India vs England: Essex Cricket’s Tweet On Virat Kohli Faces...
Tamannaah Bhatia Clears The Air On Her Wedding..... page no. 02
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ENGLISH DAILY MORNING REPUTED NEWS PAPER, AHMEDABAD EDITION Editor : Kapilkumar M. Hirpara
Short News Two washed away in Himachal flash floods Shimla : Two pilgrims have been washed away in flash floods in Himachal Pradesh’s Kinnaur district, an official said today. The duo, identified as Kuldeep Thakur (32) of Shimla and Sangeeta More (43) of Pune, were part of more than 280 pilgrims who got stranded due to incessant rains near Tangling village in Kalpa area last evening. They were going to pay obeisance at Kinnaur Kailash in the district, the official said. Till this evening, the police and Indo-Tibetan Border Police (ITBP) have rescued as many as 260 pilgrims, he said. At least 20 pilgrims are still stranded and the rescue operation is on, he added.
BJP
Two held for running fake travel agency in Punjab
Two people were nabbed today for allegedly running an unlicensed travel agency, police said. As many as 14 passports were seized from them, they added. The accused were identified as Bikar Singh, of Friends Colony, and Amarjit Singh, of Salarpur village, SHO Inspector Jatinderjit Singh said. He said both were allegedly running a fake travel agency and had duped people of lakhs of rupees under the garb of sending them abroad. Investigation is underway to trace the people the recovered passports belong to, SHO Jatinderjit Singh said. The accused were booked under relevant sections of the IPC, he said.
Neeraj, Hima to take part in prestigious Continental Cup
New Delhi : Seven Indian athletes, including star javelin thrower Neeraj Chopra and sprint sensation Hima Das, are set to compete in the prestigious IAAF Continental Cup to be held in Ostrava, Czech Republic on September 8-9. The Asian Athletics Association (AAA) selected seven top Indian athletes to represent Asia-Pacific Team in the International Association of Athletics Federation Continental Cup, an event competed among the season’s top rankers from the regional associations. Based on current IAAF world rankings, Neeraj (javelin), Muhammed Anas (400m), Jinson Johnson (800m) and Arpinder Singh (triple jump) made it to the AAA list of athletes for Asian-Pacific in men’s category while Hima Das (400m), P U Chitra (1500m) and Sudha Singh (3000m Steeplechase) were included in the women’s event. In his communication to the Athletics Federation of India, AAA Secretary Maurice R Nicholas said, “The excellent performances of these selected athletes are based on the top lists rankings of IAAF and our statisticians for Asia-Pacific. “We are aware that results are rapidly changing in the next few days and if an athlete overtakes the performances of your selected athletes, he or she would be replaced by us.
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Maharashtra: Bus carrying university staff plunges into gorge in Raigad, killing 33
The Maharashtra government has announced a compensation of Rs four lakh for the kin of the deceased and also announced to bear the medical treatment expenses of those injured Raigad : As many as 33 persons were killed after a bus fell into a gorge in Ambenali Ghat near Poladpur town in Raigad district around Saturday noon. Only one of the 34 passengers traveling in the bus survived as he jumped from the bus while it was sliding along the steep slope of the gorge. The passengers in the bus, all employees of Dapoli Agriculture University in Ratnagiri district, were on their way to Mahabaleshwar for a two-day trip. The incident came to light after the lone survivor, Prakash Sawant Desai, assistant superintendent with the University, who managed to jump out of the bus, climbed up the slope, took the phone of a passerby and made calls
to another staff member from university and the police. Desai has told the local authorities that the driver of the bus lost control as a tyre of the bus skidded at a muddy spot on the Ambenali Ghat road. The bus fell till 500 feet down in the 800 feet
deep gorge. After local police were informed by Desai, local administration and team from nearby police stations swung into action. Members of local trekkers’ groups and medical aid team were also called in.
special assembly session. I have instructed the DGP that cases registered against people, participating in protests, should be taken back. Only the serious cases like attacking police personnel, indulging in arson will not be taken back,” said Fadnavis after the meeting. The Fadnavis-led state government has come under severe flak over
its handling of the agitation by the influential Maratha community that is demanding 16 per cent reservation in government jobs and education. Meanwhile, the government also said that 16 per cent quota, a key demand, will be reserved for Marathas in the ongoing recruitment drive, which accounts for 72000 jobs. The government also gave strict warning to those educational institutions who do not give 50 per cent fee concession to economically backward Marathas. He said their license will be cancelled.
Maratha quota stir: CM Fadnavis calls for peaceful resolution, says will convene special assembly session to discuss issue
New Delhi : Amid the ongoing Maratha reservation row, Maharastra Chief Minister Devendra Fadnavis Saturday held an all-party meeting and called for peaceful resolution of the matter. In the meeting attended by leaders of various parties, the chief minister announced that a special assembly session will be convened to discuss the raging issue.“Appealed that the situation should be peaceful and no one should take the extreme step. Requested Backward commission to submit its report and then we will convene a
Assistant inspector Kundan Gawade, PRO with Raigad police said, “Till 4 pm, 25 dead bodies were taken out. As per primary information, 33 passengers in the bus are feared dead.” A team of the National Disaster Response Force, station at Talegaon near Pune was sent to the spot for the search
operation. Local police have informed the authorities from the Dapoli Agriculture University, who in turn have informed the family members of the victims. Police have come to know that more than 40 persons were be part of the trip, but the number was reduced due to the capacity of bus. Taking to
Twitter, Maharashtra Chief Minister Devendra Fadnavis said, “Pained to know about the loss of lives in the Mahabaleshwar bus accident. The administration is taking all efforts to provide required assistance. Senior officials and emergency management systems in place.
Gujarat: Experts for better conservation of mangroves
Ahmedabad : Experts from various parts of the country and the state reiterated the need to conserve and preserve mangroves and its importance in ensuring an ecological balance. The experts were speaking at a twoday national workshop on mangrove conservation held at Mahatma Mandir. The workshop was part of the International Mangrove Day celebrations and was jointly organised by the Gujarat Ecological Commission along with GEER Foundation and IUCN. RD Kamboj, director of GEER Foundation, made a comparative
analysis of mangrove coverage in the country with particular reference to Gujarat. Through the presentation, he said that despite the threats, mangrove coverage was on the rise in India as well as in Gujarat. It should be noted that more than 65% of mangrove coverage in India is available in just two states of West Bengal and Gujarat with the former having the lion’s share. In Gujarat, Kutch district has the highest mangrove coverage. Ajanta Dey, programme director of Nature Environment and Wildlife Society, Odisha, said there was a need to build the resilience of communities that lived in and around mangroves and survived on them too. “It has been my observation that what we need is not just training for these communities but also continuous hand-holding for them,” said Dey. Talking about conservation of mangroves and coral reef BB Barman, advisor MoEF said.
Defying HC order, MP CM allows three ex-CMs to stay in bungalows, excludes Digvijaya Singh
New Delhi : Defying Madhya Pradesh High Court’s order, Chief Minister Shivraj Singh Chouhan has allowed three former CMs – Uma Bharti, Kailash Chandra Joshi and Babulal Gaur, to retain their government bungalows, news said. Former CM and Congress leader Digvijaya Singh, however, was asked to vacate his bungalow. According to the news agency, CM Chouhan used his “discretionary powers” to
permit the three former CMs, all belonging to BJP, to continue their stay in the bungalows. In June this year, the high court had directed the state government to have the bungalows allotted to former CMs in Bhopal vacated within a month. A division bench of Chief Justice Hemant Gupta and Justice A K Shrivastava held that section 5 (1) of the MP Mantri Vetan Thatha Bhata Adhiniyam 1972 (MP Minister’s
J&K: Policeman abducted likely by militants, third case in a month
New Delhi : Nearly a week after a Jammu & Kashmir (J&K) Police constable was abducted and killed by militants, another police official was abducted likely by militants from Chan Kitar area of Tral in Pulwama district on Saturday. Shakeel Ahmad was posted at Awantipore. His family members informed the police that he was visiting a relative and had gone missing from Pulwama. An investigation has been launched in the matter. A week earlier, Constable Saleem Shah was abducted from his home at
Mutalhama village in Kulgam. He was undergoing training at Kathua and was at home on leave. Police said that Shah was kidnapped on the intervening night of July 20-21 by suspected militants, after they barged into his house. He was allegedly taken to an unknown place before being killed. He had joined the force in 2016, and after completing his basic training, he was posted to Pulwama. Earlier, on July 6, constable Javaid Ahmad Dar, also at home on leave, was abducted from Vehil in Shopian. His body was found near a stream by local residents in Pariwan, Kulgam the next day. Dar was posted as the personal security officer to Senior Superintendent of Police Shailendra Mishra.
Salaries and Allowances Act), incorporated last year, was “unconstitutional”. The order came a month after the Supreme Court had quashed a similar provision in Uttar Pradesh.
Striking down the clause 3 of the Uttar Pradesh Ministers (Salaries, Allowances and Miscellaneous Provisions) Act, 1981, the Supreme Court had said the chief ministers are “at par with common citizens” once they demit their office. Claiming compliance with the apex court’s ruling, Union Home Minister Rajnath Singh, Rajasthan Governor Kalyan Singh, SP leaders Mulayam Singh Yadav and Akhilesh Yadav, BSP
chief Mayawati and Congress veteran N D Tiwari vacated their bungalows in Lucknow. Akhilesh Yadav’s bungalow was renovated and allotted to him just before the 2017 assembly election. For the past 27 years, Mulayam Singh Yadav has been living at 5, Vikramaditya Marg. Like Akhilesh, Mayawati’s official bungalow too was renovated and expanded when she was Chief Minister from 2007 to 2012.
In uniform, UP cop kneels down before CM Yogi Adityanath with folded hands; pics go viral
New Delhi : Photographs of a uniformed police officer kneeling down in front of Uttar Pradesh Chief Minister Yogi Adityanath with folded hands at Gokarnath temple went viral on social media. On the occasion of Guru Purnima, Pravin Singh knelt down at the feet of Adityanath, who is also ‘Peethadishwar’ and ‘Mahant’ (head priest) of the Gorakhnath Math “out of devotion”. Singh, posted as Circle Officer at Gorakhnath in Gorakhpur, was
deployed at the temple for security duty. He was photographed seeking the blessing from CM Adityanath. Interestingly, the officer posted the photographs on his Facebook account but later restricted access to the account
following an outcry. With the officer’s act triggering a debate on social media, Singh clarified his stand. “I was deployed at the temple for security duty and I went there after completing my work with full dedication,
when most of the disciples were seeking blessings. Out of my devotion and after removing my belt, cap and other accessories and covering my head with a handkerchief, I took blessings of Peethadishwar Mahant Yogi Adityanath,” Singh said. “My shirt was wet with sweat and I had not ignored my work. Mahant Yogi sits in the position of a guru on two occasions in the temple – one at the time of Dussehra and other on Guru Purnima.
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sunday, 29 July, 2018
More reform, fewer taxes can curb black money
With the Narendra Modi government in its last lap heading toward the next general election, promises made in the last election campaign are rightly being scrutinised. One especially flamboyant promise that Modi made was to bring back to India all the black money that was stashed abroad and redistribute those monies to the poor. Fighting corruption and black money more broadly were important themes of the campaign where Modi was seen as strong and the incumbent Congress led government, vulnerable. Four years on, despite a lot of noise, not much progress seems to have been made. Demonetisation did not succeed in eliminating black money at home, although it did act like a one time “tax” on holders of illicit cash. As for money stashed abroad, the government has been in a defensive posture since a recent news story which as it turns out erroneously claimed that money deposited in Swiss banks had jumped by 50%. In a bizarre twist, it took the Swiss ambassador to India to point out the error and point to the correct data from the Bank of International Settlements, which showed to the contrary that money deposited in Switzerland fell by 35 percent between 2016-2017, the last year for which we have data. After the initial report, the government’s response was that not all money stashed abroad is black. However after the error was revealed a month later, it pointed to the decline in money held by Indians in Swiss banks as a sign that the government’s efforts to crackdown were paying off. Interestingly, BIS data (see chart) paints another picture. This shows clearly that Indian residents’ money in Swiss banks after rising steadily reached a peak in 2007 and has been steadily declining since then. In other words, the decline last year is simply the continuation of a trend that goes back to the previous government, and it is hard to see how the current government can take much credit for this. More to the point, the decline in monies held in Swiss banks not just by wealthy Indians but by others has much more to do with Switzerland than India. Under fire from many countries, especially the United States who complained the Swiss were providing refuge to illicit money that should rightly be taxed in their home countries, Switzerland has been forced to water down their bank secrecy laws and make data available to the home countries of depositors who were previously secret. In other words, illicit money may now be shifting from Switzerland to elsewhere rather than going down. Data on this is hard to come by since many banks and tax havens do not make their data available for scrutiny for obvious reasons. However, Hong Kong has for the last few years and that data shows deposits by Indians in Hong Kong banks increased by 50% in the same year it dropped in Swiss banks. What is more, the amount that went into Hong Kong banks in 2017 (US $4.6 billion) was larger than what was deposited in Swiss banks (US $0.52 billion).
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Hollywood - Bollywood Taapsee Pannu Shuts Down Trolls For Mocking Her Looks And Films
Mumbai : There have been moments when we have wished to live like our favourite celebrities. Attend the much-talked-about parties, wear expensive ensembles, be accompanied by a team of makeup artists... the list goes on. However, the stars don’t always have it easy, particularly when it isn’t tough for detractors to slam them on social media. “Worst looking actress in Bollywood. Hope I don’t have to
see her again. 2... 3 movies more and she will be out of Bollywood,” read the tweet. Not the actor who would depend on publicists to diffuse such situations, Pannu was quick to hit back. The actress was also slammed by another user who said her films are not aren’t good enough to be viewed. Pannu eloquently called out the troll. “Please apna taste behtar keejiye toh picturein bhi dekh payenge,” she tweeted.
Tamannaah Bhatia Clears The Air On Her Wedding Rumours
There are reports that Tamannaah, who was earlier rumoured to be in a relationship with cricketer Virat Kohli and was also linked to former Pakistani cricketer Abdul Razzaq, will soon tie the knot with a US-based doctor Mumbai: Amidst her wedding rumours, actress Tamannaah Bhatia says she is not on “a husband shopping spree” and that she is only romancing her cinematic endeavours right now. There are reports that Tamannaah, who was earlier rumoured to be in a relationship with cricketer Virat Kohli and was also linked to former Pakistani cricketer Abdul Razzaq, will soon tie the knot with a US-based doctor. “One day it’s an actor, another day it’s a cricketer, and now it’s a doctor. These rumours make it sound like I’m on a husband shopping spree. While I love the idea of being in love, I definitely don’t appreciate baseless news when it comes to my personal life,” Tamannaah said in a statement. “I am happily single at the moment and my parents aren’t ‘groom hunting’. The only thing I’m romancing right now are my cinematic endeavours.” She also said that the day she decides to get hitched, she will announce it to the world herself. “...because the institute is consecrated. It’s not as casual as the numerous speculations being floated. I’d like to make it very clear for once and for all that marriage isn’t on the cards yet.” She is currently working on Telugu film Naa... Nuvve and the Telugu remake of Queen. She has also signed a project with director Seenu Ramasamy.
Actor Sri Reddy complains of abuse and harassment
Sisters Sonam And Rhea Kapoor’s Weekend Style In Chic Denim
- Kapilkumar M. Hirpara
Editor
Shilpa Shetty’s CrystalInspired Saree Is New Age Style Goals
Telugu actor Sri Reddy, who spearheaded the protest against casting couch culture in the film industry, visited the Police Commissioner’s office on Friday and lodged a complaint of criminal intimidation and verbal abuse by a social activist and film-maker.
Ms. Sri Reddy had triggered a controversy by staging a protest on April 7 before the Telugu Film Chamber in Hyderabad. Later, she accused a Tamil director and a couple of actors of sexually abusing her after promising to cast her in their films.
Inside Alia Bhatt’s Bulgaria diaries Mumbai : In the ongoing 11th edition of India Couture Week 2018, a designer who made his debut this season was Amit Aggarwal. Known for engineering modern and innovative couture, he showcased his ‘Crystalis’ collection that saw experimental textiles created using modern industrial materials through traditional zardozi and ari hand techniques. While Amit has styled various Bollywood divas on numerous occasions, for this show, his showstopper was his favourite muse Shilpa Shetty. We all have seen Shilpa in many glamorous saree looks, and its particularly her tryst with modern sarees that has been top notch. Amit’s collection is inspired by two
natural phenomena: the formation of crystals at a molecular level and the enveloping of the metallic chrysalis around a butterfly cocoon. And with that thought, he created a range of handcrafted three-dimensional embroideries in various crystalline and bio mimicked forms and motifs that gave fabrics a unique visual. For the show, Shilpa walked the ramp looking gorgeous as ever in a radiant plum saree that had all the elements from the collection - right from colour, silhouette, structure and detail. Shilpa carried the modern and eclectic piece, which was a drape with a feeling of a flared lehenga, completely contemporary for a new age bride.
Mumbai : If there’s a style trend that’s far from going off the rack this season, it is definitely the love for denim. Denim is here to rule, and our Bollywood celebs have surely been making the most of it by sporting the trendiest of denim looks. Casual chic is the flavour of the season and the
best way to get it right is of course with denim. Trust sisters Sonam and Rhea Kapoor to be ahead of the pack when it comes to fashion. The siblings were among the first in B-town to start the craze for denim. Remember Sonam in a denim pantsuit and even a denim saree?
During the recent launch of Anand Ahuja’s new store in Mumbai for his shoe label VegNonVeg, we spotted Sonam and Rhea Kapoor sticking by their love for denim. Actress Sonam Kapoor wore an oversized blue denim shirt and teamed it with a contrast pair of ripped jeans that was
folded at the ankle. To add a boho chic vibe to her look, she styled her hair in a trendy braided do, and wore statement silver earrings. And of course, she sported a pair of sneakers to prove that who cares about stilettos when you have stylish sneakers to walk around in.
Mumbai : Richa Chadha has been roped in to play the titular role of Shakeela in the Shakeela Biopic directed by Indrajit Lankesh. The film will delve into the life of popular adult star Shakeela who ruled the Southern film industry for over two decades. The actress has begun shooting for the film in a small town Tirthahalli in Karnataka. Dressed in a traditional Kerala saree called Kasavu
Pattu, Richa Chadha’s first look as Shakeela is revealed. When asked about the first look, the actress said, “The story traces the journey of Shakeela’s younger days to her becoming a popular figure. The challenge is to depict her looks. With each passing time, her look changed and thus to show that is a challenge. But also as an actor, it’s gratifying that I get to grow with the real character on celluloid.
Richa Chadha wears Kerala saree in first look as adult star Shakeela
Mumbai : Alia Bhatt has been in Bulgaria for the shoot of supernatural fiction Brahmastra for quite some time now. Accompanying her is not only the cast and crew of Ayan Mukerji directorial but also her dearest pals including
BFF Akansha Ranjan Kapoor. Apart from working hard on her next which also stars Ranbir Kapoor and Amitabh Bachchan, the 25-year-old actor is having a great time with her friends as well.
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India vs England: Essex Cricket’s Tweet On Virat Kohli Faces Backlash From Fans
New Delhi: India are a few days away from the start of the five-match Test series against England that begins on August 1 at Edgbaston, Birmingham. In the preparation of the gruelling Test series, the visitors played a threeday warm-up match against Essex that ended in a draw. The one-off game against Essex left India with plenty
to ponder upon as the spinners and the top-order batsmen failed to live up to the expectations. However, five of the Indian batsmen scored a fluent half-century in their first innings. India captain Virat Kohli was among the five to score a half-century, scoring 68 off 93 balls. Following his half-century, Essex Cricket took to Twitter to congratulate the Indian
captain. However, their tweet, “This guy’s not bad at cricket... 50 up for @imVkohli off 67 balls!”, was not received well by the Indian fans. One Twitter user replied, “Whole world know he is a run machine in world cricket nd u guys know now,” while another was certain that the Indian run-machine will score three centuries in the Test series.
SPORTS ROUNDUP
Chelsea chiefs Roman Abramovich and Marina Granovskaia set for crunch talks over potential signings of Gonzalo Higuain and Daniele Rugani
India vs England: Ravichandran Ashwin Faces Injury Scare Ahead Of First Test Against England
India’s premier spinner Ravichandran Ashwin suffered a minor hand injury and did not take the field on the second day of the ongoing three-day practice game against Essex as a precautionary measure. Ashwin was hit on the right hand during a net session on Thursday morning. The Indian team management said that the physio has
taken a look and deduced that it was only a minor injury. Ashwin later bowled in the nets during the lunch break. India were made to sweat by Essex who reached 237-5 on the second day of their tour match at Chelmsford on Thursday with their discomfort under sweltering sunshine compounded by fears over the fitness of Ashwin.
Chelsea owner Roman Abramovich and director Marina Granovskaia are set to meet in France for crunch transfer talks, with the potential signings of Juventus’ Gonzalo Higuain and Daniele Rugani on the agenda. Higuain would only likely come to Chelsea if Alvaro Morata is sold, and their futures depend on talks over the coming days.
The Premier League side face Inter in a preseason friendly in Nice on Saturday and it is understood chiefs from both clubs will speak about the Serie A club’s Uruguayan midfielder Matias Vecino. The 26-year-old is tipped to cost up to 40million euros (£35m). Maurizio Sarri had Vecino on loan at Empoli previously and is known to be keen on strengthening
his midfield at Chelsea. Sarri is also ready to hand Eden Hazard the Blues captaincy in a bid to persuade him to stay at Stamford Bridge. Hazard has been a top transfer target of Real Madrid’s for some time but Chelsea don’t want to let him go. Meanwhile, La Liga side Valencia have shown an interest in signing Michy Batshuayi.
Meet This Chess Champ From Chandigarh. She’s Only 4 NEW DELHI: Saanvi Aggarwal, 4, studies in kindergarten, but knows all the right moves on a chess board. Born in Chandigarh, the little chess champ, recently travelled to Karnataka to participate in the 32nd National U-7 Open Girls Chess Championship. She finished at second spot in Under-5 category and qualified for the Asian Youth U-6 Chess Championship, to be held in 2019. Earlier in May, she had won the title in the U-7
category at the Chandigarh Girls Chess Championships to qualify for the U-5 championship. In an interview with ANI, the 4-yearold said, “My parents taught me how to play Chess and made me practice on the computer. With time I learnt all levels and started winning them.” Her coach Nitin Rathore said she has the capability to win Asian and World titles in future. “She has a lot of potential to win Asian and World titles in the future. She perfectly knows
all the attacking moves in chess,” he said. The 32nd National U-7 Open Girls Chess Championship was organised by the United Karnataka Chess Association under the aegis of the All India Chess Federation in Karnataka’s Tumkur from July 16-24. Last month, Chennai’s 12-year-old Praggnanandhaa became the world’s second youngest chess grandmaster. This was his third Grand Master. He won his first Grand Master norm at the
World Junior Championships in Tarvisio in November 2017. He achieved his second norm by winning the Herkalion Fischer Memorial Grand Master Norm tournament in Greece in April earlier this year. He missed out on becoming the youngest ever by three months with Sergey Karjakin of Ukraine holding the record of being the youngest Grand Master in the world at 12 years, 7 months - a feat achieved in 2002.
Business Reliance Jio Q1 result: Mukesh Ambani says no technology firm worldwide ever achieved this unique record
Mumbai: Reliance Jio Infocomm posted another profitable quarter with a 20 percent expansion sequentially in net profit for Q1 as a result of strong user additions and increased data usage. Furthermore, Jio added 28.7 million customers in Q1 of the running financial year, compared to 26.5 million in the last quarter. The average data consumption per user per month is 10.6GB, while the average voice consumption is 744 minutes per user per month, Jio said. “Jio continues on its path to drive digital revolution in India. We doubled our customer base and most user metrics in the last 12 months. 215 million customers within 22 months of start is a record that no technology company has been able to achieve anywhere in the world. Jio has built an ecosystem for digital services and its affordable and simplified pricing strategy offers every Indian a chance to experience the “power of data,” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said in a press statement. When it comes to wireless broadband service, Jio claims to have increased its subscriber base from 186.6 million as of March 31, 2018 to 215.3 million as of June 30, 2018. The net subscriber addition during the past 12 months has been 92 million. The company claims to have India’s largest wireless data subscriber base. Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
Past karma brings home historic loss for ICICI Bank
Mumbai: India’s second largest private sector lender by assets ICICI Bank Ltd reported a historic loss for the June quarter, a period considered to be the cusp of a long recovery road. Investors should have seen this coming, especially after another private sector corporate lender Axis Bank Ltd slipped into the red just a quarter earlier. Corporate lenders irrespective of ownership have exposure to a similar set of large stressed firms and most of these are courting insolvency proceedings. Instead, ICICI Bank’s stock surged nearly 10% this week anticipating results in line with expectations, if not better. Hopes were bolstered after public sector lender Canara Bank reported stellar recovery numbers. What led to the historic loss was the lender’s decision to jack up its provisioning coverage ratio for its exposure to the bad loans under insolvency proceedings. The bank has a cumulative exposure of ₹14,306 crore to the 40-odd accounts that were named by the Reserve Bank of India for insolvency proceedings in two lists. ICICI Bank had provided around 50% for these accounts as of March. But in the June
quarter, the lender set aside ₹707 crore to increase this coverage to 88% for the first list of 12 accounts and 61% for the second list of 28. While this looks very prudent, it is also an ominous sign for expected recoveries. The big question is whether ICICI Bank expects huge haircuts and is hence insuring itself through provisioning. The delays in resolution due to litigation at the insolvency courts have made banks jittery in terms of prospective recoveries from bad loans. The provisioning pain on bad loans was expected as these were already recognized as bad karma for every bank, ICICI Bank not being an exception. Another set of bad karma, wherein lenders cannot be the sole accused, is fraudulent accounts unearthed recently. ICICI Bank had to provide a total ₹241 crore for such accounts in the gems and jewellery sector. It also had to provide for fresh slippages totalling ₹4,036 crore and another ₹219 crore towards calls on bond portfolio gone wrong. Together, these provisions carved out ₹5,971 crore from an already declining operating profit to result in the quarterly loss.
Facebook is sued after stock plunge ‘shocked’ market
NEW YORK (Reuters) - Facebook Inc (FB.O) and its chief executive Mark Zuckerberg were sued on Friday in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about $120 billion of shareholder wealth. The complaint filed by shareholder James Kacouris in Manhattan federal court accused Facebook, Zuckerberg and Chief Financial Officer David Wehner of making misleading statements about or failing to disclose slowing revenue growth, falling operating margins, and declines in active users. Kacouris said the marketplace was “shocked” when “the truth” began to emerge on Wednesday from the Menlo Park, California-based company. He said the 19 percent plunge in Facebook shares the next day stemmed from federal securities law violations by the defendants. The lawsuit seeks class-action status and unspecified damages. A Facebook spokeswoman declined to comment. Shareholders often sue companies in the United States after unexpected stock price declines, especially if the loss of wealth is large. Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the U.K. firm Cambridge Analytica. Many have been consolidated in the federal court in San Francisco. Thursday’s plunge also hit Zuckerberg’s bottom line. Zuckerberg had been tied with Warren Buffett as the world’s fourthrichest person, but the Berkshire Hathaway Inc (BRKa.N) chairman’s current $83 billion fortune tops Zuckerberg’s $66 billion, Forbes magazine said. Buffett now ranks third among the world’s billionaires, while Zuckerberg is sixth. Facebook shares fell another 0.8 percent on Friday, closing at $174.89 on the Nasdaq.
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Street Food festival at Madhubhan
Mumbai : Food festivals are gateways to fascinating cuisines, dedicated to the love of eating great and delicious food. As the name suggests, these festivals celebrate food, the art of cooking and savouring delicacies we love. India being a diverse nation, is home to dozens of cultures and their wide-ranging spectrum of food practices. One such amalgamation of food cultures that impresses is the Street Food of Mumbai is one of the largest cities which houses over Twenty-two million people. Amongst many of its vivid characteristics, Mumbai is prized for its predominant love for street-food as Mumbaikars often like to eat on-the-go. For decades, these distinct foods-joints spread all over Mumbai’s streets, have been people’s favourite and their evergrowing popularity creates the humongous
street-food culture of Mumbai. So, this drizzly season, Madhubhan gives food lovers a larger reason to celebrate. 24 Seven The Coffee Shop brings “Mumbai Food-Festival” dinner buffet to the town. An exciting journey in itself, Mumbai’s streetfood is a kaleidoscope of flavours that one cannot miss. Known for their peculiar flavours of spices, these foods taste incredible. The Mumbai Street Food Festival at Madhubhan highlights tangy-&-spicy PaniPoori,
yummy PaoBhaji, hot-&tasty Vada Pao, varieties of Chats and Bhel, juicy Kebab Rolls, the famous Bombay Sandwich, pungent KothembirVadi, Sol Kadhi, Frankie, and a lot more. The list would be incomplete without mouthwateringFalooda and the local favourite PuranPoli from Mumbai. The Food Festival to be held from July 27th till 5th August is an unmissable opportunity for all “true foodies” as Madhubhan celebrates the spirit of Mumbai’s food.
GST revenue growth only 2%, cause of worry: Top tax officer
Expressing concern over the poor revenue growth under the Goods and Services Tax (GST), pegged at about 2 per cent, Additional Commissioner of state tax in the Gujarat government, Surpreet Singh Gulati, on Friday said that the new tax regime has led to unsettled revenues, thus pulling down the growth rate of the economy. Speaking at the National Seminar on GST, organised by ASSOCHAM, Gulati said, “If we see GST revenues, the average growth year after year is only about 2 per cent. That is a bit of a worry for both the states and the Centre.” Explaining that the amount of unsettled money in the economy is supposed to go to the consuming states as compensation, he said,GST is supposed to go to the consuming states rather than the producing states. But
they are the biggest losers right now.” “As of today, the amount of unsettled IGST is Rs 1.8 lakh crore. Given that there is large unsettled revenue, the amount of compensation given to states right now is becoming a bit of a theoretical exercise and does not have too many policy implications,” Gulati added. Taking the example of Gujarat, he said that the state got a Rs 5,000 cr compensation after the implementation of GST which suggests that the state’s revenue was under a Rs 5,000 cr loss. These issues, Gulati said, would soon be sorted out with the implementation of the new revenue system and after the annual tax returns are filed. The tax officer, however, added that “despite hiccups” in the GST implementation, the economy did not face inflation pressures.
mjunction provides single window procurement
New Delhi : A major chemical manufacturer had to procure CFL light and light fittings for his plant illumination requirements. Light fittings fell under his organisation’s noncore material category and was choking his procurement bandwidth as the process involved a significant number of vendors. At this juncture, mjunction services limited, India’s largest B2B e-commerce company,stepped in
tosource these items by using the power and principles of bulk buying, and passed on the final price advantages to the chemical manufacturer. mjunction CEO Mr Vinaya Varma said, “This concept of appointing a single ‘super’ aggregator for tail-end supplies is expected to be the future of indirect procurement for all large corporates in India.” Recently,mjunction has acquired clients like Vedanta Aluminium Limited- Jharsuguda& Lanjigarh and BALCOKorba units, among other clients. Working ona technologically driven vendor managed inventory model, the primary objective is reduction of vendors by
70 percent for Vedanta. This will invariably lead to reduction in transaction cost and clearing of procurement bandwidth for the client. The hassles faced by purchase teams of clients due to transaction with numerous vendors is eliminated as mjunction becomes the single window for purchase of all MRO and indirect items. For the manufacturer, this eliminated transactional hassles with numerous vendors as mjunction became the single window for purchase of this non-core item. mjunction based its service based on the super aggregation model, which entails mjunction acting as a single vendor for all non-strategic and indirect items for manufacturing units.
After 1985, tiger spotted near Tapi district, forest officials on alert
Gujarat: 2,109 ME, 687 M Pharm According to Nandurbar range forest officials, two residents of Koknipada seats remain vacant after mock round village spotted the tiger, the first since 1985, on July 22 in two separate incidents
Ahmedabad : After the Admissions Committee for Professional Courses (ACPC) conducted mock round for admissions in Masters of Engineering course, a total of 2109 seats remained vacant. Of the 5073 seats, only 2964 were filled after the mock round. The same for
Masters in Pharmacy was different. Of a total of 1269 seats, 582 were allotted whereas 687 remained vacant. This year undergraduate programme in pharmacy has witnessed a good trend. Not a single seat has remained vacant in diploma and degree courses. A total of 19,269
students had made it to the merit list for nearly 5,000 seats in diploma and degree courses, of which a total of 13,036 students filled out their choices. Of the 13,036 students who took part in the choicefilling process, a total of 4,755 students finally secured admission after the first round. Officials at ACPC said that not a single seat was left vacant in the 78 colleges. The state has 67 colleges with 4,072 seats offering degree courses in pharmacy and 11 colleges with 683 seats offering diploma courses in the same stream.
Surat : The rare sighting of a tiger in Koknipada village of Nandurbar district of Maharashtra, barely 30 km from Tapi district, has put forest officials of both Maharashtra and Gujarat on alert. Looking at the pug marks of the animal, while Maharashtra forest officials have confirmed that it was a tiger, grass follicles from the hillock where the tiger was spotted, have been sent to a laboratory in Hyderabad to identify the species, its age and sex. According to Nandurbar range forest officials, two residents of Koknipada village
spotted the tiger, the first since 1985, on July 22 in two separate incidents. In the first incident, the tiger was spotted by Jaysingh Kokni, a resident of Koknipada village. On spotting the tiger, Kokni called for help. By the time his employees arrived, the tiger had fled. After preliminary examination of the pug marks, Randive Ganesh, Assistant Conservator of Forest of Nandurbar range has said that they belong to a tiger. Ganesh and his team were able to trace the pug marks to a hillock where they spotted the tiger crouching under a rock. Talking to The Indian Express Ganesh said, “We were just 16 m from the tiger. We were not carrying cameras or else we would have taken photos. We had to use fire crackers to drive the tiger away from human habitat.” About the sightings in the village, Ganesh said, “We have been told that one Bhimsingh Kokni (38), of Koknipada village, on the other
side of the hillock, saw the tiger. He was attacked by the animal and has sustained minor injuries. He was sent to Nandurbar civil hospital for treatment.” He further said, “We have collected the samples of the grass follicles and taken impressions of pugmarks. The follicle samples were sent to the Centre for Cellular Molecular Biology laboratory in Hyderabad for a DNA test. We are still waiting for the report. The pugmarks were sent to Nagpur wildlife laboratory, which confirmed that it was a tiger.” Nandurbar range Deputy Conservator of Forest S B Kewate said, “We have started patrolling the forest area in Nandurbar. We have also hired a drone camera to locate the tiger. Forest officials in Tapi, Narmada and Dangs have been put on alert as the tiger might enter their territory. Our officer Randive Ganesh and few others saw the tiger so we know for sure that it was a tiger.”
Woman alleges rape by BJP MLA Bhanushali: Gujarat High Court asks police officers to appear before court
Ahmedabad : In yet another blow to former BJP MLA Jayanti Bhanushali, embroiled in alleged rape cases, the Gujarat High Court has sought presence of deputy superintendent of police, Kutch, along with the investigating officer who is probing a case of extortion against a woman. The woman has alleged that Bhanushali raped her several times. Bhanushali is said to have gone underground following rape allegations by a Surat woman as he has ducked
two summons issued by the police for his appearance. Justice Sonia Gokani on Thursday passed an order asking the police officers to remain present before her on Monday. The order came the during hearing of a petition moved by the woman seeking quashing of an FIR lodged against her at Naliya police station in Kutch. She has claimed in her petition that “FIR against her was an outcome of a political pressure.” The complainant Ajay R Thakkar
was also present in the court who submitted an affidavit endorsing the woman’s contention that “he was under political pressure to lodge the FIR against the woman.” Justice Gokani’s order reads, “Under the political pressure, he has given the false complaint
against the applicant (woman) and on specifically asking him as to the name of the person who has pressurised him to lodge the complaint, the complainant is not ready to divulge the same.” Instead of saying the name of Bhanushali in the open court, Thakkar has mentioned the BJP leader’s name in his affidavit. The woman’s lawyer Jigar Mehta told The Indian Express that “In the FIR, Thakkar has accused the woman petitioner and others that
he was made to drink milk spiked with drug. And, he was filmed with a woman in compromising position.” The court order said, “Affidavit on behalf of the original complainant (Thakkar) is filed. He has alleged against one Jayantibhai Bhanushali to have misled the complainant to settle his score with the applicant. It is his say that having been misguided by him, the complainant has chosen to lodge the complaint.” Justice Gokani has noted that “This Court
notices that the applicant is facing serious offences against her. She is alleged to have involved herself in the offences, which would make society quite unsafe. Before her arrest, in the present case, when an attempt is being made to get the FIR quashed by calling complainant, this has caused serious alarm and therefore, there is a need for this Court, to call Dy. Superintendent of Police, Kutch, who shall along with Investigating Officer remain present on 30.07.2018.”
Gujarat launches Mission Vidya to Hospitals, labs to remain Camel milk chocolate is offering herders in Gujarat a new flavour of hope shut today in Gujarat help weak students of class 6-8 Ahmedabad turned the milk into milk : Hospitals and laboratories will remain Ahmedabad : It does taste
The Mission Vidya drive will be launched by the Gujarat government and will be conducted from July 26 to August 31, 2018, across the state (around 292 in number) Ahmedabad : In the will ensure the mission eighth edition of is implemented in all Gunotsav held in April 250 talukas for students this year, the Gujarat studying in class 6-8 in government found many government schools. students unable to read, During the Gunotsav write or solve simple held earlier this year mathematics problems. for improvement in the To help such students, the government has will be conducted from quality of education, the observed launched ‘Mission July 26 to August 31, government that out of around 21.68 Vidya’, entrusting the 2018, in 250 talukas of the lakh students in class 6-8, responsibility of ensuring state. All academically 10 percent were weak implementation of the mission to IAS, IPS, and weak students will be in reading, 13 percent IFS officials. As per a given training for two were weak in writing report by The Times of hours during school- and 14 percent were India, the mission will time and an additional weak in doing simple be launched by Chief one hour after the school math calculations. This Minister Vijay Rupani concludes. The IAS, mission will try to help from the Bhuj Taluka and IPS, and IFS officials these students improve.
closed for routine services on Saturday in view of the Gujarat unit of Indian Medical Association’s decision to go on strike. However, emergency services will be available. IMA Gujarat’s president Dr Bhupendra Shah and secretary Dr Kamlesh Saini said that the call for the strike has been given to protest the “antipeople and anti-medical profession” National Medical Commission (NMC) Bill. They said in a statement that IMA’s 219th central working committee, which had met in Ahmedabad in April, had found the Bill to be ill-conceived and crassly pro-rich. “If it becomes a law, medical education will become inaccessible to poor, and produce doctors predominantly from the rich and urban sections of the population,” the statement said. It further said that private medical colleges in states like Maharashtra and Uttarakhand had sharply raised their MBBS fees. “Reservation of 50% seats for the rich is a denial of equitable opportunities and hence is anti-people,” it said, adding that the concept of centrally administered final MBBS exam will be highly detrimental to students from rural and tribal areas.
a little unusual. Around Diwali last year, dairy brand Amul launched its first product made from the milk of an animal other than the cow or buffalo. Bars of camel milk chocolate, smooth, slightly dry, made their way to online retailers and a few big-city shops. It was an experiment of sorts. Lives and livelihoods depended on India’s reaction. The milk had come from camels in Gujarat’s arid Bhuj region. Nomadic Rabari herders were persuaded to sell the milk to the Gujarat Cooperative Milk
Marketing Federation (GCMMF), India’s largest milk provider, which markets Amul. The tribe subsists on camel milk but considers selling it a taboo. Amul’s move is meant to help generate income and prevent camel-herding from dying out as a profession. Almost a year on, RS Sodhi, who heads the Federation, says the pilot project has been a success. “Camel milk is saltier,” he says. “We
powder and adapted the chocolate recipe to fit commercial tastes. The flavour is more minerally, but people have loved the idea.” The cooperative is now planning to expand the initiative, shipping out packaged camel milk and larger stocks of chocolate across India. The road ahead, however, is not without humps. Across semi-arid regions in Gujarat, Rajasthan and Haryana, nomadic herders are struggling. They traditionally sold their camels at fairs, but there are few takers for the animals in a tractor and truck world.
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