Citizens' Issues
Monsoon deficiency to narrow down in coming days: IMD

As of now, the deficiency in rainfall is 22% and it will fill up in the coming days, as monsoon is likely to improve in the eastern, central and Indo-Gangetic plains says the IMD

New Delhi: Monsoon deficiency is expected to narrow down in the coming days with rains likely to improve in the eastern, central and Indo-Gangetic parts of the country, India Meteorological Department (IMD) said on Thursday, reports PTI.

 

"As of now, deficiency is 22%. The deficiency will fill up in the coming days, as monsoon is likely to improve in the eastern, central and Indo-Gangetic plains," IMD Director General LS Rathore told reporters in the capital after meeting with Food Minister KV Thomas.

 

Although the monsoon is not active, it is not sluggish either he said, adding that the eastern coast, central India and north east are getting fairly good rains. Even Maharashtra and parts of peninsula are having rain.

 

"The only concern is north west India and interior peninsula," Rathore said.

 

On the likely impact of deficient rains on kharif crops, Rathore said, "There is concern about coarse cereals and situation of rest crops is fine."

 

India had produced a record 252.56 million tonnes of foodgrains in 2011-12 crop year (July-June) on good monsoon last year.

 

Monsoon rains are crucial for the agriculture sector, which contributes about 15% to the country's GDP, as only 40% of the total cultivable area is under irrigation.

User

Bank credit offtake declines in the first half of July

For the fortnight ended 13th July, total outstanding credit was Rs48.7 lakh crore while deposit growth has also declined to Rs80,536 crore

 
Mumbai: Growth of credit offtake from banks has declined by Rs34,500 crore in the first half of July compared to previous fortnight, reflecting slowdown in demand, reports PTI.
 
The total outstanding credit was Rs48.7 lakh crore for the fortnight ended 13th July down from Rs49.1 lakh crore in 29 June 2012, RBI said.
 
At the same time, deposit growth has also declined by Rs3,600 crore in the first half of this month.
 
Total bank deposits have fallen to Rs80,536 crore in the latest fortnight against Rs84,136 crore.
 

User

Unitech objects to Uninor's FIPB proposal on rights issue

Unitech, which holds 32.75% stake in Uninor, said that the telecom operator misrepresented facts that its nominee directors on the board of the JV approved the proposal for rights offer

 
New Delhi: Realty company Unitech has shot off a letter to the Foreign Investment Promotion Board (FIPB) objecting to its telecom partner Uninor's proposal to raise Rs1,200 crore through a rights issue, saying it had never agreed to the move as was being claimed by Uninor, reports PTI.
 
Unitech Wireless - the joint venture of Unitech Ltd and Norway's Telenor which operate under Uninor brand, had applied to FIPB for permission to raise funds to meet operational and capital expenditure.
 
Unitech, which holds 32.75% stake in Uninor, said that the telecom firm misrepresented facts that its nominee directors on the board of the JV approved the proposal for rights offer in its letter to FIPB.
 
"We note that the letter (from Uninor seeking FIPB nod) stated that the nominee directors appointed by Unitech Ltd and its associates on the board of Uninor have also consented to the rights offer in the Board meeting of 23 May 2012," it said. "This is wrong and a misrepresentation of facts."
 
Unitech said its directors on Uninor have already written to the company pointing that "the issue of rights offer was not even an agenda item in the meeting dated 23rd May."
 
"There was only some discussion on the rights issue. No decision was or could have been made especially since the proposed rights issue is a matter of arbitration between the shareholders," it said.
 
The realty firm said that matter of rights issue is pending before arbitration tribunal and next date for hearing in the matter is on 24th September in Singapore.
 
Unitech alleged that the proposal of rights issue is probably an attempt by its Norwegian partner Telenor in the JV to introduce a new partner in an indirect manner.
 
"Telenor has made its intent to continue the telecom business in India with a new partner of its choice clear.
 
Telenor's FIPB proposal should be taken up only after the credentials of this new partner," Unitech alleged.
 
The realty firm said that shareholders agreement of Uninor contains gives priority of funding business by way of project finance and option of 'rights issue' come later.
 
"Telenor breached the hierarchy by not fully exploring the possibility of obtaining long term project finance and indeed, when at one point of time when project finance was available through State Bank of India, it was deliberately not taken," Unitech letter said.
 
Comments of Uninor and Telenor were not received till the time this report was filed.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)