Leisure, Lifestyle & Wellness
BCCI to take legal action against West Indies for cancelling cricket tour

The decision to suspend all cricket tours with the West Indies and initiate legal action was taken “unanimously” by the Working Committee members of BCCI

 

The Board of Control for Cricket in India (BCCI) on Tuesday while suspending all bilateral cricket tours with the West Indies said it has decided to initiate legal proceedings against the West Indies Cricket Board (WICB) for abruptly cancelling its tour last week.

 

The tough stand by the BCCI, which has incurred heavy losses for the abandonment of the series, was taken by the all-powerful Working Committee, which met in Hyderabad to decide the future course of action.

 

The decision to suspend all cricket tours with the West Indies and initiate legal action was taken “unanimously” by the Working Committee members.

 

“BCCI will initiate legal proceedings against the West Indies Cricket Board due to the abrupt cancellation of this tour. All bilateral tours between BCCI and WICB stand suspended,” BCCI Secretary Sanjay Patel said in a brief statement after the meeting.

 

The BCCI also appreciated the gesture of the Sri Lankan Cricket Board for accepting the offer of playing a five-match one-day international (ODI) series at such short notice.

 

“The members appreciated the gesture of the Sri Lankan Cricket Board for having accepted our request to play five ODIs starting from 2nd November at such short notice.

 

“This tour is in lieu of their scheduled tour to India next year, which will be reciprocated by India touring Sri Lanka in the months of July-August 2015,” the statement said.

 

The venues for the five ODIs will be Cuttack, Hyderabad, Ranchi, Kolkata and Ahmedabad and the detailed itinerary will be announced shortly.

 

The BCCI statement, however, did not specify the exact period of suspension of cricketing tours between the BCCI and the WICB.

 

It is learnt that the majority of the members were in favour of taking a hard stand against the WICB for aborting the tour after playing four ODIs.

 

The West Indians were scheduled to play five ODIs, one T20 and three Tests matches during the tour between 8th October 8 and 19 November 2014.

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SEBI seeks clarification on Rashtriya Ispat Nigam's proposed IPO

SEBI said it might issue observations on RINL’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them

 

Market regulator Securities and Exchange Board of India (SEBI) has sought clarification from the merchant banker of Rashtriya Ispat Nigam Ltd (RINL) regarding the company’s proposed initial public offering (IPO).

 

Without disclosing the details of clarifications sought from RINL, SEBI has said, “clarifications (are) awaited from lead manager” for the proposed public issue.

 

As per the latest weekly update to the processing status of draft offer documents, SEBI has said clarifications are awaited on the proposed IPO of RINL as on 17 October 2014.

 

However, it could not be ascertained whether the company has replied to SEBI’s queries in the meantime.

 

SEBI said that it might issue observations on RINL’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.

 

The regulator had received the draft offer documents on September 19 through RINL’s lead manager UBS Securities India Private Limited.

 

Under the proposed IPO, the government would offload 48.9 crore shares through an offer for sale, of which 35% will be reserved for retail investors and 50% for qualified institutional buyers.

 

A discount of up to 5% on the Offer Price shall be offered to retail investors.

 

As per the draft red herring prospectus (DRHP) filed with SEBI, the government will sell its 10% stake in the company and the entire proceeds through the issue would go the exchequer.

 

The IPO of state-owned steel maker RINL is scheduled to hit the markets in the current fiscal, and the Cabinet has already accorded its approval for the stake sale.

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CBI files revised final closure report in case against Kumar Mangalam Birla

The agency filed the report before Special CBI Judge Bharat Parashar and said that it contains a detailed report of investigation being carried out in the coal scam case

 

The Central Bureau of Investigation (CBI) on Tuesday filed a “detailed and comprehensive” revised final closure report before a special court in a coal block allocation scam case involving top industrialist Kumar Mangalam Birla, former coal secretary PC Parakh and others.

 

The agency filed the report before Special CBI Judge Bharat Parashar and said that it contains a detailed report of investigation being carried out in the case.

 

“Investigating Officer (IO) DSP KL Moses has filed a revised final report, which is stated to be detailed and comprehensive....the final report is also in the nature of a closure report. Special Public Prosecutor RS Cheema seeks some time to advance arguments...Put up for 10th November,” the judge said.

 

During the hearing, the investigating officer told the court that as directed earlier, that they are filing all the documents related to the case before the court.

 

CBI also filed certain additional documents which were seized during the investigation before the court.

 

During the hearing, the judge asked CBI that if he will take cognisance of the final report filed by the agency, then how it will provide the list of witnesses and documents to the court.

 

Responding to this, Cheema said, “Now we are taking precaution” and the agency will see that each and every document is filed in the court.

 

Cheema also told the court that the final revised closure report filed today deals with everything collected by the agency during the investigation.

 

On 12th September, the court had asked CBI as to what was the hurry in closing the case in which first information report (FIR) was registered against Birla, Parakh and others. CBI had on 28th August filed a closure report in the case.

 

The FIR against Birla, Parakh and others was registered in October last year by CBI which had alleged that Parakh had reversed his decision to reject coal block allocation to Hindalco within months “without any valid basis or change in circumstances” and shown “undue favours”.

 

The FIR relates to allocation of Talabira II and III coal blocks in 2005.

 

CBI had booked Birla, Parakh and other officials of Hindalco under various IPC sections, including criminal conspiracy and criminal misconduct on the part of government officials.

 

In its FIR, the agency had alleged that during the 25th Screening Committee meeting, chaired by Parakh, applications of Hindalco and Indal Industries were rejected for mining in Talabira II and III “citing valid reasons”.

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