When the insurance regulator, IRDA, announced health insurance portability 18 months ago,...
Swiss Timing, along with Suresh Kalmadi and nine others, is facing trial in a case relating to ‘illegally’ awarding a contract to install Timing, Scoring and Results system for the 2010 Games, causing a loss of over Rs95 crore to the exchequer
The Central Bureau of Investigation (CBI) has forwarded to the ministry of home affairs (MHA) the summons to be served abroad to three officials of Switzerland-based Swiss Timing for their alleged role in a 2010 Commonwealth Games (CWG) related corruption case in which sacked CWG Organising Committee (OC) chairman Suresh Kalmadi, among others, is facing trial.
The agency has filed the copy of the 26th March letter sent to the MHA before a Delhi court after it had directed the CBI to submit its status report in connection with the service of summons by 28th March.
In its forwarding letter sent to MHA, the CBI has given brief details of the case and has annexed copies of summons issued for 2 July 2013, against Swiss Timing’s general manager Christophe Berthaud, sales and marketing manager S Chianese and multi-sports events and sales manager J Spiri.
“The summons in duplicate, accompanied by its annexures... duly issued by the trial court and their German translations along with translation certificates dated 19 March 2013, are enclosed herewith for service as per the letters of agreement dated 20 February 1989, between the governments of India and Switzerland in the matter of providing mutual assistance in criminal matters,” the letter sent by the CBI to the ministry said.
“It is further mentioned that the summons need to be received by Federal Department of Justice and Police, Switzerland thirty days prior to the date of the summons for onward service to the addressee,” the letter said.
Swiss Timing, along with Kalmadi and nine others, is facing trial in a case relating to ‘illegally’ awarding a contract to install Timing, Scoring and Results (TSR) system for the 2010 Games to Swiss Timing at inflated rates, causing a loss of over Rs95 crore to the exchequer.
The court had framed charges of cheating and conspiracy against Swiss Timing and had said the record of the case “prima facie” suggests that there is “incriminating evidence about the involvement” of its three officials in the case.
Special CBI judge Ravinder Kaur had issued summons against the three officials of the firm and had directed the agency to file a charge sheet against them.
The agency had filed the summons along with a brief note of the case, after they were translated into German language, in the court which then handed it over to CBI prosecutor VK Sharma to send them to the accused through the Federal Department of Justice and Police of Swiss Confederation.
While directing CBI to file a charge-sheet against the three persons, the court had said the name of a person, who had allegedly acted and entered into a criminal conspiracy on behalf of Swiss Timing with the other accused, is not there in the charge-sheet.
It had also said the material available on record “speaks of the criminal conspiracy entered into between accused no. 1 to 10 (Kalmadi and others) and accused no. 11 (Swiss Timing) through Spiri, Chianese and Berthaud.”
Kalmadi and nine others, including OC’s former secretary general Lalit Bhanot, are facing trial in the case for offences including criminal conspiracy, forgery, cheating under the IPC and the Prevention of Corruption Act, which entails life imprisonment as maximum punishment.
Besides Kalmadi and Bhanot, the other accused are OC’s former director general VK Verma, former director general (procurement) Surjit Lal, former joint director general (sports) ASV Prasad and former treasurer M Jayachandran.
They are no more associated with the sporting body.
Apart from the six, promoters of two construction firms—PD Arya and AK Madan of Faridabad-based Gem International and AK Reddy of Hyderabad-based AKR Constructions—are also accused. AKR Constructions is also an accused in the case.
CBI has alleged that Kalmadi and others rejected Spanish firm MSL’s much lower bid of Rs62 crore and awarded the contract to Swiss Timing, causing a loss to the exchequer.
Nifty has to stay above last week’s low of 5,605 to head for 5,800-5,860
The market settled in the positive in the holiday-shortened week on a relief rally after a sharp decline of nearly 4% last week on account of the political logjam at the Centre. International events and the release of key economic indicators will guide the market next week.
The BSE Sensex gained 100 points (0.53%) to finish at 18,836 and the Nifty rose 31 points (0.55%) to close the week at 5,683. The Nifty has to stay above last week’s low of 5,605 to head for 5,800-5,860.
The market settled lower on Monday as continued political uncertainties at the Centre ignited fresh worries about fate of the fiscal reforms of the government. The benchmarks managed to settle marginally higher amid choppy trade on Tuesday on support from consumer durables and fast moving consumer goods sectors. Resuming after a day’s break on Thursday, the indices closed in the green on Thursday on buying in rate-sensitive stocks. The market remained close on Friday for Good Friday.
BSE Consumer Durables (up 4%) and BSE PSU (up 2%) were the top sectoral gainers while BSE Auto and BSE Capital Goods (down 1% each) were the main losers.
ONGC (up 5%), Coal India, HDFC (up 4% each), HDFC Bank (up 3%) and Hindalco Industries (up 2%) were the key gainers on the Sensex this week. The losers were led by Hero MotoCorp (down 7%), Reliance Industries (down 5%), Tata Steel (down 3%), Larsen & Toubro and Maruti Suzuki (down 2% each).
The major gainers on the Nifty were ONGC (up 5%), Coal India, HDFC, HCL Technologies (up 4% each) and HDFC Bank (up 3%). The key losers on the benchmarks were Hero MotoCorp (down 7%), Reliance Infrastructure and Reliance Industries (down 5% each), Tata Steel and Grasim Industries (down 3% each).
In economic news, India’s fiscal deficit touched 97.4% of the budget estimates during April-February period of the current fiscal. In absolute terms, the fiscal deficit (the gap between expenditure and revenue receipts) stood at over Rs5.07 lakh crore at the end of February, according to the data released by the Controller General of Accounts.
The current account deficit (CAD) expanded to a record high of 6.7% in the third quarter of the current fiscal from 5.4% in the July-September quarter, mainly on account of a large trade deficit, Reserve Bank of India (RBI) data showed.
In monetary terms, the CAD— the difference between inflow and outflow of foreign capital—widened in the October-December quarter to $32 billion, up from $20 billion (4.4% of GDP) in the corresponding quarter of 2011-12, on account of a significant increase in oil and gold imports.
In international news, Cypriot President Nicos Anastasiades promised to keep his country in the euro as Cypriots adapted to restrictions on their use of the common currency to prevent a financial collapse.
Meanwhile, US consumer sentiment rose in March from the previous month, as Americans brushed aside concerns about government budget cuts and looked at the positive performance of the labour market. The Thomson Reuters/University of Michigan's final reading on the overall index of consumer sentiment stood at 78.6 in March, up from 77.6 the month before.