Sunday, March 31, 2024
Rescued Pakistanis shout 'India Zindabad' Source: ANI - Edited By: Utkarsh Mishra March 30, 2024 22:00 IST Rediffnews
As many as 23 Pakistani nationals rescued by the Indian Navy from Somali pirates after a daring operation in the Arabian Sea on March 29 thanked India and raised slogans of 'India Zindabad'.
IMAGE: The Indian Navy rescued 23 Pakistani nationals from the clutches of Somali pirates during a daring 12-hour-long operation in the Arabian Sea, on Friday. Photograph: ANI Photo
The Indian Navy's specialist team had protected them from nine armed pirates, and completed sanitization and seaworthiness checks of fishing vessel Al-Kambar.
The Pakistani crew of the rescued Iranian flagged fishing vessel could be seen raising India Zindabad slogans in the Arabian Sea after they were freed from the pirates.
Based on the inputs on a potential piracy incident onboard Iranian Fishing Vessel late evening on March 28, two Indian Naval ships, mission deployed in the Arabian Sea for maritime security operations were diverted to intercept the hijacked fishing vessel.
The FV at the time of incident was approximately 90 Nm south-west of Socotra and was reported to have been boarded by nine armed pirates. The hijacked FV was intercepted on March 29.
The Indian Navy remains committed to ensuring maritime security in the region and safety of seafarers, irrespective of nationalities, according to the statement.
9 pirates being brought to India to face legal action
A day after rescuing a hijacked Iranian fishing vessel and its 23-member Pakistani crew under an anti-piracy operation at sea, the Indian Navy on Saturday said the nine surrendered pirates are being brought to India for further legal action.
The legal action will be taken against them under the Maritime Anti-Piracy Act, 2022.
The Indian Navy's specialist teams have completed sanitisation and seaworthiness checks of fishing vessel Al-Kambar, according to a statement shared by the Navy's spokesperson.
'The crew, comprising 23 Pakistani nationals, were given a thorough medical checkup prior to clearing the boat to continue with her fishing activities,' it said.
The Indian Navy on Friday had rescued the hijacked Iranian fishing vessel and its crew, after more than 12 hours of 'intense coercive tactical measures' as part of the anti-piracy operation.
The hijacked vessel was intercepted on Thursday, the Navy said on Friday.
"INS Sumedha intercepted FV 'Al Kambar' during early hours of Friday and was joined subsequently by the guided missile frigate INS Trishul," it said.
"After more than 12 hours of intense coercive tactical measures as per the SOPs, the pirates on board the hijacked fishing vessel were forced to surrender. The crew, comprising 23 Pakistani nationals, have been safely rescued," the Indian Navy has added.
The fishing vessel at the time of incident was approximately 90 nm southwest of Socotra and was 'reported to have been boarded by nine armed pirates', it said.
The Indian Navy said it remains committed to ensuring maritime security in the region and safety of seafarers, 'irrespective of the nationalities'.
Socotra Archipelago is in the northwest Indian Ocean near the Gulf of Aden.
Saturday, March 30, 2024
SOON, ISRO’S RUBIDIUM ATOMIC CLOCK WILL DETERMINE TIME ON YOUR SMARTPHONE & LAPTOP; WHAT IT IS SATURDAY, MARCH 30, 2024 BY INDIAN DEFENCE NEWS
ISRO's IRNSS 2G navigation satellite upon which the Rubidium atomic clock was launched
Computers in India will be synced with domestically developed atomic clock. Launched last year in a 2G navigation satellite, it'll be used with Indian Regional Navigation Satellite System
Bangalore: Joining a club of four other countries, India is all set to sync Indian computers with the domestically developed ‘Rubidium atomic clock’ launched last year in a 2G navigation satellite, without any change to time. Currently, Indian systems on the internet sync to the US-based Network Time Protocol, which syncs time across computer networks.
This clock was developed by the Indian Space Research Organisation (ISRO) to be used with the Indian Regional Navigation Satellite System (IRNSS), or NavIC, which was built after the American government refused GPS access to India during the Kargil War.
The first nine satellites launched between 2013 and 2023 as a part of NavIC carry imported Rubidium clocks. The indigenously produced one was launched last year on the tenth and latest navigation satellite in May.
What Are Atomic Clocks And Why India Needs Its Own
Atomic clocks are the most precise clocks made that are true to a billionth of a second. They measure time by tracking the resonant frequency of atoms used in the clock.
Atoms and electrons in them carry varying energy levels. When an electron gets excited, or gets more energy, it transitions to a different orbit. In the atomic clocks, this is done by using a certain frequency of electromagnetic radiation which the electron absorbs, thus oscillating the atom. By fine tuning the microwave radiation frequency that can transition multiple atoms to various states, the energy oscillation can be calculated to extremely high accuracy.
An atomic clock made with a caesium atom was the standard measuring unit used to define a second under the universally-used International System of Units (also called SI). This definition of a second is also used in the International Atomic Time (TAI) standard, which a number of synced atomic clocks globally maintain. It is also the basis for the GMT or UTC time systems, which factor in leap seconds and fractions of a second change caused by earth’s rotation.
Why Navigational Satellites Need Atomic Clocks
Navigational satellites also use atomic clocks because of the precision required to calculate distances, which can carry magnified errors of distance on the ground from a tiny error of a billionth of a second with a clock in a satellite. The time difference between different satellites at different orbits and different locations are used to triangulate a location on earth.
These satellites also carry quartz crystal clocks, which are accurate for human time telling but do not possess the precision of atomic clocks.
The most popular and widely used atomic clocks use caesium atoms that are supercooled. ISRO’s indigenous atomic clocks, though, use a rubidium atom.
Previously, ISRO’s satellites used imported atomic clocks from European manufacturer Astrium. The first seven satellites that were launched as a part of NavIC carried three imported rubidium clocks each. It was reported back in 2018 that nine of the 21 atomic clocks showed errors, leading ISRO to plan for four backup satellites.
Atomic clocks on these satellites are not fool proof, and are prone to failure due to various reasons.
How NavIC Will Be Used
NavIC, the alternative to American-owned GPS, was approved by the government over 15 years ago at a cost of ₹1,420 crore. It will cover the Indian subcontinent landmass and the waters for 1,500 km beyond the Indian coast.
It is already operational, and requires new hardware in phones to be compatible. The receiver, transmitter, and chipset are accessible in some new mobile phones but, for now, GPS remains the default used by the Indian public.
(With Agency Inputs)
IAF discloses reasons behind accidental BrahMos missile firing into Pakistan Read more at: https://economictimes.indiatimes.com MARCH 29,2024
The Indian Air Force (IAF) has for the first time disclosed reasons behind the accidental firing of a BrahMos combat missile which landed in Pakistan in March 2022.
In a reply filed before the Delhi High Court, the IAF has said that combat connectors of the Brahmos missile "remained connected to the junction box" which led to the accidental firing of the missile.
Sharing relevant findings of the Court of Inquiry held in March 2022 to probe the incident, the IAF has further submitted that the convoy commander of a road convoy, which was to move to location as part of inspection "failed to ensure safe transit of convoy by not ensuring disconnection of combat connectors of all missiles loaded" on the mobile autonomous launcher prior to the movement.
The IAF has described the incident as one which had the "effect of affecting the relations" of India with Pakistan. It has told the HC that a "conscious and considered decision" was taken to invoke the "President's pleasure" clause to terminate the services of three officials. In a reply, Wing Commander UN Pathak, Deputy Judge Advocate General, informed the court that "such a decision has been taken in the IAF after 23 years as facts and circumstances of the case warranted such action".
The reply, reviewed by ET, states: "The fact that the international community was interested to know the important practical details" regarding the firing of BrahMos missile, the authorities decided that trial of the three officers "by a court martial was inexpedient". "Likewise, it was also decided that initiation of action under Section 19 of the Air Force Act, 1950, read with Rule 16 of the Air Force Rules, 1969, by issuing a showcause notice for dismissal/removal from the service would bring the sensitive and secret issues in full public domain which would be prejudicial to the security interests of the state," the reply adds. The Court of Inquiry held that the combat crew "knowing that the combat connectors of combat missiles are connected to junction box, failed to intervene to prevent the Mobile Autonomous Launcher commander from committing an unsafe act of launching Combat Missile...resulting in a launch of missile into the neighbouring nation, thereby causing potential threat to any airborne/ground object/personnel and also causing damage to the reputation of Indian Air Force and the nation at large and a loss of ₹24,90,85,000.00 to the government exchequer".
These, the reply reads, were violations of "Combat op SOP" of March 2021.The reply has been filed in response to a petition filed by Wing Commander Abhinav Sharma in the Delhi HC ascribing blame on the Air Commodore and Squadron Leader for "ignoring and overriding the safety precaution popups" and ignoring the "bright and conspicuous red colour warning regarding the danger of firing a live weapon".
Denying the charge, the IAF has said that Air Commodore JT Kurien "was not responsible for the operations undertaken by the unit" as alleged by the petitioner.
The allegations levelled by the petitioner against Kurien have been described as "conjectures, surmises, bald, baseless and without any substantiating evidence" by the IAF. The IAF has denied the claim of Wing Commander Abhinav Sharma "that he was in no position to avert the firing of missile".Calling his claim as "completely false", the IAF has said that "all activities had taken place inside the Mobile Autonomous Launcher in his (Sharma) presence and he was a witness to the actions being taken by the Ops officer". The reply has elaborated on the reason behind invoking "Doctrine of President's Pleasure". The petitioner had alleged that the said doctrine was "invoked solely to obviate the procedure which has to be followed for Dismissal from Service for misconduct" as per Air Force rules.
The Court of Inquiry (in which 16 witnesses were examined) had blamed Group Captain Saurabh Gupta, Squadron Leader Pranjal Singh and the petitioner, who were part of the 'Combat Team', for "various acts of omission and commission leading to the firing of the missile".
Indian Navy rescues hijacked Iranian fishing vessel, 23 Pakistani crew members :-ET
The Indian Navy on Friday rescued a hijacked Iranian fishing vessel and its crew of 23 Pakistani nationals, after more than 12 hours of "intense coercive tactical measures" as part of an anti-piracy operation at sea, officials said. Indian naval specialist teams are presently undertaking thorough sanitisation and seaworthiness checks of the fishing vessel in order to escort her to a safe area for resuming normal fishing activities, according to an official statement shared by the Navy's spokesperson.
The Indian Navy late evening on Friday had said that it was engaged in an operation to rescue the hijacked fishing vessel, which had reportedly been boarded by nine armed pirates, and its crew at sea.
The hijacked vessel was intercepted on Thursday, the Navy said.
"INS Sumedha intercepted FV 'Al Kambar' during early hours of Friday and was joined subsequently by the guided missile frigate INS Trishul," it said.
"After more than 12 hours of intense coercive tactical measures as per the SOPs, the pirates on board the hijacked fishing vessel were forced to surrender. The crew, comprising 23 Pakistani nationals, have been safely rescued," the Indian Navy added.The fishing vessel at the time of incident was approximately 90 nm southwest of Socotra and was "reported to have been boarded by nine armed pirates," it said.
The Indian Navy said it remains committed to ensuring maritime security in the region and safety of seafarers, "irrespective of the nationalities".
Socotra Archipelago is in the northwest Indian Ocean near the Gulf of Aden.
The Indian Navy will take "affirmative action" to ensure a safer and more secure Indian Ocean Region, its chief Admiral R Hari Kumar had said on March 23 while citing the anti-piracy and other maritime security operations undertaken by the naval force in the preceding 100 days under 'Op Sankalp'.
As part of maritime security operations, the Navy has undertaken anti-piracy, anti-missiles and anti-drones operations; 110 lives -- 45 Indians and 65 foreign nationals -- have been saved during 'Op Sankalp' in that 100-day period, according to a PPT presentation that was given by a Navy officer before the press conference of the Navy chief in March 23.It was also mentioned in the presentation that from November last year till March, "more than 90 maritime incidents have happened", including 57 drone or missile attacks or sightings; and 39 incidents that include piracy, hijacking, or suspicious approaches.
Bad bank does two years' worth of business in one week, buys over Rs 24,000 cr of debt just before FY24 ends:-ET
Mumbai: Government-backed bad bank, the National Asset Reconstruction Co (NARCL), has finalised nine transactions worth more than ₹24,000 crore in bank debt in the last work week of FY24, people aware of the developments said, pointing to a frenetic pace of deal making after a relative lull through virtually the entire second half of the fiscal year ending Sunday. Over the past four days, it has completed the transfer of six accounts.
The NARCL made the upfront payments and issued the necessary security receipts (SRs) guaranteed by the government for the six accounts with a total debt count of Rs 9,415 crore.
“Banks have so far received the cash and the SRs guaranteed by the government in the last couple of days for six accounts,” said a banker aware of the details. “The documentation and guarantees are being issued on the remaining three accounts on Friday, and the process could be completed on Saturday.”
Another three accounts with debt of Rs 14,237 crore are also set to be transferred Saturday, the last working day of the fiscal year ending March 31.
With these acquisitions, the total debt held by NARCL will almost double to Rs 48,652 crore, up from the Rs 25,000 crore acquired by the bad bank so far. However, it is still not close to the Rs 82,845-crore target set in 2022.
Since it started operations in January 2022, NARCL has faced multiple organisational, structural and bureaucratic challenges that have delayed acquisitions of bad loans, negating the purpose of this bank-funded organisation that’s supported by the state.
“These acquisitions are the first after the change in management in the NARCL,” said a second person aware of the transactions. “One can only hope that banks see some recovery from the SRs issued and do not have to rely on the government guarantee.”
All but one of the six accounts already transferred this week are road assets. These are Rohtak Hissar Tollway (Rs 1,003 crore), Pink City Expressway (Rs 1,800 crore), Haridwar Highway (Rs 750 crore), SEW LSY Highway Rs 622 crore) and Hitodi Infra (Rs 2,200 crore).
Aluminum company Metenere is the only non-road asset in the bunch, but with the highest outstanding debt of Rs 3,040 crore.
Three other companies -- Simplex Infrastructures, Rohtak Panipat Tollways (Rs 874 crore) and Wind World India (Rs 3,763 crore) -- are set to be transferred to NARCL on Saturday. Simplex Infrastructures is the largest debt to be acquired by NARCL in this round, with a total outstanding of Rs 9,600 crore.
Simplex is also the largest case to be transferred to the bad bank since the latter took over the Rs 9,234 crore debt of Jaypee Infratech in January 2023 in its first acquisition. NARCL buys distressed loans at 15% cash, with SRs issued for the remaining 85%. For the SRs, the government has approved a five-year guarantee of Rs 30,600 crore, which will backstop banks in the case of lower realisation from that envisaged during the initial deal.
Friday, March 29, 2024
How a Rs 76,220 cr port project aims to be a game changer for India’s trade trajectory :-ET
Ports play a crucial role in making a nation a powerhouse of manufacturing and exports. China is the prime example: the country has seven of the 10 busiest container ports in the world. India, which aspires to be a big manufacturer and exporter, finds an entry at 35 on the World Shipping Council’s list.
The container volume at Shanghai port surpassed 49 million TEU in 2023, against the global container port throughput of 866 million TEUs. India’s Mundra port, the biggest commercial port by volume, handled 6.64 million TEUs in the period. It has the advantage of a 15-metre natural draft, which lends it the advantage of handling larger vessels.
But India is now drawing up plans to give itself an advantage through a Rs 76,220 crore development: the Vadhavan port in Dahanu, Maharashtra, 150 km north of Mumbai. The project that is being pushed in a public-private partnership mode will see the construction of a port with a container capacity of 15 million TEUs in 2035 and 24 million TEUs by 2040. On top of that, the sea floor’s topography in the region will give Vadhavan port a natural draft of 20 metres, which means it can accommodate container vessels up to 20,000 TEUs.
For any country, it is the port-led infrastructure that contributes towards economic development and sets the tone for more progress. In the case of China, it is clear that this strategy has paid rich dividends and elevated its position as a player to reckon with in global trade. It is long overdue for India to add some port muscle — especially with the government pushing self-reliance; encouraging manufacturing through production-linked incentives and other schemes; and creating pathways to expand export through free trade agreements and other deals.
Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal has said last year that a modern and advanced port infrastructure is of paramount importance for smooth and efficient trading. India’s major ports had collectively handled 795 million tonnes of cargo, registering a 10.4% growth over the previous year. “95% of India's trading by volume and 70% by value is done through maritime transportation,” he had said while speaking at FICCI’s Port Infrastructure Conclave in the capital, highlighting the need to develop port infrastructure if the economy has to grow faster.
In February 2020, the Union Cabinet had given an “in-principle” approval of the Vadhavan port project under the Sagarmala Programme. The project is currently awaiting the Cabinet nod on the proposal to develop the container port, after which it would be tendered out.
Sonowal had told reporters in February this year that they were expecting an approval from the Cabinet soon. “The Union Environment Ministry has given clearance to the Vadhavan Port project. We are soon going to get cabinet approval (for the project),” a PTI report stated.
A senior government official tells ET Digital on the condition of anonymity that such a port is the need of the hour as the size of vessels has increased tremendously. “The parcel size is increasing. As we don’t have a deeper depth in our port, international vessels are going to Colombo and Singapore. So, for example, a 20,000 TEU vessel will first go to Singapore as the port has 20 metres depth, and will discharge cargo there. Thereafter, a small ship will carry the cargo and bring it to India. After Vadhavan comes up, international ships can directly come here with goods from, say, America. That is the advantage,” he says.
India’s growth story
His views hold merit, especially in the backdrop of India’s economic growth curve, which has seen an upward trajectory in recent years. In an interview with ET Now in March, Reserve Bank of India Governor Shaktikanta Das had stated that the Indian economy is likely to grow at a rate exceeding the central government's Second Advance Estimate of 7.6% in the ongoing financial year. “I would not hesitate to say that India’s GDP growth in FY24 will exceed 7.6%, it might be closer to 8%,” he stated.
Such growth implies a need to increase the cargo handling capacities at ports. The senior government official speaking on condition of anonymity says: “Right now the total capacity, including the major and non-major ports, is 2,500 million tonnes per annum. This can go up to 10,000 million tonnes per annum in the coming years, given the country’s growth momentum.”
This is where a port like Vadhavan can be a game changer for India because of its handling capacity. Sameer Bhatnagar, Partner, and Global Head of Ports (Maritime) at KPMG India, says the country does not have a sufficient number of deep draft ports that are capable of handling the next-generation vessels.
Such vessels are larger in size, typically they can up to 24,000 TEUs against 3000 or 4000 TEUs at one point of time. These vessels typically call on ports like Singapore, Jebel Ali or Hong Kong, which are very deep draft, transshipment ports.
“Vadhavan port will create a kind of scale which will be fairly large in terms of its handling capacity,” Bhatnagar says. “For example, JNPT is expected to max out its capacity at 10 million TEUs and after that there is no other port in the vicinity of JNPT or in Maharashtra with that capacity of a big scale traffic. Hence, now Vadhavan is being planned to be set up as a large capacity port,” Bhatnagar says.
The port will service the vast hinterland regions of Maharashtra, Gujarat, western Madhya Pradesh and North Indian states. It will be the third major port in Maharashtra, besides JNPT and Mumbai port, catering to the varied requirements of global trade as a deep draft port.
Logistics costs
Besides natural depth, Vadhavan port brings in another great promise that has the potential to redefine business dynamics for even small manufacturers. The enhancement to India’s port infrastructure can cut logistics costs, say experts.
According to the Economic Survey 2022-23, logistics costs in India have been in the range of 14-18% of GDP against the global benchmark of 8%. Improving the quality of trade and transport-related infrastructure such as ports, railroads, roads and information technology was cited as important factors to address this aspect.
KPMG’s Bhatnagar explains how the new port project is a step forward in that direction: “If there is a larger vessel to carry an Indian export container and such vessels only stop at the major transshipment hubs instead of halting at all the places across the world, it would result in more volumes and direct calls. This would reduce the cost of shipping one box which, in turn, will reduce the logistics cost for India.”
If a big vessel directly comes to the port in India — instead of going to, say, Singapore to load or unload goods — transshipment cost comes down. So the unit cost for a larger vessel is cheaper as it does not stop at every port. This will also make such ships reach the destination faster, thereby changing the way the logistics of export and import would happen through containers.
Rotterdam is often considered the gateway to Europe and a central hub of global trade with a throughput of approximately 14 million TEUs per year.
Vadhavan port’s scheme falls in line with India’s ambitions to be a developed nation by 2047, by giving a push to port-led growth and planning. “In the coming years, a lot of development in port and waterway infrastructure will be seen and we are hoping for more contribution from road and railway as well,” the senior government official adds. “Once such projects are in good shape, the logistics cost will come down in 5-10 years, infrastructure will be better and the ultimate beneficiary will be the people. It has to reach every person at the end of the chain.”
In august company
But is it too ambitious an aim for India to be in the top 10 ports alongside Shanghai and Singapore?
Experts say that it is not just deep draft that has contributed to the success of such ports but also the landside infrastructure that allows the cargo to be loaded and unloaded efficiently. Bhatnagar points out that effective cargo handling involves quick unloading at the port and seamless evacuation of the cargo to the hinterland. The movement has to be fast and paperwork should not be a barrier here.
“The way they (officials at Singapore and Shanghai) handle the processes, the documentation is something which allows them to work very efficiently and rapidly,” he says. “Last year, the Port of Singapore alone handled approximately around 39 million TEUs while India’s total traffic of containers was around 20-25 million TEUs.”
This puts the efficiency situation in perspective and highlights the need for officials in India to streamline infrastructure and processes behind the port.
Bhatnagar, however, adds that even though such nations may enjoy certain geographical advantages — such as Singapore’s presence on a global shipping lane and Shanghai port’s sheer scale — India can still strive to build its port infrastructure with a focus on quality of service and streamlined processes.
As part of the Amrit Kaal Vision 2047, India has six mega ports on the anvil as part of its maritime expansion plans. This is also expected to ramp up cargo handling capacity significantly. Can the Vadhavan port project help keep such ambitions afloat in the next few years?
As Bhatnagar puts it, “The saying is well known that a ship is safest in the harbour, but that is not the place where it is meant to be. Even in the world of shipping commerce, ships are not meant to spend too much time in a harbour. The faster one is able to turn around a vessel, the better is the reputation of the port. And that capability is something that India also has to develop.”
Wednesday, March 27, 2024
ICICI Bank under fire for allegedly trying to influence I-Sec's minority investors Read more at: https://economictimes.indiatimes.com/markets/stocks/news
Mumbai: ICICI Bank is under fire for allegedly coaxing minority shareholders of ICICI Securities (I-Sec) to support the private lender's proposal to delist the broking and investment banking arm.
Shareholders of ICICI Securities claimed on social media that the bank's executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary. Lawyers and market participants said such alleged actions could result in regulatory scrutiny of the voting process.
The e-voting for the delisting of ICICI Securities, which started on March 22, ended on March 26.
Under the scheme of arrangement, ICICI Bank aims to delist ICICI Securities, through a share swap deal. As per the terms, for every 100 shares held, public shareholders in ICICI Securities would receive 67 shares of ICICI Bank. The share swap ratio for delisting the brokerage has been opposed by a section of minority shareholders.
On Tuesday, various shareholders of ICICI Securities took to social media, claiming they received phone calls from ICICI Bank executives in this matter. These individuals shared screenshots of call details and WhatsApp messages from bank staff with some of them alleging that executives asked them to share the one-time password (OTP) in the voting process.
Some said the bank executives also asked ICICI Securities shareholders to share the screenshots of their voting.
An ICICI Bank spokesperson did not respond to ET's queries on the matter.
"The fact that mid-level and junior-level executives of ICICI Bank are personally calling ICICI Securities shareholders over the weekend is a reflection and almost blatant acceptance of the injustice being inflicted by the bank on minority shareholders of ICICI Securities," said Manu Rishi Gupta, founder of MRG Capital, a Bengaluru-based investment fund, which has been one of the most vocal opponents of the delisting plan. "We have sufficient evidence to demonstrate the unlawful actions of ICICI Bank, which we will share with all regulatory authorities."
Securities lawyers said rules do not explicitly bar players from influencing such decisions, but ICICI Bank may be treading in the regulatory twilight zone."PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, which prohibit deceptive practices in securities markets, and the LODR Regulations, enforcing transparent disclosure of information that impacts investor decision-making, are the key regulations that play a key role in market integrity," said Sonam Chandwani, managing partner at KS Legal & Associates. "Furthermore, the Sebi Regulations, designed to ensure fair procedures in acquisitions or delisting, and the Prohibition of Insider Trading Regulations, which guard against the misuse of confidential information, are also significant."
Some said there is a possibility of market regulator Sebi looking into the matter.
"Seeking support for voting in a specific manner isn't explicitly regulated or forbidden but is grounded in corporate governance principles and ensuring fairness in the process," said Sumit Agrawal, founder of Regstreet Law Advisors. "Sebi possesses extensive authority to investigate such practices and, in response to any complaints, can implement heightened scrutiny on the voting process."
"Omnibus provisions of SEBI Act, LODR Regulations, and Delisting Regulations are usually interpreted in favour of transparency and fairness," he added.
According to a news report, ICICI Bank's largest public shareholder, Norges Fund Investment Bank, voted in favour of the resolution. Quantum Mutual Fund said recently it voted against it.
On Tuesday, shares of ICICI Securities fell 1.75% to ₹738. ICICI Bank closed 0.6% lower at ₹1,084.
Sterlite & GIC to set up $1 billion JV for power transmission :-ET March 27,2024
Vedanta Group's privately held power transmission arm Sterlite Power Transmission Ltd (SPTL) and Singapore's sovereign wealth fund GIC are jointly setting up a $1 billion platform for the power transmission sector in India, said people aware of the development.
GIC will invest $500 million in the JV for a 49% stake while Sterlite Power will deploy a similar amount for a 51% stake. Both companies are likely to make a formal announcement shortly, the people said.
Reliance Power's 2 subsidiaries settle Rs 1,023-cr debt :-ET March 27,2024
NEW DELHI: Reliance Power on Wednesday said its two subsidiaries have settled debt worth Rs 1,023 crore with Authum Investment's arm Reliance Commercial Finance. Reliance Power Ltd's two subsidiaries -- Kalai Power Pvt Ltd and Reliance Cleangen Ltd, have signed a debt settlement and discharge agreement with Reliance Commercial Finance Ltd (RCFL), a wholly-owned subsidiary of Authum Investment & Infrastructure Limited, a regulatory filing said.
In a stock exchange disclosure, the company informed that the value of total outstanding debt that has been settled stood at Rs 1,023 crore.
The debt settlement with Reliance Commercial Finance came a few days after Reliance Power announced the sale of its 45 MW wind power project in Maharashtra to JSW Renewable Energy, for a consideration of Rs 132 crore.
According to a company official, the funds raised from the sale of these assets were used to retire the debt.
Authum Investment, in a banks-led resolution process, had acquired Reliance Commercial Finance and Reliance Home Finance from Reliance Capital Ltd in 2022.
Over the past few months, Reliance Power has been actively signing debt settlement agreements with various banks, including DBS Bank, ICICI Bank, and Axis Bank.
Reliance Power is aiming to be a debt-free company, on a standalone basis, by the end of March 31, 2024. At the end of fiscal 2023, the company had an outstanding debt of around Rs 700 crore.
Six workers presumed dead after crippled cargo ship knocks down Baltimore bridge :-ET
BALTIMORE - Six workers were missing and presumed dead from a bridge that collapsed in Baltimore Harbor early on Tuesday after a massive cargo ship crippled by a power loss rammed into the structure, forcing the closure of one of the busiest ports on the U.S. Eastern Seaboard.
With dive teams facing increasingly treacherous conditions in the darkened, wreckage-strewn waters, active search-and-rescue operations were suspended about 18 hours after the accident, U.S. Coast Guard and Maryland State Police officials said.
Coast Guard Rear Admiral Shannon Gilreath said there was no hope of finding the missing workers alive due to the frigid water and the length of time elapsed since the accident.
State Police Colonel Roland Butler said authorities hoped to return divers to the water after sunrise on Wednesday in an effort to recover the workers' remains.
The Singapore-flagged container vessel named Dali, heading out of Baltimore Harbor bound for Sri Lanka, plowed into a support pylon of the Francis Scott Key Bridge over the mouth of the Patapsco River at about 1:30 a.m. (0530 GMT).
Monday, March 25, 2024
India plans to shift from minimum wage to living wage by 2025 :-ET
Living wages – a minimum income necessary for a worker to meet their basic needs, factoring in key social expenditure by an individual such as housing, food, healthcare, education and clothing – were endorsed by the ILO earlier this month. These would be higher than basic minimum wages. “We could go beyond minimum wages in a year,” a senior govt official told ET.
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