INX Media case: ED opposes relief to Karti Chidambaram; top 10 developments

Delhi High Court’s Justice Indermeet Kaur recused herself from hearing Karti Chidambaram’s bail plea in the INX Media corruption case

The Enforcement Directorate on Tuesday approached the Supreme Court against the Delhi High Court order that granted relief to Karti Chidambaram, who was arrested by the Central Bureau of Investigation (CBI) in the INX Media corruption case, in the money laundering case registered against him.

The Delhi High Court on March 10 had restrained the central probe agency from arresting Karti Chidambaram till March 20.

Meanwhile, Delhi High Court Justice Indermeet Kaur recused from hearing Karti Chidambaram’s bail plea. The matter has now been referred to another Bench.

Karti Chidambaram, businessman and son of senior Congress leader P Chidambaram, has moved the Delhi High Court seeking bail in connection with the INX media case. The high court will hear his petition on March 13. Currently, Karti has been sent to judicial custody till March 25 in the INX Media Foreign Investment Promotion Board (FIPB) clearance case.

On Monday it was reported that the court refused Karti’s plea for a separate cell in the jail in view of threat perception, as during his father’s tenure as Union Home Minister, several terrorists were kept in Tihar jail. The court said that while the social status of the Chidambaram family could not be ignored, Karti could not be treated differently from the other accused persons.

“However, only keeping in view the fact of social status of accused and his father, he cannot be treated differently from other accused persons and cannot be allowed to be kept in separate prison. However, lock up in-charge and jail superintendent are directed to provide and ensure proper security and safety to accused during judicial custody, as per rules,” the court said.

Karti was arrested by the CBI on his return from the United Kingdom in connection with an FIR lodged on May 15 last year. The probe agency alleged irregularities in a Foreign Investment Promotion Board (FIPB) clearance given to a media house, INX Media, for receiving funds of about Rs 3.05 billion (Rs 305 crore) from overseas in 2007 when his father was the Union finance minister.

Initially, the CBI had alleged that Karti Chidambaram received Rs 1 million (Rs 10 lakh) as a bribe for facilitating the FIPB clearance to INX Media. It, however, later revised the figure to $1 million (about Rs 6.50 crore at the current exchange rate and Rs 4.50 crore in 2007). The fresh evidence in the case, which triggered Karti’s arrest, was based on a statement by Indrani Mukerjea, former director of INX Media (P) Ltd, who recorded it under Section 164 of the CrPC before a magistrate on February 17.

Here are the top 10 developments around the Karti Chidambaram INX Media corruption case:
1) ED moves SC against HC order giving relief to Karti: The Supreme Court will hear the ED’s plea against the Delhi High Court order on Karti Chidambaram in the money laundering case arising out of the INX Media matter on March 15.
On Tuesday, the Enforcement Directorate approached the apex court against the Delhi High Court order, which had granted relief to Karti Chidambaram.

Click here to read → INX Media case

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UP Investors’ Summit 2018: Jio to invest Rs 100-bn in 3 years, says Ambani

Mukesh Ambani also mentioned that Jio has already created over 40,000 direct and indirect jobs in Uttar Pradesh

Reliance Jio will invest another Rs 100 billion in Uttar Pradesh over the next three years, Reliance Industries Limited Chairman Mukesh Ambani said here on Wednesday.

“Today I am happy to inform this audience that Jio is one of the largest investors in Uttar Pradesh with investments of over Rs 200 billion. Jio is providing the highest quality data at the lowest price in the world to over 20 million citizens of Uttar Pradesh,” Ambani said while addressing the Uttar Pradesh Investors’ Summit 2018.

ALSO READ: UP Investors Summit: Adani, Birla, Ambani lead Rs 4 trn investment promises

“I have come to Lucknow to assure the Prime Minister and the Chief Minister that Jio’s Digital Revolution is here to make the maximum contribution to UP’s development revolution,” he added.

ALSO READ: UP Investors Summit 2018: Bio-policy to double farm income by 2022, says PM

While talking about affordable handsets, JioPhone, Ambani said: “Jio will make available over 20 million JioPhones in UP within the next two months on a priority basis.”

He mentioned that Jio has already created over 40,000 direct and indirect jobs in the state. | Reliance Industries Stock Price

“Jio will establish a Centre for the Fourth Industrial Revolution within the campus of a reputed university in Uttar Pradesh,” Ambani added.ALSO READ: UP Investors Summit 2018: CM Adityanath signs 1,045 MoUs, worth Rs 4.2 trn

 Click here to read → Reliance Industries

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UP Investors’ Summit: Jio to invest Rs 100 bn in 3 yrs, create 100,000 jobs

Jio’s digital revolution is here to make the maximum contribution to UP’s industrial revolution

Reliance Industries Chairman and Managing Director Mukesh Ambani on Wednesday committed to investing Rs. 100 billion in Uttar Pradesh over the next three years.

“Jio has invested Rs. 200 billion already in the state, and plans to invest another Rs. 100 billion over the next three years.

We aim to bring Jio to every village in state by the end of this year,” he said at the Uttar Pradesh Investors’ Summit here.

Furthermore, the top businessman stated that over 20 million Jio phones will be sanctioned and 100,000 new jobs would be created in Uttar Pradesh, which he said, was India’s “most popular state.” | Reliance Industries Share Price

“If UP gets up and running, nobody can stop India from being a global superpower. It is a key investment area for us, and hence, we would like to support development at every level,” he said.

He said that RIL has built world-class digital infrastructure all over India and UP which is the most populous state can soon enough be the Centre of the Fourth Industrial Revolution, within the visionary approach of the PM.

RIL has rebuilt the next generation digital communication services to help hospitals, schools, small, medium businesses grow.

Ambani also extended his commitment to developing the Centre’s Namami Gange project to clean River Ganga.

Click here to read → Reliance Industries

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G G Engineering is in the Engineering sector. The current market capitalisation stands at Rs 22.20 crore.

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Reliance can produce 10 mn Jio Phones in a year at its Tirupati plant

The government did not disclose the investments entailing these and other facilities proposed to be set by the company

 

Reliance Group would set up an electronic manufacturing park in 150 acres at Tirupati in Andhra Pradesh. | Reliance Industries Stock Price

The park will have a mobile phone manufacturing plant that can produce 10 million Jio Phones per year besides other electronic product facilities, including that of television sets, batteries, set-top boxes among other things, the state government announced after a high level meeting between Reliance Group chairman Mukesh Ambani and chief minister N Chandrababu Naidu on Tuesday.

The government did not disclose the investments entailing these and other facilities proposed to be set by the company.

According to the government, Reliance Group will aim to create an end-to-end ecosystem in the electronics sector, right from chip design to product development and also provide training to students in electronics manufacturing at the proposed electronics park.
Reliance will also set up citizen service centres (CSCs) across 5,000 villages in the state and these centers will make the government services available to the public at a most affordable cost, the government said.

The company will also establish a digital infrastructure, telecom and start-up ecosystem development center in 50 acres at Amaravati, a 150 mw solar power plant in Peddapuram.

Reliance Group chairman has flown to Vijayawada on Tuesday evening and met with chief minister N Chandrababu Naidu to discuss the company’s investment plans among other things.

During his visit, Ambani also visited the Real Time Governance (RTG) center, which was established by Naidu government in Amaravati secretariat complex.

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RIL to acquire 5% stake in Eros international for Rs 10 bn to produce films

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country

RIL on Tuesday said it will acquire 5 per cent stake in NYSE listed Eros International for Rs 10 billion with a view to producing and acquiring Indian films and digital originals across all languages. | Reliance Industries Stock Price

Reliance Industries Limited (RIL) and Eros International Plc announced that RIL, through a subsidiary, “has agreed to subscribe to a 5 per cent equity stake” in Eros at a price of $15 per share, the company said in a statement.

Both the companies have agreed to partner in India to jointly produce and consolidate content from across the country.

“The parties will equally invest up to Rs 10 billion in aggregate (about $150 million) to produce and acquire Indian films and digital originals across all languages,” it said.
It further said that Jyoti Deshpande, Group CEO and MD of Eros International Plc, the parent company of Eros India, will be stepping down from her executive role and move on to head the media and entertainment business at RIL as President of the Chairmans Office.

Deshpande will start her new role at RIL from April 2018, but will continue to remain as a director on the board of Eros India as well as Eros Plc, it added.

Kishore Lulla will resume his position of Group Chairman and CEO of Eros Plc.
” The parties will equally invest up to Rs 10 billion in aggregate to produce and acquire Indian films and digital originals across all languages,” it said.

Mukesh Ambani, Chairman & Managing Director, RIL said: “We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership”.

In her new role at RIL, Deshpande will lead the companys initiatives in media and entertainment to organically build and grow businesses around the content ecosystem such as broadcasting, films, sports and music.

Besides, she will help integrate RILs existing media investments such as Viacom and Balaji Telefilms with a view to build, scale and consolidate the fragmented USD 20 billion Indian M&E sector.

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Infosys didn’t make the cut: Only 2 Indian firms in most ethical list

US-based think tank Ethisphere Institute selected the 135 companies on the list from 23 countries across 57 industries

IT services and outsourcing provider Wipro Limited and Tata Steel Ltd are the two Indian firms that have been selected among 135 of the world’s most ethical companies for 2018 by the US-based think tank Ethisphere Institute. | Today’s Paper

The 135 companies dedicated to “defining and advancing the standards of ethical business practices” were selected from 23 countries across 57 industries, Ethisphere said in a statement late on Monday.

Microsoft, Dell, Salesforce, and Adobe are some of the global tech giants who figured in the 2018 list.

“Over the last 12 years, we have repeatedly seen that those companies who focus on transparency and authenticity are rewarded with the trust of their employees, their customers, and their investors,” said Ethisphere CEO Timothy Erblich.

“While negative headlines might grab attention, the companies who support the rule of law and operate with decency and fair play around the globe will always succeed in the long term,” Erblich added.

The listed ethical companies outperformed the large-cap sector over five years by 10.72 per cent and over three years by 4.88 per cent.

“We are honoured to be listed among the World’s Most Ethical Companies for the fifth consecutive year,” said Michael Dell, Chairman and CEO of Dell Technologies.

“Ethics and integrity matter at Dell.

We work hard to earn our customers’ trust, improve our communities and inspire our team members through sound, ethical decision-making,” he added.

The institute will organise an event in New York on March 13 to felicitate the companies where PepsiCo Chairperson and CEO Indra Nooyi is expected to deliver the keynote address.

“At Microsoft, trust and integrity are core to our values and critical to our success. We’re passionate about applying the power of technology to improve our world, and that starts with doing business in a way that builds and maintains trust with our customers,” said Microsoft President Brad Smith.

 

Budget 2018: Why India merged Railway, Union Budget in 2017

NITI Aayog report stated that as the size of the Railway Budget has shrunken when compared to the overall general budget, presenting the Railway Budget separately is not required

On 21 September 2016, Government of India approved the merger of the Railway Budget with the Union budget of India, and thus came to end — a 92-year-old practice of separate rail and general budgets. The decision of merger was taken along with advancing the date of the Union Budget in the Parliament under the process of budgetary reforms taken up by the government.

Earlier, NITI Aayog (National Institution for Transforming India), which constituted a committee headed by economist and NITI Aayog member Bibek Debroy, produced a whitepaper and recommended that the British-era practise should be phased out. The recommendations were forwarded to the Railway Ministry, after which former railway minister Suresh Prabhu, in a letter, urged Arun Jaitley to merge the Railway Budget with the general budget for the long-term interest of both the railways and the country’s economy. After raising the matter in the Rajya Sabha, Finance Minister Arun Jaitley constituted a committee to chart out the future course of action.

The practice of a separate Railway Budget was started by the British in 1924 under the recommendation of a 10-member Acworth Committee headed by British economist William Mitchell Acworth in 1920-21. Then the country’s gross domestic product (GDP) mostly depended on railway’s revenue, in fact, then the Railway Budget was 84 per cent of the general budget. But over the years, the size of the rail budget diminished in comparison with the general budget. In the past, every year the Railway Budget was presented in the Parliament by the Railway Minister few days prior to the general budget. On 25 February 2016, Suresh Prabhu became the last railway minister to present a separate Railway Budget in the parliament. Next year on 1 February 2017, Arun Jaitley became the first Finance Minister to present a combined railway and general budget.

Reasons for Merger of Railway Budget with Union Budget (Observations of NITI Aayog)

The NITI Aayog committee headed by Bibek Debroy noted that a separate Railway Budget was just an annual ritual that should be done away with. The report stated that as the size of the Railway Budget has shrunken when compared to the overall general budget, presenting the Railway Budget separately is not required. The report further stated that India is the only country in the world with a separate Railway Budget. In fact all the countries that Acworth Committee report mentioned had separate Railway Budget but have discontinued the practice.

The committee also noted that the Railway Budget is not a legal or constitutional requirement like the Union Budget. Also the committee observed that over the years the spending of other ministries such as defence, road transport, highways, petroleum and natural gas had overtaken the spending of Indian Railways, even though these ministries functioned without a separate budget.

Another observation of the committee was that the Railway Budget was used as a political tool with decisions on new trains, routes, fare hikes were getting influenced because of political considerations.

Expected benefits from merger of the Railway Budget with Union Budget

The biggest benefit for the Railways of no separate budget would be that now the Railways won’t have to pay an estimated Rs 97 billion (Rs 9,700 crore) to the government as an annual dividend for gross budgetary support. Also, capital charge of Rs 2.27 trillion will be wiped off. Thus the merger would help the Railways increase its capital expenditure. With the merger the size of the general budget will increase which will begood for the country’s economy. Also now the Parliament has to consider only a single Appropriation Bill instead of two Appropriation Billsthereby saving precious timeof the Parliament.

Due to the merger, the Railways Ministry, which requires huge investments and has a burden of about Rs 400 billion (Rs 40,000 crore) due to 7th Pay Commission recommendations and Rs 32,000 due to subsidies will no longer have to deal with these problematic issues. No separate Railway Budget will also mean that Railways can now concentrate better on revenue generation and other related tasks. Thing such as capital expenditure and revenue deficit will now be taken care by the Finance Ministry. While the government has assured that the functional autonomy of the Railways will be maintained, the annual speech of the Railway Minister will surely be missed.

Click here to read → Budget 2018