CBI files charge sheet against Baba Ramdev aide Balkrishna

CBI alleged that Balkrishna, the aide of yoga guru Baba Ramdev, submitted fake educational certificates and other documents to obtain a passport

Dehradun: The Central Bureau of Investigation (CBI) has filed a charge sheet in a local court here against yoga guru Baba Ramdev's aide Balkrishna for allegedly using fake documents to get a passport, reports PTI.

The agency has alleged that Balkrishna submitted fake educational certificates and other documents to obtain a passport and accused him of violating provisions of the Passport Act by doing this.

The agency had also made a judicial request to Nepal government asking it to ascertain Balkrishna's nationality details but no response has come so far, CBI sources said.

Not getting any information, the CBI has filed its charge sheet before the special court based on its probe in the case.

The CBI had registered a case of cheating and criminal conspiracy against him on 23rd July for allegedly procuring fake degree and violation of section 12 of Indian Passport Act for furnishing fake documents to get a passport.

The decision to register the case against Balkrishna was taken after Sampurna Nand Sanskrit University denied ever having him on its rolls.

Registrar of the university Rajnish Shukla had told the CBI that Balkrishna's two degrees 'Purv Madhyma', a high school degree issued in 1991, and 'Shastri', a Sanskrit degree in 1996, don't figure in the varsity's records.

He said the CBI had matched records which showed that the enrolment numbers mentioned in the fudged documents belong to a different student.




5 years ago

But, what action is being taken by the income tax department, DRI, etc.? And, what about the Baba's affaIRS TOO?

PFC’s earnings are likely to remain robust: ICRA Equity Research

Given the existing deficit situation and likelihood of continued growth in energy requirements, PFC to emerge as key agency for govt’s power development project

Power Finance Corporation (PFC) is expected to emerge as a key agency for implementation of the government's power development project, according to report by ICRA Equity Research Service. The ratings agency has assigned the Fundamental Grade '4' to the company implying that the company has "strong fundamentals" and the Valuation Grade 'A' implying "signified undervalued" on a relative basis.

PFC, which was set up in 1986, provides loans for a range of activities from generation to distribution, transmission, renovation and maintenance and other related activities. Generation projects constituted around 83% of PFC's loan book as on 31 March 2012, distribution being 4%, transmission 8% and others 6%.

According to ICRA Equity Research, PFC's portfolio registered a robust growth over the past few years on the back of significant investment demand in the power industry. PFC's portfolio has expanded at a five year +CAGR of 24% to Rs1,30,071 crore as on 31 March2012. This share had been declining till FY2011, as during this period banks increased their lending to the sector, however, PFCs share increased in FY2012 from 21% to 22%. Going forward the banking system may not be able to sustain their high pace of expansion in the sector, as several banks are hitting their industry exposure limits. Therefore PFC would be in a position to increase its market share going forward.

Given the existing deficit situation and likelihood of continued growth in energy requirements, ICRA Research expects an incremental capacity requirements of 95,000 MW by end of the XII Five Year Plan (until March 2017) and about 1,80,000 MW by end of FY22, assuming energy demand to grow at 6.5% per annum and loss levels to improve1 steadily.

PFC's large net worth (Rs20,708 crore as on 31 March 2012) has enabled it to take large exposures on projects in the past, which has supported its competitive positioning. Furthermore within the state power sector PFC has permission from the Reserve Bank of India (RBI) to formulate its own exposure norms. Accordingly PFC can lend up to 150% of its net worth to a single state sector utility, against up to 25% of capital funds (Tier 1 and Tier 2) for banks.

However, PFC has observed some slippages in the current financial year and the Gross NPA percentage increased from 0.23% as on March 2011 to 1.04% as on 31 March 2012, primarily on account of slippage in two large accounts-Shri Maheshwar Hydel Power Project(approx Rs700 crore) and Konaseema Gas Power (approx Rs387 crore). Also, given the current concerns with respect to shortages of domestic coal availability and the deterioration in health of state power utilities, asset quality indicators of PFC may deteriorate.

Despite these challenges PFC could still continue to maintain low NPAs because of default escrow mechanism in all cases, possibility of restructuring some accounts and differentiated NPA recognition norms for state government guaranteed exposures. Further, despite such possible deterioration in collections over medium term, eventual losses from state government entities could remain low.


Future Capital sells Myra Mall Management to Providence for Rs97.7 crore

Amid reports the government deferring clearance to Warburg Pincus' purchase of Future Capital, the Kishor Biyani-led company is hiving off its units

New Delhi: Kishore Biyani led Future Capital Holdings Ltd, on Tuesday said it sold its subsidiary Myra Mall Management Company to Providence Educational Academy for Rs97.7 crore, reports PTI.

The company sold 10 lakh fully paid-up equity shares of Rs10 to Jaydev Mody owned Providence Educational Academy, Future Capital said in a filing on the BSE.

Consequently, Myra Mall has ceased to be a subsidiary company of Future Holding Ltd from 9th July, it added.

The sale comes amid reports the government deferred the clearance of Warburg Pincus' purchase of Future Capital, citing that Future Capital must first exit from its wholly-owned real estate subsidiary.

As per the existing regulations foreign investment in real estate is not allowed. However, foreign investors can invest in construction projects subject to strict option such as a three-year lock-in, minimum capitalisation of $5 million for joint venture (JV) and $10 million for wholly-owned subsidiaries, and development of at least 10 hectares of land.

Last month, Future Group agreed to selling 53.67% stake in Future Capital Holdings to US-based private equity Warburg Pincus to raise an estimated Rs560 crore.

As per the share purchase agreement, Warburg Pincus would inject another Rs100 crore into Future Capital Holdings (FCH) and also make an open offer under the takeover code of market regulator SEBI.

Kishore Biyani-led Future Group, whose core retail business formats include Big Bazaar, Food Bazaar, e-zone and Pantaloon, has a debt of over Rs5,000 crore.

Pantaloon Retail holds 55% stake in Future Capital. Earlier this year, Pantaloon Retail had formed a high powered 'review committee' with the mandate to consider various options for realignment and divestments.

As per the SEBI norms, Warburg Pincus will have to make an open offer of 26% to the shareholders of Future Capital Holdings. Open offer provides an opportunity to the existing investors to exit the company.

The board of FCH also approved a preferential allotment of shares to Warburg Pincus worth Rs100 crore.

Future Capital ended Tuesday marginally down at Rs152 on the BSE, while the benchmark Sensex closed 1.3% up at 17,618.


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