Month: January 2024

India batting coach Vikram Rathour backs Gill, Iyer and Jaiswal ahead of the second Test

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

Listen to the Article (6 Minutes)

India batting coach Vikram Rathour bets on Shubman Gill, Yashasvi Jaiswal and Shreyas Iyer who have not played much long-form cricket ahead of the second India vs England Test. Both Gill (23, 0) and Iyer (35, 13) struggled against the English spinners in the first Test in Hyderabad, which India lost by 28 runs to trail 0-1 in the five-match series.

“There are young batters in our team who have not played much Test cricket. So, we need to be a bit patient with them. Batters like (Shubman) Gill, (Yashasvi) Jaiswal and (Shreyas) Iyer will eventually start getting big runs, I’m sure of it,” Rathour said at a press conference on Wednesday.

The Men's Selection Committee have added Sarfaraz Khan, Sourabh Kumar and Washington Sundar to India's squad.#INDvENG https://t.co/xgxI8NsxpV

— BCCI (@BCCI) January 29, 2024

But with Kohli, Rahul and Ravindra Jadeja not playing the second Test, beginning in Visakhaptnam on Friday, Pathan doesn’t believe the Indian team management will take the risk of including young Sarfaraz Khan in the playing eleven.

“There’s a difference between playing with intent and playing attacking cricket. I want them to play with intent. If there is the opportunity to score some runs, they should take it,” Rathour said.

Prep mode 🔛#TeamIndia get into the groove for the 2⃣nd #INDvENG Test in Vizag 👌 👌@IDFCFIRSTBank pic.twitter.com/BiN0XjLzMu

— BCCI (@BCCI) January 31, 2024

“They need to decide by looking at the surface and conditions. So, the batters need to possess that intelligence as to which is the best or safest shot on the surface.”

“Mr Ravindra Jadeja and Mr KL Rahul have been ruled out of the second IDFC First Bank Test against England in Vizag, starting February 02, 2024,” the BCCI said in a media release. “The BCCI Medical Team is monitoring the progress of the duo,” it added.

The selection committee has added Mumbai batter Sarfaraz Khan, left-arm spinner Sourabh Kumar and all-rounder Washington Sundar to the squad for the second Test. It is a maiden national call-up for Sarfaraz after scoring truck load of runs in domestic cricket and more recently in the India A series against England Lions.

Thank you, Hyderabad 🙏

Hello, Vizag! 👋

🇮🇳 #INDvENG 🏴󠁧󠁢󠁥󠁮󠁧󠁿 | #EnglandCricket pic.twitter.com/maaI7WY88c

— England Cricket (@englandcricket) January 31, 2024

“Could they have batted with more discipline? Maybe they could have. That’s what they need to decide and come up with their plans,” he said.

“But, they need to score runs by playing their shots, as you need to back your strengths. Batting is always about scoring runs. It’s not about not getting out but how many runs you put on the board,” he said.

With Virat Kohli already unavailable for the first two Tests due to personal reasons, the injuries to Jadeja and Rahul have made matters worse for India, who find themselves under pressure after losing only their fourth Test at home since 2013. Both Rahul and Jadeja had made significant contributions in the first Test before England staged a remarkable comeback to win the game by 28 runs and go 1-0 up in the five-match series.

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

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

Budget 2024: Affordable housing, rooftop solar and farmer benefits likely to be in spotlight

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

Listen to the Article (6 Minutes)

As the clock ticks down to the presentation of the interim Budget in Parliament, anticipation is high regarding the potential announcements by Finance Minister Nirmala Sitharaman on February 1.

According to a report by CNBC-TV18’s Sapna Das, the government might unveil a comprehensive framework along with budgetary allocations for an interest subvention scheme aimed at promoting affordable housing.

Additionally, there are expectations of announcements related to rooftop solar initiatives. Earlier this month, Prime Minister Narendra Modi launched the Pradhan Mantri Suryoday Yojna, targeting the installation of rooftop solar systems in one crore homes.

Furthermore, there is a prevailing anticipation of an increase in the direct benefit transfer under the PM Kisan scheme. In a conversation with CNBC-TV18’s managing editor Shereen Bhan, former Chief Economic Advisor KV Subramanian emphasised that raising the amount under the PM-Kisan Samman Nidhi to ₹9,000 would be a “very legitimate ask” for farmers.

The speculation extends to the possibility of higher allocations for food and LPG subsidies compared to the current year, as well as the government’s continuation of the capital expenditure cycle.

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

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

Virat Kohli’s brother clears the air about their mother’s health

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

Listen to the Article (6 Minutes)

Virat Kohli’s brother Vikas debunks rumours about their mother on social media after the star cricketer misses the first two Test against England in the ongoing five-test series.

Kohli didn’t specify his ‘personal reason’ which led him to take this decision, nor did the Board of Control for Cricket in India (BCCI) give a reason besides a short line in the press statement that read, “Virat Kohli has requested the BCCI to be withdrawn from the first two Tests of the upcoming Test series against England, citing personal reasons.”

Prep mode 🔛#TeamIndia get into the groove for the 2⃣nd #INDvENG Test in Vizag 👌 👌@IDFCFIRSTBank pic.twitter.com/BiN0XjLzMu

— BCCI (@BCCI) January 31, 2024

The BCCI urged the fans and media to refrain from speculating about the reason for his forced break. The five-match series began in Hyderabad on January 25.

Thank you, Hyderabad 🙏

Hello, Vizag! 👋

🇮🇳 #INDvENG 🏴󠁧󠁢󠁥󠁮󠁧󠁿 | #EnglandCricket pic.twitter.com/maaI7WY88c

— England Cricket (@englandcricket) January 31, 2024

India has been dealt with a massive blow ahead of the second Test against England at Vizag as all-rounder Ravindra Jadeja and batter KL Rahul have been ruled out of the match due to fitness concerns.

Jadeja picked up a hamstring knock whereas Rahul has complained of pain in his right quadriceps. It is the same thigh that he had injured during the Indian Premier League (IPL) last year, which kept the Lucknow Super Giant (LSG) skipper out of cricketing action for nearly four months.

The Men's Selection Committee have added Sarfaraz Khan, Sourabh Kumar and Washington Sundar to India's squad.#INDvENG https://t.co/xgxI8NsxpV

— BCCI (@BCCI) January 29, 2024

With Virat Kohli already unavailable for the first two Tests due to personal reasons, the injuries to Jadeja and Rahul have made matters worse for India, who find themselves under pressure after losing only their fourth Test at home since 2013.

Both Rahul and Jadeja had made significant contributions in the first Test before England staged a remarkable comeback to win the game by 28 runs and go 1-0 up in the five-match series.

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

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

JLF 2024: From Pulitzer Prize winners to When Chai Met Toast, the biggest highlights to watch out for

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

Listen to the Article (6 Minutes)

The fabled Jaipur Literature Festival (JLF) is all set to return with its 17th edition to Rajasthan’s capital. A melting pot of ideas, conversations, book launches, and lively debates on all things pertinent and popular, it has grown to become one of the biggest, most-awaited literary extravaganzas around the world.

This year, over 250 writers, luminaries, politicians, academics, journalists, and subject experts will be discussing themes as diverse as climate change, parenting in the digital age, migration, cancel culture, the impact of tech in publishing, and the politics and the horrors of war.

To be held at Clarks Amer from February 1-5, the festival has something for everyone. A spirited mega-mela— visitors should expect scrumptious food, stellar musical performances, and tiny, shiny stalls of homegrown, boutique brands. To help you choose from the extensive, overstuffed menu, here’s a low-down of the highlights that are sure to pull the biggest crowds.

Irrfan: A Life in Movies

JLF usually goes big on Bollywood, inviting anyone it can possibly thread to literature (or even otherwise). However, since the pandemic, it has gone back to the basics, trimming the brouhaha and focusing on its core promise. This is probably the only session with people from the Hindi film industry discussing one of their own.

Filmmaker Vishal Bhardwaj and theatre actor Sutapa Sikdar, who is also Irrfan’s wife, will be in conversation with film critic Shubhra Gupta about her new book Irrfan: A Life in Movies. Slated for the prime-time Sunday evening slot, the session is dedicated to the late actor—his artistry, magic, and cinema. Though it will be held at the spacious Front Lawn, if you want to attend, secure a seat at least an hour or two in advance. You won’t find any or even a decent place to stand later.

Kanan Gill on his debut novel Acts of God

After starring as the lead in the Norwegian romantic comedy Christmas As Usual last December, Kanan Gill is out with his first novel Acts of God. An homage to the oversaturated genre of science fiction, it has all the classic Kanan elements—existential angst, lots of questions, and observational humor packaged neatly in pointed storytelling. If you’re bummed about his stand-up show in Jaipur getting cancelled at the last minute, this is your chance to catch him live.

When Chai Met Toast

The multilingual indie-folk alternative band will be bringing JLF’s Music Stage to life on February 3. If you’re a fan, it will be an experience unlike any other. The line-up of the first three days also includes performances by singer-songwriter Alif (Mohammad Muneem), The Tapi Project, and The Revisit Project.

The Pulitzer winners

JLF this year will have not one but three of them. Kai Bird, the co-writer of American Prometheus: The Triumph and Tragedy of J Robert Oppenheimer, on which Christopher Nolan’s last blockbuster was based, will be talking about the book, the conflicted icon, and his writing life. If the film got you curious about Oppenheimer, this session is sure to add fuel to the fire. Then there’s Hernan Diaz, who will be discussing his award-winning novel Trust, the myths shrouding wealth, and the fictions that often pass for history. Finally, there will also be Roger Cohen who will share his experiences covering war and conflict-torn regions.

Closer home

Other than festival favourites Gulzar and Shashi Tharoor, there are also panel sessions with Raghuram Rajan, Sudha Murthy, Chitra Banerjee Divakaruni, Gurcharan Das, Sharmistha Mukherjee, Amish Tripathi, Anant Goenka, Devdutt Pattanaik, Suhasini Haidar, Nilanjana Roy, Tarun Tahiliani, and Maria Goretti, who will talk at length about their books, concerns, and motivations.

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

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

‘Disaster in the making’: Ex-RBI official on Paytm bank order

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

Listen to the Article (6 Minutes)

The Reserve Bank of India (RBI) has taken stringent action against Paytm Payments Bank, citing repeated non-compliance and a blatant disregard for regulatory directives. The move comes after a thorough system audit revealed a recurring pattern of customer onboarding without proper Know Your Customer (KYC) checks and persistent breaches of compliance standards.

In an exclusive interview with CNBC-TV18, Former Executive Director of RBI, Deepali Pant Joshi, expressed her views on the matter, calling it a “disaster that had been in the making since October 2023.”

“In October 2023, Paytm was fined ₹5.39 crore, but they were very blasé about the reasons,” Joshi highlighted the company’s nonchalant attitude towards the reasons behind the penalty.

Also read: RBI hits Paytm Payments Bank with more restrictions; almost all services to stop from Feb 29

Joshi emphasised the global concern when certain limits are breached and KYC is not adhered to in payout services. She pointed out that despite warnings and communication with RBI officials, Paytm continued its operations without addressing the crucial issues raised by the regulator.

“This is a stern action, and it was merited. I am sorry to say that Paytm took no cognizance of all the warnings which were given to it several times. If you persist, then there has to be a thus far and no further state, and that’s exactly where they have landed,” said Joshi.

She further clarified that the regulatory action is not the end of the road for Paytm. The company now has the opportunity to rectify the identified loopholes and comply with the regulatory requirements. Joshi recommended a thorough system audit, acknowledging the inadvertent omissions and pledging to address the deficiencies.

Also read: Paytm’s Payment bank business at risk with RBI order: Bernstein

Paytm users have been assured that any pending cashback, refunds, or other transactions will be processed until February 29. However, after this date, Paytm will face severe restrictions, and users are advised against making further deposits.

“It’s a clear signal from the regulator that whatever interest payments have to be made, we cannot deny as regulators, and those will be allowed. But after that, quite simply no, nothing’s happening,” warned Joshi.

The former ED of RBI concluded by stating that the regulatory action against Paytm serves as an example to all non-banking financial companies (NBFCs) and payment banks.

According to Global Financial Services Macquarie’s assessment of Paytm, the implications for revenue and profitability in the medium to long term could be substantial and warrant close monitoring.

“We think revenue & profitability implications in the medium to long term could be significant & remain a key item to monitor. We have seen RBI take 15 months time to revoke its ban on digital business activities of the largest private sector bank. However, in this case since the first ban (in March 2022) for onboarding new customers (22 months have lapsed), RBI has conducted a comprehensive IT audit and continued to identify non-compliance, which in our view indicates that these lapses are quite material.”

“Accordingly, we do not see any near term solution to these problems and this effectively means, in our view, that RBI is indirectly revoking the PPI (pre-paid instrument) licence of Paytm.”

“The bigger issue is Paytm has not been on the good books of the regulator and going forward, their lending partners also could possibly re-look at the relationships in our view,” it added.

Also read: FAQs: If you are a Paytm customer, here’s what you need to know about RBI restrictions on credit, deposit transactions

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

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

India witnesses the biggest outflow of foreign money in January 2024

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

Listen to the Article (6 Minutes)

The foreign portfolio investors (FPIs) pulled out more than $3 billion from the Indian equity market in January 2024 after lower-than-expected earnings from large private lenders and rising treasury yields prompted them to reduce their risk exposure.

In fact, overseas investors sold more Indian shares in January than in any other emerging market. While India witnessed outflows worth $3.2 billion, they sold Brazilian shares worth $1.1 billion and offloaded $870 million worth of shares from Thailand.

South Korea attracted $2.3 billion in inflows, and Taiwan also saw some buying to the tune of $1.4 billion, according to Bloomberg data.

In fact, overseas investors had sold shares in the January months of both 2023 and 2022 as well. While FPIs withdrew $3.7 billion in January last year, they did the same in 2022 by withdrawing $4.8 billion from the Indian market. However, the selling of stocks by foreign investors in January comes after heavy buying witnessed in the preceding two months.

After buying $2.3 billion worth of shares in November, FPIs had poured in a little over $7 billion in December, taking the total tally in 2023 to $21.4 billion.

The yield on the 10-year US Treasury bond surged 13 basis points (bps) in January to 4%. After hitting a low of 3.8% in December, the yield had reached a high of 4.2% on January 24.

Nevertheless, it is important to note here that nearly a third of the foreign portfolio investors’ money has been parked in the financial services sector. The assets under custody (AUC) in financial services at the mid of January stood at $237 billion, as per data compiled from National Securities Depository Ltd (NSDL), whereas the total AUC of FPIs in equity stood at $758 billion as of January 15, 2024.

However, purchases by domestic institutional investors (DIIs) to the tune of $3 billion during the month limited losses in the benchmark index. The Nifty50 ended the month marginally lower at 21,725.70 points, down 0.03%.

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

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

Centre’s fiscal deficit at 55% full-year target at December-end 2023: CGA

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

Listen to the Article (6 Minutes)

The Centre’s fiscal deficit came in lower at ₹9.82 lakh crore or 55% of the annual budget target at December-end 2023, as per the data released by the Controller General of Accounts (CGA) on Wednesday. The deficit was 59.8% of the budget estimate of 2022-2023 in the corresponding period last year.

For 2023–24, the government’s fiscal deficit is estimated to be at ₹17.86 lakh crore or 5.9% of the GDP. The government’s total revenue stood at ₹20.71 lakh crore (76.3% of corresponding BE 2023-24 of total receipts) as of December 2023.

This comprised ₹17.29 lakh crore tax revenue (net), ₹3.12 lakh crore of non-tax revenue and ₹29,650 crore of non-debt capital receipts. Non-debt capital receipts consist of the recovery of loans and miscellaneous capital receipts.

The CAG’s monthly account data further said ₹7.47 lakh crore has been transferred to state governments as devolution of share of taxes by the central government up to December 2023, which is ₹1,37,851 crore higher than the previous year.

The total expenditure incurred by the Centre was ₹30.54 lakh crore (67.8% of corresponding BE 2023-24), out of which ₹23.80 lakh crore is on revenue account and ₹6.73 lakh crore on capital account.

Out of the total revenue expenditure, ₹7,48,207 crore was on account of interest payments and ₹2,76,804 crore towards major subsidies.

Continuing the path of fiscal consolidation, the government intends to bring the fiscal deficit below 4.5% of GDP by 2025–26.

Finance Nirmala Sitharaman is expected to outline the details of the fiscal deficit for the current fiscal and 2024–25, along with the Centre’s market borrowing programme, in her interim budget on Thursday.

—With inputs from PTI

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

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

Pradhan Mantri Kisan Yojna: ₹2.8 lakh crore transferred to more than 11 crore beneficiaries

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

Listen to the Article (6 Minutes)

The Pradhan Mantri Kisan Yojna (PM-Kisan) has reached new heights, providing substantial financial support to over 11 crore beneficiaries. As of December 12, 2023, an impressive ₹2.8 lakh crore has been disbursed under this scheme.

India’s agrarian landscape has long been the backbone of the nation’s economy. The Government of India introduced the Pradhan Mantri Kisan Yojna (PM-Kisan) in 2018, marking a significant milestone in the journey towards agricultural empowerment.

The primary objective of PM-Kisan is to provide direct income support to small and marginal farmers across the country. The scheme aims to supplement the financial needs of farmers for the purchase of seeds, fertilisers, and other essential inputs, thereby ensuring sustainable agricultural practices.

Launched in February 2019, PM-Kisan operates under the Ministry of Agriculture and Farmers Welfare. The scheme envisions providing eligible farmers with direct income support of ₹6,000 per year, payable in three equal installments.

The scheme prioritises small and marginal farmers, recognising their vulnerability to economic fluctuations. To qualify for PM-Kisan, a farmer must own less than two hectares of cultivable land. The scheme is inclusive, covering farmers from all states and union territories, thereby benefiting a diverse cross-section of the agrarian community.

Since its launch, PM-Kisan has made significant strides, reaching millions of farmers across the nation. As of December 12, 2023, over ₹2.8 lakh crore have been transferred to more than 11 crore beneficiaries.

Additionally, the government provides pension benefits to 23.4 lakh small and marginal farmers enrolled under the PM-KMY.

The success of Pradhan Mantri Fasal Bima Yojana (PMFBY), offering simple and affordable crop insurance against non-preventable natural causes, is evident from 55.5 crore farmer applications insured since 2016-17 and ₹1.5 lakh crore paid as claims.

The scheme has not only provided financial relief to farmers but has also contributed to boosting rural consumption and stimulating economic growth in agrarian regions.

The impact of PM-Kisan extends beyond immediate financial gains, fostering a sense of security and stability among farmers, thereby encouraging them to invest in better agricultural practices.

While PM-Kisan has witnessed success, challenges such as data accuracy, coverage gaps, and connectivity issues persist.

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

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

Paytm’s Payment bank business at risk with RBI order: Bernstein

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

Listen to the Article (6 Minutes)

The Reserve Bank of India’s Wednesday directive ordering the cessation of operations by Paytm Payments Bank Ltd (PPBL) from February 29 effectively ends its operations, global research and broking firm Bernstein said.

In a significant blow to PPBL, the RBI on Wednesday issued a directive instructing the bank to cease all deposits, credit transactions, and top-ups in customer accounts, prepaid instruments, wallets, FASTags, and other related services from February 29, 2024. This move came as an extension of RBI’s earlier decision in March 2022, wherein the onboarding of new customers for PPBL was disallowed.

Bernstein said in a note that this latest directive marks the effective end of operations for Paytm Payments Bank. The firm notes that this development adds to the existing regulatory challenges that have cast a heavy overhang on Paytm’s business.

While the directive is not expected to immediately impact Paytm’s UPI payment business, which constitutes 70% of the Gross Merchandise Value (GMV), there is a potential risk to the payments margin. This is attributed to some of the higher-margin products, such as wallets and FASTags, being dependent on the now-restricted Payments bank entity (PPBL), the firm added,

However, Bernstein analysts indicate that there is no immediate risk to the loan distribution business – the regulatory challenges faced by Paytm extend beyond the recent directive, as the payment aggregator licence for the company is still pending approval, unlike most of its peers which have already received the licence. Additionally, recent constraints on the growth of the Buy Now Pay Later (BNPL) product suggest that regulatory pressures might have played a role in limiting its expansion, Bernstein added.

According to Global Financial Services Macquarie’s assessment of Paytm, the implications for revenue and profitability in the medium to long term could be substantial and warrant close monitoring.

“We think revenue & profitability implications in the medium to long term could be significant & remain a key item to monitor. We have seen RBI take 15 months time to revoke its ban on digital business activities of the largest private sector bank. However, in this case since the first ban (in March 2022) for onboarding new customers (22 months have lapsed), RBI has conducted a comprehensive IT audit and continued to identify non-compliance, which in our view indicates that these lapses are quite material.”

“Accordingly, we do not see any near term solution to these problems and this effectively means, in our view, that RBI is indirectly revoking the PPI (pre-paid instrument) licence of Paytm.”

“The bigger issue is Paytm has not been on the good books of the regulator and going forward, their lending partners also could possibly re-look at the relationships in our view,” it added.

Also read | FAQs: If you are a Paytm customer, here’s what you need to know about RBI restrictions on credit, deposit transactions

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

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

Jharkhand: Hemant Soren resigns, Champai Soren to become new CM

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

Listen to the Article (6 Minutes)

Jharkhand Chief Minister Hemant Soren, who is under the custody of the Enforcement Directorate (ED), is set to resign, revealed Jharkhand Congress President Rajesh Thakur on Monday.

Hemant Soren has gone to tender his resignation to Governor CP Radhakrishnan with the ED.

JMM MP Mahua Maji says, “The CM is in ED custody and has gone to the Governor with the ED team to submit his resignation. Champai Soren will be the new Chief Minister. We have enough numbers.”

Jharkhand Congress president Rajesh Thakur revealed that Champai Soren has been chosen as the new leader of the state government. He also said that all the MLAs of the ruling Congress-JMM coalition are together.

Thakur says, “CM Hemant Soren has decided to resign. Champai Soren has been chosen as the new leader of the Legislative Party.”

The ED interrogated Soren for over six hours in a money laundering case on Wednesday in his official residence with heavy security cover and intense political drama.

The ED’s chase led them to Soren’s Delhi residence on January 29, where they camped for over 13 hours and searched the premises. During the search, the agency seized a Haryana-registered BMW car and discovered ₹36 lakh in cash along with some documents.

Soren also filed an FIR against ED personnel over searches conducted by the agency at his residence on Monday, as per officials.

The Jharkhand Mukti Morcha (JMM) executive Soren was earlier questioned for seven hours on January 20 in the money laundering case.

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

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