RBI seeks details of banks’ exposure to Adani Group

MUMBAI, FEB 2 (AGEN-

CIES): The Reserve Bank of India (RBI) has sought details about lenders’ exposures to the Adani Group, banking sources said, a day after the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid the steep fall in its stock prices.

On Wednesday, Swiss lender Credit Suisse stopped accepting bonds by Adani group companies as collaterals for margin lending.

The going has been tough for the diversified conglomerate over the past week ever since US-based short seller Hindenburg Research levelled a slew of allegations about the group’s operations, calling it the biggest corporate con ever. The Ahmedabad-headquartered group has denied all the allegations but failed to convince analysts and investors.

The RBI gets access to banks’ large corporate borrowers on a regular basis as part of the central repository of information on large credits (CRILC) data base, the banking sources said.

Many a time bank lending happens against pledged securities and a massive fall in the price of the equity shares of the Adani group’s 10 listed entities could have accordingly lowered the value of the pledged securities.

There has been selling pressure in banks’ stocks since the Hindenberg Research’s report released on January 24 as investors are concerned about the impact of the crisis on banks’ books.

Country’s largest lender SBI had said it’s exposure to Adani group is fully secured by cash generating assets, in an attempt to assuage

FPO withdrawn due tomarketvolatility, saysGautamAdani

Cong questions UDA govt on non-utilisation of shopping complex and parking plaza

investor concerns.

Another public sector lender Bank of Baroda has said its total exposure to the embattled group stood at Rs 7,000 crore, which are also fully secured.

Government-owned life insurance behemoth Life Insurance Corporation (LIC) has disclosed of having an exposure of Rs 36,474.78 crore to Adani group’s debt and equity, and added that the amount is less than one per cent of its total investments.

Adani Enterprises scrip closed 26.50 per cent down at Rs 1,564.70 a piece on the BSE on Thursday, as against gains of 0.38 per cent on the benchmark.

Polls: Online facilities for candidates

(From p-1) of preferable dates, security deposit and physical submission of printout of the form filled online.

The online application for permission to include permission to hold meetings and loud speaker, open temporary office, vehicle permit, take out procession with loud speakers, street corner meeting and use loud speaker, use helicopter and helipad, construction of rostrum/barricade and vehicle permit (inter district).

CEO has also directed all returning officers (ROs) to have chambers with sufficient space to perform their function, allot staggered time in advance to prospective candidates and take all steps required for submission of nomination forms and affidavits as per provisions contained in the Represen- tatives of the People Act, 1951.

CEO also asked all ROs to strictly adhere to the ECI guidelines. And in pursuance of the Supreme Court judgment that made it obligatory for Ros to check whether the information required was fully furnished (by the candidate) at the time with the nomination paper, the CEO said the commission had issued instruction that in the affidavit to be filed along with the nomination paper, candidates should fill up all the columns. If any column in the affidavit was left bank, the RO would issue a notice to the candidate to file revised affidavit with all columns duly filled in. After such notice, if a candidate still failed to file affidavit complete in all respects, the nomination paper would be liable to be rejected by the RO at time of scrutiny, whose date has been fixed as February 8. DRI requisitioned:

Meanwhile, the Election Commission of India (ECI) has requisitioned the service of Directorate of Revenue Intelligence (DRI) under Article 324 of the Constitution of India to curb the menace of money power during the upcoming Assembly election besides contraband items and fake Indian currency notes (FICN) that could be used as inducement during the polls.

In a press release, CEO office has shared E-mail address (dri.drugzu@gov.in) and phone number (89747 10619) of Regional Control Room for Nagaland at Dimapur for people to register complaint of any electoral malpractice.

Billionaire Gautam Adani has said the decision to withdraw a fully subscribed share sale of the flagship firm of his group was primarily because of volatility in the market. Adani Group company stocks have lost over USD 90 billion in value since a US short seller made damning allegations.

Adani Enterprises Ltd’s Rs 20,000 crore followon public offer managed to get investors on the last day of the share close on Tuesday. Late on Wednesday, the company decided to withdraw the FPO and refund the investors.

“After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in an address to investors on Thursday. The decision, he said, will not have any impact on existing operations and future plans. “We will continue to focus on timely execution and delivery of projects.” The fundamentals of the company are strong, Adani asserted.

“Our balance sheet is healthy and assets robust. Our EBITDA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long-term value creation and growth will be managed by internal accruals.”

Adani said the group would review the capital market strategy once the market stabilizes. “We have a strong focus on ESG and every business of ours will continue to create value in a responsible way. The strongest validation of our governance principles comes from several international partnerships we have built across our different entities,” he added.

Adani row storms Parliament; Oppn demands JPC...

(From p-1) Leaders of the Congress, the DMK, the TMC, the SP, the JD(U), the Shiv Sena, the CPI(M), the CPI, the NCP, the IUML, the NC, the AAP and the Kerala Congress were present at the meeting.

The Opposition parties sought to discuss the Adani issue, Chinese transgressions at the border and role of Governors in States, and demanded a discussion.

Nine MPs, including Kharge, Shiv Sena’s Priyanka Chaturvedi, BRS MP K. Keshava Rao and Aam Aadmi Party’s Sanjay Singh, had given notices under rule 267 seeking suspension of regular business to discuss the Adani group stock route and its impact on millions of small investors as well as the hard earned savings of crores of Indians being endangered in loss of value of investments of LIC.

Seeking suspension of business notice under Rule 267 for Thursday, Kharge said, “That this House do suspend Zero Hour and relevant rules relating to Question Hour and other businesses of the day to discuss the issue of investment by LIC, public sector banks and financial institutions in companies losing market value, endangering the hardearned savings of crores of Indians.”

Giving a notice under Rule 267 (suspension of business) to discuss the Hindenburg report against the Adani Enterprises, Mr. Rao said “the report exposes the dangers to which the Indian people and economy are subjected to and merit immediate discussion, adjourning the other business”.

(From p-1) Sujata alleged that the Planning and Coordination Department and Planning Board decided to erect the structure on the site that was a forest land.

She asserted that if the Forest Department owned the complex, it would be a brazen act of irregularity and questioned Rio and BJP that since when departments had begun to manage shopping complexes.

Sujata commented that Rio heading an opposition-less government must not think that there was no one to question him, declaring that Congress would stand up for the people and question him on behalf of the people.

“The people of Nagaland chose a government and expected accountability. Instead, they have got one that was not only inefficient, but also arrogant, indulging in misuse of funds meant for betterment of the citizens of Nagaland,” she stated.

Hitting out at BJP over start-ups, Sujata questioned BJP Legislative Party (BLP) leader and deputy chief minister Y Patton why selfhelp groups (SHGs) were not encouraged to use the space and also why youngsters were not given opportunity to use the space for their start-ups.

She said the building could have become vibrant and empowered women and youth by allowing it to be used for their business, including start-ups.

The AICC media coordinator commented that it was obvious that the structure was constructed to be given to some private entity.

She claimed, “Because there the general public and the opposition had raised so much noise about it, the government was not able to hand it over to the private entity that was close to Rio.”

She said chief minister had been caught indulging in corruption time and again, but he simply did

CKS reaffirms warning against ...

(From p-1)

CKS further warned of stern action against those violating the notification.

“This notification will be in force till an amicable solution is resolved for the Eastern Nagas by the Govt. of India,” CKS stated.

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not care.

Meanwhile, NPCC secretary and spokesperson Temjenyanger Longkumer also questioned why the building was not being unused. He said most of the youth were happy to see the building being constructed as they hoped to set up shops, but lamented that even after three to four years of its completion, it was still not being utilised.

He demanded that the chief minister should publish a “white paper” why the building was not being utilised.

Yanger also emphasised that it was not the duty of everyone, especially Naga youth, to raise voice strongly on the issue of accountability.

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Snippets

American arrested for vandalizing church

JERUSALEM, FEB 2

(AP): Israeli police on Thursday arrested an American tourist after he allegedly knocked down and broke a statue of Jesus in a church in Jerusalem’s Old City.

Images on social media showed the statue laying horizontally on the floor after apparently being pulled down from a stand at the church.

The incident occurred in the Church of the Flagellation, which is located on the Via Dolorosa, the route believed to have been walked by Jesus to his crucifixion.

B’desh wants revision of power purchase deal with Adani

DHAKA/NEW DEL -

HI, FEB 2 (PTI): Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday.

“We have communicated with the Indian company seeking revision of the agreement,” an official of the state-run Bangladesh Power Development Board (BPDC) told PTI on the condition of anonymity and without elaborating on the matter.

France seizes Iran assault rifles, missiles heading to Yemen

DUBAI, FEB 2 (AP):

French naval forces in January seized thousands of assault rifles, machine guns and anti-tank missiles in the Gulf of Oman coming from Iran and heading to Yemen’s Houthi rebels, officials said Thursday.

While Iran denied being involved, images of the weapons released by the US military’s Central Command showed them to be similar to others captured by American forces in other shipments tied to Tehran. te diplomatic efforts to renew it. That has led to fears the war could again escalate.

More than 150,000 people have been killed in Yemen during the fighting, including over 14,500 civilians.

Pak PM inaugurates

3rd unit of nuclear power plant in Karachi

ISLAMABAD, FEB 2 (PTI): Pakistan Prime Minister Shehbaz Sharif on Thursday inaugurated the third unit of the Karachi Nuclear Power Plant (KANUPP) built with Beijing’s assistance under the ambitious China-Pakistan Economic Corridor.

Known as the K-3, the plant will provide 1,100 megawatts of electricity to the national grid.

Norway PM says

oil profits to fund more aid to Ukraine

COPENHAGEN, FEB 2

(AP): Prime Minister Jonas Gahr Store of Norway said Thursday that the oil-rich Scandinavian country will become one of the world’s top donors to Ukraine when his twoparty centre-left government presents another planned military and civilian aid package.

Norway’s profits from oil will finance the additional aid, and there will be a temporary increase in the use of oil money, Gahr Store told the Norwegian parliament, He did not reveal how large the contribution will be, but he said the government would make it soon.