US slaps sanctions against Dawood aides Chhota Shakeel and Tiger Memon

Chhota Shakeel is Dawood's lieutenant who coordinates for D Company with other organized crime and terror groups while Memon is a trusted lieutenant who controls the group's businesses across South Asia and is wanted by Indian authorities for his involvement in the 1993 Mumbai bombings

Washington: The United States slapped sanctions against underworld don Dawood Ibrahim's two top aides Chhota Shakeel and Tiger Memon for their role in drug trafficking in the region, reports PTI.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Chhota Shakeel and Ibrahim 'Tiger' Memon as specially designated narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for their roles as part of a criminal organization run by Dawood Ibrahim known as 'D Company'.

Dawood was named as a Specially Designated Global Terrorist in October 2003, and in June 2006, he was named as a Significant Foreign Narcotics Trafficker.

Also in June 2006, the Dawood Organization was named as a Significant Foreign Narcotics Trafficker.

"Treasury continues to target the nexus of crime and terrorism in South Asia with today's action against one of the world's most notorious criminal organizations," said OFAC Director Adam Szubin.

Chhota Shakeel, 57, is Dawood's lieutenant who coordinates for D Company with other organized crime and terror groups. Memon, 52, is a trusted lieutenant who controls the group's businesses across South Asia and is wanted by Indian authorities for his involvement in the 1993 Mumbai bombings.

Interpol has issued provisional arrest warrants or "red notices" for Shakeel and Memon, both Indian nationals.

As a result of today's action, US persons are prohibited from conducting financial or commercial transactions with Chhota Shakeel and 'Tiger' Memon, and any assets they may have under US jurisdiction are frozen.

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CBI raids Yeddyurappa, kin's residences

The CBI action comes at a time when Yeddyurappa is facing the heat of internal turmoil in the BJP triggered by a revolt by his loyalists gunning for a change of leadership in Karnataka

Bangalore: Swinging into action a day after filing a first information report (FIR) against Karnataka's former chief minister BS Yeddyurappa in connection with illegal mining, officials from the Central Bureau of Investigation (CB) on Wednesday conducted simultaneous raids at the senior Bharatiya Janata Party (BJP) leader's residences here and in some other places in the south-west Indian state, reports PTI.

A joint team of CBI officials from Hyderabad and Bangalore also raided residences of Yeddyurappa's sons BY Raghavendra, MP, and BY Vijayendra as also his son-in-law RN Sohan Kumar here and their home district Shimoga, police sources said.

A nine-member team headed by CBI Inspector General Lakshminarayana commenced the raids at Yeddyurappa's residences in Dollars Colony and Race Course Road here besides a firm owned by one of his sons, the sources told PTI.

The raids come in the wake of the CBI registering a case against Yeddyurappa and others in line with the 11th May Supreme Court directive ordering a probe by the central agency into alleged undue favours shown by him to firms involved in illegal mining in lieu of donations to a charitable trust run by his kin when he was the chief minister.

The raids began at 6.15AM and would continue throughout the day, the sources said.

The CBI action comes at a time when Yeddyurappa is facing the heat of internal turmoil in the BJP triggered by a revolt by his loyalists gunning for a change of leadership of DV Sadananda Gowda with nine ministers and many MLAs submitting their resignations to him.

After aggressive postures that pushed the BJP's first ever government in the south to the brink, Yeddyurappa on Monday said he had decided to quit the party but was putting it off heeding the advise of party senior leader Arun Jaitely and others.

Yeddyurappa, who was forced to quit last year after the Lokayukta report indictment on illegal mining, is also battling a spate of cases for alleged irregularities in land denotification.

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Economy & Nation Exclusive
Unimpressive quarterly earnings results show cost pressures

Sales growth of the 415 companies that have declared their results so far, have been excellent but their margins have been squeezed, leading to very poor profit growth

A Moneylife research has shown that the latest quarterly earnings have been subdued. Sales of 415 companies in our sample which have declared results so far for the final quarter of the 2012 fiscal, increased by 19%. Although the sales increase was excellent, it wasn’t enough to boost operating profits, which went up by only 3% while net profits showed a marginal increase of just 4%. Hardly impressive at all.

 

Overall, India Inc’s net profit margins have shrunk, from 11.30% to 9.85%, a 145 basis percentage points decline. Out of the 415 companies taken for consideration, over 60% of the companies saw their quarterly net profit margins shrink, year –on-year, which is a high percentage. This is despite four out of five firms saw recorded sales increase. This clearly shows cost pressures.



The stock markets shot up in Jan-Feb period, hoping for improved profit growth. When this realisation set in, in late April, stocks started going down. The Sensex is up only 4.50% since the beginning of the year. Usually the market will factor in future expectations well in advance, and Sensex at one point of time was up 18.76% when the European crisis was at its peak. Clearly, the market has misread not only the earnings but the situation in Europe seems to have worsened.

Among individual companies, Infosys had issued poor FY13 guidance. The stock tumbled 10% on the news. This is not surprising, but market took the opposite tack (i.e. it was surprised) and should have factored the future well in advance.

Reliance Industries reported a decline in its operating profits and bottomline of 33% and 21.2% respectively. Bharti Airtel also reported a drop in net profit by 14% to Rs1,574 crore, due to increased cost and poor sales (only 9% increase).

Another company which has reported poor results was Hindustan Zinc, which saw its net profit shrink by nearly 10% year on year, to Rs1,412 crore, due to lower zinc prices.

On the brighter side, we have Hindustan Unilever which posted strong sales increase of 16% to take its topline to Rs5,765 crore. We had written a story on this earlier, and the same can be accessed here: (Hindustan Unilever’s strong margin expansion shows consumption is one bright spot in the Indian economy).

Tata Consultancy Services, also reported good results after its sales increased 30% to Rs10,371 crore during the quarter. It became the first Indian Information technology (IT) company to cross the $10 billion threshold, when it posted annual revenues of $10.17 billion. 

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COMMENTS

Banerdo

5 years ago

A very good analysis indeed but, pardon my saying so, rather lopsided too as the entire emphasis is on profit-maximisation at the cost of the larger interest of the country's urgent economic needs. True, business is NOT tantamount to charity, but can business houses of a country really ignore the people at large of their own country (I mean the country where the business is located)? Big business must shed its tradesman's attitude of the 16th and 17th centuries and make the so-called "corporate social responsibility" inter alia of employment generation, etc., as reality.

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