World
Japan stocks tumble over five percent
Tokyo : Japan shares ended the trading Tuesday sharply lower, with benchmark Nikkei stocks index plunging over five percent on the yen's rapid appreciation to a about 15-month high.
 
The 225-issue Nikkei Stock Average plunged 918.86 points, or 5.40 percent, from Monday to 16,085.44, Xinhua reported.
 
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 76.08 points, or 5.51 percent, to 1,304.33.
 
The Japanese yen was quoted at 114.6 yen versus the US dollar, compared with lower 117 yen level on Monday. Yen's appreciation always triggers selling of export-oriented issues.
 
Traders said the dollar's slide was sparked by selloffs in the US and Europe, with the yen often a preferred choice as a safe currency haven in times of economic turbulence or severe market jitters, which drives its value up versus its major counterparts.
 
The sharp plunge in the Japanese stocks market followed weak performances in the overnight European and US stocks market amid fading outlook of interest hike by the US Federal Reserve and declines in oil prices.
 
The day's turnover was about 3,055.6 billion yen ($26.68 billion).
 
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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HC dismisses plea of Kirti Azad and Bishen Singh Bedi for probe into alleged DDCA malpractices
New Delhi : The Delhi High Court on Tuesday dismissed a plea filed by former Indian cricketers Kirti Azad and Bishan Singh Bedi demanding a court-monitored investigation by the CBI into alleged criminal offence committed by DDCA officials.
 
Justice Manmohan refused to entertain the plea, saying the petition was "premature" while noting that the Central Bureau of Investigation (CBI) had already initiated preliminary enquiry on October 23, 2015.
 
"The court is of the view that present writ petition is premature as preliminary enquiry has already been registered," the court said, adding that court-monitored probe can not be ordered "just because union minister was named in the petition".
 
Azad, a suspended Bharatiya Janata Party (BJP) MP, and Bedi had also sought appointment of an independent administrator to look into alleged financial irregularities in the Delhi and District Cricket Association (DDCA).
 
They had impleaded the central and state governments, the CBI and the Board of Control for Cricket in India (BCCI) besides all current and former DDCA officials, including its former president, union Finance Minister Arun Jaitley.
 
Refusing to entertain the plea as CBI initiated investigation in October, the court said: "This court is also of the view that SIT as well as court-monitored investigation should take place in rarest of rare cases and not in every normal matter or just because union minister is named in writ petition."
 
It further directed CBI to "investigate all aspects of matter in accordance with law".
 
Appearing for Bedi, senior advocate Ram Jethmalani, told the court that there is a need of court-monitored probe as it's apprehended that CBI will not be able to conduct a free and fair investigation of allegations made against DDCA, especially since Arun Jaitley (during whose tenure as president most of the allegations pertain to) is presently a senior cabinet minister in the union council of ministers.
 
Additional Solicitor General Neeraj Kishan Kaul, appearing for CBI, opposed the plea saying the agency is seized of the matter and it will bring the probe to conclusion.
 
The CBI had asked for some documents from DDCA and other connected bodies and some of the witness have also been examined, the ASG told the court.
 
"The CBI is an independent agency. This petition is premature. Merely on the allegations, they (petitioners) want investigation should be court-monitored. There is no need of court-monitored probe. Petitions can't be used to settle scores," Kaul added.
 
Additional Solicitor General Sanjay Jain appearing for the central government also opposed the plea saying it has given land to other sports bodies at concessional rates and petitioners have not challenged the policy on which allotment has been made.
 
The plea was filed by Azad, Bedi, Maninder Singh, Dronacharya awardee cricket coach Gurcharan Singh and two others, and had sought direction to the central government to cancel the privileges like subsidised land that have been extended to DDCA and to ensure that no loss is caused to exchequer.
 
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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Government for more changes in Companies Act, SEBI rules
New Delhi : More changes might be required in the Companies Act and in the markets regulator Securities and Exchange Board of India (SEBI) regulations for listed companies to strengthen corporate governance, the government said on Tuesday.
 
"There are more changes that might be required in the Companies Act...there are more changes that may be required how SEBI deals with listed entities to strengthen corporate governance," Minister of State for Finance Jayant Sinha said at an event here on corporate governance organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
 
"We are seeing major changes on corporate governance...major changes in the nature of capitalism. This is well established within the framework we are following being a pro-poor as well as pro-market government," he added.
 
The minister also said the whole process and manner of corporate governance is very important for building businesses.
 
"So governance is going to be very important for us. If we are not able to sustain and follow the best standard of corporate governance it will be very difficult for our corporates to attract investment and talent to build businesses," he said.
 
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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