Happy Media

Financial Express, March 19, 2019 The rupee on Monday closed at a seven-month high of 68.53 against the dollar, after having appreciated 0.8% to an intra-day high of 68.44 during the session, primarily due to increased foreign inflows into equities and debt and a weakening greenback in the overseas market, said dealers. Foreign portfolio investors (FPIs) have invested $4.2 billion in the Indian equity and debt markets this month (as on March 15) – the highest inflow in FY19. The dollar index that measures the dollar against six currencies fell by 0.15% to close at 96.44 from the previous close on Friday. FPIs were buyers for eight consecutive sessions in the equity market, according to depository data. Kamal Mahajan, head of treasury and global markets, Bank of Baroda, said the gains in the rupee is just a function of short-term demand and supply and there have been no structural changes in terms of exports to boost the rupee. “The jump in the rupee is due to increased demand f

Financial Express, March 19, 2019 By Ajit Ranade In September last year, the Supreme Court rejected a bunch of petitions that asked for disqualification of criminal candidates in elections. The decision came almost twenty years after the first successful petition filed by the Association for Democratic Reforms (ADR) in the Delhi HIgh Court, asking for disclosure of criminal cases, financial and educational details of candidates. From disclosure to disqualification is a long unfinished journey. The Attorney General, defending the central government, said the apex court cannot add new disqualifications since this is in the legislative domain. The fact of the matter is that, according to the government’s own affidavit, 1,765 people’s representatives in state and national legislatures, i.e. MPs and MLAs, have criminal cases against them. That is close to 33%. Many pending cases are for heinous crimes, like mur-der, rape, kidnapping and extortion. Last year, the SC had asked the

Financial Express, March 19, 2019 By Vivek Gupta, Rajendra Nalam & Amisha Singal As 2018 drew to a close, the year-end vacations had begun as also customary celebrations, but a last-mile twist was in store (no pun intended). Against the backdrop of litigation, enquiries by the Enforcement Directorate and impending general elections, the government issued Press Note 2 (December 26, 2018) to provide more clarity on the foreign investment policy in e-commerce. While the Press Note provided more clarity, it also shook up the status quo in a number of ways. After the customary furore, the government issued a clarification in January to reiterate that the Press Note was necessary given the instances of policy violation and circumvention—clearly, the concerns were grave. For the market, the Press Note introduced new variables in a number of ongoing deals and called for significant restructuring efforts. While players in the e-commerce sector operate using complex structures, they

Financial Express, March 19, 2019 Heavy engineering major Larsen and Toubro (L&T) on Monday said that it has entered into a definitive share purchase agreement (SPA) with VG Siddhartha and his related entities — Coffee Day Trading and Coffee Day Enterprises — to acquire a 20.32% stake in Mindtree at Rs 980 per share, aggregating to approximately Rs 3,269 crore. In a late evening filing to stock exchange, L&T said, “Immediately following the filing of the public announcement, L&T has placed an order with its broker for on-market purchase of up to 15% of share capital of Mindtree at a price not exceeding `980 per share.” The company further said, “Pursuant to execution of the share purchase agreement, aforementioned market order for share purchase and with the intent to acquire majority stake in Mindtree, L&T has announced an open offer as per the Sebi’s takeover regulations to the public shareholder of Mindtree to purchase up to an additional 31% of the outstandi

The Indian Express, March 19, 2019 Fugitive jeweller Nirav Modi is likely to be placed under arrest soon by UK authorities after the Westminster Magistrate Court in London issued a warrant against him a few days ago, sources in Enforcement Directorate (ED) said. Advertising The court has admitted the extradition plea by the agency and issued an arrest warrant, they said. “We have been informed by the authorities there about the issuance of a warrant against Nirav Modi. It officially marks the beginning of extradition proceedings against him,” an ED official said. The development comes days after Modi was tracked by UK’s Telegraph newspaper in London it reported that he living in an expensive flat from whee he was running a diamond business.  According to ED sources, Nirav Modi will be arrested and released on bail on the condition that he cannot leave the country after which extradition proceedings would begin. ED sources said the case will follow a similar procedur

The Indian Express, March 19, 2019 The Landport Authority of India started the construction of an Integrated Check Post (ICP) at the Dera Baba Nanak for the Kartarpur Corridor Monday. Advertising Formalities to acquire the land for the corridor and ICP are yet to be completed. However, authorities have started work on the land of farmer Lakha Singh, who has given away 16.5 acres for construction of the ICP. Lakha Singh said, “Every Sikh has dream to visit the Gurdwara Kartarpur Sahib. This corridor will make this dream come true. I am ready to give my land for the project. I will accept the compensation that would be given by the government. “This is the least we can do for the Guru’s project. It is on the government now if it pays us compensation or not. I have given the land already. I am happy that my land will be used for a holy purpose. It is for Guru Nanak.” The Punjab government has to acquire a total 110 acres for the Centre for the Kartarpur Corridor an

The Indian Express, March 19, 2019 Hurriyat chairman Mirwaiz Umar Farooq did not appear before the National Investigation Agency (NIA) in New Delhi on Monday — the second time he has refused the agency’s summons — reiterating that there is “threat” to his personal safety if he were to travel to the capital. Advertising Mirwaiz is the first separatist leader who has refused to appear in person before the investigating agency. He, however, has maintained that is ready to appear before the agency in the Valley. “My client has serious concerns about his safety. The security (Z plus category) provided earlier to your knowledge, was withdrawn unilaterally, for reasons too well known,” Mirwaiz’s counsel said in his written response to NIA. “Your attention is invited to some of the distressing comments which have appeared in the mainstream print media since the news of his summons to New Delhi. There are open calls for his assassination…. Having regard to the comments, me

The Indian Express, March 19, 2019 UAE's ambassador Ahmed Al Banna, however,clarified that the United Arab Emirates did not mediate between the two countries and that the aim of its efforts was to decrease the tensions which had spiralled in the wake of the air strike by Indian jets at a Jaish-e-Mohammed(JeM) terror camp in Balakot, Pakistan, post the Pulwama terror attack. The United Arab Emirates(UAE) on Monday said its played an important role in reducing the recent Indo-Pak tensions by giving “words of wisdom” to the leadership of both countries for sorting out differences in a peaceful manner. Advertising UAE’s ambassador Ahmed Al Banna, however,clarified that the United Arab Emirates did not mediate between the two countries and that the aim of its efforts was to decrease the tensions which had spiralled in the wake of the air strike by Indian jets at a Jaish-e-Mohammed(JeM) terror camp in Balacot, Pakistan, post the Pulwama terror attack. Referring to