Consumer Issues
SC extends Sahara chief's parole by one week
New Delhi: The Supreme Court on Friday extended, by one week, the parole of Sahara chief Subrata Roy till September 23.
 
Roy's parole, last extended on July 11, was to expire on Friday.
 
The bench headed by Chief Justice T.S. Thakur extended the interim arrangement of granting him parole while recording a statement that a sum of Rs 300 crore, as ordered earlier by the court, was deposited.
 
The apex court's order said that the statement by Sahara was not disputed by the Securities and Exchange Board of India (SEBI) counsel Arvind Datar.
 
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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Congress CM, 42 MLAs defect to BJP ally in Arunachal
Itanagar: In a dramatic development, the Congress lost its government in Arunachal Pradesh on Friday when Chief Minister Pema Khandu along with 42 MLAs defected to the Peoples' Party of Arunachal (PPA), an ally of the Bharatiya Janata Party (BJP).
 
Two independents, supporting the Khandu-led Congress government, also joined the PPA -- a member of the North East Democratic Alliance (NEDA), a recently formed anti-Congress alliance led by the BJP.
 
Khandu told reporters that he had informed Speaker Wangki Lowang that "we are merging the Congress with the PPA".
 
PPA chairperson Kameng Ringu said the Congress MLAs joining his party was something waiting to happen. "It is a homecoming after a temporary exile," Ringu told IANS after the surprising political development in the state.
 
"Out of 46 MLAs supporting the government, 43 Congress MLAs including the Chief Minister and two Independents have joined the PPA," he said.
 
The Congress has 44 legislators in the house of 60. The only Congress MLA who has not defected is former Chief Minister Nabam Tuki. 
 
Tuki was replaced as the chief minister in July when the Congress stemmed a rebellion in the party and made Khandu the head of the state government. 
 
After the mass exodus from the Congress, the PPA has a strength of 45 legislators now. Besides, there are 11 BJP MLAs.
 
The sensitive border state has been reeling under a political crisis since December last when the then Governor J.P. Rajkhowa advanced the assembly session from January 14 to December 16. The move triggered political unrest and finally led to the declaration of President's Rule on January 26.
 
Khandu, son of former Chief Minister late Dorjee Khandu, became the ninth Chief Minister of the state after a July Supreme Court order reinstated the Congress government following months of political crisis.
 
Tuki's government had collapsed after Congress rebels led by Kalikho Pul joined hands with the BJP and voted it out in a special session of the assembly. After some months of President's Rule, Pul took over as the Chief Minister in February with support from the BJP.
 
Khandu was on July 17 unanimously elected the leader of the Congress Legislature Party (CLP).
 
Pul was found dead on August 9, weeks after he was forced to resign following the Supreme Court order. 
 
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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Wells Fargo reportedly faces probe by federal prosecutors: ConsumerAffairs.com
Various media outlets are citing anonymous sources, which say that Federal Bureau of Investigation (FBI) and federal prosecutors have begun an investigation into the matter, which burst into public view this week with the announcement that Wells Fargo was paying $185 million in fines to federal and Los Angeles regulators, says ConsumerAffairs.com in a report.
 
In the report, Mark Huffman from ConsumerAffairs.com, says, the dust has yet to settle from Wells Fargo's admission that thousands of its employees opened bogus checking and credit card accounts in order to hit sales goals. You might say it is heading into a dust storm.
 
"The bank said it had fired 5,300 employees who allegedly opened hundreds of thousands of deposit and credit card accounts for consumers without those consumers' knowledge or permission, presumably to meet strict sales goals. Neither the FBI nor the bank would comment on reports of a potential criminal investigation, but that is normal procedure. It would be highly unusual if either party did," the report says.
 
Congress getting into the act
 
However, the Senate Banking Committee has scheduled a public hearing for next week in which it will press Wells Fargo CEO John Stumpf to explain what happened and how. The committee will also hear from officials of the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau (CFPB), and Los Angeles City Attorney's Office, the agencies that... Continue Reading…
 

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