Ketan Parekh, an accused in several cases of stock market manipulation, has been convicted by a special CBI court in Mumbai for cheating and sentenced to two years rigorous imprisonment.
“The Special Judge for CBI cases, Mumbai has convicted Ketan Manharlal Parekh, share broker and sentenced him to undergo two years rigorous imprisonment with total fine of Rs 50,000,” CBI spokesperson said on Monday.
The court, however, acquitted a bank manager and other public officials in the case.
The case relates to cheating committed by Parekh in alleged criminal conspiracy with the then Senior Manager of NRI Cell and Incharge of Safe Custody Department, Bank of Baroda, Mumbai and others.
“It was alleged that the accused had abused their official position while functioning as such during 1989-1991 and conspired with Parekh,” CBI said.
The spokesperson said CBI had charged the accused with cheating Bank of Baroda, Sir P.M. Road Branch, Mumbai by obtaining the duplicate debentures in lieu of originals and by pledging the original debentures of a leading private company in the name of two NRIs which were purportedly lost from Safe Custody Department, Bank of Baroda, Mumbai Main office.
Loans facilities were then availed in the name of four associate firms of Parekh from Bank of Baroda, thereby causing loss to Bank of Baroda, the spokesperson said.
CBI filed the charge sheet 14 years ago in the Special CBI Court for criminal conspiracy, criminal breach of trust by public servant and cheating besides provisions of Prevention of Corruption Act against the four accused persons.
The court acquitted three other accused public servants while Parekh was convicted.
Coalitions are the inevitable creation of new political disbursement, as regional parties accrue more and more support, larger parties, with dwindling vote banks, are forced to form alliances to secure office. Modern Democracy and its politics are challenged with Alliance Politics in India. Political alliances create a great deal of suspense and interest. One feels, the formation of alliances will take the shape of Indian Premier League (IPL) team formation. That is, financially sound political parties can form a formidable team/alliance and emerge victorious. Vitamin M (money) will play an unprecedented role in the 2014 elections. The notion of Coalition Politics draws its roots from the times when sparring states sometimes used to ally with each other in order to defeat a common enemy. All small time parties get together with one common agenda to defeat the strongest party they contest against.
India got a taste of Coalition Politics at the state level when the Left Front comprising of Communist Party of India (CPI), CPI (Marxist) and others formed the first ever Coalition Government in India in West Bengal with Jyoti Basu as the Chief Minister (succeeded by Mr. Buddhadeb Bhattacharjee). At the national level, the first ever coalition government was formed under the Prime Ministership of Late Shri Morarji Desai which existed from 24th March 1977 to 15th July 1979 headed by now an insignificant Janata Party. Since 1996, Indian Politics has been dominated with Coalition Governments which by far have been stable after a shaky start. Manmohan Singh is heading a coalition Government of 15 parties called the United Progressive Alliance (UPA) with Sonia Gandhi, as its Chairperson. Post 1970s emergency, one saw the emergence of Janata Party and the weakening of the Indian National Congress, which once was the undefeatable Political Party in India. Also the breaking up of the National Parties saw a resurgence of regional parties which started dominating the state-level politics.
When Vajpayee couldn’t sustain the Government in 1996 due to lack of Majority (i.e. 272+ seats) in the Indian Parliament after being just 13 days old, the Third Front (a group of regional parties and Non-Congress and Non-BJP combine also referred to as the United Front) formed the Government headed by Mr. H. D. Deve Gowda, who was in office from 1st June 1996 to 21st April 1997. The Congress Party and other smaller parties including the left provided outside support to him in order to provide a stable Government and prevent snap-polls. After 1990, no single largest party even won with utmost majority in India. The rise of regional parties – representing India’s diverse caste, class, and ethnic groups – has robbed the country’s biggest political formations, the Congress and BJP, of much of their support. Coalitions, of course, come with many challenges. The insecurity of coalitions was made clear last year when the Trinamool Congress, a junior coalition partner in the national government, withdrew its support over economic reforms. The defection threatened to tip the Congress-led UPA coalition into a minority, and only with the support of two other regional parties did the government survive. The UPA coalition, which has governed since 2004, has been hounded by allegations of corruption and maladministration.
Coalition has its own challenges because you cannot keep everyone happy. Look at BJP, after an alliance with Ram Vilas Paswan’s LJP, Senior Bihar BJP leaders are said to be unhappy with the party’s tie-up. They all skipped the rally in Muzaffarpur, Bihar where Modi shared the dais with Ram Vilas Paswan who returned to the NDA fold after a long gap of 12 years.
On the other side, many Congress leaders are not in favour of an alliance with JD(U) in Bihar, because they think Nitish’s JD(U) with not leave more than 10 seats out of 40 for Congress. Lalu Yadav said he has offered 11 seats to Congress and one seat to NCP. Political parties exist only because they cannot afford to have any principles. Till yesterday, Mr. Nitish was part of BJP alliance, probably for 17 years. There is a Modi wave in the country, that’s why some regional parties joined hands with BJP and broke their alliance with UPA. Nitish Kumar has taken a dig at Ramvilas Paswan saying that whatever suits him as per circumstances, Paswan does it. That is precisely what every politician is doing. If this time-tested ‘principle’ had not been all along followed, most of the politicians would not have been in politics. We will be having more of this medicine in the months ahead and in stiffer doses after the elections in which Nitish Kumar will also be a player. Besides, there are reports that Congress may go with JD(U), ditching Lalu to go solo. In any case, NDA is expected to sweep Bihar winning majority of seats. No wonder, states like Bihar and UP are lacking in infrastructure and development and they are backward. When these states are ruled by Lalu, Nitish Kumar, Mulayam, Akhilesh Yadav and BSP’s Mayawati, there is no prospect that anything will change. Strange things are happening. Soon after coming out from jail, Lalu went to Sonia and said he regretted the alliance break last time and he would definitely align with her this time. Every event is pointing towards the win of BJP. Let us wait and watch!
Launching a direct attack on Narendra Modi over his repeated assertion that there have been no riots in Gujarat in the last ten years, Samajwadi Party’s Muslim face and Uttar Pradesh Minister Azam Khan on Monday said that Muslims vote out of fear for him in his state.
“How can there be riots in Gujarat? How will they (Muslims) not vote for Modi – otherwise, wouldn’t they be burnt with Tezaab (acid). Where will they go then? If they have to live in Gujarat they will have to vote (in favour of Modi).”
“He (Modi) will turn the whole country into Gujarat,” Khan, the Minister of Minorities and Urban Development, added.
It is not the first time that Khan has trained his guns on Modi over the 2002 Gujarat riots.
“An assassin of humanity cannot become Prime Minister of India,” he had said, while accusing Modi of pursuing divisive politics.
With the deadlock between Rashtriya Janata Dal and Congress on seat sharing in Bihar continuing, sources in Congress say that party Vice President Rahul Gandhi is interested in forming an alliance with Janata Dal (United).
“Rahul feels that RJD may be a liability, while Nitish is a better option,” the sources said.
Congress top leadership is reportedly upset with RJD chief Lalu Prasad’s muscle flexing after Lok Janshakti Party supremo Ram Vilas Paswan chose BJP over RJD and Congress.
However, the sources tell that party chief Sonia Gandhi is against the idea of stitching an alliance with Nitish Kumar’s JDU.
Lalu had on Sunday after his party’s parliamentary board meet said that he was open to talks with the Congress over seat sharing. Sources say the logjam between RJD and Congress is over Madhubani and Motihari Lok Sabha seats.
Lalu had offered 11 seats out of the 40 Lok Sabha seats in Bihar to the Congress. The Congress, however, feels that the constituencies offered by RJD are not winning seats as the party had no organisation there.
Janata Dal (United) is now part of a Third Front and will fight in alliance with CPI and CPI(M).
Days after his party returned to the BJP-led National Democratic Alliance, Lok Janshakti Party (LJP) chief Ram Vilas Paswan on Monday said that he wants to see the Gujarat Chief Minister Narendra Modi becoming the prime minister of the country.
“I congratulate Narendra bhai for coming to Bihar again after he was welcomed by blasts in Patna. You (crowd) are here not only to welcome Modi, but to strengthen the NDA and bring a change in nation under his leadership. I want to see Narendra bhai as the future PM.”
The LJP chief made these remarks while addressing a huge gathering of supporters during the “Hunkar Rally” called by the BJP where he also shared the dais with its BJP leaders, including Narendra Modi.
Drawing comparisons between the governments in Gujarat and Bihar, the LJP chief praised Modi’s model of governance and said, “Winds of change are blowing in India.”
Paswan also categorically rejected Modi’s criticism over communal riots in Gujarat by saying, “Riots happened in Gujarat 12 years ago, nothing has happened there since then, but here in Bihar, it happens every year.”
Taking a dig at former allies Congress and the RJD led by Lalu Prasad Yadav, Paswan said, “Both Nitish ji & Lalu ji used to praise me. They said they would like to see me as Chief Minister of Bihar, now I have entered an alliance so have become bad for them.”
“I was a friend earlier, suddenly I turned into villain after forging an alliance with the BJP, ” Paswan said on his criticism for joining hands with the BJP after 12 years.
Justifying his party’s decision to re-enter the NDA fold twelve years after quitting it over the 2002 communal riots in Gujarat, the LJP chief said, “No one follows coalition dharma the way BJP does.”
The senior Dalit leader also sought people’s good wishes for his son Chirag Paswan, who is supposed to have played a key role in the alliance between the LJP and the BJP in Bihar.
“My son Chirag has come to seek your blessings,” Paswan said.
Ending years of struggle by a son and his mother for honour in the society, senior Congress leader Narayan Dutt Tiwari has finally accepted Rohit Shekhar has his biological son.
Tiwari called Shekhar and his Mother Ujjawala to his residence, Sunday night, and accepted him as his son.
“Main hriday se manta houn ki tum mere bete ho (I accept from my heart that you are my son),” he said.
Tiwari said that he will make it public that Shekhar is his son.
Shekhar had taken Tiwari to court in 2008 wanting to be publicly acknowledged as his son. Rohit said that he was born out a affair between Tiwari and his mother Ujjawala.
Shekhar, in his suit, has sought a decree declaring Tiwari as his biological father. What followed was a protracted legal tussle which eventually led to the court forcing Tiwari to give his DNA sample. The test had proved that he was biologically linked to Tiwari.
Sahara Chief Subrata Roy is being brought to Delhi by road by the Uttar Pradesh Police following his arrest to be produced before the Supreme Court on Tuesday.
The Sahara chief was arrested on Friday after he failed to appear before the apex court in a contempt case arising out of non refund of Rs. 20,000 crore to investors by two of his companies.
Last week on Wednesday, the SC had issued a non-bailable warrant against Roy.
However, after much high-end drama and his appeal for cancellation of the NBW, the Sahara chief was arrested on Friday by the UP police and kept at the UP forest department guest house located in Kukrail area.
According to reports, he is being taken to Delhi by road by the UP police and will be produce before the Supreme Court on Tuesday.
Under custody since his arrest, the SC had ordered him to appear before it on March 4 (Tuesday).
Union minister Farooq Abdullah denied describing the people of his Jammu and Kashmir state as “mahachors (biggest thieves)” of electricity. A newspaper report on the alleged comment has angered political parties in the state but the minister claims he was misquoted.
“I had never said that Kashmiris are mahachors,” Mr. Abdullah said. “There is a lot of pilferage of power. Many of our people are stealing electricity. But I never said anything about Kashmiris being thieves.”
The opposition shouted slogans in the Jammu and Kashmir assembly and demanded an apology from Mr. Abdullah, leader of the ruling National Conference and father of Chief Minister Omar Abdullah.
The protesting lawmakers waved copies of a newspaper report that had quoted the senior Mr. Abdullah as saying, “Kashmiri chor nahi, mahachor hai” (Kashmiris are not just thieves but the biggest thieves). He reportedly said this while releasing a report related to his New and Renewable Energy department that described Jammu and Kashmir as a “non-performer”.
Accusing the newspaper of trying to plant confusion in the minds of people, Mr. Abdullah said, “I had said that it is unfortunate that we buy power for nearly 2-3 thousand crores, but we are not able to get that money back because there is a lot of pilferage of power. Many of our people are stealing power.”
In the assembly, Minister Ali Mohammad Sagar defended Mr. Abdullah saying he never meant to deride all Kashmiris. “He only meant the junior staff is instrumental in power theft,” Mr. Sagar said, but failed to silence the PDP-led opposition.
“He has insulted all the people of Kashmir. He must apologise,” said PDP leader Mehbooba Mufti.
DMK hit out at Prime Minister Manmohan Singh for the Centre’s “indifferent” approach toward Sri Lankan Tamils issue and came down on his reported plans to meet the island nation’s President Mahinda Rajapaksa for bilateral talks at the upcoming BIMSTEC summit.
“At a time when Tamils, Tamil outfits and even India are seeking a resolution for an independent probe into war crimes in Sri Lanka, Singh is holding talks with Rajapaksa ignoring the sentiments of Tamils and Tamil Nadu,” DMK Chief M Karunanidhi said writing in the party organ “Murasoli”.
The DMK patriarch’s remarks assumed significance against the backdrop of continuing moves by Congress to revive the poll truck with his party for the Lok Sabha elections.
The DMK, which snapped its ties with Congress on Sri Lankan Tamils issue during March last year, has been expressing openly that it might not revive electoral ties with UPA.
“I, cannot understand why the Centre and the Congress Government are doing like this,” Mr. Karunanidhi said, expressing his ire over the Singh-Rajapaksa meeting at Nay Pyi Taw.
In a major embarrassment to the Congress government at the Centre, Justice KT Thomas has quit as the head of the Lokpal Committee Search Panel, reports said on Monday.
According to reports, Justice Thomas, who was the head of the panel to search nine members of the Lokpal or national anti-corruption ombudsman, has sent his resignation letter to the Prime Minister’s Office (PMO) expressing his inability to continue with his job.
Justice Thomas’ withdrawal from the Lokpal Committee Search Panel comes nearly a week after noted jurist Fali Nariman refused the government’s invite to be a part of the committee.
Nariman said that he believes the selection process is flawed and unlikely to find the most deserving candidates.
Justice Thomas, who retired from the Supreme Court in 2002, was chosen to head the committee by a panel that included the Prime Minister and Sushma Swaraj, the Leader of the Opposition in the Lok Sabha.
“I have decided to withdraw from the search committee after I studied the rules. The selection committee itself can find out the persons from the list of central government, what the search committee is expected to do and forward the list to the government,” Thomas said in his letter to PMO.
Earlier, the BJP had objected to one of the Prime Minister’s nominees for the panel – PP Rao – accusing him of being pro-UPA 2.
Of the advertised posts for members in the Lokpal, four are for judicial and the remaining for non-judicial. The PM-led selection committee has as members Lok Sabha Speaker, Leader of Opposition in Lok Sabha, Chief Justice of India or a judge of the apex court nominated by him and an eminent jurist, who could be nominated by the President or any of the members.
Launching a direct attack on Narendra Modi over his repeated assertion that there have been no riots in Gujarat in the last ten years, Samajwadi Party’s Muslim face and Uttar Pradesh Minister Azam Khan on Monday said that Muslims vote out of fear for him in his state. 
