Citizens' Issues
Subrata Roy Sahara to remain in jail

The Supreme Court, while dismissing Subrata Roy's petition challenging his detention, said its orders were systematically frustrated by Roy and the Sahara group

The Supreme Court on Tuesday dismissed the petition of Sahara chief Subrata Roy challenging his detention by the apex court for not refunding investors’ money.

 

The Supreme Court said, “We find no merit in the petition and we dismiss it. We adopted harsher method after all efforts to persuade the group to pay the money failed’’.

 

“Our orders were systematically frustrated by Roy and the group. Facts revealed that the group flouted all orders of Supreme Court, High Court and Securities Appellate Tribunal (SAT),’’ the apex court added.

 

The Supreme Court also rejected Sahara's latest proposal to pay, in instalments, the Rs10,000 crore bail amount it had set for Roy's release.

 

The court has asked Sahara to make a new proposal.

 

Roy has been in jail since 4th March after failing to appear at a contempt hearing in a long-running legal battle between his group and market regulator Securities and Exchange Board of India (SEBI).

 

Earlier in March, while granting conditional bail to Roy, the Supreme Court has asked the Sahara group to deposit Rs5,000 crore with market regulator SEBI and also provide bank guarantees for another Rs5,000 crore.

 

During that hearing, the Sahara group offered to pay the market regulator Rs20,000 crore within next 12 months. This is the money, two Sahara group companies collected from investors through optionally fully convertible debentures (OFCD).

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COMMENTS

Nagesh Kini

3 years ago

The Hon. Justices used strong language to disapprove of the attitude of the high brow attorneys. we all need to read of the actual text? need legal help to access.

Nagesh Kini

3 years ago

The Hon. Justices used strong language to disapprove of the attitude of the high brow attorneys. we all need to read of the actual text? need legal help to access.

Nagesh Kini

3 years ago

The Hon. Justices used strong language to disapprove of the attitude of the high brow attorneys. we all need to read of the actual text? need legal help to access.

BCCI suspends Rajasthan Cricket Association after Modi declared president

The BCCI suspended Rajasthan Cricket Association immediately after the state association elected Lalit Modi as its president

Lalit Modi, the former commissioner of Indian Premier League (IPL), was on Tuesday elected as president of Rajasthan Cricket Association (RCA). Following the declaration of election results, the Board of Control for Cricket in India (BCCI) immediately suspended the state association, say media reports.

 

“The BCCI President has indefinitely suspended RCA from participating in any BCCI activity. The decision has been taken as per the constitution clause No. 32, sub-clause 7, where the president has the right to suspend an association, which doesn’t conform with the rules and regulations of the BCCI. The decision was taken by interim president Shivlal Yadav,” BCCI secretary Sanjay Patel told news agency PTI.

 

The election of RCA was conducted in December last year but the results were sealed following a Supreme Court directive. After much deliberation, the result was finally announced by a court-appointed observer on Tuesday.

 

However, the verdict may set the stage for yet another round of legal tussle between Modi and a livid BCCI, which had threatened to ban RCA in anticipation of this result. Earlier, the BCCI had asked the RCA to dissociate itself from Modi, or face action after the latter was banned for life for financial irregularities in the IPL in September 2013.

 

As expected Modi won by a landslide margin, polling in 24 out of 33 votes, while his opponent Rampal Sharma earned just five.

 

The former administrator of IPL, who has been living in London for the past four years, was allowed to contest the RCA elections held on 19 December 2013 under the supervision of a Supreme Court-appointed observer.

 

Among other office-bearers, Somendra Tiwari was elected as the new secretary, while Pawan Goyal won the treasurer's post. Mehmood M Abdi, a close confidante and legal counsel of Modi, has been elected as the deputy president of the RCA.

 

Modi was slapped with a life ban by the BCCI on 25th September last year after its disciplinary committee found him guilty on eight charges of "indiscipline and misconduct". Earlier, the Supreme Court refused to stay the BCCI special general meeting for considering the disciplinary committee’s report against Lalit Modi.

 

The apex court said that the Modi issue is an internal matter of BCCI and it will not interfere in it. It has asked Modi to appear and give his explanation before SGM on the charges levelled against him.

 

Modi, the pioneer and commissioner of IPL was removed from all posts by the BCCI due to alleged corruption and financial irregularities.

 

Coming back to the RCA election, after Modi entered the fray, the BCCI had challenged the Rajasthan Sports Act, 2005 which allowed the former chief of IPL to contest the presidential polls despite being banned for life by the Board.

 

Modi's re-election is being seen a massive blow to BCCI's current president N Srinivasan, who has been forced to step aside due to the ongoing Supreme Court-monitored probe into the IPL betting and spot-fixing scandal.

 

Modi has never minced words in criticising Srinivasan, calling him corrupt on several occasions.

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Canara Bank FY14 net profit down 15% to Rs2,438 crore

For FY14, Canara Bank reported lower net profit of Rs2,438 crore due to 44.4% higher provisioning

Canara Bank, the state run lender reported a lower full year net profit mainly due to increase in its provisioning despite posting higher net interest income (NII) and revenues.

For the 12 month to end-March, Canara Bank said its net profit decreased 15% to Rs2,438 crore from Rs2,872 crore even as its total revenues,  including interest income, grew 16.8% to Rs43,480 crore from Rs37,231 crore, a year ago period.

During FY14, the public sector lender said its NII increased 13.5% to Rs8,944 crore from Rs7,879 crore of FY13. Its non-interest income (other income) grew 24.7% to Rs3,933 crore from Rs3,153 crore in FY13.

Canara Bank made total provisions of Rs4,358 crore, 44.4% more than Rs3,018 crore a year  ago period.  

As on 31 March 2014, Canara Bank's total income of from advances increased 16.7% to Rs43,480 crore from Rs37,321 crore, while its total advances grew 24.3% to Rs3.01 lakh crore. Canara Bank's total deposits during the year increased 18.2% to Rs4.21 lakh crore and saving account deposits grew 20.2% to Rs85,536 crore compared with same period a year ago.

As on 31 March 2014, Canara Bank's capital adequacy ratio (CAR) stood at 10.63%, Current account saving account (CASA) ratio stood at 25.9%. Its gross non performing assets ratio (GNPAs) stood at 2.49% (Rs7,570 crore) while net non-performing assets stood at 1.98% (Rs5,965.46 crore).

“The Bank proposes to raise additional equity capital amounting to Rs1,500 crore by way of qualified institutional placement (QIP) or through preferential allotment during the current financial year. Adequate headroom available to raise capital to support business growth momentum. Government shareholding is at 69%,” Canara Bank said in a release.

For the fourth quarter to end-March, Canara Bank said its net profit fell 15.79% to Rs610.83 crore from Rs725.38 crore while its total revenues, including interest income, grew 22.57% to Rs11,609.72 crore from Rs9471,57 crore, same period last year.

As on 31 March 2014, the Canara Bank's total number of branches (including extension counters) and ATM network stood at 4,755 and 6,312 respectively.

As on 31 March 2014, public shareholding in the Canara Bank grew to 8.94% from 6.75%, Promoter (Government of India) shareholding grew to 69% from 67.72%, in a same period a year ago. While, domestic institutional investors (DIIs) shareholding fell to 13.09% from 13..5%, FIIs shareholding fell to 8.97% from 12.18%.

Canara Bank declared a final dividend of Rs4.50 per share.

At 11.37am Tuesday, Canara Bank was trading 3.1% down at Rs294 on the BSE, while the 30-share Sensex was marginally up at 22,539.

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