Hasan Ali is alleged to have stashed over $8 billion in Swiss banks besides having links to international arms dealer Adnan Khashoggi. Mr Khan is also facing charges of tax evasion of over Rs40,000 crore
Mumbai: The Enforcement Directorate (ED) was today rapped by a Mumbai court for not doing its homework and making a proper case against Pune-based stud farm owner Hasan Ali Khan for his custody on money laundering charges, reports PTI.
"You have not been able to make any case and you want me to hear you. If you want to do some homework, you can take time," principal sessions court judge ML Tahaliyani sternly told the ED while adjourning the hearing.
53-year old Mr Khan, a real estate consultant and owner of race horses, was arrested on Monday midnight under the Prevention of Money Laundering Act after prolonged searches at his premises in Pune and here and sustained interrogation.
He is alleged to have stashed over $8 billion in Swiss banks besides having links to international arms dealer Adnan Khashoggi. Mr Khan is also facing charges of tax evasion of over Rs40,000 crore.
Mr Khan has claimed that he has not done anything wrong and dismissed reports of having stashed huge amounts in Swiss banks.
Taking note of reports of Mr Khan's alleged links with arms dealers and people associated with terror activities, the Supreme Court had yesterday asked the Centre to consider whether he could be booked under the anti-terror law.
The bench had suggested invoking of anti-terror laws like Unlawful Activities Prevention Act and other stringent provisions of the Indian Penal Code owing to Mr Khan's alleged links with various arms dealers including Adnan Khashoggi and terror-related activities, impinging national security.
Despite ED having moved the remand application yesterday, it was not heard by the Mumbai court which raised the issue of jurisdiction before going ahead with the proceedings.
Judge Tahaliyani while raising the question of jurisdiction had said that the matter should have been first brought before a magistrate.
Public prosecutor N Punde had contended that under the Prevention of Money Laundering Act, a special court was empowered to conduct the proceedings and hence he had the jurisdiction.
Defence counsel IP Bagadia too concurred with the view, but the principal judge had adjourned the hearing till today to decide the question.
As of 31 January 2011, Air India owed Rs720 crore to AAI, followed by Kingfisher Airlines Rs257.62 crore and Jet Airways Rs38.49 crore
New Delhi: Airlines operating in the country owe Rs1,122 crore to Airports Authority of India (AAI), the Lok Sabha was informed today.
The dues of AAI against Air India as on 31 January 2011 were Rs720 crore, reports PTI quoting minister of civil aviation Vayalar Ravi.
For Kingfisher, the figure was Rs257.62 crore, Go Airlines Rs6.77 crore, Interglobe Aviation (Indigo) Rs13.29 crore, Jet Airways Rs38.49 crore, Jet Lite (India) Rs13.96 crore, SpiceJet Rs16.99 crore and Paramount Airways Rs4.88 crore.
For others small or non-operating airlines the dues stood at Rs50.13 crore.
He said the matter of pending dues is taken up by the AAI with respective airlines from time to time.
The minister said steps have been taken to improve the facilities at the airports which include modernisation of Chennai and Kolkata Airports, development of 35 non-metro airports with the terminal buildings having state-of-the-art passenger facilities, user-friendly amenities, good ambiance and satellite based navigation system.
Crisil principal economist DK Joshi observed that India will receive less FDI in 2010-11 compared to the previous fiscal as the global economic recovery is still fragile
New Delhi: With economic recovery in the rich countries, especially European nations, remaining fragile, foreign direct investment (FDI) inflows to India plunged by 48% to $1.04 billion in January over $2.04 billion in the same period last year, reports PTI.
Countries including Mauritius, Singapore, US, UK, Netherlands, Japan, Germany and UAE are the major investors in India.
During the ten-month period (April-January 2010-11) of the current fiscal, FDI declined 25% to $17 billion over the year ago period, a source told PTI.
India had received $22.9 billion FDI during April-January 2009-10.
"The numbers are reflecting that we will not be able to touch the FDI figure of the previous fiscal," the source said adding "it is a matter of great concern."
In 2009-10, the country's foreign direct investment had declined to $25.88 billion from $27.33 billion in the previous financial year.
"The numbers are bad. Going by the trend, it appears that India will receive less FDI in 2010-11 compared to the previous fiscal. The global economic recovery is fragile," Crisil principal economist DK Joshi said.
After falling consecutively in October and November 2010, FDI in India increased by about 31% to $2 billion in December last year over the same period last year.
FDI inflows in October dipped by about 40% to $1.4 billion over the year-ago period. In November too, it fell by 7% to $1.6 billion.
In view of declining foreign investment inflows, the Reserve Bank of India (RBI) is considering setting-up a panel to find out the reasons for FDI slowdown and suggest ways to encourage it.
The sectors that attracted FDI include services (financial and non-financial), telecommunications, housing and real estate, construction activities and power.
As far as FII inflows are concerned, they too dipped in January, declining to $1.19 billion from $1.84 billion during the same period of January 2010.