Archives for 2017

Vijay Mallya. Photo: Reuters

New Delhi: The board of United Breweries on Wednesday asked Vijay Mallya to step down as its non-executive chairman following a Sebi order which barred the embattled businessman from holding directorship in any listed company.

The decision was taken at the board’s meeting today in Mumbai.

In an e-mail to Mallya, United Breweries’ Company Secretary Govind Iyengar said that in the absence of any stay or vacation of the Sebi order, the “board is compelled to request you to step down from the board” with immediate effect.

A copy of the e-mail along with extracts of the minutes of today’s board meeting has been submitted by the company to the BSE.

“The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information to Vijay Mallya till such time he obtains stay of the Sebi order,” the company added.

The board deliberated on the matter and also reviewed the legal opinions obtained in this regard.

Last month, Sebi had banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions, while probe is on into the role of auditors and change of control at the company.

Mallya and the six others were also restrained from holding directorship in any listed company.

(PTI)

Bengaluru: In a congress legislature party meeting presided by Karnataka chief minister Siddaramaiah, it has been decided to raise the quantity of free rice being distributed to BPL card holders to 8 kg per unit from April, this year. Also, BPL card holders can avail grains for another two months even if their ration card is not linked with Aadhar.

According to the new decisions, under Ksheera Bhagya scheme the government will distribute milk 5 days a week in schools. Meanwhile, the ration card holders can avail Kerosene oil even if they have cooking gas connection, chief minister declared in the meeting held.

(Agencies)

New Delhi: In a welcome move, the Reserve Bank of India on Wednesday decided to phase out weekly limit on cash withdrawal from savings accounts in two stages, starting from February 20.

First, the weekly withdrawal limit for savings accounts will be raised to Rs 50,000 from February 20.

From March 13, there will be no limit on cash withdrawal from savings accounts, the RBI said.
At present, the weekly withdrawal limit is Rs 24,000 for savings accounts.

The RBI had put limit on withdrawal from bank accounts in the wake of demonetisation of Rs 500 and Rs 1,000 notes on November 8.

(Agencies)

Chennai: Soon after being removed from the post of AIADMK treasurer by party General Secretary VK Sasikala, Chief Minister O Panneerselvam said none had the right to do so and rubbished her claims that DMK was behind his moves.

He said his next course of action would “reflect” the “aspirations” of AIADMK cadres and people of Tamil Nadu.

“No one has the right to remove me from the post of treasurer which was given to me by Amma 10 years ago,” he told reporters.

Panneerselvam said he had discharged his duties as party treasurer to the satisfaction of Jayalalithaa. “I have the fulfilment that I have done my job as treasurer fully to the satisfaction of Amma.”

Panneerselvam dismissed AIADMK General Secretary Sasikala’s charge that DMK was behind his revolt against the party leadership and said she has no powers to sack him as Treasurer.

“She should be asked to explain the basis of her charge. I was never cordial with DMK. A look back into the history will make it clear,” he told Tamil TV channels after his last night’s sudden revolt.

As the political drama unfolded, security at the Greenways Road residence of Panneerselvam was stepped up even as scores of supporters started thronging the area.

AIADMK MLAs, meanwhile, are meeting at the party headquarters to discuss the situation arising out of Panneerselvam’s outburst.

“There is no relationship at all between me and the DMK. Its only the human approach to reciprocate when someone smiles at you. That is the difference between animals and humans,” Panneerselvam said.

He was apparently referring to Sasikala last night pointing to the exchange of pleasantries between him and DMK Working President M K Stalin, the Leader of the opposition in the Assembly, during the recent session.

He also stuck to his charge that he was forced to resign from the post of Chief Minister, but declined to answer a question whether he would stake claim with the Governor to continue, saying “Just wait and watch.”

“I don’t want to go into it. I had already explained in detail at Amma’s (Jayalalithaa) memorial the circumstances under which I was forced to resign,” he said.

Elaborating on his contention that Sasikala had no powers to sack him from the party post, Panneerselvam said already there were legal problems facing the party.

He said General Secretary was elected on a temporary basis in view of the extraordinary situation faced by the party (after Jayalalithaa’s demise).

“This is the party’s norm. As per the party’s constitution framed by founder M G Ramachandran at the time floating the AIADMK, legal sanction for the post will come only when all primary members elect the General Secretary. Such a General Secretary alone has the powers to appoint or remove party functionaries,” he said.

On strong attack against him by AIADMK leaders, including his cabinet colleagues, Panneerselvam said it was a ‘compulsion of time.’

“They can only speak like that when they are there (with Sasikala). They are in a state of mind of retaining their office for the next four years. They should act keeping in mind that they have to go back to the people,” he said.

On the charge that he had betrayed the party high command, the senior leader said he resigned when he was forced only because he did not want the charge to fall on him.

Asked about allegations levelled against him by some of his opponents that BJP was behind him, Pannerselvam said, “They (his opponent) don’t have any strong ground against me. They can’t level any allegation against me.”

Asked if he would launch a new party and if he would call on Governor Ch Vidyasagar Rao, he said “please wait and see.”

(PTI)

Mumbai: Shiv Sena chief Uddhav Thackeray on Tuesday hinted that Patidar quota stir leader Hardik Patel would be the party’s face in Gujarat, ANI reported. The leaders were addressing a joint press conference in Mumbai. The meeting follows the conclusion of the Bharatiya Janata Party and Shiva Sena’s alliance in Mumbai.

Thackeray said, “Why can’t he [Patel] be Shiv Sena’s face for the polls? But nothing has been decided or discussed yet. This was just our first meeting and everything cannot be discussed in one meeting”.

Patel said he was a “big fan” of the party’s founder, Bal Thackeray, and praised the Shiva Sena. He has been a harsh critic of Prime Minister Narendra Modi’s BJP-led government.

Patel, who has led agitations across the state demanding reservations for the community since 2015, was arrested for sedition and spent nine months in jail. The 23-year-old Patidar leader was granted bail in a sedition case in July 2016, but the Gujarat High Court had stipulated that he stay outside the state for six months, starting July 17. He stayed in Udaipur till January 17.

The Shiv Sena’s publication Saamna had published editorials praising Patel as a leader of “supplanting Modi as a crowd-puller”. The state is scheduled to conduct elections in 182 constituencies later this year.

(Agencies)