Lok Sabha extends term for JPC in the 2G scam

The lower house passed the motion moved by committee chief PC Chacko by a voice vote extending up to the last day of the Winter Session

New Delhi: The Joint Parliamentary Committee (JPC) looking into the 2G spectrum issue was on Thursday granted a second extension till the end of the Winter session by the Lok Sabha, reports PTI.

The lower house passed the motion moved by committee chief PC Chacko by a voice vote extending up to the last day of the Winter Session the time to present its report. The term of the committee was to end on the last day of the ongoing Budget session.

Last September, Lok Sabha had adopted a motion for extending the term of the JPC up to the last date of Budget session. Earlier, the panel was required to submit its report by the last date of the last Monsoon session.

The JPC, consisting of 20 members from Lok Sabha and 10 from Rajya Sabha, was constituted on 4th March last to look into the entire gamut of policy prescriptions in the telecom sector from 1998 to 2009.


Vedanta's core profits up 12.9% to $4 billion in 2011-12

The drop in Vedanta's net profit was largely due to increased depreciation and amortisation costs and interest expenses related to funding of its acquisition of majority stake in Cairn India

London: India-focused mining conglomerate Vedanta Resources on Thursday reported a 12.9% growth in its core profits to $4.03 billion for the year 2011-12, buoyed by earnings from recently acquired Cairn India and higher output in zinc, silver, and power, reports PTI.

Analyst said the core profits/EBITDA (earnings before income, tax, depreciation and amortisation) of the company were in line with the expectations of $4 billion. The London-listed firm had reported $3.566 billion EBITDA in FY11.

"This has been a transformational year for the group, in which we completed the Cairn India acquisition, announced the consolidation of the group, and delivered a strong production growth," Vedanta chairman Anil Agarwal said in a statement.

"With our growth projects largely completed, (we) are well placed to continue this strong growth," he said.

Core profits at $713 million from Cairn, which was acquired in December last year, accounted for most of the increase in group EBITDA of Vedanta. Zinc, silver and power businesses were other contributors in company's group EBITDA.

However, iron ore business of Vedanta, operated by subsidiary firm Sesa Goa, was a drag on company's core profits as it reported a 38.6% drop in EBITDA to USD 721.4 million, mainly due to 26.6% drop in production.

The iron ore production fell because of a Supreme Court-imposed mining ban in Karnataka and logistical bottlenecks in Goa, the company said.

Company's revenue rose by 22.6% to $14 billion in the last fiscal vis-a-vis $11.427 billion of 2010-11, it said.

However, net profit attributable to the shareholders of the company dropped by over 92% to $59.8 million in FY12 from $770.8 million in the previous fiscal.

The drop in net profit was largely due to increased depreciation and amortisation costs and interest expenses related to funding of its acquisition of majority stake in Cairn India.

By December, the company is expecting to complete group restructuring exercise, which seeks to bring all businesses, except Konkola Copper Mines in Zambia, under the fold of a new entity, Sesa Sterlite, it said.

The new entity will be created through merger of Sterlite Industries and some other subsidiaries including Vedanta Aluminium, Madras Aluminium into Sesa Goa.


Police begins probe in Shahrukh Khan brawl case

The ACP said even he could smell alcohol while taking away Shahrukh Khan in a vehicle to another place outside the stadium

Mumbai: Police on Thursday began an inquiry into the alleged scuffle between Kolkata Knight Riders' (KKR) co-owner and Bollywood star Shahrukh Khan and Mumbai Cricket Association (MCA) officials at the Wankhede Stadium, reports PTI.

The inquiry was ordered after a written complaint was today filed by Nitin Dalal, Joint Secretary of MCA, with Marine Drive police station.

According to Assistant Police Commissioner, Iqbal Shaikh, police reached the stadium last night soon after they were informed about the alleged misbehaviour of Khan with MCA officials.

Police took away Khan immediately from the spot and diffused the tension, he said.

"We were told that Khan had entered the ground with some children after the match was over. When security guards objected, the actor allegedly manhandled guards and used abusive language against officials of MCA, Cricket Board, security guards and a woman who is yet to be identified," said ACP Shaikh.

"We were also informed that the actor was under the influence of alcohol," the ACP said adding "even I could smell alcohol while taking away Khan in a vehicle to another place outside the stadium."

Shaikh said inquiry into the incident was on and police would record the statement of witnesses. He, however, refused to comment when asked if the actor would be called for questioning.

He parried a question whether Khan would be subjected to medical test to determine if he was under the influence of liquor.

Khan was today banned for life from Wankhede Stadium after getting into an alleged scuffle with MCA officials at the Stadium. But there was a confusion over whether the actor has actually been banned with IPL Chairman Rajiv Shukla saying a final decision on the matter would only be taken after getting the version of all the involved parties.

"I will take the version of the MCA, Shah Rukh Khan and the police before talking about the issue," he told reporters in New Delhi.




5 years ago

For years, we allow these people all the mileage--and, actually, bend backwards at the highest levels to have photo ops with them and confer all possible honour and official and constitutional privileges, and even diplomatically take up issues with foreign govts. the so-called harassment caused to them in their airports in the in the interest of internal security of those countries--and then stage these shows of "police action"against their unruly behaviour which the country allows them with impunity for merely being "stars" Look at the inconvenience of the ordinary air passengers at airports if they have the misfortune of travelling in the same flight with inter alia the "Z Category" cricketers, even though their journeys are entirely being undertaken for private profit, like IPL fixtures! Recently, at the Chennai airport, scores of old people were made to stand in que for 50 minuites at the Boarding Gate to first allow these pampered parasites to board the plane ! The subject cinema acvtor is a product of India's greed for money and wealth and of our submission before glamour, even if mostly the glamour is on account of filthy obscenity.
What will happen to this reported police action? Nothing.

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