Mumbai: A special court in Mumbai on Friday held stock brokers Ketan Parekh, Hiten Dalal and six others guilty of criminal conspiracy and misappropriation of funds.
Justice V. M. Kanade of special court (For Trial of Offences Relating to Transactions in Securities Act) held that Parekh, Dalal and Canbank Financial Services Ltd (Canfina) officials entered into a criminal conspiracy to “siphon off Rs47 crore” between October 1991 and January 1992.
The prosecution’s case was that money belonging to Canfina, a subsidiary of Canara Bank, was transferred to accounts with Canbank Mutual Fund (CBMF) in Mumbai by default, but instead of returning the money, CBMF diverted it to the accounts of Parkeh and other stock brokers. Among those convicted are stock brokers S. K. Jhaveri, Pallav Seth and Navinchandra Parekh; Canfina’s former assistant vice-presidents Sainath Mohan and M.K. Ashok Kumar; and former general manager of CBMF B. R. Acharya.
Former assistant vice-president of Canfina N. Balsubramaniam, former general manager of CBMF P. J. Subbarao and B.V. Shrinivasan of Vysya Bank were acquitted.
The court is expected to pronounce the sentences on 28 March.
Indira Gandhi award for Gates Foundation
New Delhi: The Bill and Melinda Gates Foundation on Friday won the Indira Gandhi Prize for Peace, Disarmament and Development “for its pioneering and exemplary philanthropic work around the world and in India in health”, a statement issued by the Indira Gandhi Memorial Trust said.
The foundation, which has built an endowment of $38.7 billion (Rs1.5 trillion) and made grant commitments of $16.3 billion across 100 countries, has been active in India for several years.
“The foundation is focusing on a few areas that have been neglected in the past, concentrating on diseases and health conditions that cause the most illness and death and yet receive the least attention,” the statement said.
The Bill and Melinda Gates Foundation is also working to increase opportunities for people in the developing world to lift themselves out of hunger and poverty, the statement added.
The award ceremony will take place in New Delhi this November.
Jumbo rejects stake dilution reports
Dubai: Electronics retailer Jumbo Group has denied reports that the UAE-based Al-Futtaim Group is taking a stake in the company and said it is interested in acquiring businesses.
“Given Jumbo’s current financial position, we will be interested in acquiring some businesses with synergies,” chairperson Vidya Chhabria said. “We have no intention of bringing on new partners into the business, nor any intention of diluting the stake in the business,” she added.
Earlier, Indian media reports had said that Al-Futtaim was in talks with Jumbo, the one-time owner of Kolkata-based liquor maker Shaw Wallace and Co., for a stake in Jumbo’s flagship company, Jumbo Electronics Co. Ltd, the sole distributor of Sony products in the UAE.
Al-Futtaim Group has also denied reports of the acquisition plan.
“We are amazed at this report that appeared in the Indian newspapers and have no idea from where they sourced this information,” a senior official of the group said.
SC: Indians can?settle anywhere in India
New Delhi: In an apparent rebuff to Raj Thackeray’s Maharashtra Navnirman Sena on the issue of north Indians, the Supreme Court on Friday said that every Indian has the right to settle anywhere in the country.
“India is not an association or confederation of states, it is a union of states, and there is only one nationality, that is Indian,” a bench of justices H.K. Sema and Markandey Katju said. “Hence, every Indian has right to go anywhere in India, to settle anywhere and work, and do business of his choice in any part of India peacefully,” the judges said.
The apex court deplored the growing tendency of some sections to indulge in violence on issues that they differed on.
“These days, unfortunately, some people seem to be perpetually on the fuse, and are willing to protest, often violently, about anything under the sun on the grounds that a book or painting or film has hurt the sentiments of their community,” the bench said. The court said such tendency leading to the country’s Balkanization should be curbed.
Orissa likely to get three more UMPPs
New Delhi:The government on Friday said three new ultra-mega power projects (UMPPs) of 4,000MW each could be set up in Orissa, in addition to nine UMPPs already proposed across the country. “Orissa has just agreed for three ultra mega power projects that could be structured through a special purpose vehicle, promoted by Power Finance Corp. Ltd,” power secretary Anil Razdan said. There is also a “strong” possibility for a fourth such project in Orissa and a new one in Gujarat, which would take the total number of UMPPs in the country to 14.
Goa bans sale of land to foreigners
Panaji: Amending a 100-year-old Act, the government in Goa on Friday decided to ban the sale of land to foreigners in the state.
“It’s a policy decision that foreigners will not be allowed to purchase land in Goa. Earlier, there were no proper powers (given) to the registration authorities in Goa to check whether the Reserve Bank of India had cleared a deal,” state law minister Dayanand Narvekar said.
The sale of land to foreigners had become a contentious issue in Goa with the government unearthing 400-odd cases of sale of agricultural property to foreigners.
Govt says no ban on BlackBerry services
New Delhi: Amid raging controversy over BlackBerry operations by mobile service providers, the government on Friday ruled out banning the service, but said security aspects would be looked into. “We will discuss the issue in the Telecom Commission... country’s security is of paramount importance,” telecom minister A. Raja said.
“We are keen to resolve the issue at the earliest, but there is no question of banning BlackBerry services,” said telecom secretary Siddartha Behura.
The issue came to light after Tata Teleservices Ltd was denied permission to launch services due to security concerns.