General Affairs
7 instances when Jung had bitter tiff with Kejriwal
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The tenure of Delhi Lieutenant-Governor Najeeb Jung, who resigned today, will be remembered more for the spate of tussles he had with the territory-state's Chief Minister Arvind Kejriwal. The two top constitutional heads of Delhi sparred on several occasions over powers and decisions.
The hostility between the two had turned bitter enough for Kejriwal to say earlier this month that the L-G was acting like Hitler, following in footsteps of "his masters" Prime Minister Narendra Modi and BJP president Amit Shah. He accused Jung of selling his soul to Modi in order to become the Vice-president even though the PM would never appoint a Muslim to the post.
These are the seven instances when Jung and Kejriwal had serious differences.
1. DCW MEMBER SECRETARY
Earlier this month, Jung appointed IAS officer Dilraj Kaur as Member Secretary of Delhi Commission for Women (DCW). The move came eight days after Kejriwal had sought the removal of incumbent Alka Dewan, terming her appointment "unconstitutional" and against the consent of the Delhi government. PP Dhal assumed charge of as the "officiating" Member Secretary of the Commission following directions by Kejriwal.
2. OFFICIAL FILES
Jung had appointed a three member committee to look into 400 files submitted by the Kejriwal government. The committee was constituted to look into the "infirmities and irregularities" in the files.
3. DERC CHAIRPERSON
Jung scrapped the appointment of Krishna Saini as chairperson of Delhi Electricity Regulatory Commission (DERC) by the AAP government on grounds of legal infirmities. According to the L-G, Saini was appointed to the post without his approval as mandated under rules and procedures.
4. DELHI'S ADMINISTRATIVE HEAD
The fight between Jung and Kejriwal over administrative head's post even reached courts. The Delhi High Court held that the L-G is the administrative head of Delhi. The AAP government challenged the verdict in the Supreme Court. The Kejriwal government described the L-G as an "employee of the central government" in "a master-servant relationship". Delhi High Court decided that AAP is ruling a Union Territory and not a full state.
5. SWATI MALIWAL'S APPOINTMENT AS DCW CHAIRPERSON
Jung cancelled the appointment of Swati Maliwal as the DCW chairperson. In a statement, Jung's office insisted that the L-G is the sole authority in Delhi on major issues, including top appointments.
6. ACB'S POWERS
Delhi's Anti-Corruption Branch (ACB) became a battle turf between Jung and Kejriwal. It was torn between the appointees of the two. Kejriwal claimed that the ACB office has been "physically taken over" by Delhi Police. On the other hand, ACB chief MK Meena - a Jung appointee - accused the Delhi government of bypassing complaints meant to be sent to ACB.
7. CHIEF SECRETARY
In May, 2015, Delhi's then Chief Secretary KK Sharma went on leave to the US for a personal visit for 10 days. Jung appointed IAS officer Shakuntala Gamlin as the acting chief secretary of Delhi. Kejriwal called the appointment unconstitutional.
The tenure of Delhi Lieutenant-Governor Najeeb Jung, who resigned today, will be remembered more for the spate of tussles he had with the territory-state's Chief Minister Arvind Kejriwal. The two top constitutional heads of Delhi sparred on several occasions over powers and decisions.
The hostility between the two had turned bitter enough for Kejriwal to say earlier this month that the L-G was acting like Hitler, following in footsteps of "his masters" Prime Minister Narendra Modi and BJP president Amit Shah. He accused Jung of selling his soul to Modi in order to become the Vice-president even though the PM would never appoint a Muslim to the post.
These are the seven instances when Jung and Kejriwal had serious differences.
1. DCW MEMBER SECRETARY
Earlier this month, Jung appointed IAS officer Dilraj Kaur as Member Secretary of Delhi Commission for Women (DCW). The move came eight days after Kejriwal had sought the removal of incumbent Alka Dewan, terming her appointment "unconstitutional" and against the consent of the Delhi government. PP Dhal assumed charge of as the "officiating" Member Secretary of the Commission following directions by Kejriwal.
2. OFFICIAL FILES
Jung had appointed a three member committee to look into 400 files submitted by the Kejriwal government. The committee was constituted to look into the "infirmities and irregularities" in the files.
3. DERC CHAIRPERSON
Jung scrapped the appointment of Krishna Saini as chairperson of Delhi Electricity Regulatory Commission (DERC) by the AAP government on grounds of legal infirmities. According to the L-G, Saini was appointed to the post without his approval as mandated under rules and procedures.
4. DELHI'S ADMINISTRATIVE HEAD
The fight between Jung and Kejriwal over administrative head's post even reached courts. The Delhi High Court held that the L-G is the administrative head of Delhi. The AAP government challenged the verdict in the Supreme Court. The Kejriwal government described the L-G as an "employee of the central government" in "a master-servant relationship". Delhi High Court decided that AAP is ruling a Union Territory and not a full state.
5. SWATI MALIWAL'S APPOINTMENT AS DCW CHAIRPERSON
Jung cancelled the appointment of Swati Maliwal as the DCW chairperson. In a statement, Jung's office insisted that the L-G is the sole authority in Delhi on major issues, including top appointments.
6. ACB'S POWERS
Delhi's Anti-Corruption Branch (ACB) became a battle turf between Jung and Kejriwal. It was torn between the appointees of the two. Kejriwal claimed that the ACB office has been "physically taken over" by Delhi Police. On the other hand, ACB chief MK Meena - a Jung appointee - accused the Delhi government of bypassing complaints meant to be sent to ACB.
7. CHIEF SECRETARY
In May, 2015, Delhi's then Chief Secretary KK Sharma went on leave to the US for a personal visit for 10 days. Jung appointed IAS officer Shakuntala Gamlin as the acting chief secretary of Delhi. Kejriwal called the appointment unconstitutional.
Mumbai fishermen to protest against site chosen for Shivaji Memorial on Dec 24
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Fishermen in Mumbai are threatening to show black flags to PM Modi to protest against the laying of the foundation stone ceremony of Shivaji Maharaja Memorial along the coastline on December 24.
1. Prime Minister Modi will be coming to Mumbai to take part in the Samudra Poojan along the coastline, where a 400-feet statue of Shivaji Maharaja will come up. Shiv Sena chief Uddhav Thackeray will also be present on the occasion.
2. Spread over 15 hectares the project will cost more than 3600 crore rupees. The Shivaji statue in the Arabian sea will be the tallest in the world, bigger than even the Statue of Liberty.
3. The fishermen association is opposed to the setting up of the statue at this site as it feels doing so will lead to pollution and hamper their business.
4. "We are not against Shivaji's statue or memorial, but yes we are against the area which the government has identified for the same. That 42-acre area near the Arabian sea is a prime location where we get quality fishes. If construction starts there, it will affect our business. Where should we go then", said Damodar Tandel , president of the fishermen association.
5. Work on the memorial will be done in two phases. The memorial will have museum, exhibition gallery, amphitheatre, helipad and hospital. The memorial will showcase replicas of Shivaji forts.
6. The Maharashtra government has been holding talks with fishermen regarding this project since last year. But nothing has worked out so far. This project first came on paper during the
7. Congress-NCP regime, but now the BJP government is going to start work on it. "Why this place was selected for this statue? There are a lot of big, open spaces in and around Mumbai. If government is adamant on its stance, we will protest against the PM's visit on 24th. Our 4,000 to 5,000 fishing vessels will show him black flags during the ceremony", Tandel said.
8. Although it is a state government function, the BJP is taking full opportunity to trumpet this as its achievement ahead of BMC polls in 2017.
9. Meanwhile, the BJP plans to make the event a grand show. The BJP has included this project in its poll manifesto is leaving no stone unturned to make it a grand affair.
10. BJP workers have collected water from various rivers in the state and soil from forts of Shivaji Maharaj for the foundation-stone laying ceremony.
11. A float carrying the water and soil will move around in Mumbai on Friday and the water and soil will be handed over to Maharashtra CM Devendra Fadnavis at a grand ceremnony at the Gateway of India.
12. On the day of the Bhoomi poojan, places like the Bandra-worli Sealink, Girgaum Chowpatty, and Worli will witness attractive programs on the streets depicting the culture of Maharashtra.
13. "Descendants of Shivaji Maharaj Udayan Raje and Sambhaji Raje will accompany PM Modi. We have chosen 5 spots on the route of PM from Girgaum Chowpatty to BKC, where we will showcase the great culture of the state. We plan to make the city "Shiv-may" (full of Shivaji era)," said PWD Minister Chandrakant Dada Patil.
14. Meanwhile, the Opposition has called the project politically motivated. "The project was the idea of Congress and NCP Govt in the first place. The BJP govt had similarly performed the bhoomi poojan of Ambedkar memorial at the Indu Mill in a haste, but the project is yet to see the light of day. This is being done with a political motive ahead of the BMC polls", said NCP spokesperson Nawab Malik.
Fishermen in Mumbai are threatening to show black flags to PM Modi to protest against the laying of the foundation stone ceremony of Shivaji Maharaja Memorial along the coastline on December 24.
1. Prime Minister Modi will be coming to Mumbai to take part in the Samudra Poojan along the coastline, where a 400-feet statue of Shivaji Maharaja will come up. Shiv Sena chief Uddhav Thackeray will also be present on the occasion.
2. Spread over 15 hectares the project will cost more than 3600 crore rupees. The Shivaji statue in the Arabian sea will be the tallest in the world, bigger than even the Statue of Liberty.
3. The fishermen association is opposed to the setting up of the statue at this site as it feels doing so will lead to pollution and hamper their business.
4. "We are not against Shivaji's statue or memorial, but yes we are against the area which the government has identified for the same. That 42-acre area near the Arabian sea is a prime location where we get quality fishes. If construction starts there, it will affect our business. Where should we go then", said Damodar Tandel , president of the fishermen association.
5. Work on the memorial will be done in two phases. The memorial will have museum, exhibition gallery, amphitheatre, helipad and hospital. The memorial will showcase replicas of Shivaji forts.
6. The Maharashtra government has been holding talks with fishermen regarding this project since last year. But nothing has worked out so far. This project first came on paper during the
7. Congress-NCP regime, but now the BJP government is going to start work on it. "Why this place was selected for this statue? There are a lot of big, open spaces in and around Mumbai. If government is adamant on its stance, we will protest against the PM's visit on 24th. Our 4,000 to 5,000 fishing vessels will show him black flags during the ceremony", Tandel said.
8. Although it is a state government function, the BJP is taking full opportunity to trumpet this as its achievement ahead of BMC polls in 2017.
9. Meanwhile, the BJP plans to make the event a grand show. The BJP has included this project in its poll manifesto is leaving no stone unturned to make it a grand affair.
10. BJP workers have collected water from various rivers in the state and soil from forts of Shivaji Maharaj for the foundation-stone laying ceremony.
11. A float carrying the water and soil will move around in Mumbai on Friday and the water and soil will be handed over to Maharashtra CM Devendra Fadnavis at a grand ceremnony at the Gateway of India.
12. On the day of the Bhoomi poojan, places like the Bandra-worli Sealink, Girgaum Chowpatty, and Worli will witness attractive programs on the streets depicting the culture of Maharashtra.
13. "Descendants of Shivaji Maharaj Udayan Raje and Sambhaji Raje will accompany PM Modi. We have chosen 5 spots on the route of PM from Girgaum Chowpatty to BKC, where we will showcase the great culture of the state. We plan to make the city "Shiv-may" (full of Shivaji era)," said PWD Minister Chandrakant Dada Patil.
14. Meanwhile, the Opposition has called the project politically motivated. "The project was the idea of Congress and NCP Govt in the first place. The BJP govt had similarly performed the bhoomi poojan of Ambedkar memorial at the Indu Mill in a haste, but the project is yet to see the light of day. This is being done with a political motive ahead of the BMC polls", said NCP spokesperson Nawab Malik.
Kashmir: Intelligence gathering suffered 'temporary blow' after Burhan Wani's death
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Top Intelligence Bureau (IB) sources told India Today that the 100 day "turmoil" post killing of Hizbul Mujahideen chief Burhan Wani led to the local intelligence suffering a setback virtually the entire police force was virtually deployed there to control the law and order situation in Kashmir.
The sources said that intelligence gathering went down as a result of Burhan Wani's death.
However, it was clarified that the setback was temporary, though it did not impact the intelligence inputs at the International Border and Line of Control.
Top official told India Today that "though we were getting inputs which were shared with security forces, our intelligence at the borders was not impacted. But since there was a complete shut down, the force was deployed to look after law and order duty only."
YOUTH JOINING MILITANCY ROSE POST BURHAN WANI'S DEATH
Any attempted infiltration bid or inputs were being shared, but what could not be pointed was that if any terrorist took refuge in a house or a safe haven inside the Kashmir valley- something which could earlier be found out.
There have been a spate of terror attacks in Jammu and Kashmir recently, particularly on defence establishment.
The intelligence agencies pointed out that they have been sharing regular inputs.
Intelligence sources confirmed swell in ranks of local militants, with as many as 100 youths joining militancy post Burhan Wani's death. The number of local militants are being pegged at 300 now.
Top Intelligence Bureau (IB) sources told India Today that the 100 day "turmoil" post killing of Hizbul Mujahideen chief Burhan Wani led to the local intelligence suffering a setback virtually the entire police force was virtually deployed there to control the law and order situation in Kashmir.
The sources said that intelligence gathering went down as a result of Burhan Wani's death.
However, it was clarified that the setback was temporary, though it did not impact the intelligence inputs at the International Border and Line of Control.
Top official told India Today that "though we were getting inputs which were shared with security forces, our intelligence at the borders was not impacted. But since there was a complete shut down, the force was deployed to look after law and order duty only."
YOUTH JOINING MILITANCY ROSE POST BURHAN WANI'S DEATH
Any attempted infiltration bid or inputs were being shared, but what could not be pointed was that if any terrorist took refuge in a house or a safe haven inside the Kashmir valley- something which could earlier be found out.
There have been a spate of terror attacks in Jammu and Kashmir recently, particularly on defence establishment.
The intelligence agencies pointed out that they have been sharing regular inputs.
Intelligence sources confirmed swell in ranks of local militants, with as many as 100 youths joining militancy post Burhan Wani's death. The number of local militants are being pegged at 300 now.
Kashmir: 3 Lashkar terrorists involved in 3 bank loots since demonetisation identified
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Jammu and Kashmir police have identified three Lashkar terrorists as the group behind three bank robberies took place in South and central Kashmir after demonetisation.
These were the first ever cases of bank theft reported from the area in almost 20 years.
THE ROBBERIES
#1 On November 21, Rs 13 lakh were looted from J&K Bank Branch in Malpora Chararisharief in Budgam District.
#2 On December 8, Rs 13.38 lakh were looted from the same bank's Arihal branch in Pulwama District.
#3 And in the latest incident, Rs 10 Lakh were looted on December 15 from J&K Bank's Ratnipora branch in Pulwama.
THE HUNT
#1 "Immediately after the incident of bank robbery police swung into action and started investigation. Initial enquiries from eye witnesses, and identification from photos thereof and inputs from sources pointed towards a foreign militant code Abu Ali, as one of the assailants," said Azhar Bashir ASP J&K Police Pulwama.
#2 Ali, it was eventually found, was also part of the group that carried out the Budgam robbery.
#3 Further inputs and leads in the case, including CCTV footage, suggested that the same three militants conducted all three robberies -- they were identified as Lashkar-e-Toiba (LeT) militants Arif Dar alias Rehan, and Pakistani militants Abu Ali and Abu Ismail.
#4 Police then discovered the involvement of one Ramiz Raja, who was then called in for questioning. They found that he was an over-ground-worker of the outfit and after the robbery the militants approached him to exchange the old currency they had looted.
#5 His disclosures further led police to Manzoor Ahmad, who had aided in the disposal of the robbed amount. In the process, looted cash worth Rs 1.99 lakh in old denomination was recovered.
Jammu and Kashmir police have identified three Lashkar terrorists as the group behind three bank robberies took place in South and central Kashmir after demonetisation.
These were the first ever cases of bank theft reported from the area in almost 20 years.
THE ROBBERIES
#1 On November 21, Rs 13 lakh were looted from J&K Bank Branch in Malpora Chararisharief in Budgam District.
#2 On December 8, Rs 13.38 lakh were looted from the same bank's Arihal branch in Pulwama District.
#3 And in the latest incident, Rs 10 Lakh were looted on December 15 from J&K Bank's Ratnipora branch in Pulwama.
THE HUNT
#1 "Immediately after the incident of bank robbery police swung into action and started investigation. Initial enquiries from eye witnesses, and identification from photos thereof and inputs from sources pointed towards a foreign militant code Abu Ali, as one of the assailants," said Azhar Bashir ASP J&K Police Pulwama.
#2 Ali, it was eventually found, was also part of the group that carried out the Budgam robbery.
#3 Further inputs and leads in the case, including CCTV footage, suggested that the same three militants conducted all three robberies -- they were identified as Lashkar-e-Toiba (LeT) militants Arif Dar alias Rehan, and Pakistani militants Abu Ali and Abu Ismail.
#4 Police then discovered the involvement of one Ramiz Raja, who was then called in for questioning. They found that he was an over-ground-worker of the outfit and after the robbery the militants approached him to exchange the old currency they had looted.
#5 His disclosures further led police to Manzoor Ahmad, who had aided in the disposal of the robbed amount. In the process, looted cash worth Rs 1.99 lakh in old denomination was recovered.
PM Modi hits out at Rahul, Manmohan, Chidambaram on demonetisation, says Congress exposing itself
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Prime Minister Narendra Modi today hit back at senior Congress leaders who had questioned the intention and success of the Centre's demonetisation initiative.
Speaking at the foundation stone laying ceremony of Mahamana Pt Madan Mohan Malaviya Cancer Centre in Varanasi, Narendra Modi took on Congress vice president Rahul Gandhi, former Prime Minister Manmohan Singh and former Finance Minister P Chidambaram for doubting the note ban move.
The three leaders have been speaking against the demonetisation step ever since it was announced on November 8. While Rahul has called it a scam, Manmohan sought to aggressively attack Modi on the move, calling it an "organised loot and legalised plunder" in his speech in Rajya Sabha in the recently concluded Winter Session of Parliament. He even wrote an article in a national English daily to underrate the initiative. Chidambaram too has been issuing statements in a bid to point out flaws in the demonetisation move.
What Modi said on these leaders:
RAHUL GANDHI
- Now that their young leader has spoken, we have seen what the earthquake is all about. A major earthquake would have taken place had he not spoken. The country would have had to bear that quake for 10 years. But it is good that he has spoken. Now we know that there is no possibility of any tremor.
- In 2009, one could not make out what was there in the packet. Now it is known to all. We had no idea what he (Rahul Gandhi) was made of earlier, now we know.
- 3. He is still learning the art of speaking. I am very happy for him.
MANMOHAN SINGH
- Manmohan Singh said 50 per cent people in this country illiterate. How can they use technology?
- Now you tell me whose report card are you presenting? Where did this 50 per cent poverty and illiteracy come from? Whose legacy is it? Did I use some black magic to turn literates into illiterates?
P CHIDAMBARAM
- He said how will internet function when 50 per cent of villages do not have electricity?
- Chidambaram is exposing his UPA government's works.
- Did I uproot the electric poles and snapped the cables?
Prime Minister Narendra Modi today hit back at senior Congress leaders who had questioned the intention and success of the Centre's demonetisation initiative.
Speaking at the foundation stone laying ceremony of Mahamana Pt Madan Mohan Malaviya Cancer Centre in Varanasi, Narendra Modi took on Congress vice president Rahul Gandhi, former Prime Minister Manmohan Singh and former Finance Minister P Chidambaram for doubting the note ban move.
The three leaders have been speaking against the demonetisation step ever since it was announced on November 8. While Rahul has called it a scam, Manmohan sought to aggressively attack Modi on the move, calling it an "organised loot and legalised plunder" in his speech in Rajya Sabha in the recently concluded Winter Session of Parliament. He even wrote an article in a national English daily to underrate the initiative. Chidambaram too has been issuing statements in a bid to point out flaws in the demonetisation move.
What Modi said on these leaders:
RAHUL GANDHI
- Now that their young leader has spoken, we have seen what the earthquake is all about. A major earthquake would have taken place had he not spoken. The country would have had to bear that quake for 10 years. But it is good that he has spoken. Now we know that there is no possibility of any tremor.
- In 2009, one could not make out what was there in the packet. Now it is known to all. We had no idea what he (Rahul Gandhi) was made of earlier, now we know.
- 3. He is still learning the art of speaking. I am very happy for him.
- Manmohan Singh said 50 per cent people in this country illiterate. How can they use technology?
- Now you tell me whose report card are you presenting? Where did this 50 per cent poverty and illiteracy come from? Whose legacy is it? Did I use some black magic to turn literates into illiterates?
- He said how will internet function when 50 per cent of villages do not have electricity?
- Chidambaram is exposing his UPA government's works.
- Did I uproot the electric poles and snapped the cables?
Business Affairs
How Tata-Mistry's boardroom battle turns into a test case for India's company law
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The bitter boardroom battle at the heart of Tata Sons has put a spotlight on the vulnerability of India's independent company directors who stand-up to, or take on a dominant shareholder.
Tata Sons is not only fighting former chairman Cyrus Mistry, who has complained of mismanagement and corporate governance failures within the company, but is now also trying to oust Nusli Wadia - one of the group's most fiercely vocal independent directors - after he publicly backed Mistry.
While Mistry has resigned from all listed Tata entities, Wadia was removed from the board of Tata Steel on Wednesday. Tata Motors and Tata Chemicals will vote on Wadia's ouster on Thursday and Friday.
Such corporate infighting is not rampant in India, but the latest events could set a dangerous precedent, suggesting an urgent need to relook at the role of independent company directors in the country, experts say.
"What is at stake right now is not an independent director. What is at stake is the independence of independent directors," said L. Iyer of LVV Iyer & Associates.
"If independent directors are under constant threat of being removed ... why would they act in an independent manner?"
In developed markets such as the United States and the United Kingdom, independent directors are relatively protected as shareholdings are much more diffused. But in India, listed firms are dominated by a major shareholder, making it easier for the latter to stamp out dissenting independent voices.
Of the 1,594 listed and actively traded firms on India's main bourse, some 88 percent have dominant shareholders with 30-80 percent stakes, data from Prime Database shows.
TEST CASE
Tata Sons is the single-largest shareholder in the group companies where Wadia is an independent director. Mistry's Shapoorji Pallonji family owns about 18 percent of Tata Sons.
To oust Wadia, Tata Sons needs to call for a special shareholder meeting and win a simple majority vote. The dominant shareholder, who is calling for the ouster, is not barred from voting on the issue.
"I think this particular case will be effectively the test case for how robust the regime (India's company law) is or whether any further changes need to be made to it," said Umakanth Varottil, an associate law professor at National University of Singapore.
India's market regulator SEBI, however, said there was no immediate need to change the norms around independent directors.
"I, at this stage, don't foresee any particular compelling reason to review that," Chairman UK Sinha has said.
India has only recently moved to recognize the role and the significance of independent directors. The function was formally introduced into the Companies Act 2013.
The law details the duties of independents - from looking after interests of minority shareholders to scrutinizing management performance and providing objective views on strategy decisions and other matters.
"The institution of independent directors in India is quite nascent, so if you allow independence to be compromised at this stage, then things can go wrong," said Iyer.
The bitter boardroom battle at the heart of Tata Sons has put a spotlight on the vulnerability of India's independent company directors who stand-up to, or take on a dominant shareholder.
Tata Sons is not only fighting former chairman Cyrus Mistry, who has complained of mismanagement and corporate governance failures within the company, but is now also trying to oust Nusli Wadia - one of the group's most fiercely vocal independent directors - after he publicly backed Mistry.
While Mistry has resigned from all listed Tata entities, Wadia was removed from the board of Tata Steel on Wednesday. Tata Motors and Tata Chemicals will vote on Wadia's ouster on Thursday and Friday.
Such corporate infighting is not rampant in India, but the latest events could set a dangerous precedent, suggesting an urgent need to relook at the role of independent company directors in the country, experts say.
"What is at stake right now is not an independent director. What is at stake is the independence of independent directors," said L. Iyer of LVV Iyer & Associates.
"If independent directors are under constant threat of being removed ... why would they act in an independent manner?"
In developed markets such as the United States and the United Kingdom, independent directors are relatively protected as shareholdings are much more diffused. But in India, listed firms are dominated by a major shareholder, making it easier for the latter to stamp out dissenting independent voices.
Of the 1,594 listed and actively traded firms on India's main bourse, some 88 percent have dominant shareholders with 30-80 percent stakes, data from Prime Database shows.
TEST CASE
Tata Sons is the single-largest shareholder in the group companies where Wadia is an independent director. Mistry's Shapoorji Pallonji family owns about 18 percent of Tata Sons.
To oust Wadia, Tata Sons needs to call for a special shareholder meeting and win a simple majority vote. The dominant shareholder, who is calling for the ouster, is not barred from voting on the issue.
"I think this particular case will be effectively the test case for how robust the regime (India's company law) is or whether any further changes need to be made to it," said Umakanth Varottil, an associate law professor at National University of Singapore.
India's market regulator SEBI, however, said there was no immediate need to change the norms around independent directors.
"I, at this stage, don't foresee any particular compelling reason to review that," Chairman UK Sinha has said.
India has only recently moved to recognize the role and the significance of independent directors. The function was formally introduced into the Companies Act 2013.
The law details the duties of independents - from looking after interests of minority shareholders to scrutinizing management performance and providing objective views on strategy decisions and other matters.
"The institution of independent directors in India is quite nascent, so if you allow independence to be compromised at this stage, then things can go wrong," said Iyer.
Another I-T raid on Axis Bank: 19 fake accounts detected with illegal transactions of Rs 89 crore
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In yet another raid on Axis Bank, the Income Tax Department on Thursday detected illegal transactions worth Rs 89 crore from 19 accounts at Mayamnagar branch in Ahmedabad.
The I-T conducted the raid after it got some information about dummy accounts being operated for illegal activities. During the raid, the tax authority unearthed 19 bank accounts with suspicious transactions after November 8.
Post demonetisation, these accounts saw deposit of Rs 89 crore which later transferred to another beneficiary accounts. According to reports, four bank officials are under the I-T scanner for their alleged involvement in the case.
"On the basis of our ground work, we had conducted this survey. We have found that Rs 89 crore was deposited soon after PM made the demonetization announcement in these accounts. Later, the money was transferred via RTGS to concerned beneficiaries," a senior IT official said.
This is the second time when I-T department has detected fake accounts in Axis Bank. Earlier in the month, the I-T sleuths had detected 44 fake accounts in Axis Bank's Chandni Chowk branch.
In yet another raid on Axis Bank, the Income Tax Department on Thursday detected illegal transactions worth Rs 89 crore from 19 accounts at Mayamnagar branch in Ahmedabad.
The I-T conducted the raid after it got some information about dummy accounts being operated for illegal activities. During the raid, the tax authority unearthed 19 bank accounts with suspicious transactions after November 8.
Post demonetisation, these accounts saw deposit of Rs 89 crore which later transferred to another beneficiary accounts. According to reports, four bank officials are under the I-T scanner for their alleged involvement in the case.
"On the basis of our ground work, we had conducted this survey. We have found that Rs 89 crore was deposited soon after PM made the demonetization announcement in these accounts. Later, the money was transferred via RTGS to concerned beneficiaries," a senior IT official said.
This is the second time when I-T department has detected fake accounts in Axis Bank. Earlier in the month, the I-T sleuths had detected 44 fake accounts in Axis Bank's Chandni Chowk branch.
Why Nifty fell below 8,000 level today
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The NSE Nifty breached the 8,000 level on Thursday almost after a month when the index hit 7974 level on November 24, 2016.
The Nifty closed at 7,979 level, falling 1.02 percent or 82 points today. Here's why the index fell almost to a one-month low today.
Foreign fund outflows: Foreign institutional investors (FIIs) have pulled out about Rs 6,000 crore in the last eight trading sessions from Indian market. The rising dollar after the Federal Reserve hiked interest rate by 25 basis points has added to the flow of funds from emerging markets to the US.
The dollar has been hovering around 14-year high of 103 level after Donald Trump won the crucial US presidential election.
Earnings expectations: Analysts say the Q3 earnings are likely to reflect the effect of Modi government's demonetisation move which led to a cash crunch in various sectors of the economy. The effects of the note ban move could spill over to the next fiscal year and affect revenues of corporates.
Metal, bank stocks plunge: Bank and metal stocks led the market into the negative territory with the BSE metal index falling 286 points or 2.78 percent to 10,021 level.
National Aluminum Company (4.53 percent), Hindalco (4.38 percent) were the top losers on the metal index. The BSE bankex fell 232.76 points or 1.12 percent to 20459 level. IndusInd Bank (2.29 percent) and State Bank of India (2.12 percent) were the top losers. All 10 stocks on both indexes each closed in the red.
Weak global cues: Global markets were weak today with Asian markets slipping after President-elect Donald Trump named economist Peter Navarro, author of "Death by China," who is critical of China to head a newly created White House council on trade.
Britain's FTSE 100 was nearly flat at 7,041.42 and the CAC of France was up 0.1 percent at 4,838.83. Germany's DAX was also flat at 11,467.27.
Japan's Nikkei 225 index edged 0.1 percent lower to 19,427.67 and Hong Kong's Hang Seng lost 0.8 percent to 21,636.20. The Kospi in South Korea fell 0.1 percent to 2,035.73. But Australia's S&P ASX 200 gained 0.5 percent to 5,643.90 and the Shanghai Composite index ticked up 0.1 percent to 3,139.56. Shares in Taiwan and Southeast Asia fell.
The Dow dipped 32.66 points, or 0.2 percent, to 19,941.96. The Standard & Poor's 500 index lost 5.58 points, or 0.2 percent, to 2,265.18. The Nasdaq composite fell 12.51 points, or 0.2 percent, to 5,471.43.
The NSE Nifty breached the 8,000 level on Thursday almost after a month when the index hit 7974 level on November 24, 2016.
The Nifty closed at 7,979 level, falling 1.02 percent or 82 points today. Here's why the index fell almost to a one-month low today.
Foreign fund outflows: Foreign institutional investors (FIIs) have pulled out about Rs 6,000 crore in the last eight trading sessions from Indian market. The rising dollar after the Federal Reserve hiked interest rate by 25 basis points has added to the flow of funds from emerging markets to the US.
The dollar has been hovering around 14-year high of 103 level after Donald Trump won the crucial US presidential election.
Earnings expectations: Analysts say the Q3 earnings are likely to reflect the effect of Modi government's demonetisation move which led to a cash crunch in various sectors of the economy. The effects of the note ban move could spill over to the next fiscal year and affect revenues of corporates.
Metal, bank stocks plunge: Bank and metal stocks led the market into the negative territory with the BSE metal index falling 286 points or 2.78 percent to 10,021 level.
National Aluminum Company (4.53 percent), Hindalco (4.38 percent) were the top losers on the metal index. The BSE bankex fell 232.76 points or 1.12 percent to 20459 level. IndusInd Bank (2.29 percent) and State Bank of India (2.12 percent) were the top losers. All 10 stocks on both indexes each closed in the red.
Weak global cues: Global markets were weak today with Asian markets slipping after President-elect Donald Trump named economist Peter Navarro, author of "Death by China," who is critical of China to head a newly created White House council on trade.
Britain's FTSE 100 was nearly flat at 7,041.42 and the CAC of France was up 0.1 percent at 4,838.83. Germany's DAX was also flat at 11,467.27.
Japan's Nikkei 225 index edged 0.1 percent lower to 19,427.67 and Hong Kong's Hang Seng lost 0.8 percent to 21,636.20. The Kospi in South Korea fell 0.1 percent to 2,035.73. But Australia's S&P ASX 200 gained 0.5 percent to 5,643.90 and the Shanghai Composite index ticked up 0.1 percent to 3,139.56. Shares in Taiwan and Southeast Asia fell.
The Dow dipped 32.66 points, or 0.2 percent, to 19,941.96. The Standard & Poor's 500 index lost 5.58 points, or 0.2 percent, to 2,265.18. The Nasdaq composite fell 12.51 points, or 0.2 percent, to 5,471.43.
Sun Pharma to acquire oncology product from Novartis for $175m
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Drug major Sun Pharmaceutical Industries on Thursday said it it will acquire a branded oncology product, Odomzo, from Novartis for an upfront payment of USD 175 million.
The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions, the Mumbai-based company said in a statement.
The agreement has been signed for an upfront payment of USD 175 million and additional milestone payments, it added.
"Odomzo gives us an opportunity to meaningfully expand our already established branded dermatology business and support our expansion into branded oncology with a launched brand," Kirti Ganorkar, Global Head Business Development at Sun Pharma, said.
The company sees meaningful global potential for Odomzo by leveraging Sun Pharmas existing dermatology and oncology infrastructure to provide an innovative product to patients worldwide, he added.
Odomzo was approved by the USFDA in July 2015. It is indicated for the treatment of adult patients with locally advanced basal cell carcinoma.
Sun Pharma shares on Thursday were trading 1.70 per cent up at Rs 624.90 apiece on BSE.
Drug major Sun Pharmaceutical Industries on Thursday said it it will acquire a branded oncology product, Odomzo, from Novartis for an upfront payment of USD 175 million.
The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions, the Mumbai-based company said in a statement.
The agreement has been signed for an upfront payment of USD 175 million and additional milestone payments, it added.
"Odomzo gives us an opportunity to meaningfully expand our already established branded dermatology business and support our expansion into branded oncology with a launched brand," Kirti Ganorkar, Global Head Business Development at Sun Pharma, said.
The company sees meaningful global potential for Odomzo by leveraging Sun Pharmas existing dermatology and oncology infrastructure to provide an innovative product to patients worldwide, he added.
Odomzo was approved by the USFDA in July 2015. It is indicated for the treatment of adult patients with locally advanced basal cell carcinoma.
Sun Pharma shares on Thursday were trading 1.70 per cent up at Rs 624.90 apiece on BSE.
A volatile calm - the paradox of 2016 financial markets
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Traditional measures of volatility at historic lows and Wall Street stocks at new record highs went hand-in-hand in 2016 with traders fretting about bouts of wild stock-price swings and currency flash-crashes.
The past year has been nothing if not paradoxical for financial markets - a landscape that will probably persist in 2017.
The proliferation of automated trading and passive investing, extreme levels of speculative positioning in an increasingly regulated broking world suggest investors should brace for periodic turbulence even if markets are mostly calm.
While the measures of future or implied price volatility look remarkably subdued, they are disguising a minefield in individual securities and currencies, and - during particular periods - micro market storms that may become magnified as US interest rates rise and other central banks step back from years of anaesthetising money-printing.
An analysis of intraday volatility across major equity, bond and currency markets shows that episodes of sudden, extreme market volatility has become more commonplace in the last two years, even though implied volatility has been contained.
With the world's biggest investment banks shrinking market-making activities and balance sheets to comply with post-crisis regulations, the scope for sudden market shocks is rising.
"Trades often move in bigger size, quicker, and in blocks," said Charlie Bristow, co-head of rates trading at JP Morgan. "The speed at which order book depth can go from high to low is a new phenomenon, and it won't go away if volatility remains where it is."
Officials at the Bank for International Settlements have said that the VIX index is no longer the default barometer of investor sentiment and risk appetite - that's now the dollar - and that bouts of extreme volatility will be more commonplace.
Not much of a concern, Claudio Borio, head of the BIS' monetary and economic department, says, along as such bouts pose no threat to institutions' stability or market functioning.
Get me blocks
Part of the issue is that markets are now driven by lightening quick, complex, computerised trading programmes at the big banks and investment funds. Many of these algorithmic models pick up the same 'buy' and 'sell' signals, magnifying price swings.
These conditions triggered the "flash crash" in sterling on October 7, which the BIS is investigating with input from the Bank of England.
The pound dived and rebounded by about 10 percent in a few minutes in early Asian trading that day, an unprecedented swing for a major currency at an hour when the market is at its lowest ebb.
Market participants generally agree that algorithmic machine trading that makes up much of the global currency market played a role, while some have speculated the initial move may have come from electronic news gathering software or other parameters used in trading programmes.
"We have moved towards more transparent and more automated markets. What that means is that when something happens, firstly everyone knows about it and, secondly, it tends to happen very quickly," said Vlad Khandros, global head of market structure and liquidity strategy at UBS.
In equities, the surge in the use of exchange-traded funds which provide investors access to markets at a much lower cost than traditional actively-managed portfolios has significantly altered trading.
Roughly 10 percent of a full-day's average trading volume across U.S. exchanges now happens at the close, UBS estimates, nearly double levels seen a few years ago, as ETFs are benchmarked to closing prices.
Institutional investors who buy and sell in large quantities are getting increasingly averse to trading intra-day on traditional exchanges when volumes are light.
"What we keep hearing from clients is 'get me blocks'," said UBS' Khandros, referring to private transactions that brokers facilitate outside the public auction market.
This creates a self-fulfilling cycle of higher trading volumes concentrated in smaller windows on any given day leaving markets prone to sudden swings when no large investor is around to step in.
$3 TRILLION SWING
Yet the speed of the market recovery from the Brexit and U.S. election votes set a record since 2004, according to Bank of America Merrill Lynch.
There will be no shortage of similar risk events next year. Germany and France hold general elections, with the populist far right in both countries expected to gain ground.
The lack of visibility on what Donald Trump's presidency holds could be doubly unnerving given that the Fed is expected to continue raising interest rates.
Wall Street is at a record high, the dollar a 14-year peak, and speculators bets against 10-year U.S. Treasuries on the Chicago futures exchange are near record levels.
According to Deutsche Bank, world stocks have added $3 trillion in value since Trump's victory and the value of world bonds has slumped by the same.
Yet all signs point to markets being more fragile than the low level of aggregate volatility suggests.
Higher rates, a shift to fiscal stimulus and changing political winds all mark big shifts from the post-2008 investment world and will likely require a significant adjustment in approach.
"Volatility can no longer be put back into the central bank box," BAML analysts wrote.
Traditional measures of volatility at historic lows and Wall Street stocks at new record highs went hand-in-hand in 2016 with traders fretting about bouts of wild stock-price swings and currency flash-crashes.
The past year has been nothing if not paradoxical for financial markets - a landscape that will probably persist in 2017.
The proliferation of automated trading and passive investing, extreme levels of speculative positioning in an increasingly regulated broking world suggest investors should brace for periodic turbulence even if markets are mostly calm.
While the measures of future or implied price volatility look remarkably subdued, they are disguising a minefield in individual securities and currencies, and - during particular periods - micro market storms that may become magnified as US interest rates rise and other central banks step back from years of anaesthetising money-printing.
An analysis of intraday volatility across major equity, bond and currency markets shows that episodes of sudden, extreme market volatility has become more commonplace in the last two years, even though implied volatility has been contained.
With the world's biggest investment banks shrinking market-making activities and balance sheets to comply with post-crisis regulations, the scope for sudden market shocks is rising.
"Trades often move in bigger size, quicker, and in blocks," said Charlie Bristow, co-head of rates trading at JP Morgan. "The speed at which order book depth can go from high to low is a new phenomenon, and it won't go away if volatility remains where it is."
Officials at the Bank for International Settlements have said that the VIX index is no longer the default barometer of investor sentiment and risk appetite - that's now the dollar - and that bouts of extreme volatility will be more commonplace.
Not much of a concern, Claudio Borio, head of the BIS' monetary and economic department, says, along as such bouts pose no threat to institutions' stability or market functioning.
Get me blocks
Get me blocks
Part of the issue is that markets are now driven by lightening quick, complex, computerised trading programmes at the big banks and investment funds. Many of these algorithmic models pick up the same 'buy' and 'sell' signals, magnifying price swings.
These conditions triggered the "flash crash" in sterling on October 7, which the BIS is investigating with input from the Bank of England.
The pound dived and rebounded by about 10 percent in a few minutes in early Asian trading that day, an unprecedented swing for a major currency at an hour when the market is at its lowest ebb.
Market participants generally agree that algorithmic machine trading that makes up much of the global currency market played a role, while some have speculated the initial move may have come from electronic news gathering software or other parameters used in trading programmes.
"We have moved towards more transparent and more automated markets. What that means is that when something happens, firstly everyone knows about it and, secondly, it tends to happen very quickly," said Vlad Khandros, global head of market structure and liquidity strategy at UBS.
In equities, the surge in the use of exchange-traded funds which provide investors access to markets at a much lower cost than traditional actively-managed portfolios has significantly altered trading.
Roughly 10 percent of a full-day's average trading volume across U.S. exchanges now happens at the close, UBS estimates, nearly double levels seen a few years ago, as ETFs are benchmarked to closing prices.
Institutional investors who buy and sell in large quantities are getting increasingly averse to trading intra-day on traditional exchanges when volumes are light.
"What we keep hearing from clients is 'get me blocks'," said UBS' Khandros, referring to private transactions that brokers facilitate outside the public auction market.
This creates a self-fulfilling cycle of higher trading volumes concentrated in smaller windows on any given day leaving markets prone to sudden swings when no large investor is around to step in.
$3 TRILLION SWING
Yet the speed of the market recovery from the Brexit and U.S. election votes set a record since 2004, according to Bank of America Merrill Lynch.
There will be no shortage of similar risk events next year. Germany and France hold general elections, with the populist far right in both countries expected to gain ground.
The lack of visibility on what Donald Trump's presidency holds could be doubly unnerving given that the Fed is expected to continue raising interest rates.
Wall Street is at a record high, the dollar a 14-year peak, and speculators bets against 10-year U.S. Treasuries on the Chicago futures exchange are near record levels.
According to Deutsche Bank, world stocks have added $3 trillion in value since Trump's victory and the value of world bonds has slumped by the same.
Yet all signs point to markets being more fragile than the low level of aggregate volatility suggests.
Higher rates, a shift to fiscal stimulus and changing political winds all mark big shifts from the post-2008 investment world and will likely require a significant adjustment in approach.
"Volatility can no longer be put back into the central bank box," BAML analysts wrote.
General Awareness
Kyrgyzstan President’s Almazbek Sharshenovich Atambayev 4-day visit to India from December 18-21, 2016
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President of Kyrgyzstan, Almazbek Sharshenovich Atambayev, was on a four-day official visit to India from December 18-21, 2016. This was Atambayev’s first visit to India after being appointed as the President.
- During his visit, he was accompanied by his spouse Raisa Atambaeva along with a high-level delegation comprising of Ministers, senior officials and business leaders.
- President Atambayev arrived in New Delhi on December 20 and was accorded a ceremonial reception at the forecourt of Rashtrapati Bhavan by President Pranab Mukherjee who also hosted a dinner banquet in his honour.
- The visiting President had official engagements on December 20 to discuss bilateral issues. Prime Minister Narendra Modi also hosted a lunch for him.
- Besides, President Atambayev also attended a Joint Business Forum as a part of his visit.
- The Kyrgyzstan’s Presidents visit comes right after a very successful visit of Prime Minister Narendra Modi to Kyrgyzstan in July 2015, which is expected to strengthen the traditionally cordial and close ties between the two sides.
- India and Kyrgyzstan share excellent relations marked by strong ties in various areas including Political and Defence, Economy and Commerce, Education and Human Resource Development, Culture and Tourism.
- The trade between the two countries was $27.99 million in 2015, with India’s exports to Kyrgyzstan amounting to $26.20 million.
- Apparel and clothing, leather goods, pharmaceuticals, and tea are some of the important items in India’s exported to the visiting country.
- About 4500 Indian students are studying medicine in various medical institutions in Kyrgyzstan.
India and Kyrgyzstan signs six Memoranda of Understanding (MoUs)
After delegation level talks between Prime Minister Narendra Modi and visiting President of Kyrgyzstan Almazbek Sharshenovich Atambayev in New Delhi on December 20, 2016, India and Kyrgyzstan signed six Memoranda of Understanding (MoUs) in areas including tourism, agriculture and food industry and Youth Affairs.
- During the bilateral discussion, PM Modi and President Atambayev discussed how the two countries can work together to secure the youth and society against common challenges of terrorism, extremism and radicalism. The two leaders also reviewed cooperative engagement in the field of defence.
- The two sides encouraged engagement in capacity building and training, healthcare, tourism, IT, agriculture, mining and energy. Kyrgyz Republic is regarded as a valuable partner in common pursuit of making Central Asia a region of sustainable peace,
stability and prosperity.
- Besides, both leaders also issued joint statement.
6 MoUs signed includes:
- Cooperation in the field of Tourism
- Cooperation in the field of Youth exchange
- Cooperation in the field of Youth development
- Cooperation between the Foreign Service Institute and the Diplomatic Academy of the Kyrgyz Republic for exchange of information on training programmes of diplomats.
- Cooperation in the field of Agriculture and Food Industry
- Cooperation in the field of Broadcasting and exchange of audiovisual programmes.
Joint Statement
A joint statement was issued after the bilateral meeting of Prime Minister Narendra Modi and Kyrgyzstan President Almazbek Atambayev to review the status of the agreements reached by the two countries following the visit of Prime Minister Modi to Kyrgyzstan in 2015.
- They reaffirmed their readiness to further enhance multifaceted cooperation. The two sides noted that the current level of trade and investment relations is below potential and directed Ministries and Departments to develop a comprehensive road-map in this area.
- They also agreed to explore new mechanisms to further strengthen economic ties between the two countries.
- The two sides expressed satisfaction over the increasing flow of tourists between the two countries, and resolved to work towards effective visa facilitation.
- The Indian side highly appreciated the support extended by the Kyrgyz Republic to the Kyrgyz-India Mountain Bio-Medical Research Center. President Atambayev highly praised India’s contribution in setting up a Telemedicine Network in Kyrgyzstan.
India and Kyrgyzstan share common concerns on the threat of terrorism, extremism and drug-trafficking
President Pranab Mukherjee, on December 20, 2016, while delivering a banquet speech said that India and Kyrgyzstan share common concerns on the threat of terrorism and extremism and drug-trafficking President.
- India shares a long-standing friendly relation with Kyrgyzstan. India and Kyrgyzstan will celebrate the 25th anniversary of establishment of diplomatic relations in 2017.
- India has always considered the Kyrgyz Republic to be an important part of its extended neighbourhood not only geographically but also historically and civilisationally. Both the countries shares past, reflected in many elements of the culture.
- Mukherjee also complimented the Kyrgyzstan President on the successful conduct of the parliamentary elections in October last year and for successfully steering a referendum on constitutional amendments earlier this month.
Kyrgyzstan
- Capital: Bishkek
- Currency: Kyrgyzstani som
President of Kyrgyzstan, Almazbek Sharshenovich Atambayev, was on a four-day official visit to India from December 18-21, 2016. This was Atambayev’s first visit to India after being appointed as the President.
- During his visit, he was accompanied by his spouse Raisa Atambaeva along with a high-level delegation comprising of Ministers, senior officials and business leaders.
- President Atambayev arrived in New Delhi on December 20 and was accorded a ceremonial reception at the forecourt of Rashtrapati Bhavan by President Pranab Mukherjee who also hosted a dinner banquet in his honour.
- The visiting President had official engagements on December 20 to discuss bilateral issues. Prime Minister Narendra Modi also hosted a lunch for him.
- Besides, President Atambayev also attended a Joint Business Forum as a part of his visit.
- The Kyrgyzstan’s Presidents visit comes right after a very successful visit of Prime Minister Narendra Modi to Kyrgyzstan in July 2015, which is expected to strengthen the traditionally cordial and close ties between the two sides.
- India and Kyrgyzstan share excellent relations marked by strong ties in various areas including Political and Defence, Economy and Commerce, Education and Human Resource Development, Culture and Tourism.
- The trade between the two countries was $27.99 million in 2015, with India’s exports to Kyrgyzstan amounting to $26.20 million.
- Apparel and clothing, leather goods, pharmaceuticals, and tea are some of the important items in India’s exported to the visiting country.
- About 4500 Indian students are studying medicine in various medical institutions in Kyrgyzstan.
India and Kyrgyzstan signs six Memoranda of Understanding (MoUs)
After delegation level talks between Prime Minister Narendra Modi and visiting President of Kyrgyzstan Almazbek Sharshenovich Atambayev in New Delhi on December 20, 2016, India and Kyrgyzstan signed six Memoranda of Understanding (MoUs) in areas including tourism, agriculture and food industry and Youth Affairs.
- During the bilateral discussion, PM Modi and President Atambayev discussed how the two countries can work together to secure the youth and society against common challenges of terrorism, extremism and radicalism. The two leaders also reviewed cooperative engagement in the field of defence.
- The two sides encouraged engagement in capacity building and training, healthcare, tourism, IT, agriculture, mining and energy. Kyrgyz Republic is regarded as a valuable partner in common pursuit of making Central Asia a region of sustainable peace,
stability and prosperity. - Besides, both leaders also issued joint statement.
6 MoUs signed includes:
- Cooperation in the field of Tourism
- Cooperation in the field of Youth exchange
- Cooperation in the field of Youth development
- Cooperation between the Foreign Service Institute and the Diplomatic Academy of the Kyrgyz Republic for exchange of information on training programmes of diplomats.
- Cooperation in the field of Agriculture and Food Industry
- Cooperation in the field of Broadcasting and exchange of audiovisual programmes.
Joint Statement
A joint statement was issued after the bilateral meeting of Prime Minister Narendra Modi and Kyrgyzstan President Almazbek Atambayev to review the status of the agreements reached by the two countries following the visit of Prime Minister Modi to Kyrgyzstan in 2015.
- They reaffirmed their readiness to further enhance multifaceted cooperation. The two sides noted that the current level of trade and investment relations is below potential and directed Ministries and Departments to develop a comprehensive road-map in this area.
- They also agreed to explore new mechanisms to further strengthen economic ties between the two countries.
- The two sides expressed satisfaction over the increasing flow of tourists between the two countries, and resolved to work towards effective visa facilitation.
- The Indian side highly appreciated the support extended by the Kyrgyz Republic to the Kyrgyz-India Mountain Bio-Medical Research Center. President Atambayev highly praised India’s contribution in setting up a Telemedicine Network in Kyrgyzstan.
India and Kyrgyzstan share common concerns on the threat of terrorism, extremism and drug-trafficking
President Pranab Mukherjee, on December 20, 2016, while delivering a banquet speech said that India and Kyrgyzstan share common concerns on the threat of terrorism and extremism and drug-trafficking President.
- India shares a long-standing friendly relation with Kyrgyzstan. India and Kyrgyzstan will celebrate the 25th anniversary of establishment of diplomatic relations in 2017.
- India has always considered the Kyrgyz Republic to be an important part of its extended neighbourhood not only geographically but also historically and civilisationally. Both the countries shares past, reflected in many elements of the culture.
- Mukherjee also complimented the Kyrgyzstan President on the successful conduct of the parliamentary elections in October last year and for successfully steering a referendum on constitutional amendments earlier this month.
Kyrgyzstan
- Capital: Bishkek
- Currency: Kyrgyzstani som
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