Nation
Rajya Sabha chair pulls up minister for arriving late for reply
New Delhi : The Rajya Sabha chair on Thursday pulled up Minister of State for Home Kiran Rijiju for not coming on time for a calling attention motion, with Deputy Chairman P.J. Kurien asking him to take parliamentary work more seriously.
 
The Rajya Sabha was to take up a calling attention motion on the law and order in Delhi at 2 p.m. but when the house met after lunch neither Home Minister Rajnath Singh, nor any of the ministers of state from his ministry was present. The opposition objected to this.
 
Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi said the minister had submitted a statement on the matter, but the opposition members said they did not get copies.
 
Kurien said the calling attention motion could not be taken up unless either of the ministers from the home ministry was present.
 
"If the home minister was not able to be present or the MoS was not able to be present, why was it not intimidated to the chair?" Kurien asked.
 
Within minutes, Minister of State for Home Kiren Rijiju reached the upper house, and was pulled up by the chair.
 
"Mr Home Minister, you should take parliamentary work more seriously. 2 p.m. is your calling attention (motion); you should have been here exactly at 2," Kurien said before the discussion was taken up.
 
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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Reliance Capital hives off commercial finance business
Chennai : Anil Ambani-led Reliance Capital on Thursday announced hiving off its commercial finance division into a separate wholly owned subsidiary.
 
In a statement, Reliance Capital said the board of directors approved the transfer of its commercial finance division into a separate wholly owned subsidiary.
 
The move aligns with the existing corporate structure of Reliance Capital having all its operating businesses as a wholly or majority owned subsidiaries.
 
The commercial finance business has an aggregate asset under management (including securitised portfolio) of Rs.15,049 crore as on December 31, 2015.
 
"All operating businesses of Reliance Capital Ltd., except the Commercial Finance business, are held in its wholly or majority owned subsidiaries. Accordingly, to align the overall operating structure, it is proposed to transfer the Commercial Finance division of the Company into a wholly owned subsidiary," Sam Ghosh, executive director and group CEO, Reliance Capital, was quoted as saying in the statement.
 
"This will also facilitate the treatment of the company as a Core Investment Company (CIC) in terms of applicable RBI regulations," Ghosh added.
 
The proposal will enhance management focus on Reliance Commercial Finance and also provide flexibility to the company to unlock value through stake sale, Reliance Capital said.
 
The demerger will be soon filed for requisite approvals and would be effective from April 1, 2016, subject to necessary court and regulatory approvals.
 
As per the scheme, the commercial finance division of Reliance Capital would be merged into Reliance Gilts Limited, a wholly owned subsidiary of Reliance Capital, and this merged entity would be renamed Reliance Commercial Finance Limited.
 
Reliance Capital would be applying to the Reserve Bank of India for registering itself as a CIC, post the transfer, and this move would also facilitate the application of banking licence, as and when the RBI policy permits.
 
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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Prabhu promises independence of development authority
New Delhi : Railway Minister Suresh Prabhu on Thursday assured the independence of the Rail Development Authority for fixing of realistic fares.
 
The minister's assurance came while presenting the Railway Budget for 2016-17 in the Lok Sabha.
 
The formation of an independent authority was proposed last year. 
 
The authority has been envisaged to enable fair pricing of services, promotion of competition, protection of customer interest and to maintain efficient standards. 
 
The minister further elaborated that the draft bill for formation of the authority will be ready after holding extensive consultations with stakeholders.
 
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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