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India

Rahul Gandhi in Bundelkhand, attacks Modi and Mulayam

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On a day’s visit to Bundelkhand in Uttar Pradesh, Congress Vice President Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi and Chief Minister Mulayam Singh Yadav for ignoring the plight of drought-hit farmers.

“Farmers in Bundelkhand are in pain, but that does not affect Modi and Mulayam,” Gandhi said at a meeting with farmers before starting on an eight km long ‘Padyatra’ here.

He said his party always stood with the farmers.

“We waived repayment of Rs 72,000 crore of money that farmers owed to the banks and gave thousands of crores of rupees in ‘Bundelkhand package’, but that money got siphoned off,” Gandhi said, harking back to the Congress-led UPA government.

He said he would raise the issue of Bundelkhand’s farmers in parliament and struggle to get for them what was their due.

Modi came in, as usual, for special treatment in Gandhi’s attack, being targeted for ignoring farmers and not taking any “action” in the case of the suicide on January 17 of Hyderabad university scholar Rohith Vemula.

“A thought is being suppressed in Hyderabad. But Modi is only shedding tears without taking any decisive action.”

Modi should fulfil his promise that his government would put Rs 15 lakh in the bank account of every household, said the scion of the Nehru-Gandhi family.

The Prime Minister instead had been busy multiplying the wealth of the capitalists, he added.

Thousands of party activists took part in Gandhi’s ‘padyatra’.

Uttar Pradesh is set to go to polls the next year.

Business

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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Allegations against Amit Shah in Jamia case political in nature: SG to Supreme Court

In a violent confrontation between the police and anti-CAA 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 refused to let go.

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New Delhi, July 6 : Solicitor General Tushar Mehta while raising objections over some statements made in the petitions relating to Jamia violence, 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”.

“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 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.”

“There is a purpose and a hidden agenda behind these petitions, irresponsible pleadings are becoming an order of the day,” the SG told a division bench of the High Court presided by Chief Justice D.N. Patel and Justice Prateek Jalan which was hearing a batch of petitions in connection with the Jamia violence.

Following these submissions, the court asked the petitioner”s counsel Colin Gonsalves if he wishes to remove the objectionable part from the said document. Why personal allegations against xyz..? Everyone was arguing so nicely on law,” the bench said.

During the course of arguments, one of the petitioners represented by advocate Md. Usman Khan submitted before the court that the details of the police log book, the details about the weapons used, unlawful assembly aren’t on record and the same should come to fore.

Moreover, senior advocate Salman Khurhsid gave a submission before the bench that a consolidated list of issues shall be made and the same be given to the court for a smoother flow of proceedings.

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

Earlier, the Delhi Police filed an affidavit before the High Court in connection with this matter. It stated that the violence that erupted in December last year was a “well-planned and orchestrated attempt by some persons with local support (who were not students) to intentionally perpetrate violence in the area” and the said incident “was not sporadic but well-planned”.

“From the electronic evidence and also from the statements recorded, it is clear that in the garb of student agitation, what happened in fact appears to be a well-planned and orchestrated attempt by some persons with local support (who were not students) to intentionally perpetrate violence in the area,” the affidavit read.

“The investigations have revealed that the local leaders and politicians were instigating the protesters and were raising extremely provocative and inciting slogans (who were arrested subsequently),” the police said.

In the affidavit, the police stated that it is clear that the violence “was not sporadic” but “a well-planned incident”, as the rioters were well armed with stones, lathis, petrol bombs, tube-lights etc, which “clearly manifest that the intention of the mob was to disrupt the law and order situation in the area.”

The affidavit also stated that exercising the fundamental right of dissent is and should be respected. “However, no person can be allowed to commit breach of law, indulge in violence, arson and riotous activity causing danger to life, limb and property of innocent citizens under the garb of exercise of fundamental right of free speech and assembly,” it said.

Rebutting the batch of petitions, the police stated that the petitioners have created a patently false and fabricated picture of police brutality. “It appears from the averments made in the respective writ petitions that a concerted and well-orchestrated effort has been made by the petitioners to mislead the court,” it added.

“It was only due to unavoidable circumstances, as contemporaneously captured in electronic evidence gathered by the respondent, that it became imperative for it to enter the university, which was being used as a shield by the rioters to pelt stones and other lethal objects on the police force,” the police said in response to the allegations of the petitioners that the police had entered the campus without permission

In a violent confrontation between the police and anti-CAA 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 refused to let go.

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800,000 Indians could be forced to leave Kuwait: Report

Indian community constitutes the largest expat community in Kuwait, totalling 1.45 million

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With the Kuwait government deciding to halve the Gulf country’s expatriate population to 30% of the total amid a slump in oil prices and the coronavirus pandemic, around 8 lakh Indians could be forced to leave the country.

Kuwait National Assembly’s legal and legislative committee has approved the draft expat quota bill, according to which Indians should not exceed 15% of the population. The bill will now be transferred to the respective committee so that a comprehensive plan is created, according to reports.

Gulf News reported that ‘this could result in 800,000 Indians leaving Kuwait, as the Indian community constitutes the largest expat community in Kuwait, totalling 1.45 million’. Of the 4.3 million population of Kuwait, expats account for 3 million.

The anti-expat rhetoric have spiked since the beginning of the COVID-19 pandemic with lawmakers and governmental officials call for reducing the number of foreigners in Kuwait.

According to latest data from Johns Hopkins University, more than 49,000 cases of coronavirus have been reported in the country.

The report stated that ‘last month, Kuwait’s prime minister, Sheikh Sabah Al Khalid Al Sabah, proposed decreasing the number of expats from 70 per cent to 30 per cent of the population’.

Gulf economies leveraged their oil wealth to expand their populations with foreign workers and build vibrant consumer societies. Saudi Arabia, alongside Germany, is the world’s second-biggest destination for migrants, while the United Arab Emirates last year hosted more migrants than France or Canada, according to United Nations estimates. In Kuwait, at least 650,000 expatriates, mostly from the Philippines, India, Sri Lanka and Bangladesh, are employed as domestic workers alone.

Foreigners have accounted for the majority of Kuwait’s virus cases as the disease spread among migrant workers living in overcrowded housing. While Kuwait lifted its 24-hour curfew on Sunday, some areas remain under isolation in a bid to stem the outbreak.

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