Tuesday 26 July 2011
RBI hikes key rates
The RBI has continued its upward interest rate revision policy of the past one year by yet again hiking the interest rates by 50 basis points. The new repo rates are 8% and the corresponding reverse repo rate (1% lesser than repo rates) is 7%. This in effect will mean that things are going to be costlier on the borrowing front.
Here's a review of what is in store for the common man with the new changes.
The announcements:
• Repo rate hiked to 8.0%
• Reverse Repo rate effectively raises to 7.0%
• Marginal Standing Facility gets automatically adjusted to 9.0 %
• Bank rate and CRR rate maintained at 6.0% each
( Here is a more detailed look at RBI's announcements)
Why has the RBI hiked the prices?
In the words of the Central Bank, the hike has been forced due to 2 major reasons
1. A continued rise in the prices of non-food manufactured products and the rising Crude oil prices
2. There is also considerable indication that business growth is moderating. Meaning that higher growth rates a not seen in the coming few months.
Thus, the RBI has deemed it necessary to continue its anti-inflation policy and continue with raising interest rates.
Over the last one and a half year, the RBI has raised the Cash Reserve Ratio (CRR) by over 100 basis points and the Policy rate by over 275 basis points. This in effect means that banks have to face a net effect pressure of around 425 basis points.
This policy stance of the RBI in the past one year has meant that on an average, all banks/lenders have raised their deposit and Lending rates by over 225 basis points (2.25%). This means that loans have become costlier for you. Your housing loan, Car loan, Personal loan etc have all borne the blunt of this upward rise. Although it must also be seen that deposit rates have gone higher too, the extra income that you get will be compensated by the extra you have to shell out for gas, oil, soap, food and everything!
DMK man alleg cheating
Amid the spectrum incarcerations and the siblings’ war within the party’s first family, the DMK is now hit by another missile, even if just a pebble flung by a cadre accusing the leadership of duping him of Rs 5,000.
Former legislator C. Gopu said he paid the amount as deposit while filing application at the DMK headquarters for the Anaicut seat in the recent Assembly elections.
“The application form clearly stated that the deposit would be refunded in the event of the seat being allotted to an alliance party and Anaicut was given to PMK. But I did not get my `5000 back, despite writing to all the party leaders.”, Mr Gopu told DC.
He said he sought a refund but there was no response from the headquarters. “I do not mind losing this small sum, but it’s a matter of principle and honouring a promise. The party expels a cadre if he makes a mistake but who is to question when the leaders themselves commit wrong?”
Pointing out that the DMK had allotted 115 seats to its allies, Mr Gopu alleged that the party headquarters had not refunded the deposit moneys remitted by the dozens of ticket-aspirants in these constituencies.
“I can understand if our party is poor but the fact is it is flush with funds”, said the longtime DMK loyalist, who was also a panchayat president.
PMK functionary hacked to death
A gang more than ten on Tuesday allegedly hacked to death the State vice-president of the Pattali Makkal Katchi (PMK) along the bye-pass road here.
Ilanchezhian (46) was returning after dropping his children at school when the incident happened, police said.
The gang members had followed Ilanchezian in a car and knocked him down from his two-wheeler when he was returning after dropping his children, police said. They had then hacked him to death before fleeing the spot, they added.
Ilanchezhian was allegedly involved in some murder cases, including that of the recent murder of a 16-year old son of a former leader of ‘Puthia Tamizhagam’, a political party that advocates the rights of those belonging to the schedule caste communities, police said.
They added one of the accused, Kasiviswanathan, had already surrendered. Kasiviswanathan, who allegedly led the gang that killed Ilanchezhian, had enmity with the victim for the past three years, they said.
He had earlier tried to plant some bombs in Ilanchezhian’s farm at Avaniapuram near here, they added, but Kasiviswanathan himself got badly injured as the bombs went off accidentally.
Ilanchezhian had also been arrested along with Kasiviswanathan in connection with the explosion, as it had taken place in his farm, but was then released, police said.
Police said they were confident of nabbing the other culprits involved in the murder.
Source: The Hindu
Ilanchezhian (46) was returning after dropping his children at school when the incident happened, police said.
The gang members had followed Ilanchezian in a car and knocked him down from his two-wheeler when he was returning after dropping his children, police said. They had then hacked him to death before fleeing the spot, they added.
Ilanchezhian was allegedly involved in some murder cases, including that of the recent murder of a 16-year old son of a former leader of ‘Puthia Tamizhagam’, a political party that advocates the rights of those belonging to the schedule caste communities, police said.
They added one of the accused, Kasiviswanathan, had already surrendered. Kasiviswanathan, who allegedly led the gang that killed Ilanchezhian, had enmity with the victim for the past three years, they said.
He had earlier tried to plant some bombs in Ilanchezhian’s farm at Avaniapuram near here, they added, but Kasiviswanathan himself got badly injured as the bombs went off accidentally.
Ilanchezhian had also been arrested along with Kasiviswanathan in connection with the explosion, as it had taken place in his farm, but was then released, police said.
Police said they were confident of nabbing the other culprits involved in the murder.
Source: The Hindu
More than $2.5 billion in Swiss banks may have Indians
It’s official now. Indians hold about $2.5 billion (more than Rs.11,000 crore) in Swiss banks, but this figure from Switzerland’s central bank may be a gross understatement of the total wealth directly and indirectly held there by Indian entities.
The ever-growing judicial scrutiny of and political outcry over the alleged stashing of black money in Swiss banks also seem to be forcing Indian entities to move their monies to other safe havens such as the Middle East, Singapore and the Mauritius. Some half-a-billion dollars have been moved out in the past three years, according to the central bank’s figures.
In the first-ever disclosure of money held in various Swiss banks by Indians, the Swiss National Bank (SNB) said such deposits amounted to 1.945 billion Swiss francs ($2.5 billion) at the end of 2010.
Giving a break-up, Walter Meier, spokesperson for the SNB president, said the sum included $2.1 billion in savings and deposits by Indian individuals, financial institutions and corporates. The remaining $400 million was of fiduciaries, largely operating for private individuals from India.
Asked about the identities of these funds, Mr. Meier said the bank had no further information. He said two of the largest Swiss banks, UBS and Credit Suisse, accounted for a vast majority of the deposits of the Indian entities. Experts say the fiduciaries are essentially wealth fund managers who hold the money of Indian private holders and families in the so-called numbered accounts. A private banker, speaking on condition of anonymity, said the actual deposits by Indians could be as high as $15 billion to $20 billion, but rubbished the figure of $1.5 trillion that was reported from time to time. “I would argue that both the Swiss central bank’s estimate of $2.5 billion as deposits of Indians and the Indian media stories of $1.5 trillion of Indian private deposits are incorrect and somewhat outrageous,” he said. “From my involvement with banks, I would place the Indian deposits anywhere between $15 billion and $20 billion.”
He said there was a “perceptible flight of funds” of Indian holders from Swiss banks to those in Singapore and Dubai, which are now the two main centres for Indian funds from undeclared sources.
As per the SNB’s figures, the Indian deposits in Swiss banks have come down in the past three years by $500 million (Rs.2,250 crore). The figures show the total money deposited by Indians, both individuals and companies, in Switzerland-based banks stood at $2.5 billion at the end of 2010, down from about $2.7 billion in 2009 and $3 billion in 2008.
Flight of money
While the bank did not reveal the reasons for the flight of money, officials at regulatory agencies in India fear that Indians might move their funds to safer locations such as Mauritius, Dubai and some places in the Middle East. There has also been talk of Singapore being one such place. Sources have said foreign capital-friendly regulations in places such as Mauritius and Dubai were possibly being exploited by those seeking to move their funds away from Swiss banks, which have come under strict scrutiny of late.
Till the latest disclosure, the SNB and the Swiss Bankers’ Association, the apex body of banks in that country, have been maintaining that they do not disclose country-specific data for funds deposited with them. Such a level of secrecy around Swiss banks has resulted, from time to time, in speculation on the money Indians stashed away in those banks, some time the figure reaching $1.5 trillion.
The issue of black money, including that stashed away in Swiss banks, has been a matter of intense political debate for many years in India, while the courts have widened their scrutiny in recent months. Recently, the Supreme Court constituted a Special Investigation Team to probe the matter, criticising the government for not taking required steps.
At the same time, global pressure has been mounting on Switzerland to ask its banks to share information about their clients with foreign governments. India is also revising its bilateral treaty with Switzerland to help it get more information about the Swiss bank accounts of Indians.
It is being suspected that Indians having illicit wealth in Swiss banks may move their funds in fear of being exposed. At the same time, even those having legitimate funds in Swiss banks may move them away owing to the growing negativity attached to them.
The sources said several Swiss financial institutions had set up arms in locations such as Mauritius for their foreign institutional investor, private equity and venture capital investment activities in India, and these might be used for routing of funds.
India’s top regulators, the SEBI and the RBI, have stepped up their vigil on Indian entities routing their funds from the secretly held Swiss bank accounts to India through Dubai and other locations. Giving rise to the suspicion of funds moving to other locations, reports have suggested a spurt in deposits made in banks of the Middle East.
It is feared that the money might be routed back to India, either to the stock market through FIIs or even through the FDI route.
The sectors suspected to be vulnerable to such funds could be real estate, agriculture and infrastructure, which are among the ‘sunrise’ segments of the Indian economy having large-scale fund requirements.
Source: The Hindu
The ever-growing judicial scrutiny of and political outcry over the alleged stashing of black money in Swiss banks also seem to be forcing Indian entities to move their monies to other safe havens such as the Middle East, Singapore and the Mauritius. Some half-a-billion dollars have been moved out in the past three years, according to the central bank’s figures.
In the first-ever disclosure of money held in various Swiss banks by Indians, the Swiss National Bank (SNB) said such deposits amounted to 1.945 billion Swiss francs ($2.5 billion) at the end of 2010.
Giving a break-up, Walter Meier, spokesperson for the SNB president, said the sum included $2.1 billion in savings and deposits by Indian individuals, financial institutions and corporates. The remaining $400 million was of fiduciaries, largely operating for private individuals from India.
Asked about the identities of these funds, Mr. Meier said the bank had no further information. He said two of the largest Swiss banks, UBS and Credit Suisse, accounted for a vast majority of the deposits of the Indian entities. Experts say the fiduciaries are essentially wealth fund managers who hold the money of Indian private holders and families in the so-called numbered accounts. A private banker, speaking on condition of anonymity, said the actual deposits by Indians could be as high as $15 billion to $20 billion, but rubbished the figure of $1.5 trillion that was reported from time to time. “I would argue that both the Swiss central bank’s estimate of $2.5 billion as deposits of Indians and the Indian media stories of $1.5 trillion of Indian private deposits are incorrect and somewhat outrageous,” he said. “From my involvement with banks, I would place the Indian deposits anywhere between $15 billion and $20 billion.”
He said there was a “perceptible flight of funds” of Indian holders from Swiss banks to those in Singapore and Dubai, which are now the two main centres for Indian funds from undeclared sources.
As per the SNB’s figures, the Indian deposits in Swiss banks have come down in the past three years by $500 million (Rs.2,250 crore). The figures show the total money deposited by Indians, both individuals and companies, in Switzerland-based banks stood at $2.5 billion at the end of 2010, down from about $2.7 billion in 2009 and $3 billion in 2008.
Flight of money
While the bank did not reveal the reasons for the flight of money, officials at regulatory agencies in India fear that Indians might move their funds to safer locations such as Mauritius, Dubai and some places in the Middle East. There has also been talk of Singapore being one such place. Sources have said foreign capital-friendly regulations in places such as Mauritius and Dubai were possibly being exploited by those seeking to move their funds away from Swiss banks, which have come under strict scrutiny of late.
Till the latest disclosure, the SNB and the Swiss Bankers’ Association, the apex body of banks in that country, have been maintaining that they do not disclose country-specific data for funds deposited with them. Such a level of secrecy around Swiss banks has resulted, from time to time, in speculation on the money Indians stashed away in those banks, some time the figure reaching $1.5 trillion.
The issue of black money, including that stashed away in Swiss banks, has been a matter of intense political debate for many years in India, while the courts have widened their scrutiny in recent months. Recently, the Supreme Court constituted a Special Investigation Team to probe the matter, criticising the government for not taking required steps.
At the same time, global pressure has been mounting on Switzerland to ask its banks to share information about their clients with foreign governments. India is also revising its bilateral treaty with Switzerland to help it get more information about the Swiss bank accounts of Indians.
It is being suspected that Indians having illicit wealth in Swiss banks may move their funds in fear of being exposed. At the same time, even those having legitimate funds in Swiss banks may move them away owing to the growing negativity attached to them.
The sources said several Swiss financial institutions had set up arms in locations such as Mauritius for their foreign institutional investor, private equity and venture capital investment activities in India, and these might be used for routing of funds.
India’s top regulators, the SEBI and the RBI, have stepped up their vigil on Indian entities routing their funds from the secretly held Swiss bank accounts to India through Dubai and other locations. Giving rise to the suspicion of funds moving to other locations, reports have suggested a spurt in deposits made in banks of the Middle East.
It is feared that the money might be routed back to India, either to the stock market through FIIs or even through the FDI route.
The sectors suspected to be vulnerable to such funds could be real estate, agriculture and infrastructure, which are among the ‘sunrise’ segments of the Indian economy having large-scale fund requirements.
Source: The Hindu
78 dead in Morocco military transport plane crash
Minister Khaled Naciri confirmed to The Associated Press that the plane crashed near the city of Guelmim on Tuesday. “There are people dead,” Mr. Naciri said by telephone.
He would not give a death toll or other information, saying the government was trying to pin down details.
The state news agency MAP said 78 people were killed when the Royal Armed Forces C-130 jet crashed into a mountain as it prepared to land at the Guelmim military air base.
MAP said the plane was carrying members of the Royal Armed Fores en route from Dakhla, in the disputed Western Sahara, to Kinitra in northern Morocco, and making a stop in Guelmim.
Moroccan defence officials would not comment on the crash. Officials at the military hospital in Guelmim could not be reached.
Guelmim is more than 600 km southwest of the capital Rabat, just north of the Western Sahara and a few dozen km from the Atlantic Coast.
He would not give a death toll or other information, saying the government was trying to pin down details.
The state news agency MAP said 78 people were killed when the Royal Armed Forces C-130 jet crashed into a mountain as it prepared to land at the Guelmim military air base.
MAP said the plane was carrying members of the Royal Armed Fores en route from Dakhla, in the disputed Western Sahara, to Kinitra in northern Morocco, and making a stop in Guelmim.
Moroccan defence officials would not comment on the crash. Officials at the military hospital in Guelmim could not be reached.
Guelmim is more than 600 km southwest of the capital Rabat, just north of the Western Sahara and a few dozen km from the Atlantic Coast.
Monday 25 July 2011
earthquake strikes off Papua New Guinea
A strong earthquake has struck off the coast of the Pacific nation of Papua New Guinea. There are no immediate reports of damage or injuries and no tsunami alert was issued.
The U.S. Geological Survey says the magnitude-6.2 quake struck on Monday, 46 miles south of the town of Kavieng on the island of New Ireland. The earthquake struck at a depth of 21 miles.
The Pacific Tsunami Warning Centre did not issue a tsunami alert.
The Pacific island nation of Papua New Guinea lies on the “Ring of Fire”, an arc of earthquake and volcanic zones that stretches around the Pacific Rim and where about 90 per cent of the world’s quakes occur.
The U.S. Geological Survey says the magnitude-6.2 quake struck on Monday, 46 miles south of the town of Kavieng on the island of New Ireland. The earthquake struck at a depth of 21 miles.
The Pacific Tsunami Warning Centre did not issue a tsunami alert.
The Pacific island nation of Papua New Guinea lies on the “Ring of Fire”, an arc of earthquake and volcanic zones that stretches around the Pacific Rim and where about 90 per cent of the world’s quakes occur.
Reliance Industries hires over 100 temporary experts
Reliance Industries hires over 100 temporary experts for retail, broadband, petrochem & oil.
Forget long-term careers. Here is the money and this is the job to be done. Come, finish it and move on. That's the new HR mantra atReliance Industries. The petrochemicals giant, which is diversifying into many new sectors, has hired over 100 such short-term managers, some at the CXO level, some senior experts, many expatriates, and all highly-paid. They are being brought in to execute a business plan in the short term, build the second layer and move on.
"There was a time when people would join us and ultimately retire from here. You can say we are moving away from that era," says a company insider, asking not to be named.
The plan is being implemented across businesses - retail, 4G broadband and also for the core petrochemicals and oil & gas. Some people will be hired for pre-defined periods, and in some cases, there is an unspoken message that managers will be eased out when they outlive their utility.
AnRIL spokesperson declined to comment.
Among this new breed of managers isWarren Wilder, who took over from group veteran Kamal Nanavati three months ago. Wilder, the former managing director of Titan Chemicals,Malaysia, is a well-known international networker, and was hired for RIL's overseas petrochemicals plans. He has been looking at inorganic growth in this business through acquisitions and had put in an unsuccessful bid for US-based LyondellBasell in 2010. Nanavati has moved to an advisory role.
For its fledgling food and grocery retail business, RIL has hired two top executives from WalmartChina -Shawn Grey and Rob Cissell. The duo will scale up the retail business, but only one will stay beyond three years.
Reliance's retail business has gone through several ups and downs ending in mass retrenchment and closure of several outlets since it started in 2006. When it started the food and grocery retail business, it hired almost all the known names from retail and consumer goods companies at astronomical salaries. Soon, it realised that most did not match up to the company's expectations of speed and scale. This may have caused the rethink in its HR philosophy.
Says Anandorup Ghose, head (executive compensation and governance), Aon Hewitt: "The trend (of getting specialists) is accelerating in India. You see this happening in large organisations or industries that have (till recently) been dominated by PSUs such as general insurance. Companies inIndia have been hiring subject matter experts, including expats, in retail, metals and mining, and oil & gas on short-term assignments."
High-flying expat talent is willing to take on such short-term assignments for the sheer value of having India on their CVs and for the astronomical compensation packages built around such stints, headhunters say.
Forget long-term careers. Here is the money and this is the job to be done. Come, finish it and move on. That's the new HR mantra atReliance Industries. The petrochemicals giant, which is diversifying into many new sectors, has hired over 100 such short-term managers, some at the CXO level, some senior experts, many expatriates, and all highly-paid. They are being brought in to execute a business plan in the short term, build the second layer and move on.
"There was a time when people would join us and ultimately retire from here. You can say we are moving away from that era," says a company insider, asking not to be named.
The plan is being implemented across businesses - retail, 4G broadband and also for the core petrochemicals and oil & gas. Some people will be hired for pre-defined periods, and in some cases, there is an unspoken message that managers will be eased out when they outlive their utility.
AnRIL spokesperson declined to comment.
Among this new breed of managers isWarren Wilder, who took over from group veteran Kamal Nanavati three months ago. Wilder, the former managing director of Titan Chemicals,Malaysia, is a well-known international networker, and was hired for RIL's overseas petrochemicals plans. He has been looking at inorganic growth in this business through acquisitions and had put in an unsuccessful bid for US-based LyondellBasell in 2010. Nanavati has moved to an advisory role.
For its fledgling food and grocery retail business, RIL has hired two top executives from WalmartChina -Shawn Grey and Rob Cissell. The duo will scale up the retail business, but only one will stay beyond three years.
Reliance's retail business has gone through several ups and downs ending in mass retrenchment and closure of several outlets since it started in 2006. When it started the food and grocery retail business, it hired almost all the known names from retail and consumer goods companies at astronomical salaries. Soon, it realised that most did not match up to the company's expectations of speed and scale. This may have caused the rethink in its HR philosophy.
Says Anandorup Ghose, head (executive compensation and governance), Aon Hewitt: "The trend (of getting specialists) is accelerating in India. You see this happening in large organisations or industries that have (till recently) been dominated by PSUs such as general insurance. Companies inIndia have been hiring subject matter experts, including expats, in retail, metals and mining, and oil & gas on short-term assignments."
High-flying expat talent is willing to take on such short-term assignments for the sheer value of having India on their CVs and for the astronomical compensation packages built around such stints, headhunters say.
Indian economy changed in 1991-2011
Manmohan Singh speeches, made exactly twenty years ago, will go down in the annals of Indian history as the one that changed India.
Singh presented the finances of a country that was nearly bankrupt and slayed the licence raj, thereby changing the lives of not just India's 84 crore citizens then but those of another 36 crore citizens who have been born since.
Since 1991, India's GDP has quadrupled, its forex reserves have surged from $5.8 billion to $279 billion, and exports from $18 billion to $178 billion.
But these are just numbers. The change in our lives and lifestyles is a lot more fascinating. Back in 1991, owning a Maruti 800 (Rs 1.48 lakh in Delhi) was a middle- class status symbol.
Singh presented the finances of a country that was nearly bankrupt and slayed the licence raj, thereby changing the lives of not just India's 84 crore citizens then but those of another 36 crore citizens who have been born since.
Since 1991, India's GDP has quadrupled, its forex reserves have surged from $5.8 billion to $279 billion, and exports from $18 billion to $178 billion.
But these are just numbers. The change in our lives and lifestyles is a lot more fascinating. Back in 1991, owning a Maruti 800 (Rs 1.48 lakh in Delhi) was a middle- class status symbol.
Saturday 23 July 2011
The crucial meeting of the DMK's executive committee has begun in Coimbatore.
The meeting is expected to discuss the party's rout in the Assembly polls and decide the future strategy.
With party chief M Karunanidhi's daughter Kanimozhi and party leader A Raja behind bars, and Dayanidhi Maran forced to quit the union Cabinet over the 2G scam, the DMK will also discuss its alliance with the Congress.
DMK leader TR Baalu confirmed this morning that the party will also decide on whether to send replacements for Raja (former Telecom Minister) and Maran (former Textile Minister).
DMK decision makers may also have more to deal with at the Coimbatore meeting - a succession battle within and the disquiet arising from it.
Sources say supporters of Karunanidhi's younger son MK Stalin will seek his elevation to a new post - that of working president which would make Stalin No. 2 in the party. But the camp led by his elder brother Alagiri is gearing up to scuttle the move. Party leader Baalu, however, has dismissed reports of differences between Stalin and Alagiri as "media gossip."
The meeting will also discuss Stalin's proposal to revamp the party set up - seen as a strategy to place his loyalists in key positions. "This will also give opportunity to many younger leaders to take more responsibility," said DMK spokesperson TKS Elangovan.
With party chief M Karunanidhi's daughter Kanimozhi and party leader A Raja behind bars, and Dayanidhi Maran forced to quit the union Cabinet over the 2G scam, the DMK will also discuss its alliance with the Congress.
DMK leader TR Baalu confirmed this morning that the party will also decide on whether to send replacements for Raja (former Telecom Minister) and Maran (former Textile Minister).
DMK decision makers may also have more to deal with at the Coimbatore meeting - a succession battle within and the disquiet arising from it.
Sources say supporters of Karunanidhi's younger son MK Stalin will seek his elevation to a new post - that of working president which would make Stalin No. 2 in the party. But the camp led by his elder brother Alagiri is gearing up to scuttle the move. Party leader Baalu, however, has dismissed reports of differences between Stalin and Alagiri as "media gossip."
The meeting will also discuss Stalin's proposal to revamp the party set up - seen as a strategy to place his loyalists in key positions. "This will also give opportunity to many younger leaders to take more responsibility," said DMK spokesperson TKS Elangovan.
new land scam exposed for Mr. Yeddyurappa
New land scam exposed for new evidence of corruption and nepotism have emerged from a deal that allegedly saw his family members receiving prime property near Bangalore at inexplicably low prices.
Here's how. In October 2010, Mr Yeddyurappa denotified five acres of land near the Bangalore airport, intended to house the city's next IT hub. This land had been acquired cheaply by the government from a farmer, D Inneshappa. He demanded it be returned to him.
One month later, Mr Inneshappa sold three acres of the land to BG Channappa. After twenty days, Mr Channappa sold the same land to Davaligiri Property Developers Private Limited, which is owned by the Chief Minister's sons B Y Raghavendra and B Y Vijendra. For Rs. 2.65 crores, they acquired land worth Rs. 65 crores. They then sold one acre of the same land at huge profits to a mining company.
Mr Yeddyurappa's sons are also directors of the company run by Mr Channappa.
The transaction was routed through other companies in an apparent bid to conceal that the Chief Minister's sons were getting a sweetheart deal. Mr Channappa seems to have served as a front.
This is not the only case where Mr Yeddyurappa has been accused of using his office to make land acquired by the government available to his family.
But this particular transaction was also noted in the report on illegal mining prepared by Santosh Hegde, the Lokayukta or ombudsman of Karnataka. Mr Hegde's report indicts the Chief Minister and his family for inappropriate links with mining companies. A part of this land, Mr Hegde finds, was sold by the Chief Minister's sons to South West Mining Company at 10 times the market price. The inference is that the company agreed to the sky-high prices in return for valuable mining leases from the Karnataka government.
Here's how. In October 2010, Mr Yeddyurappa denotified five acres of land near the Bangalore airport, intended to house the city's next IT hub. This land had been acquired cheaply by the government from a farmer, D Inneshappa. He demanded it be returned to him.
One month later, Mr Inneshappa sold three acres of the land to BG Channappa. After twenty days, Mr Channappa sold the same land to Davaligiri Property Developers Private Limited, which is owned by the Chief Minister's sons B Y Raghavendra and B Y Vijendra. For Rs. 2.65 crores, they acquired land worth Rs. 65 crores. They then sold one acre of the same land at huge profits to a mining company.
Mr Yeddyurappa's sons are also directors of the company run by Mr Channappa.
The transaction was routed through other companies in an apparent bid to conceal that the Chief Minister's sons were getting a sweetheart deal. Mr Channappa seems to have served as a front.
This is not the only case where Mr Yeddyurappa has been accused of using his office to make land acquired by the government available to his family.
But this particular transaction was also noted in the report on illegal mining prepared by Santosh Hegde, the Lokayukta or ombudsman of Karnataka. Mr Hegde's report indicts the Chief Minister and his family for inappropriate links with mining companies. A part of this land, Mr Hegde finds, was sold by the Chief Minister's sons to South West Mining Company at 10 times the market price. The inference is that the company agreed to the sky-high prices in return for valuable mining leases from the Karnataka government.
Thursday 21 July 2011
Sun TV MD arrested in cheating case
Sun TV's managing director Hans Raj Saxena was arrested here Sunday in a cheating case.
According to police, Saxena, who was coming from Hyderabad by an evening Air India flight, was arrested by the Central Crime Branch wing of the city police on his arrival.
He was taken to Adyar police station for questioning.
The arrest follows a complaint by film-maker Selvaraj alleging that Saxena cheated him of Rs.9 million.
Selvaraj is the producer of Tamil film 'Theeradha Vilayattu Pillai'.
Saxena was also in the news recently when the owners of a three star hotel in the city alleged that he was the brain behind an attack on the hotel.
The flagship channel of the Chennai-based Sun Network, Sun TV is owned by Kalanithi Maran, brother of DMK leader and union Textiles Minister Dayanidhi Maran.
Courtesy Copyright ©news.chennaionline.com.This content copyrights protected by news.chennaionline.com.
According to police, Saxena, who was coming from Hyderabad by an evening Air India flight, was arrested by the Central Crime Branch wing of the city police on his arrival.
He was taken to Adyar police station for questioning.
The arrest follows a complaint by film-maker Selvaraj alleging that Saxena cheated him of Rs.9 million.
Selvaraj is the producer of Tamil film 'Theeradha Vilayattu Pillai'.
Saxena was also in the news recently when the owners of a three star hotel in the city alleged that he was the brain behind an attack on the hotel.
The flagship channel of the Chennai-based Sun Network, Sun TV is owned by Kalanithi Maran, brother of DMK leader and union Textiles Minister Dayanidhi Maran.
Courtesy Copyright ©news.chennaionline.com.This content copyrights protected by news.chennaionline.com.
Two-day policed custody of Sun Pictures COO Hansraj Saxena
But, the estranged man has now pointing his fingers to his higher-ups that he was only an employee of Sun TV and was doing his duty as COO of Sun Pictures. He credited all his deeds to his boss, who was the brain behind his whole operation, without naming him.
Saxena was taken into police custody on Saturday in connection with the case filed by Hitesh Jhabak, who alleged that he was cheated by Saxena in the business deal of the Dhanush and Hansika Motwani starrer Maappillai. He was interrogated thoroughly by the city Cops for two days and was again produced before the magistrate on Sunday where he was remanded to judicial custody.
Police has asked Kalanidhi Maran to appear before them to verify the information provided by Saxena but the MD of Sun Network has asked time till 26 July as he was out of town on some official work.
It will be known on July 27 that whether Kalanidhi Maran would also be arrested after he appears before the police. The whole industry is keenly watching the proceedings of the case.
Uses Of Silver
silver for Demand is built on three main pillars:
Three categories represent more than 95 percent of annual silver consumption. In 2010, 487.4 million ounces of silver were used for industrial applications, 167.0 million ounces were consumed in the jewelry market, 50.3 million ounces were used in the silverware market and over 101.0 million ounces were used in coins and medals.
Silver has a number of unique properties including its strength, malleability and ductility, its electrical and thermal conductivity, its sensitivity to and high reflectance of light and the ability to endure extreme temperature ranges. Silver’s unique properties restrict its substitution in most applications. Choose from the following list to learn more about some of the various applications of silver:
Traditional
Coinage
Photography
Silver Jewelry
Silverware and Table Settings
Industrial
Batteries
Bearings
Brazing and Soldering
Catalysts
Electronics
Emerging
Medical Applications
Mirrors & Coatings
Solar Energy
Water Purification
The Health Support Uses of Silver
The Health Support Uses of Silver
For thousands of years silver has been used as a healing agent by civilizations throughout the world. Its medical, preservative and restorative powers can be traced as far back as the ancient Greek and Roman Empires. Long before the development of modern pharmaceuticals, silver was employed as a germicide.
Consider these interesting facts:
The Greeks used silver vessels to keep water and other liquids fresh. The writings of Herodotus, the Greek philosopher and historian, date the use of silver to before the birth of Christ.
The Roman Empire stored wine in silver urns to prevent spoilage.
The use of silver is mentioned in ancient Egyptian writings.
In the Middle Ages, silverware protected the wealthy from the full brunt of the plague.
Before the advent of modern germicides and antibiotics, it was known that disease-causing pathogens could not survive in the presence of silver. Consequently, silver was used in dishware, drinking vessels and eating utensils.
In particular, the wealthy stored and ate their food from silver vessels to keep bacteria from growing.
The Chinese emperors and their courts ate with silver chopsticks.
The Druids have left evidence of their use of silver.
Settlers in the Australian outback suspend silverware in their water tanks to retard spoilage.
Pioneers trekking across the American West found that if they placed silver or copper coins in their casks of drinking water, it kept the water safe from bacteria, algae, etc.
All along the frontier, silver dollars were put in milk to keep it fresh. Some of us remember our grandparents doing the same.
Silver leaf was used to combat infection in wounds sustained by troops during World War I.
Prior to the introduction of antibiotics, Colloidal Silver was used widely in hospitals and has been known as a bactericide for at least 1200 years.
In the early 1800s, doctors used silver sutures in surgical wounds with very successful results.
In Ayurvedic medicine, silver is used in small amounts as a tonic, elixir or rejuvenative agent for patients debilitated by age or disease.
Silver Re-Discovered
Not until the late 1800's did western scientists re-discover what had been known for thousands of years - that silver is a powerful germ fighter. Medicinal silver compounds were then developed and silver became commonly used as a medicine. By the early part of the 1900s, the use of silver was becoming widespread. By 1940 there were approximately four dozen different silver compounds on the market.
New knowledge of body chemistry gave rise to the enormous array of applications for colloidal disinfectants and medicines and for on-going research into the capabilities and possibilities for silver colloids. However, Silver’s “new-found” fame as a superior infection-fighting agent was short lived.
How Silver Lost Favor of modern antibiotic.
During the 1930s, synthetically manufactured drugs began to make their appearance and the profits, together with the simplicities of manufacturing this new source of treatment, became a powerful force in the marketplace. There was much excitement over the new 'wonder drugs' and at that time, no antibiotic-resistant strains of disease organisms had surfaced. Silver quickly lost its status to modern antibiotics.
For thousands of years silver has been used as a healing agent by civilizations throughout the world. Its medical, preservative and restorative powers can be traced as far back as the ancient Greek and Roman Empires. Long before the development of modern pharmaceuticals, silver was employed as a germicide.
Consider these interesting facts:
The Greeks used silver vessels to keep water and other liquids fresh. The writings of Herodotus, the Greek philosopher and historian, date the use of silver to before the birth of Christ.
The Roman Empire stored wine in silver urns to prevent spoilage.
The use of silver is mentioned in ancient Egyptian writings.
In the Middle Ages, silverware protected the wealthy from the full brunt of the plague.
Before the advent of modern germicides and antibiotics, it was known that disease-causing pathogens could not survive in the presence of silver. Consequently, silver was used in dishware, drinking vessels and eating utensils.
In particular, the wealthy stored and ate their food from silver vessels to keep bacteria from growing.
The Chinese emperors and their courts ate with silver chopsticks.
The Druids have left evidence of their use of silver.
Settlers in the Australian outback suspend silverware in their water tanks to retard spoilage.
Pioneers trekking across the American West found that if they placed silver or copper coins in their casks of drinking water, it kept the water safe from bacteria, algae, etc.
All along the frontier, silver dollars were put in milk to keep it fresh. Some of us remember our grandparents doing the same.
Silver leaf was used to combat infection in wounds sustained by troops during World War I.
Prior to the introduction of antibiotics, Colloidal Silver was used widely in hospitals and has been known as a bactericide for at least 1200 years.
In the early 1800s, doctors used silver sutures in surgical wounds with very successful results.
In Ayurvedic medicine, silver is used in small amounts as a tonic, elixir or rejuvenative agent for patients debilitated by age or disease.
Silver Re-Discovered
Not until the late 1800's did western scientists re-discover what had been known for thousands of years - that silver is a powerful germ fighter. Medicinal silver compounds were then developed and silver became commonly used as a medicine. By the early part of the 1900s, the use of silver was becoming widespread. By 1940 there were approximately four dozen different silver compounds on the market.
New knowledge of body chemistry gave rise to the enormous array of applications for colloidal disinfectants and medicines and for on-going research into the capabilities and possibilities for silver colloids. However, Silver’s “new-found” fame as a superior infection-fighting agent was short lived.
How Silver Lost Favor of modern antibiotic.
During the 1930s, synthetically manufactured drugs began to make their appearance and the profits, together with the simplicities of manufacturing this new source of treatment, became a powerful force in the marketplace. There was much excitement over the new 'wonder drugs' and at that time, no antibiotic-resistant strains of disease organisms had surfaced. Silver quickly lost its status to modern antibiotics.
Thursday 14 July 2011
CHENNAI AND NAGERCOIL SPECIAL TRAINS ANNOUNCED
T.No. 0619/0620
Chennai Central – Nagercoil – Chennai Central (Bi-weekly) Specials:
T.No. 0619
Chennai Central – Nagercoil Bi-weekly Superfast Special will leave Chennai Central at 20.35 hrs. on Mondays & Wednesdays from 15.2.2010 to 29.3.2010 and arrive Nagercoil at 11.05 hrs. the next day.
T.No. 0620
Nagercoil – Chennai Central Bi-weekly Special will leave Nagercoil at 16.35 hrs.
on Tuesdays & Thursdays from 16.2.2010 to 30.3.2010 and arrive Chennai Central at 08.15 hrs. the next day.
The composition of the trains will be 2 First Class, 1 AC 3-tier, 8 Sleeper Class, 4 General Second Class and 2 Luggage-cum-brake van coaches. The trains will stop at Arakkonam, Katpadi, Jolarpettai, Salem, Erode, Karur, Dindigul, Madurai, Virudunagar, Sattur, Kovilpatti, Vanchi Maniyachchi, Tirunelveli and Valliyur. T.No.0620 will stop at Perambur also.
T.No. 0623/0624
Chennai Egmore – Nagercoil – Chennai Egmore (Weekly) Specials:
T.No. 0623 Chennai Egmore – Nagercoil Weekly Superfast Special will leave Chennai Egmore at 18.50 hrs. on Tuesdays from 16.2.2010 to 30.3.2010 and arrive Nagercoil at 08.05 hrs. the next day.
T.No. 0624 Nagercoil – Chennai Egmore Weekly Special will leave Nagercoil at 13.30 hrs.
on Wednesdays from 17.2.2010 to 31.3.2010 and arrive Chennai Egmore at 04.15 hrs. the next day. The composition of the trains will be 1 AC 2-tier, 2 AC 3-tier, 10 Sleeper Class, 4 General Second Class and 2 Luggage-cum-brake van coaches.
The trains will stop at Tambaram, Chengalpattu, Villupuram, Vriddhachalam, Tiruchchirappalli, Dindigul, Madurai, Virudunagar, Sattur, Kovilpatti, Vanchi Maniyachchi, Tirunelveli and Valliyur.
T.No.0624 will stop at Mambalam also.
Chennai Central – Nagercoil – Chennai Central (Bi-weekly) Specials:
T.No. 0619
Chennai Central – Nagercoil Bi-weekly Superfast Special will leave Chennai Central at 20.35 hrs. on Mondays & Wednesdays from 15.2.2010 to 29.3.2010 and arrive Nagercoil at 11.05 hrs. the next day.
T.No. 0620
Nagercoil – Chennai Central Bi-weekly Special will leave Nagercoil at 16.35 hrs.
on Tuesdays & Thursdays from 16.2.2010 to 30.3.2010 and arrive Chennai Central at 08.15 hrs. the next day.
The composition of the trains will be 2 First Class, 1 AC 3-tier, 8 Sleeper Class, 4 General Second Class and 2 Luggage-cum-brake van coaches. The trains will stop at Arakkonam, Katpadi, Jolarpettai, Salem, Erode, Karur, Dindigul, Madurai, Virudunagar, Sattur, Kovilpatti, Vanchi Maniyachchi, Tirunelveli and Valliyur. T.No.0620 will stop at Perambur also.
T.No. 0623/0624
Chennai Egmore – Nagercoil – Chennai Egmore (Weekly) Specials:
T.No. 0623 Chennai Egmore – Nagercoil Weekly Superfast Special will leave Chennai Egmore at 18.50 hrs. on Tuesdays from 16.2.2010 to 30.3.2010 and arrive Nagercoil at 08.05 hrs. the next day.
T.No. 0624 Nagercoil – Chennai Egmore Weekly Special will leave Nagercoil at 13.30 hrs.
on Wednesdays from 17.2.2010 to 31.3.2010 and arrive Chennai Egmore at 04.15 hrs. the next day. The composition of the trains will be 1 AC 2-tier, 2 AC 3-tier, 10 Sleeper Class, 4 General Second Class and 2 Luggage-cum-brake van coaches.
The trains will stop at Tambaram, Chengalpattu, Villupuram, Vriddhachalam, Tiruchchirappalli, Dindigul, Madurai, Virudunagar, Sattur, Kovilpatti, Vanchi Maniyachchi, Tirunelveli and Valliyur.
T.No.0624 will stop at Mambalam also.
Obama condemns "outrageous" Mumbai attacks
Again. 2003, 2006, 2008, 2011. These are the years of terrorist attacks in Mumbai in the last decade.
Yesterday, they struck a crowded bazaar, a bus stop and at Opera House, a diamond district. On a personal level, they struck close to home. Opera House is 500 meters from where I live. In 2008, Ajmal Kasab was captured a kilometer from my house. Hundreds of thousands, maybe millions, of Mumbaikers at one time or another can claim such proximity to an attack.
Indian authorities have responded but India isn’t Israel. In India, we realize that our security measures are pretty much a joke and will always be inadequate. To go to the mall, we go through a security pat down. A security guard, often a kind old man, waves a wand. It always beeps. We explain the beep away, saying it’s our mobile or wallet. He smiles and lets us in.
Security is a charade and we all play our role. It’s true at the mall, the hospital, office buildings, government offices, hotels and the like. There is little alternative. The stream of people going into any of these places would overwhelm any security apparatus.
After 11/26, the date Mumbai was held hostage by 10 Pakistani terrorists, the Mumbai police bought Marksman armored vehicles that look like a cross between a tank and a Humvee. In urban India, they are bathed in green, jungle camouflage, making them stand out. The imposing (and most often parked) vehicles typically have Mumbai policemen nearby, sitting idly on chairs twiddling with their mobile phones. They have machine guns sitting next to them, just within arm’s reach. At least we hope.
US President Barack Obama today condemned as "outrageous" the attacks in Mumbai and offered support to bring the perpetrators of the "terrible crimes to justice".
"I strongly condemn the outrageous attacks in Mumbai," Obama said in a statement.
"India is a close friend and partner of the United States. The American people will stand with the Indian people in times of trial, and we will offer support to India''s efforts to bring the perpetrators of these terrible crimes to justice," he added.
"During my trip to Mumbai, I saw firsthand the strength and resilience of the Indian people, and I have no doubt that the India will overcome these deplorable terrorist attacks," he said.
Yesterday, they struck a crowded bazaar, a bus stop and at Opera House, a diamond district. On a personal level, they struck close to home. Opera House is 500 meters from where I live. In 2008, Ajmal Kasab was captured a kilometer from my house. Hundreds of thousands, maybe millions, of Mumbaikers at one time or another can claim such proximity to an attack.
Indian authorities have responded but India isn’t Israel. In India, we realize that our security measures are pretty much a joke and will always be inadequate. To go to the mall, we go through a security pat down. A security guard, often a kind old man, waves a wand. It always beeps. We explain the beep away, saying it’s our mobile or wallet. He smiles and lets us in.
Security is a charade and we all play our role. It’s true at the mall, the hospital, office buildings, government offices, hotels and the like. There is little alternative. The stream of people going into any of these places would overwhelm any security apparatus.
After 11/26, the date Mumbai was held hostage by 10 Pakistani terrorists, the Mumbai police bought Marksman armored vehicles that look like a cross between a tank and a Humvee. In urban India, they are bathed in green, jungle camouflage, making them stand out. The imposing (and most often parked) vehicles typically have Mumbai policemen nearby, sitting idly on chairs twiddling with their mobile phones. They have machine guns sitting next to them, just within arm’s reach. At least we hope.
US President Barack Obama today condemned as "outrageous" the attacks in Mumbai and offered support to bring the perpetrators of the "terrible crimes to justice".
"I strongly condemn the outrageous attacks in Mumbai," Obama said in a statement.
"India is a close friend and partner of the United States. The American people will stand with the Indian people in times of trial, and we will offer support to India''s efforts to bring the perpetrators of these terrible crimes to justice," he added.
"During my trip to Mumbai, I saw firsthand the strength and resilience of the Indian people, and I have no doubt that the India will overcome these deplorable terrorist attacks," he said.
Mumbai bomb blasts
Over the years, India's commercial capital has witnessed much violence, from communal riots to gangland wars to terrorist operations. The most spectacular of the latter were the attacks of November 2008, which saw Pakistani militants from the Lashkar-e-Taiba group raid a series of targets in the city, killing more than 160 people. Two luxury hotels, a Jewish centre, a cafe and a main railway terminal were attacked.
Although they caused huge diplomatic damage, sending a promising Indian-Pakistani peace process into deep-freeze, the 2008 attacks were less murderous than the bombings of 1993. That devastating series of explosions across the city killed 250, and was blamed on a gangland don who, Indian authorities claimed, was working for Pakistan's security services. These latest blasts are clearly far from the scale of such operations.
In February last year, terrorists targeted a cafe popular with tourists in the centre of Pune. It is thought that militant groups based in Pakistan or India, or a combination of the two, were responsible.
In Delhi in October, gunmen opened fire on tourists shortly before the opening of the Commonwealth Games in Varanasi, and a bomb exploded beside worshippers along the river Ganges in the holy city. Following this attack, a home-grown militant outfit calling itself the Indian Mujahideen threatened to unleash violence. It is this organisation that was blamed for Wednesday's blasts.
This attack, like earlier smaller attacks elsewhere, seems to have been designed to inflict indiscriminate harm. The aim was probably to destabilise the security services, undermine public confidence in the government and further damage relations between India and Pakistan.
The "Indian mujahideen" is a label applied to a range of groups. There are also theories that several recent attacks originally blamed on Muslim extremists were in fact the work of Hindu radicals.
read more
Although they caused huge diplomatic damage, sending a promising Indian-Pakistani peace process into deep-freeze, the 2008 attacks were less murderous than the bombings of 1993. That devastating series of explosions across the city killed 250, and was blamed on a gangland don who, Indian authorities claimed, was working for Pakistan's security services. These latest blasts are clearly far from the scale of such operations.
In February last year, terrorists targeted a cafe popular with tourists in the centre of Pune. It is thought that militant groups based in Pakistan or India, or a combination of the two, were responsible.
In Delhi in October, gunmen opened fire on tourists shortly before the opening of the Commonwealth Games in Varanasi, and a bomb exploded beside worshippers along the river Ganges in the holy city. Following this attack, a home-grown militant outfit calling itself the Indian Mujahideen threatened to unleash violence. It is this organisation that was blamed for Wednesday's blasts.
This attack, like earlier smaller attacks elsewhere, seems to have been designed to inflict indiscriminate harm. The aim was probably to destabilise the security services, undermine public confidence in the government and further damage relations between India and Pakistan.
The "Indian mujahideen" is a label applied to a range of groups. There are also theories that several recent attacks originally blamed on Muslim extremists were in fact the work of Hindu radicals.
Wednesday 13 July 2011
Double Dip Recession Is Likely In 2012
When gross domestic product (GDP) growth slides back to negative after a quarter or two of positive growth. A double-dip recession refers to a recession followed by a short-lived recovery, followed by another recession.
The History Of Facebook
The History Of Facebook
Facebook is a popular social network that has grown to rank with MySpace has. But what is it about Facebook that has special appeal and makes it even more popular than MySpace? What makes Facebook Facebook? And what made it a mega hit?
It all got started back in 2003, as Facemash. Mark Zuckerberg created it, along with help of his friends and roommates Chris Hughes and Dustin Moskovitz. Zuckerberg was in his sophomore year at Harvard when opened it up, as a way to get his mind off his crush.
Facemash placed photos of undergraduate two side by side, and asking the viewers which one is “hotter”. The site was originally only for Harvard, but quickly grew to other colleges, then high schools and finally for anyone over age 13.
After it was initially started, it was forwarded to Harvard’s school admins and it was quickly shut down. Zuckerberg was charged and faced expulsion for breaching privacy.
Later on, Harvard dropped their charges against Zuckerberg. After the charges were dropped, the following semester he recreated Facemash, and opened The Facebook in February 2004.
In 2005, he dropped “the” from the name and URL. Also in September 2005, he launched the High School version of Facebook. When he first started the high school version, each high school had to be invited before being allowed to join the network. Shortly after launching the high school version he started allow companies to have their own networks on Facebook as well.
Now a group of operators, a year after they launched their high school version, they opened it up to the public for everybody over the age of 13.
Syria and Iran have blocked Facebook from being accessed in their countries. Some companies have forbidden it from their offices. It has also been said that Zuckerberg had stolen the code and intellectual property from former classmates of his.
They have been sued more than once and have been the subject of criticism.
Facebook is a popular social network that has grown to rank with MySpace has. But what is it about Facebook that has special appeal and makes it even more popular than MySpace? What makes Facebook Facebook? And what made it a mega hit?
It all got started back in 2003, as Facemash. Mark Zuckerberg created it, along with help of his friends and roommates Chris Hughes and Dustin Moskovitz. Zuckerberg was in his sophomore year at Harvard when opened it up, as a way to get his mind off his crush.
Facemash placed photos of undergraduate two side by side, and asking the viewers which one is “hotter”. The site was originally only for Harvard, but quickly grew to other colleges, then high schools and finally for anyone over age 13.
After it was initially started, it was forwarded to Harvard’s school admins and it was quickly shut down. Zuckerberg was charged and faced expulsion for breaching privacy.
Later on, Harvard dropped their charges against Zuckerberg. After the charges were dropped, the following semester he recreated Facemash, and opened The Facebook in February 2004.
In 2005, he dropped “the” from the name and URL. Also in September 2005, he launched the High School version of Facebook. When he first started the high school version, each high school had to be invited before being allowed to join the network. Shortly after launching the high school version he started allow companies to have their own networks on Facebook as well.
Now a group of operators, a year after they launched their high school version, they opened it up to the public for everybody over the age of 13.
Syria and Iran have blocked Facebook from being accessed in their countries. Some companies have forbidden it from their offices. It has also been said that Zuckerberg had stolen the code and intellectual property from former classmates of his.
They have been sued more than once and have been the subject of criticism.
Padmanabhaswamy Temple found 90000cr
Rs 90000 Crore Gold Treasure found in Kerala Sree Padmanabhaswamy Temple as on Sunday
Around 90,000 crore worth treasure (Nidhi) has been found in the secret cellars of the famous Kerala Temple dedicated to Lord Vishnu - Sree Padmanabhaswamy Temple in Trivandrum (Thiruvananthapuram). The 7 member paper appointed by the Supreme Court of India, has been preparing the list of valuable found in the cellars of Sri Padmanabhaswami Temple. The temple has 6 Secret Cellars (Nilavara – a place to keep assets safe) from Cellar A to Cellar F. Opening of each of these chambers is revealing a virtual treasure trove with precious diamonds, golden ornaments, emeralds, jewelleries, rare antique silver and brass platters and golden idols. An estimation of above 90,000 crore treasure was valued at the completion of the 6th day of valuing the assets of Sree Padmanabhaswamy Temple in Thiruvananthapuram, Kerala, India.
Golden idol of Mahavishnu worth Rs. 500 Crore
The main treasure found on the 6th day was a one foot (12 angulams) height golden idol of Lord Mahavishnu and a 30 kg golden ‘anki’. This golden idol of Lord Vishnu is believed to be the replica of the ‘utsava vigraham' used in the temple. The golden idol of Padmanabhaswamy studded with more than 1000 previous stones is valued to around Rs. 500 Crore. Another golden idol of Lord Sree Krishna was also found which weighs around 5 kg.
Around 90,000 crore worth treasure (Nidhi) has been found in the secret cellars of the famous Kerala Temple dedicated to Lord Vishnu - Sree Padmanabhaswamy Temple in Trivandrum (Thiruvananthapuram). The 7 member paper appointed by the Supreme Court of India, has been preparing the list of valuable found in the cellars of Sri Padmanabhaswami Temple. The temple has 6 Secret Cellars (Nilavara – a place to keep assets safe) from Cellar A to Cellar F. Opening of each of these chambers is revealing a virtual treasure trove with precious diamonds, golden ornaments, emeralds, jewelleries, rare antique silver and brass platters and golden idols. An estimation of above 90,000 crore treasure was valued at the completion of the 6th day of valuing the assets of Sree Padmanabhaswamy Temple in Thiruvananthapuram, Kerala, India.
Golden idol of Mahavishnu worth Rs. 500 Crore
The main treasure found on the 6th day was a one foot (12 angulams) height golden idol of Lord Mahavishnu and a 30 kg golden ‘anki’. This golden idol of Lord Vishnu is believed to be the replica of the ‘utsava vigraham' used in the temple. The golden idol of Padmanabhaswamy studded with more than 1000 previous stones is valued to around Rs. 500 Crore. Another golden idol of Lord Sree Krishna was also found which weighs around 5 kg.
Tuesday 12 July 2011
HISTORY OF POLIC DEPARTMENT
1659
Pedda Naik engaged by the British to Guard the town of Madraspatanam with the assistance of peons. The system was the remnant of the ‘Kaval’ organization.
1770
Board of Police constituted by the then Governor Josios DuPre to deal with removal of public nuisance, & maintenance of public health and order.
1771
Governor Stratton appointed “ Kotwal” or overseer of markets to control prices of commodities in the market and to make the tradesmen “behave”.
1780
Post of Superintendent of Police was created to supervise the markets and to reduce the prices of provisions..
1782
Comprehensive plan for the Police prepared by S.Popham to promote health and to prevent impositions and frauds..
1791
Institution of Kotwal Police abolished, on complaints of extracting more money than was due from merchants. Office of "Poligar" (synonymous with "Pedda Naik") restored..
1806
Walter Grant became the first regularly appointed Superintendent of the City Police with three Police Magistrates..
1815
Thomas Harris, Superintendent of Police, Madras, formulated - the city pattern of policing, divided the area into eight divisions for effective control..
1829 - 1832
On the recommendation of George Norton, Advocate General, Madras City was divided into four Districts namely Black Town District, Triplicane District, Vepery District and St. Thomas District (Santhome). .
1834
Francis Kelly and Vambaukkam Raghavachariar became the first Indians to be inducted as Police Magistrate and Dy. Supdt. of Police. .
1856
Police Act XII was passed by Legislative Council of the Governor General. J.C Boudlerson became the first Commissioner of Police under the new Act..
1858
W. Robinson, a covenanted civil servant was appointed Chief Commissioner of Police (IGP). The proposal submitted by Robinson formed the basis of the present day district Police..
1859
Act XXIV marks the beginning of Modern Madras Police. The Act was also the forerunner for the Police Commission set up by the Government of India in 1906.
1865
Free Masons Lodge Building "Perfect Unanimity" (Present Police Headquarters) taken on lease by the Police for a rent of Rs.90/- p.m.
1874
Madras Presidency Police bought the Police Headquarters Building for a sum of Rs.20,000/-. An additional sum of Rs.10,000/- was spent on expansion and repairs.
1884
Formation of Malappuram Special Police to deal with periodical outbreaks of Muslim fanaticism by Moplahs.
1895
Finger Print Bureau was established in Madras.
1902
The Madras City with an area of 29 sq. miles and population of 5,09,346 was divided into two ranges - Northern range in the immediate charge of Dy. Commissioner of Police and the Southern Range under the direct control of Commissioner of Police himself assisted by a Chief Superintendent.
H.A. Stuart, Inspector General of Police, Madras Presidency was appointed Secretary of All India Police Commission.
1905
Police Training School was strengthened and equipped to train the new cadre of Sub-Inspectors who were to replace the old Station House Officers (who were Head Constables).
1906
Criminal Investigation Department was established. F.Fawcett was appointed as DIG.
1909
The King's Police Medal was instituted for Gallantry and Distinguished Service.
1912
Presidency Police Sports inaugurated.
1919
Diwan Bahadur Parankusam Naidu was appointed as Commissioner of Police - the first Indian to occupy the post.
P.B. Thomas, I.P., became the first Police Officer to be appointed as Inspector General of Police to head the Police Department.
1921
Malabar Special Armed Police was formed in the wake of Moplah rebellion.
1923
H.G. Stokes appointed as Special Officer for re-organisation of Armed Reserves and Special Police Parties. MSP equipped with " Marconi" wireless sets.
First Police Organisation to use wireless for operations in Madras State.
1928
The CID was divided into Special Branch and Crime Branch
1929
Madras City Police re-organised with functional divisions of Crime, Law and Order and Traffic.
1931
Statutory rules for the Madras Police Subordinate Service come into force.
1935
"Village Vigilance Committees" constituted to enlist public Co-Operation.
1946
Police Wireless commissioned. Capt.D.R. Clamp appointed as first Police Wireless Officer.
1947
T.G. Sanjeevi, from Madras became the first Indian to occupy the Post of Director, Intelligence Bureau, New Delhi.
1951
Madras Police Dog squad was formed. Madras became the pioneer in India after Independence to use dogs in the prevention and detection of crime.
1956
Police Radio Office established.
Single Digit Finger Print Section was established in the Finger Print Bureau.
1957
Headquarters of the MSP (Tamil Nadu) was shifted to Thiruchirapalli.
1959
Centenary year of Tamil Nadu Police.
1960
Police Research Center (PRC) was formed.
1961
Dog squad established at Madurai.
Government sanctioned to establish State Forensic Science Laboratory.
1963
City Police Hospital at Madras (Originally formed as a dispensary) was converted as a full fledged Hospital.
Home Guards was created to assist police.
H.A. Stuart, Inspector General of Police, Madras Presidency was appointed Secretary of All India Police Commission.
1971
"Police Computer Wing", Madras was established. Tamil Nadu was the first State to start Computerisation.
Tamil Nadu Police Commission set up under the Chairmanship of Thiru Gopalswamy Iyengar.
Special Cell CID was formed to deal with extremist's activities. This was later known as Q' Branch CID.
1973
Women Constables and Women SI recruited in Tamil Nadu Police for first time.
1976
Police Transport Workshop cum training school, Avadi started functioning.
Security Branch was constituted in CID.
1979
Post of Director General of Police was created to head the Police Department
E.L. Stracey I.P. was the first Director General of Police of Tamil Nadu.
1981
Tamil Nadu Police Housing Corporation was formed.
1984
Forest Cell CID, Madras was formed.
1985
Raising of T.S.P. VIII and T.S.P IX Battalions.
1987 Go To Top
Regional Police Transport workshop was opened at Trichy.
1989
Tamil Nadu Police Housing Corporation merged with TN Housing Board.
Police Commission appointed under the Chairmanship of former Chief Secretary Thiru Sabanayagam .Dr.R.Rajagopalan I.P.S.,appointed as the Member Secretary of the Commission.
Control Room was opened in the Directorate of Civil Defence.
1991
Uniformed Service Recruitment Board was constituted for the recruitment of personnel in the non-gazetted category for the uniformed departments -Police, Prison and Fire Services.
Once again the TN Police Housing Corporation Started Functioning as a separate entity
1992
Special Security Group established
First Women Police Station,was opened at Thousand Lights,Chennai,headed by an Woman Inspector.Subsequently Women Police Stations were opened in all districts.
1993
Separate establishment for Human Rights was formed.
Special task Force was formed.
1994
Coastal Security Group,first of its kind in the country constituted to strengthen the security of 1000 km-long Tamil Nadu coast line.
1995
Chief Office Shifted to "Government House",Government Estate,Chennai.
First phase of the Pilot Project on Computerisation of Police Stations was introduced in 4 Police Stations.
1997
Swift Action Force (SAF)formed to deal with communal riots.
2001
In th new Millennium,Tamil Nadu Police has a Strength of 91,341.There are 11 Police ranges, 32 police Districts including 2 railway Districts,6 commissionerates,189 Sub Divisions,287 Circles and 1276 Police Stations including Women Police Stations.
2002
"Police Personnel Grievance Redressal Day" was conducted by Hon'ble CM.
Four Zones created, each headed by an IGP with headquarters at Chennai,Coimbatore,Trichy and Madurai.
2003
One Mobile Police Station and 80 Highway patrol vehicles introduced to improve highway surveillance and reduce accidents.
117 police Clubs opened all over the State.
2004
"Woman Police Battalion of Tamilnadu Special Police " formed -the first such battalion in India.
STF succeeded "Operation Cocoon" in which the notorious bandit Veerappan was killed.
"Integrated Modern Police Control Room" opened at Chennai City.
2005
Merging of Chengai East District with the Commissionerate of Chennai city Police.The greater Chennai Police now has a jurisdiction over 588.7 Sq.Kms,with 156 Police Stations,the largest Commissionerate in the country.
A new building for State Crime Records Bureau(SCRB) inagurated. The SCRB building is a State-of-the-art facility for the Finger Print Bureau,Police Computer Wing,Modus Operandi Bureau and Statistical Wing.
2006
Asia's Largest and Modern Prison called Puzhal Prison was inaugurated.
2007
Sesquicentennial(150 Years)1856-2006 of the Chennai Police Celebrated.
Ariyalur District was newly formed, bifurcating the erstwhile Perambalur District.
Hyundai Motors Ltd., Presented 100 Hyundai Accent Cars as a goodwill gesture to augment the Chennai City Patrolling fleet. Thus Chennai Police is the only force in the country having a fleet of sedans.
2008 Go To Top
Tamil Nadu Police Celebrated Sesquicentennial (150 Years).
The Chennai Police has been bifurcated as Chennai City Police Commissionerate and Chennai Sub- Urban Commissionerate.
The Tamil Nadu Police Academy has been inagurated at Oonamancheri, Vandalur, Chennai.
The DGP, Tamil Nadu launched the redesigned Tamil Nadu Police Official Website with eGovernance facility.
2009
01.07.09 National Security Guard hub was opened at Chennai.
01.09.09 Senior IPS officer Ms Letika Saran IPS became the first woman DGP in Tamil Nadu Police
18.10.09 Hon'ble CM M.karunanidhi unveiled a new Police Memorial at DGP office to commemorate the police personnel who laid down their lives while discharging duty.
2010
An Organised Crime Intelligence Unit (OCIU) starts function under the Intelligence Wing of the Tamil Nadu police.
13.01.10
Ms Letika Saran IPS., an officer of 1976 batch, has taken over charge as DGP(law and order), Tamil Nadu. Tamil Nadu's first woman director general of police (DGP) and the second woman in the country to head a state police force.
23.09.10 New annexe building opened at DGP office.
Pedda Naik engaged by the British to Guard the town of Madraspatanam with the assistance of peons. The system was the remnant of the ‘Kaval’ organization.
1770
Board of Police constituted by the then Governor Josios DuPre to deal with removal of public nuisance, & maintenance of public health and order.
1771
Governor Stratton appointed “ Kotwal” or overseer of markets to control prices of commodities in the market and to make the tradesmen “behave”.
1780
Post of Superintendent of Police was created to supervise the markets and to reduce the prices of provisions..
1782
Comprehensive plan for the Police prepared by S.Popham to promote health and to prevent impositions and frauds..
1791
Institution of Kotwal Police abolished, on complaints of extracting more money than was due from merchants. Office of "Poligar" (synonymous with "Pedda Naik") restored..
1806
Walter Grant became the first regularly appointed Superintendent of the City Police with three Police Magistrates..
1815
Thomas Harris, Superintendent of Police, Madras, formulated - the city pattern of policing, divided the area into eight divisions for effective control..
1829 - 1832
On the recommendation of George Norton, Advocate General, Madras City was divided into four Districts namely Black Town District, Triplicane District, Vepery District and St. Thomas District (Santhome). .
1834
Francis Kelly and Vambaukkam Raghavachariar became the first Indians to be inducted as Police Magistrate and Dy. Supdt. of Police. .
1856
Police Act XII was passed by Legislative Council of the Governor General. J.C Boudlerson became the first Commissioner of Police under the new Act..
1858
W. Robinson, a covenanted civil servant was appointed Chief Commissioner of Police (IGP). The proposal submitted by Robinson formed the basis of the present day district Police..
1859
Act XXIV marks the beginning of Modern Madras Police. The Act was also the forerunner for the Police Commission set up by the Government of India in 1906.
1865
Free Masons Lodge Building "Perfect Unanimity" (Present Police Headquarters) taken on lease by the Police for a rent of Rs.90/- p.m.
1874
Madras Presidency Police bought the Police Headquarters Building for a sum of Rs.20,000/-. An additional sum of Rs.10,000/- was spent on expansion and repairs.
1884
Formation of Malappuram Special Police to deal with periodical outbreaks of Muslim fanaticism by Moplahs.
1895
Finger Print Bureau was established in Madras.
1902
The Madras City with an area of 29 sq. miles and population of 5,09,346 was divided into two ranges - Northern range in the immediate charge of Dy. Commissioner of Police and the Southern Range under the direct control of Commissioner of Police himself assisted by a Chief Superintendent.
H.A. Stuart, Inspector General of Police, Madras Presidency was appointed Secretary of All India Police Commission.
1905
Police Training School was strengthened and equipped to train the new cadre of Sub-Inspectors who were to replace the old Station House Officers (who were Head Constables).
1906
Criminal Investigation Department was established. F.Fawcett was appointed as DIG.
1909
The King's Police Medal was instituted for Gallantry and Distinguished Service.
1912
Presidency Police Sports inaugurated.
1919
Diwan Bahadur Parankusam Naidu was appointed as Commissioner of Police - the first Indian to occupy the post.
P.B. Thomas, I.P., became the first Police Officer to be appointed as Inspector General of Police to head the Police Department.
1921
Malabar Special Armed Police was formed in the wake of Moplah rebellion.
1923
H.G. Stokes appointed as Special Officer for re-organisation of Armed Reserves and Special Police Parties. MSP equipped with " Marconi" wireless sets.
First Police Organisation to use wireless for operations in Madras State.
1928
The CID was divided into Special Branch and Crime Branch
1929
Madras City Police re-organised with functional divisions of Crime, Law and Order and Traffic.
1931
Statutory rules for the Madras Police Subordinate Service come into force.
1935
"Village Vigilance Committees" constituted to enlist public Co-Operation.
1946
Police Wireless commissioned. Capt.D.R. Clamp appointed as first Police Wireless Officer.
1947
T.G. Sanjeevi, from Madras became the first Indian to occupy the Post of Director, Intelligence Bureau, New Delhi.
1951
Madras Police Dog squad was formed. Madras became the pioneer in India after Independence to use dogs in the prevention and detection of crime.
1956
Police Radio Office established.
Single Digit Finger Print Section was established in the Finger Print Bureau.
1957
Headquarters of the MSP (Tamil Nadu) was shifted to Thiruchirapalli.
1959
Centenary year of Tamil Nadu Police.
1960
Police Research Center (PRC) was formed.
1961
Dog squad established at Madurai.
Government sanctioned to establish State Forensic Science Laboratory.
1963
City Police Hospital at Madras (Originally formed as a dispensary) was converted as a full fledged Hospital.
Home Guards was created to assist police.
H.A. Stuart, Inspector General of Police, Madras Presidency was appointed Secretary of All India Police Commission.
1971
"Police Computer Wing", Madras was established. Tamil Nadu was the first State to start Computerisation.
Tamil Nadu Police Commission set up under the Chairmanship of Thiru Gopalswamy Iyengar.
Special Cell CID was formed to deal with extremist's activities. This was later known as Q' Branch CID.
1973
Women Constables and Women SI recruited in Tamil Nadu Police for first time.
1976
Police Transport Workshop cum training school, Avadi started functioning.
Security Branch was constituted in CID.
1979
Post of Director General of Police was created to head the Police Department
E.L. Stracey I.P. was the first Director General of Police of Tamil Nadu.
1981
Tamil Nadu Police Housing Corporation was formed.
1984
Forest Cell CID, Madras was formed.
1985
Raising of T.S.P. VIII and T.S.P IX Battalions.
1987 Go To Top
Regional Police Transport workshop was opened at Trichy.
1989
Tamil Nadu Police Housing Corporation merged with TN Housing Board.
Police Commission appointed under the Chairmanship of former Chief Secretary Thiru Sabanayagam .Dr.R.Rajagopalan I.P.S.,appointed as the Member Secretary of the Commission.
Control Room was opened in the Directorate of Civil Defence.
1991
Uniformed Service Recruitment Board was constituted for the recruitment of personnel in the non-gazetted category for the uniformed departments -Police, Prison and Fire Services.
Once again the TN Police Housing Corporation Started Functioning as a separate entity
1992
Special Security Group established
First Women Police Station,was opened at Thousand Lights,Chennai,headed by an Woman Inspector.Subsequently Women Police Stations were opened in all districts.
1993
Separate establishment for Human Rights was formed.
Special task Force was formed.
1994
Coastal Security Group,first of its kind in the country constituted to strengthen the security of 1000 km-long Tamil Nadu coast line.
1995
Chief Office Shifted to "Government House",Government Estate,Chennai.
First phase of the Pilot Project on Computerisation of Police Stations was introduced in 4 Police Stations.
1997
Swift Action Force (SAF)formed to deal with communal riots.
2001
In th new Millennium,Tamil Nadu Police has a Strength of 91,341.There are 11 Police ranges, 32 police Districts including 2 railway Districts,6 commissionerates,189 Sub Divisions,287 Circles and 1276 Police Stations including Women Police Stations.
2002
"Police Personnel Grievance Redressal Day" was conducted by Hon'ble CM.
Four Zones created, each headed by an IGP with headquarters at Chennai,Coimbatore,Trichy and Madurai.
2003
One Mobile Police Station and 80 Highway patrol vehicles introduced to improve highway surveillance and reduce accidents.
117 police Clubs opened all over the State.
2004
"Woman Police Battalion of Tamilnadu Special Police " formed -the first such battalion in India.
STF succeeded "Operation Cocoon" in which the notorious bandit Veerappan was killed.
"Integrated Modern Police Control Room" opened at Chennai City.
2005
Merging of Chengai East District with the Commissionerate of Chennai city Police.The greater Chennai Police now has a jurisdiction over 588.7 Sq.Kms,with 156 Police Stations,the largest Commissionerate in the country.
A new building for State Crime Records Bureau(SCRB) inagurated. The SCRB building is a State-of-the-art facility for the Finger Print Bureau,Police Computer Wing,Modus Operandi Bureau and Statistical Wing.
2006
Asia's Largest and Modern Prison called Puzhal Prison was inaugurated.
2007
Sesquicentennial(150 Years)1856-2006 of the Chennai Police Celebrated.
Ariyalur District was newly formed, bifurcating the erstwhile Perambalur District.
Hyundai Motors Ltd., Presented 100 Hyundai Accent Cars as a goodwill gesture to augment the Chennai City Patrolling fleet. Thus Chennai Police is the only force in the country having a fleet of sedans.
2008 Go To Top
Tamil Nadu Police Celebrated Sesquicentennial (150 Years).
The Chennai Police has been bifurcated as Chennai City Police Commissionerate and Chennai Sub- Urban Commissionerate.
The Tamil Nadu Police Academy has been inagurated at Oonamancheri, Vandalur, Chennai.
The DGP, Tamil Nadu launched the redesigned Tamil Nadu Police Official Website with eGovernance facility.
2009
01.07.09 National Security Guard hub was opened at Chennai.
01.09.09 Senior IPS officer Ms Letika Saran IPS became the first woman DGP in Tamil Nadu Police
18.10.09 Hon'ble CM M.karunanidhi unveiled a new Police Memorial at DGP office to commemorate the police personnel who laid down their lives while discharging duty.
2010
An Organised Crime Intelligence Unit (OCIU) starts function under the Intelligence Wing of the Tamil Nadu police.
13.01.10
Ms Letika Saran IPS., an officer of 1976 batch, has taken over charge as DGP(law and order), Tamil Nadu. Tamil Nadu's first woman director general of police (DGP) and the second woman in the country to head a state police force.
23.09.10 New annexe building opened at DGP office.
Nitish Murder
Neelam Katara today termed it as "shocking" that a Delhi Court did not consider the murder of her son Nitish Katara as an "honour killing" when it was established he was eliminated for his intimacy with Bharti Yadav, sister of main accused Vikas and Vishal Yadav.
"I am shocked that the court had not considered it as a case of honour killing. I think there is a lapse of clarity on the issue of honour killing," Neelam said to mediapersons after the court sentenced Sukhdev Pehalwan, the third convict in the case, to life imprisonment.
Unhappy with the sentence awarded to Pehalwan, she said her son's "murderer should be awarded death penalty" and she would approach the Delhi high court for enhancement of the punishment.
"This is a case of honour killing. The Supreme Court had recently said that convicts of honour killing cases should be awarded death penalty. I too want death penalty for the convict in this case," Neelam said.
She said the court has said that if near and dear ones of the accused family had been murdered, then it would consider it as a case of honour killing.
"It is a complete misconception. I am shocked that it was not considered to be a case of honour killing," she said.
She also said her plea seeking enhancement of the punishment awarded to Vikas and Vishal Yadav in the murder case is still pending in the high court.
A Delhi court on Tuesday sentenced Sukhdev Pehalwan, a third accused in the 2002 Nitish Katara murder case, to life imprisonment. He was earlier convicted of destruction of evidence and kidnapping the victim.
Additional Sessions Judge J R Aryan had held Sukhdev gulity on July 6 for helping the two accused Vikas Yadav and his cousin brother Vishal Yadav in abducting and killing Nitish Katara. The court also awarded a fine of Rs 20,000 to Pehalwan.
Vikas Yadav is the son of former Rajya Sabha member D P Yadav and Vishal is his nephew. They were convicted in the murder and sentenced to life imprisonment in 2008. Both are serving their life term in Tihar jail.
Nitish Katara was a business executive. He was killed for his relationship with Vikash and Vishal Yadav's sister Bharti Yadav. Nitish was missing on February 16, 2002 and after four days he was found dead near Hapur.
"I am shocked that the court had not considered it as a case of honour killing. I think there is a lapse of clarity on the issue of honour killing," Neelam said to mediapersons after the court sentenced Sukhdev Pehalwan, the third convict in the case, to life imprisonment.
Unhappy with the sentence awarded to Pehalwan, she said her son's "murderer should be awarded death penalty" and she would approach the Delhi high court for enhancement of the punishment.
"This is a case of honour killing. The Supreme Court had recently said that convicts of honour killing cases should be awarded death penalty. I too want death penalty for the convict in this case," Neelam said.
She said the court has said that if near and dear ones of the accused family had been murdered, then it would consider it as a case of honour killing.
"It is a complete misconception. I am shocked that it was not considered to be a case of honour killing," she said.
She also said her plea seeking enhancement of the punishment awarded to Vikas and Vishal Yadav in the murder case is still pending in the high court.
A Delhi court on Tuesday sentenced Sukhdev Pehalwan, a third accused in the 2002 Nitish Katara murder case, to life imprisonment. He was earlier convicted of destruction of evidence and kidnapping the victim.
Additional Sessions Judge J R Aryan had held Sukhdev gulity on July 6 for helping the two accused Vikas Yadav and his cousin brother Vishal Yadav in abducting and killing Nitish Katara. The court also awarded a fine of Rs 20,000 to Pehalwan.
Vikas Yadav is the son of former Rajya Sabha member D P Yadav and Vishal is his nephew. They were convicted in the murder and sentenced to life imprisonment in 2008. Both are serving their life term in Tihar jail.
Nitish Katara was a business executive. He was killed for his relationship with Vikash and Vishal Yadav's sister Bharti Yadav. Nitish was missing on February 16, 2002 and after four days he was found dead near Hapur.
Monday 11 July 2011
Oil Survey
Crude oil futures may test $100 this week on expectations the second-quarter U.S.
Last week, NYMEX crude for August delivery settled at $96.20 a barrel on Friday, rising $1.26, or 1.3 percent, for the week. Meanwhile, front-month Brent settled Friday at $118.33 a barrel, up $6.56 a barrel or 5.87 percent.
Last week, NYMEX crude for August delivery settled at $96.20 a barrel on Friday, rising $1.26, or 1.3 percent, for the week. Meanwhile, front-month Brent settled Friday at $118.33 a barrel, up $6.56 a barrel or 5.87 percent.
Gains may continue this week. Out of nine respondents, five are calling for prices to rise, one says prices will be little changed while three expect a decline. The CNBC Survey correctly predicted the direction of oil prices last week.
2G spectrum scam fallout
the Supreme Court that it plans to attach properties of DMK-controlled Kalaignar TV under the Prevention of Money Laundering Act in a month.
This is for the Rs.200 crore Swan Telecom allegedly paid it as quid pro quo for 2G spectrum allotted to the teleco by the then telecom minister A Raja. The ED also told the court that it will complete attachment of assets of Etisalat DB (formerly Swan) for alleged violations of foreign direct investment norms.
Senior counsel KK Venugopal presented a fresh status report on ED investigations in the 2G scam to a bench comprising Justice GS Singhvi and Justice AK Ganguly. Foreign Exchange Management Act violation complaints against DB group, Virgin Mobile , Milky Way Developers and ETA Star group have also been noticed in its preliminary inquiry, the ED counsel said.
Reading out part of ED's report, Venugopal said there was Fema violation totaling Rs.2,100 crore in the four cases. According to ED official, the four companies had brought in foreign investments without complying with mandatory requirement of prior intimation of the Reserve Bank of India.
Venugopal said that ED will start attaching properties after filing chargesheets in the 2G spectrum scam case. Under the Prevention of Money Laundering Act, or PMLA, the attachment proceedings were independent of the trial. Adjudication and confiscation of properties could take place even during pendency of the trial.
This is for the Rs.200 crore Swan Telecom allegedly paid it as quid pro quo for 2G spectrum allotted to the teleco by the then telecom minister A Raja. The ED also told the court that it will complete attachment of assets of Etisalat DB (formerly Swan) for alleged violations of foreign direct investment norms.
Senior counsel KK Venugopal presented a fresh status report on ED investigations in the 2G scam to a bench comprising Justice GS Singhvi and Justice AK Ganguly. Foreign Exchange Management Act violation complaints against DB group, Virgin Mobile , Milky Way Developers and ETA Star group have also been noticed in its preliminary inquiry, the ED counsel said.
Reading out part of ED's report, Venugopal said there was Fema violation totaling Rs.2,100 crore in the four cases. According to ED official, the four companies had brought in foreign investments without complying with mandatory requirement of prior intimation of the Reserve Bank of India.
Venugopal said that ED will start attaching properties after filing chargesheets in the 2G spectrum scam case. Under the Prevention of Money Laundering Act, or PMLA, the attachment proceedings were independent of the trial. Adjudication and confiscation of properties could take place even during pendency of the trial.
Infosys Q1 net rises 15.72 per cent at Rs 1722 crore
The country's second largest software firm Infosys on Tuesday reported a 15.72 per cent jump in consolidated net profit to Rs 1,722 crore for the first quarter ended June 30, 2011.
The company had posted a net profit of Rs 1,488 crore for the same quarter of the previous fiscal (2010-11).
The company's revenues rose to Rs 7,485 crore in the first quarter from Rs 6,198 crore in the year-ago period, up 20.76 per cent.
Infosys expects revenues to be in the range of Rs 7,699 crore and Rs 7,810 crore (y-o-y growth of 10.8 per cent to 12.4 per cent) for the quarter ending September 30, 2011.
In addition, the company forecast its revenues would be in the range of Rs 31,777 crore and Rs 32,311 crore (y-o-y growth of 15.5 per cent to 17.5 per cent) for the fiscal ended March 31, 2012.
The company had posted a net profit of Rs 1,488 crore for the same quarter of the previous fiscal (2010-11).
The company's revenues rose to Rs 7,485 crore in the first quarter from Rs 6,198 crore in the year-ago period, up 20.76 per cent.
Infosys expects revenues to be in the range of Rs 7,699 crore and Rs 7,810 crore (y-o-y growth of 10.8 per cent to 12.4 per cent) for the quarter ending September 30, 2011.
In addition, the company forecast its revenues would be in the range of Rs 31,777 crore and Rs 32,311 crore (y-o-y growth of 15.5 per cent to 17.5 per cent) for the fiscal ended March 31, 2012.
Thursday 7 July 2011
Thursday dealt a big blow to the Sun TV share prices
Also, there are allegations of a linkage between licences issued to Aircel during Dayanidhi’s tenure as communications minister and equity investment in Sun group-owned Sun Direct TV by the Malaysia-based Astro All Asia Networks. In early 2007, Astro All Asia Networks announced that it was picking up a 20 percent stake in Sun Direct for $166 million.
The stock slide was momentary as after the initial dip from Rs 320 to Rs 305, the stock has moved higher to the Rs 326 level. Screen grab from ibnlive.com
The stock slide was momentary as after the initial dip from Rs 320 to Rs 305, the stock has moved higher to the Rs 326 level. In a report on the company after the initial fall in share price in June 2011 when the Maran family was dragged to the controversy, Motilal Oswal came out with a ‘Buy’ report suggesting that Sun TV has a robust business model and it can withstand political/regulatory headwinds.
Sun TV has a high market share and infrastructure which has acted as a high entry barrier across markets. There was news of nationalisation of the cable network in Tamil Nadu. However, implementation due to under-declaration is an issue. Furthermore, cable network is not a state subject. Sun TV’s business model of sharing revenue with content providers has helped the company maintain the quality of its programme and high viewership.
Sun TV has a well diversified business with 50-60 percent of the revenue coming from non-Tamil markets. Around half of its revenue is from the non-GEC (general entertainment channel) space.
History of Dayanidhi Maran
Born and brought up in Chennai, he is a graduate in economics from Loyola College and completed his schooling from Don Bosco, Egmore, Chennai. He also attended the Harvard Business School at Harvard University, USA for various post graduation programmes.
Maran is the son of late Murasoli Maran, who by profession was a journalist , scriptwriter and a politician and once served the Union Cabinet.
A avid book lover with quest for knowledge, his interests vary from current affairs, global trade, finance, information technology to commerce. Maran is also a well known Amateur Radio Operator. His official website boasts that he likes to play tennis, golf and cricket.
Maran was the Communication and Information Technology Minister in 2004, before becoming the Minister for Textiles in the Union Cabinet in 2009.
After Maran took over as the Minister for Communication and Information Technology, there was a tremendous decrease in the the call rates of land line and telephone, thus increasing the number of mobile subscribers in the country than before.
His brother, Kalanidhi Maran and the owner of SUN TV Network was listed as one of the richest Indians in the Forbes magazine.
Surrounded by several controversies Maran was alleged to have knowingly delayed the granting of licenses to Shivashankaran, the owner of Aircel. The charges against him include that Maran's brother Kalanidhi's SUN TV received a benefit of Rs 750 crore because of Maran.
Media reports claimed that Maran forced C Sivasankaran, the owner of Aircel to sell the telecom company to his Malaysia based friend Ananda Krishnan in 2006. All this was published in Tehelka, a weekly magazine. In a fit of fury, Maran sent a legal notice to the magazine, which exposed him.
Under the scanner from the CBI, Maran was charged by the agency for misusing 323 telephone lines, while he was the Telecom Minister, which in turn caused the country a huge loss.
Maran has also been accused of asking 33.33% share from Tata Sky for his brother's Sun TV Network. Maran asked the newspapers which published the report to apologise to him and demanded a compensation of Rs 1 crore from Jaya TV, Thina Mani and Indian Express in an attempt to defame him.
Maran was removed from his post as the Union Minister after a Tamil daily newspaper, Dinakaran owned by his brother Kalanidhi Maran published a survey which favoured, MK Stalin, Karunanidhi's son as his heir when compared to his brother Muthuvel Karunanidhi Azhagiri. The outraged supporters of Azhagiri burnt the office of Dinakaran and the conflict left at least 3 people dead with many injured.
As evidences against him have become stronger after his name appeared in the the 2G spectrum scam, Maran quit the office on Jul 7.
Maran’s resignation , saysThe AIADMK chief
Describing Dayanidhi Maran’s resignation as Union Textile Minister as ‘long overdue’, Tamil Nadu Chief Minister J Jayalalithaa on Thursday said Prime Minister Manmohan Singh should have made him quit long ago.
“This is something long overdue. The Prime Minister should have made him resign long ago,” she told reporters in Chennai.
The AIADMK chief, who had earlier demanded that Mr. Maran should resign or Prime Minister should sack him, was responding to reporters’ queries on the exit of Mr. Maran over the 2G scam.
Asked if this was the “end of DMK,” with yet another top party leader becoming a casualty to the 2G scam, Ms. Jayalalithaa said ‘end of DMK had already been decided by the people,’ apparently referring to its rout in April 13 Assembly polls.
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