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India

SEBI warns PNB over late disclosure of Nirav Modi fraud case

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Punjab National Bank

Mumbai, May 17: Securities market regulator Securities and Exchange Board of India (SEBI) has warned state-owned Punjab National Bank (PNB) over the delay in regulatory disclosures to stock exchanges with regard to the Nirav Modi fraud case.

According to a BSE filing on Thursday, PNB said that it has received a letter from SEBI on Tuesday “regarding disclosures made in respect of Nirav Modi Group, Gitanjali Group and others, has warned and advised to be cautious in future in respect of compliances of SEBI LODR Regulations”.

The SEBI letter stated: “There are delays of 1-6 days by PNB in making disclosures to the stock exchanges pertaining to filing of the reports or complaints with RBI and CBI.”

“PNB has not made any provision or disclosure with respect to fraud of Rs 280 crore in the financial statements for the quarter ended December 2017 and thereby not complied….”

The state-owned lender had made various disclosures to stock exchanges during the months of February and March 2018 regarding certain fraudulent transactions with respect to the Nirav Modi group, Gitanjali group and others and referring of the same to law enforcement agencies.

On its part, SEBI “examined various events and disclosures by PNB to the stock exchanges from the point of appropriate disclosures to be made and other requirements to be complied with under” its “Listing Obligations and Disclosure
Requirements Regulations, 2015”.

In February 2018, PNB reported the Rs 13,000 crore fraud committed by the accused diamantaire Nirav Modi and his uncle Mehul Choksi — both of whom are on the run.

Cities

Delhi Police gear up for ‘snap demos’ by farmers, tighten security

After the passing of the farm Bills, opposition MPs staged protest in the Parliament premises, marching from the Gandhi statue to the Ambedkar statue.

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New Delhi, Sep 23 : The Delhi Police have geared up for ‘snap demonstrations’ by farmers’ bodies, especially in the national capital, amid the ongoing protests against the Centre’s farm bills.

The security in the national capital, especially in the border areas, has been tightened and senior Delhi Police officers are themselves monitoring the situation. Section 144 has already been imposed in the New Delhi area.

Snap demonstrations are random unnotified demonstrations that pop up at a particular place.

“We have made ample arrangements in the area and are registering cases under IPC Section 188 and other relevant sections against those found flouting the orders,” said Eish Singhal, DCP, New Delhi.

The Delhi Police had earlier said that no demonstrations would be allowed in the national capital till September 30, citing an earlier order of the Delhi Disaster Management Authority (DDMA).

The missive came as political parties as well as farmers’ bodies have intensified their agitation against the three agriculture Bills passed by the Parliament recently.

On Monday, the DDMA had clarified that all social, cultural and political functions involving large gatherings are prohibited in Delhi till September 30.

But despite the orders, the Delhi Pradesh Congress Committee held a protest against the farm Bills at Janpath. The police detained over 41 Congress leaders and workers, including state president Anil Kumar, while they were marching towards the Parliament.

After the passing of the farm Bills, opposition MPs staged protest in the Parliament premises, marching from the Gandhi statue to the Ambedkar statue.

The Opposition and the government are on loggerheads ever since the farm Bills were passed amid ruckus in the Upper House of the Parliament.

Meanwhile, the border areas of Delhi, especially the Singhu border and Karnal road, saw massive deployment of police and para military personnel even as the Youth Congress workers and farmers took out a tractor rally on Wednesday. Barricades and water cannons were deployed at strategic locations.

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India

Union Minister Narendra Singh Tomar assumes additional charge of the Ministry of Food Processing Industries

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narendra singh tomar

Delhi, 23 SEP 2020 : Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar assumed charge as the Minister of Food Processing Industries in Panchsheel Bhawan today afternoon. The Minister was welcomed by Rameswar Teli, MoS, FPI and Pushpa Subrahmanyam, Secretary, FPI. Senior officials of the ministry were also present.

The Minister met all the senior officials and reviewed the schemes of the ministry. Tomar is currently holding the charge of the Minister of Agriculture & Farmers Welfare, Minister of Rural Development, and Minister of Panchayati Raj.

Speaking on the occasion, Tomar said that Food processing Industry is in the growing stages and MoFPI is making all efforts and contributing towards creation of new opportunities of employment for youth, bringing profits to our farmers by offering remunerative prices to them, making the goods available for its consumers etc.

The Ministry of Food Processing Industries has a clear goal of attaining these objectives by facilitating and acting as a catalyst to attract quality investments from within India and abroad into this sector with the aim of making food processing a national initiative. With this overall objective, the Ministry aims to:

  • Enhance farmer’s income by better utilization and value addition of agricultural produce
  • Minimize wastage at all stages in the food processing chain by the development of infrastructure for storage, transportation and processing of agro-food produce;
  • Introduce of modern technology into the food processing industries from both domestic and external sources;
  • Encourage R&D in food processing for product and process development and improved packaging;
  • Provide policy support, and support for creation of Infrastructure, capacity expansion/ Upgradation and other supportive measures form the growth of this sectors;
  • Promote export of processed food products.
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Health

CSIR and Mylan Announce Partnership to identify Advance Therapeutic Options for Management of COVID – 19

“CSIR has prioritized conducting clinical trials of well proven drugs in partnership with industry towards the development of multiple therapeutic options for COVID-19.” : Director General of CSIR, Dr. Shehkar C Mande

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Vaccine

New Delih: The Council of Scientific & Industrial Research (CSIR), India’s premier research organization, and Mylan Laboratories Limited, the India-based subsidiary of leading global pharmaceutical company Mylan, today announced a partnership to address unmet patient needs amidst the evolving COVID-19 pandemic. Under the partnership, CSIR’s constituent laboratory Indian Institute of Chemical Technology (CSIR-IICT), and Mylan will collaborate to identify potential therapies for COVID-19.

A series of clinical trials will be conducted towards new and innovative solutions to manage COVID-19 pandemic in India as part of this collaboration. The first of the clinical trial to be rolled out is a multiple arm phase 3 study that will be conducted in adult patients with mild to moderate COVID -19 at risk of complications.

Director General of CSIR, Dr. Shehkar C Mande stated, “The current collaboration with Mylan is a significant milestone and during the current COVID-19 pandemic, CSIR has prioritized conducting clinical trials of well proven drugs in partnership with industry towards the development of multiple therapeutic options for COVID-19.”

Director of CSIR-IICT, Dr Chandrasekhar said, “CSIR is delighted to associate with Mylan as knowledge and scientific partner, and looks forward to working with the company, especially given Mylan’s vast industry experience in clinical trials and commercialization.”

Mylan Chief Operating Officer, Sanjeev Sethi stated, “Our collaboration with CSIR is a strategic step forward aimed at identifying effective treatments for patients with COVID-19. In addition to bringing forward new indications, this partnership will also help us identify multiple molecules that can potentially be leveraged in therapies for various other infectious diseases in the future.”

The application for the clinical trials has been submitted to the Drugs Controller General of India (DCGI) for regulatory approval.

CSIR has appointed Dr. Ram Vishwakarma, Honorary Advisor to DG-CSIR and former Director CSIR-IIIM (Indian Institute of Integrative Medicine) as a mentor to lead this collaboration.

The Council of Scientific & Industrial Research (CSIR), known for its cutting-edge R&D knowledgebase in diverse Science & Technology areas, is a contemporary and premier R&D organization. Having a pan-India presence, CSIR has a dynamic network of 38 national laboratories, 39 outreach centres, 3 Innovation Complexes and 5 units. CSIR covers a wide spectrum of science and technology – from oceanography, geophysics, chemicals, drugs, genomics, biotechnology and nanotechnology to mining, aeronautics, instrumentation, environmental engineering and information technology.

Mylan is a global pharmaceutical company committed to setting new standards in healthcare. It is one of the world’s largest producers of active pharmaceutical ingredients.

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