AAP leaders have not shared information on party funding

According to the union government, AAP leaders, including Arvind Kejriwal, have not provided information sought by them on the funding received by the party

The union government on Wednesday told the Delhi High Court that leaders of Aam Admi Party (AAP), including Delhi chief minister Arvind Kejriwal, have not provided the information sought by them on the funding received by the party.


Appearing for the union ministry of home affairs (MHA), additional solicitor general Rajeev Mehra told the court that, “We have asked for certain details from them regarding bank accounts and other information vide our letter dated 4 November 2013. We had also sent another letter to them. But there is no answer”.


Meanwhile, the Bench headed by Justice Pradeep Nandrajog asked petitioner advocate ML Sharma to also implead AAP as one of the respondents in the public interest litigation (PIL) filed by him seeking lodging of a criminal case against founding members of the party, including Kejriwal, for allegedly receiving foreign funds in violation of law.


“AAP is a registered political party. Why you have not made them a party? File an amended memo of parties by next date of hearing, that is, 5th February,” the Bench said.


Besides Kejriwal, the petitioner has made AAP leaders Manish Sisodia, Shanti Bhushan and Prashant Bhushan as party in his PIL.


The high court had earlier asked the Centre to look “afresh” into the accounts of AAP to find out the source of money received by it after its inception.


The order had come after the Centre had filed a report in which it had said that an evaluation of the accounts of civil society of Team Anna was done in 2012 and a report was filed before another Bench of the High Court last year in a similar PIL filed by the petitioner earlier.


The Centre had earlier submitted before the Court that the issue raised by the petitioner in his PIL has already been investigated and a report was prepared on the issues earlier by the government.


Sharma, in his plea, had cited some names including that of Kejriwal and sought that “a direction be issued to register a criminal case against the respondents (AAP members) under the Foreign Contribution (Regulation) Act (FCRA) and to conduct day-to-day trial proceedings under court supervision in the interest of justice.”


SEBI slaps Rs10 lakh fine on Pal & Paul Builders

SEBI said Pal & Paul Builders had utterly neglected its duty of making the disclosures for 14 years from 1998 to 2011

Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs10 lakh on Pal & Paul Builders for alleged delay in making yearly disclosures to stock exchanges for 14 years.


In an order SEBI said Pal & Paul Builders had utterly neglected its duty of making the disclosures since 1998 and the same continued till 2011.


Noting that the company had demonstrated a 'casual and unbecoming attitude' in fulfilling statutory obligations, SEBI has imposed "a penalty of Rs10 lakh on the noticee Pal & Paul Builders.


As per SEBI norms, a listed company has to make yearly disclosures about its shareholding pattern to the relevant stock exchanges within 30 days from the financial year ending 31st March.


"...The regulations require the making of disclosures so that investing public is not deprived of any vital information," SEBI said.


The company said it was a small delisted company as of now and the alleged delay in submissions of disclosures had not resulted in any loss or harm to the public at large.


SEBI said that from the material available on record, "any quantifiable gain or unfair advantage accrued to the firm or the extent of loss suffered by the investors as a result of the defaults cannot be computed".


"It is observed that the violation is repetitive in nature...The same had continued for 14 years, i.e., every year since 1998 to 2011..., it added.


More rate hikes coming?

We should not forget that the Governor is probably aiming for a 4% in three years—that's a lot of disinflation, requiring a Volcker-type approach to monetary policy, warns Credit Suisse in a research note

RBI Governor Rajan surprised markets again—this time by raising the repo and reverse repo rates by 25 bp to 8% and 7%, respectively. This brings the cumulative tightening to 75 bp since he took the helm at the Reserve Bank in September last year, points out Credit Suisse in a research note on inflation and interest rates.


The RBI (Reserve Bank of India) statement suggests "aggregate demand pressures are still imparting an upside to overall inflation", adding that "it is critical to address these risks to the inflation outlook resolutely in order to stabilise and anchor inflation expectations, even while recognising the economy is weak and substantial fiscal tightening is likely in Q4". This reads very much as though Rajan has effectively adopted inflation as the single nominal anchor for monetary policy as suggested by the Urjit Patel Committee, infers Credit Suisse in the research note.


According to Credit Suisse, it looks as though Dr Rajan was disappointed by the lack of meaningful improvement in the core measure of both consumer and wholesale price inflation. India’s inflationary trends are summarised in the chart below:


The research note concludes by saying, “we  should  not  forget  that  the RBI Governor  is  probably  aiming  for  a  4% number in three years—that's a lot of disinflation, requiring a Volcker-type approach  to monetary policy (deliberately keeping real  interest rates  very  high  to  squeeze  inflation  expectations  down).  Although Dr Rajan (and others) may well be right that such an approach would not have  long-term  implications  for  growth,  there  would  certainly  be  a short-term  trade-off.”


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