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Indian Bank says most of its Rs 1,800-crore loan to IL&FS is ‘good’

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Indian Bank, which has lent over Rs 1,800 crore to Infrastructure Leasing and Financial Services Ltd (IL&FS), on Friday said that most of its loans to the crisis-hit company were ‘good’.

“The bank’s exposure to IL&FS is Rs 1,809 crore. Out of the 10 loan accounts, six are for special purpose vehicles (SPV of IL&FS) whose revenues are ring-fenced with an escrow account,” Padmaja Chunduru, Managing Director and CEO, told reporters here.

She said that one account had turned bad three years ago and that the state-run lender had made necessary provisions.

One loan of Rs 172 crore slipped into the non-performing category recently.

Chunduru said that two more loan accounts totalling about Rs 130 crore were under the watch list.

Indian Bank’s total exposure to the non-banking finance companies is Rs 20,477 crore, accounting for 12.40 per cent of its gross advances as of September 30.

Congress protests against note ban in Bengaluru

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Leaders and workers from the Karnataka unit of Congress on Friday slammed the Narendra Modi government’s demonetisation of high value currency notes two years ago, calling it the worst attack in comparison to the 26/11 and the 9/11 attacks on Mumbai and in the US.

Joining party cadres across the country as Congress held protests against the 2016 note ban, Congress state unit chief Dinesh Gundu Rao told the protesters at the city centre that compared to the Mumbai and World Trade Centre attacks by the terrorists demonetisation was worse as “it was an attack made by the country’s Prime Minister himself”.

At least 200 of Congress supporters joined the protests marking the second anniversary of the ban on 500 and 1,000 rupee bills as a “black day”.

The Prime Minister had on November 8 in 2016 banned the currency notes in a sweeping and sudden decision that caused common man to suffer for months, Rao said.

“Ever since not only citizens but even our national banks have been suffering huge loses due to problems in cash flow,” Rao added.

“Whatever reasons were given for the ban, it did not yield any benefits to our economy. The value of rupee also depreciated over the past few months,” Rao said.

Even though the price of crude oil in the international market has been cheaper during the NDA regime compared to what it was during the previous UPA rule, the Modi government failed to pass on the benefits to people, he said.

“The petrol and diesel prices have only been rising even though the crude oil prices have been cheaper globally. The central government is making profits even from fuel,” he said.

The country’s top institutions like the Central Bureau of Investigation (CBI) and the Reserve Bank of India (RBI) were also being “attacked” by the union government, he said.

“Modi has not responded to any of the issues raised by our President Rahul Gandhi,” Rao added.

He said it was now only up to the Congress to save the country from the “fascist” rule unleashed by the Modi regime.

“We are the party that worked towards bringing Independence to our nation. It is also our responsibility to save our democracy when it’s under threat,” he added.

Activist threatens fast unto death if Parrikar doesn’t resign

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A Goa-based activist on Friday threatened to go on a fast unto death if ailing Chief Minister Manohar Parrikar did not resign and hand over the reins of the state administration to a “physically fit” successor.

“Goa needs a fully fit Chief Minister who can dedicate his time and resources to find solutions to problems confronting the state. If Parrikar, who has been ill for a long time now, does not hand over charge by November 16, I along with my colleagues from other NGOs will sit on a fast unto death,” Rajan Ghate, the Right To Information (RTI) activist said in a press conference here.

The conference was also addressed by members of the Goa Citizen’s Action Forum (GCAF) and representatives of another state-based NGO Nari Adhikar.

“I am giving the BJP-led Goa government a notice of seven days’ time to announce a solution to the issues like rising unemployment, loss of jobs, spread of gambling and casino culture and the failure of Parrikar to allocate important portfolios like Home, Finance, Industries,” Ghate said.

Parrikar is suffering from advanced pancreatic cancer and has been in and out of hospitals in Goa, Mumbai, New York and Delhi for nearly nine months.

He returned from New Delhi’s All India Institute of Medical Sciences on October 14 and has not moved out of his private residence, for any official event since.

He has however chaired meetings with top bureaucrats, party officials and local industrialists over the last few days.

IANS

Couple Killed Over Suspicion of Practising Black Magic, Two Arrested

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A woman and her husband were allegedly hacked to death at a village in Pune district of Maharashtra on the suspicion that she was practising black magic, police said on Friday.

The incident took place on Thursday at Aundhe village, around 50 kms from here and the victims were identified as Lilabai Mukane (47) and her husband Navasu Mukane (55), police said.

Two persons, identified as Jaitu Borkar and Baban Mukane, were arrested by Khed police in this connection, they said.

According to a police officer, the deceased woman was a quack, but some people in the village, located in Khed tehsil, suspected that she was practising black magic.

“A few days ago, Borkar’s daughter had developed cyst in her abdomen. Borkar suspected that it due to the black magic done by Lilabai,” a senior officer at Khed police station said.

“Baban’s wife had also developed some rashes on her body and even he suspected that it was due to Lilabai’s black magic,” he added.

According to the officer, on Thursday both the accused stormed into Mukane’s house with sticks and sharp weapons and attacked Lilabai.

“When her husband came to save her, they also hacked him to death with sharp weapons,” he added.

After some of their neighbours found the couple lying in a pool of blood, they alerted the police.

“During the probe, Lilabai’s daughter told us that in the past her mother had arguments with Borkar. Based on the inputs, he was picked up for questioning. During his interrogation, he spilled the beans and confessed to killing the couple with the help of Baban,” he added.

A case under section 302 (murder) has been registered against the duo, police said.

Flybe flight plummeted 500ft in 18 seconds due to autopilot error – report

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A Flybe flight plummeted 500ft in 18 seconds after an incorrect autopilot setting caused it to aim for the ground, an investigation has found.

Forty-four passengers and four crew were on board the flight from Belfast City Airport to Glasgow Airport when the incident occurred shortly after take-off on January 11.

A report by the Air Accidents Investigation Branch (AAIB) stated that autopilot was engaged when the Bombardier Dash 8 Q400 turboprop plane reached an altitude of 1,350 feet.

The aircraft continued to climb to 1,500ft but it “pitched nose-down and then descended rapidly” because autopilot was mistakenly set with a target altitude of zero feet.

Cockpit alarms alerted the captain and first officer to what was happening. They later reported they had “become visual with the ground”.

The captain disconnected autopilot and recovered the aircraft, having dropped to 928ft.

The maximum rate of descent of 4,300 feet per minute during the event suggests the aircraft may have hit the ground just a few seconds later if the crew had not intervened.

They continued the flight to Glasgow and landed without incident.

The AAIB concluded that the crew’s selection of a particular autopilot mode before take off led to the zero altitude target.

Autopilot systems are used to automatically control aircraft.

Flybe has taken several safety measures in response to the incident, including revisions to simulator training and amendments to pilots’ pre-take off checklists.

A spokeswoman for the airline said: “Flybe maintains a rigorous approach to ensuring the very highest flying standards are maintained.

“As reported by the AAIB, Flybe implemented remedial actions quickly in response to the incident and our training and procedures have been amended to minimise the risk of a reoccurrence.

“Flybe operates over 158,000 flights a year and the safety of our passengers and crew remains our number one priority.”

Press Association

Janardhana Reddy applies for anticipatory bail, police searching for him

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Mining Baron Gali Janardhana Reddy, who has been accused of bribing an Enforcement Directorate official, has now petitioned the Karnataka High Court, requesting it to quash the FIR registered against him.

Janardhana Reddy’s lawyers have also petitioned the sessions court in Bengaluru for an anticipatory bail, two days after the Central Crime Branch sleuths in the city launched a manhunt for him.

The petition filed by Janardhana Reddy’s lawyer RP Chandrashekar with the High Court states that Reddy has been “deliberately framed” and that he had no role in the money laundering and bribery case registered against him.

“Janaradhana Reddy has been framed and the police officials have deliberately accused him of receiving gold bullion from Ambidant Marketing Pvt Ltd. Janardhana Reddy was not involved in any money laundering with Ambidant and he has not profited from any transaction with the company. The CCB has registered false charges against Janardhana Reddy,” the petition states.

The mining baron’s lawyer also accused the CCB sleuths of going after Janardhana Reddy for political gains and requested the court that the FIR be quashed and the investigating officers in the case be changed.

“The police officers investigating the case have indulged in partisan politics. The investigating officers CP Ganesh and ACP Venkatesh Prasanna must be removed from the case,” the petition adds.

Soon after the petition was filed at the Karnataka High Court, Reddy’s lawyers moved the Bengaluru sessions court at around 11.30 am seeking anticipatory bail for Janardhana Reddy.

The CCB sleuths, however, filed objection to Reddy’s bail application stating that the former Minister was directly involved in the money laundering and bribery case. The officials also stated that they have proof of such transactions.

Crime Branch sleuths have formed four teams to search for Janardhana Reddy. According to police sources, Janardhana Reddy made several phone calls from three different mobile phones to Hyderabad and a region in the Karnataka-Telangana border.

One of the teams, which received a tip off that Reddy was at Banjara Hills in Hyderabad rushed to the city. Police sources say that Reddy had absconded by the time the officers reached Banjara Hills.

The police also raided the residence of Reddy’s personal assistant Mehfuz Ali Khan’s residence in Bengaluru’s RT Nagar on Thursday. The officials also searched Also Reddy’s flat in Parijata Apartments near Chalukya Circle. The officers seized several documents from his Bengaluru residence on Thursday evening.

One of the teams, raided Reddy’s mansion in Ballari. Soon after the sleuths arrived, Molakalmuru MLA and Reddy’s long-time loyalist B Sreeramulu arrived at Reddy’s mansion. Around 3.15pm, they left for Reddy’s Obulapuram Mining Corporation office and also carried out a search operation there.

The police have accused Gali Janardhana Reddy of taking Rs 20 crore from the owner of Ambidant Marketing Pvt Ltd Syed Ahmed Fareed in order to strike a deal with Enforcement Directorate (ED) officials to drop the case against they were investigating against Ambidant.

A CCB source told media that Syed Ahmed Fareed allegedly confessed to giving Janardhana Reddy Rs 20 crore, of which Rs 2 crore in cash and 57 kg of gold bullion worth Rs 18 crore by laundering it through two jewellery firms.

The source said that Syed Fareed was under the police lens for allegedly cheating hundreds of investors after promising them massive returns and then reneged.

CCB sources say that since the transaction happened in March 2018, Janardhana Reddy could have used converted the gold to cash for funding the state Assembly elections. “Unless we question him, it will not be clear as to what happened to the 57 kg gold bullion. After the transaction in March, he has funded the Assembly elections and also the bye-polls in Ballari. We don’yt know if he is in possession with the gold or if her used it for the election,” the source added.

TNM

Telangana Wants KCR As Next CM: India Today Poll Political Stock Exchange

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A recent survey by India Today has showed that Telangana ,Chief Minister K. Chandrasekhar Rao is all set to sweep the state elections to be held on the December 7.

According to a mock poll conducted by Political Stock Exchange (PSE), an estimated 75% of respondents voted in favour of TRS.The PSE is an innovative election analysis and keeps weekly track of the political pulse conducted in states that are going to polls in India.

The Telangana PSE poll was conducted with a sample size of 6,877 in 17 parliamentary constituencies in the state through telephonic interviews. Many of them said that the early dissolution of the state Assembly to advance elections was indeed a “masterstroke” that the Chief Minister’s supporters claimed it was.

Social Welfare Schemes scores
The results also showed that there was a strong pro-incumbency wave helping KCR making TRS lead among all segments of society. This is believed to be predominantly due to social welfare schemes like loan waivers for farmers, pension schemes, housing for the poor and other initiatives by the Chief Minister which have not only addressed the problems but also proven to be popular by all the communities and segments in the state.

TRS in the lead
The Telangana Chief Minister has consistently maintained a lead for the past several weeks as per the PSE survey.

Grand Alliance Won’t Work
According to the poll results, the Congress-TD alliance doesn’t seem to be delivering results, and Asaduddin Owaisi’s AIMIM is expected to mar the Congress’s fortunes in Hyderabad by eating into its vote bank.

Opposition mind games boost to TRS cadre
The PSE survey added to the mood of the TRS cadres, who said that it had given them a boost in view of the criticism of the government by the Opposition and the targeting of party star campaigners, particularly caretaker minister T. Harish Rao, with “mind games”.

KCR, who had announced the dissolution of the Assembly on September 6 is confident that TRS would sweep the elections by winning hundred seats and come to power with a thumping majority and also said that most of the poll surveys predicted the same.

Demonetisation a ‘shrewd scheme’ to help PM’s ‘suit-booted friends’: Rahul Gandhi

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On the second anniversary of demonetisation, he also said that there was nothing innocent about this “scam” and claimed that drawing any other meaning out of it was an insult to the intelligence of the nation.

Congress chief Rahul Gandhi on Thursday alleged that demonetisation was a planned “brutal conspiracy” and a “shrewd scheme” to convert the black money of Prime Minister Narendra Modi’s “suit-booted friends”.

On the second anniversary of demonetisation, he also said that there was nothing innocent about this “scam” and claimed that drawing any other meaning out of it was an insult to the intelligence of the nation.

Gandhi’s remarks came after former Prime Minister Manmohan Singh’s scathing assessment of the demonetisation exercise. He said the “scars and wounds” it caused are getting more visible with time and the decision’s second anniversary is a day to remember how “economic misadventures” can roil the nation.

Finance Minister Arun Jaitley made a strong defence, saying demonetisation resulted in formalisation of economy and increased tax base, with the government earmarking more resources for the poor and infrastructure development. “Note ban was a premeditated brutal conspiracy. This scam was a shrewd scheme to convert the black money of Prime Minister’s suit-booted friends to white. Nothing was innocent in this scam. Drawing any other meaning of it would be an insult of the intelligence of the nation,” Gandhi tweeted in Hindi.

PTI

Centre orders transfer of 6 High Court judges,

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Following the recommendation of the Collegium, the Centre notified the transfer of six judges of the High Court on Friday. Out of these six judges, four were recommended for return to their parent High Courts, reported Bar and Bench. These six judges are Justice Nirmaljit Kaur, Justice Pavankumar Bhimappa Bajanthri, Justice Satrughana Pujahari, Justice Sujit Narayan Prasad, Justice Raghvendra S Chauhan and Justice Rajiv Sharma.

Justice Nirmaljit Kaur has been transferred from the Rajasthan High Court to the Punjab and Haryana High Court. She was reportedly the whistleblower of the 2008 cash-in-bag scam, which involved a then-sitting High Court judge in a case of bribery. At the time, a clerk of an advocate dropped of a bag containing Rs 15 lakh at her doorstep, meant for Justice Nirmal Yadav. After Justice Nirmaljit Kaur informed the police about the incident, following which a CBI probe was initiated. She has been serving at the Rajasthan High Court since July 2012.

Justice Satrughana Pujahari from the Madras High Court to the Orissa High Court. He was appointed as a judge in the Madras High Court in November 2017. Karnataka High Court judge Justice Raghvendra Singh Chauhan was transferred to the Telangana and Andhra Pradesh High Court at Hyderabad.

Uttarakhand High Court Justice Rajeev Sharma was transferred to the Punjab and Haryana High Court. Justice Pavankumar B Bajanthri has been asked to transfer from the Punjab and Haryana High Court to the Karnataka High Court. Justice Sujit Narayan Prasad, who has been at the Orissa High Court since March 2015 has been transferred to the Jharkhand High Court.

Justice Nirmaljit Kaur, Justice Pavankumar B Bajanthri, Justice Satrughana Pujahari and Justice Sujit Narayan Prasad have been repatriated to their parent High Courts. The repatriation was recommended by the Collegium by way of four resolutions on October 29.All judges have been asked to assume charge on

No procession, banners in Srirangapatna, Kodagu : Tippu Jayanthi

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Ahead of the Tipu Jayanthi celebrations in Karnataka, the Mandya police will place prohibitory orders in Srirangapatna, the erstwhile capital of the Mysuru from where Tipu Sultan once ruled, from Friday evening. Prohibitory orders under Section 144 of the Indian Penal Code will take effect in Srirangapatna, Kodagu and Chitradurga from 6 pm on Friday and continue till 6 am on Sunday.

“To avoid any untoward incident, Prohibitory Orders have been clamped. Processions, display of flags, raising of slogans, etc have been banned, as a large number of people are expected to arrive at Srirangapatna for the celebrations”, Mandya Superintendent of Police Shivaprakash Devaraj told media. The celebrations of Tipu Sultan’s birth anniversary on November 10 has been opposed by the Bharatiya Janata Party (BJP), which has accused the ruling JD(S)-Congress coalition government of conducting the celebrations to appease the Muslim community.

The historical fort town of Srirangapatna has many monuments related to Tipu Sultan, including the tombs of Tipu and his family. In the last three years, the celebrations were held at Gumbaz in the town but murmurs of holding the celebration at the Mini Vidhana Soudha in Mandya are doing the rounds this year. A final decision is yet to be taken on the venue of the celebrations in Mandya but a heavy police presence is expected.

Prohibitory orders have also been put in place at Kodagu as well. The order issued by Deputy Commissioner of Kodagu PI Sreevidya will be effective from Friday 6 pm to Sunday 6 am. At least two people had lost their lives in 2015, as tensions had escalated between protestors and those supporting the celebration.

“In the view of maintaining law and order, besides government programmes and pre-commissioned private events such as weddings, engagement and house-warming, no public or political gathering or processions, agitation, will be allowed. Individuals are prohibited from carrying arms and action will be taken against those making provocative statements. Any flex boards, banners or buntings on Tipu Jayanti will be removed,” DC Sreevidya in her statement said.

The state government has celebrated the birth anniversary of erstwhile Mysore ruler Tipu Sultan since 2014 and it has been marred by violent protests by the BJP.

The BJP, like the past few years, has opposed the celebrations in the state. The party was earlier in favour of Tipu Sultan but has opposed the celebrations ever since it was sponsored by the government.

Tipu Jayanthi was officially celebrated by the state government in 2014 when the Congress was in power. It has been marked by protests every year, especially in Mysuru and Mandya, parts of the state that was ruled by the erstwhile Mysore ruler Tipu Sultan.

“Nobody will appreciate this celebration,” Leader of Opposition BS Yeddyurappa tweeted. “In the interest of the state, the government must stop it. Government’s intention behind Tipu Jayanti celebration is just to satisfy the Muslim community.”

The situation this year is a tad complicated due to the Congress-JD(S) alliance government in the state. Chief Minister HD Kumaraswamy, once a critic of the celebration, has approved the celebrations in the state, including the formal function at the Vidhana Soudha in Bengaluru. Earlier, Home Minister Deputy Chief Minister G Parameshwara had announced that the celebrations in Bengaluru will be held at Ravindra Kalaskhetra instead of the Banquet Hall in Vidhana Soudha.

The celebrations are set to go ahead amid tense conditions with police deploying additional forces and installing CCTV cameras in sensitive areas, especially Mandya and Mysuru, to ensure peaceful celebrations.

TNM

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