Mukul Roy, who parried questions on what he plans to do about the hike said, “Whatever I have to say I will say in Parliament as the Railway Budget is the property of Parliament”
New Delhi: Trinamool Congress leader Mukul Roy was Tuesday elevated to cabinet rank to take over as India’s railway minister replacing Dinesh Trivedi, who was forced to resign after Congress succumbed to Mamata Banerjee’s pressure, reports PTI.
Widely expected to roll back at least the lower class passenger fare hike proposed by Mr Trivedi in the Railway Budget, Mr Roy, 57, was sworn in as cabinet minister at a special but brief ceremony by president Pratibha Patil at the Rashtrapati Bhawan.
He was currently serving as Union minister of state for shipping and had earlier served as minister of state in the railway ministry before Mr Trivedi took over last July.
The ceremony was attended by vice-president Hamid Ansari, prime minister Manmohan Singh, the UPA chairperson and cabinet ministers including ministers of Trinamool Congress.
Mr Trivedi was forced out by Trinamool Congress after he incurred the wrath of party chief and West Bengal chief minister Mamata Banerjee who was opposed to his proposal to increase fares in the Railway Budget last Wednesday. Mr Trivedi resigned on Sunday.
The Congress leadership caved in to the Trinamool demand for replacing him with Mr Roy.
On Monday, Ms Banerjee had indicated that the hike in the lower class fares proposed in the Railway budget may be rolled back.
Meanwhile, Mukul Roy today parried questions on what he plans to do about the hike.
“Whatever I have to say I will say in Parliament as the Railway Budget is the property of Parliament,” Mr Roy said.
He was asked if there will be any roll back in the hike in passenger fares.
“Since I am the railway minister, I will reply to the debate,” he said
“Safety, security and punctuality will be my priority as the railway minister,” he said shortly after being sworn in as a minister.
Presently, there are a large number companies listed on the BSE not attracting enough trading interest.
Market regulator SEBI said that it was considering whether or not to allow loss-making companies to list on stock exchanges.
“SEBI is considering whether to allow non-profitable firms to list on exchanges,” SEBI executive director Usha Narayanan told an Oxford-India business forum.
Under the existing norms, only those companies which have been making profit for the previous three years can go for a listing, though exemption is given to loss-making entities to go public with a caveat that they can do so only with pre-determined issue price. But this clause prevents a company from fully realising its true value.
Meanwhile, she also informed that the regulator was contemplating to shift illiquid shares from the main exchanges to the recently set up SME exchanges.
Presently, there are a large number companies listed on the BSE not attracting enough trading interest. Given that many of these companies fall under the SME category, the regulator is mulling to shift them to the SME exchange where they could attract investors' interest.
Currently, the SME exchange started by BSE has only one company listed whereas there is none on the NSE platform.
The exchanges were working on SME platforms for long. Sebi had in September 2011 granted permission to the BSE to launch its SME exchange while the NSE received approval in October.
So far, MSMEs, which number over 26 million and contributing to 15% to GDP have been allowed only debt-financing options, without any access to alternative equity options.
Welspun has welcomed SEBI order lifting ban on it.
Market watchdog SEBI has vacated its earlier order restraining some of the promoter entities of Welspun Corp from buying, selling, or dealing in the securities of the company and other listed group firms.
SEBI, in a 16 March 2012 order, said based on the findings of its investigation no action or proceedings are recommended against Welspun Corp.
Following this, the interim directions issued vide order dated 2 December 2010 are revoked, considering the proposed adjudication proceedings and also the fact that the entities have already undergone debarment for a period of 15 months, the capital market regulator said.
The SEBI had barred Welspun Corp from trading on the stock exchanges for allegedly indulging in fraudulent and unfair trade practices. Welspun has welcomed SEBI order lifting ban on it.
"This is a landmark judgement which has exonerated Welspun Group promoters, and reaffirms the highest standard of corporate governance and ethical practices within the Welspun Group," Welspun Group chairman and managing director BK Goenka said in a statement.