Regulations
Cabinet approves closure of three HMT companies
New Delhi/Bengaluru : The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the closure of three Hindustan Machine Tools (HMT) companies -- HMT Watches, HMT Chinar Watches and HMT Bearings.
 
"With a cash assistance of Rs.427.48 crore, the three loss making subsidiaries of HMT Ltd. namely HMT Watches Ltd., HMT Chinar Watches Ltd., HMT Bearings Ltd., will attain closure after separation of about a thousand employees through attractive VRS/VSS and settlement of their dues," the CCEA said in a statement. 
 
The employees will receive Voluntary Retirement Schemes (VRS) at 2007 payscales.
 
The movable and immovable assets of the three companies will be disposed of according to government policy, the statement added.
 
Of the 31 Central Public Sector Enterprises (CPSE) operating in manufacturing, consultancy and contracting services, only 12 are making profits while the remaining 19 are incurring losses.
 
Each and every loss making CPSE is appraised and assessed to check the feasibility of revival and return to profit by the department of heavy industries.
 
"As a part of this exercise, the loss making CPSEs having the potential of turnaround are revived and those found chronically sick are disinvested or closed down after payment of due compensation to employees," the statement said.
 
State-run diversified manufacturing company HMT posted a stand-alone loss of Rs.24.25 crore in Q2 2015-16.
 
The watch subsidiary of HMT, with 1,004 employees, has two factories in Bengaluru, one at Tumkur, 70 km from Bengaluru, and another at Ranibagh.
 
The Chinar unit, with 31 employees, has a defunct factory at Srinagar in Kashmir and an assembly unit at Jammu, while the bearing arm has 56 employees.
 
In October 2015, during the German Chancellor Angela Merkel's state visit to India, HMT was one of the five Indian companies which forged collaboration with German companies.
 
HMT inked an agreement with Fraunhofer in the field of machine tools.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Why Punjab SP's version is being suspected
Investigators are baffled by the fact that the terrorists killed the Innova taxi driver, Ikagar Singh, by slitting his throat and stabbing him and also attempted to slit the throat of the SP's friend Verma, leaving him with injuries. Why did they spare the SP, who had not a scratch?
 
Pathankot : Is senior Punjab Police officer Salwinder Singh a suspect or a victim in the terrorist attack on the Pathankot air base?
 
Investigating agencies, especially the NIA, are probing the police officer's role in the incident for over 24 hours before the actual terror attack took place on Saturday.
 
The inconsistencies in the statements of Superintendent of Police Salwinder Singh, his cook Madan Gopal and his jeweller-friend Rajesh Verma, regarding the same incident have made investigators curious. This has led to the SP being put under the scanner. The National Investigation Agency (NIA) has been questioning all three since Tuesday evening.
 
One of the discrepancies in their statements is regarding the number of terrorists. While Verma, who travelled the most distance with the terrorists, said there were four terrorists, the police officer and his cook said they were 4-5 terrorists.
 
Another inconsistency was about the terrorists hitting them with rifle butts. While Verma and the cook had bodily injuries, the SP had none. Also, the SP claimed that he could not hear much of what the terrorists were talking among themselves. Verma said they talked to their "commander" and addressed each other as "alpha" and "major".
 
Investigators are baffled by the fact that the terrorists killed the Innova taxi driver, Ikagar Singh, by slitting his throat and stabbing him and also attempted to slit the throat of the SP's friend Verma, leaving him with injuries. Why did they spare the SP, who had not a scratch?
 
The police officer, Salwinder Singh, is claiming that he and two others were stopped in his Mahindra XUV and abducted by 4-5 heavily armed terrorists near Kolian village on Dec 31 night around 11.30. 
 
He claimed that he and the cook were dumped in a drain in a forest area by the terrorists after some distance, unharmed, but with their hands, legs and mouths tied. He said that both his mobile phones were taken away by the terrorists.
 
The cook, Gopal, however, said that the police officer still had one phone with him with which he contacted his senior.
 
Th officer's friend Rajesh Verma has claimed that the terrorists threw him in the boot of the multi-utility vehicle and drove towards the Pathankot air force base.
 
The questions being raised by investigators are:
 
Why was the SP travelling late in the night in the border belt? Why did he take that particular link road on the fateful night when, by his own admission, there was another road link to the shrine, where he claimed he had gone to offer prayers, in Kathua district of adjoining Jammu and Kashmir? He even claimed that he did not know anything about this 'short-cut' road.
 
Why was he not carrying his gunmen in the vehicle with him? Why was he not carrying his official weapon with him?
 
Being a police officer, shouldn't he have resisted the terrorists even at the cost of his own life? If he and his companions had got into a scuffle with the terrorists and the terrorists had fired at them, their presence in the area would have been known more clearly.
 
Why didn't he or his friend take any action, like throwing the keys, to somehow stop the terrorists from taking away the vehicle?
 
According to Salwinder Singh's version, he untied himself and the cook after the terrorists dumped him and called up his superior officers around 3.30 a.m. to inform them about the terrorists.
 
However, he was not taken seriously. If his immediate seniors were not taking his version seriously, did he take any steps to inform top officers in Punjab Police?
 
His SUV was found later by the police, abandoned near Akalgarh village, not far from the Pathankot Air Force Station (AFS).
 
It was only after Punjab Police put the SP's mobiles on surveillance that it was known that calls were made to Pakistan from these. This alerted the senior officers about the situation and it was shared with the concerned authorities in New Delhi.
 
Punjab Director General of Police (DGP) Suresh Arora said that there was no delay on the part of the state police in acting on the SP's claims.
 
"It was for the first time that the NSG (National Security Guards) were deployed much before the attack. The alert was shared and arrangements were made," Arora claimed.
 
Seven security personnel were killed in the pre-dawn attack by terrorists on the air base on Saturday. Six terrorists were killed with the combat operation ending on Monday evening.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Mahesh S Bhatt

11 months ago

Enjoy the Corruptions Investments ROI 6 Security personel Lives.

God Bless Amen Mahesh

Subramani P K

11 months ago

If the regular police treatment is given to the SP he will come out with the real truth. If the investigating agency has doubts why not take him into custody & interrogate ? If he is found guilty of conniving with the terrorists to plan the attack he should be put before a firing squad & torn to pieces. Without help from the people within no attempt of this nature could be organized by an outside group. Traitors & black sheep in the security agencies both police & army should be identified & treated ruthlessly for playing with the security of the country & people.

REPLY

D S Ranga Rao

In Reply to Subramani P K 11 months ago

I fully endorse the comments of Mr. Subramani P K. The SP and his team's conduct is highly suspicious. What happened to his official driver? How an SP ranking officer can travel in a government vehicle without uniform, without his official driver but with a private person? What on the earth the so called 'cook' of the SP was cooking in the vehicle at such an odd hour?(!) Even extremists won't spare a police man, once encountered with or without uniform; then, how the SP escaped unscathed from the hands of '4-5 heavily armed terrorists', who later proved to be deadly? The matter deserves a very thorough and high-level probe and the truth must be made public meting out exemplary punishment to the SP for all his omissions and commissions, if found any.

Cabinet nod for credit guarantee fund for MUDRA Bank loans
New Delhi : The union cabinet on Wednesday approved the setting up of a credit guarantee fund for loans of Micro Units Development & Refinance Agency Ltd or MUDRA Bank.
 
The fund is expected to guarantee more than Rs.100,000 crore worth of loans to micro and small units in the first instance, the government said.
 
The cabinet meeting chaired by Prime Minister Narendra Modi also gave its nod to covert MUDRA Ltd to MUDRA Small Industries Development Bank of India (MUDRA SIDBI Bank) - a wholly owned subsidiary of Small Industries Development Bank of India (SIDBI).
 
Finance Minister Arun Jaitley in his budget speech for 2015-16 had said MUDRA Bank and a credit guarantee fund was proposed to be set up with a refinance corpus of Rs.20,000 crore and Rs.3,000 crore respectively.
 
Prior to the launch of the Pradhan Mantri MUDRA Yojana (PMMY) in April, 2015, MUDRA Ltd. was set up as a subsidiary of SIDBI in March, 2015.
 
The Reserve Bank of India (RBI) has allocated Rs 20,000 crore and the first tranche of Rs.5,000 crore has been received by MUDRA as refinance.
 
The credit guarantee fund is set up to guarantee loans given under Pradhan Mantri Mudra Yojana. 
 
This is done to reduce the credit risk to banks, non-banking finance companies and others who are member lending institutions.
 
The guarantee would be provided on portfolio basis to a maximum extent of 50 percent of amount in default in the portfolio.
 
The National Credit Guarantee Trustee Company Ltd., a Government of India company that manages and operates various credit guarantee funds will be the fund Trustee.
 
According to the statement the MUDRA (SIDBI) Bank will undertake refinance operations and provide support services with focus on portal management; data analysis and other activities as specified by the government.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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