Jon Levy

India, the world’s largest buyer of Russian weapons, wants to diversify suppliers

India is looking to domestic companies for military gear and ammunition and to Eastern European countries, as Russia’s world’s largest buyer of arms is looking for alternative suppliers at a time when Moscow is at war with Ukraine and facing sanctions.

New Delhi has long spoken of diversifying suppliers to its huge armed forces and even building more equipment at home, achieving new emergency targets since the Russian invasion, two government officials and a defense source said.

India has identified Rs 25.15 billion ($ 324 million) worth of defense equipment that domestic companies want to build and avoid buying abroad this year, according to an online platform where the defense ministry lists its needs.

“The current world order and geopolitical scenario, which is extremely turbulent, has also taught us a lesson,” said Air Marshal Vivas Pandey, who is in charge of maintenance operations for the Indian Air Force.

“If we want to ensure security and stability … the only option is to establish a fully self-sufficient or self-sustaining supply chain system within the country,” Pandey told defense manufacturers in New Delhi.

However, he did not specifically mention the conflict in Ukraine, which Moscow called a “special military operation.”

The Indian Air Force is looking for equipment like ejection pods for Russian-designed Sukhoi fighter jets and propellers for Ukrainian-made Antonov transport aircraft, another document shows.

Within three years, Pandey said, the Air Force’s goal was to source all tires and batteries for critical aircraft fleets from domestic companies like MRF.

A senior government official, speaking on condition of anonymity, said India wanted to bring home more than half of its defense equipment.

The Defense Ministry did not immediately respond to requests for comment on whether there were concerns over India’s reliance on Moscow for military hardware and the war in Ukraine and Russia’s slow progress.

Brahma Chelani, a defense and strategic affairs analyst in New Delhi, says Russian equipment has served India well in the past, although in recent years it has increased purchases from countries such as the United States, France and Israel.

“Defense transfers are always a slow evolutionary process. You can’t change suppliers overnight,” he said.

India employs 1.38 million people in its armed forces and is one of the world’s largest arms importers, spending $ 12.4 billion between 2018 and 2021, compared to Russia’s $ 5.51 billion, according to the SIPRI arms transfer database.

The Indian Army is equipped with Russian tanks and Kalashnikov rifles. Its air force uses Sukhoi fighter jets and Mi-17 transport helicopters, while the navy’s aircraft carrier INS Vikramaditya was formerly part of the Russian navy.

In recent months, some of India’s western partners, including Britain and the United States, have indicated their willingness to increase their defense proposals in New Delhi.

Three-way approach

The military, which has spent considerable effort defending India’s long border with China and Pakistan, has fought both neighbors, working in a three-pronged approach to maintaining readiness, a second government official said.

The government is examining whether Eastern European countries can use weapons and platforms like the Indian military and supply extra supplies and ammunition.

“If (Russian) supply lines are cut off, we have alternatives,” said the official, who declined to be named because the matter was sensitive.

Indian authorities are also urging Russian counterparts for some key projects already agreed upon, the official added.

These include the supply of S-400 missile systems and a contract to build more than 600,000 Kalashnikov AK-203 assault rifles at a new plant in northern India.

Some Indian companies are already feeling the effects of the pressure of diversification and nationalization.

In the PLR ​​system, a joint venture between Adani Group and Israel Weapon Industries, which makes small arms in India, has increased the search for assault rifles since the Ukraine conflict, an industry source said.

The PLR ​​system offers Israel-designed Galilee ACE assault rifles as a replacement for Russian Kalashnikov weapons.

“The demand for rifles is also from the states and the Central Armed Police Force,” the source said, referring to the talks as private. “Right now, none of them can get it from outside.”

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Staff Selection Commission Jobs: SSC invites application for 835 Head Constables

Jobs of Staff Selection Commission: The Staff Selection Commission (SSC) has invited applications for the post of Head Constable (Ministry) in Delhi Police. Although the application process has already started on Tuesday (May 17, 2022), the last date to apply is June 16, 2022.

Candidates can apply through the official website ssc.nic.in. Although the last date for submission of application fee by invoice is June 20, 2022, candidates will be able to edit their online application forms from June 21, 2022 to June 25, 2022.

Here is how candidates can apply for the post of Head Constable:

* Candidates can first visit the official website ssc.nic.in.

* They can now register and log in to the website.

* Candidates now have to file the required details.

* They can now fill out the application form.

* After that, they need to upload the required documents.

* Candidates can now pay the application fee.

After paying the application fee, candidates will have to keep a hard copy for themselves for future use.

The test will be held in September 2022. The commission has notified 835 posts, of which 559 have been reserved for male candidates and 276 for women.

Candidates seeking to apply for these positions must be between 18 and 25 years of age on January 1, 2022. Please note that SC / ST / OBC or Ex-Servicemen candidates will be given relaxation in the upper age limit. Also, at the time of submission of application, candidates must have at least Class XII passout or equivalent.

Those who have been selected for the above posts will be eligible for salary in the salary matrix of Rs. 25,500-81,100. They are requested to go through the official notification before applying on the official website at the link above.

mpc minutes: Ukraine war has changed the dynamics of inflation, the rate needs to be increased

New Delhi: The minutes of the unscheduled May 2-4 meeting of the Monetary Policy Committee, where a rate hike was announced, highlighted the urgency of inflation among the members of the rate-setting panel.

The main reason for RBI Governor Shaktikant Das to announce the May 4 rate hike is the war between Russia and Ukraine that has pushed up global commodity prices, the MPC minutes showed.

“… the war in Europe – with the consequences of its supply chain, deficits and its consequences for prices – is now expected to last much longer than previously expected. It will happen, “Das said in a statement



“Therefore, work needs to be done through an off-cycle policy meeting. Waiting a month until the June MPC means losing as much time as war-related inflationary pressures mount. Furthermore, this may require stronger action at the June MPC which can be avoided. ”

According to the RBI chief’s forecast, the consumer price index-based inflation print for April actually improved – jumping to an eight-year high of 7.79 percent.

As such, the MPC is widely expected to raise the repo rate further from its current level of 4.40 percent.

While RBI executive director Rajiv Ranjan said the sharp rise in spending pressure was translating into a general rise in inflation and pointing to a significant shift in inflation drivers, Das said the RBI was committed to controlling inflation through all possible means.

According to Ranjan, the conflict in Europe fundamentally changed the dynamics of inflation.

“The expansion of inflationary pressures is also reflected in various CPI diffusion indices. There has been a sharp pick-up in these indicators for a seasonally adjusted annual rate of 6 per cent (SAAR) or above, especially in March, confirming that this is not only the case for price expansion in CPI but also that prices are very high. Increase, ”said Ranjan.


Neutral accommodation?


RBI Deputy Governor Michael Patra said the process of bringing back the extraordinary housing of the epidemic era was the right approach in the current environment.

The vessel incorporates both rate action and liquidity measures when referring to extraordinary accommodation. From March to May 2020, the RBI cut the repo rate by 115 basis points to a record low of 4 percent as much liquidity entered the banking system.

“Once this is done, we will reach a stage of neutral habitat – as opposed to habitat during extraordinary epidemics – from which responses can be calibrated at a later stage. Accordingly, I am voting to increase the policy rate by 40 basis points – effective 22 May 2020. The policy reverses the rate cut, ”read the part of the pot in minutes.

The deputy governor, however, warned

The risk of India’s economic growth comes as global monetary policymakers are forced to tackle inflationary pressures rather than supply-side factors rather than demand-led factors.

“… the pace of recovery is still at full strength, ensuring policy support,” says Potter, adding that global stagnation is shifting from a risky situation to a baseline scenario.

Stagflation refers to an environment of high inflation and weak growth.

7 lakh crore investment arrears in Assam from 2018-19

Investment projects worth Rs 7,67,518.72 crore are in arrears in Assam from 2018-19, as against Rs 6,49,313.63 crore projects implemented during the same period, a new study has found.

A report by MSME Export Promotion Council, jointly with knowledge firm BillMart FinTech, reveals that Assam is increasingly emerging as a hub for investment in both public and private sectors.

According to the report, in the current financial year, Assam could create more than one lakh direct and indirect jobs if the Kovid-19 epidemic subsides.

It also highlights the situation regarding pending projects worth several lakh crores, which delays Assam’s much-needed economic impetus.

According to CMIE, the number of outstanding investment projects in 2018-19 was Rs 2,60,675.25 crore, Rs 2,59,974.05 crore in 2019-20 and Rs 2,46,869.4.2 crore in 2020-2020 MSMEs. DS Rawat told a press meet.

On the other hand, investment projects under implementation in 2018-19 were worth Rs 2,17,511.2 crore, Rs 2,14,692.66 crore in 2019-20 and Rs 2,17,109.77 crore in 2020-21, he added.

Rawat suggested setting up a “high-powered committee” headed by the chief minister to expedite the approval and implementation of projects to avoid cost overruns.

The survey submitted to the state government said that most of the private investment flows into agro-industries such as food processing, horticulture, organic, MSME and petroleum based units.

“These sectors create more jobs, and promote start-ups, ensuring inclusive growth and sustainable livelihoods,” it added.

The survey found that in 2018-19, Assam attracted new investment projects worth Rs 11,620.26 crore and completed projects worth Rs 15,335.16 crore. In 2019-20, the cost of new projects was Rs 3,233.84 crore as against Rs 7,447.83 crore for completed projects.

Jigish Sonagara, co-founder and CEO of Bilmart Fintech, said that in 2020-21, projects worth Rs 690.23 crore were received and the cost of completed projects was Rs 3,398.66 crore.

The report found that the MSME sector is the fastest growing in Assam in terms of output, investment, number of units and job creation. Compared to other north-eastern states, the sector is dominant in the state with 61.48 per cent units concentrated in Assam and the remaining 38.52 per cent in other states.

Assam has an estimated 67,000 industries, of which 88 per cent are small, 11.5 per cent small and medium. Recently, the central government has sanctioned over Rs 1,536 crore for setting up small, medium and medium enterprises under the Self-Reliance India campaign.

“There are many threats and challenges to the survival and growth of MSMEs. The growth rate of jobs and wealth in Assam cannot keep pace with this high rate of population growth, creating problems of unemployment, poverty and income inequality in the region.

“It has been observed that the biggest challenge for MSMEs is timely availability of capital and as a result, they either shrink operations or liquidate the enterprise. However, liquidity can be resolved if there is an alternative way of organizing. Timely competitive lending,” Sonagara said.

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Farmers need not worry, government will buy wet paddy from farmers: Telangana CM

The Telangana government will buy paddy soaked due to recent rains and farmers need not worry about it, Chief Minister K Chandrashekhar Rao said on Wednesday.

Rao, who held a review meeting on rice procurement, asked officials about arthritis bags, transportation and other aspects of the problem, an official statement said.

The Chief Minister directed that the monsoon season is approaching to speed up the collection of paddy.

Officials informed the Chief Minister that a target of 5.6 million metric tonnes of paddy has been set. They said that 2 million metric tons have been collected so far.

Due to unseasonal rains in some parts of the state, the harvested paddy is getting wet and due care should be taken, Rao said, adding that the state government would procure wet paddy till the last crop irrespective of the cost.

Rao reiterated that the state government would buy cooked rice from farmers without worrying about the cost and whether the Center had bought grain, the statement said.

The opposition Congress has attacked the TRS government for putting paddy farmers in a difficult position by not completing the paddy harvest quickly against the backdrop of rains.

TDS: Ministry of Finance to clarify doubts about the applicability of TDS on benefits

The finance ministry will clarify doubts about the applicability of the new TDS provision to benefits a business or profession or perquisites, a senior tax official said on Wednesday.

Kamlesh C. Varshani, Joint Secretary, Ministry of Finance, said that such benefits and paragraphs are always taxable, whether received in income and cash or in kind.

Budget 2022-23 Provision of withholding tax (TDS) on such national income has been introduced to prevent tax revenue leakage.

A new section of the IT Act, 194R, has been introduced in the budget, which requires that at the rate of 10 per cent withholding tax be levied by any person, if a resident exceeds Rs. This type of resident business or profession.

The new provision will be effective from July 1.

“This (benefits and perquisites) is an area where no one pays taxes despite having business and career benefits and perquisites … there is definitely a loophole and so this section 194R. Whatever the doubt, we are going. Before 1 July. To clarify the practical difficulties, “said Version Industry Chamber while talking to members of Assocham.

He said benefits like free medicine samples obtained by doctors, or free IPL tickets, foreign airline tickets obtained during business or occupation should be disclosed in income and income tax returns.

Giving an example, Version says that if a doctor receives a free sample, it should be shown as a benefit or advantage and that it is income, regardless of whether the pharma company is using it as a sales promotion.

He said the company could claim deductions for such sales promotion expenses, but that promotion would be a taxable income in the hands of the recipient. “Therefore you have to deduct TDS”.

Emphasizing that 194R applies to free samples obtained by physicians, Version said that the taxability of such benefits cannot be based on the fact that since free samples are not being sold, it is not revenue. “Free samples have a value,” he said.

Fintechs, retail banks can work together for the good of the customer: HSBC’s

Globally, retail banking is undergoing a major transformation due to new technologies, competition from fintech firms and millennia of technology-savvy. However, it is not that the traditional banks are becoming obsolete. They are gaining momentum by digitizing their processes, by keeping applications in the cloud as much as possible, and by partnering with Fintech to offer customers a frictionless ride. Indeed, the outbreak of the epidemic has further accelerated the digitization journey of banks.

In an exclusive interview with Anand Adhikari, Managing Editor, Business Today, Nuno Matos, HSBC’s Global Chief Executive of Wealth and Personal Banking, discusses the changing face of retail banking. Excerpts from an interview.

BT: Tell us what kind of transformation is taking place in global retail banking?

NM: Most banks worldwide, and of course HSBC, are already digital banks. Today, 93 percent of our global retail and resource transactions are through digital channels. In fact, we are much more than a digital bank. That is the difference. We believe in a model where we offer our best advice combined with the best-in-class benefits of a digital experience. This is our model.

We believe that to be relevant to our customers, to be the most relevant financial services provider, we need to bring people and digital together. It just can’t be digital. It also depends on the department you serve. Some sections, naturally, are served more digitally. Where other departments demand more banker and relationship managers interaction. Our model is a hybrid model that combines the best human advice with the best of digital and technology. And it is important to understand why.

We strongly believe that technology and digital platforms bring many benefits. It allows customers to bank on their terms, wherever they want, when they want, but trust, which is what we believe is all about our business. A high level of trust. Belief is about people interacting face to face with our customers. It is a model that has the best people and the best technology This is what we believe. It goes without saying that more transactions will be converted to digital. Our strategy is very simple. Customers can do whatever they want on mobile. We call this mobile first method.

BT: What kind of behavioral changes have you noticed in consumers since the epidemic?

NM: Customers have certainly accelerated their digital adoption. It goes without saying. What we saw in two years was probably the equivalent of that [digital adoption of] The previous five years. Over the past two years, we’ve significantly accelerated customer acceptance, both in terms of how they’re opening an account, becoming more digital, or part of our sales now coming through digital platforms via mobile, or payment and balance advising, servicing transactions that go digital. That was a tremendous acceleration.

There are other trends towards investment. We see customers becoming more sensitive to sustainable investment themes. Consumers have linked the epidemic to a world that is not sustainable with a non-green world. And the epidemic had the effect of calling for a more sustainable world. We’ve seen our clients want to invest more in sustainable investment opportunities. They want to influence the transformation of the world into a green economy. Consumers have also become more concerned about their well-being, their health and well-being.

BT: Are there enough investment opportunities in sustainable themes?

NM: We are launching a number of funds that are primarily invested in companies that are transformed into a green way of manufacturing and a green way of managing their carbon footprint. We are offering green mortgages in some markets. We are offering electric car financing. On the one hand, we are helping our clients finance their world transition using their investments. And also, we are financing our customers to improve the quality and durability of their property, such as their house, car etc.

BT: Can you name some destinations or countries where banks are offering sustainable investment themes?

NM: We are doing this in places like Hong Kong, UAE and Egypt. This is to give you an idea of ​​the countries where we already have green debt products. In terms of investment, we are offering it all over the world wherever we work.

BT: What do you see as the global trends in branch expansion and recruitment? Digital is definitely going to reduce the intensity of the retail business branch and people. Your comment?

NM: Global, the trend is clear. Branches in most markets are reducing their numbers. This is simply because customers are changing their behavior, as simple as that. Customers are going low in both the branches. As I said, for some very obvious element of their financial life, they still want face-to-face interaction or human touch. There are many ways you can combine humanities with banking relationships. So worldwide, that’s happening. I am sure that over time, those trends will come to the market like in India. But again, we believe that the combination of physical distribution and digital distribution is the key. We will continue to invest in equipping our branches to sell to our customers.

BT: How do Indian activities keep pace with the digitization journey and global support?

NM: In India, we are on a very clear path to grow and improve our services It is one of our top four markets in Asia. HSBC is the World Bank of Asia. We are very committed to the four major markets of Hong Kong, China, India and Singapore. India is one of our top four bets in Asia. And we’ve been investing a lot of resources in our digital capabilities, people’s capabilities, our platforms for customers and especially in terms of recruiting people. You can count on our services to continue to make significant improvements

BT: Are banks partnering with Fintech for new technological capabilities and to reach new sets of customers?

NM: Fintechs, in our opinion, is a good force for customers. They are bringing better customer experience. We want to partner with Fintech so they can add their journey to our mobile app. And we’re able to provide more efficient, more efficient, faster, better customer journeys. We see them as competitors. We also see them as partners because, many times, by combining the two capabilities, we are actually serving customers better. So, we see them as a force for good because competition is good for customers. And partnership is good for customers. That’s the way we see them. And that is, I think, how customers see them too.

BT: Does the bank have a unique fintech partnership worldwide?

NM: We constantly partner with Fintech when we want to improve our journey. I’m not going to give any specific quotes, but I’m going to tell you that, for example, in order for you to be able to manage your credit card on mobile, we’ve partnered with some fintech in some markets, which allows us to collect multiple data from customers and our Allows to block or unblock his card on mobile. Also, the bars have features like blocking card usage We are combining many trips from Fintech on our mobile rides to offer customers more powerful. This is how we see them as partners.

BT: We’ve heard of many robot advisors in asset management. Tell me about taking Robo Advisor?

NM: We again believe in robotic advice as a combination of human advice. Robo Advisory is more than enough for mass markets and emerging affluent places because it usually does not involve human advice. You profile yourself, answer some questions and then the model will recommend investment based on profile. We do this in some countries. However, we supplement it with human advice. I see Robo Advisory as a component of banks advising their clients on what to invest. But this is not the only one And I must say our model, it’s just a component.

BT: How acceptable is the regulatory system towards new technologies like blockchain? Is the regulator before the curve?

NM: I think the regulations have been very progressive in allowing market development. We see many great developments in the Indian market. I fully acknowledge that there is a desire to have a progressive approach to financial services

BT: Have you seen some fintech players scale up and emerge as big players in the financial services market?

NM: We are highly relevant to our customers. Why? And it’s important to compare. We lend to their needs. We lend on mortgages, cards, personal loans, etc. We manage our clients’ investments, including savings and investments, mutual funds, equities and bonds. We allow all that. We protect their families, their lives and their property through insurance. We are highly relevant to our customers. And we do it through human channels (public consultation) and digital channels. This is what makes us so relevant to the lives of our customers.

For a fintech to be relevant, they need to expand their services in the same way. I’m sure they will. Some will convert from mono line products to multi-line products. Others will not. There is space for different models. We believe that our model is very relevant to be a 360-degree provider to our customers in a multi-channel manner. We are world wide in terms of products. This is our model.

BT: Tell us about HSBC’s strategy in India.

NM: I think it is important to determine where HSBC wants to compete in retail and resources in India because the strategy then defines what you will do and our strategy is very clear. We want to be the leading international bank for the rich and high-net-worth population in India. And when I say rich, I mean rising rich, mass rich, rich and high wealth. That is our goal. That’s where we believe we have the right to win. We have no right to win in other divisions. So that’s where we want to compete. And tied to that opportunity, we want to be very present to bring Non-Resident Indians (NRIs) back to India to invest in their country. And for these parts, we provide asset lending and transaction related services, including payments, cards, etc. We want to be a complete financial services provider in this department

BT: In India, foreign banks are coming out of retail banking. Your comment?

NM: We are highly committed to the Indian market. We have a very clear strategy. And this is the key. We know strategically where we can win [and] Where we can provide the best-in-class service to our customers. And in India, HSBC being an emerging rich and high network, these are the three segments where we want to be the leading international bank.

We believe we can succeed. If we provide the best digital service in class, which is important in India. India has jumped into many markets of the world. And now it is one of the most advanced mobile players in the world. We have to deliver that quality. At the same time, we have the best, best products on the advice of class people, which are made in many parts of the world. So, we have all the ingredients that a global player can bring to the Indian market.

Top financial mistakes that can derail your investment journey

After saving money, you need to invest properly to cover risks, save taxes and generate profitable returns. If you do not invest, the money saved will lose its purchasing power over time. On the other hand, a planned investment will help you meet your financial goals with relative ease. For this, you must avoid investing mistakes.

Wrong with investing

The following are some mistakes that can derail your investment journey:

There is no diversity in the portfolio

For example, putting all the eggs in the same basket can ruin the egg, and all investments in a single instrument – especially equity – will lose all money. So, to reduce the risk of losing money, you need to diversify by investing in multiple materials. Variety will ensure that you do not lose all your money, even if one instrument fails to perform.

Extremely conservative approach

It is said that the biggest risk is not taking any risk. In order not to take any risk, if you put all your money in fixed-income instruments, you will gradually lose the purchasing power of the invested capital. This is because interest earned on fixed income instruments – such as fixed deposits (FDs), recurring deposits (RDs), etc., is generally taxable and such instruments can rarely lose the rate of inflation. Without any indexing facility, income after tax deduction lags behind the rate of inflation, resulting in a gradual decline in the purchasing power of capital invested over time.

Thus, investing in fixed income instruments does not raise capital – as in equities during market volatility – the double-edged sword of taxes and inflation impoverishes conservative investors.

No idea about compound energy

Even if an instrument pays a higher compounding interest than a instrument that pays higher general interest, over a period of time, the instrument that provides a compounded return will offer a much larger profit. The profit margin between the instruments will increase exponentially with each passing year.

Albert Einstein, the greatest scientist, once said, “Cyclical interest is the eighth wonder of the world. He who understands, earns; He who does not pay, pays. “

So, do not underestimate the power of compounding and do not invest in instruments that provide a compounded return.

Taking unnecessary risks

The best investment plan is one that helps you reach your financial goals with minimal risk. So, if you can reach your financial goals with less risk, there is no point in risking your money to get a higher return.

Looking forward to a quick return

One has to plan his investment to meet the long term goal. If the objective is achieved quickly, the chances of losing money are high. In order to get a quick return from equity, people usually make the mistake of investing in a higher market – when existing investors have already made a profit – and see their investment in a negative state and exit the lower market.

However, if an investor enters the market with a long-term outlook, he can ignore the short-term volatility and stay in the investment to get a higher long-term return.

Don’t seek professional help

To get a long-term investment plan to meet your financial goals, you need to have a comprehensive financial plan. It is best to seek the help of a professional financial advisor to create a financial plan that will help you to ensure that you stay in the investment to meet your goals during market volatility.

Failing to invest in learning

In addition to professional help, you need to invest your time and money in learning investment strategies. Learning will give you more confidence and help you stay on your investment path.

Rajiv Gandhi assassination: Congress ‘deeply saddened, disappointed’ by release

Congress on Wednesday expressed sorrow and frustration over the release of AG Perarivalan, convicted in the Rajiv Gandhi assassination case, and condemned the government for creating “a situation” in court that the former prime minister’s assassin was released for “trivial and cheap politics”. Randeep Surjewala, chief spokesperson of the Congress, said that today there is sadness and resentment not only in every Congress worker but also in every citizen who believes in India and Indianness.

“A terrorist is a terrorist and he should be treated as one. Today, we are deeply saddened and disappointed by the Supreme Court’s decision to order the release of Rajiv Gandhi’s assassin,” he said.

He said it was reprehensible and extremely sad that the assassin of a former prime minister had been released.

“Today is a sad day for the country. There is sadness and resentment not only in every Congress worker, but in every Indian who believes in India and Indianness, who believes in the fight against extremism and who challenges the sovereignty and integrity of all forces.” He told reporters.

He also wondered if millions of people facing life imprisonment should be released.

This is not about Rajiv Gandhi, but about a prime minister who was assassinated, he said, adding that the soul of every person fighting terrorism has been hurt.

“Rajiv sacrificed his life for the country, not for the Congress. And it would be very sad and reprehensible if today’s government created a situation in court to release his killers for their petty and cheap politics.

“We condemn it as strongly as possible. All Indians must see what kind of government is in power today and what their attitude is towards extremism,” he said.

Exercising its extraordinary powers under Article 142 of the Constitution, the Supreme Court on Wednesday ordered the release of AG Perarivalan, who has been in jail for more than 30 years in the Rajiv Gandhi assassination case.

A bench headed by Justice L Nageshwar Rao said the recommendation of premature release of seven convicts in the case on the advice of the Tamil Nadu state cabinet was mandatory for the governor.

The apex court also rejected the Centre’s argument that the President has the exclusive power to grant amnesty in a case under Section 302 of the Indian Penal Code, saying that it would invalidate Article 161 (Governor’s power to grant amnesty).

The bench comprising Justice BR Gavai said the states have the power to advise and assist the governors of the states in the case of pardon under Article 161 framed by the convicts in the murder case.

Article 142 of the Constitution relates to the power of the Supreme Court to exercise its jurisdiction and to order for full justice in any cause or matter pending before it. The article was also used in the Ram Janmabhoomi-Babri Masjid land dispute case.

The Center had earlier defended the decision of the Tamil Nadu governor to send Perarivalan’s mercy petition to the President.

Wind Goose Sale: Legal Eagle warns of winning bid bids with guidelines

Although Almas expressed surprise at the ruling of the National National Company Law Tribunal (NCLT), legal experts say the development could be the result of a winning bid by the Star 9 consortium to disqualify Pawan Hans.

Surprised by the April 20 NCLT order, Almas Global Opportunity Fund called it “sudden” and “premature”, in a statement. The company claimed that the NCLT order held them off guard because they sought extra time from EMC Ltd’s Committee of Creditors (CoC) to complete the transaction due to adverse market conditions.

Along with Big Charter and Maharaja Aviation, Almas Global is also part of the three-way Star9 consortium that has successfully bid Rs 211.14 crore for Pawan Hans. However, in the case of unrelated EMC Ltd, the NCLT order is likely to derail the helicopter service company’s investment for the fourth time.

Almas Global was declared a successful bidder for bankrupt Kolkata-based power system player EMC Limited when its resolution plan was approved by NCLT. The NCLT managed to pass its April 20 order due to delays in depositing funds for the process in part of the Cayman Islands-headquarters funding, the winning bid for Pawan Hans was announced nine days earlier.

In a statement, Almas Global said the company had already begun the process of going to the National Company Law Appeal Tribunal (NCLAT) – the higher appellate authority – to pay the prescribed amount and finalize the transaction for the acquisition of EMC Limited. According to the approved resolution plan.

“While this overall NCLT process and order has shaken our confidence in the overall process, we remain committed to investing in India and Indian companies,” the Cayman Islands Registered Fund noted.

Meanwhile, legal experts told Business Today that the Star9 consortium bid for Pawan Hans – a 51:49 joint venture helicopter service (JV) between the government and ONGC – could be disqualified if it is found to have violated the Almas Global Disinvestment Guidelines.

“The NCLT’s Kolkata bench’s order raises some strong questions about the credibility of the majority of bidders in the context of Pawan Hans’ investment and thus some strong questions about the bid,” said Neha Singh, an associate partner at law firm Link Legal. .

Failure to implement solution plan

NCLT observed in its judgment that Almas Global, after becoming a successful Resolution Applicant (SRA) relating to corporate debtor EMC Limited, did not fulfill its obligation to implement the resolution plan under its terms. The NCLT observed that Almas did not show any intention or even take adequate steps to demonstrate its willingness to implement the Global Resolution Plan.

The NCLT, therefore, assumes that the Company and its officials are liable for violating the approved Resolution Plan in terms of Section 74 (3) read with Section 236 of the IBC. While forfeiting the Rs 30 crore Performance Bank Guarantee, NCLT further observed that the attitude of Almas Global made it a suitable case under Section 74 (3) of the IBC which applies to anyone who knowingly and intentionally violates such terms. One of the aspects of a resolution plan or its persuasion

“The Successful Resolution Applicant (SRA) has taken the whole process for a journey, and nothing really can justify this boldness. Intentional breach ‘may be applied to satisfy the test, “the NCLT order said.

“The punishment for an offense under section 74 (3) of the IBC is not less than one year, but may be up to five years or a fine which may not be less than one lakh rupees, but may extend up to one crore rupees or more. Both cases will be tried by a special court set up under the Companies Act under Section 236 of the IBC Offenses Act, ”said Ajay Shaw, a partner at DSK Legal.

The government is examining the NCLT order

The government is currently examining the NCLT order to determine whether investor and public asset management department (DIPAM) guidelines have been violated by the bidder.

“The NCLT’s decision now needs to be examined in the context of the removal of Pawan Hans where Almas Global is part of a consortium that has bid for Pawan Hans. Failure to meet the eligibility criteria will result, ”said DSK Legals Shaw.

“The NCLT order needs to be looked at closely for evaluation if it leads to a violation of the DIPAM disinvestment guidelines, which determine the disqualification of a bidder, primarily because of a conviction by a court of law or because of an alleged or adverse order by a regulator. That authority casts doubt on the ability of the bidder to operate the public sector unit when it is invested, ”warned Link Legal Singh.

“Since Almas Global holds 49 per cent of successful bidders, i.e. Star 9 Mobility, the above could potentially be the reason for disqualification of bidders and bidders,” he added quickly.

DIPAM has declared the Star 9 Mobility consortium as the winning bidder for 37-year-old Pawan Hans after three failed attempts before its removal.

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