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India’s April-May fiscal deficit at 68% of full year target

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New Delhi, June 30 : India’s fiscal deficit up to last month during the current fiscal touched Rs 3.73 lakh crore or 68.3 per cent of the Budget estimates for 2017-18, official data showed on Friday.

According to figures released by the Controller General of Accounts (CGA), the deficit in the April-May period was 42.9 per cent of the Budget in the same period of last fiscal year.

The 2017-18 deficit — the difference between revenue and expenditure — has been pegged at Rs 5.46 lakh crore, as compared to the deficit of Rs 5.34 lakh crore for the last fiscal.

As per the CGA data, tax revenue during the period under review was Rs 67,668 crore, or 5.5 per cent of the estimates, while total receipts, from revenue and non-debt capital, during the fiscal’s first two months, were Rs 85,665 crore, or 5.4 per cent of the estimates for the current year.

Total expenditure during the April-May period was Rs 4.59 lakh crore, or 21.4 per cent of the entire fiscal’s estimate. The revenue deficit during the period under review was over Rs 3.23 lakh crore, or 100.5 per cent, of the estimates.

IANS

India

SC sets aside Delhi HC order for Gautam Navlakha transfer record

Senior advocate Kapil Sibal, representing Navlakha, contended that the High Court did not grant bail or any other relief, and instead, simply asked the officer concerned to file an affidavit.

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Gautam Navlakha

New Delhi, July 6 : The Supreme Court has set aside the Delhi High Court order, directing the NIA investigating officer to produce the entire set of records in connection with the production warrant and extension of social activist Gautam Navlakha’s judicial remand in the Bhima Koregaon case.

Allowing the NIA appeal, a bench of Justices Arun Mishra, Navin Sinha and Indira Banerjee passed directions to expunge the remarks made by the Delhi High Court against the NIA during the hearing of Navlakha”s bail plea. The NIA had moved the top court, challenging the High Court”s May direction, which made a prima facie observation that the investigating agency acted in haste to move out him from the jurisdiction of the Delhi court.

The top court noted that the Delhi High Court should not have entertained the interim bail plea of Navlakha in the case, as the matter falls under the jurisdiction of the Bombay High Court.

Solicitor General Tushar Mehta, representing the Centre, contended before the top court that Navlakha”s surrender happened in pursuance with the top court order while Delhi was under lockdown. Later, the NIA moved the special court in Mumbai to request issuance of a production warrant as Navlakha was in judicial custody in Tihar jail, added Mehta.

He submitted that Navlakha was produced before the special court in Mumbai, based on the production warrant and the Delhi High Court was informed about it.

Navlakha was taken to Mumbai after lifting of the lockdown, added Mehta.

Senior advocate Kapil Sibal, representing Navlakha, contended that the High Court did not grant bail or any other relief, and instead, simply asked the officer concerned to file an affidavit.

Reiterating that the Delhi High Court should not have entertained this matter, the bench told Sibal that he could have come to this court or moved the NIA court in Mumbai.

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Jamia case: SG Tushar Mehta turns ‘shaayar’, quotes Ghalib during HC hearing

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Tushar Mehta

New Delhi, July 6 : A serious hearing before the Delhi High Court was punctuated by a rare instance of poetic brilliance when Solicitor General Tushar Mehta turned “shaayar” (poet) and took refuge in a couplet by famous Urdu poet Mirza Ghalib on Monday.

“Qasid ke aate aate khat ek aur likh rakhoon. Main janta hun jo woh likhenge jawab mein (I can write another letter before the arrival of the postman as I am aware of the response it will be fetching),” recited Mehta while the court was hearing a batch of matters relating to the violence that broke out in and around Jamia Millia Islamia last year.

A Division Bench presided by Chief Justice D.N. Patel and Justice Prateek Jalan was hearing the matter through video conferencing.

Mehta quoted Ghalib after senior advocate Salman Khurshid, appearing for the petitioner, told the bench that the solicitor General is big fan of Urdu poetry and has an immense collection of the same. It was a rare a light moment when Khurshid made the gesture and Mehta obliged.

The Solicitor General also said: “Just like Ghalib, I will keep my issues for the consideration of this court concise and short.”

During the course of the hearing, Mehta also raised objections over some statements made in the petitions and told the Delhi High Court that such statements are “more of a political nature which are being made at a protest site” and “not a pleading before a court”.

The objections were raised over the allegations in one of the petitions which stated that “the Home minister directed that you (police) mercilessly beat the students and break their bones”.

“This is more of a political statement being made at a protest site and not a pleading before a court,” SG Tushar Mehta said while seeking deletion of certain language being used in the petition relating to the violence that broke out in and around the Jamia Millia Islamia in December last year.

The court has now posted the matter for further hearing on July 13.

In a violent confrontation between the police and anti-Citizenship Amendment Act protesters on December 15 last year, petrol bombs were targeted at police personnel, ordinary citizens and the media as a raging mob seized parts of south Delhi nd refused to let go. .

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SEBI norms tweak boost chances of CG Power resolution

There are complaints pending in SEBI against KKR for violation of the Takeover Code and SEBI is investigating the violation.

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New Delhi, July 6 : The relaxation by SEBI in pricing methodology for listed companies having stressed assets has brightened the prospects of early resolution of CG Power.

SEBI has decided to relax the pricing methodology for preferential issues by listed companies having stressed assets and exempt allottees of preferential issues from open offer obligations in such cases.

CG Power, a large engineering company having its operations worldwide and having a consolidated turnover of more than Rs 6,200 crore and an EBIDITA of Rs 500 crore in 2018 and which is asset rich ran into financial problems amidst a controversy between erstwhile promoter Gautam Thapar and its lenders KKR and L&T Finance who had lent money against pledge of the promoter”s holding.

Gautam Thapar was removed on an allegation that funds were diverted in a convoluted manner to lenders of other group companies.

In view of the controversy, bankers refused to support requests for working capital. Due to shortage of working capital, the profitability was severally affected in spite of pending profitable orders.

Lead banker SBI has mandated SBI Capital Markets to carry out a resolution process and it is expected that invitations for EOI will be announced very soon.

Lenders have shown willingness to restructure the debt and monetise valuable non-core assets like Crompton House at Worli and valuable land at Kanjurmarg. As part of the restructuring exercise, CG Power sold its holding in CG Power Ireland.

It is learnt from reliable sources that many industrial groups like Sunil Mittal of Bharati Telecom, Muruggapa group, Aeon Capital and many PE funds are actively considering a buyout. Sunil Mittal through Bharati SBM Holding had shown interest and bought 8.30 per cent equity from the market between March 2019 and May, 2019.

There are complaints pending in SEBI against KKR for violation of the Takeover Code and SEBI is investigating the violation.

SEBI has stated this in its order dated March 11, 2020 that there has been a specific allegation against KKR, a private equity firm, which holds 8.10 per cent of the shares in the Company, through KKR India Financial Services Private Limited, with respect to market manipulation, insider trading and change in control of the company.

They also note that certain allegations have been made against Narayan Seshadri, an Independent Director on the board, with respect to his firm Tranzmute”s partnership with KKR. SEBI is independently looking into these complaints. In case the investigation finds any violation it can result in an open offer around at Rs 45.

–IANS

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