Citizens' Issues
Coal scam: CBI submits Hindalco case diary in sealed cover

Two days after the Special Court directed to furnish the case diary of the matter, the CBI submitted two bundles of documents in a sealed cover

 

The Central Bureau of Investigation (CBI) on Thursday filed case diary and crime files in a sealed cover in a coal block allocation case related to Hindalco before a special court, complying with its order.

 

The court has now fixed the matter for consideration of CBI’s closure report filed in the case for 12th December.

 

Two days after the court had directed it to furnish the case diary of the matter the CBI submitted two bundles of documents in a sealed cover before the court.

 

“In compliance of the court’s order, we are filing the crime folder as well as the case diary,” senior Public Prosecutor VK Sharma told special CBI Judge Bharat Parashar.

 

The judge said, “Investigating officer (IO) states that he has brought both the case diary and crime files in a sealed cover. He is further being told to assist the court in looking into the relevant papers. The matter is now adjourned for consideration on 12th December.”

 

During the brief hearing, the Court said if there is still any clarification to be sought in the matter, it will ask the agency and then pass order on the closure report.

 

The Court was hearing a case in which an FIR was lodged against industrialist Kumar Mangalam Birla, former Coal Secretary PC Parakh and others relating to the allocation of Talabira II and III coal blocks in Odisha in 2005 to Hindalco. CBI had later on filed a closure report in the case.

 

During the hearing on 25th November, CBI had come in for some tough questioning from the court which had asked why the agency did not question former Prime Minister Manmohan Singh, who was also holding the coal portfolio between 2005 and 2009.

 

The court’s observations came after CBI submitted that though initially it felt Singh’s examination was required, later it was found to be not necessary.

 

At the end of the hearing, the court had summoned the case diary and crime files in a sealed cover and had posted the matter for today.

 

Former Prime Minister Singh held the portfolio of the coal ministry when Birla’s firm Hindalco was allocated coal blocks in Orissa’s Talabira II & III in 2005.

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Auto Sales: Volume recovery to continue in November

According to Nomura, since we are entering a period of very low base from last year, for some categories in the auto industry growth rates would look very high in November

 

The path of volume recovery in Indian auto sales is likely to continue in November 2014 with improvement in growth rates across segments, says Nomura. It said, "Since we are also entering a period of very low base from last year, for some categories the growth rates would look very high."

 

For passenger vehicle industry, Nomura says it expects around 6% growth in November volumes. "We expect Maruti Suzuki India Ltd (MSIL) to outperform industry growth in November with about 8% growth led largely by the success of its recent new launches – Ciaz, Alto K10 and Celerio. Mahindra & Mahindra (M&M) will likely see around 3% growth on a lower base and pick-up in Scorpio volumes. Among unlisted original equipment manufacturers (OEMs), Honda, Hyundai and Toyota will likely see double-digit volume growth while other OEMs like Ford, General Motors (GM) and Renault should continue to see volume declines, in our view," it said in a research note.

 

Nomura expects a 9% growth in two-wheeler volumes in November. It said, "In terms of OEMs, Bajaj Auto will likely report 11% volume, helped partly by the lower base effect as its volumes declined by 28% in November 2013. Hero MotoCorp (HMCL)’s volumes will likely be up about 1%. We expect 14% volume growth for Honda Motorcycles and Scooters India Ltd (HMSI). TVS will likely report another month of strong growth, up 35%, led by robust performance in the scooters segment and improvement in bike volumes."

 

According to the research note, volumes in the medium and heavy commercial vehicles (MHCV) segment are likely jump 39% in November, partly helped by the lower base effect as well. "In terms of OEMs," it said, "Ashok Leyland will likely report the strongest growth of about 91% led by the lower base effect as volumes were down about 40% in November 2013. We expect around 35% growth in Tata Motors’ domestic volumes while Eicher will likely report about 21% volume growth, as per our estimates. Light commercial vehicle (LCV) industry volumes are likely to remain weak and drop by about 10% in November this year."


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