Alok Verma resigns from service, refuses to be appointed as DG Fire Services

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January 11, 2019

Alok Verma resigned from service on Friday, a day after he was shunted out as CBI director and appointed as DG Fire Services.

The 1979 batch IPS office sent his resignation to Home Minister Rajnath Singh after refusing to take charge of the post assigned to him, saying: “Natural justice was scuttled and the entire process was turned upside down in ensuring that the undersigned is removed from the post of the Director.”

The decision to remove Verma was taken on Thursday by the Selection Committee, headed by Prime Minister Narendra Modi and comprising Leader of Congress in Lok Sabha Mallikarjun Kharge. Chief Justice of India is also a member of the Committee but at today’s meeting, he was represented by Justice A K Sikri, the senior most judge of the Supreme Court.

The committee was of the view that being the head of a very sensitive organisation, Verma was “not functioning with the integrity expected of him,” according to sources.

Verma was posted as DG, Fire Services, Civil Defence, and Home Guards, two days after he was reinstated as the CBI Director by the Supreme Court. His reinstatement had come about two-and-a-half months after being divested of his powers and sent on leave by the government.

Ram Rahim, 3 others convicted in journalist murder case

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January 11, 2019

Gurmeet Ram Rahim was convicted in the journalist Ram Chander Chhatarpati murder case by a special CBI court in Panchkula on Friday. The quantum of punishment will be announced on January 17.

Other than Ram Rahim, three others have also been found guilty in the murder case.

Ram Rahim, the Dera Sacha Sauda chief is already in Rohtak’s Sunaria jail, serving a 20-year old prison term since 2017 for raping two of his women followers.

In the journalist murder case, the Dera chief has been found guilty of orchestrating the killing of Ramchandra Chhatrapati, a Sirsa-based journalist, after the scribe wrote against Ram Rahim in his newspaper titled ‘Poora Sach’.

Earlier this week the court directed the Haryana government to produce the Dera chief via video conference for the pronouncement of the verdict in the November 2002 journalist murder case.

Ahead of the Friday’s verdict, elaborate security arrangements were made in Haryana and parts of Punjab. Several companies of the state armed police, anti-riot police and commando force were deployed to combat any untoward situation.

NCLAT suggests appointing a former Supreme Court judge for IL&FS asset sales

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January 11, 2019

The National Company Law Appellate Tribunal (NCLAT) on Friday suggested that all further proceedings for transfer of assets of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) should take place under the supervision of a retired Supreme Court judge.

The new management of the IL&FS is considering assets sales to bail out the company from its financial mess and payback to its lenders over Rs 90,000 crore.

“As it appears that a process required to be followed, similar to corporate insolvency resolution process, for the purpose of proper resolution of IL&FS and its subsidiaries,” said a two-judge bench headed by Justice S J Mukhopadhaya.

It further added that in such a case, a Committee of Creditors may be required to be formed for determining liability, feasibility and financial matrix for a resolution plan for one or other assets.

“Appellate Tribunal will suggest to government and IL&FS to get matter supervised by a retired SC Judge,” the bench added.

NCLAT also directed IL&FS to submit all details of the arbitration proceedings going against it and its 348 group companies.

“IL&FS will provide details of all arbitral proceeding against it and its 348 subsidiaries. We observe that proceeding, if any pending before IL&FS or its 348 subsidiaries may proceed with claims and counterclaims,” it said.

NCLAT directed to list the matter on January 28 for next hearing, when it would hear the matter of granting moratorium to IL&FS and group companies.

The appellate tribunal was hearing a petition filed by the Ministry of Corporate Affairs (MCA) and IL&FS.

Earlier, passing an order on January 1, 2019, NCLT had permitted the government to reopen and recast the accounts of IL&FS and its subsidiaries, IL&FS Transportation Network Ltd and IL&FS Financial Services, for the past five years.

On October 15, NCLAT had stayed all proceedings against IL&FS group and its 348 firms till its further order, over an urgent petition moved by the government.

MCA had approached the appellate tribunal after the Mumbai bench of national company law tribunal (NCLT) turned down its plea to grant 90-day moratorium.

This matter is scheduled to be heard on January 28 for hearing.

The NCLT had on October 1, suspended the board of IL&FS on government’s plea and authorised reconstitution of the board by appointing seven directors two days later.

Govt spending over Rs 20,000 crore to fix accident prone spots: Nitin Gadkari

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January 11, 2019

The government is spending more than Rs 20,000 crore to rectify accident prone black spots on roads across the country in order to reduce fatalities in such incidents, Union Minister Nitin Gadkari said on Friday.

Speaking at the launch of a research report by Nissan India and SaveLife Foundation, Gadkari said the first priority of his ministry is to save more lives from road accidents which account for over 1 lakh deaths each year in the country.

“One of the major reasons for road accidents is flawed engineering. We have already identified the black spots…We are spending more than Rs 20,000 crore only for implementing this and making underpasses, flyovers etc,” the road and transport minister said.

He said road safety issue requires more public awareness besides a serious approach in important factors like issuance of driving licences.

“We have also suggested to state governments to include chapters on road safety in primary education..Government is also taking preventive measures in auto industry like seat belt reminders,” Gadkari added.

As per the report ‘Rear Seat Belt Usage and Child Road Safety in India’, 90 per cent of the total 6,306 respondents said they do not use rear safety belts.

The report also revealed that despite 92.8 per cent respondents being aware of the safety benefits of child helmets, only 20.1 per cent owned a child helmet.

As per the latest data released by road and transport ministry, 9,408 children lost their lives to road crashes in 2017 alone.

“While there have been various initiatives undertaken to raise awareness around road safety in India, the importance of wearing rear seat belts has been completely neglected,” Nissan India President Thomas Kuehl said.

SC closes case against Johnson & Johnson for faulty hip implants

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January 11, 2019

The Supreme Court on Friday closed the case seeking action against US-based pharma major Johnson and Johnson for implanting faulty hip implants into patients, saying that steps have been taken by the Centre to provide compensation up to Rs 1.22 crore to them.

A bench comprising Chief Justice Ranjan Gogoi and Justice S K Kaul considered the response filed by the Union Health Ministry which said that a compensation scheme has been formulated by it to ensure proper compensation to the victims of faulty hip implants.

Disposing of the PIL filed by one Arun Goenka, the top court asked the Centre to widely publicise its compensation scheme to ensure that all the victims of such implants seek help for their grievances.

Earlier, the Centre had informed the apex court that the report of its panel on alleged “faulty” hip implants, made by the pharma major was ready and would be filed within a week.

The PIL had alleged that “faulty” and “deadly” hip implants have been fitted into the bodies of 4,525 Indian patients who had undergone the replacement surgeries since 2005.

‘God of Cricket’ ends association with Spartan Sports

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January 11, 2019

Known as the god of the cricket by his fans across the globe, Sachin Tendulkar has terminated his association with Spartan Sports where he was an investor and an advisory board member as well, after the company defaulted on payments that is running into crores.

The 45 years old Tendulkar, who holds a plethora of records in international cricket, was signed up by the Sydney based company in 2016 which was co-founded by Indian entrepreneur Kunal Sharma. Besides Tendulkar, the company has also signed other leading names from the sport, such as India’s World Cup winning captain Mahendra Singh Dhoni, big-hitting West Indies opener Chris Gayle and Eoin Morgan among others.

A recent court ruling in Australia ordered the sports gear and equipment company to be liquidated, which in turn could affect the players associated with Spartan Sports.

He will stall company’s plans to grow sports goods business in India and other Asian countries. While (Tendulkar is the) first high profile exit from the names associated with Spartan, others like Dhoni and Mitchell Johnson had threatened or undertaken legal action, a source told PTI.

Future of company is uncertain as it stares at liquidation. Group company SSG (Wholesale) Australia is already under liquidation. The company’s efforts to reorganise business after liquidation of group company has not yielded any results,” he said.

Spartan Sports owes creditors to the tune of Rs 60 crore and the players could suffer major losses if the liquidation process gets underway. Former Australia captain Michael Clarke, who had signed a bat sponsorship deal with the company, stopped using the Spartan logo on his bat during the final phase of his career whereas pacer Johnson filed a case against it.

Yes Bank ties up with Kia Motors

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January 11, 2019

Private sector lender Yes Bank on Friday said that it has inked a pact with Kia Motors for finance and banking solutions.

According to the memorandum of understanding (MoU) inked between both the companies, Yes Bank will offer financing and banking solutions to Kia car dealers with products such as term loans, cash credit and inventory funding.

It will also offer loans to the end-consumers of the automaker, which is set to enter the Indian market by the second half of 2019 with an SUV.

Through the partnership, the bank will be able to provide end-to-end financial solutions to Kia Motors India.

Besides, Yes Bank will also work towards developing exclusive digital banking solutions for Kia Motors in India.

“The bank has been working with various auto players to provide innovative finance solutions, thereby further strengthening our position in the competitive value-driven car segment and also contributing to the growth of the segment in the country,” Yes Bank Senior Group President and Head (Retail and Business Banking) Pralay Mondal said in a statement.

Kia Motors India Managing Director and Chief Executive Officer Kookhyun Shim said the partnership with Yes Bank will definitely set the benchmark of premium and hassle-free Kia experience.

“This partnership will empower our stakeholders and customers with financial products specifically tailored for them to facilitate their smooth entry into the world of Kia,” he added.

Hetero launches generic breast cancer treatment drug in India

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January 11, 2019

Drug firm Hetero on Friday said it has launched generic Lapatinib tablets, used in the treatment of advanced or metastatic breast cancer in the country.

The tablets, under the brand name ‘Hertab’, have been launched in the strength of 250 mg, the company said.

The product is marketed and distributed by Hetero Healthcare Ltd and has been made available in two stock keeping units (SKUs), it added.

The tablets are used in combination with Capecitabine or Letrozole, which together, inhibit the growth of cancer cells in patients, Hetero said.

At present, the company has 36 manufacturing facilities worldwide and has a presence in over 126 countries.

India’s fuel demand rose 3.2% in December

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January 11, 2019

India’s fuel demand rose 3.2 percent in December compared with the same month last year.

Consumption of fuel, a proxy for oil demand, totalled 18.51 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 10.0 percent higher from a year earlier at 2.40 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased 5.6 percent to 2.17 million tonnes, while naphtha sales surged 10.7 percent to 1.23 million tonnes.

Sales of bitumen, used for making roads, were 1.9 percent up, while fuel oil use edged up 6.5 percent in December.

Youth Cong against screening of ‘Accidental Prime Minister’, burnt poster and raised slogan against its artists

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January 11, 2019

Congress Youth activists staged a protest outside a movie theatre in Kolkata against the screening of the film “The Accidental Prime Minister” which is based on the tenure of former PM Manmohan Singh. They burnt the posters of the film and raised slogans against the director, producer and actors of the film. However, the West Bengal Congress disapproved the action and said that the party will never “oppose freedom of expression” as the party values it deeply and completely as part of its own ideology.

The film released today which features actor Anupam Kher as former Prime Minister Manmohan Singh and is based on Singh’s then media adviser Sanjaya Barus 2014 memoir of the same name and details Singh’s relationship with the Congress party’s Gandhi family.

The official stand of the Indian National Congress on the ‘Accidental Prime Minister’ is that we have nothing to do with it. Our president Rahul Gandhi has instructed us that we as a party will never oppose freedom of speech which we value completely and deeply as part of our ideology.

This is nothing but a propaganda film to show former Prime Minister Manmohan Singh and Congress party in a poor light. We condemn it, a youth Congress activist said.

In the recent years, we have fallen victim to propaganda and we firmly believe that the people who watch the movie will see through the vile propaganda at play, the state unit of the Congress said in a statement.