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CAG has not red flagged any fund diversion at SAIL: Minister

According to Pradhan, the last investment was made by SAIL in March 2015, which matured in March 2016. Thereafter, no investment was made as surplus funds were not available with SAIL for investment.

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New Delhi, Feb 10 : Public sector major Steel Authority of India Ltd (SAIL) has not conducted an internal inquiry against any of its officials for alleged diversion of funds to different banks for quid pro quo, as neither the Comptroller and Auditor General (CAG) nor its statutory auditors have raised a red flag, Parliament was informed on Monday.

In a written reply to the Lok Sabha, Steel Minister Dharmendra Pradhan said: “SAIL has further informed that there have been no adverse comments raised by audit (CAG/Statutory Auditors), therefore, no internal inquiry conducted against any officials for diverting the funds to different banks for quid pro quo.”

He also said that SAIL had dealings with the scheduled commercial banks listed in the second schedule of the Reserve Bank of India Act for conducting financial transactions.

“SAIL had received all its funds and made all the payments through State Bank of India (SBI). Therefore, wherever the funds were transferred for investment, the same were transferred from SBI,” the reply said.

According to Pradhan, the last investment was made by SAIL in March 2015, which matured in March 2016. Thereafter, no investment was made as surplus funds were not available with SAIL for investment.

The latest data provided by the Minister to Parliament showed that in 2014-15, the company deposited its surplus cash of Rs 2,000 crore with the public sector IDBI Bank, and no surplus amount was deposited in private sector banks.

Similarly, both in 2012-13 and 2013-14, the company had deposited its surplus cash only with public sector banks.

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Facebook refutes WSJ report, lists efforts to curb polarisation

The WSJ report examined a rigorous process Facebook instituted called ‘eat your veggies’ that was designed to vet new products before they were shipped.

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San Francisco, May 27 : Facebook on Wednesday refuted a Wall Street Journal report claiming that the company “shut down efforts to make the site less divisive” and “largely shelved” internal research on whether social media increases polarisation.

Detailing the investments Facebook has done so far to fight polarisation, Guy Rosen, Vice President Integrity at the company, said that the story “wilfully ignored” critical facts that undermined its narrative.

“The piece disregarded how our research, and research we continue to commission, informed dozens of other changes and new products. It also ignored other measures we’ve taken to fight polarization,” said Rosen.

As a result, he added, that readers were left with the impression “we are ignoring an issue that in fact we have invested heavily in”.

Rosen said that in 2018, Facebook made a fundamental change to the way content is surfaced in people’s News Feed to prioritize posts from friends and family over news content.

“This was based on extensive research that found people derive more meaningful conversations and experiences when they engage with people they know rather than by passively consuming content,” he stressed.

According to the WSJ report, Facebook’s algorithms weren’t bringing people together but “were driving people apart”.

According to Rosen, the company has in fact reduced clickbait headlines.

“We’ve reduced links to misleading and spammy posts. And we’ve improved how comments are ranked to show people those that are more relevant and of higher quality,” he added.

Facebook currently has a global team of more than 35,000 people working across the company on issues to secure the safety and security of it services, “including those related to polarization”.

“We’ve removed billions of fake accounts. We made it easier to see who is behind political ads. And we’ve updated our privacy settings and built new tools to give people more control over their information,” said Rosen.

The WSJ report examined a rigorous process Facebook instituted called ‘eat your veggies’ that was designed to vet new products before they were shipped.

“The process was put in place as a response to valid criticism, including from the media, that tech companies weren’t doing enough to anticipate unintended uses of their products,” said Rosen.

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JP Morgan in Supreme Court: Attachment of properties by ED illegal

On May 22, the Supreme Court allowed the ED to attach properties of J.P. Morgan in Amrapali case, after the agency detected Rs 187 crore as proceeds of crime.

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New Delhi, May 27 : J.P. Morgan India on Wednesday told the Supreme Court that it has not committed any wrongdoing and the attachment of its properties by the Enforcement Directorate is “blatantly illegal”, as it has no role in the Amrapali Group housing scam.

The ED had informed the Supreme Court that it has attached Rs 187 crore assets of multinational firm for its alleged role in siphoning of Amrapali Group home buyers’ money.

A bench of Justices Arun Mishra and U.U. Lalit asked the ED to file a short reply on the grievance raised by J.P. Morgan India.

J.P Morgan India, represented by senior advocate Mukul Rohatgi, said the attachment of its properties was blatantly illegal as it does not have a penny worth of investment in Amrapali group. Instead, it was J.P. Morgan Singapore and Mauritius which have put the money in the real estate firm, he added. He contended that on Tuesday, ED attached the account of the firm, according to the apex court direction, to recover the money.

The bench noted it was concerned with the contention raised by a firm, which has branches all over the world and sought the ED’s short reply on the application before the next date of hearing.

Senior advocate Harish Salve, representing SBICAP, contended before the bench that the financial institution is examining the funding of stalled housing projects of Amrapali Group. The court replied that it will hear SBICAP next week and listed the matter on June 3.

Additional Solicitor General Vikramjeet Banerjee, representing the Centre, said that the Ministry of Finance has empowered SBICAP, the fund manager, for seed funding. He urged the top court not to issue any general direction.

The bench asked Noida and Greater Noida to be more accommodating regarding the rate of interest, and if they were to remain inflexible, then it would be adverse for the real estate sector. “If you give some relaxations then all housing projects will go through,” it added.

The top court reserved the order on the issue of Floor Area Ratio (FAR), the interest levied by the Noida and Greater Noida authorities and the financing for unsold inventories.

On May 22, the Supreme Court allowed the ED to attach properties of J.P. Morgan in Amrapali case, after the agency detected Rs 187 crore as proceeds of crime.

A bench comprising Justices Mishra and Lalit ordered attachment of the property of the company along with personal properties of its directors under section 5 of Prevention of Money Laundering Act. Additional Solicitor General Sanjay Jain, representing the ED, contended before the bench that the officials of the agency have established the money trail, and the top court should modify its December 2019 order and allow the agency to attach the properties of J.P. Morgan and its directors.

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Galaxy Fold 2 to feature long notification display

The narrow display is likely to have its own unique functionality that allows readers to access notifications without unfolding their Galaxy Fold 2.

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Seoul, May 27 : South Korean tech giant Samsung is expected to launch its next foldable smartphone Galaxy Fold 2 with a long display that would only show notifications and can even be water resistant.

According to a patent that has been published by WIPO from Samsung Electronics and was first reported by LetsGoDigital, the device folds inwards and has a camera system on the outside.

A new inclusion is the secondary long notification display on the rear.

The narrow display is likely to have its own unique functionality that allows readers to access notifications without unfolding their Galaxy Fold 2.

Additionally, the design structure of the device is made to be waterproof to protect its internal components.

The device is likely to come with a triple-camera setup on the back.

The current Galaxy Fold handset is priced at Rs 1.65 lakh.

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