Citizens' Issues
CBI books senior IT official for corruption
Chennai : The Central Bureau of Investigation (CBI) has registered a case against a senior Income Tax department official here for allegedly amassing assets disproportionate to his known sources of income, an agency official said.
 
"The CBI has registered a case against M.Krishnaswamy, commissioner of income tax now posted as director (investigation), Settlement Commission here and eight others for possession of alleged disproportionate assets to the tune of around Rs.6.1 crore," said a CBI official, speaking on the condition of anonymity, here.
 
The official said searches in 14 places in Chennai, temple town Palani and other places were conducted.
 
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

R Balakrishnan

11 months ago

Just keep track of this story. In a year from now, no one will know what happened to the IT officer. In all probabilities, be a consultant or something like that..And no one will hear of this case again..

SEBI fails to protect own officials, alleges employees union
SEBI should own up its decisions and not push it on to individual officials. Deposition of dealing officials before external agencies like CBI several years after a decision should be only an exception and not routine, the employees union argues
 
Market regulator Securities and Exchange Board of India (SEBI) fails to stand by its own officials deposing before external agencies and these employees are left to defend themselves, according to an officers’ union in SEBI.
 
The union, in a letter (a copy of which is with Moneylife) to SEBI chief UK Sinha, has said, "Absence of any institutional mechanism within SEBI is leading to a growing feeling amongst a large section of SEBItes that for carrying out their official duties in a bonafide manner, no one is there to stand by them, no protection is available to them and they are left to fend themselves on their own."
 
According to the union, over the past two years, around 70 officials or 10% from the SEBI workforce have been summoned by external agencies like Central Bureau of Investigation (CBI), and Economic Offences Wing (EOW) for obtaining information or documents and to record their statement. 
 
"While we understand that the truth needs to come out and law needs to take its own course, what is shocking is the manner, magnitude and the scale at which this process is taking place, not within or by SEBI but external agencies, and more so during the last couple of years," the union says.
 
Normally, such examination by external agencies takes place after couple of years of processing and by that time, the officer concerned is transferred from the department. However, each official who has put his/her signature on the file in any capacity is made to appear in person, several years after transfer and give statement on oath, at times based on memory. 
 
The union says, "Since, the documents on record were sufficient for SEBI to take the decision in the matter, the same documents should be sufficient for fact finding by external agencies."
 
"Further, SEBI takes decision based on record at that time and the personal knowledge of the processing official beyond such documents is non-est. So the question of personal knowledge of the concerned official does not arise even several years after the decision. SEBI as an organisation should own the decision and not individual officials and the nodal cell of SEBI should only do the coordination. Deposition of dealing officials should be only an exception and not routine and this too should take place only when SEBI is satisfied that it is absolutely necessary," the union said.
 
The nodal cell in SEBI, after receiving requests from external agencies routinely forward it to the concerned department. The department then directs concerned official to depose before the external agency. 
 
According to Section 23 of the SEBI Act, "...no suit, prosecution or other legal proceedings shall lie against the Central Government or Board or any other officer of the Central Government or any member, official or other employee of the Board for anything, which is in good faith done or intended to be done under this Act or the rules or regulations made thereunder."
 
The Reserve Bank of India (RBI) has an institutional mechanism in place for such matters to protect its officials, the union pointed out.
 
"SEBItes are losing confidence and it has a demoralising effect across SEBI employees. There is a concern that this atmosphere is not conduction to the growing responsibilities of SEBI and it is paramount to address this without further delay," the union demanded.

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COMMENTS

Meenal Mamdani

11 months ago

I don't think any employee can be exempted from appearing before another investigating agency of the govt.

However SEBI should have a set procedure which could include an in-house lawyer accompanying the said employee to the meeting. This would reassure the SEBI employee and also keep SEBI informed about the interrogation.

These interrogations are likely to become more frequent if the GOI is serious about cracking down on financial crimes, which I hope they are.

Vaibhav Dhoka

11 months ago

What action SEBI and employees union intend to take on employees who don't do their duty as per charter?SEBI should not let down its employees but take stern action against employees skipping their duty and thus cause burden to exchequer and finally to public.

Milestones and controversies ruled Indian sports
New Delhi : Sports in India recorded several milestones in 2015 - from boxer Vijender Singh's explosive professional debut to Sania Mirza's superb run and Saina Nehwal's exploits to wrestling joining the burgeoning bandwagon of leagues.
 
Indian cricket, however, was hit by a plethora of controversies which threatened to overshadow on-field events.
 
Sania personified Indian tennis with a stupendous rise that catapulted her to the tip of women's doubles rankings.
 
Her association with Swiss great Martina Hingis formed the basis of an unstoppable juggernaut as they complimented each other perfectly to win an astonishing nine titles, a fairy tale journey adorned with prestigious victories at Wimbledon and US Open.
 
They teamed up in 16 events and enjoyed an overwhelming 55-7 win-loss ratio with a 22-match unbeaten streak.
 
The Indo-Swiss collaboration capped off a memorable year with a triumph at the season-ending Women's Tennis Association (WTA) Finals in Singapore, also winning at Beijing, Wuhan, Guangzhou, Charleston, Miami and Indian Wells.
 
Sania-Martina made the top spot in world rankings their own and were named the Women's Doubles World Champions by the International Tennis Federation (ITF).
 
But while all was shining on the doubles front, India's struggle in singles was again highlighted when their top-ranked player Yuki Bhambri (93) lost both his Davis Cup matches against Czech Republic at home.
 
India lost the World Group Playoff 1-3 to condemn them to spend another year at the Asia/Oceania Group 1 phase.
 
Away from tennis, Vijender grabbed headlines with his exploits in the ring. The Haryana man started his journey in the professional circuit on an explosive note with three back-to-back knockout and technical knockout (TKO) wins.
 
He registered a TKO win over English Sony Whiting on his debut before knocking out another British pugilist Dean Gillen in the opening round of his second fight.
 
His third bout, against the more experienced Samet Hyuseinov of Bulgaria was a six-round contest. But despite all his tall talk before the fight, the Bulgarian was clubbed into submission early in the second round as Vijender clinched a TKO verdict.
 
Wrestlers also saw a momentous year. Although the performance at Worlds wasn't impressive, Narsingh Pancham Yadav (men's 74 kg) bagged the lone medal to secure a quota place for the 2016 Rio Olympics.
 
The long-term future of the sport got a leg-up with the launch of the Pro Wrestling League (PWL).
 
The inaugural edition was quite successful with crowds thronging the venues and world class action on the mat. The six wrestling teams in the fray boasted several World and Olympic medallists. Budding Indians like Bajrang Punia, Amit Dahiya, Rahul Aware, Amit Dhankar and Rajneesh also grabbed the limelight alongside more established stars like Yogeshwar Dutt.
 
All was not well with Indian cricket as the sport went through a disheartening year, both on-and-off the field.
 
India, who had won the World Cup after 28 years in 2011 under the leadership of Mahendra Singh Dhoni, failed to defend their title in March 2015, as they went down to hosts Australia in the semifinals by a big margin. Co-hosts Australia went on to clinch their fifth World title beating New Zealand.
 
More than the World Cup loss was when the Indian Premier League (IPL) saw a new low with Chennai Super Kings (CSK) and Rajasthan Royals (RR) being suspended for two years. Both franchise's officials Gurunath Meiyappan and Raj Kundra were found guilty of betting and were suspended for life from all cricketing activity.
 
Following the suspension, the Board of Control for Cricket in India (BCCI) had to bring in two new teams (Pune and Rajkot) for the tournament.
 
Newly-appointed Test captain Virat Kohli enjoyed some amount of success as India toured Sri Lanka for a three-match series where the visitors came out victorious 2-1. It was followed by over a two-month-long South Africa tour of India which started on a disappointing note as the hosts lost both the Twenty20 International and one-day series.
 
The longest format of the game was left to restore some pride and the four-match series saw India make the best use of home conditions, by producing rank turners to outplay the Proteas 3-0.
 
The pitch in Nagpur was the centre of controversies as critics hit back at India for producing such unplayable conditions.
 
The game saw plenty of controversies off the field as well with the acrimonious relationship between India and Pakistan resulting in the proposed bilateral series being cancelled.
 
Allegations of corruption within the Delhi and District Cricket Association (DDCA) also created a storm with the Delhi government launching a probe into the body's financial affairs.
 
Former DDCA president Arun Jaitley was accused of overseeing massive financial irregularities during his 13-year tenure which ended in 2013 and there is a demand for his resignation as Union Finance Minister.
 
The three-member probe panel constituted by the Delhi government also urged the BCCI to suspend DDCA due to the large number of complaints.
 
In badminton, it was, as expected, Saina Nehwal who was the country's flagbearer.
 
Saina started the year on a brilliant note by winning the India Grand Prix Gold in Lucknow, beating reigning World Champion Carolina Marin in the final. She backed it up with her lone Superseries title in March -- India Open -- which she won here, defeating former World Champion Ratchanok Intanon in the summit clash.
 
The 25-year-old became the first Indian since Pullela Gopichand to reach the All-England final which the chief national coach had won way back in 2001. The Hyderabadi also became the first Indian to reach the final of the Worlds in August.
 
The Hisar-born also became the first Indian woman shuttler to become World No.1.
 
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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