The defence counsel opposed the notification, saying if the trial is shifted to the Tihar jail, it would create a lot of inconvenience as everybody will have to get an entry pass to Tihar jail made before attending the proceedings
New Delhi: In a sudden move, the ongoing trial of the second generation (2G) spectrum allocation case was ordered to be shifted to Tihar jail from its present venue of the Patiala House court premises, reports PTI.
Special CBI judge OP Saini, trying the case announced that the trial venue of the case is to be shifted as per a Delhi High Court notification, received by him today.
“In exercise of the powers conferred by section 9 (6) of the CrPC 1973, the acting chief justice and judges of this court (Delhi High Court) have been pleased to order that the trial of the 2G spectrum cases shall be held in Tihar court complex, New Delhi, according to law,” read the notification issued by the high court.
Wednesday’s hearing, however, will continue in Patiala House court complex itself.
The judge announced the shifting of the trial venue of the case amid the ongoing cross-examination of key prosecution witness and HDFC Bank’s Mumbai-based vice president Uday Shahasrabuddhe.
The announcement by the judge triggered protests by former telecom minister A Raja, DMK MP Kanimozhi and other accused, who contended that the move was bereft of valid reasons.
Mr Raja said, “I do not know what is happening in this country.”
The defence counsel opposed the notification, saying if the trial is shifted to the Tihar jail, it would create a lot of inconvenience as everybody will have to get an entry pass to Tihar jail made before attending the proceedings.
They will challenge the notification in the high court.
The 15% depreciation in the value of the rupee in the last two months has put severe pressure on companies which import substantial amount of components from overseas. Auto companies like General Motors India and Toyota Kirloskar Motor, are mulling hike in prices to offset the rising cost of component imports
New Delhi: Hit by the depreciating rupee, auto companies, including General Motors India and Toyota Kirloskar Motor, are mulling hike in prices to offset the rising cost of component imports, reports PTI.
“We import lots of parts and the rupee depreciation is impacting us. We were planning to review prices in January but due to the currency fluctuation we may have to do it soon,” General Motors India vice-president P Balendran told PTI.
He said commodity prices have also been increasing, adding to the burden on auto firms.
“We are currently evaluating the quantum of impact on the prices of our products,” Mr Balendran said.
Expressing similar views, Toyota Kirloskar Motor deputy managing director (marketing) Sandeep Singh said the present currency fluctuation is affecting the company severely.
“It is a double whammy for us. On one hand, yen is appreciating, while on the other hand rupee is depreciating.
Our margins are getting impacted,” he added.
Asked if the company will increase prices, Mr Singh said: “As of now we are absorbing, but if there is too much pressure, then we will share the burden with customers.
“Currently, we are revisiting the prices of all our models. Any new price increase, if we take, will be applicable from 1st January.”
The rupee plunged to an all-time low this morning to Rs52.50 against the US dollar on the Interbank Foreign Exchange on sustained demand for the American currency.
It is putting severe pressure on companies which import substantial amount of components from overseas.
“The rupee depreciation is adversely impacting us as we are a net importer. This is the worst movement of rupee against US dollar. It has lost 15% in the last two months,” Maruti Suzuki India (MSI) chief financial officer Ajay Seth said.
MSI has both direct and indirect exposure to foreign currencies while importing components, and it imports about Rs8,000 crore worth of parts annually, he added.
“At the same time, we also export cars and that is benefiting at present. However, considering both, we are impacted as a net importer. The situation is affecting our margins,” Mr Seth said.
He, however, said the company does not have any plans at present to increase the prices of its products.
The hit due to the weakening of rupee comes at a time when auto makers have been enduring one of the toughest periods with car sales in the country on a continuous decline.
In October, car sales in India registered their steepest monthly decline in nearly 11 years, tanking 23.77% on account of a huge drop in output by the country's largest car-maker MSI due to labour trouble, coupled with high interest rates and rising fuel prices.
Another auto maker Honda Siel Cars India (HSCI) said it is not impacted so far as it is protected under long-term contracts with its foreign vendors.
“So far, we have not faced any impact due to depreciation of rupee as we have forward contracts for importing components, and the ongoing volatility is very recent. If it remains like this, then there will be some impact on us in the long run,” HSCI senior vice president (sales and marketing) Jnaneswar Sen said.
He declined, however, to share for how long HSCI’s imports are protected under forward contracts.
Volkswagen Group Sales India, member of the board and director, Neeraj Garg said: “There is pressure on us because of the currency fluctuation. The quantum of impact has to be worked out as we have many import contents in our models, except Polo and Vento.”
Mr Garg, however, said: “It is very difficult to pass on the burden to customers as the market has already slowed down. We need to do a fine balancing act”.
Commenting on the current situation, Society of India Automobile Manufacturers director general Vishnu Mathur said: “It is a complex situation. Those who are importing are paying higher cost, while those who are exporting are getting higher revenue.”
The companies who are not exporting products will have a higher impact due to import of CBUs, engines and other critical components, he added.
When asked if the companies may hike the prices to mitigate the impact of rupee depreciation, Mr Mathur said: “I really doubt if in today’s market scenario, anyone will pass on the increase to the customers.”
The country’s second largest car maker Hyundai Motor India (HMIL) said its imports are getting affected, but due to high level of exports, the company is less impacted currently.
“Our imports are getting costlier, but we are able to absorb the rising cost as we are a big exporter from India. So we have some cushion to the current adverse situation,” a spokesperson of HMIL said.
Moneylife Foundation conducted its 94th seminar – this time on mutual funds.
In an interactive and lively session on mutual funds (MFs), Debashis Basu, Founder-Trustee of Moneylife Foundation and Editor & Publisher of Moneylife provided a perspective on how one should invest money in equity mutual funds, apart from explaining the different types of mutual funds and how to choose the best schemes.
Mr Basu conducted the workshop, revealing several hidden aspects about mutual funds. This was the 94th workshop organised by the Foundation over the past 21 months that drew and engaged the audience.
Mr Basu also analysed on the benefits and personal risks associated with different types of mutual funds available in the market and investment strategies for each individual. He said that concepts like asking a person to aim at his/her risk-taking ability through a set of questions unrelated to finance were misleading. In reality, everybody invest for returns and nobody wants to lose money. So where to invest is important but how to and how much to invest is even more critical, he added.
He explained that capital protection fund or monthly income plans are a misnomer. They invest 80% in fixed income securities and 20% in equity; how would capital be protected when the equities market crash or bond prices don’t go up? It would make more sense for the investor to put his money in a fixed deposit if he seeks no risk and wishes to protect his capital. "Avoid unit linked insurance plans (ULIPs). Fixed maturity plans (FMPs) are not so attractive. Therefore for individual investors, fixed deposits (FDs) in bank are better at present," Mr Basu said.
Replying to a question on investment in gold funds as safe bet, Mr Basu said, these days gold funds are attractive, as prices have gone up each year for over past 10 years. "For investing in gold fund, it is not necessary to have a broking or demat account. Most gold exchange traded funds (ETFs), available at present are identical in features. The only risk in these funds is liquidity. In case the price of gold begins to fall one day there could be more sellers than buyers," he added.
Mr Basu also said that commodities are good only for trading in futures. He said, "Commodities is a margin based trading. It is not desirable for taking delivery or holding for the long term. It is not the correct option in comparison with equity mutual funds, which are long-term investments with growth."