Tag: Ladakh News

Adani Enterprises calls off fully subscribed FPO; money to be returned to investors

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New Delhi: Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company’s FPO was subscribed fully on the last day of the offer on Tuesday. “The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the Adani group’s flagship company said in a statement. As many as 4.62 crore shares were sought as against an offer of 4.55 crore. Non-institutional investors put in bids for over three times the 96.16 lakh shares reserved for them, while the 1.28 crore shares reserved for qualified institutional buyers (QIBs) was almost fully subscribed, according to BSE data.
There was, however, muted response from retail investors and company employees.
Gautam Adani, Chairman, Adani Enterprises Ltd said, the subscription for the FPO closed successfully on Tuesday. Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling. Thank you”.
However, today the market has been unprecedented, and the company’s stock price has fluctuated over the course of the day. “Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO,” Adani said.
The company said that its working with its Book Running Lead Managers (BRLMs) to refund the proceeds received in escrow and to also release the amounts blocked in Investors bank accounts for subscription to this issue. The company also said that its balance sheet is very healthy with strong cash flow and secure assets, and has an “impeccable track record of servicing our debt”. “This decision will not have any impact on our existing operations and future plans. We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, we will review our capital market strategy,” the statement noted.
Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
The decline is about 38 per cent compared to the market valuation at the end of trading on January 24, the day when the report was released.

Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group. Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It called the Hindenburg report baseless and has threatened to sue the tiny New York short seller.
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#Adani #Enterprises #calls #fully #subscribed #FPO #money #returned #investors
( With inputs from www.siasat.com )

February 2, 2023
Pakistan’s ex-information minister Fawad Chaudhry released from jail

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Islamabad: Former information minister and senior Pakistan Tehreek-e-Insaf (PTI) leader Fawad Chaudhry was released from jail on Wednesday after a court granted him bail in a sedition case.
Chaudhry, 52, a close aide of former prime minister Imran Khan, was arrested from his residence in Lahore last week in a pre-dawn raid after a case was registered against him at Islamabad’s Kohsar Police Station on the complaint of the Secretary Election Commission of Pakistan for “threatening” the electoral body’s members and their families.
Additional sessions court Judge Faizan Gilani granted bail to Chaudhry in the sedition case against a surety bond of Rs20,000.
The judge said that he accepted the bail on the condition that Chaudhry would not repeat his allegation that led to his arrest and the case. “I am granting the bail on the condition that Fawad Chaudhry does not repeat such remarks,” he remarked.
Chaudhry was later released from the Adiala Jail in Rawalpindi.
“I said in court as well. I stand by all that I said, and I will not back down,” he said in his brief address to the party workers who had gathered outside the prison to welcome him.
He also said that he did not speak against any institution. “I never talk against the institutions. I am the biggest supporter of our institutions, and I never said anything against them. That is why I reiterate that whatever I said was right,” he said.
A judicial magistrate had sent him to jail on Monday on a 14-day judicial remand by rejecting a police request for custody to probe him in the case.

Chaudhry is facing sedition charges for publicly “threatening” the members of the election commission.
The detained PTI spokesperson has been vocal in highlighting the party policy and objectives as enunciated by the party chief Imran Khan.
The PTI, which rejected his arrest as politically motivated, had been demanding his release.
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#Pakistans #exinformation #minister #Fawad #Chaudhry #released #jail
( With inputs from www.siasat.com )

February 2, 2023
RSS neither right wing nor left wing, we are nationalist: Dattatreya Hosabale

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Jaipur: Rashtriya Swayamsevak Sangh leader Dattatreya Hosabale on Wednesday said the organisation works in the interest of the nation without any political inclination. “We are neither right wing nor left wing. We are nationalist. The Sangh is only going to work in the interest of the nation,” Hosabale said.
He was speaking on the topic ‘Rashtriya Swayamsevak Sangh: Yesterday, Today and Tomorrow’ organised by the Ekatm Manavdarshan Anusandhan Evam Vikas Pratishthan at the Birla Auditorium her.
He said all the people living in India are Hindus because their forefathers were Hindus. “Their methods of worship may be different, but they all have the same DNA.” He said India can lead the world by becoming a ‘Vishwa Guru’ only with collective efforts of all.
He said the Sangh considers all religions and sects of India as one. “People can do organisation’s work while retaining their sect. The Sangh is not rigid. It is flexible,” he added.
He also spoke on the Constitution, and said even a good Constitution cannot do anything if those in charge of implementing are bad.
Hosabale said the RSS played a role in the establishment of democracy in the country which finds mention in the write-ups of foreign journalists. Former chief minister of Rajasthan Vasundhara Raje, former BJP state president Mahesh Chandra Sharma, Leader of Opposition Gulabchand Kataria were also present in the programme.
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#RSS #wing #left #wing #nationalist #Dattatreya #Hosabale
( With inputs from www.siasat.com )

February 2, 2023
Motivational speaker Nick Vujicic calls on Andhra CM

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Amaravati: Motivational speaker Nick Vujicic called on Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy at the latter’s official residence here on Wednesday.
Vujicic is an Australian-American evangelist and motivational speaker of Serbian descent, born with tetra-amelia syndrome, a rare disorder characterised by the absence of arms and legs.
After meeting the Chief Minister, Vujicic said that he has travelled to around 78 countries and has never seen a person like Jagan Mohan Reddy, who is providing equal opportunities to all in the fields of education, medicine and agriculture. The Chief Minister is working with high ambition for a higher goal, he said.
Vujicic noted that over 45,000 government schools in Andhra Pradesh are working with the great goal of providing equal opportunities at par with the private schools. Significant progress has already been made in the government schools with world class facilities and this should be known to all, he said.
He also expressed happiness towards the state government for introducing his life story titled ‘Attitude is Altitude’ as a lesson in Class X English textbook, inspiring people to have a good understanding of him.
Vujicic further said that he is working towards providing equal opportunities to all in the field of education, with a long-term goal for better results.
There are good opportunities for the growth of children in the field of education, he said.
Principal Secretary (Education), Praveen Prakash, Guntur District Collector Venugopal Reddy, Advisor to CM R. Dhanunjaya Reddy and CMO officials were also present during the meeting.

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#Motivational #speaker #Nick #Vujicic #calls #Andhra
( With inputs from www.siasat.com )

February 2, 2023
Culture Ministry gets more allocations in Union Budget

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New Delhi: With a focus on celebrations under the ‘Azadi ka Amrit Mahotsav’ programme commemorating 75 years of India’s Independence, the outlay for annual budget 2023-24 of the Ministry of Culture has been enhanced to Rs 3,399.65 crore as against an outlay of Rs 3,009.05 crore approved in the previous Budget plan of 2022-2023. The annual outlay in FY 2023-24 is 12.97 per cent higher than the annual outlay of FY 2022-23.
Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday made an announcement to set up Bharat Shared Repository of Inscriptions (BharatSHRI), a digital epigraphy museum, with the digitisation of one lakh ancient inscriptions in the first stage.
The BharatSHRI will be set up by the Archaeological Survey of India (ASI) in Hyderabad.
Out of the total outlay for Budget 2023-24, Rs 1,102.83 crore has been allocated to the ASI for protection, preservation and conservation of Centrally protected monuments/sites and excavations of ancient monuments and archaeological sites.
There is an increase of 2.08 per cent of provisioned outlay for ASI in BE 2023-2024 (Rs 1,102.83 crore) as compared to BE 2022-23 of Rs 1,080.34 crore.
The Finance Ministry has allocated Rs 1,046.22 crore to the central autonomous bodies, which include academies, museums, libraries and other cultural institutions across India to support their programmes and activities.
This outlay includes provisions for two attached offices, six subordinate offices, 34 central autonomous bodies and schemes of the Ministry during the financial year 2023-24.
In FY 2023-24, an enhanced amount of Rs 650.74 crore (22.19 per cent) has been allocated for the implementation of the Central sector schemes of the ministry.

The Ministry of Culture being the nodal agency for ‘Azadi ka Amrit Mahotsav’, a special provision has been made under the centenary and anniversary celebration scheme of the ministry in the revised outlay of FY 2022-23 and in the Budget outlay of FY 2023-24 to undertake commemoration activities.
As per the anticipated expenditure for ‘Azadi ka Amrit Mahotsav’ and other commemorations, the revised estimate has been increased to Rs 353.82 crore from the budget estimate of Rs 110.00 crore during the current year.
For FY 2023-24, a provision of Rs 185.00 crore has been made to commemorate the centenaries/birth anniversaries of eminent persons. The provision for 2023-24 under this scheme marks a 68.18 per cent increase over BE 2022-23.
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#Culture #Ministry #allocations #Union #Budget
( With inputs from www.siasat.com )

February 2, 2023
Why not create National Elephant Conservation Authority, SC asks Centre

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New Delhi: The Supreme Court on Wednesday sought reply from Centre on a 2010 ‘Gajah Report’ recommendation on conferring statutory status to a proposed body National Elephant Conservation Authority (NECA) for the preservation of elephant corridors.
A bench headed by Chief Justice D.Y. Chandrachud said, “In the recommendations submitted in Gajah report, there was a recommendation to the effect that ‘Project Elephant’ be converted into a statutory agency.”
The top court was hearing a plea by activist Prerna Singh Bindra.
According to the government, the elephant population has reached 29,964 (as per the census 2017) in India, the elephant habitats are being consolidated across India, and the Elephant Reserves area has been increased.
The government emphasised that it is deeply committed to protect the safety of the elephants and continued to take various steps to prevent their death including electrocution. Additional Solicitor General Aishwarya Bhati represented the central government in the apex court.
The bench, also comprising Justices P.S. Narasimha and J.B. Pardiwala, added that the task force has proposed that the new body may be termed as the ‘National Elephant Conservation Authority’ (NECA). It further suggested that amendments can be introduced to effectuate the conferment of a statutory status on the authority.
“Since the proposal would envisage requisite legislative amendments, this is something of which would be appropriate for the Ministry of Environment and Forest and Climate Change to respond,” it said.
During the hearing in the matter, the bench also sought a status report on setting up of the central project elephant monitoring committee for the purpose of monitoring and implementation of relevant directions and guidelines in connection with the protection of elephants.

In a written response, the Central government said: “Continuous efforts have been made to minimise the human elephant conflict and also to ensure the welfare of captive elephants in India.”
After hearing arguments, the apex court directed the Ministry and the Central Electricity Authority to facilitate an inspection of the protected areas to avoid electrocution of elephants.
The bench gave Centre four weeks’ time to file a response in a PIL filed by activist Bindra.
The petitioner had contended that the electrocution is one of the major reasons for deaths of elephants and sought a direction for insulation of high voltage power transmission lines passing through protected areas, elephant reserves, identified elephant corridors and known areas of elephant movement.
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#create #National #Elephant #Conservation #Authority #asks #Centre
( With inputs from www.siasat.com )

February 1, 2023
Jagan richest CM in country facing graft charges: Pawan Kalyan

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Amaravati: Actor-politician Pawan Kalyan on Wednesday made a scathing attack on Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy, terming him the richest Chief Minister in the country facing graft charges.
The Jana Sena Party (JSP) leader ridiculed the Chief Minister’s recent remark that there is a class war going on in the state between the poor and the capitalists.
In a series of tweets laced with sarcasm, Pawan hit out at Jagan Mohan Reddy.
Pawan remarked that it is an irony that the richest CM in India with graft charges, who encourages bauxite mining in Araku, talks about ‘Class War’ like Comrades Charu Mazumdhar, omrade Tarimela NagiReddy, and Pucchalipalli Sundarayya.
“Oxymoron (Noun) – Meaning – A Combination of Contradictory words. Ex – Andhra Pradesh is a State with Poor People run by the Richest CM of the Country Trivia – Our CM’s wealth is more than those of all the other CMs combined; AP CM, A “CLASS” apart!” was how Pawan Kalyan began his series of tweets.
“In Andhra Pradesh there are no Classes, All People have been made as Slaves to the Fiefdom of YCP. From Land to Sand, From Liquor to Mines, from Forests to Hills, From Paper to Red Sandalwood every penny generated from AP is in the hands of the Richest CM, Truly CLASSic!,” he wrote.
“YCP made the Poor in AP to remain content with mediocrity; their lives, dignity, hardwork are sold out for few hundreds of doles Middle Class is the most neglected in AP; YCP treats them as TAX Paying Mute Servants The Investors exit AP This is YCP’s “Master – CLASS”!,” went on the actor politician.
“Who needs Davos when YCP can bring the galaxy of investments to Andhra; Our IT and Industries Minister has already inaugurated Noodles Centre and Chai Points, now only waiting for the IT Companies to be set up. Another CLASS Act!,” the JSP leader taunted minister Gudivada Amarnath.

The minister hit back at Pawan, making some personal attacks on him to cite some examples of oxymoron.
“Hope you or someone around you with an elementary knowledge of economics will be able to explain: 1) How was Andhra Pradesh able to grow its GSDP at 11.43% in FY22 – faster than any other state in the country? 2) How did Andhra Pradesh jump nine positions in per capita income levels, from 18th all India in 2019 to 9th in 2021? 3) How did our state top the Ease Of Doing Business rankings for 3 years in a row?,” tweeted the minister.
“These are statistics that central government datasets cite, and a reality that all of Andhra Pradesh’s people toiled to realise. Are you discrediting the truth and their hard work with your baseless allegations and questions?” he added.
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#Jagan #richest #country #facing #graft #charges #Pawan #Kalyan
( With inputs from www.siasat.com )

February 1, 2023
11 students of UP school hospitalised after inhaling chemical fumes

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Barabanki: Eleven students were hospitalised after they inhaled chemical fumes emanating from a garbage pile, including expired medicines, set afire by ragpickers near their school here on Wednesday, police said.
The incident took place in Kamhariya Bagh area under Kotwali police station area, they said.
Some ragpickers burnt some expired medicines along with garbage near a private school. It appears that the students inhaled the chemical fumes and their health deteriorated, said Circle Officer (CO) Naveen Kumar.
School principal Rumi Tiwari said, “At around 11 am, fumes from the fire started coming towards the school and some students started coughing. The school staff acted in time and made arrangements to send the students back home.”
“Eleven students, including four girls, were taken to the district hospital,” the principal said.
Three of the students were later sent to Lucknow for further treatment, the police said.
Meanwhile, a police team reached the spot and detained three men for burning garbage near the school.
“We have detained one Shekhu, Sher Ali and Babloo who were found burning garbage and expired medicines behind the school. The matter is being investigated,” Kumar said.

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#students #school #hospitalised #inhaling #chemical #fumes
( With inputs from www.siasat.com )

February 1, 2023
New tax regime now more attractive: Sitharaman

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New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has brought about ‘substantial changes’ in its structure for the benefit of the middle class.
The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21.
Speaking to reporters after presentation of the Budget, Sitharaman said this is a Budget which has beautifully balanced both growth considerations and fiscal management.
Capital investment has never seen double-digit announcement of Rs 10 lakh crore, which includes Rs 1.3 lakh crore being given to states, which is going to give a big leg up to infrastructure development, she added.
The Budget focusses on public sector continuing the good tradition of capital investment in infrastructure and also attending to MSMEs, which are the engines of growth.
So, she said, “we can sustain the capital infrastructure expenditure from the government and simultaneously in the private sector, give a push and impetus to MSMEs and not forgetting the middle class individuals who need that kind of tax breaks and relief in taxation.”
She emphasised that the macroeconomic conditions have been kept in mind and fiscal consolidation has not been kept at the backburner.
On the direct taxes, the finance minister said the country has been waiting for a regime which is simplified and easy in compliance.

“The personal income tax has had substantial changes (in the Budget) which will benefit the middle class. The new taxation regime has now got greater traction and incentive so that people can now unhesitatingly move to the new regime from old,” the finance minister said.
As per the changes proposed in the Budget, no tax would be levied on people with annual income of up to Rs 7 lakh under the new tax regime but it made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA.
In what is being seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided, the finance minister in her Budget for 2023-24 allowed a standard deduction of Rs 50,000 under the new regime.
The old tax regime provides for a similar deduction and no tax on income up to Rs 5 lakh.
Sitharaman said the government wants to make the new tax regime attractive enough and compliance should not be burdensome on taxpayers. However, if someone feels the old regime is more beneficial, he/she can continue in it.
“The ultimate interest is to make the simpler (new) regime more attractive,” Sitharaman said.
Revenue Secretary Sanjay Malhotra said majority of individual taxpayers would find it more attractive to shift to the new regime.
Malhotra, however, did not give details on the number of taxpayers who have migrated to new tax regime since 2020-21.
Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent.
“I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500,” Sitharaman said.
Asked about the fight against inflation, the finance minister said both Wholesale Price Index (WPI) and Consumer Price Index (CPI) have moderated due to measures taken by the government.
“We take inflation related steps as and when things develop. So the government is sensitive to inflation and takes appropriate action when required,” she said.
In a bid to moderate prices of wheat, state-owned FCI recently announced that it will sell 25 lakh tonnes of wheat to flour mills, private traders and other bulk consumers through e-auction out of the total 30 lakh tonnes approved by the government.
On fiscal consolidation, Sitharaman said the government is on track to meet 4.5 per cent fiscal deficit target by 2025-26, as per the Fiscal Responsibility and Budget Management (FRBM) Act.
Talking about the record borrowing programme of the government, Finance Secretary T V Somanathan assured that the market borrowing number is “firm”.
The government plans to borrow a record Rs 15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy.
This is higher than the total borrowing of Rs 14.21 lakh crore for the current financial year ending March 31, 2023.
Somanathan also said the debt-to-GDP ratio is not unsustainable and it will come down with growth in revenue and economy.
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#tax #regime #attractive #Sitharaman
( With inputs from www.siasat.com )

February 1, 2023
Defence Budget: Focus on operational preparedness; thrust on Agniveers’ training

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New Delhi: In the Defence Budget, the focus has been given towards maintaining a high-level of Operational Preparedness of the Services to face the current and future challenges, while the non-salary revenue operational allocation gets a boost of Rs 27,570 crore, with the budgetary outlay under this segment augmented from Rs 62,431 crore in BE 2022-23 to Rs 90,000 crore in BE 2023-24.
The enhanced allocations in the Budget will also cater to Training Aids and Simulators for Agniveers and ensure that they achieve the set standards of training for induction into the Defence Forces.
“This will cater to sustenance of weapon systems, platforms including ships/ aircraft and their logistics; boost fleet serviceability; emergency procurement of critical ammunition and spares; procuring/hiring of niche capabilities to mitigate capability gaps wherever required; progress stocking of military reserves, strengthening forward defences, amongst others,” said the Ministry of Defence.
As a precursor to this increase in the Non-Salary Revenue segment, the government during the Mid-term review had also enhanced the operational allotments of the current financial year by Rs 26,000 crore, which works out as 42 per cent of the present allocation.
This unprecedented increase in the Revised Estimates 2022-23 has ensured liquidation of the entire carry over liabilities during the current year, thereby, ensuring that there is no dent in next year’s operational outlay of the services.
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#Defence #Budget #Focus #operational #preparedness #thrust #Agniveers #training
( With inputs from www.siasat.com )

February 1, 2023