Amar Singh questioned in connection with cash-for-vote scam

The former Samajwadi Party leader was grilled for three-and-a-half hours at the Crime Branch office after two arrested accused Sanjeev Saxena and Suhail Hindustani named him

New Delhi: Rajya Sabha member Amar Singh was on Friday questioned by Delhi police in connection with the 2008 ‘cash-for-vote’ scam, reports PTI.

The former Samajwadi Party leader was grilled for three-and-a-half hours at the Crime Branch office after two arrested accused Sanjeev Saxena and Suhail Hindustani named him, police sources said. The sources said he denied his involvement in the scam.

Mr Singh, who is accused of sending bribe money to win over three BJP MPs during the 2008 confidence motion, did not speak to the waiting media persons.

Police did not rule out the possibility of Mr Singh being questioned again and it could take place after a status report is filed in the Supreme Court next Friday.

BJP MP Ashok Argal, who was allegedly sought to be bribed, is expected to be questioned on Monday.

Amar Singh’s appearance before the police comes after the Delhi Police issued summons to him under Section 160 of the Criminal Procedure Code, asking him to present himself before the Crime branch.

He drove to the Crime branch’s Inter-State Cell in Chanakyapuri at 10.45am in his Mercedes car.

The decision to call Mr Singh for questioning comes after the arrest of Suhail Hindustani, who allegedly acted as a liaison between Mr Singh and BJP MPs.

On Sunday, police had arrested Sanjeev Saxena, once considered close to Mr Singh who allegedly delivered cash to the MPs to vote in favour of the UPA during the trust vote.

The arrests and fresh investigations into the case have come after Delhi Police was slammed by the Supreme Court last week for its ‘callous’ approach in this case.

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Union Bank of India Q1 net down 22.7% at Rs464.40 crore

Union Bank's gross NPAs increased to 2.57% during the quarter ended 30th June from 2.19% in the same quarter a year ago. Its net NPAs also went up to 1.32% during the reporting quarter from 0.94% during the first quarter of 2010-11

Mumbai: Public sector lender Union Bank of India today reported a 22.7% decline in net profit at Rs464.40 crore for the first quarter ended 30 June 2011, mainly on account rise in provision against bad assets, reports PTI.

It had posted a net profit of Rs601.42 crore for the corresponding quarter of the last fiscal, Union Bank of India said in a filing to the Bombay Stock Exchange (BSE).

However, the total income of the bank increased by 31% at Rs5,399.60 crore as compared to Rs4,120.66 crore during the year-ago period.

The bank made a provision of Rs214 crore for bad assets during the quarter, compared to Rs185 crore in the same quarter a year ago.

The net interest income of the bank, rose by 18.11% to Rs1,590 crore compared to Rs1,347 crore in the same quarter in the previous fiscal.

Net interest margin (NIM) during the April-June quarter rose to 3.10% against 3.03% earlier.

Union Bank's gross non-performing assets (NPAs) increased to 2.57% during the quarter ended 30th June from 2.19% in the same quarter a year ago, it said.

Its net NPAs also went up to 1.32% during the three-month period from 0.94% during the first quarter of 2010-11.

Union Bank's shares closed 5.13% higher at Rs309.20 apiece on the BSE today.

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Axis Bank Q1 net up 27% to Rs942.3 crore

The net interest income of the bank rose by 13.8% to Rs1,724.10 crore from Rs1,513.77 crore in the same quarter of the previous fiscal. However, its net interest margin declined 3.28% from 3.71% at the end of June 2010

Mumbai: Private sector lender Axis Bank today reported a 27% jump in net profit to Rs942.3 crore for the first quarter ended 30 June 2011 compared to Rs741.88 crore for the corresponding quarter of the previous fiscal, Axis Bank said in a filing to the Bombay Stock Exchange (BSE).

Total income of the bank rose to Rs6,049.20 crore during the quarter from Rs4,326.30 crore in the same period of the previous fiscal, reports PTI.

The net interest income of the bank rose by 13.8% to Rs1,724.10 crore from Rs1,513.77 crore in the same quarter of the previous fiscal.

However, the net interest margin (NIM) of the bank declined 3.28% from 3.71% at the end of June 2010.

The bank has received in-principle approval from the Reserve Bank of India (RBI) for acquiring certain demerged businesses from Enam, it said.

RBI had stipulated certain conditions, including a revised scheme of accounting and the eventual structure for the businesses proposed to be acquired, it said.

Upon examining the implications of these conditions, the bank has sought certain modifications to the approval granted by the RBI. Pending the receipt of the necessary approvals, no effect of the acquisition has been given to the financials for the quarter ended 30 June 2011, it said.

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