Citizens' Issues
ED files money-laundering case against Himachal CM
Himachal Pradesh Chief Minister Virbhadra Singh on Sunday landed in fresh trouble, with the Enforcement Directorate (ED) registering a money-laundering case against him.
 
Virbhadra Singh was booked by the agency on charges under the Prevention of Money Laundering Act after taking cognizance of a criminal case registered against him by the Central Bureau of Investigation (CBI) in September.
 
Sources said ED investigators were likely to question Virbhadra Singh and his associates within a couple days.
 
The investigation by the ED will be to find out how Virbhadra Singh and his family members allegedly amassed wealth amounting to Rs.6.1 crore between 2009 and 2011, disproportionate to his known sources of income, while serving as the union steel minister.
 
The CBI has already filed a first information report (FIR) against Virbhadra Singh, his wife Pratibha Singh, insurance agent Anand Chauhan and Chauhan's brother C.L. Chauhan under the Prevention of Corruption Act.
 
The CBI suspects that during 2009-11, Virbhadra Singh allegedly invested Rs.6.1 crore in life insurance policies in his and his family members' names through agent Chauhan, claiming the money to be his agricultural income.
 
The probe agency alleged that Virbhadra Singh attempted to legitimise the same as agricultural income by filing revised income tax returns in 2012.
 
"The agricultural income as claimed by him in his revised ITRs was not found to be tenable. The then union minister had allegedly accumulated other assets disproportionate to known sources of income," the CBI had alleged.
 
The CBI had also carried out searches at various premises belonging to Virbhadra Singh and his family immediately after filing the FIR.
 
Sources said the ED office in state capital Shimla will handle the case with assistance from the agency headquarters in Delhi.
 
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.

User

Engineer, two officials suspended after Rs.77-crore bill shocker
Three officials, including an engineer, were placed under suspension on Sunday in Haryana after an ordinary tyre-repair shopkeeper received a bill of Rs.77 crore.
 
"The Dakshin Haryana Bijli Vitran Nigam has suspended sub-divisional officer Vikram Singh, commercial assistant Bairam and lower divisional clerk Pritam Singh with immediate effect for issuing a inflated erroneous bill of about Rs.77 crore to a consumer of Faridabad," a DHBVN spokesman said on Sunday.
 
The DHBVN had issued clear directions that pre-audit of bills was important before issuing bill to consumers in which any error in bill could be rectified before it is issued, the spokesman said.
 
Jagpal, the owner of a small tyre repair shop in Faridabad, adjoining Delhi, received an electricity bill of over Rs.77 crore, leaving him utterly "shocked".
 
The bill, dated October 31, was issued by the DHBVN. Jagpal his family were "shocked" to see the bill and the amount of over Rs.77.89 crore mentioned in it.
 
"I run a shop from a rented premises where I repair punctured tyres. My bill has always been Rs.2,000-2,500. I only have a fan and a bulb working here. I have cleared all my earlier bills. This one came as a shocker," said the shopkeeper, whose premises is in Adarsh Nagar colony.
 
Neighbours said the shopkeeper's mother had to be taken to a doctor as she felt unwell after hearing about the huge bill.
 
This was not the first instance in Haryana that a consumer has been given a big bill.
 
A pan-seller (betel-leaf seller) in Haryana's Gohana town in Sonipat district got a bill of Rs.132 crore in October last year.
 
Earlier, an electricity consumer in Haryana's Narnaul town got a bill of Rs.234 crore in April 2007.
 
Officials of the concerned power utilities blamed the bills on technical and computer glitches.
 
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.

User

Nifty, Sensex weak – Weekly closing report
Nifty is likely to meet selling on rallies
 
Negative global cues, as well as, Indian macroeconomic cues have caused domestic stock indices to drift downwards to a 2.49% fall over the week. This is the third consecutive week of decline with the slump in global commodity prices impacting several Indian corporate majors, as did high inflation and poor industrial production numbers. 
 
We had mentioned in previous week’s closing report that Nifty, Sensex may rally a bit and that NSE benchmark may rise up to 8,100 subject to dips. The weekly trends in the major indices are given in the table below:
 
 
Investor sentiments were subdued on Monday, a day after the BJP-led coalition suffered a rout in the Bihar assembly polls. Notwithstanding the slide, both the bellwether indices recovered their lost ground on the back of recent reform measures announced for the power and banking sectors. Bargain hunting too brought back investors.
 
Reliance Power on Monday declared its maiden interim dividend of 10 percent, amounting to a total outgo of Rs.281 crore. The company said that its board in a meeting held on Monday declared the maiden dividend which comes to about Re.1 per equity share of Rs10 each. The interim dividend was announced after the company reported a 36.57% jump in its net profit to Rs345.63 crore for the quarter ended on September 30, on higher electricity generation. The total income of the company increased by 51.58% to Rs.2,856.01 crore in the second quarter of current fiscal as against Rs1,884.18 crore in the same quarter last year. 
 
Airline major Jet Airways on Monday confirmed its largest-ever fleet order for 75 Boeing 737 'Max' aircraft. The order, which includes options and purchase rights for an additional 50 aircraft, was signed at the Dubai Airshow. The company said that the transaction will be completely financed and managed through a sale and lease back arrangement, which will be signed, when Jet Airways takes delivery of the aircraft from 2018.  
 
Nestle India on Monday said it has begun the roll-out of Maggi noodles in 100 cities, terming the five-month ban as "one of the biggest crises" it has faced in the 32-year history of the brand in the country. It also announced a pact with Snapdeal for online sales. "The return of Maggi Noodles on the auspicious eve of Deepawali and on the day of Dhanteras is a moment of celebration for all of us," Nestle India chairman and managing director Suresh Nayaranan said, announcing the re-launch, after it was taken off the shelves on June 5. 
 
Both the bellwether indices opened Tuesday in the negative territory on the back of bearish sentiments following the BJP's rout in the Bihar election, heightened chances of a US rate hike and disappointing quarterly results.
 
In the automobile sector, low interest and fuel costs supported by a pent up demand and new launches during the festive season gave a boost to the domestic passenger car sales last month. The domestic passenger car sales grew by 21.80%, industry data showed on Tuesday. According to data furnished by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales during October stood at 194,158 units against 159,408 units in the like month of the previous year.  The data revealed that the total passenger vehicle sales, which include cars, utility vehicles and vans, went up by 21.46% to 268,629 units from 221,163 units sold in October 2014. Furthermore, sales of utility vehicles rose by 20.82% to 58,120 units. The off-take of vans increased by 19.79% to 16,351 units. The industry data for last month showed a 12.73% growth in the overall commercial vehicles segment sales, which is a key indicator of economic activity. The commercial vehicles segment off-take for October stood at 58,596 units from 51,978 units sold during the corresponding month of 2014. Overall exports across categories for the month under review was lower by 5.56% at 289,309 units sold abroad from 306,357 units shipped out during October, 2014. The S & P BSE Auto index rose by 0.1% in Tuesday’s trading.
 
The double whammy of a fall in the industrial output growth and rising retail inflation dragged key Indian stock market indices on Friday to their lowest level in six weeks. The mood was also affected by weak global cues. Official data showed on Thursday that India's factory output growth decelerated to 3.6% in September from 6.4% in the month before, even as the annual retail inflation for October moved up significantly to 5% from 4.41% in the month before. The short trading week ended on a negative note as the acceleration of Consumer price Index inflation in October and a fall in industrial production data for September added to the weak sentiments. Disappointing domestic macroeconomic numbers released on Friday -- Industrial production and CPI numbers -- dampened the sentiment for investors.
 
State miner Coal India Ltd (CIL) on Friday reported a 16% rise in consolidated net profit at Rs2,543.80 crore for the second quarter ended September, compared to Rs2,192.38 crore in the same quarter of the previous fiscal, on the back of higher sales. "The profit after tax (PAT) for the second quarter ended September 30, 2015 stood at Rs.2,543.80 crore as against Rs.2,192.38 crore for the same period last year registering a growth of around 16% (YoY basis)," CIL said in a stock exchange filing. Consolidated net sales were at Rs16,957.59 crore during the quarter, which was an increase of 8 percent over the Rs15,677.98 crore sales in the corresponding quarter of the last fiscal. "The increase in earnings is largely due to the higher production and offtake during the current period compared to the corresponding period in the previous year," Coal India said. Coal production during the second quarter of the current fiscal was 108.20 million tonnes (MT) as against 102.42 MT for the second quarter of the previous year.
 
Maharashtra is planning to move the Supreme Court to challenge lifting of the ban on Nestle India's Maggi noodles, Food and Civil Supplies Minister Girish Bapat said on Friday. "Our legal department is examining all aspects, the pros and cons and depending on their (legal) opinion, we plan to challenge the issue in the Supreme Court," Bapat told IANS. Justifying the move, Bapat said that certain batches have been tested and there is a possibility that other batches could cause health issues among the consumers.
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)