Citizens' Issues
Ladakh region frozen, biting cold in Kashmir Valley
Leh and Kargil towns in the Ladakh region remained frozen at minus 12 degrees Celsius on Monday while the biting cold continued in Kashmir Valley.
 
"The minimum temperature was recorded at minus 12.2 degrees Celsius in Leh while it was minus 12.1 degrees Celsius in Kargil town of Ladakh region on Monday," an official from the local Met office told IANS.
 
"These two towns were the coldest in Jammu and Kashmir on Monday," the official said.
 
"The minimum temperature in Srinagar city was two degrees Celsius on Monday. It was minus 4.1 degrees Celsius in Pahalgam and minus 10 degrees Celsius in Gulmarg."
 
"The minimum temperature was recorded at 6.8 degrees Celsius in Jammu city and Katra town, 0.6 degrees Celsius in Batote, 0.3 degrees Celsius in Bannihal and minus one degrees Celsius in Bhaderwah town," the official said.
 
The official said rain or snow is likely to occur during the next 24 hours at isolated places in Jammu and Kashmir.
 
Biting cold has been causing problems to the people of the valley.
 
Although the 40-day long period of extreme cold known as 'Chillai Kalan' is still a week away. Beginning on December 21, Chillai Kalan ends on January 31 each year.
 
During this period all the water bodies of Kashmir Valley including lakes, rivers and streams freeze while the roads become extremely slippery in the morning and the evenings.
 
The good thing about Chillai Kalan is that the snowfall replenishes the perennial reservoirs that feed the rivers, streams and lakes in Kashmir during the months of summer.
 
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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Associated Journal issuing shares to Young Indian is defrauding minority shareholders: Shanti Bhushan
Shanti Bhushan talks exclusively to Sumeet Mehta on the law of meetings and how directors of Associated Journal misused their fiduciary position for helping Gandhi family to grab control of AJL by undervaluing and issuing shares to Young Indian
 
Sumeet Mehta (SM): As you told me on the phone, your Late Father was a freedom fighter and went to jail on numerous occasions, and as a prosperous lawyer he supported Associated Journals Ltd by buying some shares. How many shares did your Late Father subscribe to? 
 
Shanti Bhushan (SB): My father had five preference shares whereas Jawaharlal Nehru had only three. Each preference share was Rs 100/= whereas each ordinary share was only Rs 10/=.
 
SM: As you stated on the phone, after your father's sad demise, you have not yet transferred the shares in name of his legal heirs (you and your siblings). What is your assessment on timelines to get your name listed in Shareholders' Register so that you can initiate action against the Directors of AJL?
 
SB: It might take a couple of months to get the names of heirs substituted.
 
SM: What is your view on Directors of AJL issuing shares to Young India and what are the reasons why it is illegal and / or unethical?
 
SB: It was in my opinion unethical and illegal and an abuse of their powers by the Directors to issue nine crore shares of Rs 10/= each to Young Indian – a company with only four shareholders Sonia and Rahul Gandhi with 76 % shares and two of their loyalists Motilal Vora and Oscar Fernandes with 12 % each. The Directors are in a fiduciary position with the shareholders and are required to act in the best interest of the shareholders. Associated Journals is said to be having assets worth Rs 2,000 crores in several cities. The debt was only 90 crores. It could have easily sold or even mortgaged any small asset to raise Rs 90 crores to pay off the debt and retain the company and its assets in the hands of its existing shares without hurting them by making them irrelevant and putting all the assets of the company in the hands of four people. This was a totally malafide act of the Directors. Kapil Sibal has said that preference shareholders had no voting rights. Perhaps under this impression they might not have sent any notice of the EGM to preference shareholders. If so the meeting would be illegal and any decision taken therein null and void. Even preference shareholders had the right to vote under Sec 87 as no dividends had been paid for more than three years.
 
SM: You have stated that your family has not received any notice for AGM / EGM of AJL at your residence at Allahabad. Can you elaborate this and share more light on legal implications of this issue of non-receipt of notice of any General Body Meeting by any shareholder?
 
SB: The settled law of meetings is that if a single member has not been given a notice of the meeting it shall become a nullity.
 
SM: How do you propose to initiate action against Directors of AJL and which are the sections of Companies Act, 2013 that Directors of AJL could have possibly violated?
 
SB: A petition may be filed before the Co Law Board for seeking the quashing of the issue of nine crore shares to the co Young Indian.
 
SM: In case Directors of AJL are held guilty for this issue of shares to Young India in a wrongful manner, what are the implications for Gandhi Family, Directors and Shareholders of Young India, and Directors of AJL? 
 
SB: The Gandhis will be deprived of the control of all these assets.

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COMMENTS

Rajendra Ganatra

2 years ago

HILARIOUS!

1. Congress gives loan of Rs. 90 crore to AJL. This is illegal.
2. Though congress can easily recover Rs. 90 crore by liquidating a part of 2000 crore worth of assets of AJL, it doesn't do it. Instead it hatches a criminal conspiracy to help the some folks to gobble up valuable & revenue generating AJL assets.
3. As a part of conspiracy, congress sells Rs. 90 crore loan in AJL to YIL controlled by Gandhis (with 76% shareholding) for a paltry Rs. 50 lakhs through debt assignment. Resultant loss of Rs. 89.50 crore to congress denotes blatant misuse of public money to enrich some folks.
3. Having stepped in the shoes of the lender, YIL swaps the loan for AJL's equity and takes control of AJL's huge income generating assets.
4. YIL is structured as not for profit company as a ruse since it has all the flexibility to use the money without "distributing" the surplus (profit).
5. One can see YIL's "Master details" at:
http://mca.gov.in/DCAPortalWeb/dca/Compa...
It had authorised & paid up capital of Rs. Five lakh on the date of incorporation on 23/11/2010.
6. YIL clearly emerges as a shell formed to appropriate huge assets. Without going into the legality of the transaction, the income tax authority can levy huge tax demand. But that's a smaller issue. The fraud underlying the transaction will invoke CrPC!
No wonder the high court ruling has caused hysterical reaction from some folks!

Jingo

2 years ago

It's a shame that many congressmen have chosen to be nothing more than stooges of gandhis.. People of india need to wake up to the reality that this country and its citizens have been deprived of basic human rights for pretty much all of last 300 years..first underwriting and then under Gandhi/ Nehru family.. Not that the BJP has done its image any good by not properly developing the states ruled by it. For instance, I am not sure what's the difference, as far as mumbai is concerned, of the time when Cong-Ncp combine was ruling and now when BJP Shiv Sena combine is ruling..

Coming back to the AJL case, the blatant efforts by gandhis to deflect attention from their wrong doing by claiming political vendetta is worthy of treated as toilet paper.

I believe that the present dispensation has to fast track the cases involving politicians so that public comes to know if everyone 's misdeeds.

Meenal Mamdani

2 years ago


The lay public which does not understand finance or legal matters is dependent on the reputation of the person opining to decide whether what he is saying is valid. In this case, Mr. Shanti Bhushan has a stellar reputation so one trusts his opinion.
But, the reporter should help the lay public understand the issues involved by explaining the matter in clear easily understandable language; namely what is wrong in this action, what should have been done, the gravity of the offense committed, and whether it is justified to call people to court to resolve this matter.
Why can't a person depose under oath in the convenience of her/his office and the deposition submitted as evidence?
If the judge needs to cross examine the person, then it would be reasonable to ask her/him to be present in court.
Otherwise this smacks of harassment.

REPLY

Rajesh Kumar Singh

In Reply to Meenal Mamdani 2 years ago

That's not how the criminal cases are prosecuted in India. Personal appearance is critical. It means the accused is submitting himself/herself to judicial scrutiny. This is not a case filed by the state. The matter actually should be taken up suo-moto by the SEBI. AJL is a public limited company. Subramanian Swamy is not an investigator or a prosecutor. So, even the investigating and prosecuting authority has to be determined and the court has to take a view in the matter. In the mean time SEBI must begin investigating the case.

Gopalakrishnan T V

2 years ago

What is the role of SEBI in such matters? Is it not supposed to protect the interests of share holders by ensuring that the Companies involved act as per the laws of the land and the all share holders interests have been legally and financially protected? Any way the Herald case is an interesting one and the shareholders get an opportunity to understand their rights.

manoharlalsharma

2 years ago

Interesting subject to study to long term share holders , buying as mothers' safe gift and all equity inverses also to learn by the given instance.

TIHARwale

2 years ago

“In its judgment… the High Court has held that no question of criminality, even on a prima facie basis arises at this stage. Paragraph 36 of the judgment says ‘It needs no reiteration that this is not the stage to even prima facie opine that the ingredients of any of the alleged offences exist to justify putting petitioners on trial or not. Any observation made in this regard by the trial court or this court shall have no bearing when the case of the petitioners is considered at the charge state’. if this is indeed the position then the trial court judge who accepted the plea of Dr. Swamy need to made accountable for her action of summoning Sonia and others. Shanti Bhushan may share his views on the above.

REPLY

Rajesh Kumar Singh

In Reply to TIHARwale 2 years ago

The HC could not have taken any other view than this. It cannot determine the culpability. The trial court has to do that. HC will take a view after the judgement of the trial court. That was the process the trial court was following when it was stopped from doing so. The trial court was within its rights to summon Sonia and insist on a personal appearance. Summon is a summon and not an indictment. There are a whole lot of issues involved. The investigating and prosecuting agency has to be determined. Subramanian Swamy is neither an investigator nor a prosecutor. In my view the Trial court should initiate the process of seizing and sealing the documents at AJL, Congress Party, ROC, etc. It should debar the directors of AJL from taking any decisions until the pendency of the case. This is a good case and brings to the fore the serious issue of defrauding shareholders and investors by the Board of Directors by its malafide actions and decisions.

Don't blame us for floods: Tamil Nadu government
The Tamil Nadu government said on Sunday that it can't be blamed for the massive flooding of Chennai following the heaviest rains in a century.
 
Chief Secretary K. Gnanadesikan denied that official indecision or mismanagement vis-a-vis the release of water from the Chembarambakkam lake into the Adyar river caused the all-round destruction.
 
He said in a statement that the floods were caused primarily due to the very high rainfall in November, which was followed by more rains in Chennai, Kanchipuram and Tiruvallur districts on December 1.
 
Media reports have said flooding of the Adyar that killed many and destroyed livelihood and assets of millions of people was due to improper management of water releases from the Chembarambakkam lake.
 
Gnanadesikan said the India Meteorological Department (IMD) on November 30 and December 1 had issued advisories of isolated heavy rainfall and not 50 cm rainfall as reported by some media groups.
 
He said that in meteorological terminology, 'isolated' means only in one or two places, heavy rainfall is between 6.4 cm to 12.4 cm while very heavy rain stands for 12.4 cm to 24.4 cm of rainfall.
 
He dismissed as "malicious" and "canards" allegations that engineers at the lake waited for instructions from the principal secretary of the Public Works Department and the chief secretary and the imputation that the officers were waiting to be ordered by Chief Minister J. Jayalalithaa.
 
According to Gnanadesikan, the level of water reservoirs required to be maintained at two feet below full tank level while monsoon is still active.
 
He said the rules balance the interests of water storage for the scarcity period, the need to control flooding in downstream areas and the safety of the reservoir.
 
Gnanadesikan said adequate flood warnings were issued to people living in low lying areas on December 1, and over 47,300 people were evacuated.
 
He said many tanks were breached due to heavy rains and the water flowed into the Adyar river which flows through Chennai.
 
"The flow in Adyar reached its full capacity due to the surplus from Chembarambakkam tank, the inflow from the catchment areas of Adyar within Chennai and the surplus received from the other tanks," he said.
 
"In view of the heavy flow in the Adyar, the high intensity runoff of local rainfall in Chennai and adjoining urban areas could not fully drain into the Adyar and hence contributed to the inundation of the city."
 
The Tamil Nadu floods have killed nearly 350 people in four districts including Chennai and caused widespread destruction. 
 
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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COMMENTS

M Muralidharan

2 years ago

false pride no responsibility.

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