During the all-party meeting convened by the Centre on Telangana in New Delhi on 28th December last year, Shinde had said the issue would be resolved within a month while Chidambaram, on 9 December 2009 had announced on initiating process to create Telangana state
Hyderabad: A local court on Monday directed police to investigate into the allegations whether Union ministers Sushilkumar Shinde and P Chidambaram ‘cheated’ the people of Telangana region by their statements on the statehood issue, reports PTI.
Based on a complaint filed by Telangana Junior Advocates’ Association president Naresh Kumar, the Second Metropolitan Magistrate Court directed the LB Nagar police to investigate into the matter and file a status report before it by 14th February.
Kumar, in his petition, had mentioned about the statements of Shinde and Chidambaram on the Telangana issue and sought the court’s directions to refer the matter to the police for investigation under section 420 (cheating) of the IPC.
During the all-party meeting convened by the Centre on Telangana in New Delhi on 28th December last year, home minister Sushilkumar Shinde had said the Telangana issue would be resolved within a month.
On 9 December 2009, the then Union home minister P Chidambaram had announced on initiating process to create Telangana state. However, on 23 December 2009 Chidambaram modified the statement following an agitation in coastal Andhra and Rayalseema regions of Andhra Pradesh.
Meanwhile, Cyberabad Police Commissioner Ch Dwaraka Tirumala Rao said they were yet to receive the court orders in this regard.
Asked if the police would lodge any case against the Union ministers, the senior police officer said, “We have to first go through the order copy and act accordingly.”
The RBI has to make a big rate cut to surprise the market. This seems unlikely. The Nifty’s direction will be known only after that
The market ended flat on nervousness ahead of the RBI’s quarterly credit policy, to be announced tomorrow. As of now, the market remains trapped in a range. The RBI has to make a big rate cut to surprise the market. This seems unlikely. The Nifty’s direction will be known only after that. The National Stock Exchange (NSE) recorded a volume of 62.07 crore shares and advance-decline of 870:815.
The Indian market opened in the green tracking its Asian peers which were higher in morning trade on the on the positive trend in Chinese industrial companies and reports that the South Korean consumer confidence climbed to the highest level in eight months in January. However, nervousness was evident among domestic investors a day ahead of the Reserve Bank of India’s (RBI) review of its monetary policy.
The Nifty opened seven points higher at 6,082 and the Sensex resumed trade at 20,129, a rise of 25 points over its previous close. Buying in realty, banking and auto stocks led the market to its intraday high in early trade. At the highs, the Nifty rose to 6,088 and the Sensex went up to 20,172.
However, profit taking at the highs saw the benchmarks paring their early gains amid volatile trade. Selling pressure in oil & gas, power, consumer durables and capital goods sectors pushed the market into the red in late morning trade. The decline led the market to its lows at around 12.30pm. At the lows, the Nifty fell to 6,061 and the Sensex declined to 20,063.
The market fluctuated between losses and gains in amid intense choppiness as the European markets opened flat. The benchmarks continued their sideways movement in late trade in the absence of any triggers and nervousness ahead of the central bank’s policy review on Tuesday.
The market closed flat as investors await the RBI’s policy review. The Nifty added 0.15 points 6,075 while the Sensex shed 0.18 points to settle at 20,103.
Among the broader markets, the BSE Mid-cap index rose 0.02% and the Mid-cap index gained 0.27%.
The min sectoral gainers were BSE Realty (up 1.84%); BSE Auto (up 1.03%); BSE Bankex (up 0.68%); BSE IT (up 0.44%) and BSE Metal (up 0.28%. The key losers were BSE Oil & Gas (down 1.14%); BSE Consumer Durables (down 0.91%); BSE Capital Goods (down 0.65%); BSE Power (down 0.52%) and BSE PSU (down 0.46%).
Fifteen of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Motors (up 2.49%); Hero MotoCorp (up 1.84%); Hindalco Industries (up 1.72%); Sterlite Industries (up 1.60%) and ICICI Bank (up 1.52%). The top losers were ONGC (down 1.76%); Reliance Industries (down 1.56%); Hindustan Unilever (down 0.98%); NTPC (down 0.97%) and State Bank of India (down 0.92%).
The top two A Group gainers on the BSE were—Bharat Electronics (up 5.34%) and Adani Ports and SEZ (up 4.86%).
The top two A Group losers on the BSE were—Adani Power (down 4.40%) and Jain Irrigation (down 3.88%).
The top two B Group gainers on the BSE were—Nouveau Global Ventures (up 19.93%) and LGB Forge (up 19.63%).
The top two B Group losers on the BSE were—DHP India (down 14.14%) and Shasun Pharmaceuticals (down 12.79%).
Out of the 50 stocks listed on the Nifty, 23 stocks settled in the positive. The major gainers were DLF (up 2.83%); Tata Motors (up 2.52%); Axis Bank (up 2.18%); Hero MotoCorp (up 1.99%) and HCL Technologies (up 1.84%). The main losers were Reliance Infrastructure (down 2.37%); Jaiprakash Associates (down 1.96%); ONGC (down 1.79%); RIL (down 1.69%) and UltraTech Cement Company (down 1.65%).
Markets in Asia closed mostly lower on concerns of subdued corporate earnings. The Nikkei, which hit its 32-month high in intraday trade, settled lower.
The Shanghai Composite jumped 2.415; the Hang Seng gained 0.395; the Straits Times rose 0.14% and the Taiwan Weighted advanced 0.55%. On the other hand, the Jakarta Composite lost 0.47%; the Nikkei 225 declined 0.94% and the Seoul Composite fell 0.365.
At the time of writing, the key European indices were flat with two of the three benchmarks marginally lower. At the same time, the US stock futures were trading with minor gains.
Back home, foreign institutional investors were net buyers of shares totalling Rs586.87 crore on Friday while domestic institutional investors were net sellers of equities amounting to Rs331.91 crore.
Pharma major Glenmark Pharmaceuticals’ US subsidiary, Glenmark Generics, has received the US health regulator's approval to market Mupirocin Calcium Cream, used for treating skin diseases, in the American market. According to IMS Health sales data for the twelve-month period ending September 2012, the product generated sales of $56.5 million. Glenmark Pharma declined 1.58% to close at Rs506.80 on the NSE.
Wind power major Suzlon Energy today said it has received an order for supplying turbines for setting up a 22 MW project in Tamil Nadu. The project comprises nine units of 1.25 MW and five units of 2.1 MW wind turbines," Suzlon Energy said in a statement. The stock gained 1.66% to close at Rs21.45 on the NSE.
Adani Ports & SEZ’s board of directors has decided, in principle, to divest its significant stake in entities controlling the Abbot Point Coal Terminal in Queensland, Australia, to the Adani family, subject to requisite approvals, formalities and clearances, at a valuation determines by an independent valuer. The move would enable the company to focus on the high growth Indian ports and logistics sector and maintain its leadership position in India. The stock jumped 5.49% to close at Rs137.45 on the NSE.
Following a complaint by Moneylife Foundation, the RBI has asked banks, FIs to share historical data with new credit bureaus, of which they had become members
The Reserve Bank of India (RBI) has asked banks and financial institutions (FIs) to provide historical data to new credit information companies. “Banks/FIs, which have become member/members of the new credit information companies (CICs) have been advised to also provide historical data in order to enable the new CICs to validate their software and develop a robust database,” the central bank said in its reply to Moneylife Foundation.
This was in response to a complaint filed by Moneylife Foundation to Dr D Subbarao, governor, RBI on 13 December 2012 about the mess in credit bureaus and how it affects savers.
The Foundation, through a day-long workshop and counselling on credit reports and issues and through few case studies, also discovered that most of the lenders only look at CIBIL data while others don’t even bother to look at a credit report at all before making lending decisions.
The financial literacy initiative of Moneylife Foundation, has led to the discovery that credit-tracking remains faulty in several ways. The Foundation also discovered that licensing of four credit bureaus without a level playing field, in terms of access to credit information and historical data, has created a system that is not functioning as it was supposed to.
Moneylife Foundation’s complaint says, “It is imperative that the mechanism to track credit by the four credit bureaus has to be fair and uniform. At any rate, the hapless saver cannot be made to bear the brunt of it. Nor can s/he be asked to get a score from each credit bureau because lenders are not willing to share data with each of them.”
Separately, the RBI also confirmed that one can obtain his/her own credit report from the banks by paying just Rs50. This fact was pointed out by R Gopalkrishnan, former deputy general manager (DGM) in the Customer Services Department at RBI and now a counsellor with Disha Financial Counselling during the day-long workshop and counselling on credit issues.
He told us that customers can avoid the whole credit bureau route by asking the lender to provide their credit report for just Rs50 or even for Rs10 under the Right to Information (RTI) Act. This fact was not known to us and even the credit bureaus were unaware about it.
In the reply, the RBI has said that in response to a number of complaints from customers, who were unable to get their own credit report from banks, it had already instructed banks to provide a copy of the credit information obtained by them from the CIC to the customer upon receipt of such request. (Here is the RBI circular)
Moneylife Foundation submitted that rules pertaining to credit bureaus, in so much as they affect customers and individuals, may be framed in consultation with the customers and at the least, the RBI’s own customer services department, which probably receives customer feedback.
Also, based on research and feedback from several seminars, workshops held across the country, Moneylife Foundation requested the RBI to take urgent steps on following points…
1. Mandate that all lenders share data with every credit bureau so that there is a level playing field. If not, the RBI must inform customers that only CIBIL has comprehensive data.
2. Mandate that lenders share all past data for all borrowers.
3. Mandate that every kind of borrowing be shared by all lenders to make it comprehensive.
4. Create a system where data goes into a secure pool or FTP server from which it can be equally accessed by all credit bureaus—this is in the interest of fairness to customers.
5. Ensure that an individual should be able to apply to just one credit bureau and be assured that the credit record obtained will be the same with the other three. Better still, the RBI note that allows a borrower to obtain a credit report from the lender by paying Rs50 must be publicised.
6. Ensure that data is cleaned so that borrowing is accurately reflected. Ask banks to correct their data whenever appropriate.
7. Put in place a mechanism to verify that the bureaus are collecting, collating information in a fair manner and have an appropriate mechanism for grievance handling.
The RBI, in its reply, said that some of the issues raised by Moneylife Foundation are under its consideration. “We further advice that the other issues raised in the (Foundation’s) letter are being looked into and will be taken up appropriately with CICs and credit institutions for bringing about improvement in the Credit Information System,” the central bank said.