Citizens' Issues
LC Goyal replaces Anil Goswami as Home Secretary

Goyal succeeds Goswami who was forced out Wednesday night in the wake of his alleged attempt to stall the arrest of an accused in Saradha scam

 

Senior officer LC Goyal on Thursday took over as the Home Secretary, succeeding Anil Goswami who was forced out last night in the wake of his alleged attempt to stall the arrest of Saradha scam accused Matang Sinh by Central Bureau of Investigation (CBI).
 
Goyal, a 1979-batch IAS officer of Kerala cadre, was the Rural Development Secretary till now. He will have a tenure of two years.
 
Soon after taking over, he called on Home Minister Rajnath Singh.
 
"I feel humbled by this huge responsibility. I will fulfil this responsibility with utmost sincerity, commitment, diligence and with a profound sense of accountability. To be able to do so, I solicit active support and cooperation of all stakeholders.
 
"The Ministry of Home Affairs' mandate is essentially to ensure effective maintenance of internal security in the country. To achieve this, necessary mechanisms, policies, and measures are in place. Wherever required and appropriate, improvements will be made within the given time-lines. This will be so done in close association and coordination with the state governments and Union Territories," Goyal said.
 
Goswami was last night shown the door in the wake of the controversy over his alleged attempt to talk to CBI officers to stall the arrest of Sinh, a former Congress minister at the Centre. Sinh was arrested on Saturday last.
 
After he was asked to resign, Goswami, a 1978-batch IAS officer of Jammu and Kashmir cadre, made a request for voluntary retirement with immediate effect by waiving the notice period which was accepted by the government.
 
Goswami was appointed as Home Secretary in 2013 during the tenure of UPA Government. He turned 60 last month and would have continued till 30th June.
 

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Stock manipulation: Midas Infra Trade
Midas Infra Trade gained a stupendous 1104% in 18 months, with almost no income
 

Midas Infra Trade Ltd (MITL) is supposedly in the business of ‘share trading’. Prior to April 2014, MITL was known as Associated Finlease Ltd. It is a dormant company. It reports marginal income from its trading activities. With almost nil net profits, in an 18-month period, the stock of MITL gained a stupendous 1104%—from Rs0.95 on 23 May 2013 to Rs11.44 on 5 November 2014. Since then, the stock price has fallen 46% to Rs6.15 on 23 January 2015. Over this period, the promoters have been reducing their stake. In just a year, they have reduced their stake to 0.35% on September 2014 from 8.85% in September 2013. This suspicious activity did not raise a red flag, despite the regulator and the Exchanges being aware of MITL’s mismanagement in the past. In 2000, MITL’s certificate of registration as a non-banking finance company was rejected by the Reserve Bank of India (RBI) and it was prohibited from accepting deposits. Yet, in 2010, MITL collected money from public through money circulation schemes by making tall promises of high returns. Though this led to a cautionary notice from RBI, no penal action was taken against the company. MITL has also been suspended in the past for not complying with the listing agreement. No wonder, investors are so suspicious of the stock market and have little respect for the regulators.

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