Bangalore: A court in India’s financial hub of Mumbai granted bail to political leader Raj Thackeray after police arrested him on Wednesday for inciting violence against migrant workers in Maharashtra.
“He has been bailed out and he is going home,” K.L. Prasad, joint commissioner of police, said by phone from Mumbai. Labourers from Uttar Pradesh and Bihar have been the target of attacks by Thackeray’s Maharashtra Navnirman Sena (MNS) in Mumbai and other areas of Maharashtra, since 3 February. Migrants are responsible for “huge unemployment” in Maharashtra, Shirish Parkar, spokesperson for Thackeray’s party, said in a phone interview. “Due to the arrival of people from Uttar Pradesh and Bihar, Maharashtra is paying a price,” Parkar said.
“They come and build unauthorized slums here. Their numbers are increasing.” One person was killed and 17 buses were damaged in Nashik in Maharashtra after the arrest, the NDTV 24x7 television channel reported. Thackeray’s supporters had earlier forced migrant workers in Nashik to get on trains leaving the city, NDTV said in a report posted on its website.
MNS was founded by Thackeray in March 2006 after he split with uncle Bal Thackeray, the leader of the Shiv Sena. The Shiv Sena, formed in 1966, itself targeted south Indians, then people from Gujarat and later Muslims, said Teesta Setalvad, a civil rights activist.
“I think this is ridiculous, suddenly today it is the north Indians” who are under attack, Setalvad said in a phone interview from Mumbai. “The common thread amongst all these is the ‘sons of the soil’ versus ‘the outsider.’ This is the price the state is playing for actually indulging such forces.”
Mumbai is home to more than 16 million people and houses India’s two biggest stock exchanges, the central bank and the country’s most valuable company, Reliance Industries Ltd. The city is a dominant trading centre.
Mandatory for art funds to register with Sebi
Mumbai: All art funds will now have to get the Securities and Exchange Board of India (Sebi) registration.
The capital market watchdog on Tuesday said art funds are similar to collective investment schemes (CIS) and will be registered and monitored under the CIS regulations.
“Floating of art funds or schemes without obtaining a certificate of registration from the board will amount to violation, and appropriate actions, civil and criminal, may be taken by Sebi against such funds,” according to a press release issued by Sebi.
In the past three years, quite a few art funds have floated schemes for investors.
Some of the well-known funds present are Osian’s art fund, India art fund from Kotak Mahindra Bank, Yatra fund and Crayon Capital Fund. None of them is registered with Sebi. Khushboo Narayan
Government approves 25 FDI proposals
New Delhi: The government on Wednesday approved 25 foreign direct investment (FDI) proposals worth Rs5,584.82 crore in various sectors, including a Rs1,950 crore investment plan of Bycell Communications for starting mobile telephony in the country.
The proposals, approved by finance minister P. Chidambaram, also include a Rs 1,460 crore plan of J M Financial Trustee for induction of foreign equity by subscribing to private placement of units. The Indian company is engaged in FDI compliant construction development projects, an official release said.
Earlier, the department of telecom had withheld letters of intent to Bycell for launching mobile services in five circles. The investment plan of the company, which had applied for licences in Assam, Orissa, Bihar, North East and West Bengal circles in January 2006, also envisages raising of paid-up capital.
Other major proposals that were approved by the government include those of Mumbai-based Dumeric Holdings Pvt Ltd and KVK Energy & Infrastructure Pvt Ltd.
Cords Cable debuts at a premium on BSE
Mumbai:Cords Cable Industries Ltd listed at a premium over its issue price on the Bombay Stock Exchange (BSE) on Wednesday.
Shares of the company closed on the BSE at Rs138.30, each, a 2.44% premium over its issue price of Rs135, even as Sensex, the benchmark index, gained 2.05% to close at 16,949.14, ending its five-day losing streak.
The stock was listed at Rs130, hit a high of Rs151 and a low of Rs113 during the day, before closing at Rs138.30.
Cords Cable Industries’ Rs41.65 crore initial public offer, that ended on 24 January, was subscribed 4.99 times.
The issue, that followed the book building process, had a price band of Rs125-135. Ashwin Ramarathinam