Citizens' Issues
Goa lifeguards strike, government invokes ESMA
Panaji:The Goa government on Tuesday invoked the ESMA Act as about 600 lifeguards posted on the state's beaches went on an indefinite strike demanding regularisation of their services.
 
The imposition of the Essential Services Maintenance Act, 1988, renders illegal the indefinite strike called by the lifeguards, a government spokesperson said. 
 
"The government has declared the lifeguarding and water safety services on the beaches and the inland water bodies under the aegis of the department of tourism as essential services," the spokesperson said.
 
The indefinite strike was called by more than 600 lifeguards employed by a private beach management agency engaged by the Goa tourism ministry, according to Christopher Fonseca, general secretary of the All India Trade Union Congress (AITUC).
 
"We had given adequate notice about the strike to the Goa government. The lifeguards are providing a critical life-saving service and need security in employment. We are only demanding regularisation of their services," Fonseca told IANS on Tuesday.
 
Goa's 100 km coastline has some spectacular beaches which are popular with tourists.
 
Since private beach management agencies have been recruited by the tourism authorities in the last few years, several hundred tourists have been saved from drowning.
 
Goa Tourism Minister Dilip Parulekar said the government was in touch with the lifeguard representatives and a solution to the crisis would be found soon.
 
"We are keen on listening to the lifeguards and solving their issues. A resolution will be found soon," Parulekar said.
 
The state is one of the top beach tourism destinations in the country.
 
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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Nifty, Sensex is in no man’s land – Tuesday’s closing report
Nifty will weaken on a close below 7,850
 
We had mentioned in Monday’s closing report that Nifty, Sensex are rising on low volumes and that Nifty is going strong and will start to weaken on a close below 7,851. The market has resumed its listless behaviour and the major indices were trading flat. The trends of the major indices during Tuesday’s trading are given in the table below:
 
Value buying coupled with positive global cues and expectations of more reforms by the government marginally buoyed the Indian equity markets on Tuesday. Initially, the bellwether indices of the Indian equity markets rose in sync with their Asian peers. In addition, the markets maintained their Monday's gains which were made on the back of Prime Minister Narendra Modi's new initiative of "Start-up India Stand-up India" which has been lined up for next month's launch. However, markets soon ceded their gains, as lack of investors' participation and absence of any triggers prompted investors to book profits. Latest data with the stock exchanges showed that the volumes in cash markets across key bellwether indices eased to Rs16,000 crore in the last couple of trading sessions. Besides, investors were seen cautious regarding the upcoming third-quarter earnings season. Nevertheless, positive European markets and value buying at lower levels again rose prices.
 
French group BNP Paribas has decided to acquire 5% stake in Srei Infrastructure Finance Ltd (SREI) while exiting the unlisted outfit Srei Equipment Finance Ltd (SEFL), an equal joint venture with SREI.  In a regulatory filing with BSE, listed company SREI on Monday said BNP Paribas Lease Group, a subsidiary of BNP Paribas group, will sell/transfer its 50% holding in SEFL to SREI. The BNP Paribas Lease will sell its holding in SEFL to SREI at a price determined as per the Reserve Bank of India's (RBI) guidelines. The sale consideration will be equal to the total consideration which BNP Paribas Lease will pay for acquiring 5% stake in SREI, the latter said. The price for 5% stake in SREI will be higher of (a) the average of weekly high and low of the volume weighted average price of the equity shares of SREI during the 26 weeks preceding the closing date of the acquisition (b) the two weeks average price of high and low of SREI stock preceding the date of acquisition calculated as per market regulator guidelines. According to SREI, the French group believes that it would be beneficial for it to be a shareholder in the company to take advantage of the opportunities in the infrastructure sector.
 
Communications Minister Ravi Shankar Prasad said India Post would be launching its payment bank by March 2017. He was speaking at the inaugural session of a week-long celebration of Good Governance Week organised by department of electronics and information technology. Earlier the minister said Japanese company Hitachi is interested in partnering with the postal department for payment bank solutions. The Reserve Bank of India granted in-principle approval to 11 applicants in August to set up payments banks. According to the apex bank's guidelines, payments banks would offer a limited range of products such as demand deposits and remittances. The top gainers and top losers of the major indices are given in the table below:
 
The closing values of major Asian indices are given below:
 

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BNP Paribas to acquire 5 percent in Srei Infrastructure
Chennai: French group BNP Paribas has decided to acquire 5 percent stake in Srei Infrastructure Finance Ltd (SREI) while exiting the unlisted outfit Srei Equipment Finane Ltd (SEFL), an equal joint venture with SREI.
 
In a regulatory filing with BSE, listed company SREI on Monday said BNP Paribas Lease Group, a subsidiary of BNP Paribas group, will sell/transfer its 50 percent holding in SEFL to SREI.
 
The BNP Paribas Lease will sell its holding in SEFL to SREI at a price determined as per the Reserve Bank of India's (RBI) guidelines.
 
The sale consideration will be equal to the total consideration which BNP Paribas Lease will pay for acquiring 5 percent stake in SREI, the latter said.
 
The price for 5 percent stake in SREI will be higher of (a) the average of weekly high and low of the volume weighted average price of the equity shares of SREI during the 26 weeks preceding the closing date of the acquisition (b) the two weeks average price of high and low of SREI stock preceding the date of acquisition calculated as per market regulator guidelines.
 
According to SREI, the French group believes that it would be beneficial for it to be a shareholder in the company to take advantage of the opportunities in the infrastructure sector.
 
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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