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Monday, March 18, 2024

Putin wins Russia election in landslide with no serious competition Read more at: https://economictimes.indiatimes.com

 

President Vladimir Putin won a record post-Soviet landslide in Russia's election on Sunday, cementing his already tight grip on power in a victory he said showed Moscow had been right to stand up to the West and send its troops into Ukraine.

Putin, a former KGB lieutenant colonel who first rose to power in 1999, made it clear that the result should send a message to the West that its leaders will have to reckon with an emboldened Russia, whether in war or in peace, for many more years to come.

The outcome means Putin, 71, is set to embark on a new six-year term that will see him overtake Josef Stalin and become Russia's longest-serving leader for more than 200 years if he completes it.

Putin won 87.8% of the vote, the highest ever result in Russia's post-Soviet history, according to an exit poll by pollster the Public Opinion Foundation (FOM). The Russian Public Opinion Research Centre (VCIOM) put Putin on 87%. First official results indicated the polls were accurate. The United States, Germany, the United Kingdom and other nations have said the vote was neither free nor fair due to the imprisonment of political opponents and censorship.

Communist candidate Nikolai Kharitonov finished second with just under 4%, newcomer Vladislav Davankov third, and ultra-nationalist Leonid Slutsky fourth, partial results suggested.Putin told supporters in a victory speech in Moscow that he would prioritise resolving tasks associated with what he called Russia's "special military operation" in Ukraine and would strengthen the Russian military.

"We have many tasks ahead. But when we are consolidated - no matter who wants to intimidate us, suppress us - nobody has ever succeeded in history, they have not succeeded now, and they will not succeed ever in the future," said Putin.

Supporters chanted "Putin, Putin, Putin" when he appeared on stage and "Russia, Russia, Russia" after he had delivered his acceptance speech.

Inspired by opposition leader Alexei Navalny, who died in an Arctic prison last month, thousands of opponents protested at noon against Putin at polling stations inside Russia and abroad.

Putin told reporters he regarded Russia's election as democratic and said the Navalny-inspired protest against him had had no effect on the election's effect on the election's outcome.

In his first comments on his death, he also said that Navalny's passing had been a "sad event" and confirmed that he had been ready to do a prisoner swap involving the opposition politician.

When asked by a NBC, a U.S. TV network, whether his re-election was democratic, Putin criticised the U.S. political and judicial systems.

"The whole world is laughing at what is happening (in the United States)," he said. "This is just a disaster, not a democracy."


"...Is it democratic to use administrative resources to attack one of the candidates for the presidency of the United States, using the judiciary among other things?" he asked, making an apparent reference to four criminal cases against Republican candidate Donald Trump.

The Russian election comes just over two years since Putin triggered the deadliest European conflict since World War Two by ordering the invasion of Ukraine.

War has hung over the three-day election: Ukraine has repeatedly attacked oil refineries in Russia, shelled Russian regions and sought to pierce Russian borders with proxy forces - a move Putin said would not be left unpunished.

Putin said Russia might need to create a buffer zone inside Ukraine to prevent such attacks in future.

While Putin's re-election was not in doubt given his control over Russia and the absence of any real challengers, the former KGB spy had wanted to show he had the overwhelming support of Russians.

Nationwide turnout was 74.22% at 1800 GMT when polls closed, election officials said, surpassing 2018 levels of 67.5%.

There was no independent tally of how many of Russia's 114 million voters took part in the opposition demonstrations, amid tight security involving tens of thousands of police and security officials.Reuters journalists saw an increase in the flow of voters, especially younger people, at noon at polling stations in Moscow, St Petersburg and Yekaterinburg, with queues of several hundred people and even thousands.

Some said they were protesting, though there were few outward signs to distinguish them from ordinary voters.

At least 74 people were arrested on Sunday across Russia, according to OVD-Info, a group that monitors crackdowns on dissent.Over the previous two days, there were scattered incidents of protest as some Russians set fire to voting booths or poured green dye into ballot boxes. Opponents posted some pictures of ballots spoiled with slogans insulting Putin.

But Navalny's death has left the opposition deprived of its most formidable leader, and other major opposition figures are abroad, in jail or dead.

The West casts Putin as an autocrat and a killer. Ukrainian President Volodymyr Zelenskiy said on Sunday that Putin wanted to rule forever and that the vote had been illegitimate.

Putin portrays the war as part of a centuries-old battle with a declining West that he says humiliated Russia after the Cold War by encroaching on Moscow's sphere of influence.

Russia's election comes at what Western spy chiefs say is a crossroads for the Ukraine war and the wider West.Support for Ukraine is tangled in U.S. domestic politics ahead of the November presidential election.

Though Kyiv recaptured territory after the invasion in 2022, Russian forces have made gains after a failed Ukrainian counter-offensive last year.


Friday, March 15, 2024

Reliance Infra, RPower shares jump up to 14% today; here's why Reliance Infra's stock surged 13.52 per cent to hit a day high of Rs 243.50. And, RPower shares moved 5 per cent higher to touch its upper circuit limit of Rs 22.13.bT

 

Shares of Reliance Infrastructure Ltd and Reliance Power Ltd rose sharply during fag-end trade on Friday. Reliance Infra's stock surged 13.52 per cent to hit a day high of Rs 243.50. And, RPower shares moved 5 per cent higher to touch its upper circuit limit of Rs 22.13.

Today's sudden upward move in the share price came after both the companies, in separate exchange filings, said, "We wish to inform that the company, in the capacity of a corporate guarantor to the financial facility availed by its associate company, Reliance Power Ltd (RPower), has, along with RPower, signed a settlement agreement with ICICI Bank Ltd (ICICI Bank) on March 14, 2024."

The entire obligation with respect to borrowings of RPower with ICICI has been settled by the said company and accordingly all potential obligations of the company with respect to the corporate guarantee stands extinguished, it added.

ICICI Bank holds 211 equity shares in Reliance Infra and 886 shares in RPower, the filings further stated.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

MY SOUL IS IN A HURRY

 𝑀𝑦 𝑆𝑜𝑢𝑙 𝐼𝑠 𝑖𝑛 𝐴 𝐻𝑢𝑟𝑟𝑦


𝐼 𝑐𝑜𝑢𝑛𝑡𝑒𝑑 𝑚𝑦 𝑦𝑒𝑎𝑟𝑠 𝑎𝑛𝑑 𝑟𝑒𝑎𝑙𝑖𝑧𝑒𝑑 𝑡ℎ𝑎𝑡 𝐼 ℎ𝑎𝑣𝑒 𝑙𝑒𝑠𝑠 𝑡𝑖𝑚𝑒 𝑡𝑜 𝑙𝑖𝑣𝑒 𝑡ℎ𝑎𝑛 𝑡ℎ𝑒 𝑡𝑖𝑚𝑒 𝐼 ℎ𝑎𝑣𝑒 𝑙𝑖𝑣𝑒𝑑 𝑠𝑜 𝑓𝑎𝑟.

𝐼 ℎ𝑎𝑣𝑒 𝑚𝑜𝑟𝑒 𝑝𝑎𝑠𝑡 𝑡ℎ𝑎𝑛 𝑓𝑢𝑡𝑢𝑟𝑒.

𝐼 𝑓𝑒𝑒𝑙 𝑙𝑖𝑘𝑒 𝑡ℎ𝑎𝑡 𝑏𝑜𝑦 𝑤ℎ𝑜 ℎ𝑎𝑑 𝑎 𝑏𝑜𝑤𝑙 𝑜𝑓 𝑐ℎ𝑒𝑟𝑟𝑖𝑒𝑠. 𝐴𝑡 𝑓𝑖𝑟𝑠𝑡, ℎ𝑒 𝑔𝑜𝑏𝑏𝑙𝑒𝑑 𝑡ℎ𝑒𝑚, 𝑏𝑢𝑡 𝑤ℎ𝑒𝑛 ℎ𝑒 𝑟𝑒𝑎𝑙𝑖𝑧𝑒𝑑 𝑡ℎ𝑒𝑟𝑒 𝑤𝑒𝑟𝑒 𝑜𝑛𝑙𝑦 𝑓𝑒𝑤 𝑙𝑒𝑓𝑡, ℎ𝑒 𝑏𝑒𝑔𝑎𝑛 𝑡𝑜 𝑡𝑎𝑠𝑡𝑒 𝑡ℎ𝑒𝑚 𝑖𝑛𝑡𝑒𝑛𝑠𝑒𝑙𝑦 𝑎𝑛𝑑 𝑝𝑎𝑠𝑠𝑖𝑜𝑛𝑎𝑡𝑒𝑙𝑦...

𝐼 𝑛𝑜 𝑙𝑜𝑛𝑔𝑒𝑟 ℎ𝑎𝑣𝑒 𝑡𝑖𝑚𝑒 𝑡𝑜 𝑑𝑒𝑎𝑙 𝑤𝑖𝑡ℎ 𝑚𝑒𝑑𝑖𝑜𝑐𝑟𝑖𝑡𝑦/𝑜𝑟𝑑𝑖𝑛𝑎𝑟𝑦.

𝐼 𝑑𝑜 𝑛𝑜𝑡 𝑤𝑎𝑛𝑡 𝑡𝑜 𝑏𝑒 𝑖𝑛 𝑚𝑒𝑒𝑡𝑖𝑛𝑔𝑠 𝑤ℎ𝑒𝑟𝑒 𝑓𝑙𝑎𝑚𝑒𝑑 𝑒𝑔𝑜𝑠 𝑝𝑎𝑟𝑎𝑑𝑒...

𝐼 𝑎𝑚 𝑏𝑜𝑡ℎ𝑒𝑟𝑒𝑑 𝑏𝑦 𝑡ℎ𝑒 𝑒𝑛𝑣𝑖𝑜𝑢𝑠, 𝑤ℎ𝑜 𝑠𝑒𝑒𝑘 𝑡𝑜 𝑑𝑖𝑠𝑐𝑟𝑒𝑑𝑖𝑡 𝑡ℎ𝑒 𝑚𝑜𝑠𝑡 𝑎𝑏𝑙𝑒, 𝑡𝑜 𝑢𝑠𝑢𝑟𝑝 𝑡ℎ𝑒𝑖𝑟 𝑝𝑙𝑎𝑐𝑒𝑠, 𝑐𝑜𝑣𝑒𝑡𝑖𝑛𝑔 𝑡ℎ𝑒𝑖𝑟 𝑠𝑒𝑎𝑡𝑠, 𝑡𝑎𝑙𝑒𝑛𝑡, 𝑎𝑐ℎ𝑖𝑒𝑣𝑒𝑚𝑒𝑛𝑡𝑠 𝑎𝑛𝑑 𝑙𝑢𝑐𝑘.

𝐼 𝑡𝑟𝑢𝑙𝑦 𝑑𝑜 𝑛𝑜𝑡 ℎ𝑎𝑣𝑒 𝑡𝑖𝑚𝑒 𝑓𝑜𝑟 𝑒𝑛𝑑𝑙𝑒𝑠𝑠 𝑐𝑜𝑛𝑣𝑒𝑟𝑠𝑎𝑡𝑖𝑜𝑛𝑠, 𝑢𝑠𝑒𝑙𝑒𝑠𝑠 𝑑𝑖𝑠𝑐𝑢𝑠𝑠𝑖𝑜𝑛𝑠 𝑎𝑏𝑜𝑢𝑡 𝑡ℎ𝑒 𝑙𝑖𝑣𝑒𝑠 𝑜𝑓 𝑜𝑡ℎ𝑒𝑟𝑠 𝑤ℎ𝑜 𝑎𝑟𝑒 𝑖𝑟𝑟𝑒𝑙𝑒𝑣𝑎𝑛𝑡 𝑡𝑜 𝑚𝑖𝑛𝑒.....

𝐼 𝑛𝑜 𝑙𝑜𝑛𝑔𝑒𝑟 ℎ𝑎𝑣𝑒 𝑡ℎ𝑒 𝑡𝑖𝑚𝑒 𝑡𝑜 ℎ𝑎𝑛𝑑𝑙𝑒 𝑜𝑟 𝑚𝑎𝑛𝑎𝑔𝑒 𝑡ℎ𝑒 𝑠𝑒𝑛𝑠𝑖𝑡𝑖𝑣𝑖𝑡𝑖𝑒𝑠 𝑜𝑓 𝑝𝑒𝑜𝑝𝑙𝑒 𝑤ℎ𝑜, 𝑑𝑒𝑠𝑝𝑖𝑡𝑒 𝑡ℎ𝑒𝑖𝑟 𝑐ℎ𝑟𝑜𝑛𝑜𝑙𝑜𝑔𝑖𝑐𝑎𝑙 𝑎𝑔𝑒, 𝑎𝑟𝑒 𝑖𝑚𝑚𝑎𝑡𝑢𝑟𝑒.....

𝐼 ℎ𝑎𝑡𝑒 𝑡𝑜 𝑐𝑜𝑛𝑓𝑟𝑜𝑛𝑡 𝑡ℎ𝑜𝑠𝑒 𝑤ℎ𝑜 𝑠𝑡𝑟𝑢𝑔𝑔𝑙𝑒 𝑓𝑜𝑟 𝑝𝑜𝑤𝑒𝑟, 𝑎𝑛𝑑 𝑡ℎ𝑜𝑠𝑒 𝑤ℎ𝑜 𝑑𝑜 𝑛𝑜𝑡 𝑑𝑒𝑏𝑎𝑡𝑒 𝑡ℎ𝑒 𝑐𝑜𝑛𝑡𝑒𝑛𝑡, 𝑗𝑢𝑠𝑡 𝑡ℎ𝑒 𝑙𝑎𝑏𝑒𝑙𝑠....

𝑀𝑦 𝑡𝑖𝑚𝑒 ℎ𝑎𝑠 𝑏𝑒𝑐𝑜𝑚𝑒 𝑠𝑐𝑎𝑟𝑐𝑒 𝑡𝑜 𝑑𝑒𝑏𝑎𝑡𝑒 𝑙𝑎𝑏𝑒𝑙𝑠. 𝐼 𝑐𝑎𝑛 𝑢𝑛𝑑𝑒𝑟𝑠𝑡𝑎𝑛𝑑 𝑡ℎ𝑒 𝑖𝑛𝑛𝑒𝑟 𝑒𝑠𝑠𝑒𝑛𝑐𝑒 𝑖𝑛 𝑡ℎ𝑖𝑠 𝑤𝑜𝑟𝑙𝑑 𝑛𝑜𝑤.....

𝑀𝑦 𝑠𝑜𝑢𝑙 𝑖𝑠 𝑖𝑛 𝑎 ℎ𝑢𝑟𝑟𝑦 ....
𝑁𝑜𝑡 𝑚𝑎𝑛𝑦 𝑐ℎ𝑒𝑟𝑟𝑖𝑒𝑠 𝑙𝑒𝑓𝑡 𝑖𝑛 𝑚𝑦 𝑏𝑜𝑤𝑙 ....

𝐼 𝑤𝑎𝑛𝑡 𝑡𝑜 𝑙𝑖𝑣𝑒 𝑐𝑙𝑜𝑠𝑒 𝑡𝑜 𝑝𝑒𝑜𝑝𝑙𝑒 𝑤ℎ𝑜 𝑎𝑟𝑒 "ℎ𝑢𝑚𝑎𝑛" -
ℎ𝑢𝑚𝑎𝑛𝑠 𝑤ℎ𝑜 𝑙𝑎𝑢𝑔ℎ 𝑎𝑡 𝑡ℎ𝑒𝑖𝑟 𝑜𝑤𝑛 𝑤𝑒𝑎𝑘𝑛𝑒𝑠𝑠𝑒𝑠 ;

..𝑎𝑛𝑑 𝑎𝑤𝑎𝑦 𝑓𝑟𝑜𝑚 𝑡ℎ𝑜𝑠𝑒 𝑏𝑒𝑐𝑎𝑚𝑒 𝑠𝑚𝑢𝑔 𝑎𝑛𝑑 𝑜𝑣𝑒𝑟𝑐𝑜𝑛𝑓𝑖𝑑𝑒𝑛𝑡 𝑤𝑖𝑡ℎ 𝑡ℎ𝑒𝑖𝑟 𝑡𝑟𝑖𝑢𝑚𝑝ℎ𝑠, 𝑎𝑛𝑑 𝑎𝑤𝑎𝑦 𝑓𝑟𝑜𝑚 𝑡ℎ𝑜𝑠𝑒 𝑓𝑖𝑙𝑙𝑒𝑑 𝑤𝑖𝑡ℎ 𝑠𝑒𝑙𝑓-𝑖𝑚𝑝𝑜𝑟𝑡𝑎𝑛𝑐𝑒.....

𝑇ℎ𝑒 𝑒𝑠𝑠𝑒𝑛𝑡𝑖𝑎𝑙𝑠 𝑎𝑟𝑒 𝑤ℎ𝑎𝑡 𝑚𝑎𝑘𝑒 𝑙𝑖𝑓𝑒 𝑤𝑜𝑟𝑡ℎ𝑤ℎ𝑖𝑙𝑒. 𝐴𝑛𝑑 𝑓𝑜𝑟 𝑚𝑒, 𝑡ℎ𝑒 𝑒𝑠𝑠𝑒𝑛𝑡𝑖𝑎𝑙𝑠 𝑎𝑟𝑒 𝑚𝑜𝑟𝑒 𝑡ℎ𝑎𝑛 𝑒𝑛𝑜𝑢𝑔ℎ!

𝑌𝑒𝑠, 𝐼’𝑚 𝑖𝑛 𝑎 ℎ𝑢𝑟𝑟𝑦 .
𝐼’𝑚 𝑖𝑛 𝑎 ℎ𝑢𝑟𝑟𝑦 𝑡𝑜 𝑙𝑖𝑣𝑒 𝑤𝑖𝑡ℎ 𝑡ℎ𝑒 𝑖𝑛𝑡𝑒𝑛𝑠𝑖𝑡𝑦 𝑎𝑛𝑑 𝑝𝑎𝑠𝑠𝑖𝑜𝑛𝑎𝑡𝑒𝑙𝑦 𝑡ℎ𝑎𝑡 𝑜𝑛𝑙𝑦 𝑚𝑎𝑡𝑢𝑟𝑖𝑡𝑦 𝑐𝑎𝑛 𝑔𝑖𝑣𝑒....

𝐼 𝑑𝑜 𝑛𝑜𝑡 𝑖𝑛𝑡𝑒𝑛𝑑 𝑡𝑜 𝑤𝑎𝑠𝑡𝑒 𝑎𝑛𝑦 𝑜𝑓 𝑡ℎ𝑒 𝑟𝑒𝑚𝑎𝑖𝑛𝑖𝑛𝑔 _𝑐ℎ𝑒𝑟𝑟𝑖𝑒s_....

𝐼 𝑎𝑚 𝑠𝑢𝑟𝑒 𝑡ℎ𝑒𝑦 𝑤𝑖𝑙𝑙 𝑏𝑒 𝑒𝑥𝑞𝑢𝑖𝑠𝑖𝑡𝑒, 𝑚𝑢𝑐ℎ 𝑚𝑜𝑟𝑒 𝑡ℎ𝑎𝑛 𝑡ℎ𝑜𝑠𝑒 𝑒𝑎𝑡𝑒𝑛 𝑠𝑜 𝑓𝑎𝑟 .

𝐴𝑠 𝑠𝑎𝑖𝑑 𝑏𝑦 𝐶𝑜𝑛𝑓𝑢𝑐𝑖𝑢𝑠 : “𝑊𝑒 ℎ𝑎𝑣𝑒 𝑡𝑤𝑜 𝑙𝑖𝑣𝑒𝑠. 
𝑇ℎ𝑒 𝑠𝑒𝑐𝑜𝑛𝑑 𝑏𝑒𝑔𝑖𝑛𝑠 𝑤ℎ𝑒𝑛 𝑦𝑜𝑢 𝑟𝑒𝑎𝑙𝑖𝑧𝑒 𝑦𝑜𝑢 𝑜𝑛𝑙𝑦 ℎ𝑎𝑣𝑒 𝑜𝑛𝑒 .”

Brazilian poet: 
Mário de Andrade

Electoral bond data released: Here's a complete list of donors who contributed Rs 10 crore or more Read more at: https://economictimes.indiatimes.com

 

The Election Commission has published detailed data on electoral bonds on its website, sourced from the State Bank of India (SBI), in adherence to a deadline set by the Supreme Court. The information reveals several notable buyers of electoral bonds, including prominent industrialists and companies like steel tycoon Lakshmi Mittal, Airtel's Sunil Bharti Mittal, Vedanta, ITC, and Mahindra and Mahindra.

Additionally, a lesser-known entity, Future Gaming and Hotel Services, which is currently under scrutiny by the Enforcement Directorate, emerged as a significant buyer with electoral bonds worth over Rs 1,350 crore.

Among the known corporates, Agarwal's Vedanta Ltd bought Rs 398 crore worth of bonds, while Sunil Mittal's three companies together purchased a total of Rs 246 crore worth of bonds.Steel magnate Lakshmi Niwas Mittal bought Rs 35 crore worth of bonds in his individual capacity. Hyderabad-based Megha Engineering, which has bagged contracts of several large infrastructure projects, bought bonds worth Rs 966 crore.

The parties that redeemed electoral bonds include the BJP, Congress, AIADMK, BRS, Shiv Sena, TDP, YSR Congress, DMK, JD-S, NCP, Trinamool Congress, JDU, RJD, AAP, the Samajwadi Party, Jammu and Kashmir National Conference, BJD, Goa Forward Party, Maharashtrawadi Gomantak Party, Sikkim Krantikari Morcha, JMM, Sikkim Democratic Front, and the Jana Sena Party.

Key Details of Electoral Bond Purchases

Prominent Buyers:

  • Steel magnate Lakshmi Mittal bought bonds worth Rs 35 crore.
  • Vedanta Ltd purchased bonds worth Rs 398 crore.
  • Bharti Airtel's three firms made substantial contributions with bonds worth Rs 246 crore.
  • Future Gaming and Hotel Services emerged as a significant buyer with bonds worth over Rs 1,350 crore.
  • Total Donors: There were a total of 213 donors who purchased electoral bonds 
  • worth over Rs 10 crore.
    • Megha Engineering, involved in major infrastructure projects, bought bonds worth Rs 966 crore.
    • Political Party Beneficiaries:
    • Political donations through these bonds were primarily issued in the names of political parties or their leaders, notably to the Congress and the Samajwadi Party.
    • Kiran Mazumdar Shaw: Donated through electoral bonds.
    • Varun Gupta: Donated through electoral 
    • electoral bonds.
    • B K Goenka: Donated through electoral bonds.
    • Jainendra Shah: Donated through electoral bonds.
    • Monika (First Name Only): Donated through electoral bonds.

    • Corporate Buyers:
      • Additional corporate purchasers included Spicejet, IndiGo, Grasim Industries, Megha Engineering, Piramal Enterprises, Torrent Power, Bharti Airtel, DLF Commercial Developers, Vedanta Ltd., Apollo Tyres, Edelweiss, PVR, Keventer, Sula Wines, Welspun, Sun Pharma, Vardhman Textiles, Jindal Group, Phillips Carbon Black Limited, CEAT tyres, Dr Reddy's Laboratories, ITC, Kaypee Enterprises, Cipla, and Ultratech Cement, reflecting a wide participation from various sectors.
      • Yashoda Super Speciality Hospital: Based in Ghaziabad, purchased 162 bonds, mostly of Rs 1 crore each.
      • Bajaj Auto: Bought bonds worth Rs 18 crore.
      • Bajaj Finance: Bought bonds worth Rs 20 crore.
      • IndiGo Firms: Three firms purchased bonds worth Rs 36 crore.
      • Spicejet: Purchased bonds worth Rs 65 lakh.
      • Rahul Bhatia of IndiGo: Bought bonds worth Rs 20 crore.
      • Qwik Supply Chain Pvt Ltd (Mumbai-based): Bought bonds worth Rs 410 crore.
      • Haldia Energy: Bought bonds worth Rs 377 crore.

      • The SBI disclosed that a total of 22,217 electoral bonds were bought between April 1, 2019, and February 15, 2024, with most being redeemed by political parties.

      • Transparency and Accountability in Political Funding
        The Supreme Court had earlier directed the SBI to share detailed information with the Election Commission to ensure transparency and accountability in political funding. In addition to the details of the purchasers, SBI has also provided the EC with information regarding the date of encashment of the electoral bonds and the names of the political parties that received the donations.

      • "In compliance of Supreme Court's directions, contained in its order dated February 15 and March 11, 2024 (in the matter of WPC NO.880 of 2017), the State Bank of India (SBI) had provided the data pertaining to the electoral bonds to the Election Commission of India (ECI) on March 12, 2024," the election commission said in a statement.

      • "The Election Commission of India has today uploaded the data on electoral bonds on its website as received from SBI on as is where is basis," it added.

        "It may be recalled that in the said matter, ECI has consistently and categorically weighed in favour of disclosure and transparency, a position reflected in the proceedings of the Hon'ble Supreme Court and noted in the order also," EC said.

        According to an earlier report by the Association of Democratic Reforms (ADR), electoral bonds worth Rs 16,518 crore have been sold from March 2018 to January 2024.

        The BJP received the highest contributions through the electoral bonds amounting to Rs 6,566 crore or 54.77 per cent, followed by the Congress with Rs 1,123 crore or 9.37 per cent, Trinamool Congress Rs 1,092 crore or 9.11 per cent, it had said.

        This move is aimed at enhancing the the transparency of political contributions and ensuring that the funds are traceable and accounted for.

        (With inputs from TOI, PTI)


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Electoral bond data: Future Gaming and Megha Engineering top donors to political parties Read more at: https://economictimes.indiatimes.com

 

New Delhi: Future Gaming and Hotel Services (Lottery Martin) and Megha Engineering and Infrastructure Ltd head the list of donors to parties through electoral bonds. Late on Thursday, the Election Commission of India (ECI) published details of bond buyers and beneficiaries since April 2019, as per the Supreme Court’s orders, ahead of the 18th Lok Sabha elections.

The data release provides details of electoral bonds worth over Rs 12,000 crore. The information was provided by by State Bank of India (SBI), the sole seller of the bonds, and published by the ECI.


Other donor names include the Bharti Group and Vedanta. The information clearly shows the ruling Bharatiya Janata Party (BJP) got the lion’s share over the years, something that’s also clear from the party’s own annual audit reports.

Future Gaming and Megha Engineering have had encounters with controversy. Future Gaming has been under the Enforcement Directorate’s scrutiny.

Megha Engineering is under fire over the Kaleshwaram lift irrigation project and was also involved with the Silkyara tunnel project in Uttarakhand where several workers were trapped for days last year.
Other prominent donors include Essel Mining (an arm of Aditya Birla Group), Haldia Energy of the Goenka group, Jindal Steel, the Mahindra Group and the Dhariwals.

Some of India’s largest conglomerates don’t find a mention in the data set, but the entities listed may have connections to them, analysts said. Establishing these links could be a challenging task, they added.

Individuals such as Kiran Mazumdar-Shaw also bought electoral bonds besides the likes of liquor distributor Mardi Gras, the Western UP Power Transmission Company and the Keventers group.

Several donors on the SBI list have, in fact, also been regular contributors to political parties earlier through the electoral trust system where donor names were made public. Construction companies such as DLF, Navayuga and BG Shirke figure prominently in data submitted by electoral trusts to the ECI in the past.

After the BJP, trailing far behind are the Trinamool Congress and the Indian National Congress followed by the Bharat Rashtra Samithi, Biju Janata Dal and the DMK.

Announced by the NDA government in 2017-18, the electoral bond scheme, which allowed anonymous funding to political parties, was struck down as unconstitutional by the Supreme Court on February 15. The apex court ordered that all data of electoral bond donors and beneficiaries should be made public.

More data on electoral bonds, as submitted by political parties to the ECI, is also likely to be published soon, once the apex court releases the documents to the poll panel. The ECI has moved an application in the Supreme Court seeking this, ET has learnt.

It is also expected that petitioners will move the apex court once again to seek that SBI reveal the ‘unique code’ data on electoral bonds to conclusively establish donor and recipient details.

SBI has shared two data sets with EC — the list of electoral bond purchasers and amounts of bond purchased and a separate list of political parties who received them.


Centre bans 18 OTT apps for obscene content Read more at: https://economictimes.indiatimes.com

 

The Ministry of Information & Broadcasting (MIB) has blocked 18 over-the-top (OTT) platforms for hosting obscene, vulgar, and pornographic content, I&B minister Anurag Singh Thakur informed.

The ministry has also disabled 19 websites, 10 apps (7 on Google Play Store, 3 on Apple App Store), and 57 social media accounts associated with these platforms for public access in India.

According to the MIB, the decision to block these platforms has been taken under the provisions of the Information Technology Act, 2000 in consultation with other Ministries/Departments of the Government of India, and domain experts from media and entertainment, women's rights, and child rights.

The 18 OTT platforms include Dreams Films, Voovi, Yessma, Uncut Adda, Tri Flicks, X Prime, Neon X VIP, Besharams, Hunters, Rabbit, Xtramood, Nuefliks, MoodX, Mojflix, Hot Shots VIP, Fugi, Chikooflix, and Prime Play.

The ministry said that the content hosted by these websites was prima facie in violation of Sections 67 and 67A of the IT Act, Section 292 of the IPC, and Section 4 of the Indecent Representation of Women (Prohibition) Act, 1986.It also stated that one of the OTT apps had over 10 million downloads, while two others had over 5 million downloads on the Google Play Store. The social media accounts of these platforms had over 3.2 million followers.



Wednesday, March 13, 2024

UNDERSTANDING TAX LOSS HARVESTING :-BY ZERODHA

 What is tax loss harvesting?

Tax-loss harvesting is a practice of selling a security that has incurred a loss to help investors reduce or offset taxes on any capital gains income subject to taxation. This practice is accomplished by harvesting the loss.

Example scenario

  1. If an individual earns ₹1 lakh in Short-Term Capital Gains (STCG) this year, they must pay 15% of this amount as taxes, which amounts to ₹15,000.
  2. Additionally, if the individual holds stocks with an unrealized loss of ₹60,000, they can sell these stocks to reduce their net STCG to ₹40,000. This would require paying 15% of ₹40,000, which amounts to ₹6,000 in taxes, resulting in a tax savings of ₹9,000.
  3. This process of selling stocks to harvest losses and save on taxes is known as tax-loss harvesting.

While there is no explicit regulation in India that disallows tax loss harvesting, in the US, if stocks are sold and bought back within 30 days just to reduce taxes on realised gains, they are called wash sales, and taxes are disallowed to be offset. It is advisable for clients trading and investing in India to consult a Chartered Accountant (CA) while filing income tax returns, as they could potentially be questioned by the income tax authorities during tax scrutiny if the same stock is sold and bought back to save on the taxes.

Found gross negligence by Byju's auditors: ICAI president Read more at: https://economictimes.indiatimes.com

 

Chartered accountants' apex body ICAI has "found gross negligence on the part of the auditors" of the now-crippled edutech firm Byju's, said its president Ranjeet Kumar Agarwal on Wednesday. Besides, the top official also said the accounting body is also planning to inspect the books of payments major Paytm.

"Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Ranjeet Kumar Agarwal, the president of the Institute of Chartered Accountants of India (ICAI), told PTI here.


When asked whether the ICAI will inspect the books of the payments major Paytm group now, he said, "As we have taken a suo moto decision to look into the role of the auditors of Byju's, we are now thinking about looking to the role of the auditors of the payments major Paytm now".

Following a slew of regulatory breaches, the Reserve Bank of India (RBI) has barred Paytm Payments Bank from doing any business from March 15.

The RBI action first came in on January 31 when it asked the payments bank to stop nearly all its businesses except allowing already loaded payments from its wallets from March 1, but later extended the deadline till March 15.

On crisis-hit Byju's, Agarwal said, "The FRRB will review our report on the conduct of the auditors of Byju's both individually as well as at the group levels, apart from the role of the board of the company. After this three-stage review will form an opinion on the role of the individual auditors and take appropriate action. After that, the report will be made public".

For long the international auditing major Deloitte was the statutory auditors of Byju's. However, as the financial trouble mounted at the edutech major, it in June 2023 resigned midway, citing a long delay in preparation of the financial statement of the company for FY22.

Following the resignation of Deloitte, Byju's appointed another global firm BDO as its new auditors. BDO's audit arm is MSKA & Associates.The FRRB is a non-standing committee of the Council of the ICAI and was constituted in July 2002.

The FRRB may determine whether any scrutiny of the books is necessary over allegations of regulatory lapses and their impact on the payment bank's accounting, Agarwal said, adding that it is the discretion of the board whom to review and when to do so.


"In cases of gross negligence, which we have found in the case of Byju's auditors', we will proceed with further investigation. If there are minor issues, we provide advisory guidance," Agarwal said at a function organised by industry body CII.

Recently, the corporate affairs ministry had asked its field officers to expedite the inspection of the books of Byju's and submit the report. The ministry, which is implementing the company's law, will decide on a further course of action after receiving the report from its regional office.

In July 2023, a month after Deloitte resigned as the statutory auditor of Byju's, the ministry had asked the office of the regional director in Hyderabad to conduct an inspection of the holding company Think & Learn, which is registered in Bengaluru.

Last year, the ministry ordered the inspection in the wake of various developments at that time at the edtech company, including its inability to finalise the statements and the resignation of the auditor.

On February 23, shareholders of Byju's voted unanimously to remove founder-CEO Byju Raveendran and his family members from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup. However, the company had called the voting done in the absence founders as invalid and ineffective.


Raveendran, his wife and brother -- the only three members on the company board as of now -- stayed away from the extraordinary general meeting called by a group of six investors, who collectively hold more than 32 per cent of Think & Learn.

In the end, more than 60 per cent of the shareholders voted in favour of all the seven resolutions, which included removing the current management, reconfiguration of the board and a third-party forensic investigation into acquisitions done by the company, sources close to the investors had said.

Meanwhile, delivering the keynote address at the CII event on financial reporting and governance framework Ajay Bhushan Prasad Pandey, the chairman of the National Financial Reporting Authority, called upon the auditors fraternity to do everything to increase public trust in them.

"Everyone in the system, especially the auditors, have to ensure the five lines of defence to ensure there is trust in financial matters and corporate governance. These fine lines of defence are the management of the company, the audit committee and independent directors, auditors, investors and finally regulators. These are also the building blocks of sound corporate governance," Pandey said.



Friday, March 1, 2024

India's GST collection increases 12.5% to Rs 1.68 lakh crore in February :-The Economic Times

 

India collected Rs 1.68 lakh crore as goods and services tax (GST) in February, up 12.5 per cent from the year earlier, reflecting continued momentum in economic activity.

This growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods, the government highlighted in a press release.
GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore registering a growth of 13.6 per cent over that for the same period last year.

Strong Performance in FY24

The total gross GST collection for the current fiscal year stood at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23, as of February 2024.

The average monthly gross collection for FY 2023-24 was recorded at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore collected in the previous year's corresponding period.


"GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance," the official release highlighted.

Breakdown of February 2024 Collections:

Have commitments from anchor investors for $1 billion in equity, Voda-Idea tells banks Vodafone Idea also told investors it has received assurances from local banks for additional debt funding on completion of the equity funding :-moneycontrol

 

Vodafone Idea has informally engaged a group of investment banks to devise efficient funding structures

Vodafone Idea Ltd, which is looking to raise Rs 45,000 crore in equity and debt, has secured equity commitments from anchor investors exceeding $1 billion (Rs 8200 crore), people familiar with the development said.

The possible tying up of funds from a clutch of investors, the identities of whom could not be immediately ascertained, marks a crucial step forward for the telecom giant as it navigates its financial restructuring.

Vodafone Idea has informally engaged a group of investment banks to devise efficient funding structures for the planned fundraising, the people said, requesting anonymity. The company, according to them, is looking to optimize its fundraising strategy by exploring various avenues, including the preferred method of equity fundraising. Options under consideration include a rights issue, preferential allotment, or a follow-on public offering.

“A preferential allotment will allow it to raise funding through a hybrid structure such as warrants, a rights issue or FPO will allow Vodafone Idea to price the new shares at a level deemed reasonable by the incoming investors as well existing shareholders,” one of the people cited above, a banker, said.

“The company has met several foreign investment banks in the course of the past few weeks and has asked these banks to make presentations in this regard,” the first person said.

Also Read: Vodafone Idea's fundraise plan sparks hope but telco not out of the woods, say analysts

“In the interactions with lenders, the company has informed them that the equity commitment is in place from a clutch of marquee anchor investors, which will be the basis on which the debt component will be determined,” a second person said. “Additionally, Vodafone Idea has told investors that it has received assurances from domestic lenders for additional debt funding once the equity infusion is complete.”

While Vodafone Idea continues to deliberate on its fundraising strategy, stakeholders closely monitor developments surrounding the company’s efforts. The outcome of Vodafone Idea’s fundraising efforts has significance not only for the company’s future trajectory but also for the broader telecom industry.

According to the Telecom Regulatory Authority of India’s (TRAI) data, Vodafone Idea lost 1.7 million subscribers in November 2023. The telco has been witnessing a decline of two to six million subscribers per quarter in the last few quarters due to the migration of subscribers to other telcos. Vodafone Idea’s overall user base was 215.2 million on December 31.

Without sufficient funds, there could be further erosion in Vodafone Idea’s customer base unless the company focuses on key circles to boost average revenue per user (ARPU).

In June last year, Vodafone Idea proposed to infuse Rs 14,000 crore by way of equity in the near term as part of its business revival plan. According to the plan submitted to the government, Vodafone Idea promoters, Aditya Birla Group and Vodafone Group Plc, offered to invest Rs 7,000 crore as fresh equity while proposing to raise another Rs 7,000 crore, either as direct equity or through convertible structures from external investors.

DEBORSHI CHAKI


India successfully flight tests VSHORADS missile Read more at: https://economictimes.indiatimes.com/news/defence

 

India has conducted two successful flight tests of a very short-range air defence missile off the coast of Odisha. The tests were carried out on Wednesday and Thursday.

"The DRDO conducted two successful flight tests of Very Short-Range Air Defence System (VSHORADS) missiles on February 28 and 29 from a ground-based portable launcher off the coast of Odisha from integrated test range, Chandipur," the defence ministry said.

It said the tests were carried out against high-speed unmanned aerial targets under different interception scenarios. "During all the test flights, the targets were intercepted and destroyed by the missiles, meeting the mission objectives," the ministry said.
VSHORADS is a man-portable air-defence system designed and developed indigenously by Research Centre Imarat (RCI) in collaboration with other Defence Research and Development Organisation (DRDO) laboratories and Indian industry partners.

The missile incorporates many novel technologies, including a miniaturised reaction control system (RCS) and integrated avionics, which have been successfully proven during the tests, the ministry said in a statement.

"The missile is propelled by a dual-thrust solid motor and meant for neutralising low-altitude aerial threats at short ranges. The design of the missile including launcher has been highly optimised to ensure easy portability," it added.

Defence Minister Rajnath Singh congratulated the DRDO and the Indian Army for the successful development trials and said the new missile, equipped with modern technologies, will give further technological boost to the armed forces.