Citizens' Issues
Supreme Court seeks Mudgal Committee's willingness to conduct IPL probe

The Mudgal Committee will be given assistance by investigating agencies if it agrees to conduct a further probe against 13 people in the IPL spot fixing and betting scandal, the apex court said

The Supreme Court on Tuesday asked the Justice Mudgal Committee whether it would be willing to conduct a further probe against N Srinivasan and 12 others, including some prominent cricketers, in the Indian Premier League (IPL) spot-fixing and betting scandal.

A Bench headed by Justice AK Patnaik said that the Committee will be given assistance by investigating agencies if it agrees to conduct a further probe against 13 people, who were named by it in a sealed envelope after it conducted the initial investigation in the scandal.

The Board of Control for Cricket in India (BCCI) also informed the Court that it has decided to constitute a three-member panel to further probe the scandal but the Bench said it will pass the order after hearing all the parties and after considering reply from the Justice Mudgal Committee.

The all-powerful working committee of the Board, in its emergent meeting on 20th April, had decided to suggest the names of former India all-rounder Ravi Shastri, former Calcutta High Court Chief Justice JN Patel and ex-CBI director RK Raghavan as members of the probe committee.

The Bench also allowed Srinivasan and BCCI to hear some portions of Justice Mudgal Committee’s interactions with Srinivasan, MS Dhoni and Sundar Raman, the chief operating officer of IPL-7.

It asked the probe committee to provide the audio recordings to the Supreme Court’s Secretary General who will make arrangements for BCCI and Srinivasan’s counsel to hear the tapes in the apex court.

The court asked the Board and Srinivasan to maintain complete confidentiality of the contents of the audio tapes and not to leak it to anybody.

“Any content of the audio recordings going out means cricket would be blackened in the country,” the bench said.

The audio recordings will be heard in the presence of Secretary General by advocate Amit Sibal on behalf of Srinivasan and advocate Rohini Musa on behalf of the Board.

The apex court had on 16th April expressed reservations over ordering a probe by a special investigation team (SIT) or Central Bureau of Investigation (CBI), saying that the institutional autonomy of the board has to be maintained and a committee constituted by the BCCI to look into the issue would be preferred.

The court had said that it cannot “close its eyes” to the allegations made by its probe committee in the scandal and a probe must be conducted to clear the air as some prominent players were named in the report submitted in sealed envelope.


LIC Housing Finance FY14 net profit up 29% on increased interest income

For FY14, LIC Housing Finance reported a net profit of Rs1,317.19 crore on 24% increase in its net interest income

LIC Housing Finance Ltd, (LIC HF) recorded 29% growth in its full year net profit due to increase in its net interest income (NII) and loan portfolio.

For the 12 months to end-March, LIC HF, the unit of  the country’s largest insurer Life Insurance Corp of India (LIC) said its net profit increased 29% to Rs1,317.19  crore from Rs1,023.21 crore while total revenues, including interest income, grew 22% to Rs9,335 crore from Rs7,659 crore, a year ago period.

During FY14, the home loan provider said its NII increased 24% to Rs1,899 crore from Rs1,535 crore. Its net interest margins also rose to 2.25% compared with 2.18% in FY13.

As on 31 March 2014, LIC HF’s outstanding mortgage portfolio stood at Rs91,341 crore, 17% higher compared with Rs77,813 crore as on 31 March 2013. The company’s individual Loan Portfolio stood at Rs88,559 crore as on 31 March 2014, a growth of 18%.

LIC HF’s gross non-performing assets (GNPAs) stood 0.67% on 31 March 2014 as against 0.61% as on 31 March 2013. Net NPAs were 0.39% as against 0.36% for the corresponding dates. Gross NPAs in the individual loan segment stood at 0.27% as on 31 March 2014 as against 0.32% as on 31 March 2013.

In its quarter to end-March LIC HFL said, its net profit grew 17%  to Rs370.02 crore from Rs316.16 crore, despite its total revenues grew 19% to Rs2,478 crore from Rs2,075 crore a year ago period.

LIC HFL declared a final dividend of Rs4.50 per share.

At 3pm Tuesday, LIC Housing Finance was trading 1.23% up at Rs276 on the BSE, while the 30-share Sensex was flat at 22,748.

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Supreme Court lifts mining ban in Goa, conditionally!

Lifting of ban by the Supreme Court has brought Goa back to life and it may take a few more months for normalcy to return. In the near term, one hopes the rains are not going to spoil the relief that Goan workers have got after eighteen months of wait and agony

After 18 months of lull when all was quiet on the western front, Goa may soon come back to some mining activity, since the Supreme Court has kindly lifted its ban on mining, though with some riders.


Prior to the mining ban, in 2012, Goa used to produce 45 to 47 million tonnes, mostly iron ore fines (62% iron content) and China was the principal buyer, though Japan also consumed some quantity. Chinese imports amounted to over 100 million tonnes.


The highlight of this lifting of ban permits that the mines can extract up to 20 million tonnes but the final cap on mining would depend upon an Expert Panel, presumably to be appointed soon, that would study and recommend, within six months, whether the limitation should be increased beyond 20 million tonnes or not!


Mining leases around one kilometre of national parks and wild life sanctuaries will not be given and it would follow that if there are existing mines within these parameters they may not be allowed to operate. The Ministry of Environment and Forests (MoEF) needs to identify ecological sensitive areas around national parks within six months.


Thousands of workers in these mines, who have been jobless, can have some relief in that the Supreme Court has also directed that those of the workers on the pay rolls of all mining firms should be paid 50% of their wages during the period for which they were out of work.


Of immediate importance is for the Goa government to ban also has to be lifted and Goa Pollution Board to monitor air and water pollution. Besides these, Goa government must formulate a scheme, within six months, for utilising the funds generated by e-auctions. The Expert panel has also to recommend how the extracted lumps are to be utilised. Chinese steel industry has mastered the art of importing the fine ores from Goa and mixing the same with ores from Australia and Brazil for use.


One of the most crucial matters related to those mines with "deemed leases" which were based on lease taken in 1962 This means that mining leases which were given extensions after 2007, after completing 20 year renewal periods may require further clarification or procedural formalities to be

complied, details of which the miners would welcome.


In any case, this lifting of ban by the Supreme Court has brought Goa back to life and it may take a few more months for normalcy to return. In the near term, one hopes the rains are not going to spoil the relief that Goan workers have got after eighteen months of wait and agony.

(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)



Indur Chhugani

3 years ago

How much was received by the Judges of the Supreme Court for lifting the ban on mining, will never be known.

Over 90% of the Judges of the High Courts and Supreme Court or supremely corrupt.

Suiketu Shah

3 years ago

Even after lifting ban,no change in Sesa Goa stock price,best to stay away from.

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