GDP growth slows to 5-year low: Experts discuss

NHAI Bharatmala

In a bad news for the new government on day one, Central Statistics Office (CSO) data showed that economic growth slowed to a 5-year low of 5.8 percent in the fourth quarter of 2018-19, pushing India behind China, due to a poor showing by agriculture and manufacturing sectors.

The CSO released a worrisome set of data on the rate of unemployment for 2017-18, confirming the pre-election leaked report’s claim of joblessness at a 45-year high of 6.1 percent.

Chief Statistician Pravin Srivastava, however, emphasised that the latest labour survey cannot be compared with previous ones and said that he doesn’t want to “claim that is 45-year low or high” as it is a different matrix.

The growth of the eight core sector industries during April too witnessed a slowdown. The expansion was at a rate of 2.6 percent. These industries contribute about 40 percent to the overall factory output of the country.

There was, however, some relief on the front of government finances as the fiscal deficit for 2018-19 remained within the revised Budget target of 3.4 percent of the GDP.

So what is the message from these numbers and where do we go from here? To discuss this issue, CNBC-TV18’s Latha Venkatesh spoke with Abhishek Upadhyay, senior economist at I-Sec PD; Sajjid Chinoy, chief India economist at JPMorgan and Sudipto Mundle, former chairman of National Statistical Commission.

(With inputs from PTI)

 5 Minutes Read

HRD minister Ramesh Pokhariyal takes charge, places new draft education policy in public domain on first day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The report was released by Ramesh Pokhariyal ‘Nishank’, who took charge of the Human Resource Development (HRD) Ministry on Friday.

Swinging into action on the first day of getting it’s new minister, the Ministry of Human Resource Development on Friday placed the draft report on the National Education Policy in the public domain. The committee constituted by the government for the preparation of the policy has proposed to rename the MHRD as Ministry of Education (MoE).

The report was released by Ramesh Pokhariyal ‘Nishank’, who took charge of the Human Resource Development (HRD) Ministry on Friday.

The 484-page report has been put on the ministry’s website for suggestions from the public till June 30.

Officials said that suggestions will also be taken from other states on the draft report. “These will then be examined before taking the report to the cabinet in July,” an official said.

“The Draft National Education Policy, 2019 is built on the foundational pillars of Access, Equity, Quality, Affordability and Accountability. It envisions an India-centred education system that contributes directly to transforming our nation sustainably into an equitable and vibrant knowledge society, by providing high quality education to all,” the ministry said.

The committee has proposed a major reconfiguration of curricular and pedagogical structure with Early Childhood Care and Education (ECCE) as an integral part of school education. It also recommends extension of the Right to Education Act, 2009 to cover children of ages 3 to 18 instead of 6 to 14 years.

“A 5+3+3+4 curricular and pedagogical structure is based on cognitive and socio-emotional developmental stages of children: Foundational Stage (age 3-8 years): 3 years of pre-primary plus Grades 1-2; Preparatory Stage (8-11 years): Grades 3-5; Middle Stage (11-14 years): Grades 6-8; and Secondary Stage (14-18 years): Grades 9-12.

“Schools will be re-organised into school complexes. It also seeks to ensure foundational literacy and numeracy through Remedial Instructional Aids Programme (RIAP) and National Tutoring Programme (NTP) and a host of curricular and reduced content load in school education curriculum,” it said

The draft proposes no separation of learning areas in terms of curricular, co-curricular or extra-curricular areas and all subjects, including arts, music, crafts, sports, yoga, community service, etc. will be curricular. “It promotes active pedagogy that will focus on the development of core capacities and life skills, including 21st century skills,” it added.

The draft proposes a flexible curriculum for secondary education that will enable student choices with no hard streaming and separation among sciences, arts, commerce, etc, as well as integration of vocational and academic streams.

“Students will have flexibility in choice of languages. The school sector envisages transforming regulation by separating functions to eliminate conflicts of interest: a State School Regulatory Authority will be set up in every state for regulation and regulation will happen through School Quality Assessment and Accreditation Framework,” the draft states.

It also limits the role of certification bodies in curriculum and text books to be followed in the schools. “It is proposed that the Directorate of School Education will run all public schools, SCERT to lead all academic matters for entire school education and Boards of Examination will certify but will have no role in determining curricula or text books,” the draft adds.

The Committee has also proposed a massive transformation in teacher education by shutting down sub-standard teacher education institutions and moving all teacher preparation/education programmes into large multidisciplinary universities/colleges. The 4-year integrated stage-specific B.Ed. programme will eventually be the minimum degree qualification for teachers.

In higher education, a restructuring of higher education institutions with three types of higher education institutions is proposed — Type 1: Focused on world-class research and high quality teaching; Type 2: Focused on high quality teaching across disciplines with significant contribution to research; and Type 3: High quality teaching focused on undergraduate education.

The draft proposes a four year liberal arts and liberal education programme at the Undergraduate level, with the first year to be focused on broad-based learning. Students will have the flexibility to choose minor subjects as per their liking, regardless of the stream, and their points will be counted in the final credits. However, the three year courses would not be done away with.

“The 4-year programme will provide for greater rigour in a full Liberal Arts Science Education (LASE) education and experience, and also conduct research optionally. Students will graduate with a 4-year LASE degree with Honours, or may graduate with a BSc, BA, BCom or BVoc after completing 3 years with a suitable completion of credits within their subject. A National Programme for the Professional Development of faculty in higher education is also proposed,” the draft states.

The committee has also proposed a new apex body — the Rashtriya Shiksha Ayog, headed by the Prime Minister — to enable a holistic and integrated implementation of all educational initiatives and programmatic interventions, and to coordinate efforts between the Centre and states.

The National Research Foundation, an apex body is proposed for creating a strong research culture and building research capacity across higher education.

“The private and public institutions will be treated on par and education will remain a ‘not for profit’ activity,” it emphasises.

Several new policy initiatives for promoting internationalisation of higher education, strengthening quality open and distance learning, technology integration at all levels of education, adult and lifelong learning and initiatives to enhance participation of under-represented groups, and eliminate gender, social category and regional gaps in education outcomes are also recommended.

The draft also recommends promotion of Indian and Classical Languages and setting up three new National Institutes for Pali, Persian and Prakrit and an Indian Institute of Translation and Interpretation (IITI).

“The path-breaking reforms recommended will bring about a paradigm shift by equipping our students, teachers and educational institutions with the right competencies and capabilities and also create an enabling and re-invigorated educational eco-system for a vibrant new India,” it said.

The Committee for the draft National Education Policy, under the Chairmanship of eminent scientist Dr. K. Kasturirangan, was constituted in June 2017 to examine all inputs/suggestions and submit a draft policy.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Clint Eastwood: Do you feel lucky, punk?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Clint Eastwood was born May 31, 1930, in San Francisco CA, and he refuses to give up on the movies, inventing and reinventing himself, telling stories on film in unique ways.

You’ve said this dialogue in a million different ways in front of the mirror, and in your head for the times when you’ve had to face a million different people and could say nothing. But wished you could. With gritted teeth and mouth barely open, just like Clint Eastwood. The one and only Pale Rider, Dirty Harry, The Man With No Name. My childhood was spent sneaking into my older cousin’s movie stash and watching them with him after having been caught. I loved the bar fights. I loved the lone cowboy who showed up to save the town from two-legged vermin. I wanted to be the girl who would finally give the wandering gun-slinger a reason to stay.

Clint Eastwood was born May 31, 1930, in San Francisco CA, and he refuses to give up on the movies, inventing and reinventing himself, telling stories on film in unique ways. He has not always been successful, and critics used to hate the way he spoke through his teeth, but he embraced that and created a space in movie history by becoming the man with a poncho, steely stare and a reluctance to speak about himself. But his Smith & Wesson Magnum spoke for him. And how we gawped at the television screen, rewinding the videotapes to watch the gunfights over and over again until you could not what was going on. But we knew the scene because of the music, we knew the pauses and the edit in the film, we even practised keeping our hands to the side, as if away from invisible holsters, ready to shoot with invisible guns the next time cook made us Baingan or Karela… We practised saying, “I eat concertina wire and piss napalm, and I can put a round through a flea’s ass at 200 meters…”

How we laughed at the profanity-laden dialogue and laughed and laughed when he said, “Why you pointing the gun at the suitcase. It’s dead already.” The scene where Clint Eastwood tells the baddies to not laugh because his mule doesn’t like it is perhaps my favourite scene:

Alas, the principal in my high school did not stop laughing at my math scores and me saying just that simply earned me hiding (He thought I was calling him an ass!). Explanations earned me detention…

As kids we did not have the patience to watch the cowboys stare at each other, not knowing who was going to blink first and go for the guns. But as a grown-up, I learned to appreciate the wait. And this is perhaps the best scene any cowboy movie could have:

Eastwood has directed 34 films, with American Sniper earning him $543 million in sales worldwide. Far cry from when he was paid 100 dollars a week at the beginning of his career. Although the TV show Rawhide gave him a much-needed fillip in his career, Eastwood got a real break when working with Sergio Leone and his spaghetti westerns. The taciturn cowboy with his hat pulled down low riding alone in the lawless West is even today more Eastwood than John Wayne in my opinion…And even though Gary Cooper, Jimmy Stewart, Burt Lancaster, Glen Ford, Kirk Douglas and Robert Mitchum made memorable cowboy movies, there is only one John Callahan. And everyone knows he drinks his coffee black, without any sugar.

And when you’re in an aeroplane and the landing is rough, you smile because you imagine Callahan in that cockpit, taking care of wannabe hijackers:

The next time you are watching yet another creepy show where the kids have been kidnapped by a deranged man, you remember Callahan and repeat with this little clip:

Call me movie crazy, but whenever I’ve gone on picnics with the family by the riverside, I have walked up to the river and stared at the water as if I were Callahan and the corpse with a bandaged nose was going to show up in the waters…

But Clint Eastwood did not just give up acting when the times changed. He evolved into an Oscar-winning producer-director and gave us inimitable films like the Gran Torino, and Million Dollar Baby.

“What kind of training is that?” He asks the woman who wants to be a fighter and is struggling to learn on her own. Frankie Dunn could be that trainer who could help her as long as she did not tell anyone that she was being trained by him. He wants nothing from her. And Maggie Fitzgerald is that woman who has been told she’s too old to achieve her dreams, her goals. Just as countless women are being told even today. ‘Find a man, have a proper life,’ her mother tells her. Clint Eastwood produced, directed and acted in the Million Dollar Baby and when I saw the film, I knew every girl would be inspired to dream those impossible dreams. Morgan Freeman’s stares and that golden voice acting as a beacon of right and wrong, Hilary Swank’s courage and perseverance and Clint Eastwood’s reluctance that turns into a grudging admiration of his student was a trio perfect for what could have been a formulaic boxing film. But the film is laden with meaning and there are nuances to discover each time you watch it.

When the Net was afire with the Brett Cavanaugh hearings (American Supreme Court Justice had a tough time in the Congressional hearings), I could not but help remember how Clint Eastwood was looking for a B B Cavanaugh in A Few Dollars More too. It’s a great entry by a hero in any film and I love the saloon where the action takes place. If only real life were like the movies, many women would have loved a similar ending to this one:

The latest from Clint Eastwood is The Mule, where he plays an irascible gardener turned drug runner. Not quite Gran Torino, but I loved watching it on the flight… But no matter what roles he plays, he will always be the legend, a cowboy with no name.

Jim Carrey said it first, and I cannot but agree, ‘He’s the one who could settle the score for us. The man that every man would love to be. When a bully was pursuing you and pushing you around in the schoolyard, and you’re thinking to yourself that wow, there’s no justice. Then you’d see a Clint Eastwood movie and you’d realise that this bully grows up to be the guy who gets his butt kicked by the man with no name. You know, it’s our salvation. I don’t know if they meant this…. It’s just a theory of mine… I think that the reason why he had no name is so that we could fill in our own.

Here’s wishing a very Happy Birthday to the one man who brought the Wild West to come alive for all of us – Clint Eastwood. May my grandma never find you or she’ll beat you with her cane because we ruined her dhurries by cutting holes in them and wearing them like ponchos in your movies. May you live long and give us more movies!

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Amazon interested in buying Boost from T-Mobile, Sprint

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

 Amazon.com Inc is interested in buying prepaid cellphone wireless service Boost Mobile from US carriers T-Mobile US Inc and Sprint Corp, two sources familiar with the matter said on Thursday.

Amazon.com Inc is interested in buying prepaid cellphone wireless service Boost Mobile from US carriers T-Mobile US Inc and Sprint Corp, two sources familiar with the matter said on Thursday.

Amazon is considering buying Boost – currently one of Sprint’s prepaid brands – mainly because the deal would allow it to use the new T-Mobile’s wireless network for at least six years, one of the sources said.

New T-Mobile is the name used by T-Mobile and Sprint to refer to the new entity that will result from their potential merger.

Amazon would also be interested in any wireless spectrum that could be divested, the source said.

Amazon declined to comment. T-Mobile and Sprint did not immediately respond to requests for comment.

It was not immediately clear why the largest US online retailer would want the wireless network and spectrum.

Amazon has already been building experience by offering phone calls through its Echo Connect product, which uses a person’s home phone service and allows an Alexa-enabled voice-activated speaker to make phone calls.

Amazon, which started out selling books, has a long history of exploring new ventures, such as making original TV shows for Amazon Prime members. It is now one of the Big Four technology companies along with Alphabet Inc, Apple Inc and Facebook Inc, and is a leading cloud services provider.

T-Mobile and Sprint have already pledged to sell Boost as part of measures to reduce their market share in the prepaid wireless business and gain regulatory approval for their planned $26 billion merger.

The U.S. Justice Department would need to scrutinize the buyer of a divested asset to ensure it would stay viable and preserve competition.

The carriers are also considering divesting wireless spectrum, or airwaves that carry data, in order to push the merger through.

The merger, if approved, would leave the United States with three wireless carriers instead of four. Some consumer advocates have raised concerns that the merger could raise prices for wireless users and have called for an additional competitor.

The sale of Boost could fetch up to $3 billion, potential bidders previously told Reuters.

This month, analysts at Cowen estimated Boost has 7 million to 8 million customers and a transaction could be valued at $4.5 billion if the deal included wireless spectrum, or the airwaves that carry data, and facilities.

Sprint has not disclosed the number of Boost customers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Congress scores over BJP in Karnataka local body elections

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Polling was held on May 29 to 217 seats in seven City Municipal Councils, 714 seats in 30 Town Municipal Councils and 290 seats in 19 Town Panchayats.

Days after its dismal performance in the Lok Sabha elections in the state, the Congress on Friday bagged more seats in Karnataka’s 56 urban local body elections than the opposition BJP and its ruling coalition partner, the Janata Dal (Secular).

“Of the 1,221 wards in the city and town municipal councils and town panchayats, the Congress won 509 seats, the Bharatiya Janata Party 366, the Janata Dal-Secular 174 and Independents 160,” Karnataka State Election Commissioner P. N. Srinivasachari told reporters in New Delhi.

The remaining seats were won by the Bahujan Samaj Party 3, the CPI-ML 2 and others 7.

Polling was held on May 29 to 217 seats in seven City Municipal Councils, 714 seats in 30 Town Municipal Councils and 290 seats in 19 Town Panchayats.

Of the 1,361 seats in 63 civic bodies, elections were held in 1,221 seats in 56 spread over 20 of the 22 districts across the southern state.

Polls were not held for 46 seats in Bangalore Rural and 94 in Shimoga in the Malnad region due to cases pertaining to the ULBs pending in these two districts.

Of the 217 seats in 7 city councils, the Congress won 90, the BJP 56, the JD-S 30, and Independents and others 41.

Of the 714 seats in 30 town councils, the Congress won 322, the BJP 184, the JD-S 102, and Independents and others 106.

Of the 290 seats in 19 two panchayats, the BJP won 126, the Congress 97, the JD-S 34, and Independents 33.

In the recent Lok Sabha elections, the Congress and JD-S faced rout, winning only one seat each while BJP won 25 seats and an Independent, backed by the BJP, won one seat.

The Congress had contested 21 seats and JD-S 7 under their pre-poll seat-sharing arrangement.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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SFIO files first chargesheet in IL&FS case, names 30 individuals including businessman C Sivasankaran

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Serious Fraud Investigation Office (SFIO) on Friday has filed its first chargesheet in the Infrastructure Leasing & Financial Services (IL&FS) case.

The Serious Fraud Investigation Office (SFIO) on Friday has filed its first chargesheet in the Infrastructure Leasing & Financial Services (IL&FS) case. The chargesheet names a total of 30 individuals and entities including businessman C Sivasankaran and 9 other directors of IL&FS Financial Services.

The chargesheet has also auditors BSR & Co LLP and Deloitte Haskins & Sells (DHS) LLP along with others of concealing information and falsifying accounts.

The IL&FS crisis started in September 2018, when the group of companies had defaulted on its debt obligations forcing the government to take over and replace its board with its own nominees. Here is a low list of the charges levelled by SFIO in its chargesheet

Former Directors of IL&FS & IL&FS Financial Services

SFIO in its chargesheet has levelled charges of cheating and criminal conspiracy against some former senior executive of IL&FS and IL&FS Financial Services (IFIN).

IFIN extended loans to companies of Siva, ABG, A2Z, Parsvnath group and other companies, said the SFIO in its 840-page chargesheet, which CNBC-TV18 has seen.

“A number of these borrowers were not servicing their debt obligation. The top management was aware of the potential problematic accounts which were getting stressed in the succeeding month from the reports generated through the Management Information System (MIS) of IFIN.”

Ravi Parthasarathy and Hari Sankaran used IL&FS group as their personal fiefdom, SFIO alleged, “The management of IFIN adopted fraudulent practices in order not to let aforesaid loan be classified as NPA. They started lending to other companies belonging to the borrowers for repaying the principal and/or interest of the aforesaid defaulting borrowers.”

C Sivasankaran and Siva Group

SFIO alleged C Sivasankaran connived with top management of IL&FS group and received wrongful gains. The enforcement agency also alleged that C Sivasankaran connived to get a loan from IFIN without intention to repay.

“In 2014, while lending to Siva India Commercial Traders Pvt Ltd, additional security in the form of stock of Emerald Stone valued at Rs 59.26 crore was taken,” the charge-sheet alleged.

“As on March 31, 2015, the aggregate exposure to Siva Group companies stood at Rs 182.45 crore. The said exposure continued as a loan from March 2015 to December 2015, with no security cover as so-called security of Emerald stock was existing only on paper without any physical verification.”

The SFIO in its chargesheet mentioned emails directing IFIN employees not to securitise outstanding dues while entering into a fresh lending exercise with the Siva group companies.

The chargesheet in this matter said, “It was observed from an email from Parthasarathy to Sivasankaran that instead of protecting the interest of the company, Parthasarthy is found being apologetic to Sivasankaran for taking time for finalising the loan transaction of Rs 175 crore.”

SFIO also alleged that Siva group companies made the repayment in only 4 transactions out of 15 transactions when loans were extended by IL&FS Financial Services.

Also, SFIO added that the primary security for the loans advanced to Siva group companies from December 2011 to December 2014 were shares held by Siva group companies in Tata Teleservices or TTSL.

The shares were carried over for subsequent fresh lending till 2014. The shares which were valued at Rs 82 per share. No revaluation of the shares led to a drastic reduction in security cover of such lending.

Auditors

The firms BSR and Co and Deloitte Haskin and Sells have also been charged with concealing of information by not raising red flags on the misstatements in the accounts of IL&FS Group companies.

In its chargesheet, SFIO said the auditors colluded with the coterie to conceal material information and in fraudulently falsified the books of accounts and thereby financial statements from 14 to 18. Auditors did not report the correct state of affairs on Net Owned Funds and CRAR.

Further, SFIO said that the auditors did not follow practices to bring out the true and fair picture of the accounts and allegedly colluded with management to conceal alleged fraudulent practices.

Calling the independent directors “mute spectators,” the SFIO said they ignored all warnings and failed to serve the interest of the company and its stakeholders by not raising the issue in board meetings.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Google committed to new features that strengthen user privacy, says top official

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Tech giant Google continues to focus on bringing in new features to empower users “to remain in control of their online experience” amid rising concerns globally around privacy and security of user data.

Tech giant Google continues to focus on bringing in new features to empower users “to remain in control of their online experience” amid rising concerns globally around privacy and security of user data.

The company also emphasised that privacy should not be a luxury and that users across the world should be able to enjoy the same levels of privacy.

“Google has doubled down on our commitment to provide best-in-class privacy settings and controls across all of our products and services.

“We’ve made significant investments in getting this right…ensure that our products are continuing to innovate and reflect new and improved features to empower users to remain in control of their online experience,” Google Chief Privacy Officer Keith Enright told reporters over a video call.

He added that some of the steps include providing one-tap access to Google account across major products and services, and extending incognito mode to products like search and maps.

“We think that all of our users across all of our free and paid services all around the world enjoy the same measure of privacy, best-in-class privacy that Google is committed to delivering consistently,” he noted.

He said the company recognises that it has an “obligation” to ensure that the strongest possible policies and procedures governing access to data and sharing of data with third-party developers, are in place.

In view of that, Google is now making additional changes for Chrome extension developers to ensure protection of users’ privacy.

Extension developers can now request access to only that data which they need to implement their features. Google is also urging more extension developers to post their privacy policies.

Besides, it is also bringing in changes as to how third-party developers can use the Google Drive API (application programming interface) to provide their users access to files there. These efforts are part of Project Strobe through which Google is working on how third-party developers access user data.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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History in a mango orchard

Poet’s love for mango: Emperors. Noblemen. Soldiers. Plebs. Everyone is obsessed with the summer fruit. Poets wrote reams about the King of Fruits but no one can ever beat poet Mirza Ghalib’s mango love. He wrote long letters to his friends requesting for baskets of mangoes (at a rough count, he mentions mangoes in 63 letters). There’s his famous poem called Dar-Shifat-e-Ambah and the oft-repeated couplet: Aur dauayiae kias kahan, jane sheerin mein mithas kahan (What else can we do with first the imagination? Mango is sweeter than the best in life, nay, even life itself). Famous Persian poet Amir Khusrau called mango Naghza tarin mewa Hindustan (fairest fruit of Hindustan) and Rabindranath Tagore wrote Aamer monjori. (Photographed here is Ghalib’s home in Ballimaran, Old Delhi)
Malihabad & its Mango Man: The cineaste must have noticed the lush mango orchards and mansions in films Umrao Jaan and Junoon; the poetry-lover must have read Josh Malihabadi’s poems, but the dusty town of Malihabad (near Lucknow) borrows its fame from mango – it grows nearly 800 varieties of mango. And no story of this mango village is complete without a mention of Padamshri Kaleemullah Khan, the Mango Man. (Photographed here is Kaleemullah Khan with his mango trophies)
One tree with 300 different types of mangoes: In Kaleemullah Khan’s Abdullah Nursery is a 100-year old mango tree on which grow nearly 300 varieties of mangoes. Yes, 300 varieties on one tree that Khan has grafted over the years.
A village called Dusseheri: On a potholed road, six miles from Malihabad, crane your neck for a yellow signboard that mentions a historical tree, or a white milestone that reads: Dusseheri 1.5 kilometres. It is the village that lends its name to Dusseheri, one of the major commercially grown mangoes in the country. A narrow road leads to the original Dussheri tree that is still the property of the Nawab of Lucknow’s descendants. The Mango Institute of Lucknow dates its origin to 200 years, but locals swear that the tree was not planted by humans; it grew on its own as a divine gift.
What’s in a name? Though nearly 1,000 mango varieties are grown in India, very few are commercially grown; their names acquiring different names in different regions. For example, langra (literally, lame), is name-loaded: Langarhi, Tikari (Farrukhabad, UP), David Ford, Hardil-Aziz (Bhopal), Sylhet (Meerut, UP), Ruh-e-afza, Darbhanga and Chhatpa. Dusseheri is also known as Aman, Aman Dashehari, Nirali Aman and Kamyab while Bombay Green gets varied names like Kali Bombai, Sarauli, Malda, Sheeri Dhan, Bhojpuri, Laile Alupu (source: ikisan.com) (Photographed here is the langra mango variety)
Mango naming: Ever wondered who gave mango varieties their name? Emperor Sher Shah Suri is said to have christened the Chausa variety on the eve of his victory against Humayun in Chausa (now Bihar) against in 1500s. Langra, which first grew in the house of a langra (lame) man in Varanasi, takes its name from the progenitor’s disability. Amrapali is probably named after the famous courtesan of Vaishali, Amra Pali while Alfonso stems from Afonso de Alberquerque, a Portuguese general, who helped establish Portuguese colonies in India. (Photographed here is the Alfonso)
 5 Minutes Read

Oil falls 3% on fresh trade worries, set for biggest monthly drop in six months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

 Oil slumped over 3% on Friday, on track for its biggest monthly drop in six months, after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, one of the largest US trade partners and major supplier of crude oil.

Oil slumped over 3% on Friday, on track for its biggest monthly drop in six months, after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, one of the largest US trade partners and major supplier of crude oil.

Brent crude futures fell $2.22, or 3.3%, to $64.65 a barrel, by 1:12 p.m. EDT (1712 GMT). US West Texas Intermediate (WTI) crude futures fell $1.86 to $54.73 a barrel, also a 3.3% loss.

Session lows for both contracts were the lowest since March 8.

Brent futures were on track for an 11% slide in May and WTI for a 14% drop, which would be their biggest monthly losses since November.

Trump vowed on Thursday to ratchet up tariffs unless Mexico stopped people from illegally crossing into the United States. The plan would impose a 5% tariff on Mexican imports starting on June 10 and increase monthly, up to 25% on Oct. 1.

That could hit the lucrative cross-border energy trade.

“US refiners import roughly 680,000 barrels per day of Mexican crude. The 5% tariff adds an extra $2 million to the cost of their daily purchases,” PVM analysts said.

The United States also exports more fuels to Mexico than any other country, according to the US Energy Department, though so far Mexico has not said whether it would retaliate.

The threat compounds concerns about global economic growth, already at risk due to the US-China trade war. That dispute has prompted worries about a recession..

Additional levies by Beijing on the majority of US imports on a $60 billion target list are due to take effect on Saturday. The tariffs are in response to Washington’s move earlier this month to slap further tariffs of up to 25% on $200 billion of Chinese goods.

A Reuters survey showed Brent crude prices are likely to hold near $70 a barrel for the remainder of the year as elevated supply risks in the Middle East offset risks to demand.

Top oil exporter Saudi Arabia’s increased output in May was not enough to compensate for lower Iranian exports, a Reuters survey found. The Organization of the Petroleum Exporting Countries is expected to meet late June. At the beginning of the year, OPEC and allies agreed to cut production by 1.2 million bpd.

US production has offset that decline, as output returned to a record 12.3 million barrels per day, and as US crude stocks fell less than expected last week, according to weekly figures.

“This fresh tariff headline offers a ‘pile on’ effect to an oil market that has already been seeing downside pressure from some unexpectedly large US crude supply increases that have been weighing on values across this month of May,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

US energy firms this week increased the number of oil rigs operating for the first time in four weeks but cut the rig count for the sixth straight month as most drillers cut spending plans. Companies added three oil rigs, General Electric Co’s Baker Hughes energy services firm said Friday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

Experts discuss key challenges for the second term of Narendra Modi government

Narendra Modi government 2.0 took shape on Friday with BJP president Amit Shah, who played a key role in his party’s electoral triumph, making his debut in the central government as India’s new home minister while incumbent Rajnath Singh was moved to defence.

Joining them in the ‘Big Four’ are Nirmala Sitharaman, the outgoing defence minister, who is India’s new minister for finance and corporate affairs and surprise inductee, former foreign secretary S Jaishankar, who got the External Affairs portfolio.

Both Sitharaman, the first full-time woman Finance minister of India, and Jaishankar, a rare instance of a career diplomat taking charge of the External Affairs ministry, have studied in Delhi’s Jawaharlal Nehru University.

With the induction of Shah and Jaishankar, there are two new faces in the all-powerful Cabinet Committee on Security (CCS), which is chaired by Prime Minister Narendra Modi and is the final decision-making body on matters related to country’s security, including defence policy and internal security.

Besides the prime minister, the ministers of Defence, Home, External Affairs and Finance are members of the committee.

In an interview to CNBC-TV18, Ramesh Chand, member of Niti Aayog; DK Mittal, former financial services secretary; Siraj Hussain, former agriculture secretary; Nisha Desai Biswal, US-India Business Council; Sumant Sinha, chairman and director of Renew Power Ventures and Anil Padmanabhan, deputy editor of Mint discussed about the new cabinet members and the challenges ahead for the Modi government.