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Barack Obama wins re-election: CNN

The 51-year-old first African-American president was projected by television channel CNN as having won the second term with 274 electoral votes

 
Washington: Barack Obama won a second term in office overcoming a stiff initial challenge from his Republican challenger Mitt Romney after clinching convincing victory in the crucial state of California, reports PTI.
 
The 51-year-old first African-American president was projected by television channel CNN as having won the second term with 274 electoral votes after exit polls gave him California in west coast which has 55 electoral votes.
 
It projected Romney has having secured 201 votes in an electoral college of 535 votes. The winner has to garner at least 270 votes.
 
Till California was called, Romney had a comfortable lead over the president. Another crucial state Florida saw a tight race between the two with a slight edge for Obama. Florida has 29 electoral votes.
 

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Kingfisher will not fly if doesn't get capital by 30th November: SBI

According to the SBI chairman, the consortium of 17 banks have been meeting regularly to help Vijay Mallya owned and cash-strapped airline


New Delhi: State Bank of India (SBI), the lead bank to ailing Kingfisher Airlines, on Tuesday cautioned the carrier that it "will not fly" if it fails to bring in fresh capital by 30th November, reports PTI.

 

"Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till 30th November that they should get capital otherwise the company will not fly...," SBI Chairman Pratip Chaudhuri told PTI.

 

He further said the airline would not be able to get investors if it is not flying.

 

Chaudhuri said the consortium of 17 banks have been meeting regularly to help the cash-strapped airline.

 

SBI has over Rs1,500-crore of exposure to Kingfisher.

 

The bank chairman said the consortium, led by SBI, has made available a total Rs7,000 crore to Kingfisher to help it keep flying.

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EC rejects Swamy's plea for de-recognition of Congress party

The Election Commission dismissed Dr Swamy's plea holding that it did not fall under any of the grounds specified for de-recognition of a political party


New Delhi
: The Election Commission of India on Tuesday rejected Dr Subramanian Swamy's petition for de-recognition of the Indian National Congress on the plea that it violated rules for registration by loaning Rs90 crore to a company, reports PTI.

 

The Commission, after its full meeting, headed by Chief Election Commissioner VS Sampath, dismissed the plea holding that it did not fall under any of the grounds specified for de-recognition of a political party.

 

"The ground urged by you seeking de-recognition of the party under reference in the present case does not fall under any of the grounds specified under the said paragraph 16A for such recognition," the Commission said in a letter to Swamy.

 

The Commission further stated that the 3rd and 5th November letters written by Swamy were "not maintainable" under paragraph 16A of the Election Symbols (Reservation and Allotment) Order, 1968, which gives powers to the Election Commission to suspend or withdraw recognition of a recognised political party for its failure to observe Model Code of Conduct or follow the Commission's directions.

 

The Commission has also said that even though the Representation of People Act, 1951 provides for the manner in which the registered political parties may raise their funds, "there is no provision whatsoever in that Act prescribing the manner in which the political parties may use those funds."

 

The EC letter further states that, "If the party has not complied with any of the provisions of the Income Tax Act, 1961, as alleged by you, that matter does not fall within the jurisdiction of the Commission."

 

Swamy, the president of Janata Party, had earlier alleged that the Indian National Congress headed by Sonia Gandhi be de-recognised by the Election Commission on the grounds that the party had loaned more than Rs 90 crore to a company named Associated Journals Private Limited, in violation of the guidelines and rules for registration as well as recognition of political parties.

 

The Commission has also taken serious exception to Swamys allegation questioning EC's impartiality and rejected it as "completely baseless".

"...the Commission does not have anything to do with newspaper reports referred to by you. The Commission had not taken any decision in the matter on the 3rd or 4th November, 2012 and, therefore, leaking of the decision by anyone does not arise. The Commission takes serious exception to your allegation questioning the impartiality of the Commission which the Commission rejects as completely baseless," the EC said.

The Commission further said that the reliance placed on section 146 of the Representation of the People Act, 1951 and the General Clauses Act, 1897, in support of Swamy's prayer for a hearing by the Commission in the matter was also "misplaced".

"The present case is not the case of one such inquiry as contemplated under the said section 146 of the Representation of the People Act, 1951," the Commission told Swamy.

Swamy had on 3rd November moved the EC seeking derecognition of Congress, alleging the party violated laws by providing a Rs90 crore loan to a company that published the now-defunct National Herald newspaper.

In a letter to the EC, Swamy said Congress has "prima facie" committed an offence under electoral law as well as Income Tax law for which it is necessary to hold hearings and decide on derecognising the party.

His petition came as a follow up to his charges against Congress President Sonia Gandhi and Rahul Gandhi over acquisition of Associated Journals that published the newspaper to which Congress gave the loan.

He had said Associated Journals obtained an unsecured loan of Rs90 crore from AICC which he claimed was illegal under Income Tax Act because a political party cannot give loans for commercial purposes.

"This loan is in violation of the Guidelines and Rules that has to be mandatorily followed by political parties for registration as well as recognition. Section 29A to C of RPA and Section 13A of IT Act do not make any provision for any political party to extend loans to companies with or without interest," Swamy said in the letter.

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