IOC's decision came after its three observers left Indian shores satisfied with the IOA elections, promising to submit a favourable report to its president
More than a year after being shunted out of the Olympic movement due to tainted officials, India was on Tuesday welcomed back by the International Olympic Committee (IOC) within days of conducting a fresh election in the Indian Olympic Association (IOA).
The IOC lifted the 14-month-old ban on India after the IOA barred charge-framed officials from its fresh election held Sunday in which World Squash Federation chief N Ramachandran, was elected as the President. Ramachandran is the younger brother of cricket board chief N Srinivasan.
The decision comes after the IOC’s three observers for the elections left Indian shores “satisfied with the IOA elections, promising to submit a “favourable report to the IOC President”.
Jerome Poivey, IOC’s head of institutional relations, even went on to state that the amended IOA constitution was one of the best in the world and it should be implemented fully.
All India Tennis Association (AITA) chief Anil Khanna was elected Treasurer in the polls, which marked the exit of corruption-tainted Abhay Singh Chautala and Lalit Bhanot from the IOA.
It all started 14 months ago when on 4 December 2012, the IOC suspended the IOA for adhering to the government’s Sports Code and for allowing tainted persons to take part in the election process.
In an act of defiance, IOA went ahead with the polls next day. The world body refused to recognise Chautala and his team of office-bearers.
The IOC later proposed a meeting with the IOA and government representatives but maintained that the Indian body must hold its elections solely under Olympic Charter to return to the Olympic fold.
During the December quarter, Tata Motors net profit grew to Rs4,805 crore, contributed by 61% growth in Jaguar Land Rover volumes
Tata Motors Ltd, India’s largest vehicle manufacturer reported a 195% jump in its third quarter net profit, mainly on robust volumes in its Jaguar Land Rover division. The company’s domestic sales for passenger and commercial vehicles, however, remained subdued.
For the quarter to end-December, the Tata group company said, its consolidated net profit grew 195% to Rs4,805 crore from Rs1,628 crore while, its total consolidated revenues, including sales, grew 39%to Rs63,877 crore from Rs46,090 crore, a year ago period.
During the quarter, Tata Motor’s total revenues from JLR division grew 61% toRs53,892.50 crore, thus accounting for 85% share in its total revenues. However except JLR, Tata Motors and its other brands’ total revenues fell 21% to Rs9764.92 crore from Rs12,345.19 crore a year ago period.
“Jaguar wholesale and retail volumes for the quarter ended 31December, 2013 grew 22.7% to 116,357 units and Land Rover grew 26.5% to 112,172 units as compared to year ago. Growth in volumes is driven by launch of new Range Rover Sport, new Range Rover and Jaguar F-TYPE, alongside higher volumes of the newer XF and XJ derivatives,” Tata Motors said in regulatory filing.
Tata Motors closed Monday marginally down at Rs364 on the BSE, while the 30-share Sensex ended the day flat at 20,334.
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