Nation
Congress expels Amit Jogi for six years
Raipur/New Delhi : The Congress on Wednesday expelled its legislator Amit Jogi, son of former chief minister Ajit Jogi, for six years for indulging in anti-party activities.
 
The expulsion came in the wake of revelations about his alleged role in fixing the Antagarh by-election in 2014.
 
The decision was taken during a meet of the Congress state unit that also approved a proposal to suspend his father and former chief minister Ajit Jogi. 
 
Chhattisgarh Congress chief Bhupesh Baghel said the party had acted, and it was now the Bharatiya Janata Party's turn to act against those involved in the "murder of democracy" in Antagarh.
 
"The proposal to expel Ajit Jogi was also passed. Since this right is beyond the domain of the state Congress, the proposal to expel him will be sent to All India Congress Committee (AICC)," he said.
 
Amit Jogi, a legislator from Marwahi, voiced disappointment.
 
"I am hurt. The decision to expel me without proving the allegations against me is biased and unfair," he said. 
 
"I will exercise my right to appeal under rule 8 of article 9 of party's constitution. I have full faith in the party's leadership."
 
The Congress had earlier issued notice to Amit Jogi over purported conversations that suggested that financial inducement was offered to the party candidate to make him withdraw from the fray in the by-election to the Antagarh assembly seat in 2014.
 
It also demanded the resignation of Chief Minister Raman Singh and a probe into the issue by a Supreme Court judge.
 
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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SC to hear SEBI's plea for appointing receiver of Sahara's assets
New Delhi : The Supreme Court will hear, on February 2, market regulator SEBI 's plea seeking appointment of a receiver for sale of Sahara group's assets for compliance of the apex court's August 2012 order to return investors' money that it had raised in 2008 and 2009.
 
A bench headed by Chief Justice T.S.Thakur directed the hearing of the application next month as senior counsel Arvind Datar, appearing for the Security and Exchange Board of India (SEBI), on Wednesday, urged the court to hear the plea.
 
He told the court that there was no progress in the direction of Sahara mobilising the funds to return the investors money raised through optionally fully convertible debentures (OFCD)as directed by the court. 
 
Counsel appearing for Sahara however said that there was no urgency and they were negotiating with new prospective buyers.
 
At this the court observed that some directions are required to be passed on the matter.
 
The apex court on September 28 had asked Sahara to file its reply to SEBI's application seeking the appointment of a receiver to take over the charge of the entire assets of the group, located within and outside the country, sell the same and deposit the proceeds in SEBI's Sahara Refund Account.
 
The apex court by its August 31, 2012, order had asked Sahara to repay investors Rs.17,400 crore with an interest component of 15 percent. This amount, according to market regulator, coupled with interest component, has escalated to Rs.36,000 crores.
 
Coupled with the plea for the receiver's appointment, SEBI has also sought the refund of Rs.41 crore that it had spent in connection with the scanning, storage, handling and other incidental expenditure relating to investors documents.
 
It said that it has completed the scanning of the documents submitted by Sahara relating to the investors and urged the court to direct the group to either take back the documents or the charge of the storage where they are kept. It said that it was spending Rs.10 lakh per month for their storage.
 
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

Vaibhav Dhoka

11 months ago

The order must be executed in time bound manner when justice can be seen as DONE>

Should you invest in IREDA tax-free bonds?
Tax-free offer of 7.53% to 7.74% may attract retail investors based on recent trends. HNIs have been much more aggressive even though they are offered 0.25% lower coupon. Find out why IREDA coupon is better than the previous issues
 
Indian Renewable Energy Development Agency (IREDA) will offer tax free bond issue of Rs1,716 crore from 8th January and is supposed to close for subscription on 22 January 2016. The recent issue of National Highway Authority of India (NHAI) received Rs22,000 crore worth of applications for the Rs10,000 crore issue. Tax-free bonds are now a star attraction with Bollywood and corporate world biggies, private sector and foreign lenders pumping in crores for the hot product. However, they fell short when it came to full subscription of NHAI from retail investors, which could be due to the bigger issue size of six times. This is when compared to the holidays and retail investment previous issues. Retail investors were allotted merely 15%-20% of their investment in NTPC and Rural Electrification Corp Ltd (REC).
 
Considering the small size issue of IREDA, it should be a breeze and hopefully, retail investors will jump in based on higher coupon rate (by 14 basis points (bps)), when compared to the NHAI issue. NHAI, in turn, had offered higher coupon than Indian Railways Finance Corp (IRFC) by seven basis points (bps) for both 10- and 15-year bonds. It clearly shows that experts cannot predict rates of future bond issues.
 
 Investors who had the patience to wait can look forward for some investment in the 15-year IREDA bonds @7.74%. Another reason for uptick in the coupon for IREDA is to do with the credit rating of ICRA AA+ instead of ICRA AAA for NHAI. CARE has given IRDEA issue rating of AAA (Structured Obligation).
 
What do IREDA tax-free bonds offer?
 
Tax-free bonds from government enterprises are a good option for those in the higher tax bracket and for investing for long-term. With one to 10 years bank FD offering 7.25%-7.75% taxable interest, tax-free bonds with 7.74% coupon is attractive for those in 20% or higher tax bracket. Awareness of tax savings, by investing in government owned companies’ tax-free bonds issues, has helped recent issues offering around 7.5%. Earlier, there were issues offering nearly 8% in 2012-13 but the issues had difficulty in getting subscribed quickly.
 
Interest rate cycle is difficult to predict. Investors who purchased lots of tax-free bonds in 2012-13 at a coupon of nearly 8% may have missed 2013-14 issues of over 9% coupon if they had not kept funds ready for it. So, invest in upcoming tax-free bonds, but do not exhaust all the funds. If there are tax-free bond issues one year from now, it will be almost impossible to guess whether future coupon rate will be higher or lower.
 
Since January 2015, RBI has slashed repo rate by 125 bps, Since January 2015, RBI has slashed repo rate by 125 bps. There are predictions about Reserve Bank of India (RBI) holding the repo rate till the end of financial year and other reports claiming that change is not possible till end of 2016. As expected, RBI kept the rates unchanged in its fifth bi-monthly policy on 1st December awaiting more signals on the inflation front, Pay Commission proposals and the Centre’s fiscal path. November inflation with consumer prices rising 5.4% is seen above RBI’s comfort level of 5% reducing hope of rate cut.
 
The future tax-free bond rates will depend on G-Sec rates which have been holding up even after the 50 bps cut in repo rate by (RBI) in September. Since January 2015, RBI has slashed repo rate by 125 bps,  Since January 2015, RBI has slashed repo rate by 125 bps. Since January 2015, RBI has slashed repo rate by 125 bps, Since January 2015, RBI has slashed repo rate by 125 bps, The 10-year G-sec yield has actually increased in last couple of months to 7.74% as on 6th January primarily on sustained selling pressure from banks and corporates. However, going forward, the yields will gradually soften says State Bank of India (SBI) in its Ecowrap report. Net supply is one of the reasons why G-sec yields are not coming down. 
 

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COMMENTS

Ankush.wadhwa

11 months ago

Good Evening Sir,

I applied for IREDA tfb issue on 8 january 2016 by depositing physical application form in bank and got acknowldegment at the same time. It was bidded.

Bank has not presented that cheque into my account till 12 Jan 2016. In this case what will be the status of my allotment?

Thanks
Ankush

REPLY

raj pradhan

In Reply to Ankush.wadhwa 11 months ago

If you applied on first day, you have good chance of getting more than 50% of application amount. Retail quota was oversubscribed by 1.85 times on first day.

Don't worry about the cheque clearance. It must have happened today (13th) or will happen. It has no impact on your allotment.

Santosh Prasad Nayak

11 months ago

How to buy these bonds ?
any online links ?

REPLY

raj pradhan

In Reply to Santosh Prasad Nayak 11 months ago

Going through distributor or ASBA is your best bet. ASBA can be done through application form offline or through net banking of the banks which support this issue.

Kumar

In Reply to raj pradhan 11 months ago

Can you provide me which bank for IREDA bonds to buy . is axis in list ? and if offline can you provide link for that.

Rehearse
Kumar

s k chugh

11 months ago

whether the money will remain locked in for the duration of the scheme?

REPLY

raj pradhan

In Reply to s k chugh 11 months ago

Can sell in secondary market subject to volume

S k chugh

11 months ago

if a retail investor invests rs one lakh in bonds.can he get monthly return of rs645per month sk chugh

REPLY

raj pradhan

In Reply to S k chugh 11 months ago

Interest payment done annually

Anand Vaidya

11 months ago

Seems the offer opens on 8th jan, not 7th jan as you mention. Can you please clarify?

REPLY

raj pradhan

In Reply to Anand Vaidya 11 months ago

Yes, it is 8th. we will correct it

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