukh Khan, Deepika Padukone, Ranveer Singh, were spotted outside Anil Kapoors residence. South Indian superstars Kamal Haasan and Rajinikanth were also among the visitors at Anil Kapoor's residence.

Click here to read → Sridevi's Death Case

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UP Investors' Summit 2018: Jio to invest Rs 100-bn in 3 years, says Ambani

Mukesh Ambani also mentioned that Jio has already created over 40,000 direct and indirect jobs in Uttar Pradesh

Reliance Jio will invest another Rs 100 billion in Uttar Pradesh over the next three years, Reliance Industries Limited Chairman Mukesh Ambani said here on Wednesday.

"Today I am happy to inform this audience that Jio is one of the largest investors in Uttar Pradesh with investments of over Rs 200 billion. Jio is providing the highest quality data at the lowest price in the world to over 20 million citizens of Uttar Pradesh," Ambani said while addressing the Uttar Pradesh Investors' Summit 2018.

ALSO READ: UP Investors Summit: Adani, Birla, Ambani lead Rs 4 trn investment promises

"I have come to Lucknow to assure the Prime Minister and the Chief Minister that Jio's Digital Revolution is here to make the maximum contribution to UP's development revolution," he added.

ALSO READ: UP Investors Summit 2018: Bio-policy to double farm income by 2022, says PM

While talking about affordable handsets, JioPhone, Ambani said: "Jio will make available over 20 million JioPhones in UP within the next two months on a priority basis."

He mentioned that Jio has already created over 40,000 direct and indirect jobs in the state. | Reliance Industries Stock Price

"Jio will establish a Centre for the Fourth Industrial Revolution within the campus of a reputed university in Uttar Pradesh," Ambani added.

ALSO READ: UP Investors Summit 2018: CM Adityanath signs 1,045 MoUs, worth Rs 4.2 trn

 Click here to read → Reliance Industries

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G.G.ENGINEERING LTD was established on 23rd January 2006 to cater to the rising demand of Quality sheet metal and heavy steel products.The organization is headed by Mr. Vinod Beriwal , MBA from Welingkar institute Mumbai and Kamal Beriwal .

The company has a well equipped manufacturing unit at Palej GIDC, Dist-Bharuch, Gujarat, with an area of 40000 sq. ft. And covered area of around 12,000 sq. Ft. Our team comprises of well Trained Engineers, skilled labour to execute all types of manufacturing activities such as punching, forming, shearing, bending, fabrication, welding,& assembly etc. Our design office is equipped with latest CAD technology being handled by well experience and qualified engineers. | g g engineering stock price

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.At G.G.Engineering Ltd., each and every individual is committed to :
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G G Engineering is in the Engineering sector. The current market capitalisation stands at Rs 22.20 crore. 

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UP Investors' Summit: Jio to invest Rs 100 bn in 3 yrs, create 100,000 jobs

Jio's digital revolution is here to make the maximum contribution to UP's industrial revolution

Reliance Industries Chairman and Managing Director Mukesh Ambani on Wednesday committed to investing Rs. 100 billion in Uttar Pradesh over the next three years.

"Jio has invested Rs. 200 billion already in the state, and plans to invest another Rs. 100 billion over the next three years.

We aim to bring Jio to every village in state by the end of this year," he said at the Uttar Pradesh Investors' Summit here.

Furthermore, the top businessman stated that over 20 million Jio phones will be sanctioned and 100,000 new jobs would be created in Uttar Pradesh, which he said, was India's "most popular state." | Reliance Industries Share Price

"If UP gets up and running, nobody can stop India from being a global superpower. It is a key investment area for us, and hence, we would like to support development at every level," he said.

He said that RIL has built world-class digital infrastructure all over India and UP which is the most populous state can soon enough be the Centre of the Fourth Industrial Revolution, within the visionary approach of the PM.

RIL has rebuilt the next generation digital communication services to help hospitals, schools, small, medium businesses grow.

Ambani also extended his commitment to developing the Centre's Namami Gange project to clean River Ganga.

Click here to read → Reliance Industries

 

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G G Engineering is in the Engineering sector. The current market capitalisation stands at Rs 22.20 crore.

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Reliance can produce 10 mn Jio Phones in a year at its Tirupati plant

The government did not disclose the investments entailing these and other facilities proposed to be set by the company

Reliance Group would set up an electronic manufacturing park in 150 acres at Tirupati in Andhra Pradesh. | Reliance Industries Stock Price

The park will have a mobile phone manufacturing plant that can produce 10 million Jio Phones per year besides other electronic product facilities, including that of television sets, batteries, set-top boxes among other things, the state government announced after a high level meeting between Reliance Group chairman Mukesh Ambani and chief minister N Chandrababu Naidu on Tuesday.
The government did not disclose the investments entailing these and other facilities proposed to be set by the company.

According to the government, Reliance Group will aim to create an end-to-end ecosystem in the electronics sector, right from chip design to product development and also provide training to students in electronics manufacturing at the proposed electronics park.

Reliance will also set up citizen service centres (CSCs) across 5,000 villages in the state and these centers will make the government services available to the public at a most affordable cost, the government said.

The company will also establish a digital infrastructure, telecom and start-up ecosystem development center in 50 acres at Amaravati, a 150 mw solar power plant in Peddapuram.

Reliance Group chairman has flown to Vijayawada on Tuesday evening and met with chief minister N Chandrababu Naidu to discuss the company's investment plans among other things.

During his visit, Ambani also visited the Real Time Governance (RTG) center, which was established by Naidu government in Amaravati secretariat complex.

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RIL to acquire 5% stake in Eros international for Rs 10 bn to produce films

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country

RIL on Tuesday said it will acquire 5 per cent stake in NYSE listed Eros International for Rs 10 billion with a view to producing and acquiring Indian films and digital originals across all languages. | Reliance Industries Stock Price

Reliance Industries Limited (RIL) and Eros International Plc announced that RIL, through a subsidiary, "has agreed to subscribe to a 5 per cent equity stake" in Eros at a price of $15 per share, the company said in a statement.

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country.

"The parties will equally invest up to Rs 10 billion in aggregate (about $150 million) to produce and acquire Indian films and digital originals across all languages," it said.

It further said that Jyoti Deshpande, Group CEO and MD of Eros International Plc, the parent company of Eros India, will be stepping down from her executive role and move on to head the media and entertainment business at RIL as President of the Chairmans Office.

Deshpande will start her new role at RIL from April 2018, but will continue to remain as a director on the board of Eros India as well as Eros Plc, it added.

Kishore Lulla will resume his position of Group Chairman and CEO of Eros Plc.
" The parties will equally invest up to Rs 10 billion in aggregate to produce and acquire Indian films and digital originals across all languages," it said.

Mukesh Ambani, Chairman & Managing Director, RIL said: "We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership".

In her new role at RIL, Deshpande will lead the companys initiatives in media and entertainment to organically build and grow businesses around the content ecosystem such as broadcasting, films, sports and music.

Besides, she will help integrate RILs existing media investments such as Viacom and Balaji Telefilms with a view to build, scale and consolidate the fragmented USD 20 billion Indian M&E sector.
Click here to read → Reliance industries stock market news 

Karnataka polls 2018: Modi blasts Cong's 'commission' govt; top 10 highlights

In the past, Karnataka Chief Minister Siddramaiah has taken strong exception to PM Modi's remarks and verbal attacks

 

Prime Minister Narendra Modi on Monday continued to press his attack against the Siddramaiah government ahead of the 2018 Karnataka Assembly elections. Attacking the state's Congress government, PM Modi asked the assembled people at a rally in Mysuru whether they wanted a government with a "mission" or one that works "only for commission". | Today's Paper

 

PM Modi lashed out at the Karnataka government over alleged corruption, saying that new scams and charges of graft were surfacing "every day" under its watch.
Assembly elections are due in the state in late April or early May.

In the past, Karnataka Chief Minister Siddramaiah has taken strong exception to PM Modi's remarks and verbal attacks.

The party's state leaders like B S Yeddyurappa and central ministers Piyush Goel, Prakash Javdekar, Ananth Kumar and D V Sadananada Gowda attended the rally and felicitated Modi with the famous Mysore 'peta' (headgear).

Here are the key things PM Modi said in Mysuru and the verbal cross-fire ahead of the Assembly polls:
1) Modi claims BJP will form govt with a 'mission': Attacking the Congress government in Karnataka as a "commission" government, PM Modi on Monday said the welfare of the people was never its priority and that the state needed a government with a "mission" under the Bharatiya Janata Party (BJP) to ensure all-round development.

The Prime Minister was addressing a public rally in Mysuru. Modi also said that as long as there was a Congress government in Karnataka, the state would not be able to progress. Repeating his comment made earlier this month in Bengaluru, where he had said that the Siddramaiah government in Karnataka worked for "10 per cent commission", Modi said: "You have a choice to elect a party (BJP) which runs a government with a definite mission and reject a party (Congress) that works only for commission."

"Karnataka does not require a 'commission' government but a 'mission' government led by the BJP which will ensure all-round progress of the state...," Modi said.

ALSO READ: Modi to visit Karnataka today, flag off Mysuru-Udaipur Humsafar Express

2) A 'lesson' in store for Congress: "Congress has ruined the state and people will teach them a lesson in the elections," Modi said, while speaking at the Mharaja College ground in the city, after dedicating various railway projects. | Readmore

Reliance plans to invest Rs 600 bn for digital industrial area in Mumbai

Reliance industries will join hands with global investors to set up the first digital area in Maharashtra

 The first day of the Magnetic Maharashtra investors’ summit here on Sunday saw Reliance Industries Ltd (RIL) promising investments of Rs 600 billion into the state, the Mahindra Group pledging Rs 23.25 billion and the Virgin Group signing an “intent agreement” with Maharashtra to build a hyperloop transportation system between Mumbai and Pune, to reduce travel time to 20 minutes from the three hours at present.

Billionaire industrialist Mukesh Ambani said his RIL and its global partners will set up the country's first integrated digital area in Maharashtra, entailing investments of Rs 600 billion. |Reliance Industries Stock Price

“Reliance along with other global companies will invest over Rs 60,000 crore (Rs 600 billion) in the next 10 years in Maharashtra, which will be the first integrated digital industrial area in the country,” Ambani said on the opening day of the summit. He did not offer more details like the location of the proposed mega investment or when the first phase will begin.

The summit was inaugurated by Prime Minister Narendra Modi.
“Within a few weeks, more than 20 global companies have already agreed to invest with us. These companies include Cisco, Siemens, HP, Dell, Nokia and Nvidia among others,” Ambani said.
Meanwhile, the first hyperloop route will link central Pune with the megapolis as well as the Navi Mumbai international airport.

Virgin Group Chairman Richard Branson said, “We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune, beginning with an operational demonstration track in the region.”

Also, the Mahindra Group announced over Rs 23 billion in investments in three projects of which as much as Rs 17 billion will be spent towards creating an entertainment destination at Kandivali, a northwestern suburb of Mumbai. Group Chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 1.25 billion to create an all-green tech hub in Nagpur that will create at least 2,500 jobs.

On the Rs 17 billion investment announced in the city, Mahindra said, "we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry… This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore (Rs 17 billion) on this venture," he said.

It can be noted that the group already runs a successful tour and leisure services company Mahindra Holidays and this announcement hints that the group is ready to tap tourism and related segments in a more aggressive manner.

He also said the company will invest another Rs 5 billion in the state for which his group has "executed an agreement with Maharashtra for an investment of Rs 500 crore (Rs 5 billion) under the new electric vehicle policy."

Click here to get live updates → Reliance Industries

Before PNB fraud: Nirav Modi, Choksi left 18 businessmen, 24 firms bankrupt

Eighteen businessmen and 24 firms who had taken the franchise of Modi and Choksi's jewellery brand ended up filing criminal complaints of financial bankruptcy

 The Punjab National Bank (PNB) and other public sector lenders aren't the only entities that got hit by Nirav Modi and Mehul Choksi, in a Rs 114 billion fraud that was unearthed at PNB recently. Over two dozen firms and 18 businessmen who had taken franchise of Nirav Modi and Mehul Choksi's jewellery brand between 2013 and 2017 also reportedly found themselves at the receiving end of frauds committed by the duo -- with the cases involving amounts upto Rs 200 million (Rs 20 crore). | Today's Paper

Eighteen businessmen and 24 companies who had taken the franchise of Modi and Choksi's jewellery brand between 2013 and 2017 ended up filing criminal complaints of financial bankruptcy caused by breach and fraud committed by the duo, the Times of India reported. The concerned businessmen and firms, the report added, had set up franchise showrooms of Choksi-owned Gitanjali Jewellery and Gili across several cities and regions: Delhi, Agra, Meerut, Bengaluru, Mysuru, Karnal, and parts of Gujarat and Rajasthan.

Based on records accessed by it, the national daily reported that the first information reports (FIRs) filed in all the aforementioned cases dealt with criminal conspiracy, fraud, and violation of agreement by Choksi's firms.

According to the records, even after taking security deposits between Rs 30 million (Rs 3 crore) and Rs 200 million (Rs 20 crore) from the franchisees, Choksi's firms violated agreements and committed fraud in sending stocks of diamond and precious gems to the former.

How did Choksi's firms cheat these businessmen?
According to the report, under the three-year contract signed between Choksi's firms and the franchisees, a fixed minimum guarantee commission at 12 per cent per annum on the security deposit, apart from the rental for the jewellery showroom, was mandated to be paid by Choksi.

ALSO READ: Nirav Modi PNB fraud: CBI seals bank's Brady House Branch in Mumbai

However, the franchisees soon found violations: That Gitanjali would not replenish the stock, send items that were priced much lower than the market rates, or not pay the agreed upon rental.

Who all got caught up in the fraud?
Vaibhav Khurania, a Delhi-based businessman who had opened a retail store in Rajouri Garden, had to shut shop after Gitanjali allegedly failed to send him stocks worth Rs 30 million (Rs 3 crore) after having taken the payment, the national daily reported. The report quoted one particular FIR as saying: "In fact, they sent those items of which the market price was much less, but the showroom price was 3-4 times more of the actual price." | Readmore...

Murder of Nagpur journo's mother, child solved: Why the crime was committed

The bodies of the mother and toddler daughter of a local journalist were found in a nullah in the city

 The murder of the mother and daughter of a journalist in Nagpur has been solved by the local police, which on Monday said that it has solved the killing 12 hours after the crime was committed. | Today's  Paper

Usha Kamble (50) and one-year-old Risha were killed on Saturday evening and their bodies were put in a gunny bag and thrown into a nullah at Bhadura in Dighori, in Nagpur, at around 11 in the night, police said. Kamble and Rashi, mother and daughter of local scribe Ravikant Kamble, were missing since Saturday evening, police added.

How and why the crime was committed
Joint Commissioner of Police Shivaji Bodkhe told news agency PTI that Ganesh Rambaran Shahu (26), a resident of Pawanputra Nagar area, was arrested, adding that the victim and Shahu had fought over chit fund money on Saturday evening at the latter's house.

In the course of the altercation, the woman fell from the stairs, after which Shahu slit her throat, Bodkhe said. He added that the toddler, who was with Kamble at the time, was killed by Shahu to stop her wails. "He later put the bodies in a sack and disposed of it in a nullah," Bodkhe said.
"Usha and Rashi had gone missing since last evening.

Their bodies with injury marks were found in a nullah in Bahadura area around 10.30 am today," a police officer said on Sunday.

"It is suspected that they were killed with a sharp weapon...," he had added.

Deputy Commissioner of Police Nilesh Bharne told news agency PTI that Usha Kamble was involved in the money-lending business.

"Usha (along with her grand-daughter) went to a jewellery shop near her house around 5.30 pm on Saturday. Her husband tried calling her when they didn't return for quite some time, but her mobile phone was switched off. Around 10 pm, her son informed the police when he returned from his work," DCP Bharne said.

The bodies have been sent for autopsy, the DCP had said.

As of Sunday, further investigations in the case were underway, the official said.

SC Cauvery river dispute verdict gives Karnataka more water: Top highlights

SC verdict on Cauvery river dispute: Karnataka to provide 177.25 TMC water to Tamil Nadu instead of 192

The Supreme Court on Friday reduced Tamil Nadu's share of Cauvery water and increased Karnataka's share. It instructed Karnataka to provide 177.25 thousand million cubic feet (TMC) water to Tamil Nadu. Pronouncing its verdict on the decades-old Cauvery water dispute between the neighbouring states of Karnataka, Tamil Nadu, and Kerala, the apex court said that given the global status of Karnataka's capital city of Bengaluru, hence it will get more Cauvery river water. Earlier, in accordance with the 2007 award of the Cauvery water dispute tribunal, Karnataka had a share of 270 tmc ft of Cauvery water. This will now increase to 284.75 tmcft. | Today's Paper

The judgement was pronounced by a bench comprising Chief Justice Dipak Misra and Justices Amitava Roy and A M Khanwilkar. Reading out the operative portion of the verdict, the CJI said the 2007 tribunal award of 30 tmcft to Kerala and 7 tmcft water to Puducherry will remain unchanged.
The apex court also allowed Tami Nadu to draw an additional 10 tmcft 'groundwater' from a total of 20 tmcft beneath the Cauvery basin. It said the increase in share of Cauvery water for Karnataka by 14.75 tmcft is because of the 10 tmcft groundwater and 4.75 tmcft drinking water requirement for Bengaluru residents.

1. Highlights of SC Cauvery river dispute verdict
* Karnataka to provide 177.25 TMC water to Tamil Nadu instead of 192 TMC * No state can claim ownership over a river * Karnataka to get an additional 14.75 TMC, says Supreme Court
* It said its order on Cauvery water allocation will continue for the next 15 years.

2. Highlights of SC Cauvery river dispute verdict:
* Victory for Karnataka
* There is no change of water allocation for Kerala and Puducherry
* Given the global status of Karnataka's capital city of Bengaluru, it will get more Cauvery river water

3. Supreme Court said that 20 TMC of groundwater in Tamil Nadu had not been accounted for and needed to be seen.
*TV reports quote the Tamil Nadu government as saying it will study the apex court’s judgment.
* Tamil Nadu will now get 404.25 tmc of Cauvery water instead of 419 tmc allotted by tribunal. However, the court allowed Tami Nadu to draw additional 10 tmc groundwater from a total of 20 tmc beneath Cauvery basin.
* Will react in detail after reading the judgement but prima facie we welcome it: Jagadish Shettar, former CM of Karnataka.

4. Earlier on September 20, 2017, the court had reserved its order on the matter. Tamil Nadu, Karnataka, Kerala, and Puducherry had filed petitions seeking modification of Cauvery Tribunal's final order.
Originally awarded 192 TMC water to Tamil Nadu has been reduced with SC order. 14.75 TMC extra water has been given to Karnataka to provide drinking water to Bengaluru city. We hope that TN govt will take appropriate steps: A Navaneethakrishnan, lawyer for Tamil Nadu. | Readmore

 

Indian Army killed 20 Pak soldiers along LoC in 2018: What must it do next?

Why is Islamabad not deterred when the Indian Army has killed close to five Pakistani soldiers for every single personnel it has lost? Why does Pakistan continue to violate the ceasefire agreement?

The Indian Army is "inflicting heavy pain on the Pakistani side" and using coordinated fire assaults as it tightens the kscrews on Pakistan along the Line of Control (LoC). In fact, the Indian Army's pressure on the Pakistani army along the LoC has reportedly forced the latter to sound 35 "red-alerts" for its border troops. For its part, Islamabad has been made to pay a heavy price, with the Indian Army revealing that it has killed at least 20 Pakistani Rangers and injured seven more in 2018 itself in cross-border firing along the LoC. However, given that the security forces estimate that close to 200 terrorists are waiting to cross into India and Pakistan's continued violations, are these military actions yielding the results we need. | Today's Paper

ALSO READ: 300 militants in Pakistan ready to enter India: Northern Command Army Chief

The data available on Pakistani casualties in 2017 and official statements from both sides indicate that at least since September 2016 (when the Modi government greenlit cross-border surgical strikes after the Uri terrorist attack), the Indian Army has been employing a more muscular policy while responding to infiltrations and ceasefire violations. At present, according to news agencies, the Indian Army has been conducting pro-active operations along the LoC. Indian forces have killed 138 Pakistan Army personnel in 2017 in tactical operations and retaliatory firings along the LoC, intelligence sources told news agencies last month. The same sources revealed that the Indian Army lost 28 soldiers during the same period along the LoC.

Pakistani violations continue
While the Pakistan Army has adopted a practice of not acknowledging the deaths of its soldiers, if the data is reliable, it beggars the question: Why is Islamabad not deterred when the Indian Army has killed close to five Pakistani soldiers for every single personnel it has lost? Why is it that Pakistan continues to violate the 2003 ceasefire agreement?

ALSO READ: Nirmala Sitharaman says Pak to pay for Sunjuwan attack: Top 10 developments

On February 15, the Pakistani Army claimed it has destroyed an Indian Army post along the LoC, adding that the attack had led to the deaths of five Indian soldiers, the Pakistani daily Dawn reported. A video purportedly showing the attack from the Pakistani side was also released on Twitter.
This attack comes despite India's tough stance against such violations. According to reports, the Indian Army's local commanders along the LoC in Jammu and Kashmir have been given full freedom to respond effectively to any Pakistani misadventure. Army sources told news agencies that the Indian side has been inflicting heavy casualties on Pakistani troops while retaliating to the latter's shelling along the LoC in the past few weeks. | Readmore

 

Bengaluru: Under-construction building collapses in Kasavanahalli, 3 killed

State fire services personnel estimate at least 10 others to be still caught under the debris

 Three construction workers were killed and at least 10 others were feared trapped under the debris after a four-storeyed under-construction building collapsed here on Thursday, officials said. | Today's Paper

"Three men were killed and 11 others injured after the building in Kasavanahalli (suburb)crashed down at around 4 p.m. ," Home Minister Ramalinga Reddy told media here.

"The number of those still trapped under the debris is unclear. The National Disaster Response Force (NDRF) personnel will continue to carry out rescue operations," he said.

State fire services personnel estimate at least 10 others to be still caught under the debris.
Out of the 11 injured, four suffered minor injuries, while seven were hospitalised.

"The building seems to have been constructed using poor quality material due to which we suspect the crash occurred. Police is on the lookout for the building owner, Rafiq," the Minister said.

The building was at least six years old and was under renovation, Deputy Commissioner of Police, Whitefield division, Abdul Ahad told the media here.

The exact reason for the collapse and the details of the workers are yet to be ascertained, he said.
Bengaluru Development Minister K.

J. George, Karnataka Director General of Fire and Emergency Services M. N. Reddi and senior police and civic body officials inspected the premises of the collapsed building.

"The government will give Rs 5 lakh compensation to each of the families of the deceased," George said.

In October last year, five men and two women were killed as a building collapsed in the city's southern suburb of Ejipura after a cooking gas cylinder exploded.

PNB Rs 114 bn fraud: How 2 bankers, Nirav Modi & his cohorts pulled it off

PNB cautioned other banks about modus operandi of fraud in a letter that Business Standard has access to

 

Punjab National Bank (PNB) on Wednesday made a startling revelation that it has detected a colossal fraud worth Rs 114 billion (Rs 11,400 crore) in one of its Mumbai branches.
PNB said that it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through some firms they own with the help of the bank employees. According to TV reports, Nirav Modi said he willing to pay back Rs 50 billion (Rs 5,000 crore).

So what really happened?
How the PNB scam unfolded
Last week, PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs 2.8 billion (Rs 280.7 crore) were first issued on 16 January. At the time, PNB had said it was digging into records to examine the magnitude of the fraud, a PTI report said. In the complaint, PNB had named three diamond firms, Diamonds R Us, Solar Exports and Stellar Diamonds.

ALSO READ: PNB fraud to impact other banks, increase their bad loans provisions

In a letter to 30 banks (dated - February 12, 2018) (Business Standard has access to the letter) Punjab National Bank said:

An excerpt of the letter
Modus operandi adopted was as under:
It was found through SWIFT trail that one junior level branch official unauthorisedly and fraudulently issued LoUs on behalf of some companies belonging to Nirav Modi Group viz. Solar Exports, Stellar Diamonds and Diamonds R Us for availing buyers' credit from overseas branches of Indian Banks.

Who carried out the fraud?

A. Two bankers
Two PNB bankers managed to bypass PNB's core banking system to raise payment notes to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India. The employees used international financial communication system -- SWIFT to raise payment notes to bank branches.

B.Corporates - Diamond, gems dealers
Initially, PNB did not reveal names of those involved in the scam. However, in a BSE filing, the bank has said the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."

Now, PNB has revealed that it was defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through some firms they own.
Three jewellers Gitanjali Gems and its subsidiaries Gili and Nakshatra are under the scanner of investigation agencies.

Florida school shooting: 17 dead, Nicholas Cruz arrested & 10 developments

Valentine's Day 2018 turned into a Day of Carnage for Marjory Stoneman Douglas High School in Parkland

Florida school shooting: Valentine's Day 2018 turned into a Day of Carnage for Marjory Stoneman Douglas High School in Parkland, when a 19-year-old gunman opened fire with an assault-style rifle on Wednesday. The attack killed 17 people and injured more than a dozen. The gunman, identified as Nikolaus Cruz, had once been expelled for disciplinary reasons from the Florida school. | Today's Paper

Here are top 10 developments of Florida shooting
1. Nikolaus Cruz's life at home
The gunman was identified as Nikolaus Cruz, who previously attended the school and was expelled for unspecified disciplinary reasons.
Broward County Sheriff Scott Israel said, "the gunman surrendered to police without a struggle." Cruz was adopted by Lynda and Roger Cruz when he was an infant, ABC reports. According to Kathie Blaine, the cousin of Cruz’s adopted mother who lives in New York, Lynda died of the flu in November. Blaine also said Cruz’s adoptive father died 13 years ago of a heart attack.

ALSO READ: Florida school shooting: 17 dead, dozens hurt; killer an expelled student

2. Ex-CIA official breaks down on camera
A former Central Intelligence Agency (CIA) and Federal Bureau of Investigation (FBI) Philip Mudd broke down into tears on camera during an interview, following the shooting at a Florida high school on Wednesday.
Philip Mudd, while speaking to CNN, condemned the incident and urged the people to speak against it.
He was emotional and visibly disturbed while saying, "A child of God is dead.
Can not we acknowledge in this country that we cannot accept this?"
Mudd also blamed the ISIS and Al Queda, which might have provided the ammunition and grenades used by the accused to conduct the shooting.

3. Weapons used by Cruz
He was armed with an AR-15-style rifle and had multiple magazines of ammunition. According to CNN, he wore a gas mask, was carrying smoke grenades and set off a fire alarm, prompting students to pour out of their classrooms into the hallways.
As a high school freshman, Cruz was part of the US military-sponsored Junior Reserve Officers' Training Corp program at the school.
Jillian Davis, 19, a recent graduate and former fellow JROTC member at Stoneman Douglas High, described Cruz as "kind of an outcast" who was known for unruly behaviour at school and was "crazy about guns."

4. 17 dead, over a dozen injured
Twelve of the dead were killed inside the school, two others just outside, one more on the street and two other victims died of their injuries at a hospital.
The victims comprised a mixture of students and adults. Authorities at two nearby hospitals told Reuters they were treating 13 survivors for bullet wounds and other injuries, five of whom were listed in critical condition

Click here to read : Florida School Shooting

 

PNB names Nirav Modi and Gitanjali Gems in the mega Rs 114-bn fraud

Core banking system bypassed to issue unauthorised and fraudulent guarantees

In what may turn out to be one of the biggest scams in the country’s corporate history, Delhi-based Punjab National Bank (PNB) said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies they own.

The country’s second-largest public sector bank (PSB) said two of its employees were involved in the scam, where the bank’s core banking system was bypassed to raise payment notes to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT.

ALSO READ: PNB fraud: Sebi likely to probe disclosure lapses by banks, jewellery firms
Three jewellers Gitanjali Gems and its subsidiaries Gili and Nakshatra are also under the scanner of investigation agencies.

Executives in other banks said they were insulated against the fraud, as the payment request was raised by PNB (irrespective of who raised that in the bank), and therefore, the payment would have to be met by the Delhi-based bank.

PNB had overdues slated to be paid on January 25 and subsequently on February 5, which were in default, said Usha Ananthasubramanian, chief executive officer (CEO), Allahabad Bank.
“We do have exposure to PNB, but it is on the bank, and not on the client. The exposure is roughly in the range of Rs 20-22 billion,” Ananthasubramanian said.

However, PNB in a letter to banks, indicated clearly that it was in no mood to pay back and alleged connivance of employees at the foreign branches of other Indian banks.
In a letter to the chiefs of several banks, a general manager of PNB said the letters of undertakings (LoUs) are were opened in favour of branches of Indian banks for import of pearls for a period of one year, for which the Reserve Bank of India (RBI) guidelines stipulate a total time period of 90 days from the date of shipment.

“This stipulation was overlooked by overseas branches of Indian banks that are also required to follow the RBI guidelines. There is clear criminal connivance of group companies of Nirav Modi and Gitanjali Gems with our branch official and also, apparently, with officials of overseas branches of Indian banks,” the letter said. “None of the overseas branches of India based banks has shared with us any document/information made available to them by these Indian companies at the time of availing buyers’ credit from them,” it added. The banking system is heading towards a protracted legal battle as other banks will start suing PNB over non-payment of dues and refusal to honour commitments. Besides, other banks also have separate exposure to companies owned by Modi, who has shot a mail to the lenders, assuring them that he will return all dues and that his brand, Firestone Diamond, valued at Rs 105 billion, was up for sale. | Readmore

 

Trump slams India for high import tariffs on Harley-Davidson

President Donald Trump today criticised India for imp\Ro sing high import duty on the iconic Harley-Davidson motorcycles and threatened to increase the import tariff on "thousands and thousands" of Indian motorcycles to the US. | Today's Paper

During a discussion with members of the Congress on the steel industry, Trump said the recent decision of the Indian government to reduce the tariff from 75 per cent to 50 per cent was not enough and asked that it should be reciprocal, as the US imposes "zero tax" on the import of motorcycles.

"We have so many countries where we made a product, they make a product, they pay a tremendous we pay a tremendous tax to get into their countries motorcycles, Harley Davidson it goes into a certain country. I wont mention the fact that it happens to be India, in this case," the US president said amidst laughter from the audience.

Trump also indirectly referred to the recent conversation he had with Prime Minister Narendra Modi in this regard.

"And a great gentleman called me from India and he said, we have just reduced the tariff on motorcycles, reduced it down to 50 per cent from 75, and even 100 per cent," Trump said, in an apparent reference to his last week's conversation with Prime Minister Modi.

".. If you are Harley Davidson, you have 50 to 75 per cent tax, tariff to get your motorcycle, your product in. And yet they sell thousands and thousands of motorcycles, which a lot of people dont know, from India into the United States. You know what our tax is? Nothing," he told the lawmakers and his Cabinet colleagues.

Trump once again pitched for a "reciprocal tax" on countries that he says "abuse" their trade relationships with the US.

"So I say we should have reciprocal taxes for a case like that. Im not blaming India. I think its great that they can get away with it.

I dont know why people allowed them to get away with it. But theres an example thats very unfair. And I think we should have a reciprocal tax," the US president said.

Trump has floated the idea of a reciprocal tax in the past, promising to slap it on countries, including allies, that take advantage of the United States and its huge market.

"That's called fair trade. It's called free trade. Because ultimately, what's going to happen -- either we'll collect the same that they're collecting, or, probably, what happens is they'll end up not charging a tax and we won't have a tax. And that becomes free trade," Trump said.

Imported motorcycles from high-end brands, including Harley Davidson and Triumph, are set to get cheaper as the government slashed customs duty to 50 per cent.

Earlier, import of motorcycles with engine capacity of 800cc or less used to attract 60 per cent duty, while those with capacity of 800cc or more attracted 75 per cent duty.

The Central Board of Excise and Customs (CBEC), through a notification on February 12, has slashed the duty on both these variants of motorcycles imported as completely built units (CBU) to 50 per cent.

Indian industry experts said the import duty rates have been rationalised for these motorcycles as it has been an industry demand for long and such high-end bikes are not manufactured in India currently.

Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7%

The scam could turn out to be the biggest scam in Indian corporate history

 

 

In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year. | Today's Paper

PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange.

“The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad," Delhi-based public sector bank said in its BSE filing.

The bank said that the transactions are contingent in nature and liability arising out of these on the bank will be decided based on the law and genuineness of underlying transactions. “The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking," PNB said.

On February 5, the PNB had said in a statement that its preliminary investigations showed that it had come across suspected fraud amounting to Rs 2.8 billion.

“Punjab National Bank has come across certain fraudulent Letter of Undertakings issued by two of its employees namely Gokulnath Shetty and Manoj Hanument Kharat at Brady House Branch Mumbai in connivance with firm belonging to Nirav Modi, Nishal Modi, Ami Nirav Modi and Mehul Chinubhai Choksi partners of M/S Diamond R US, M/S Solar Exports and M/S Stellar Diamond,” the bank had said in a statement.

The bank immediately referred the case to Central Bureau of Investigation. “On unearthing these fraudulent activities, the bank rejected the request for roll-over and decided to inform the regulator and CBI for investigation,” the bank had said.

Acting on the complaint, the CBI filed an FIR against businessmen Nirav Modi, his wife Ami, his brother Nishal and Mehul Choksi.

“The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 2.8 billion to Punjab National Bank during 2017," the FIR by CBI has alleged.

The CBI registered the FIR under the Indian Penal Code (IPC) sections related to criminal conspiracy, cheating and provisions of Prevention of Corruption Act against the four.

The firms, however, contested this saying that they availed this facility in the past also, the complaint, now a part of the FIR, has alleged. However, branch records did not reveal details of any such facility granted to the said firm, it said. Mehul Choksi had said in a statement said he retired from Diamond R US as partner in 1999.

In the wake of Jammu terror strike, MoD clears Rs 160 bn rifle procurement

The defence ministry has gone through several long-running acquisition processes for assault rifles and carbines but cancelled them all, most recently last year

 

Two days after yet another deadly terrorist strike in Jammu claimed six Indian lives, the government restarted a faltering procurement aimed at strengthening the firepower of the frontline infantry soldier, who bears the brunt of counter-insurgency operations and deployment along the Pakistan and China borders. | Today's Paper

On Tuesday, the ministry’s apex Defence Acquisition Council (DAC), chaired by Defence Minister Nirmala Sitharaman, cleared the capital purchase of assault rifles, sniper rifles and light machine guns worth about Rs 159.35 billion ($2.5 billion).

“In the last one month, to equip the soldiers on the border with modern and more effective equipment, the DAC has fast-tracked procurement of the three main personal weapons, i.e., rifles, carbines and light machine guns”, a defence ministry release stated.

The “Fast Track Process” of the Defence Procurement Policy of 2016 (DPP-2016), is directed at concluding an acquisition within a year.

Over the preceding decade, the defence ministry has gone through several long-running acquisition processes for small arms – which include assault rifles, carbines and light machine guns – but cancelled them all, most recently last year.

ALSO READ: Jammu terror attack: MoD clears Rs 160 bn rifle purchase & 10 developments

The core of the approvals accorded today relate to the infantry’s basic weapon – the assault rifle. Approval was accorded for procuring 740,000 assault rifles for an estimated cost of Rs 122.80 billion ($1.91 billion).

The ministry stated the rifles will be procured under the category of “Buy and Make (Indian)”. This involves buying a limited number of fully-built rifles from the chosen global vendor, who then transfers technology to India to build the bulk of the order in the public sector Ordnance Factory Board (OFB) and by private firms.

The DAC also approved procurement of 5,719 sniper rifles for long-range shooting by the army and the air force at a cost of Rs 9.82 billion ($153 million). Given the complexity of these high precision weapons, they will not be built in India; but procured fully-built under the “Buy Global” category of the DPP.

However, “the ammunition for these will be initially procured [from abroad] and subsequently manufactured in India”, said the defence ministry release.

The DAC also cleared the purchase of an “essential quantity” of light machine guns for an estimated cost of Rs 18.19 crore ($283 million). This initial procurement is intended to meet the immediate “operational requirement of the troops deployed on the borders... [while a] concurrent proposal is being processed for the [remaining requirement] to be procured under the ‘Buy and Make (Indian)’ categorisation,” said the ministry.

As Business Standard earlier reported (November 4, “Infantry to get foreign rifles, others to get 'made in India'”), the government is proceeding on two parallel acquisition tracks to procure small arms at affordable prices. | Readmore