General Affairs
Mamata Banerjee Elected Trinamool Congress Legislature Party Leader, Stakes Claim To Government
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KOLKATA: Mamata Banerjee was today unanimously elected as the leader of the Trinamool Congress legislature party at its meeting in Kolkata.
TMC secretary general Partha Chatterjee, who was re-elected from Behala Paschim seat, proposed her name which was seconded by all the newly-elected MLAs of the party.
Ms Banerjee later met Governor Keshri Nath Tripathi at Raj Bhavan to stake claim to form the new government.
After meeting the Governor, Ms Banerjee said, "May 20 (today) is an auspicious day because it was on this day in 2011 our government took oath after the 'poribortan' (change)... So we have come to meet the Governor and give him a letter on behalf of our party."
TMC leaders Sudip Bandyopadhyay, Subrata Bakshi, Saugata Roy and Mukul Roy accompanied her to Raj Bhavan.
Ms Banerjee, who met all newly-elected MLAs of the party at her residence, exhorted them to reach out to the people.
"At the meeting our leader Mamata Banerjee told us to reach out to the masses as their is no place for complacency.
She said those who were defeated, lost due to their arrogance and advised us to be down to earth," a TMC MLA who was present at the meeting said.
TMC sources said the party has decided that it would aim to play a deciding role in the 2019 Lok Sabha polls.
"Our aim is now 2019 Lok Sabha polls, so our party leadership has decided that after this year's Durga Puja, we will work towards that. Our leaders will frequently visit Delhi," sources said.
TMC secretary general Partha Chatterjee, who was re-elected from Behala Paschim seat, proposed her name which was seconded by all the newly-elected MLAs of the party.
Ms Banerjee later met Governor Keshri Nath Tripathi at Raj Bhavan to stake claim to form the new government.
After meeting the Governor, Ms Banerjee said, "May 20 (today) is an auspicious day because it was on this day in 2011 our government took oath after the 'poribortan' (change)... So we have come to meet the Governor and give him a letter on behalf of our party."
Ms Banerjee, who met all newly-elected MLAs of the party at her residence, exhorted them to reach out to the people.
"At the meeting our leader Mamata Banerjee told us to reach out to the masses as their is no place for complacency.
She said those who were defeated, lost due to their arrogance and advised us to be down to earth," a TMC MLA who was present at the meeting said.
TMC sources said the party has decided that it would aim to play a deciding role in the 2019 Lok Sabha polls.
"Our aim is now 2019 Lok Sabha polls, so our party leadership has decided that after this year's Durga Puja, we will work towards that. Our leaders will frequently visit Delhi," sources said.
Another Tiger Dies In Bandhavgarh, 21 Dead Since May 2015
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UMARIA, MADHYA PRADESH: An old male tiger, known as 'BTR-63', has died in the Bandhavgarh Tiger Reserve, taking the death toll of the big cat in Madhya Pradesh to 21 since last May.
"BTR-63 died in an enclosure where he was being treated yesterday. He was 12 to 13 years old," said Raman Shrivastava, the Reserve Field Director.
The animal had been unwell for the last two years and had been put in the enclosure in November for treatment for injuries.
BTR-63 was a major attraction of the park in the past, Mr Shrivastava said.
Another tiger died at the Bandhavgarh Tiger Reserve on April 10 and some activists had alleged that it died because of the overdose of sedatives while being tranquilised after it mauled two forest officials.
Forest officials had denied this, saying that it died because of the injuries sustained during a territorial fight with another tiger.
The latest death takes the number of tigers which died in Madhya Pradesh forests since May 2015 to 21.
A month ago, the National Tiger Conservation Authority had sent its team to the state to investigate the spate of tiger deaths.
"BTR-63 died in an enclosure where he was being treated yesterday. He was 12 to 13 years old," said Raman Shrivastava, the Reserve Field Director.
The animal had been unwell for the last two years and had been put in the enclosure in November for treatment for injuries.
BTR-63 was a major attraction of the park in the past, Mr Shrivastava said.
Another tiger died at the Bandhavgarh Tiger Reserve on April 10 and some activists had alleged that it died because of the overdose of sedatives while being tranquilised after it mauled two forest officials.
Forest officials had denied this, saying that it died because of the injuries sustained during a territorial fight with another tiger.
The latest death takes the number of tigers which died in Madhya Pradesh forests since May 2015 to 21.
A month ago, the National Tiger Conservation Authority had sent its team to the state to investigate the spate of tiger deaths.
Chhagan Bhujbal Seeks Bail From High Court On Medical Grounds
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MUMBAI: Former Maharashtra Deputy Chief Minister Chhagan Bhujbal, incarcerated in an alleged money laundering case, today applied for bail on health grounds in the Bombay High Court which asked the Enforcement Directorate to produce him before a medical board for examination.
Justice Ajay Gadkari asked the ED to present 69-year-old Chhagan Bhujbal before a government-constituted medical board of senior doctors to seek an opinion about his health and submit its report on May 27.
The court would decide the bail plea after going through the report of the board.
Mr Bhujbal had sought bail on health grounds saying he had multiple problems, including diabetes, blood pressure, chronic asthma and blockages in heart.
His counsel Amit Desai today submitted that Mr Bhujbal was not in good health and urged the court to consider the risk factors involved before deciding on his bail plea.
Public Prosecutor Purnima Kantharia opposed Mr Bhujbal's bail plea, saying he has been getting good treatment at government hospitals.
However, the judge was of the view that an opinion should be obtained from an independent panel of doctors.
On May 13, a Special Court for Prevention of Money Laundering Act (PMLA) had rejected the bail petition of Mr Bhujbal, following which he moved the high court.
Judge PR Bavake of PMLA court had rejected the bail petition after the ED objected saying investigations were still on and he was getting proper treatment in government hospitals.
On behalf of the senior NCP leader, his lawyer pleaded that Mr Bhujbal was in custody for nearly two months and was suffering from multiple health problems for which he needed to undergo treatment.
Mr Bhujbal was arrested on March 14 by the ED on charges of money laundering in the Maharashtra Sadan scam.
The Anti-Corruption Bureau had filed an FIR against Mr Bhujbal after it found irregularities in construction of Maharashtra Sadan in Delhi which was built at a cost of Rs. 100 crore. It is alleged that the contractor had given kickbacks to Mr Bhujbal.
Another FIR was filed by the ACB against Mr Bhujbal in which it was alleged that he had received kickbacks in awarding the contract of state central library in Kalina campus of Mumbai University.
Mr Bhujbal is currently lodged in Central prison at Arthur Road in Mumbai along with his nephew and former MP Sameer Bhujbal, who was also arrested in the same case on similar charges.
Justice Ajay Gadkari asked the ED to present 69-year-old Chhagan Bhujbal before a government-constituted medical board of senior doctors to seek an opinion about his health and submit its report on May 27.
The court would decide the bail plea after going through the report of the board.
Mr Bhujbal had sought bail on health grounds saying he had multiple problems, including diabetes, blood pressure, chronic asthma and blockages in heart.
His counsel Amit Desai today submitted that Mr Bhujbal was not in good health and urged the court to consider the risk factors involved before deciding on his bail plea.
Public Prosecutor Purnima Kantharia opposed Mr Bhujbal's bail plea, saying he has been getting good treatment at government hospitals.
However, the judge was of the view that an opinion should be obtained from an independent panel of doctors.
On May 13, a Special Court for Prevention of Money Laundering Act (PMLA) had rejected the bail petition of Mr Bhujbal, following which he moved the high court.
Judge PR Bavake of PMLA court had rejected the bail petition after the ED objected saying investigations were still on and he was getting proper treatment in government hospitals.
On behalf of the senior NCP leader, his lawyer pleaded that Mr Bhujbal was in custody for nearly two months and was suffering from multiple health problems for which he needed to undergo treatment.
Mr Bhujbal was arrested on March 14 by the ED on charges of money laundering in the Maharashtra Sadan scam.
The Anti-Corruption Bureau had filed an FIR against Mr Bhujbal after it found irregularities in construction of Maharashtra Sadan in Delhi which was built at a cost of Rs. 100 crore. It is alleged that the contractor had given kickbacks to Mr Bhujbal.
Another FIR was filed by the ACB against Mr Bhujbal in which it was alleged that he had received kickbacks in awarding the contract of state central library in Kalina campus of Mumbai University.
Mr Bhujbal is currently lodged in Central prison at Arthur Road in Mumbai along with his nephew and former MP Sameer Bhujbal, who was also arrested in the same case on similar charges.
PM Modi To Meet Obama At White House On June 7, Will Address Congress
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WASHINGTON: Prime Minister Narendra Modi will meet US President Barack Obama at the White House on June 7 to discuss security and other issues.
In a statement, the White House said the leaders will discuss economic growth, climate change, clean energy, and security and defense cooperation during the meeting on June 7, which follows President Obama's trip to Delhi in January 2015.
"The visit will highlight the deepening of the U.S.-India relationship in key areas," the statement said. The two countries' partnership is seen as critical in Washington, which is seeking to counterbalance China's increasing power.
U.S. House Speaker Paul Ryan has also invited PM Modi to address a joint meeting of Congress during his Washington visit, an opportunity extended to few foreign leaders. The PM has accepted the invitation, the first offered to a foreign leader this year.
"The main objective of the forthcoming visit of the Prime Minister would be to consolidate the progress made in diverse areas such as economy, energy, environment, defence and security, and to intensify cooperation for the future," said a statement from the Foreign Ministry which also said that the PM will meet top CEOs during his visit.
In a statement, the White House said the leaders will discuss economic growth, climate change, clean energy, and security and defense cooperation during the meeting on June 7, which follows President Obama's trip to Delhi in January 2015.
"The visit will highlight the deepening of the U.S.-India relationship in key areas," the statement said. The two countries' partnership is seen as critical in Washington, which is seeking to counterbalance China's increasing power.
U.S. House Speaker Paul Ryan has also invited PM Modi to address a joint meeting of Congress during his Washington visit, an opportunity extended to few foreign leaders. The PM has accepted the invitation, the first offered to a foreign leader this year.
"The main objective of the forthcoming visit of the Prime Minister would be to consolidate the progress made in diverse areas such as economy, energy, environment, defence and security, and to intensify cooperation for the future," said a statement from the Foreign Ministry which also said that the PM will meet top CEOs during his visit.
Modi Boosted As Gandhi Slide Continues In India State Polls
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Prime Minister Narendra Modi's main national opponents lost control of two Indian states on Thursday, diluting their ability to thwart legislation that's key to his reform agenda.
The once-mighty Congress party lost to Modi's Bharatiya Janata Party in Assam, ending its 15-year rule in the northeastern state. The Gandhi dynasty's political organization also dropped the southern state of Kerala and was only ahead in Puducherry, a former French colony that has a quarter-million people -- some 40 times less than Delhi, the capital.
The results in five states accounting for a fifth of India's population were as good as Modi could hope for: His party only had a real shot of winning in Assam, reflecting its struggles to expand outside of Hindi-speaking areas. Two non-aligned regional power brokers -- Mamata Banerjee in West Bengal and J. Jayalalithaa in Tamil Nadu -- were both poised to hold onto power.
Still, the Congress party's losses are good for Modi: They will reduce its ability to block his reform measures in the upper house of parliament, where members are determined by state election results. While the body's composition won't change immediately because current members need to serve out fixed terms, the long-term trend favors Modi.
After Thursday's results, Congress will control outright just six of India's 29 states, down from 15 in 2013. Modi's party would hold power in 10 states, with regional parties and unwieldy coalitions leading the rest.
Congress is "losing its relevance" with the losses in Assam and Kerala, said U.R. Bhat, director at Dalton Capital Advisors India Pvt., a unit of U.K.-based Dalton Strategic Partnership LLP. Modi's party has a good working relationship with regional leaders and will seek to woo them to isolate Congress to pass the goods-and-services tax and other reforms.
West Bengal's Banerjee -- whose party has won or is leading in 215 of 294 seats -- is one of the regional leaders with a swing vote on economic reforms. On Thursday she reiterated support for Modi's goods-and-services tax even though her party, which is backed by one of India's largest Muslim populations, has accused Modi's Hindu nationalist BJP of policies that stoke social strife.
"We have differences in ideology with BJP which is why we cannot be with them," Banerjee said at a briefing in Kolkata. "We will support GST and anything that benefits people."
For more than a year, the upper house -- known as the Rajya Sabha -- has blocked passage of a national sales tax, which aims to unify more than a dozen levies that hinder trade across state lines. Modi has been more successful with other measures, including an overhaul of bankruptcy laws that passed this month.
Modi's Bharatiya Janata Party was ahead in 64 of 126 assembly seats in the small northeastern state of Assam, according to the Election Commission of India. The majority would be the BJP's first-ever victory in the region.
The Congress party has run India for about 80 percent of the time since independence in 1947. It's now led by Sonia Gandhi and her son Rahul Gandhi, the son, grandson and great grandson of Indian prime ministers.
"We accept the verdict of people with humility," Gandhi on Twitter on Thursday. "We will work harder till we win the confidence & trust of people."
The election results impacted the share prices of two Chennai-based television stations. Sun TV Network Ltd., which is linked to the party losing in Tamil Nadu, fell 11 percent in its biggest tumble since August. By contrast, Raj Television Network Ltd. surged 21 percent, the most on record, on speculation that it would benefit from more market share.
The broader Sensex Index fell 1.2 percent as stocks around the globe dropped on concern that the Federal Reserve would raise interest rates in June.
"The regional parties are the key parties in these elections," Jagannadham Thunuguntla, head of fundamental research at Karvy Stock Broking Ltd., said by phone from Hyderabad. "The BJP winning in Assam is positive from a sentiment point of view for the markets, but not from a numbers point of view in the Rajya Sabha."
The once-mighty Congress party lost to Modi's Bharatiya Janata Party in Assam, ending its 15-year rule in the northeastern state. The Gandhi dynasty's political organization also dropped the southern state of Kerala and was only ahead in Puducherry, a former French colony that has a quarter-million people -- some 40 times less than Delhi, the capital.
The results in five states accounting for a fifth of India's population were as good as Modi could hope for: His party only had a real shot of winning in Assam, reflecting its struggles to expand outside of Hindi-speaking areas. Two non-aligned regional power brokers -- Mamata Banerjee in West Bengal and J. Jayalalithaa in Tamil Nadu -- were both poised to hold onto power.
After Thursday's results, Congress will control outright just six of India's 29 states, down from 15 in 2013. Modi's party would hold power in 10 states, with regional parties and unwieldy coalitions leading the rest.
Congress is "losing its relevance" with the losses in Assam and Kerala, said U.R. Bhat, director at Dalton Capital Advisors India Pvt., a unit of U.K.-based Dalton Strategic Partnership LLP. Modi's party has a good working relationship with regional leaders and will seek to woo them to isolate Congress to pass the goods-and-services tax and other reforms.
West Bengal's Banerjee -- whose party has won or is leading in 215 of 294 seats -- is one of the regional leaders with a swing vote on economic reforms. On Thursday she reiterated support for Modi's goods-and-services tax even though her party, which is backed by one of India's largest Muslim populations, has accused Modi's Hindu nationalist BJP of policies that stoke social strife.
"We have differences in ideology with BJP which is why we cannot be with them," Banerjee said at a briefing in Kolkata. "We will support GST and anything that benefits people."
For more than a year, the upper house -- known as the Rajya Sabha -- has blocked passage of a national sales tax, which aims to unify more than a dozen levies that hinder trade across state lines. Modi has been more successful with other measures, including an overhaul of bankruptcy laws that passed this month.
Modi's Bharatiya Janata Party was ahead in 64 of 126 assembly seats in the small northeastern state of Assam, according to the Election Commission of India. The majority would be the BJP's first-ever victory in the region.
The Congress party has run India for about 80 percent of the time since independence in 1947. It's now led by Sonia Gandhi and her son Rahul Gandhi, the son, grandson and great grandson of Indian prime ministers.
"We accept the verdict of people with humility," Gandhi on Twitter on Thursday. "We will work harder till we win the confidence & trust of people."
The election results impacted the share prices of two Chennai-based television stations. Sun TV Network Ltd., which is linked to the party losing in Tamil Nadu, fell 11 percent in its biggest tumble since August. By contrast, Raj Television Network Ltd. surged 21 percent, the most on record, on speculation that it would benefit from more market share.
The broader Sensex Index fell 1.2 percent as stocks around the globe dropped on concern that the Federal Reserve would raise interest rates in June.
"The regional parties are the key parties in these elections," Jagannadham Thunuguntla, head of fundamental research at Karvy Stock Broking Ltd., said by phone from Hyderabad. "The BJP winning in Assam is positive from a sentiment point of view for the markets, but not from a numbers point of view in the Rajya Sabha."
Business Affairs
ITC reports Rs 2,495-crore net profit in Q4
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FMCG firm ITC on Friday reported an increase of 5.67 per cent in standalone net profit at Rs 2,495.20 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 2,361.18 crore during January-March quarter a year ago. Net sales of the Kolkata-based company were up 9.51 per cent at Rs 10,062.38 crore for the quarter under review as against Rs 9,188.25 crore in the previous fiscal, ITC said in a BSE filing.
The board has recommended dividend of Rs 8.50 per share for the financial year ended 31 March 2016
Stock of the company closed 1.55 per cent higher at Rs 329.95 on BSE.
FMCG firm ITC on Friday reported an increase of 5.67 per cent in standalone net profit at Rs 2,495.20 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 2,361.18 crore during January-March quarter a year ago. Net sales of the Kolkata-based company were up 9.51 per cent at Rs 10,062.38 crore for the quarter under review as against Rs 9,188.25 crore in the previous fiscal, ITC said in a BSE filing.
The board has recommended dividend of Rs 8.50 per share for the financial year ended 31 March 2016
Stock of the company closed 1.55 per cent higher at Rs 329.95 on BSE.
Some foreign investors target National Stock Exchange in rare shareholder backlash
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Some foreign investors are accusing National Stock Exchange of dragging its feet on an initial public offering, saying management is ignoring them and purging their views from minutes of meetings, letters and emails seen by Reuters show.
Five investors, who together own 10.1 per cent of India's biggest exchange by trading volumes, said "shareholder interest and corporate governance norms have been blatantly disregarded" as a result, according to a March 7 letter sent to the bourse and seen by Reuters, which has previously not been reported.
"The NSE is a model of poor corporate governance," said Sohil Chand, a managing director at US firm Norwest Venture Partners, one of the foreign funds that signed the letter, in an interview. "There is zero transparency and there's zero accountability."
An NSE spokesman rejected the accusations but declined to discuss individual letters.
"We do not want to respond to those misplaced concerns and motivated campaigns," the spokesman said in an email.
The investor letters and emails mark an escalation in a months-long battle between the exchange and these investors over a potential listing of the NSE.
The funds, some of which have invested in the NSE for almost a decade, want the exchange to list as soon as possible so that they can exit and pay back investors in their funds.
But the company has been reluctant because Indian law requires it to list on another exchange rather than on itself, which would expose it to being regulated by a rival bourse.
The NSE has said it is lobbying regulators for permission to self-list or be regulated by the country's securities regulator.
The fight is the latest sign that shareholder activism, though still rare, is beginning to gain traction in India, where companies face few challenges from investors and governance problems are common.
Most recently, Children's Investment Fund waged a two-year battle against Coal India (COAL.NS) and the government over accusations of mismanagement, which ended after the British-based hedge fund exited from its investment in 2014.
That increased activism is visible more broadly across Asia, as investors seek better returns amid ultra-low interest rates and sluggish global growth.
Recent examples include an unsuccessful public campaign by BlackRock Inc against a deal planned by a Hong Kong firm G-Resources Group Ltd, and high-profile battles waged against South Korea's Samsung Group and Japanese videogame maker Nintendo Co Ltd.
"NOT DRAGGING FEET"
In the case of NSE, the funds leading the campaign are all foreign institutional investors who invested in the market by buying stakes from earlier domestic institutional investors.
Other funds that signed the March 7 letter consist of a group of private equity and venture capital firms, most of which have funds based in Mauritius: Beacon India, GTI Capital, DVI and SAIF Partners.
An NSE board member who stepped down this year denied the investors' accusations and said the company had genuine concerns about listing on a separate exchange.
He said there had been a lot of misinformation regarding the NSE's stance.
"Some shareholders are getting very impatient. They think we are dragging our feet, which is not correct," he told Reuters, declining to be identified as he has not been authorized to speak by the exchange.
In equities, still the main part of the business, the NSE had average daily volumes of 171.9 billion rupees ($2.56 billion) in April, and it monitors governance across its more than 1,600 listed securities.
The older BSE Ltd, formerly known as Bombay Stock Exchange, had 27.3 billion rupees in average daily volumes last month.
Further rankling the NSE investors, BSE has said it will file a prospectus for an IPO within six to nine months as it aims to list by next year, probably on the NSE.
Tensions between the NSE and the five investors go back to at least the middle of last year, but the acrimony has intensified this year, letters and emails between these shareholders and the NSE show.
In February, the NSE sent minutes from a meeting to its shareholders, saying "all shareholders welcomed" developments such as the creation of a listing committee, according to a copy of the minutes seen by Reuters.
It also said there were "no conceptual issues against" a planned restructuring that would create a separate holding company to oversee operations, the minutes show.
The minutes prompted an angry response from the investors. In the March 7 letter, they said the minutes "misrepresent the true proceedings and discussions".
SAIF Managing Partner Ravi Adusumalli said his fund was ready to call for a replacement of management as well as the board if the exchange does not push for an IPO this year.
"We have been extremely reasonable for years now and have tried to work with management," said Adusumalli.
Some foreign investors are accusing National Stock Exchange of dragging its feet on an initial public offering, saying management is ignoring them and purging their views from minutes of meetings, letters and emails seen by Reuters show.
Five investors, who together own 10.1 per cent of India's biggest exchange by trading volumes, said "shareholder interest and corporate governance norms have been blatantly disregarded" as a result, according to a March 7 letter sent to the bourse and seen by Reuters, which has previously not been reported.
"The NSE is a model of poor corporate governance," said Sohil Chand, a managing director at US firm Norwest Venture Partners, one of the foreign funds that signed the letter, in an interview. "There is zero transparency and there's zero accountability."
An NSE spokesman rejected the accusations but declined to discuss individual letters.
"We do not want to respond to those misplaced concerns and motivated campaigns," the spokesman said in an email.
The investor letters and emails mark an escalation in a months-long battle between the exchange and these investors over a potential listing of the NSE.
The funds, some of which have invested in the NSE for almost a decade, want the exchange to list as soon as possible so that they can exit and pay back investors in their funds.
But the company has been reluctant because Indian law requires it to list on another exchange rather than on itself, which would expose it to being regulated by a rival bourse.
The NSE has said it is lobbying regulators for permission to self-list or be regulated by the country's securities regulator.
The fight is the latest sign that shareholder activism, though still rare, is beginning to gain traction in India, where companies face few challenges from investors and governance problems are common.
Most recently, Children's Investment Fund waged a two-year battle against Coal India (COAL.NS) and the government over accusations of mismanagement, which ended after the British-based hedge fund exited from its investment in 2014.
That increased activism is visible more broadly across Asia, as investors seek better returns amid ultra-low interest rates and sluggish global growth.
Recent examples include an unsuccessful public campaign by BlackRock Inc against a deal planned by a Hong Kong firm G-Resources Group Ltd, and high-profile battles waged against South Korea's Samsung Group and Japanese videogame maker Nintendo Co Ltd.
"NOT DRAGGING FEET"
In the case of NSE, the funds leading the campaign are all foreign institutional investors who invested in the market by buying stakes from earlier domestic institutional investors.
Other funds that signed the March 7 letter consist of a group of private equity and venture capital firms, most of which have funds based in Mauritius: Beacon India, GTI Capital, DVI and SAIF Partners.
An NSE board member who stepped down this year denied the investors' accusations and said the company had genuine concerns about listing on a separate exchange.
He said there had been a lot of misinformation regarding the NSE's stance.
"Some shareholders are getting very impatient. They think we are dragging our feet, which is not correct," he told Reuters, declining to be identified as he has not been authorized to speak by the exchange.
In equities, still the main part of the business, the NSE had average daily volumes of 171.9 billion rupees ($2.56 billion) in April, and it monitors governance across its more than 1,600 listed securities.
The older BSE Ltd, formerly known as Bombay Stock Exchange, had 27.3 billion rupees in average daily volumes last month.
Further rankling the NSE investors, BSE has said it will file a prospectus for an IPO within six to nine months as it aims to list by next year, probably on the NSE.
Tensions between the NSE and the five investors go back to at least the middle of last year, but the acrimony has intensified this year, letters and emails between these shareholders and the NSE show.
In February, the NSE sent minutes from a meeting to its shareholders, saying "all shareholders welcomed" developments such as the creation of a listing committee, according to a copy of the minutes seen by Reuters.
It also said there were "no conceptual issues against" a planned restructuring that would create a separate holding company to oversee operations, the minutes show.
The minutes prompted an angry response from the investors. In the March 7 letter, they said the minutes "misrepresent the true proceedings and discussions".
SAIF Managing Partner Ravi Adusumalli said his fund was ready to call for a replacement of management as well as the board if the exchange does not push for an IPO this year.
"We have been extremely reasonable for years now and have tried to work with management," said Adusumalli.
What are participatory notes? How does it feed black money monster?
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Market regulator Securities and Exchange Board of India (Sebi) on Thursday tightened the rules for participatory notes (P-Notes) holders in order to check on the black money menace.
Dalal Street feared the move may spook the domestic markets in Friday's trade, but the flat movement on the benchmark indices suggest investors may have taken the changed rules in their strides.
Economic Affairs Secretary Shaktikanta Das, in fact, said Sebi's decision on P-Note will add strength to Indian markets.
" Sebi Board's decision on P-Notes will add strength to our markets. Genuine investors and p-note holders will find it easy to comply," Economic Affairs Secretary Shaktikanta Das said in a tweet.
Below is your 10-point guide to understand everything about P-Notes and the recent Sebi move on the same:
- Participatory notes are the financial instruments through which individual foreign investors or hedge funds who do not want to disclose their identity can invest in Indian markets, otherwise registration with Sebi is a must to get an exposure into Indian equities.
- Registered foreign institutional investors (FIIs), foreign banks and brokerages based in India issue P-notes to foreign investors and invest in Indian stocks on their behalf. Any dividends or capital gains collected from the underlying securities go back to the investors.
- While a common investor has to fill up several KYC (know your customer) forms, provide PAN number and proof of address, etc, a P-Note investor can invest anonymously. This makes it a 'legal' way to route unaccounted wealth in Indian equities, thus feeding the black money monster.
- Other than politicians, bureaucrats or business-persons, even terror financiers are feared to misuse the P-Note route to fulfil illegal objectives.
- A Special Investigation Team (SIT) appointed by the Supreme Court, a few months ago, came out with a report on black money and exposed the links between Indian stock market and international tax havens.
- A flurry of suggestions SIT made to tackle the black buck menace, including cancelling the participation in the Indian markets by way of P-notes altogether.
- Taking cues from the suggestions, Sebi has now made it mandatory for the P-Notes holders to adhere to Indian Know your customer (KYC) or anti-money laundering (AML) norms.
- Sebi has also put curbs on the transfer-ability of P-notes between two foreign investors. Further, it has also increased the frequency of reporting by P-notes issuers.
- Brokerage Angel Broking said the new set of rules is likely to tighten the round tripping of money by Indian investors, but might see some slow down in the incremental funds flow in to Indian markets.
- The brokerage, however, believed foreign investors with a long term horizon in India should have no issues adhering to the new set of norms.
Market regulator Securities and Exchange Board of India (Sebi) on Thursday tightened the rules for participatory notes (P-Notes) holders in order to check on the black money menace.
Dalal Street feared the move may spook the domestic markets in Friday's trade, but the flat movement on the benchmark indices suggest investors may have taken the changed rules in their strides.
Economic Affairs Secretary Shaktikanta Das, in fact, said Sebi's decision on P-Note will add strength to Indian markets.
" Sebi Board's decision on P-Notes will add strength to our markets. Genuine investors and p-note holders will find it easy to comply," Economic Affairs Secretary Shaktikanta Das said in a tweet.
Below is your 10-point guide to understand everything about P-Notes and the recent Sebi move on the same:
- Participatory notes are the financial instruments through which individual foreign investors or hedge funds who do not want to disclose their identity can invest in Indian markets, otherwise registration with Sebi is a must to get an exposure into Indian equities.
- Registered foreign institutional investors (FIIs), foreign banks and brokerages based in India issue P-notes to foreign investors and invest in Indian stocks on their behalf. Any dividends or capital gains collected from the underlying securities go back to the investors.
- While a common investor has to fill up several KYC (know your customer) forms, provide PAN number and proof of address, etc, a P-Note investor can invest anonymously. This makes it a 'legal' way to route unaccounted wealth in Indian equities, thus feeding the black money monster.
- Other than politicians, bureaucrats or business-persons, even terror financiers are feared to misuse the P-Note route to fulfil illegal objectives.
- A Special Investigation Team (SIT) appointed by the Supreme Court, a few months ago, came out with a report on black money and exposed the links between Indian stock market and international tax havens.
- A flurry of suggestions SIT made to tackle the black buck menace, including cancelling the participation in the Indian markets by way of P-notes altogether.
- Taking cues from the suggestions, Sebi has now made it mandatory for the P-Notes holders to adhere to Indian Know your customer (KYC) or anti-money laundering (AML) norms.
- Sebi has also put curbs on the transfer-ability of P-notes between two foreign investors. Further, it has also increased the frequency of reporting by P-notes issuers.
- Brokerage Angel Broking said the new set of rules is likely to tighten the round tripping of money by Indian investors, but might see some slow down in the incremental funds flow in to Indian markets.
- The brokerage, however, believed foreign investors with a long term horizon in India should have no issues adhering to the new set of norms.
Number of crorepatis at Infosys drops by over 50%
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The crorepati club at software major Infosys saw a sharp decline from 113 in FY15 to 54 in FY16. According to a report , the huge fall in Infosys' crorepati count can be attributed to large number of bonuses, which the company paid to its employees in the year 2014-2015 to retain them.
In a bid to bring down attrition rate, the company had offered unprecedented bonuses and promotions to employees last year. Meanwhile, the company which is also the second largest software exporter has shown a jump in net profits for the quarter ended March 2016.
According to a BSE filing, Infosys posted a 16.2 per cent increase in consolidated net profit to Rs 3,597 crore for the quarter ended March 31, 2016, beating the street expectations. The company had earlier posted a net profit of Rs 3,097 crore in January-March of FY15.
Even though the number of crorepatis have come down, employees earning over Rs 60 lakh per annum increased to 260 in FY16. According to the company's annual report, the company had around 200 employees who received a salary of over Rs 5 lakh per month in FY15.
The crorepati club at software major Infosys saw a sharp decline from 113 in FY15 to 54 in FY16. According to a report , the huge fall in Infosys' crorepati count can be attributed to large number of bonuses, which the company paid to its employees in the year 2014-2015 to retain them.
In a bid to bring down attrition rate, the company had offered unprecedented bonuses and promotions to employees last year. Meanwhile, the company which is also the second largest software exporter has shown a jump in net profits for the quarter ended March 2016.
According to a BSE filing, Infosys posted a 16.2 per cent increase in consolidated net profit to Rs 3,597 crore for the quarter ended March 31, 2016, beating the street expectations. The company had earlier posted a net profit of Rs 3,097 crore in January-March of FY15.
Even though the number of crorepatis have come down, employees earning over Rs 60 lakh per annum increased to 260 in FY16. According to the company's annual report, the company had around 200 employees who received a salary of over Rs 5 lakh per month in FY15.
Power connection on demand soon, pay charges in EMIs: Piyush Goyal
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In a bid to make electricity available to all, the government plans to launch a scheme under which consumers can pay for the new connection in monthly installments over a period of 5 years and will be able to avail the service on demand.
"We are thinking of launching a campaign to make it compulsory to provide electricity connection to all. We want to provide this facility to everyone that if he or she asks for electricity connection then it must be provided," Power Minister Piyush Goyal said at a conference organised to mark the completion of two years of the NDA regime.
The minister further said, "Poor people get electricity connection free of cost. But for those who are above poverty line, the amount paid for new connection will be charged through equated monthly installments in five years. We are working on such scheme and soon launch it."
On Wednesday, the minister had said, "We want to keep it (application for power connection) simple. Then we would ask our people to get the power connection. We won't wait for them to apply."
He had also said, "I am actually telling my officers that they have to go to peoples' homes, make a simple half-page format, (ask them to) just give Aadhaar number, e-mail, address and mobile number, and sign it, saying I am desirous of a power connection and follow all rules and terms. That is it."
On the occasion, Goyal also advocated cross-subsidisation of power tariff and said, "Indian farmer deserves to get low cost power. We support cross subsidisation by larger commercial or industrial establishment for other consumers."
The minister also said the government is working on a policy for reverse auction for wind power projects on the lines of solar power projects, which witness lowering of tariff to below Rs 5 per unit.
At present, wind power projects are awarded on the basis of feed in tariff which is provided by the regulator on the basis of costs of land, equipment and other services.
About the village electrification, the minister expressed confidence the that the target of electrifying 18,452 villages will be achieved a year ahead of the set deadline of May 1, 2018.
"We will electrify all 18,452 villages by May 1, 2017, a year ahead of targetted deadline of May 1, 2018," the minister said.
However, he said that "there may be a few aberrations (consumers) that may be from very dense forest, left wind extremism affected area or possibly a consumer who does not want power or one does not apply for power."
"I am very confident with the achievement of the two years gone by and with the roadmap being prepared for next three years... (the government will achieve) transformational results," he added.
While Goyal was talking here about the government's initiatives to boost electricity supply in the country, there was a power outage for a few minutes at the conference venue.
In a bid to make electricity available to all, the government plans to launch a scheme under which consumers can pay for the new connection in monthly installments over a period of 5 years and will be able to avail the service on demand.
"We are thinking of launching a campaign to make it compulsory to provide electricity connection to all. We want to provide this facility to everyone that if he or she asks for electricity connection then it must be provided," Power Minister Piyush Goyal said at a conference organised to mark the completion of two years of the NDA regime.
The minister further said, "Poor people get electricity connection free of cost. But for those who are above poverty line, the amount paid for new connection will be charged through equated monthly installments in five years. We are working on such scheme and soon launch it."
On Wednesday, the minister had said, "We want to keep it (application for power connection) simple. Then we would ask our people to get the power connection. We won't wait for them to apply."
He had also said, "I am actually telling my officers that they have to go to peoples' homes, make a simple half-page format, (ask them to) just give Aadhaar number, e-mail, address and mobile number, and sign it, saying I am desirous of a power connection and follow all rules and terms. That is it."
On the occasion, Goyal also advocated cross-subsidisation of power tariff and said, "Indian farmer deserves to get low cost power. We support cross subsidisation by larger commercial or industrial establishment for other consumers."
The minister also said the government is working on a policy for reverse auction for wind power projects on the lines of solar power projects, which witness lowering of tariff to below Rs 5 per unit.
At present, wind power projects are awarded on the basis of feed in tariff which is provided by the regulator on the basis of costs of land, equipment and other services.
About the village electrification, the minister expressed confidence the that the target of electrifying 18,452 villages will be achieved a year ahead of the set deadline of May 1, 2018.
"We will electrify all 18,452 villages by May 1, 2017, a year ahead of targetted deadline of May 1, 2018," the minister said.
However, he said that "there may be a few aberrations (consumers) that may be from very dense forest, left wind extremism affected area or possibly a consumer who does not want power or one does not apply for power."
"I am very confident with the achievement of the two years gone by and with the roadmap being prepared for next three years... (the government will achieve) transformational results," he added.
While Goyal was talking here about the government's initiatives to boost electricity supply in the country, there was a power outage for a few minutes at the conference venue.
General Awareness
Indian born-American Technologist awarded for excellent teaching in US
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An Indian born American biotechnologist Rupa Iyer has honored with University of Houston’s highest teaching award for her continuous and significant contributions to education in United States.
Award: “Distinguished Leadership in Teaching Excellence Award”
Highest award given in teaching
About Rupa Iyer
- Associate Dean, Research and Graduate Studies at the University of Houston’s College of Technology
- Having ten or more years of teaching experience
- Made sustained and significant contributions to education
After receiving the award the Rupa Iyer stated that it was enduring journey as successful International Graduate Teaching Assistant and privilege and honor to head the Biotech Programme at University of Houston’s College.
- He expressed that her students continue to inspired her and motivate her to get new ideas and strategies to develop and enhance their Academic Progress.
Qualities of Rupa Iyer:
- She has been working with strong commitments towards impacting students since she was selected as director of the Biotechnology Programme
- Incorporate hands on experience with problem based learning and teaching
- The students would synchronise with the teaching on diverse biotechnology systems and develop presentation skills
- Part of the college since 2005 as associate professor was named Associate Dean of Research and Graduate Studies in 2014
- Research in the field of Environmental Biotechnology and its applications in Bioremediation
- Honored with many recognition, awards and grants for her outstanding contributions
- Recommended for the Fulbright Specialist Roster in 2015 after the approval from US Department of State’s Bureau of Educational and Cultural Affairs and the Institute of International Education’s Council for International Exchange of Scholars
An Indian born American biotechnologist Rupa Iyer has honored with University of Houston’s highest teaching award for her continuous and significant contributions to education in United States.Award: “Distinguished Leadership in Teaching Excellence Award”Highest award given in teaching
About Rupa Iyer- Associate Dean, Research and Graduate Studies at the University of Houston’s College of Technology
- Having ten or more years of teaching experience
- Made sustained and significant contributions to education
After receiving the award the Rupa Iyer stated that it was enduring journey as successful International Graduate Teaching Assistant and privilege and honor to head the Biotech Programme at University of Houston’s College.- He expressed that her students continue to inspired her and motivate her to get new ideas and strategies to develop and enhance their Academic Progress.
Qualities of Rupa Iyer:- She has been working with strong commitments towards impacting students since she was selected as director of the Biotechnology Programme
- Incorporate hands on experience with problem based learning and teaching
- The students would synchronise with the teaching on diverse biotechnology systems and develop presentation skills
- Part of the college since 2005 as associate professor was named Associate Dean of Research and Graduate Studies in 2014
- Research in the field of Environmental Biotechnology and its applications in Bioremediation
- Honored with many recognition, awards and grants for her outstanding contributions
- Recommended for the Fulbright Specialist Roster in 2015 after the approval from US Department of State’s Bureau of Educational and Cultural Affairs and the Institute of International Education’s Council for International Exchange of Scholars
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