This is the 10th accident involving an Indian Navy warship and the third submarine mishap in the last seven months
Five Navy personnel were seriously injured Wednesday morning in a mishap involving the Russian-origin Kilo Class submarine INS Sindhuratna off the coast of Mumbai.
INS Sindhuratna was involved in an exercise along the Mumbai harbour when a leakage in the battery compartment of the submarine occurred resulting in five personnel suffering suffocation, Navy sources told PTI.
The Navy personnel fell unconscious and had to be airlifted to the naval hospital INS Ashwini in Mumbai, they said.
This is the 10th accident involving an Indian Navy warship and the third submarine mishap concerning a kiloclass submarine in the last seven months. Last year 18 crew members died after a major fire broke out on INS Sindhurakshak.
The sources said a Board of Inquiry under a senior officer has been ordered to ascertain the reason behind the mishap.
A Navy spokesperson refused to comment on the issue.
It is learnt that a senior naval officer of the submarine wing was present on Sindhuratna when the incident took place, the sources said.
Around a month ago, INS Sindhughosh had a close shave when it entered the Mumbai harbour during a low-tide phase and was about to run aground.
NSE feels its new index futures would help investors’ hedge near-term volatility risks in their equity portfolio
National Stock Exchange on Wednesday launched its futures contracts on India VIX (volatility index) called ‘NVIX’. India VIX, a volatility index based on the index options prices of Nifty, would help investors’ hedge near-term volatility risks in their equity portfolio, NSE said.
Chitra Ramkrishna, managing director and chief executive, NSE, said, “Volatility is a different risk class. It has a tremendous potential as everyone has to deal with volatility. Anyone who has a portfolio, one who needs to hedge the portfolio for volatility...it could be for institutional or high networth individuals (HNI). It is a broad base usage of this product”.
“Uncertainty is for everyone. This product will help in hedging uncertainty. We expect very good broad-based participation in this product,” she added.
NSE is aiming to tap into domestic institutional investor demand for equity futures and options. The Exchange, which constructed India VIX, started disseminating India VIX index in 2009.
India VIX indicates the investor’s perception of the market’s volatility in the near term. The index depicts expected market volatility over the next 30 calendar days.
A high India VIX value would suggest that the market expects significant increase in volatility, while a low value indicates the reverse. India VIX and Nifty have a negative correlation.
While issuing a non-bailable warrant against Subrata Roy, the apex court asked him to appear on 4th March
The Supreme Court on Wednesday issued a non-bailable warrant (NBW) against Sahara Group chief Subrata Roy after he failed to make a personal appearance before the court.
On Tuesday, while rejecting Roy's plea seeking exemption from personal appearance before it, the apex directed him to appear on Wednesday in connection with the failure of his companies to refund Rs20,000 crore to investors.
Asking the Sahara group chief to appear before it on 4th March, the Supreme Court said, "Arms of this Court are very long."
While Roy remained absent, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, the three directors of its units, Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC), today appeared before the Court.
Meanwhile speaking with CNBC TV18, Soli Sorabjee, former Attorney General, said, "Subrata Roy is not above the law and (he) has to face consequences of not complying with the Supreme Court."
Separately, Roy, in a letter addressed to senior advocate Ram Jethmalani, who is appearing for him, said, "None of we brothers-sisters can leave my Mother in today's condition. If there is any doubt about what I have stated about condition of my mother, the Court may kindly send someone to my place in Lucknow and the truth shall be revealed. Nothing is more than Mother."
Sahara group also attached a certificate issued by Dr Mansoon Hasan, director of Sahara Hospital, Lucknow, alogn with its statement. After describing the condition of Chhabi Roy, mother of the Sahara chief, the certificate states, "At this age of 92 years with this stage and condition with a fragile emotional status and deep attachment to her eldest son, we feel, both on humane as well as on medical ground and for her psychological strength her eldest son's presence by her side is very important apart from other son and daughter who all are present here."
The Supreme Court had on 20th February come down heavily on the Sahara group for not refunding Rs20,000 crore of investors’ money despite its order and summoned Roy, Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of its units, Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) to be personally present before it on Wednesday.
It had allowed SEBI to go ahead with the sale of properties of the group whose sale deeds were handed over to the market regulator to recover Rs20,000 crore.
“Those properties you can sell. We allow you to sell them and recover the money. If they are encumbered properties then you can file criminal case against the company. The case must be brought to a logical conclusion,” the bench had said.
It had raised question on the way the group has been defying its order for the last one-and-a-half years.
The bench had said SEBI can put those properties on auction and get the money after the market regulator had said let the company itself sell the properties and deposit the money.
The apex court in its judgement of 31 August 2012 had directed SEBI to attach properties and recover the money.
Sending a clear message that the court is not 'helpless' in taking action for flouting its directions, the apex court had on 21st November last year barred Roy from leaving the country and also restrained the group from selling any of its properties.