CBI is raiding the premises of former Assam minister and legislator Hemant B Sharma
The Central Bureau of Investigation (CBI) is searching seven locations in Kolkata, 12 in Guwahati, two in Dhubri, Assam and one in Mumbai in relation to the multi-crore Saradha scam, an official said.
CBI is raiding the premises of former Assam minister and legislator Hemant B Sharma, Anjan Dutta, MLA from Assam, former IPS officer Shankar Baruah and singer Sadananda Gogoi.
In Kolkata, the agency is searching Bapi Karim, a former personal assistant to Bengal minister Asif Khan, Sandhir Agarwal and Sajjan Agarwal and former IPS officer Deben Biswas. The agency has already arrested Sandhir Agarwal.
Kingfisher Airlines has gone to Court in Kolkata and Delhi to protect its reputation from being declared a wilful defaulter by its lender banks
The Delhi High Court today allowed Kingfisher Airlines legal representation before a committee of PNB that will decide whether Kingfisher should be declared a wilful defaulter or not. The court ordered PNB to supply to Kingfisher within one week any documents that the bank would rely upon to decide the question of wilful default. To ensure that the proceedings are not delayed, the court has limited the oral arguments that Kingfisher may offer during the hearing to six hours.
Justice Vibhu Bakhru said that since the committee could come to “an adverse decision that will be highly prejudicial to the interests of the petitioner (Kingfisher)”, legal representation could not be denied.
On 21 August 2014 a notice issued by PNB (Punjab National Bank) said it had wilfully defaulted on loans amounting to Rs770 crore.
Meanwhile, the Kolkata High Court has not yet given a ruling on Kingfisher with respect to being declared a wilful defaulter by UBI. As Kingfisher has moved court, the bank is waiting. But the bank has written to the SEBI that the Mallya group seems to have money for acquisitions even if it is not in a position to repay its loans amounting to Rs400 crore.
UBI has alerted SEBI that it had identified the airline as a 'wilful defaulter'. The bank has requested SEBI to reconsider its approval to the Mallya-Poddar open offer for additional stake in the fertiliser company, Mangalore Chemicals and Fertilizers.
According to the Reserve Bank of India (RBI) guidelines, a wilful default happens when an entity does not repay its dues despite having the capacity to pay and does not use the borrowed money for the purpose a loan was availed of. For instance, if a borrower uses short-term working capital funds for long-term purposes or deploys the borrowed money for creation of assets other than those for which the loan was sanctioned, it is interpreted as diversion of funds and the borrower is classified as a 'wilful defaulter'.
According to Nomura, vehicle sales in August would witness strong volumes led by improved demand as well as the low base effect
Indian automobile market is expected to show strong volume growth across most segments during August 2014, led by improved demand as well as the low base effect, says Nomura.
"There has been some improvement, particularly in four wheeler industry volumes (both passenger and commercial vehicles -PVs and CVs) over the last two-three months. We expect the improving trend to continue this month as well. We would like to highlight that medium and heavy commercial vehicle (MHCV) industry volumes will likely see year-on-year (y-y) growth for the first time in more than two years led by improved demand as well as the low base effect – this will be taken positively by the market," Nomura said in a research note.
According to Nomura estimates, during August, car industry volumes will likely see 5% y-y growth, led by strong performance by Maruti Suzuki India Ltd (MSIL). It said, it expects 17% y-y volume growth in two wheeler industry volumes – Honda Motorcycle and Scooter India Pvt Ltd (HMSI) and Hero MotoCorp Ltd (HMCL) will largely lead strong industry growth. "We expect MHCV industry volumes to see 17% growth – freight rates have increased over the last few months which is positive for demand from fleet operators, in our view. In the tractors segment, we expect 6% volume growth for M&M in August largely due to lower base effect," Nomura added.
Nomura said that its check with dealers and companies suggest that customer enquiries and footfalls have increased over the last three-four months and there has been some pick-up in demand from first time buyers as well.