Accumulated losses as of 31 March 2013 stood at Rs16,023.46 crore and its networth on that date was a negative Rs12,919.81 crore
Kingfisher Airlines, grounded since 1st October last year, today reported net loss at Rs2,141.80 crore for the quarter ended March 2013 compared to a loss of Rs1,151.83 crore in the same period a year ago.
The carrier reported nil sales for the period under review as against sales of Rs782.83 crore in the fourth quarter of FY 2012.
For the entire 2012-13, the net loss is Rs4,001.12 crore against a loss of Rs2,328.01 crore in the previous year, Kingfisher Airlines said in a filing to the exchanges.
Accumulated losses as of 31 March 2013 stood at Rs16,023.46 crore and its networth on that date was a negative Rs12,919.81 crore.
Kingfisher had never made profit since it started operations in 2005.
The airline has been grounded since October and its air operations permit or the flying licence lapsed on 31st December last year, although it can be renewed within two years.
Last month, Kingfisher Airlines had submitted a fresh revival plan to DGCA, seeking permission to resume operations.
But it has not yet been accepted by the regulator on the ground that it did not have no-objection certificates from various stakeholders including airports, bankers, oil marketing firms, etc.
Of over Rs7,000 crore exposures to the 17 lenders, SBI has the maximum exposure of over Rs1,600 crore in the airline. It is followed by PNB (at Rs800 crore), IDBI (Rs800 crore), Bank of India (Rs650 crore) and Bank of Baroda (Rs550 crore).
However, of late, banks have started recovering dues from the carrier and have recovered around Rs1,000 crore as of now.
“KFA recoveries are going on. We have substantial amount of recoveries. Total recoveries for banks more than Rs800—Rs1,000 crore,” SBI chairman Pratip Chaudhuri had recently said.
Throughout the week we viewed the rally with suspicion. Today’s severe fall confirms a fresh downturn, which may take the Nifty to the level of 5,930 or to 5,880
The dismal GDP figures released mid-morning saw the market plunging over 2% today. Throughout the week we viewed the rally with suspicion. Today’s severe fall confirms a fresh downturn, which may take the Nifty to the level of 5,930 or to 5,880. The National Stock Exchange (NSE) reported a volume of 70.86 crore shares and advance-decline of 368:1051.
The market opened with a deep cut this morning after Reserve Bank of India (RBI) governor D Subbarao yesterday voiced concerns about high inflation and current account deficit. Meanwhile, markets in Asia were in the positive in morning trade as weak US indicators ignited fresh hopes of the Federal Reserve continuing with its bond-buying programme. Domestic investors were focussed on the release of GDP growth numbers for the fourth quarter and full fiscal 2012-13.
The Nifty opened 25 points down at 6,099 and the Sensex resumed trade at 20,187, a decline of 28 points from its previous close. The benchmarks hit their highs in initial trade with the Nifty at 6,106 and the Sensex crawling up to 20,191. However, selling in fast moving consumer goods (FMCG), oil & gas, banking and auto sectors led the indices lower.
News of India’s economic growth for FY’13 coming in at a decade low of 5% and 4.8% in the January-March quarter added to investors’ woes. The market remained in the negative with all sectoral gauges, barring the IT index, in the red.
The benchmarks extended their losses in noon trade on a lower opening of the key European indices. The indices continued their fall in the late session and touched their lows towards the end of trade. The Nifty fell to 5,976 and the Sensex declined to 19,731.
The market ended with a loss of over 2% as dismal GDP figures raised concerns about the economic growth. The Nifty dropped 138 points (2.26%) to 5,986 and the Sensex tumbled 455 points (2.25%) to settle at 19,730.
Among the broader indices, the BSE Mid-cap index declined 1.33% and the BSE Small-cap index dropped 1.56%.
BSE IT (up 0.87%) was the lone gainer in the sectoral pack. The losers were led by BSE Realty (down 3.38%); BSE Oil & Gas (down 2.71%); BSE Bankex (down 2.46%); BSE FMCG (down 2.21%) and BSE PSU (down 2.15%).
Out of the 30 stocks on the Sensex, three settled higher. Infosys (up 2.79%); Sterlite Industries (up 2.58%) and TCS (up 0.07%) were the gainers. The key losers were Bharti Airtel (down 4.86%); GAIL India (down 4.26%); Jindal Steel & Power (down 4.07%); ITC (down 4.06%) and Hindalco Industries (down 3.95%).
The top two A Group gainers on the BSE were—GlaxoSmithKline Consumer Healthcare (up 10.59%) and GlaxoSmithKline Pharmaceuticals (up 9%).
The top two A Group losers on the BSE were—Suzlon Energy (down 9.89%) and Corporation Bank (down 8.92%).
The top two B Group gainers on the BSE were—Tirupati Inks (up 20%) and TCI Developers (up 20%).
The top two B Group losers on the BSE were—Opto Circuits (down 37.87%) and Fourth Generation Information Systems (down 19.98%).
Of the 50 stocks on the Nifty, five ended in the in the green. The main gainers were Infosys (up 2.67%); Sesa Goa (up 2.44%); Ambuja Cement Company (up 0.85%); HCL Technologies (up 0.65%) and TCS (up 0.11%). The major losers were UltraTech Cement Company (down 5.18%); Reliance Infrastructure (down 4.92%); Punjab National Bank (down 4.64%); GAIL India and IDFC (down 4.57% each).
Markets in Asia closed mixed as the Japanese Nikkei recovered from yesterday’s decline and settled higher on news that industrial production rose 1.7% in April.
The Nikkei 225 surged 1.37%; the Seoul Composite added 0.05% and the Taiwan Weighted rose 0.14%. Among the losers, the Shanghai Composite declined 0.74%; the Hang Seng fell 1.41%; the Jakarta Composite dropped 1.19% and the KLSE Composite fell 0.32%.
At the time of writing, the key European indices were down between 0.53% and 0.89% and the US stock futures were in the negative, indicating a lower opening for US stocks later in the day.
Back home, foreign institutional investors were net buyers of shares amounting to Rs787.47 crore on Thursday whereas domestic institutional investors were net sellers of equities worth Rs315.86 crore.
Power Grid Corporation’s Q4 net profit rose by 7% to Rs1,109 crore against Rs1,032 crore in the corresponding period of last year while its total income increased to Rs3,616 crore against Rs3,409 crore, a rise of 6% during the same period. For the fiscal 2012-13, the company’s net increased 30.1% to Rs4,235 crore compared to Rs3,255 crore in 2011-12. The total income grew by 24% to Rs13,328 crore against Rs10,785 crore. The stock declined 0.92% to Rs113.35 on the NSE.
Gammon India today reported net loss of Rs124.98 crore for the fourth quarter ended 31 March against a net profit of Rs52.95 crore in the January-March period of 2011-12 fiscal. Net sales of were down 12% at Rs1,632.56 crore in Q4, 2012-13 vis-a-vis Rs1,856.21 crore of Q4 of 2011-12, the company said in a filing to the exchanges. The stock declined 2.94% to close at Rs9.80 on the NSE.
The applicant alleged that the memoirs written by RN Kao, the founder of RAW, are in possession by certain members of the agency. The PIO merely cited exemption, which was overruled by the CIC. This is the 104th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application
The Central Information Commission (CIC), while allowing an appeal, directed the Public Information Officer (PIO) of the Cabinet Secretariat to provide the information sought by the appellant about the memoirs of RN Kao, the first chief of the Research and Analysis Wing (RAW) and if, however, the allegation was false, the PIO will state this in his reply.
While giving this judgement on 22 July 2011, Shailesh Gandhi, the then Central Information Commissioner said, “The appellant has sought information on ‘steps taken by RAW to establish organizational control over the memoirs of RN Kao’ currently in the personal possession of members of the Bajpai-Tripathi clan in the RAW. If the allegation is false, the PIO will only have to state this. If, however, the allegation is not false the PIO would state whether any steps have been taken or not.”
New Delhi resident Nisha Priya Bhatia, on 21 June 2010 sought information regarding the status of memoirs written by the first chief of RAW, from the PIO of the Cabinet Secretariat. Here is the information she sought under the RTI (Right to Information) Act...
Certified copy of the document detailing steps taken by the RAW to establish organizational control over the above-mentioned memoirs of Shri RN Kao currently in the personal possession of members of the Bajpai-Tripathi clan in the RAW.
Citing exemption from furnishing the information the PIO in his reply stated, “The requisite information pertains to Intelligence and Security Organisation under the Cabinet Secretariat mentioned at Sr No2 of the Second Schedule, which is exempted from the purview of the RTI Act, 2005 vide statutory bar of sub-section (1) of Section 24 (subject to the conditions stipulated therein) of the Act except on the grounds of allegations of human rights violation and corruption. The averment made in para 4 of your application is presumptive in nature. Moreover the information sought for, neither falls under the ambit of human rights violation, nor of corruption”.
Bhatia, then filed an appeal before the First Appellate Authority (FAA). In her first appeal, she stated, “It is most respectfully submitted that the information I seek pertains to an act of corruption where a few members of the organisation have unauthorized established control over volumes of memoirs written by the founder member of the RAW, Shri RN Kao—possibly with eyes on commission and fame that would ensue from their publication at a time considered appropriate by these officials—when there may be no other claimants to compete with them.”
The FAA, while upholding the PIO’s reply said, “In your grounds for appeal, you have also mentioned that there was apprehension of corruption in the matter. This averment in your appeal is devoid of any merit because you have failed to point out any specific instance of ‘alleged corruption’. The law cannot proceed on assumptions.”
Not satisfied with the PIO’s reply and order of the FAA, the appellant (Bhatia) then approached the Commission. In her second appeal she stated, “Shri RN Kao, the first chief of the RAW and its founding father left behind his memoirs with instructions that they be published after a certain number of years. These memoirs, running into several volumes were handed over by one chief of the RAW to another until one of the many members of the Bajpai-Tripathi family employed in the RAW established personal control over them—the applicant has reasons to believe. This is an act of corruption since it involves issues of royalty, name and fame. The memoirs are the property of the RAW and the heritage of this country. They need to be traced and accounted for.”
Bhatia, during the hearing before the Commission, stated that she was an employee of RAW and she heard about this (the memoirs) from Balachandran, former special secretary and some other secretaries. She stated that she asked various people within the department and they all pleaded ignorance except the present chief of RAW SK Tripathi. She claimed that he told her not to worry about these and that they are in safe hands.
The PIO maintained that RAW was exempted from providing the information and hence no information can be provided. The PIO was claiming exemption from providing information based on Section 24(1) of the RTI Act, which states as follows:
"Nothing contained in this Act shall apply to the intelligence and security organisations specified in the Second Schedule, being organisations established by the Central Government or any information furnished by such organisations to that Government:
Provided that the information pertaining. to the allegations of corruption and human rights violations shall not be excluded under this sub-section:
Provided further that in the case of information sought for is in respect of allegations of violation of human rights, the information shall only be provided after the approval of the Central Information Commission, and notwithstanding anything contained in Section 7, such information shall be provided within forty five days from the date of the receipt of request;"
The PIO also contended that in decision no.CIC/SM/A/2011/000285, the Commission had in another matter accepted the plea of the PIO that the organization (RAW) is exempt and it has been stated, “If information has to be disclosed by exempted organizations merely on the basis of suspension or certain perceptions of information seeker, it would be pointless to classify certain organizations as exempt.”
The Commission at that has perused the decision and in that matter the CIC had come to a clear conclusion that “none of the information sought by her in the six cases convincingly established any human rights violation or act of corruption.”
This bench has also accepted the exemption claimed by RAW under Section 24(1) of the RTI Act in various cases. However, each case has to be examined by the Commission, to see whether a reasonable allegation of corruption or human rights violation has been made.
Mr Gandhi, the then CIC, noted that it has been explicitly stated that allegations of corruption or human rights' violation shall not be excluded under the sub-section. Hence the Commission will have to see whether an allegation of corruption or human rights violation has been made when seeking the information. The Commission will also see whether an allegation appears to be specific and mentions adequate information. The allegation may be true or false but so long as it mentions specifics it would have to be taken into account when deciding whether the information should be provided or not, he said.
“In the instant case the appellant has provided specific information that Kao the first chief of RAW had written memoirs and given them to RAW with the intention that the organization would publish them at some future date. Bhatia has also alleged that these are not with the RAW any longer. If any of this is false the PIO only needs to state this. However, if the allegation is not denied then it fulfils the condition provided in Section 24(1) to qualify for information being provided. If the allegation is true it could constitute criminal misconduct as defined in Section 13(d) of the Prevention of Corruption Act 1988,” Mr Gandhi said in his order.
While allowing the appeal, the CIC said, “The appellant has sought information on ‘steps taken by the RAW to establish organizational control over the above-mentioned memoirs of RN Kao’, currently in the personal possession of members of the Bajpai-Tripathi clan in the RAW. If the allegation is false the PIO will only have to state this. If however the allegation is not false the PIO would state whether any steps have been taken or not.”
CENTRAL INFORMATION COMMISSION
Decision No. CIC/SM/A/2011/000292/SG/13617
Appeal No. CIC/SM/A/2011/000292/SG
Appellant: : Nisha Priya Bhatia
Respondent: : Sumati Kumar,
CPIO & Director
Bikaner House (Annexe), Shahjahan Road,
New Delhi-110 011