Kejriwal alleged that Sibal has a 'conflict of interest' in the case involving Vodafone as his lawyer son Amit 'continues to defend' Hutchinson
Arvind Kejriwal led Aam Aadmi Party (AAP) on Wednesday alleged that soon after taking charge as law minister, Kapil Sibal has overturned his predecessor Ashwani Kumar's decision on Vodafone income tax (I-T) liability of Rs11,217 crore.
In a statement, AAP raised questions on the haste in which law ministry within a day of Kapil Sibal taking charge gave its go-ahead for a conciliatory out-of-court settlement of over Rs11,000 crore tax dispute with Vodafone that marked a change in stance.
Kejriwal also alleged a conflict of interest in this case as Kapil Sibal's son Amit is lawyer for Hutchison Telecommunication International, one of the main party in the case.
Earlier, Ashwani Kumar had rejected finance minister P Chidambaram’s proposal for conciliation with Vodafone saying it as illegal. Even Attorney General GE Vahanvati advised against this compromise and insisted on Vodafone paying the tax, said AAP in the statement.
Sanjay Dutt to surrender on Thursday, jail gets letter about life threat
Dutt’s lawyer Subhash Yadav submitted before the special TADA court that the 53-year-old actor wanted to withdraw his application filed yesterday seeking leave to surrender before Yerwada jail in Pune instead of giving himself up in the TADA court in Mumbai
Bollywood actor Sanjay Dutt today told a Mumbai court that he will surrender before it on Thursday to undergo the prison term in the 1993 Mumbai blasts case, even as a jail official said he would be provided adequate security in the wake of an anonymous letter alleging threat to his life.
Dutt’s lawyer Subhash Yadav submitted before the special TADA court that the 53-year-old actor wanted to withdraw his application filed yesterday seeking leave to surrender before Yerwada jail in Pune instead of giving himself up in the TADA court in Mumbai.
However, Yadav did not assign any reason for withdrawing the application. The court also did not ask him why he was not pressing for his plea.
As the court allowed Dutt to withdraw the application, the lawyer said the actor would surrender on Thursday.
Dutt had made an oral plea in the same court earlier about surrendering before Yerwada prison authorities but it was turned down by the designated TADA judge. Thereafter, he moved a written application which he abruptly withdrew today.
Meanwhile, IGP (Prisons) Vinod Lokhande said Arthur Road Central Jail authorities in Mumbai had received an anonymous letter alleging threat to Dutt’s life. However, he did not divulge details.
“We have taken cognisance of the letter received three days ago and shall be providing adequate security to Sanjay Dutt,” said a top officer of the Arthur Road jail.
It is not clear in which jail Dutt would be lodged but authorities said he might be taken initially to Arthur Road Jail and then shifted to Yerwada prison, police sources said.
Normally, as per the practice, undertrials are kept at Arthur Road jail while convicts are lodged in Yerwada prison and other jails in Maharashtra, the sources said.
Dutt has been convicted under the Arms Act and sentenced to a five-year jail term. He has already undergone imprisonment for one-and-a-half-years.
The Supreme Court had yesterday refused to grant more time to him to surrender to undergo remaining three-and-a- half-year jail term. On May 10, the apex court had dismissed Dutt's plea seeking review of its judgement on his conviction and five-year jail term.
Dutt was earlier granted four weeks more time to surrender to undergo the remaining part of his jail term.
The very first step to smart investment is to understand various investment classes, the risks that they carry and how to decide what suits your needs, income level and your personal risk profile. Debashis Basu, in a session titled “Invest Smartly” explained these concepts and how to use various investment classes successfully over different time horizons
The best investment lesson is to be cautious and avoid making mistakes and losing capital. However, too many investors are lured by the image of big financial brands or glib talk of sales staff hawking their products. In order to get to there, Debashis Basu, editor and publisher of Moneylife magazine started by explaining various asset classes and the risks that they carry. These included stocks, mutual funds, gold and realty. He explained the difference between investment products and speculative investments and then took the audience through a clear understanding of the impact of inflation on their savings and how it erodes the value of their nest egg.
Planning one’s long term investment requires you to select smartly and find products that will give positive returns, adjusted for inflation. In order to do that, investors need to understand the best and worst returns that a chosen asset class has given over an extended period of time. This requires a little work to obtain historical date spanning over a decade or access to the kind of analysis that is done at Moneylife. For instance, Mr Basu pointed out that capital markets and gold are both investment classes where price data is available for an extended period; on the other hand, there is no proper data available for the realty sector and the little that is collated by housing institutions already shows glaring inaccuracies. This makes the assessment of risk very difficult. Mr Basu said that one you are clear about how much you can possibly expect from a certain asset class, it was important to work out a mix of investment that would be safe, but beat inflation and give you a positive return.
A key to smart investment is to “start early and save as much as possible” said Mr Basu, explaining how the magic of compounding helps multiply the savings and wealth for early birds who have the benefit of financial literacy.
On gold, Mr Basu said that the metal is a precious but speculative investment and it cannot be valued since it does not pay interest or dividend. The price of gold is only derived by what others are willing to pay for it on a given day. If you buy gold betting on guaranteed returns based on previous price trends, you may be in for a nasty surprise. This has been Moneylife’s stand for over three years and the recent crash in gold prices demonstrated the risk it carries.
Mr Basu spoke at length about real estate and how easy it was to extrapolate the price experience in a certain area to the entire country. He also pointed out that all talk about realty returns were based on anecdotes rather than hard data, which is simply not available in a uniform, standardised form over a long period. Mr Basu said that people must differentiate between a house that one buys to live in (which can also appreciate significantly) and realty as an investment, which will be bought and sold. Realty carries high transaction costs in terms of stamp duty, transfer charges and taxes. This leads to significant erosion in returns. And most important of all, there is no regulator.
On insurance, Mr Basu said, it should be used primarily for its main purpose—to guard against risk. He warned against mixing investment with insurance through products like unit linked insurance plans (ULIPs). These investments involve huge costs and there is no long-term data readily available on the fund management performance. However, there are better investment products available at lower costs that can be used for investment.
Stocks and equity funds are the best assets available for creating long-term wealth. The best way to invest in stocks is through equity funds. Stocks and mutual funds are risky. However, he cautioned the participants on the hoards of different funds available and how one should pick and choose the right fund. One should focus on defined goals and invest in limited products. As these investments are volatile one should invest systematically to use the volatility to his/her benefit.
Before ending the session Mr Basu gave the participants a list of investment products which one should avoid as these products require deep research and understanding. This was followed by an interactive question and answer session.