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SC refuses to cancel Yeddyurappa's anticipatory bail

The apex court refused to cancel anticipatory bail of Yeddyurappa, given by High Court in the mining scam

 
New Delhi: The Supreme Court on Monday refused to cancel the anticipatory bail granted to BJP strongman and Karnataka's former Chief Minister BS Yeddyurappa by the state High Court in a corruption case relating to a mining lease, reports PTI.
 
A bench of justices TS Thakur and Ibrahim Kalifulla dismissed the appeal filed by the Central Bureau of Investigation (CBI) challenging the anticipatory bail granted by the high court.
 
"You want this man to be inside? What for?" the bench asked Additional Solicitor General (ASG) Mohan Parasaran appearing for the investigating agency.
 
The apex court brushed aside Parasaran's plea that Yeddyurappa's bail should be cancelled as he was "not cooperating" with the CBI in the investigations.
 
"If he is not cooperating then go and seek cancellation of his bail," the bench told the ASG.
 
The apex court also said that it cannot interfere lightly with the grant of anticipatory bail as the same can be done only on the gravity of the case and the possibility of the accused jumping the bail.
 
Parasaran submitted that the findings of the high court, while granting anticipatory bail to Yeddyurappa, were not correct as it prima facie gave an impression that the charges against him were baseless and that there was no linkage between the alleged fraudulent transactions relating to grant of lease and funds transferred to him and his family's account while he was the Chief Minister.
 
"Even if we will assume there is a linkage you go and investigate, prosecute him, file a charge sheet and submit an application for a recall of the bail," the bench said.
 
However, the apex court said the investigating agency shall not be influenced in its probe in any manner by the observations made by the state high court.
 
The Karnataka High Court on 21st June had granted conditional anticipatory bail to Yeddyurappa and three of his family members in an illegal mining case holding that the allegations in the CBI FIR are "not something new".
 
Besides Yeddyurappa, his sons BY Raghavendra and BY Vijendra, and son-in-law RN Sohan Kumar secured relief after a CBI court had rejected their bail plea on 13th June.
 
In its order, the high court had said the Central Empowered Committee (CEC) report on illegal mining on the basis of which the Supreme Court directed CBI to probe the matter was 'a carbon copy' of the first complaint on illegal land denotification case filed by advocate Sirajin Basha in which Yeddyurappa has already been granted bail.
 
The report of the apex court-appointed Central Empowered Committee had pointed out "undue favour" in respect of a land purchased by close relatives of Yeddyuruppa for 40 lakh in 2006 and subsequently sold to South West Mining Ltd, an alleged "front company of JSW Steels Ltd" in the year 2010 for Rs20 crores.
 
The high court had also observed that there was no question of tampering with evidence and Yeddyurappa and the three others had cooperated with the CBI and appeared before it.
 
On 11th May, the apex court had directed the CBI to conduct a probe against the former Karnataka Chief Minister for "serious illegalities" in mining activities in which he allegedly "misused his public office" for monetary benefits by extending favours to mining barrons and corporates.
 

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Gurudwara shooting incident will be fully investigated: US

US Deputy National Security Advisor assured Ambassador Rao that these tragic killings at the Gurudwara would be fully investigated

 
Washington: The US has assured India that the tragic shooting incident at a Gurudwara in Wisconsin will be fully investigated, reports PTI quoting a top Indian diplomat.
 
Indian Ambassador to the US Nirupama Rao said the US Deputy National Security Advisor spoke to her from White House on Sunday to convey "sincerest condolences" from US President Barack Obama over the shooting incident in which seven people including the gunman, have been killed.
 
"Mr Brennan (John) assured me these tragic killings would be fully investigated, that Sikh community is precious part of fabric of American nation," she wrote on the micro-blogging site twitter.
 
The US Under Secretary of State for Political Affairs, Wendy Sherman had also telephoned her to "express heartfelt condolences" on the dastardly and horrible killings in Wisconsin, Rao said.
 
"Our hearts bleed for precious & innocent lives lost in Oak Creek. This is a very tragic time for our community. We must maintain calm," said the Indian Ambassador, who was quick to dispatch her Chicago Consul General to Milwaukee for an on the spot assessment of the situation.
 
Rao also thanked her Pakistani counterpart Sherry Rehman who used Twitter to express her condolences over the tragic incident.
 
"Saddened at the tragedy. Our prayers with the victims and their families in the Wisconsin shooting at the Sikh temple," Rehman wrote in the Twitter website addressed to Rao.
 
"Thank you. This is a moment of deep sadness. Violence is so meaningless," said Rao.
 
Rao has nearly 40,000 followers on the micro-blogging site.
 

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India Inc's net profits to grow by 24.5% in FY13: CMIE

According to CMIE, net profits of corporate India to grow by a robust 24.5% in FY13, after falling by 0.6% in FY12, due to softening of commodity prices and steady interest rates

 
Mumbai: Corporate India's net profits are expected to grow by a robust 24.5% in FY13 due to softening of commodity prices and steady interest rates, an economic think-tank said, reports PTI.
 
"We expect net profits of corporate India to grow by a robust 24.5% in FY 13, after falling by 0.6% in FY 12. The net profit margin of corporate India too is expected to inch up to 7.2% from 6.8% in FY 12," Centre for Monitoring Indian Economy (CMIE) said in its monthly review here.
 
The factors that are expected to moderate the topline growth -- softening of commodity prices and steady interest rates, will provide a boost to its bottomline. A slower growth in other expenses compared to FY 12 is also expected to help.
 
The companies are also unlikely to incur similar forex losses in FY13. The rupee had depreciated by around nine% in each of the two quarters ended September 2011 and December 2011. Compared to that, the rupee depreciated steeply in only the first quarter of the current year. "We expect the rupee to remain stable in the second quarter and start appreciating thereafter," CMIE said.
 
Sales growth is however expected to slump to 13.2% in FY13 from over 20% in the preceding two years. The growth is expected to decelerate sharply to 15.9% in the first half of FY13 and to 11.4% in the second.
 
"The corporate sales growth is expected to decelerate only on account of a major slump in the sales growth of the petroleum products and the banking industry, which together account for 43% of corporate sales," CMIE said.
 
The sales growth of the petroleum products industry has been volatile and subject to major price fluctuations and government regulations. The sales growth of banking industry is a function of interest rate changes and credit demand.
 
"We expect net sales of the petroleum products industry to grow by 9.6% in FY13, compared to a much higher growth of 33% in FY12. A slower rise in prices of administered as well as non administered petroleum products is expected to pull down the growth of the industry in the current year. We expected average unit realisation of the industry to rise by only 6% in FY13 as compared to 25% in FY12," CMIE said.
 
The growth in the income of the banking industry too is expected to slow down to 16.4% in FY13 from 33.7% in FY12. This will be mainly because of stable interest rates. Interest rates had risen rapidly last year and had pushed up the income growth.
 
CMIE expects rest of the corporate India to see only a mild deceleration in sales growth to 14.3% in FY13 from 16.1% in FY12. This slight moderation in sales growth will be mainly a reflection of lower inflation. "We expect inflation in manufactured products to come down to 6.6% in FY13 from 7.2% in FY12," it said.
 

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