World
Two Who Moved Through Europe’s Revolving-Door Prisons Get Terrorist Designation
Authorities say former members of a Paris neighbourhood gang ended up aiding the Charlie Hebdo attack, recruiting militant fighters to Syria
 
The U.S. government has labeled as specially designated terrorists two French fugitives who during the past 15 years have risen from street crime to alleged front-line roles in the Charlie Hebdo attacks and terrorist violence in Tunisia and Syria. 
 
The announcement today by the State Department targeted Peter Cherif and Boubaker Hakim. They are former members of a crew of a dozen young militants from the Buttes-Chaumont neighborhood in northeast Paris who went to Iraq to fight U.S. troops in 2003. Some died in battle, while others were arrested and eventually convicted of terrorist offenses in France. 
 
As ProPublica recently reported in a story that examined the Buttes-Chaumont crew, the foreign fighter threat has been exacerbated by Europe’s weak prison sentencing policies for terrorism and other violent crimes. French counterterror officials say that both Cherif and Hakim could still be behind bars if French courts had imposed stiffer punishment for their well-documented exploits as al Qaida militants fighting U.S. troops in Iraq. 
Despite aggressive intelligence work and strong antiterror laws, European terrorists often serve less than ten years for offenses that would carry terms of 20 years to life in the United States. Many European foreign fighters now joining ISIL and al Qaeda are repeat offenders who did time for terrorism and have returned to the fray, according to counter-terror officials. This worsens a rise in radicalization and the unprecedented number of foreign fighters, challenging the capacity of European counter-terror agencies to monitor suspected terrorists.
By labeling militants as Specially Designated Global Terrorists, the U.S. government uses an executive order to sanction them, block any assets subject to U.S. jurisdiction and prevent U.S. persons from engaging in transactions with them. The measure is used to single out prominent terrorists to governments around the world.
Cherif, 32, is now believed to be in Yemen with al Qaida in the Arabian Peninsula, according to the State Department. French and U.S. counterterror officials say Cherif played a key role in this year’s plot against the Charlie Hebdo magazine.
In 2011, he allegedly helped provide al Qaida training, direction and funds to Cherif Koauchi, a fellow member of the Buttes-Chaumont crew who visited him in Yemen, according to French and U.S officials. Kouachi, his brother and another terrorist died in shootouts after killing 17 people during the attacks in Paris in January.
Hakim, 31, is a foreign fighter with the Islamic State in Iraq and the Levant (ISIL), the State Department said. In 2013, he released a video claiming responsibility for the assassinations of two… Continue Reading…
 
 
 

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Igarashi Motors: When promoters defeated 74% non-promoter shareholders
In the Igarashi Motors’ AGM, 74% of non-promoter shareholders voted against a resolution for related-party transactions. However, promoters of Igarashi Motors chose to elbow them out, says IiAS
 
Proxy advisory firm Institutional Investor Advisory Services India Ltd (IiAS) has raised concerns over promoters of Igarashi Motors voting on a resolution for related party transactions during the company's annual general meeting (AGM).
 
In an advisory report, IiAS said, "...the cumulative value of the proposed transactions, over a period of two years, will amount to Rs1,100 crore, a multiple of the annual turnover of Rs400 crore. In addition, the explanatory statement was opaque and did not provide granular details on the specific nature and type of contract each related party will be involved in."
 
Promoters of Igarashi Motors voted on the related party transaction (RPT) resolution presented at the company's 2015 AGM, which pertained to transactions with entities of the Igarashi Group (currently classified as a public shareholder). Had the promoters not voted, the resolution would have been defeated, IiAS said.
 
Shareholders heeded IiAS' advice - 74% of non-promoter shareholders voted against the resolution. Yet, promoters chose to elbow out the minority investors by voting their shares.
 
IiAS raised the issue of promoters voting on the resolution with the company - the company claims the promoters are not directly interested in the resolution and hence they are compliant with the law. This is only partially correct: promoters can vote on this resolution under the Companies Act 2013, but are not allowed to vote on this resolution under the Listing Agreement, IiAS said.
 
In its stated goal of easing of doing business, the Ministry of Corporate Affairs (MCA) has steadily diluted its stance on related party transactions. As per the new rules under Companies Act 2013, only interested parties are not permitted to vote on resolutions. Other related parties, who do not have any material or pecuniary interest in the particular transactions, may vote on their shares. However, in order to protect minority investor rights, SEBI has held all along that related parties (and not just interested parties) cannot vote on transactions. It is this higher standard that should hold.
 
Shareholders have done their bit in voting on the resolution. It is now up to the exchanges and regulators to act quickly to resolve this issue - more so, given that the company seems to consider the resolution to have been passed, the proxy advisory firm concluded.

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COMMENTS

Dipakkumar J Shah

2 years ago

Related party transaction is a drama only. Everything goes smoothly without worrying the repurcussions of the Law of land!! This reminds me Recent;ly a case of JSW Holdings Limited. When I asked the explanations and information about Related party transaction , for last many years by questions are never reply by Company. Immediately they preferred to E voting for confirmation. This Company's CFO/ MD is paid Rs1,54,00,000 remuneration for Investment Company . No work . There is no reply for explanations for the work he is doing? and also for Remuneration sufficiency .!!!

Worryingly, for bulls, Nifty, Sensex hardly respond to a 50 bps cut in interest rate - Tuesday closing report
For an uptrend, Nifty has to close above 8,000 
 
We had mentioned in Monday’s closing report that Nifty, Sensex are in a no-man’s land ahead of RBI’s (Reserve Bank of India) rate cut decision. We had also mentioned that Nifty has to close above 7,850 for any uptrend.  Today, the RBI surprised the market by a 0.5% cut in interest rate. However, the market hardly responded to it. There was a strong immediate rally, but this could not be sustained. By the close of trading, the major indices closed with just 0.5%-1% gains.
 
 
The RBI on Tuesday cut repo rate (the rate at which the RBI lends money to banks) by 50 basis points to 6.75% from 7.25% with immediate effect. At the same time, the central bank has made a pitch for passing the rate cut on to consumers in the form of cheaper personal and commercial credit.  The cash reserve ratio (CRR) has been kept unchanged at 4% in the fourth bi-monthly policy review by RBI.
 
However, the market which was clamouring for a rate cut was surprisingly ambivalent about it after it actually got one. Uncertainty over the rate cut decision, fears of a hawkish economic outlook and bank's ability to transmit the easing of monetary policy kept the bellwether indices subdued. The indices had opened deeply in the red, following a huge decline in US markets last night and Asian markets this morning. After the rate cut, the equity indices staged a recovery on the back of an unexpectedly high interest rate cut but strong selling took over later in the last half hour.
 
The markets were elated after the monetary easing announcement, and zoomed into the positive territory, seconds after RBI Governor Raghuram Rajan's announcements of a 50 basis points reduction in key lending rates. The easing of key lending rates was expected to restore investors' confidence, prop up sales of interest in sensitive sectors like automobile, capital goods and real estate. Notwithstanding the more than expected easing, the markets fell on the concerns over the diminished prospects of future rate cuts and disappointing outlook on domestic and global economic scenario.
 
The RBI revised its growth forecast to 7.4% from 7.6% and gave cues about firming up of inflationary trends. However, both the indices soon pared their losses and were back in the green.
 
The top gainers and top losers of the major indices in the stock market are given in the table below:
 
 
The closing values of major indices in the Asian market are given in the table below:
 

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