Citizens' Issues
BCCI suspends Rajasthan Cricket Association after Modi declared president

The BCCI suspended Rajasthan Cricket Association immediately after the state association elected Lalit Modi as its president

Lalit Modi, the former commissioner of Indian Premier League (IPL), was on Tuesday elected as president of Rajasthan Cricket Association (RCA). Following the declaration of election results, the Board of Control for Cricket in India (BCCI) immediately suspended the state association, say media reports.


“The BCCI President has indefinitely suspended RCA from participating in any BCCI activity. The decision has been taken as per the constitution clause No. 32, sub-clause 7, where the president has the right to suspend an association, which doesn’t conform with the rules and regulations of the BCCI. The decision was taken by interim president Shivlal Yadav,” BCCI secretary Sanjay Patel told news agency PTI.


The election of RCA was conducted in December last year but the results were sealed following a Supreme Court directive. After much deliberation, the result was finally announced by a court-appointed observer on Tuesday.


However, the verdict may set the stage for yet another round of legal tussle between Modi and a livid BCCI, which had threatened to ban RCA in anticipation of this result. Earlier, the BCCI had asked the RCA to dissociate itself from Modi, or face action after the latter was banned for life for financial irregularities in the IPL in September 2013.


As expected Modi won by a landslide margin, polling in 24 out of 33 votes, while his opponent Rampal Sharma earned just five.


The former administrator of IPL, who has been living in London for the past four years, was allowed to contest the RCA elections held on 19 December 2013 under the supervision of a Supreme Court-appointed observer.


Among other office-bearers, Somendra Tiwari was elected as the new secretary, while Pawan Goyal won the treasurer's post. Mehmood M Abdi, a close confidante and legal counsel of Modi, has been elected as the deputy president of the RCA.


Modi was slapped with a life ban by the BCCI on 25th September last year after its disciplinary committee found him guilty on eight charges of "indiscipline and misconduct". Earlier, the Supreme Court refused to stay the BCCI special general meeting for considering the disciplinary committee’s report against Lalit Modi.


The apex court said that the Modi issue is an internal matter of BCCI and it will not interfere in it. It has asked Modi to appear and give his explanation before SGM on the charges levelled against him.


Modi, the pioneer and commissioner of IPL was removed from all posts by the BCCI due to alleged corruption and financial irregularities.


Coming back to the RCA election, after Modi entered the fray, the BCCI had challenged the Rajasthan Sports Act, 2005 which allowed the former chief of IPL to contest the presidential polls despite being banned for life by the Board.


Modi's re-election is being seen a massive blow to BCCI's current president N Srinivasan, who has been forced to step aside due to the ongoing Supreme Court-monitored probe into the IPL betting and spot-fixing scandal.


Modi has never minced words in criticising Srinivasan, calling him corrupt on several occasions.


Canara Bank FY14 net profit down 15% to Rs2,438 crore

For FY14, Canara Bank reported lower net profit of Rs2,438 crore due to 44.4% higher provisioning

Canara Bank, the state run lender reported a lower full year net profit mainly due to increase in its provisioning despite posting higher net interest income (NII) and revenues.

For the 12 month to end-March, Canara Bank said its net profit decreased 15% to Rs2,438 crore from Rs2,872 crore even as its total revenues,  including interest income, grew 16.8% to Rs43,480 crore from Rs37,231 crore, a year ago period.

During FY14, the public sector lender said its NII increased 13.5% to Rs8,944 crore from Rs7,879 crore of FY13. Its non-interest income (other income) grew 24.7% to Rs3,933 crore from Rs3,153 crore in FY13.

Canara Bank made total provisions of Rs4,358 crore, 44.4% more than Rs3,018 crore a year  ago period.  

As on 31 March 2014, Canara Bank's total income of from advances increased 16.7% to Rs43,480 crore from Rs37,321 crore, while its total advances grew 24.3% to Rs3.01 lakh crore. Canara Bank's total deposits during the year increased 18.2% to Rs4.21 lakh crore and saving account deposits grew 20.2% to Rs85,536 crore compared with same period a year ago.

As on 31 March 2014, Canara Bank's capital adequacy ratio (CAR) stood at 10.63%, Current account saving account (CASA) ratio stood at 25.9%. Its gross non performing assets ratio (GNPAs) stood at 2.49% (Rs7,570 crore) while net non-performing assets stood at 1.98% (Rs5,965.46 crore).

“The Bank proposes to raise additional equity capital amounting to Rs1,500 crore by way of qualified institutional placement (QIP) or through preferential allotment during the current financial year. Adequate headroom available to raise capital to support business growth momentum. Government shareholding is at 69%,” Canara Bank said in a release.

For the fourth quarter to end-March, Canara Bank said its net profit fell 15.79% to Rs610.83 crore from Rs725.38 crore while its total revenues, including interest income, grew 22.57% to Rs11,609.72 crore from Rs9471,57 crore, same period last year.

As on 31 March 2014, the Canara Bank's total number of branches (including extension counters) and ATM network stood at 4,755 and 6,312 respectively.

As on 31 March 2014, public shareholding in the Canara Bank grew to 8.94% from 6.75%, Promoter (Government of India) shareholding grew to 69% from 67.72%, in a same period a year ago. While, domestic institutional investors (DIIs) shareholding fell to 13.09% from 13..5%, FIIs shareholding fell to 8.97% from 12.18%.

Canara Bank declared a final dividend of Rs4.50 per share.

At 11.37am Tuesday, Canara Bank was trading 3.1% down at Rs294 on the BSE, while the 30-share Sensex was marginally up at 22,539.

For more stock results, check out this page


V-Guard Industries FY14 net profit up 11% to Rs70.13 crore

For FY14, V-Guard Industries reported higher net profit to Rs70.13 crore on strong growth in its electro-mechanical business

V-Guard Industries, the Kerala-based electrical appliances manufacturer, reported a higher full year net profit, due to robust growth in its electro-mechanical business.

For the 12 months to end-March, V-Guard Industries said its net profit increased 11% to Rs70.13  crore from Rs62.91 crore while its total revenues, including sales, grew 12% to Rs1,517.56 crore from Rs1,316.21 crore, a year ago period.

V-Guard Industries profitability from its electronics business grew 8% to Rs57.90 crore from Rs53.54 crore, while its electro-mechanical business grew 20% to Rs59.22 crore from Rs49.37 crore, a year ago period.

As on 31 March 2014, shareholding in V-Guard Industries by FIIs increased to  18.90% from 12.71% and promoter's shareholding increased to 66.16%  from 65.29%.  Public shareholding, however decreased to 13.77% from 18.25% and DII shareholding declined to 1.17% from 3.75% compared with 31st March 2013.

For the fourth quarter to end-March, V-Guard Industries said its net profit surges 129%  to Rs20.47 crore from Rs8.93 crore, while its total revenues, including sales, grew 11% to Rs422.44 crore from Rs378.72 crore, same period last year.

V-Guard declared an annual dividend of Rs4.5 per share.

At 11.34am Tuesday, V-Guard Industries was trading 1.1% down at Rs517  on the BSE, while the S&P BSE Sensex was marginally up at 22,539.

For more stock results, check out this page


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