Citizens' Issues
No bail till CBI probe over: SC to Matang Sinh
The Supreme Court on Friday declined to grant bail to former union minister Matang Sinh, one of the accused in Saradha chit-fund scam, saying he will have to wait till the CBI investigation into the case gets over.
 
Declining bail to Sinh, the apex court bench comprising Justice T.S. Thakur and Justice V. Gopala Gowda said he could make a fresh plea for bail after investigation on his involvement was over.
 
"He is a very well-connected man," the bench said as senior counsel Harin Rawal, appearing for Sinh, told the court that he (Sinh) was not involved in the Saradha chit-fund scam.
 
"Home secretary of the government of India loses his job and you say that he is not well-connected," Justice Thakur said as Rawal sought to dispel the court's impression saying: "No, he is not at all well-connected."
 
Former union home secretary Anil Goswami was removed from his coveted post after it surfaced that he had allegedly tried to stall Sinh's arrest by the CBI over his alleged involvement in the Saradha chit-fund scam.
 
Sinh was the minister of state for parliamentary affairs from 1991-96 in the then prime minister P.V. Narasmiha Rao's government.
 
"Let the investigation be over," the court said as Rawal told the court that eight accused in the case have already been granted bail.
 
Besides other provisions of the Indian Penal Code, Sinh has been charged with conspiracy and cheating.
 
Rawal told the court that his client had nothing to do with the chit-fund scam that left thousands of investors paupers and he has not been booked under the Prize Chits & Money Circulation Schemes (Banning) Act, 1978.
 
Rawal said Sinh was not named in the FIR, first charge sheet and supplementary charge sheet. His name only figured in the second supplementary charge sheet.
 
The only allegation against Sinh is that he had sold some of his shares from one of his own companies to Saradha group of companies. 
 
He said Sinh was under restraint from Company Law Board not to part with the share of this company.
 
The senior counsel said Sinh further sold some shares of his other companies to the companies belonging to the Saradha group and the CBI has alleged that money he received in lieu of the transfer of those shares was the one that the accused in Saradha chit fund scam had collected from the common investors.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Dr Reddy's receives FDA warning over three facilities
 Leading drugmaker Dr Reddy's Laboratories on Friday acknowledged having received a warning letter from the US FDA relating to its three manufacturing plants in Andhra Pradesh and Telangana.
 
Reddy's also said it would respond with a comprehensive plan to the US Food and Drug Administration (FDA).
 
The US regulator issued the warning over inadequate quality control at API (active pharmaceutical ingredient) manufacturing facilities at Srikakulam in Andhra Pradesh and Miryalaguda in Telangana, as well as oncology formulation manufacturing facility at Duvvada, Visakhapatnam, also in Andhra.
 
The action followed inspections of these sites by the agency in November 2014 and January and February this year, Dr Reddy's said in a statement.
 
The company said it takes quality and compliance matters seriously and stands by its commitment to fully comply with the CGMP (current good manufacturing practice) quality standards across all its facilities.
 
"We will respond with a comprehensive plan to address these observations within the stipulated time-frame of 15 days. We will continue to actively engage with the agency to resolve these issues," said G.V. Prasad, CEO at Dr Reddy's.
 
"We have also embarked on an initiative to revamp our quality systems and processes, as an organisation-wide priority," said Prasad.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Punjab National Bank posts Rs.621 crore net profit
The state-owned Punjab National Bank closed its second quarter with a net profit of Rs.621.03 crore, the bank said on Friday.
 
In a regulatory filing with BSE, the bank said it has logged a net profit of Rs.621.03 crore for the quarter ended September 30, 2015 -- up from Rs.575.34 crore posted during the corresponding period of the previous year.
 
According to the bank, the total income increased from Rs.13,020.46 crore for the quarter ended September 30, 2014 to Rs.13,701.93 crore for the quarter ended September 30, 2015.

 

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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