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TVS Motor Srinivasan will not be arrested for 6 weeks

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TVS Motor, Venu Srinivasan
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Chennai, Aug 10: The police team investigating the idol theft cases in Tamil Nadu on Friday told the Madras High Court that it will not arrest TVS Motor Company Ltd Chairman Venu Srinivasan for six weeks, informed sources said.

Srinivasan had earlier applied for anticipatory bail apprehending arrest in an idol theft case.

On Friday, Senior Advocate, B.Kumar, appeared for Srinivasan in the court.

According to the informed sources, Srinivasan has not seen the FIR copy as it can be kept under the wraps under certain circumstances.

The source added that Srinivasan will make an application to get a copy of the FIR.

In his bail application, Srinivasan referred to a writ petition filed by one Elephant G Rajendran. Srinivasan said that in paragraph 12 of an affidavit submitted in support of his petition, Rajendran had mentioned that an FIR has been filed against him.

Srinivasan said he was appointed Chairman of the Board of Trustees of Srirangam Temple and that he had spent Rs 25 crore from his own pocket for the renovation of the entire holy complex.

He said that Rs 70 lakh was spent by him on painting works at Sri Kabaleeswarar Temple here.

The industrialist also claimed that a private trust funded by him and his company has undertaken renovation of over 100 temples in Tamil Nadu, Andhra Pradesh and Karnataka.

IANS

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94 MLAs with criminal cases, 187 multi-millionaires in new MP Assembly

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Bhopal, Dec 14 : As many as 94 MLAs have declared criminal cases while a whopping 187 of the 230 MLAs are multi-millionaires in the newly-elected Madhya Pradesh Assembly, a report by the Association for Democratic Reforms (ADR) revealed on Friday.

The Congress, which won the Assembly polls, leads the list with 56 MLAs having criminal antecedents, followed by the Bharatiya Janata Party (BJP) with 34 while the Bahujan Samaj Party has two such lawmakers.

Of the 94 MLAs with criminal cases, 47 face serious charges with six of them facing charges of attempt to murder, three facing charges of crime against women and one for murder.

On the financial front, 187 of the lawmakers are multi-millionaires with the BJP leading the pack with 109 such MLAs followed by the Congress with 90.

BJP’s Sanjay Satyendra Pathak from Vijayragahvgarh constituency in Katni district is the richest MLA with assets in excess of Rs 226 crore. Fellow party lawmaker Chetanya Kasyap from Ratlam City is next with properties in excess of Rs 204 crore.

The average assets of the MLAs in the current Assembly is above Rs 10 crore which is just double that of the 2013 Assembly.

As many as 86 of the MLAs were re-elected and their average assets in the last five years have grown by nearly Rs 7 crore — a rise of 80 per cent.

There are only 21 female members in the new Assembly.

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Sensex ends flat on weak global cues, RBI board meet

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Sensex equity Nifty

Mumbai, Dec 14: The key Indian equity indices closed flat after trading in a narrow range on Friday tracking weakness in Asian and European markets over concerns of slowdown in global growth.

Caution in the domestic markets also prevailed as the outcome of Reserve Bank of India (RBI) board meeting was awaited till the closing bell.

Although with meagre gains, domestic indices logged their fourth session of advances led by Telecom, oil and gas and power stocks. However, finance counters remained subdued.

The Sensex settled 33.29 points higher at 35,962.93 points, touching an intra-day high of 36,019.02 and a low of 35,813.85.

The Nifty50 gained 11.85 points or 0.11 per cent to close at 10,803.40.

Bharti Airtel gained the most of the 30-stock Sensex. The shares of telecom major gained over 5 per cent after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) scrapped rules on predatory pricing.

It was followed by Yes Bank which advanced by 3.23 per cent. Oil and energy stocks like ONGC, NTPC and Power Grid gained in the range of 1 to 2.5 per cent.

In contrast, HDFC and Wipro were the major losers followed by L&T, Sun Pharma and Adani Ports.

IANS

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Lower food prices ease India’s WPI to 4.64% in November

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New Delhi, Dec 14: Lower food and fuel prices eased India’s annual rate of inflation based on wholesale prices to 4.64 per cent in November from 5.28 per cent in October, official data showed here on Friday.

However, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry was higher than the rise of 4.02 per cent reported for the corresponding period of 2017.

“The annual rate of inflation, based on monthly WPI, stood at 4.64 per cent (provisional) for the month of November, 2018 (over November, 2017) as compared to 5.28 per cent (provisional) for the previous month and 4.02 per cent during the corresponding month of the previous year,” the ministry said in its review of “Index Numbers of Wholesale Price in India” for November.

“Build up inflation rate in the financial year so far was 4.73 per cent compared to a build up rate of 2.83 per cent in the corresponding period of the previous year.”

On a sequential basis, the expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage eased to 0.88 per cent, from a rise of 1.79 per cent in October.

Similarly, the prices of food articles declined. The category has a weightage of 15.26 per cent in the WPI index. It deflated by (-) 3.31 per cent from a rise of (-) 1.49 per cent.

In addition, the cost of fuel and power segment, which commands a 13.15 per cent weightage, increased at a slower pace of 16.28 per cent from a growth of 18.44 per cent.

The expenses on manufactured products registered a rise of 4.21 per cent from 4.49 per cent.

On a YoY basis, onion prices deflated by (-) 47.60 per cent, whereas potatoes became dearer by 86.45 per cent.

In contrast, the overall vegetable prices in the month under review declined by (-) 26.98 per cent, against a rise of 59.87 per cent in the same month a year ago.

Among the non-food items, the price of high-speed diesel rose by 20.16 per cent on a YoY basis, petrol by 12.06 per cent and LPG by 23.22 per cent.

IANS

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