The Congress has to elect a new chief by September 20 2
In India, no political party has any internal democracy, including BJP, AAP and TMC. The question is of accountability, we should appreciate Rahul Gandhi, who takes moral responsibility after the congress debacle, and he is an honest politician who cares about public sentiments in the current scenario. Congress is in revamp mode. They are trying to bring a party chief, who can be any other leader than the Gandhi family member.
In the meantime, Sonia Gandhi is going abroad for her medical treatment, as she is unwell for a long time. The news about Sonia Gandhi offering Congress Chief Post to Ashok Gehlot and his denial was rather interesting news. So why then did the other leaders who are now have broken away and formed the G23 group didn’t allow him to take up such a post? When Ashok Gehlot was given the Chance of a Non-Gandhi person to take over, he could have very well agreed would have avoided leaders such as Kapil Sibal, Anand Sharma, Ghulam Nabi Azad and others to have quit and formed the G23 party. However, it is never too late as the deadline is on the 20th August when the election is to be held, Ashok Gehlot should boldly agree to be willing for the post and bring back all those who had left the party and strengthen it before the 2024 elections.
Rahul Gandhi and Priyanka Gandhi Vadra will travel with Sonia Gandhi. Rahul Gandhi will address the Congress’ ‘Mehangai Par Halla Bol’ rally in New Delhi on September 4, 2022. Other than Gehlot, Congress has a list of good leaders like Pawan Khera, Siddaramaiah, Randeep Surjewala, Shashi Tharoor, P Chidambaram to take up bigger responsibility. If Congress has to make a comeback, then they should immediately look for some good 50 to 60 AGE, Dynamic, excellent orator as their President and probable candidate for PM otherwise. Gehlot is the front-runner for the post if all three Gandhis turn it down. But he reasserted today that there was no question of anyone other than Rahul Gandhi leading the party.
Rahul Gandhi has refused to return as Congress president after he quit over the party’s abject defeat in the 2019 national election. He has reportedly asserted that it is time for a non-Gandhi to step up. Sonia Gandhi has said she can’t continue in the role because of her poor health. Priyanka Gandhi has preferred to support the party but with no position. If Rahul Gandhi does not become the party president, it will be a disappointment for the congress representatives in the country. Many people will sit at home and we will suffer. Gehlot stated that Rahul Gandhi should accept this post by himself, understanding the sentiments of the common Congress people in the country. The Congress is already running late on the start of its internal election. The schedule may be announced later this week after a meeting of the Congress Working Committee (CWC), which will be attended virtually by Sonia Gandhi. A member of the Gandhi family has led the Congress for much of its 136-year-old history.
Perhaps this I s one reason many Congress leaders left the party. Recently Jaiveer Shergill resigned with sharp jabs at the Gandhis in a letter that said the “vision of the party’s decision-makers is no longer in sync” with the aspirations of the youth. All three Gandhis had denied him a meeting for over a year. The primary reason for his move, he said in a resignation letter to Sonia Gandhi, was that the ideology and the vision of the current decision-makers of the Congress is no longer in sync with the aspirations of the youth and modern India. The 39-year-old lawyer was among the youngest and most prominent spokespersons of the Congress. He had not been seen at the party’s media briefings for a while.
Gandhi family’s visit abroad comes when the party is prepping for its Kanyakumari to Kashmir ‘Bharat Jodo Yatra’ starting September 7. It also comes ahead of the election of party president, the schedule for which is expected to be out this week. The news report about Sonia Gandhi heading abroad for Check-up, Rahul and Priyanka to accompany, was rather sad and disturbing news. In spite of her poor health yet she is so loyal and sincere to the Indian nation being a foreigner herself. I highly appreciated this. But she is going when there is a heavy schedule of the Congress party and we wish her all good health and that she returns perfectly fit to be ready for the election of the party president and that they will put a suitable person in her place.
With the aim to create synergy amongst the Centre and state governments on labour issues and matters related to workers’ welfare, Prime Minister Narendra Modi will address the National Conference of Labour Ministers of all States and Union Territories tomorrow via video conferencing.
The two-day conference is being organised by the Union Ministry of Labour and Employment on August 25-26 at Tirupati, Andhra Pradesh.
According to the Prime Minister’s Office (PMO), the conference is being convened in the spirit of cooperative federalism to discuss various significant labour-related issues. It will help create further synergy amongst the Centre and state governments in formulating better policies and ensuring effective implementation of schemes for the welfare of workers.
The conference will have four thematic sessions on integrating e-Shram portal for onboarding social security schemes to universalize social protection; Swasthya se Samriddhi for improving medical care through ESI hospitals run by State Governments and integration with PMJAY; framing of rules under four Labour Codes and modalities for their implementation; Vision Shramev Jayate @2047 with focus on just and equitable conditions of work, social protection to all workers, including gig and platform workers, gender equality at work, among other issues.
The Azad Maidan police in Mumbai Wednesday registered a case of cheating, criminal breach of trust and causing death due to negligence against Lifeline Hospital Management Services and four of its co-partners over a complaint by BJP leader Kirit Somaiya that the company bagged a contract of operating jumbo centres during the Covid-19 outbreak by allegedly providing forged documents.
One of the co-partners, Sujit Patkar, is said to be a close aide of Shiv Sena leader Sanjay Raut. The three others have been identified as Dr Hemant Ramsharan Gupta, Sanjay Shah and Raju Nandkumar Salunkhe
Somaiya has alleged that Lifeline Hospital Management Services does not have any experience in providing health or medical facilities.
The police are yet to make arrests in the case.Somaiya also alleged that the firm has been blacklisted by the Pune Metropolitan Region Development Authority (PMRDA), which has also issued a direction to not award any contract to the said firm in Maharashtra.
But still, the firm managed to fraudulently procure a contract from the Brihanmumbai Municipal Corporation.
A statement released by Somaiya read, “A partner of Lifeline Hospital Management Services firm falsely pretended to have experience in the medical field when the firm had no experience in providing medical services to P.M.R.D.A. and since it has been pointed out, the firm then submitted forged documents to the Brihanmumbai Municipal Corporation, through which the firm obtained the contract of Jumbo Covid Center and has defrauded the government for its own benefits.”
An investigator said Somaiya has alleged that the firm’s inexperience in the field of health and medical services has cost the lives of people who got admitted to the jumbo centres and thus, Section 304 (A) (death due to negligence) was added in the FIR.
Oil and Natural Gas Corporation (ONGC) has relaunched a tender to sell gas from its KG fields at a higher price of USD 15 per mmBtu as it looks to capitalize on a global surge in energy prices.
The firm sought bids for the sale of 0.75 million standard cubic meters per day of gas for one year from the KG-DWN-98/2 (KG-D5) fields in the Bay of Bengal, according to the tender document.
The firm asked users to quote a premium they are willing to pay over and above the reserve gas price of 14 per cent of Brent crude oil price plus USD 1 per million British thermal unit.
The reserve price at the current ruling Brent oil price of USD 101 per barrel comes to more than USD 15 per mmBtu.
The applicable sale price shall be lower than the gas price bid or the government-dictated ceiling rate for gas produced from deepsea fields, it said.
The government fixes the price of domestically produced natural gas twice a year – the rate for gas from deepsea fields for six months beginning April 1 is USD 9.92 per mmBtu.
This rate is expected to be revised upwards in October, reflecting a surge in international energy prices following Russia’s invasion of Ukraine.
ONGC had in April last year sought bids for the sale of 2 mmscmd of gas from the KG-D5 block but had to abort the sale after the move was challenged in court.
That tender was for the sale of 2 mmscmd of gas for a duration of 3 to 5 years at Odalarevu in East Godavari district of Andhra Pradesh, which is connected to state gas utility GAIL’s KG basin pipeline network as well as PIL’s East-West Pipeline which is connected to KG basin network and further to Gujarat gas grid.
In that tender, bidders were required to quote a premium over 10.5 per cent of Brent.
Last year, Reliance Industries and its partner BP Plc of UK sold 5.5 mmscmd of additional natural gas from KG-D6, which sits next to ONGC’s KG-D5, at a rate linked to Platts JKM (Japan Korea marker) – the liquefied natural gas (LNG) benchmark price assessment for spot physical cargoes.
This is the same benchmark RIL-BP had used in February to sell out 7.5 mmscmd of gas from the block. ONGC’s KG-D5 block is expected to have a peak production rate of 15.25 mmscmd of natural gas and 80,000 barrels per day of oil. The company is likely to come out with another tender later this year for the sale of 5 mmscmd of gas from next year.
3,700 kg of explosives installed to raze Noida's Supertech twin towers 7
At least 3,700 kilogram of explosives have been installed to demolish Supertech’s twin 40-storey towers in Uttar Pradesh’s Noida on August 28. Explosives, installed on all the floors, will be connected with wires that will be completed in the next two to three days.
For the past several weeks, the work of installing explosives in the Twin Towers was going on. Explosives have already been installed in Ceyane Tower and now the work of explosive installation in Apex has also been completed. Supertech’s illegal twin towers which are taller than Qutub Minar will become India’s highest structures ever to be demolished in 9 seconds at 2.30 pm on August 28.
Impact cushions have been designed to reduce vibration. “It will take nine to 10 seconds for all the explosives to blast in a series making a loud noise,” said Edifice Engineering partner Utkarsh Mehta. Noida DCP Traffic Ganesh Shah on Monday visited Supertech Twin Towers.
“Traffic planning is in the final stages. A few days ago, the road in front of the twin towers was closed. All roads connected to it will be closed on the day of the demolition,” he said. The demolition of the Apex (32 storeys) and Ceyane (29 storeys) would leave behind approximately 35,000 cubic metres of debris that would take at least three months to be cleared.
The Supreme Court has given a go-ahead for demolishing the twin towers with explosives. The exercise was supposed to start on August 21 but the court accepted the Noida Authority’s request and extended the date of the demolition to August 28.
The twin towers are set to be razed over grave violations of building norms. The Supreme Court had said that it was a result of “nefarious complicity” between the Noida Authority and Supertech and ordered that the company shall carry out the demolition at its own expense under the supervision of the Noida Authority and an expert body like the Central Building Research Institute.
The order had come on a batch of petitions filed by homebuyers for and against the April 11, 2014 verdict of the Allahabad High Court which had ordered razing of the two buildings within four months and the refund of money to apartment buyers.
England cricket team on Wednesday announced the playing eleven for the second match of the three-match Test series against South Africa at Emirates Old Trafford.
Ollie Robinson returned to the playing XI replacing Matthew Potts in the only change from the first Test at Lord’s.
The second Test will take place from August 25.
England’s bouncebackability will be tested at Emirates Old Trafford as they look to draw level in the three-match Test series against the Proteas. Ben Stokes’ side suffered an innings defeat inside three days at Lord’s in the series opener.
We have named our XI for the 2nd Test at @EmiratesOT ?
The third and final Test of the series will take place from September 8. Both sides previously contested in a high-voltage white-ball leg of South Africa’s tour to England, which consisted of three ODIs and three T20Is.
South Africa won the T20I series 2-1.
South Africa’s batting was extremely consistent throughout the series whereas it was the exact opposite for England.
Before this, the ODI series between both sides ended in a 1-1 draw.
The last match of the series could not produce a result as it was abandoned due to rain. England Men’s XI: Zak Crawley, Alex Lees, Ollie Pope, Joe Root, Jonny Bairstow, Ben Stokes, Ben Foakes, Stuart Broad, Jack Leach, Ollie Robinson and James Anderson.
Sony India today announced the new BRAVIA XR OLED A80K series powered by the Cognitive Processor XR. The newly launched OLED TV series takes vision and sound to the next level with the ingenious Cognitive Processor XR that thinks like a human brain offering a complete immersion in an experience that thrills and moves you and feels just like the world around us. In addition to best-in-class, ultra-realistic picture quality, full of lifelike contrast, the new Cognitive Processor XR also offers incredible sound with Sound-from-Picture Reality.
Next Gen Cognitive Processor XR thinks like a human brain providing a revolutionary experience that completely immerses viewers in their favourite content
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Meta Reaches $37.5 Million Settlement of Facebook Location Tracking Lawsuit 11
Meta Platforms Inc reached a $37.5 million settlement of a lawsuit accusing the parent of Facebook of violating users’ privacy by tracking their movements through their smartphones without permission.
A preliminary settlement of the proposed class action was filed on Monday in San Francisco federal court, and requires a judge’s approval.
Omkar Builders promoters Babulal Varma and Kamal kishor get discharged in the money laundering case filled by the ED on Wednesday by special court in Mumbai.
They were arrested in the month of January and earlier this month the accuse moved discharge plea to before special PMLA court through their advocate Vijay Aggarwal and Rahul Agarwal. In July 27 Supreme Court ruling which said that “when there is no scheduled predicate offence, the PMLA case cannot continue.”
Richest Indian Gautam Adani’s ports-to-power-to-cement conglomerate is “deeply overleveraged” with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday.
In a report titled ‘Adani Group: Deeply Overleveraged’, CreditSights said, “In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies.” Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Recently, it forayed into the cement sector with a USD 10.5 billion acquisition of Holcim’s India units as well as into alumina manufacturing.
Most of this expansion has been funded by debt. “Over the past few years, the Adani Group has pursued an aggressive expansion plan that has pressurized its credit metrics and cash flows,” CreditSights said.
“The Adani Group is increasingly venturing into new and/or unrelated businesses, which are highly capital intensive and raises concerns regarding spreading execution oversight too thin,” it added.
While there is evidence of promoter equity capital injection into group companies, the Adani Group is exposed to moderate levels of governance and environmental, social, and governance (ESG) risks.
“The Adani Group has a strong track record of churning out strong and stable companies through its Adani Enterprises arm, and boasts a portfolio of stable infrastructure assets tied to the healthy functioning of the Indian economy,” the report said.
The Adani Group has six listed entities on the Indian stock exchanges, and a few of its group entities have US dollar bonds outstanding.
The six listed Adani group firms had a gross debt of ₹ 2,309 billion as of FY22-end.
Net debt after accounting for cash in hand was ₹ 1,729 billion. “In general, the Group has been investing aggressively across both existing and new businesses, predominantly funded with debt, resulting in elevated leverage and solvency ratios,” it said.
This has caused concerns about the Group as a whole, CreditSights said, adding that it remains cautiously watchful of the Group’s growing expansion appetite, which is largely debt-funded.
The Adani Group is the third largest conglomerate in India, after Reliance Industries and the Tata Group. It has a total market capitalization of over USD 200 billion.
In recent years, the Adani Group has become increasingly aggressive in expanding its existing businesses, as well as establishing new ones in different industries.
The rapid expansion has largely been fuelled by debt funding, which has caused the leverage (gross or net debt / EBITDA) of several group companies and hence of the overall consolidated group to soar in the past few years.
“We, as well as many clients and other investors, are becoming increasingly concerned about the group’s rapid pace of growth and its high leverage levels”.
“Excessive debt and overleveraging by the group could have a cascading negative effect on the credit quality of the bond issuing entities within the group and heightens contagion risk in case any entity falls into distress,” the report said.
Citing expansion into areas where it has no prior experience or expertise such as copper refining, petrochemicals, telecom and aluminum production, it said the businesses typically dont have the ability to repay the debt immediately considering that they do not make profits in the initial few years.
And so, they will rely on “rolling-over/refinancing the obligations in the initial few years, which is, in turn, dependent on maintaining solid banking relationships and on strong capital market conditions,” it said.
Being the primary incubator for Adani Group’s new and developing businesses, Adani Enterprises Ltd (AEL) invariably incurs the highest capex amongst its sister entities.
Over the past five years, AEL has invested heavily in new growth sectors that include airports, cement, copper refining, data centers, green hydrogen, petrochemical refining, roads and solar cell manufacturing.
Looking ahead, it plans to foray into the enterprise data in telecom (for internal use at present) and has massive plans to grow its green hydrogen and airports businesses.
Earlier this month, the Group also announced plans to set up a 4.1 million tonnes per annum integrated alumina refinery and a 30 million tonnes iron ore beneficiation plant in Odisha that could cost over ₹ 58,000 crore.
On governance, it said the promoter family sits on the boards of all the Adani entities.
Gautam Adani, 60, is the Chairman of all 6 listed Adani entities, and his family members are present on the Boards too, including brother Rajesh Adani (director at various entities), son Karan Adani (director and CEO of APSEZ), nephew Sagar Adani (director of AGEL), and another nephew Pranav Adani (director at AEL & Adani Total Gas).
“While the entrepreneurial vision of Gautam Adani is impressive, it also comes with high key-man risk, as the senior management capability in the group companies in his absence may prove to be inadequate,” CreditSights said.
Adani, it said, may look to hand over the reins of his business empire to the next generation at some point in the next 10 years, as gauged by the senior management/director roles handed to his son or nephews in Adani entities.
“However, he has not publicly disclosed any succession plans for the future,” it said.
