2G: Behura says change in cut-off date was unusual

Siddarth Behura, the former secretary of telecom, told the JPC that he had found advancing the cut-off date to grant licenses as unusual and raised it with the then Telecom Minister A Raja

New Delhi: Former Telecom Secretary Siddarth Behura, a key accused in the 2G scam, on Tuesday told the  Joint Parliamentary Committee (JPC) that he had found advancing the cut-off date to grant licenses as unusual and had raised the issue with the then Telecom Minister A Raja, reports PTI.

Behura, who appeared before the JPC examining the 2G issue, told the panel that he had found the decision to change the cut-off date from 30 October 2007 to 25 September 2007 taken before he joined the department, as unusual and had taken it up with Raja.

He is also learnt to have told the Committee that major decisions like revision in cut-off date, acceptance of the TRAI recommendations by the Telecom Commission and re-interpretation of the first come first serve policy took place before he took up the postin 2008.

Behura, who is out on bail, said that during his meetings with the Principal Secretary to the Prime Minister and the Cabinet Secretary he got the impression that the 2G license issue had been settled.

He is also learnt to have said that no major policy decisions were taken during his tenure.

Behura was the Telecom Secretary between 1 January 2008, and 30 September 2009. He had appeared before the Public Accounts Committee examining the CAG report on 2G on 7 December 2010.

The JPC had decided to summon Behura and Raja on 21st March. It is yet to decide on Raja's appearance to give oral evidence.

Behura was arrested on 2nd February last year by CBI along with Raja and his personal secretary RK Chandolia on charges of cheating, forgery, criminal conspiracy and criminal misconduct.

Behura was lodged in Tihar jail and a local court before being granted bail by the Supreme Court in May.


CBI files charge sheet against Baba Ramdev aide Balkrishna

CBI alleged that Balkrishna, the aide of yoga guru Baba Ramdev, submitted fake educational certificates and other documents to obtain a passport

Dehradun: The Central Bureau of Investigation (CBI) has filed a charge sheet in a local court here against yoga guru Baba Ramdev's aide Balkrishna for allegedly using fake documents to get a passport, reports PTI.

The agency has alleged that Balkrishna submitted fake educational certificates and other documents to obtain a passport and accused him of violating provisions of the Passport Act by doing this.

The agency had also made a judicial request to Nepal government asking it to ascertain Balkrishna's nationality details but no response has come so far, CBI sources said.

Not getting any information, the CBI has filed its charge sheet before the special court based on its probe in the case.

The CBI had registered a case of cheating and criminal conspiracy against him on 23rd July for allegedly procuring fake degree and violation of section 12 of Indian Passport Act for furnishing fake documents to get a passport.

The decision to register the case against Balkrishna was taken after Sampurna Nand Sanskrit University denied ever having him on its rolls.

Registrar of the university Rajnish Shukla had told the CBI that Balkrishna's two degrees 'Purv Madhyma', a high school degree issued in 1991, and 'Shastri', a Sanskrit degree in 1996, don't figure in the varsity's records.

He said the CBI had matched records which showed that the enrolment numbers mentioned in the fudged documents belong to a different student.




4 years ago

But, what action is being taken by the income tax department, DRI, etc.? And, what about the Baba's affaIRS TOO?

PFC’s earnings are likely to remain robust: ICRA Equity Research

Given the existing deficit situation and likelihood of continued growth in energy requirements, PFC to emerge as key agency for govt’s power development project

Power Finance Corporation (PFC) is expected to emerge as a key agency for implementation of the government's power development project, according to report by ICRA Equity Research Service. The ratings agency has assigned the Fundamental Grade '4' to the company implying that the company has "strong fundamentals" and the Valuation Grade 'A' implying "signified undervalued" on a relative basis.

PFC, which was set up in 1986, provides loans for a range of activities from generation to distribution, transmission, renovation and maintenance and other related activities. Generation projects constituted around 83% of PFC's loan book as on 31 March 2012, distribution being 4%, transmission 8% and others 6%.

According to ICRA Equity Research, PFC's portfolio registered a robust growth over the past few years on the back of significant investment demand in the power industry. PFC's portfolio has expanded at a five year +CAGR of 24% to Rs1,30,071 crore as on 31 March2012. This share had been declining till FY2011, as during this period banks increased their lending to the sector, however, PFCs share increased in FY2012 from 21% to 22%. Going forward the banking system may not be able to sustain their high pace of expansion in the sector, as several banks are hitting their industry exposure limits. Therefore PFC would be in a position to increase its market share going forward.

Given the existing deficit situation and likelihood of continued growth in energy requirements, ICRA Research expects an incremental capacity requirements of 95,000 MW by end of the XII Five Year Plan (until March 2017) and about 1,80,000 MW by end of FY22, assuming energy demand to grow at 6.5% per annum and loss levels to improve1 steadily.

PFC's large net worth (Rs20,708 crore as on 31 March 2012) has enabled it to take large exposures on projects in the past, which has supported its competitive positioning. Furthermore within the state power sector PFC has permission from the Reserve Bank of India (RBI) to formulate its own exposure norms. Accordingly PFC can lend up to 150% of its net worth to a single state sector utility, against up to 25% of capital funds (Tier 1 and Tier 2) for banks.

However, PFC has observed some slippages in the current financial year and the Gross NPA percentage increased from 0.23% as on March 2011 to 1.04% as on 31 March 2012, primarily on account of slippage in two large accounts-Shri Maheshwar Hydel Power Project(approx Rs700 crore) and Konaseema Gas Power (approx Rs387 crore). Also, given the current concerns with respect to shortages of domestic coal availability and the deterioration in health of state power utilities, asset quality indicators of PFC may deteriorate.

Despite these challenges PFC could still continue to maintain low NPAs because of default escrow mechanism in all cases, possibility of restructuring some accounts and differentiated NPA recognition norms for state government guaranteed exposures. Further, despite such possible deterioration in collections over medium term, eventual losses from state government entities could remain low.


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