Tamizhakam

NEW DELHI: Lenders are putting together a new plan to revive Jaypee Infratech under which they will take ownership of the ailing company and get a public sector entity such as NBCC to complete the real estate project with 20,000 incomplete flats and villas.  The move follows developments in the committee of creditors on Friday, where NBCC’s proposal ran into trouble after it emerged that the PSU had not received government clearance to take over Jaypee Infratech and wanted to amend the plan, if such a need arose. But with the deadline to complete the corporate insolvency resolution ending in 10 days, the committee of creditors did not want to keep the issue open and instead opted to put rival Suraksha Asset Reconstruction Company’s proposal to vote by the lenders and home buyers, sources.  The move came as some of the bankers present in the meeting were not in favour of Suraksha’s offer, arguing that it was inferior to what had been proposed last time. Suraksha’s ...

NEW DELHI: The Supreme Court on Friday held that the Reserve Bank of India is bound to disclose names of loan defaulters under the RTI Act and also asked it to make public inspection reports containing critical assessment of the functioning of banks and financial institutions while warning the banking regulator against future violations.  A bench of Justices L Nageswara Rao and M R Shah directed the RBI to withdraw its present disclosure policy under which this information is not disclosed to the public under the Right to Information Act. The court pulled up RBI for not complying with its 2015 order by which it was directed to reveal the information under the transparency law.  Though the bench held that RBI committed contempt of court, it, however, did not pass any punitive order and let the regulator off with a warning that any further non-compliance of its order would be taken by it “seriously” and RBI would have to face contempt proceedings. The apex court, in...

AHMEDABAD/NEW DELHI : PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday. Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips.  The FC5 variety has a lower moisture content required to make snacks such as potato chips. PepsiCo is seeking more than Rs 1 crore ($142,840.82) each for alleged patent infringement. The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable. “We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.  Patel did not say how he came by the PepsiCo variety. A court in Ahmedabad, the business hub of Gujarat, on Friday...

NEW DELHI : A GoAir flight winging its way from Bangalore to Delhi on Friday suffered cabin pressurisation snag and had to divert to the nearest airport, Nagpur, where the Airbus A320 landed safely. A senior DGCA official said: "GoAir A320 aircraft (VT-WAF) while operating flight G8-7001 has diverted to Nagpur due to pressurization snag.  Aircraft landed safely at Nagpur." The DGCA is probing the snag. Medha Seth, a passenger on the flight tweeted from her handle @seth_medha : "I travelled in G8-7001. I am trapped in Nagpur on account of an emergency landing without any reason given to passengers. Yet, your (GoAir's) website says the flights is cancelled. What's going on?" A GoAir spokesperson said the Bengaluru-Delhi flight G8-7001 was diverted to Nagpur.  “The A320ceo aircraft pilot suspected a technical glitch on the pressurisation system and aircraft was diverted to the nearest airport and it had a normal landing. Aircraft is being inspecte...

MUMBAI: A day after a special CBI court sentenced a conman to life imprisonment for cheating a bank, the same court on Friday sentenced six accused, including a father-son duo, a former assistant general manager of Bank of India and a chartered accountant, to life imprisonment in another cheating case.   Nineteen years ago, Andheri-based businessmen Manoharlal Ahuja (65) and his son Amit (39) had cheated Bank of India by fraudulently procuring a Rs 1.5 crore loan and letters of credit for Rs 1 crore by using false and forged documents and offering a non-existent plot of Versova land as collateral.  Special judge S R Tamboli also found a lawyer, Yunus Memon (64), guilty on charges of criminal conspiracy, forgery and cheating and sentenced him to three years’ imprisonment.The court also fined the Ahujas over Rs 3 crore while the former bank employee, Bhagwanji Joshi (73), was fined Rs 4.3 lakh. Joshi was accused of sanctioning the loan without proper verificatio...

MUMBAI : India was again put on the 'priority watch list’ in US Special 301 report for intellectual property (IP) violations, which triggered a sharp response of "unfair US pressure" from health activists. United States Trade Representative on April 25 released its annual Special 301 Report, placing 36 countries on the 'priority watch list' and 'watch list’, basically those "trading partners that currently present the most significant concerns regarding IP rights".   India has been on the priority watch list reportedly for over 25 years, for "lack of sufficient measurable improvements to its IP framework that have negatively affected US right holders".  Stating that Special 301 undermines efforts to lower medicine prices globally, international medical humanitarian agency, Médecins Sans Frontières (MSF) said developing countries like India ``once again face pressures’’ over measures taken to protect access to medicines...

SRINAGAR: A day after National Conference (NC) president and former J&K chief minister Farooq Abdullah praised JKLF leader Yasin Malik for being “steadfast on his stand against India”, People’s Conference chairman and former state minister Sajjad Lone on Friday took on Farooq and charged him with forcing Yasin on the path of revolt against the political system of the country.  During an election rally at Devsar in south Kashmir’s Kulgam on Thursday, Farooq had said: “I salute the resilience of JKLF chairman Yasin Malik, who has preferred death over bowing before New Delhi… Despite being severely ill, Yasin is languishing in jail these days because he is advocating dialogue with India but is not willing to sell self-respect of Kashmiris… I congratulate him for that.” In response to Farooq’s statements, Sajjad said he was not surprised by the former CM’s utterly disdainful hypocrisy but was pained by the audaciousness of his utterances.  Sajjad said: “Farooq Abdu...