Mumbai: A group of ministers (GoM), tasked to draft an affidavit explaining the cultural significance of Adam’s Bridge (also known as Ram Sethu), met in New Delhi on Wednesday but failed to reach an agreement on the issue.
The bridge—an ancient coral walkway linking India and Sri Lanka—has been at the centre of controversy with some right-wing Hindu organizations saying the proposed Sethusamudram project would destroy the walkway, believed by them to have been built by Hindu god Ram. The Rs2,600 crore project envisages dredging the walkway to reduce sailing time for ships.
The GoM—comprising external affairs minister and the government’s chief negotiator Pranab Mukherjee, minister of culture Ambika Soni, and minister of shipping T.R. Baalu—was formed last week to resolve differences between two separate affidavits drafted by the ministries of culture and shipping. The affidavit has been sought by the Supreme Court.
Baalu, one of the staunchest supporters of the project, is in favour of taking a strong stand against the Hindu protesters. But his cabinet colleague Ambika Soni believes the move will further alienate Hindus in north India, and could cost the Congress party dear in five states where elections are due later this year.
The apex court has been awaiting this affidavit since 14 September, when the government withdrew its original statement and asked for three months to study the issue.
The Madras high court had originally asked the government to file an affidavit explaining the cultural significance of the Ram Sethu. The court had also asked if the government had conducted any archaeological study of the bridge. A three-judge bench of the court had upheld its order.
Litigant Subramanian Swamy says the government may refer this investigation to the National Heritage Commission, which would “put the project in cold storage for all practical purposes.” Calls to the ministry of culture and shipping went unreturned. Priyanka P. Narain
Emaar target price cut by EFG-Hermes Holding
Dubai: The largest publicly traded real estate developer in West Asia and Africa, Emaar Properties PJSC, had its target price cut by EFG-Hermes Holding SAE on flat earnings growth in 2008 and delayed mall and hotel projects.
The bank lowered its short-term recommendation to “accumulate” from “buy”, Egypt’s largest investment bank said in a note on Wednesday.
Emaar’s 2008 revenue and net profit growth is likely to remain flat because marketing and operating costs for new shopping malls and a hotel in Dubai will be a “drag” on earnings, EFG-Hermes said in the report, written by analyst Stefan Schurmann.
Emaar, in which the Dubai government is the largest shareholder, plans to expand in India through a $1.8 billion (Rs7,092 crore) share sale of Emaar MGF Land Ltd. Bloomberg
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