Companies & Sectors
NALCO to invest Rs40,000 crore in energy sector

NALCO has formed a joint venture with Nuclear Power Corp for setting up nuclear power plants in India

Bhubaneswar: Poised for a big leap in its diversification plan, aluminium giant NALCO is all set to invest around Rs40,000 crore to make a foray into energy sector besides implementing a host of new projects and expansion works, reports PTI.
"The company has taken up several greenfield projects. As part of this drive, plans are afoot to set up a new smelter in Western Odisha with an investment of about Rs16,000 crore," NALCO CMD BL Bagra said.
The project is now being pursued with the Odisha government by the Navaratna PSU, he said 
The company is also planning to set up a Rs4,500 crore alumina refinery in Gujarat with one million tonnes per annum capacity. Preparation of Detailed Project Report (DPR) has been taken up, Bagra said.
In addition, the company also has plans to set up a 1.4 million tonnes per annum alumina refinery in Andhra Pradesh, based on bauxite reserves in that state. "To start with, some CSR works have been undertaken in the vicinity," the NALCO CMD told reporters.
Turning to the aluminium major's diversification plans, Bagra said in energy sector, the company has formed a Joint Venture with Nuclear Power Corporation of India Ltd (NPCIL) to set up nuclear power plants in India.
Both the partners have selected Kakrapar Units 3 and 4 of 700 MW each in Gujarat as their first JV project with an estimated project cost of Rs11,500 crore, he said.


Corrupt public servant deserves no sympathy says High Court

The High Court, while ruling out any leniency towards public servant who has been found guilty by the trial court, also made it clear that each of the criminal case is required to be decided with reference to the individual facts of each case

Nagpur: Declaring unequivocally that no leniency or sympathy could be shown towards corruption by public servants, the Bombay High Court has made it clear that wrong acquittal would send a wrong signal to the society, reports PTI.


Dismissing a case of Balim Ghodki, an official of Khadi Gram Udyog Mahamandal who was caught red-handed while accepting bribe, Justice AP Bhangale of the Nagpur bench rejected the request to set aside his conviction since the man died during the pendency, with a terse observation, "I cannot persuade myself to agree with this contention when offence of corruption is proved by sufficient evidence beyond reasonable doubts."


"The Court cannot apply a blanket formula to acquit the accused by giving benefit of doubt to him for the reason that the legal heirs would be benefited if appeal is allowed by giving benefit of doubt to the deceased accused," Justice A P Bhangale noted.


"Court cannot be swayed away by sympathy, emotions or moral approach when in the facts and circumstances of the case no benefit of doubt can be granted, merely with reference to some cases where in the Apex Court may have granted benefit of doubt in some cases continued by legal representatives.


The High Court also made it clear that each of the criminal case is required to be decided with reference to the individual facts of each case which may be different or distinguishable from other case.


Witnesses in the present case appeared natural and truthful. Their evidence cannot be rejected because no guilty man shall be allowed to go unpunished or escape the consequences of the crime committed, it said.


The instant appeal was filed by legal heirs of Ghodki who was caught red-handed while accepting a bribe of Rs50 way back in 1988 for early sanction of a Rs25,000 loan and was convicted under Prevention of Corruption Act in 2001 for six months imprisonment.


Ten witnesses including then CEO of Mahamandal Ratnakar Gaikwad (who later became Maharashtra Chief Secretary) deposed as prosecution witnesses and justified permission to prosecute Ghodki.


Appeal was continued by legal representatives of Ghodki who died during pendency of appeal.


The High Court after looking into the evidence on record noted recently that the prosecution has succeeded to establish the fact of the demand of bribe made by the accused and voluntary payment of bribe amount by the complainant and acceptance of the bribe amount by the accused as illegal gratification in consideration of the unlawful promise for getting early sanction of the loan.


Statutory presumption under Section 20 of the act arose which was not rebutted so as to displace it even upon preponderance of probabilities, the court stated.


On behalf of appellant it was contended that the late accused is entitled for the benefit of doubt as the appeal is being prosecuted by his legal representatives and heirs who can get benefits of his employment at least posthumously and cited a Supreme Court ruling in support of contention.


However, court ruled out any leniency towards public servant who has been found guilty by the trial court and stated that by applying test of a reasonable prudent man's satisfaction beyond reasonable doubt to the evidence led by the prosecution in this case it has to be concluded that the prosecution has proved the case against the appellant in the trial Court.



Vaidya Dattatraya Vasudeo

5 years ago

Will this apply to all the Public Servants, who died during the pending of the case or investigations.. Are the elected persons public servants.

nagesh kini

5 years ago

Why only a dead man?
There are many bribe-givers who don't get nabbed!
Corruption is a two way traffic - remember it takes two hands to clap!

IndusInd Bank partners with ElectraCard for prepaid forex card

A customer can load an amount on the card before travel, and use it to withdraw cash from ATMs and for shopping at merchant establishments in six different currencies

Mumbai: Private sector lender IndusInd Bank on Thursday entered the prepaid forex segment by launching a card offering in six currencies, reports PTI. IndusInd has tied up with ElectraCard Services (ECS), which will provide technology and processing services, the bank said in a statement.


A customer can load an amount in the card in the country before travel, and use the card to withdraw cash from automated teller machines (ATMs) and shopping at merchant establishments, the bank said in a statement.


IndusInd, amongst the youngest banks in the country with a relatively small size, will be competing for business in the segment with a host of other banks which already have similar offerings.



The Indus Forex card will be available in US Dollar, Euro, Sterling Pound, Singapore Dollar, Australian Dollar and Saudi Riyal, it said.


Customers can use multiple ways to track spends and check balances through various means. Also, in order to help them in case of card losses, customers are given two cards, so that the second one can be used, it said.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



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)