Central Bureau of Investigation raids continue

.story-content span .story-content p .story-content div color:#000!important;font-family: open sans Arial!important;font-size:15px!important ALSO READ INX Media case: CBI detains Karti Chidambaram for manipulating tax probe INX Media case: Karti Chidambaram arrested by CBI in Chennai say reports Aircel-Maxis INX Media cases: ED raiding Karti s kin in Chennai Kolkata INX Media case: Two of India s former regulators may come under CBI lens span.p-content div id = div-gpt line-height:0;font-size:0 Delhi s Patiala House Court on Wednesday sent Karti Chidambaram to one-day police custody after Central Bureau of Investigation (CBI) claimed his custodial interrogation was needed to unearth the conspiracy on the basis of confessional statements of INX Media Limited directors Peter and Indrani Mukerjea. The Mukerjeas alleged that they paid 700 000 to Karti on the instructions of his father former Finance Minister P Chidambaram https://app.hiive.co.uk/profile/4ff698e1-3e28-43e1-9d2d-ca00fbd05308/ as quid pro quo for an FIPB clearance officials said. The statements of the Mukerjeas were recorded by the Enforcement Directorate (ED) which is probing the money laundering angle in the case while the CBI had only recorded Indrani s statement before a magistrate as per section 164 of the CrPC they said. Earlier in the day CBI sought a 15-day judicial custody after producing Karti before Metropolitan Magistrate Sumeet Anand. His father former Finance Minister P Chidambaram was not available for comments. However he had earlier denied the involvement of his son in any case. Senior Congress leader and advocate Abhishekh Manu Singhvi who is representing Karti in court on Wednesday raised question over his sudden arrest at a time when the Centre is facing flak over the PNB scam involving businessman Nirav Modi. Karti was detained at the Chennai Airport on Wednesday and after the necessary formalities were completed he was put on a domestic flight to the national capital. The case relates to the approval given by the Foreign Investment Promotion Board (FIPB) for the receipt of funds by INX Media which took place while Karti s father P Chidambaram was the Union finance minister. CBI has alleged that the Foreign Exchange Management Act (Fema) was violated. The Chidambarams however have denied all charges made against them. The Congress has called Karti s arrest a vendetta and a diversionary tactic . The BJP for its part has said that this is the law. Here are the top 10 developments around Karti Chidambaram and the INX Media case: 1) CBI gets one-day custody: Karti Chidambaram arrested in connection with the INX Media case was on Wednesday sent to one-day CBI custody by a Delhi court after the agency claimed his custodial interrogation was needed to unearth the conspiracy over alleged payment of 1 million bribe to him by the media company through foreign entities. Karti was arrested on the basis of confessional statements of INX Media Limited directors Peter and Indrani Mukerjea alleging that they paid 700 000 to him on the instructions of his father P ChidaChidambaramquid pro quo for a FIPB clearance officials said. The statements of the Mukerjeas were recorded by the Enforcement Directorate (ED) which is probing the money laundering angle in the case while the CBI had only recorded Indrani s statement before a magistrate as per section 164 of the CrPC they said. In the statement under this section which is like a confessional statement before a judicial magistrate Indrani has stated that she and her husband Peter Mukerjea had acceded to Karti s demand of one million dollars for allegedly fixing the violations done in the FIPB clearance. Indrani they said had confirmed in her statement to the CBI and ED that a payment of 700 000 was made to the bank accounts of overseas firms linked to Karti. During the proceedings CBI prosecutor V K Sharma told the court that Indrani s statement under section 164 CrPC was recorded before a magistrate on February 17 in which she told the magistrate that in a meeting at a five-star hotel here she and Peter met Karti and he demanded 1 million. The money was later paid by Peter on behalf of INX Media through off-shore entities and it is being investigated the CBI claimed adding this was done to fix the violations done in FIPB clearance . The prosecutor said Karti was needed to be quizzed to unearth the total conspiracy and claimed he was not cooperating in the probe and was repeatedly travelling abroad which confirmed apprehensions that he will flee from India. #INXMediaCase : Delhi s Patiala House Court sends #KartiChidambaram to 1 day police custody pic.twitter.com/7gXx3Gmgwu ANI (@ANI) February 28 2018 The CBI earlier in remand application on Wednesday asked for 15-day custody of Karti Chidambaram. INX Media case: CBI in remand application seeks 15-days custody of #KartiChidambaram ANI (@ANI) February 28 2018 INX Media case: Earlier Indrani Mukherjea gave statement to CBI that #KartiChidambaram asked for 1 Million dollars for FIPB clearance and on this ground CBI seeks custody of Karti. ANI (@ANI) February 28 2018 2) Karti Chidambaram produced before Patiala House Court: Karti Chidambaram on Wednesday was produced before Delhi s Patiala House Court after being flown to the capital from Chennai where the CBI had arrested him. Karti was produced before Metropolitan Magistrate Sumeet Anand who allowed the request of his lawyers to have an interaction with the accused inside the court room. The court allowed Karti and his lawyers to interact for 10 minutes after which the proceedings resumed. Karti Chidambaram being taken to Delhi s Patiala House Court he was taken into custody by CBI earlier today in connection with the INX media case. pic.twitter.com/tOOwNVX8mh ANI (@ANI) February 28 2018 3) Congress leader Abhishek Manu Singhvi to represent Karti: Congress leader and senior advocate appeared for Karti Chidambaram. Singhvi on Wednesday raised question over the sudden arrest of the former Union Finance Minister P Chidambaram s son Karti Chidambaram. Singhvi who represented Karti in court in the INX media case pointed out that his arrest has come at a time when the Centre is facing flak over the PNB scam involving businessman Nirav Modi. According to ANI Singhvi said the arrest is motivated and there hasn t been given a single summon in past 6 months. Abhishek Manu Singhvi tells Court that it is most bizarre case against #KartiChidambaram by CBI. The arrest is motivated. He hasn t been given a single summon in last 6 months & allegations made by CBI that he is not cooperating when no summon has been issued after August 2017. ANI (@ANI) February 28 2018 Sitting in CBI designated court room 4 at patiala Hs since 2 pm 2oppose Karti C remand but CBI not produced him yet. Hope they r not waiting for a late evening hearing. Why the delay? They landed frm chennai at 120 pm. No cause for this xcept to go to duty magis post 430 pm. Abhishek Singhvi (@DrAMSinghvi) February 28 2018 4) P Chidambaram s premonition of Karti s arrest: Senior Congress leader P Chidambaram appeared to have a premonition of the arrest of his son Karti when he filed a petition recently in the Supreme Court apprehending continued harassment to him and his family members. Chidambaram who has been closely monitoring the case of his son in the Supreme Court which is argued by his party colleague and senior advocate Kapil Sibal had sprung a surprise last week by filing a petition on his own accusing the CBI and the Enforcement Directorate (ED) of carrying out a political vendetta against him and his family. In his petition Chidambaram has sought the apex court s direction prohibiting the CBI and ED from continuing their illegal investigations and from acting in any manner causing repeated harassment to him and his family members including his son. 5)Karti s CA moves bail plea: Karti Chidambaram s chartered accountant S Bhaskararaman arrested in the INX Media money laundering case has moved a plea seeking bail before a Delhi court which is likely to hear it on Thursday. The application filed by Bhaskararaman who is presently in judicial custody was filed before Special Judge Sunil Rana seeking bail on the ground that he was not required for custodial interrogation and no purpose would be served by keeping him in custody. The CA was sent to jail on February 26 on expiry of his custodial interrogation by the Enforcement Directorate (ED) which had arrested him on February 16 from a five-star hotel in the heart of the national capital. 6) CBI to use Indrani Mukerjea s confession: CBI sources told news agencies that the probe agency will inform the court about Indrani Mukerjea s alleged confession that in 2007 the Mukerjea couple took help of Chess Management Service once their application for FIPB clearance of Rs 3.05 billion (Rs 305 crore) was rejected. The sources added that the FIPB allowed only Rs 50 million (Rs 5 crore) clearance. The CBI sources added that once Chess Management was hired and rules were made for Karti s services . Further Karti s management company was paid Rs 1 million (Rs 10 lakh). This according to the sources would be the focus of the remand application. CBI will inform Court about Indrani Mukerjea s alleged confession that in 07 the couple took help of Chess Management Service once their application for FIPB clearance of Rs 305Cr was rejected. FIPB allowed only Rs 5 Cr clearance : CBI Sources #KartiChidambram ANI (@ANI) February 28 2018 Once Chess Management was hired rules were made for his services Karti management company was paid Rs 10 lakh. This will be the focus of remand application: CBI Sources ANI (@ANI) February 28 2018 7) BJP says this is law not a vendetta: Reacting to Karti Chidambaram being taken into CBI custody BJP s Sambit Patra said this was about the law and not vendetta. I believe no one should consider oneself above the law of country. If corrupt are being jailed and law is taking its own course I see no reason why any political party should cry vendetta Patra said. I believe no one should consider oneself above the law of country. If corrupt are being jailed & law is taking its own course I see no reason why any political party should cry vendetta. This is law not vendetta: Sambit Patra BJP on Karti Chidambaram being taken into CBI custody pic.twitter.com/eJkeDo30Kq ANI (@ANI) February 28 2018 8) Congress won t be deterred : Reacting to Karti Chidambaram being taken into custody by the CBI Congress leader Randeep Surjewala said the party would not be deterred by unleashing of a vendetta against P Chidambaram and his family. We will continue to bring out the truth Surjewala added. Congress will not be deterred by unleashing of vendetta against P. Chidambaram & his family we will continue to bring out the truth: Randeep Surjewala Congress on Karti Chidambaram being taken in custody by CBI pic.twitter.com/59EwyQdLHU ANI (@ANI) February 28 2018 Senior lawyer Prashant Bhushan said while the CBI might have evidence against Karti there was no justification to arrest him during investigation without a chargesheet being filed as there was no danger he would flee the country. Though CBI may have evidence against Karti Chidambaram yet there s no justification to arrest him during investigation without a charge sheet since there is no danger of his fleeing the country. This show while big fish like NiMo MehulBhai &Mallya are allowed to loot & scoot Prashant Bhushan (@pbhushan1) February 28 2018 Mr Karti Chidambaram was arrested when he landed at Chennai airport he was not trying to escape from India like Nirav Modi then arresting him on his arrival at airport is funny. Karti Chidambaram was cooperating the CBI the CBI could have summoned him. Ashok Gehlot (@ashokgehlot51) February 28 2018 ALSO READ: INX Media PMLA case: Karti Chidambaram appears before ED for questioning 9) Karti was under ED scanner too: On February 23 it was reported that the Supreme Court refused to interfere with the summons issued by the ED against Karti in the INX Media case. The apex court had asked him to appear before it on March 1. Refusing to interfere with the ED s summons the Bench of Chief Justice Dipak Misra Justice Amitava Roy and Justice D Y Chandrachud had however adjourned the hearing until March 6. The Bench had permitted Karti to make a representation to the ED seeking more time to appear before it. Earlier Karti had been questioned by the ED which had summoned him on February 2 after which he had informed the agency that he would be unable to depose as he had an interlocutory application pending in the Supreme Court in this case says reports. ALSO READ: Aircel- Maxis case: ED raids Karti Chidambaram s premises in Delhi Chennai 10) Raids and hours of grilling: On February 16 it was reported that the ED carried out fresh searches against people allegedly linked to Karti in connection with the INX Media case. Officials had told news agencies that the raids were conducted at three premises in Chennai under provisions of the Prevention of Money Laundering Act (PMLA) the anti-money laundering law. The officials added that the searches were carried out against people allegedly linked to Karti. On February 15 the ED had questioned Karti for over 10 hours in Delhi. ALSO READ: Aircel-Maxis case: Karti Chidambaram moves SC against CBI summon The CBI and ED cases: The CBI had filed an FIR on May 15 last year alleging irregularities in the FIPB clearance to INX Media for receiving funds from abroad to the tune of Rs 3.05 billion (Rs 305 crore) in 2007 when senior Chidambaram was the Union finance minister. It is alleged that Karti received funds to the tune of Rs 1 million (Rs 10 lakh) in the case they said. The CBI is also probing the alleged irregularities in grant of FIPB clearance to the Aircel-Maxis deal in 2006. The ED had registered a money laundering case against Karti and others in May of 2017. It registered an Enforcement Case Information Report (ECIR) the probe agency s equivalent of a police FIR against the accused who were also named in a CBI complaint including Karti INX Media and its directors -- Peter and Indrani Mukerjea. The ECIR was lodged under the provisions of the Prevention of Money Laundering Act. The central probe agency has been probing the alleged proceeds of crime generated in this case. It was the ED that had provided information about the alleged illegal payments made by INX Media based on which the CBI had filed its FIR. The ED has alleged that INX Media deliberately and in violation of the conditions of the approval made a downstream investment of 26 per cent in the capital of INX News Pvt Ltd without specific approval of FIPB. This included indirect foreign investment by some foreign investors. This generated Rs 3.05 billion (Rs 305 crore) foreign direct investment in INX Media Pvt Ltd against the approved foreign inflow of Rs 46.2 million (Rs 4.62 crore). The ED further alleged that INX Media entered into a criminal conspiracy with Karti to wriggle out of the situation without any punitive action. Moreover the agency alleged that the finance ministry s FIPB unit had not only granted an illegal approval but also misinformed the Income Tax Department s investigation wing. With agency inputs
NEW DELHI: ICICI Bank does not have any exposure to Nirav Modi group of companies but was working capital lenders to the Gitanjali group of companies along with several other banks in the consortium the bank has said in a statement.The statement comes after the Central Bureau of Investigation said it had questioned former Punjab National Bank (PNB) Managing Director Usha Ananthasubramanian who is currently Allahabad Bank CEO and ICICI Bank Executive Director NS Kanan as part of its probe into diamond trader Nirav Modi his uncle Mehul Choksi and others in connection with a multi-crore bank fraud.Mr Kanan was questioned because ICICI Bank leads a consortium of 31 banks that lent money to Mehul Choksi s Gitanjali Group CBI officials said emphasising that the senior official of ICICI Bank which lent Rs 773 crore to Gitanjali in 2016 is only being questioned for clarifications and not as an accused in the fraud case.The bank statement underlined that its exposure to these companies was limited. We have not issued any Letter of Undertaking (LOU) nor do we have any buyer s credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies it said. CommentsClose X ICICI Bank which is the lead banker to Gitanjali Group loans said We are working capital lenders to the Gitanjali group of companies along with several other banks in the consortium.
NEW DELHI: The Central Bureau of Investigation (CBI) on Wednesday registered a case of bank fraud worth Rs 515.15 crores against RP Infosystem and its directors reported news agency ANI. An FIR has been lodged against the company s directors Shivaji Panja Kaustuv Ray Vinay Bafna vice-president (Finance) Debnath Pal and unknown bank officials. The case has been registered under sections 120B (criminal conspiracy) read with 420 (cheating) 468 and 471 (both related to forgery) of the IPC and the criminal misconduct by a public servant. CBI registered a case of bank fraud worth Rs 515.15 crores against RP Infosystem & its directors. (Visuals from RP https://t.co/MndJhX2Tpo ANI (@ANI) 1519814705000 In June 2017 according to reports Panja was booked along with his two colleagues and his company RP Infosystems for allegedly cheating IDBI Bank to the tune of Rs 180.44 crore. The company is located in West Bengal s Kolkata. (With ANI inputs)
WhatsApp Messenger is a free cross-platform end-to-end encrypted instant messaging app available for Android and other smartphones. It uses phone s Internet connection (4G/3G/2G/EDGE or Wi-Fi as available) to make voice calls one to one video calls; send text messages documents PDF files images GIF videos user location audio files phone contacts and voice notes to other users using standard cellular mobile numbers. WhatsApp was incorporated in 2009 by Brian Acton and Jan Koum both former employees of Yahoo!. WhatsApp Inc. based in Mountain View California was acquired by Facebook in February 2014 for approximately US 19.3 billion.WhatsApp is these days working on a new feature that will allow users to stream YouTube within the app itself. Presently the video links sent from YouTube open and take over the entire screen and launch the YouTube app. The new update will now allow users instead of shifting completely from one app to the other view the shared YouTube videos in picture-in picture-out mode inside the Whatsapp chats.As on July 19 2017 China partially blocked the popular messaging service as authorities tightened their grip on the internet ahead of a major leadership reshuffle in Beijing.On August 11 2017 WhatsApp rolled out a new update which lets users add a colourful background to text status. The functionality is similar to the one on Facebook where a selection of background color options pops up when typing a new status update.
NEW DELHI: The Central Bureau of Investigation has registered a case against Ghaziabad-based Simbhaoli Sugars on charges of causing a loss of about Rs110 crore to state-run Oriental Bank of Commerce. Ghaziabad-based Simbhaoli Sugars its directors CEO CFO unknown bank officials and other private persons have been booked by the agency on charges of cheating criminal conspiracy and under sections of the Prevention of Corruption Act. The bank said it had sanctioned a loan of Rs 148.60 crore to the company in 2011 under an RBI scheme for financing individual/joint liability groups (JLG)/self help groups (SHG)/of 5 762 sugarcane farmers supplying sugar produce to the company between January 25 and March 13 2012. OBC said the company dishonestly and fraudulently diverted the loan for its own needs. The account according to the complaint turned NPA on March 31 2015. The bank classified the account as fraud on May 13 2015. The amount of fraud was pegged at Rs 97.85 crore. It was further alleged that in addition to the existing NPA the bank under multiple banking arrangements sanctioned another corporate loan of Rs 110 crore to the sugar company on January 28 2015 to pay its outstanding loan of Rs 97.85 crore. The bank also adjusted the total liability of the company on June 30 2016 by way of deposit of this new corporate loan. The corporate loan too turned NPA on November 29 2016 thus resulting in its first outstanding loan of Rs 97.85 crore (as alleged fraud) and the fresh corporate loan of Rs 109.08 crore (as fresh outstanding). On Sunday the CBI conducted searches at eight premises including residences of company directors its factories corporate and registered offices in Delhi Hapur and Noida.
Mumbai: The Central Bureau of Investigation (CBI) on Monday sealed the Brady House Branch of the Punjab National Bank in Mumbai as multiple probe agencies continue their probe into the Rs 11 515 crore fraud according to officials.The CBI pasted an official notice outside the branch in Fort -- the bank s flagship lending window in Mumbai and its second largest national outlet.All have been barred from opening or entering inside this branch without prior permission of the CBI or the CBI Special Court or the CBI Competent Authority.Accordingly all operations at the Brady House Branch came to a grinding halt and several bewildered staffers were seen waiting outside it for further orders from their bosses.The action came two days after the Special CBI Court in Mumbai remanded to police custody till March 3 three accused in the PNB fraud including two former staffers.The accused includes retired PNB Deputy Manager Gokulnath Shetty Single Window Operator Manoj Kharat and authorized signatory of the prime accused Nirav Modi s group companies Hemant Bhatt.The three were the very first arrests to be in the sensational case so far by the CBI from different parts of Mumbai and Raigad. More arrests are expected soon officials have indicated.Besides these the CBI earlier named 10 other directors and officials as accused in the scam which has created a nationwide furore.The prime accused diamond trader Nirav Modi and other associates fled the country in early January before the massive financial fraud came to light. CommentsClose X The multi-pronged action by the CBI Enforcement Directorate and others comes five days after PNB admitted to unearthing a fraud amounting to Rs 11 515 crore involving Mr Modi s companies and certain other accounts in the Brady House Branch.The fraud which includes money-laundering among others concerns the Firestar Diamonds group in which the CBI last week booked Nirav Modi his wife Ami brother Nishal Modi and Mehul Choksi.
A CBI court on Friday sent Rotomac owner Vikram Kothari and his son Rahul to one-day transit remand while the Income Tax department seized 12 bank accounts of the group and issued six prosecution against the businessman in connection with the Rs 3 695 crore loan default. Additional Chief Metropolitan Magistrate Samar Vishal at the Patiala House courts passed an order for a day s remand after the Central Bureau of Investigation (CBI) sought a two-day transit remand to take the father and son to Lucknow. The duo will be produced before the court concerned in Lucknow on Saturday. Kothari and his son were arrested on Thursday for alleged default on loan repayment after their four-day consecutive questioning since the CBI filed the case against them and raided their residential and office premises in Uttar Pradesh s Kanpur. Defence advocate Pramod Kumar Dubey had raised objections to the jurisdiction of the court saying the accused should be produced before a sessions court and not before a magisterial court. The court then reserved its order till 2 p.m. on the issue of jurisdiction. Meanwhile an Income Tax department official said over 12 more bank accounts of the Rotomac Group Pvt Ltd have been attached in addition to the 14 bank accounts attached earlier and that six prosecutions have been sanctioned against Kothari. The agency filed the FIR on Sunday night after getting a complaint against Kothari his wife Sadhana and son Rahul from the Bank of Baroda. Kothari is the Chairman and Managing Director of Rotomac while his wife and son are Directors. Kothari had obtained Rs 2 919 crore from Bank of India (Rs 754.77 crore) Bank of Baroda (Rs 456.63 crore) Indian Overseas Bank (Rs 771.07 crore) Union Bank of India (Rs 458.95 crore) Allahabad Bank (Rs 330.68 crore) Bank of Maharashtra (Rs 49.82 crore) and Oriental Bank of Commerce (Rs 97.47 crore) the FIR said. Kothari his wife son firm Rotomac some unidentified bank officials and private persons were booked on charges of criminal conspiracy cheating and forgery under the Indian Penal Code and Prevention of Corruption Act. The Bank of Baroda complaint said that the banks had extended credit to the Kanpur-based firm and its related companies from 2008 onwards. The CBI had earlier confiscated several belongings of Kothari and his family including laptops and mobile phones.
NEW DELHI: Stung by the fraud at Punjab National Bank and more such cases being unearthed at other lenders the government has ordered all state-run banks to examine non-performing loans of more than Rs 50 crore for any sign of similar wrongdoing. They have been given 15 days to prepare a pre-emptive action plan to address risks. This raises the prospect of investigations in high-profile bankruptcy cases that are undergoing resolution putting their promoters under the scanner if any scams are uncovered. The directive comes a day after PNB revised its estimate of the fraud involving jewellers Nirav Modi and Mehul Choksi and their companies to Rs 12 622 crore from Rs 11 300 crore earlier. The finance ministry in its note on Commitment to Clean and Responsive Banking called on banks to inform investigative agencies such as the Central Bureau of Investigation (CBI) Enforcement Directorate (ED) and Directorate of Revenue Intelligence (DRI) if any wrongdoing was detected. PSB (public sector bank) MDs (managing directors) directed to detect bank frauds & consequential wilful default in time & refer cases to CBI. To examine all NPA (non-performing asset) accounts Rs 50Cr for possible fraud department of financial services secretary Rajeev Kumar tweeted. All frauds identified thus far have to be examined to see if there have been any wilful defaults as well and referred to the investigating agencies. Scrutiny to Include Cases Under IBC Involve ED/DRI for PMLA/FEMA/EXIM violations if any Kumar said referring to Prevention of Money Laundering Foreign Exchange Management Act and export-import legislation. Gross NPAs at state-run banks stood at Rs 7.33 lakh crore at the end of September 2017. The scrutiny will include the existing 41 cases being dealt with through the Insolvency and Bankruptcy Code (IBC) a senior finance ministry official said. The investigations will not have any impact on the resolution process followed through IBC but if the promoters are found guilty strictest action will be taken against them under existing laws he said. Under the framework for timely detection reporting investigation of large value bank frauds banks have been directed to seek borrower status reports from the Central Economic Intelligence Bureau (CEIB) on accounts turning into NPAs. The agency will revert in a week. https://www.sparkfun.com/users/1275632 The chief vigilance officers of banks are to vet complaints and coordinate with CBI on frauds exceeding Rs 50 crore. Besides banks have been told to take prompt action within the prescribed deadlines. Earlier this week CBI registered a case against UP-based Simbhaoli Sugars on charges of causing a loss of about Rs 110 crore to Oriental Bank of Commerce. RISK FRAMEWORK State-run banks have been asked to set up a group comprising executive directors and chief technology officers to prepare a blueprint to enhance preparedness to cover operational and technological risks within 15 days. Bank boards have been asked to assign clear accountability to senior functionaries for implementation and compliance with this framework. The framework needs to incorporate best practices from across the banking sector identify weaknesses in existing arrangements compare operational risk management with best practices and identify gaps and areas for improvement. The group has to suggest clear action points including technological solutions. Kumar tweeted: 15 day deadline for PSBs to take pre-emptive action & identify gaps/Weaknesses to gear up for rising Ops & Tech risks; To learn from best practices & pinpoint strategies including tech solutions; Clear accountability of senior functionaries. The effort is part of the Enhanced Access and Service Excellence (EASE) programme announced earlier.

Before Son's Arrest, P Chidambaram Had Filed Petition In Top Court

New Delhi: Senior Congress leader P Chidambaram appeared to have a premonition of the arrest of his son Karti when he filed a petition recently in the Supreme Court apprehending continued harassment to him and his family members.Karti was arrested by the CBI today on his arrival from London even before Mr Chidambaram s petition could be listed for hearing by the top court.Mr Chidambaram who has been closely monitoring the case of his son in the Supreme Court which is argued by his party colleague and senior advocate Kapil Sibal had sprung a surprise last week by filing a petition on his own accusing the CBI and the ED of carrying out a political vendetta against him and his family.In his petition Mr Chidambaram has sought the apex court s direction prohibiting the CBI and Enforcement Directorate (ED) from continuing their illegal investigations and from acting in any manner causing repeated harassment to him and his family members including his son.However the CBI swung into action by arresting Karti today even before the petition was heard by the top https://vimeo.com/kkamazon/about court.In his plea Mr Chidambaram himself a senior advocate has said that the position in the INX Media case was worse as though the CBI had lodged an FIR in May 2017 the probe agencies have not filed any report concluding that any criminal offence had been committed or that any proceeds of crime had arisen out of that criminal offence .An FIR filed by the CBI on May 15 last year had alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was the Union finance minister.While the CBI has alleged that Karti had received funds to the tune of Rs 10 lakh in the case the ED has also registered a money laundering case in the matter.Mr Chidambaram in his petition before the apex court has said that his fundamental rights were being violated due to illegal investigations being carried out by the CBI and the ED and the central government has been misusing its probe agencies.He has said that being the Finance Minister then he had granted FIPB approvals in the INX Media case and the Aircel-Maxis case in the normal course of official business . In discharge of his functions he has never allowed any member of his family including his son or any other person to interfere with or influence the conduct of official business .Mr Chidambaram has said that the CBI and ED cannot harass Karti and others who were totally unconnected with the FIPB approval by issuing repeated summons to them. CommentsClose X The petitioner (Mr Chidambaram) feels sad that his son and his business friends are being targeted the plea said adding The entire investigation being conducted by the CBI and ED is a total farce and is being made only to malign the name of the petitioner and his son in the eyes of the public .He has also sought the apex court s direction declaring that the proceedings emanating from FIR registered by CBI in the INX Media case as well as the premature investigation being conducted by the ED were without jurisdiction an abuse of authority and violative of Articles 14 (equality before law) 19 (freedom of speech and expression) and 21 (right to life and personal liberty) of the Constitution which inhere in the petitioner and the members of his family and declare the said proceedings and investigations as null and void .
NEW DELHI: Senior Congress leader P Chidambaram appeared to have a premonition of the arrest of his son Karti when he filed a petition recently in the Supreme Court apprehending continued harassment to him and his family members. Karti was arrested by the CBI on Wednesday on his arrival from London even before Chidambaram s petition could be listed for hearing by the top court. Chidambaram who has been closely monitoring the case of his son in the Supreme Court which is argued by his party colleague and senior advocate Kapil Sibal had sprung a surprise last week by filing a petition on his own accusing the CBI and the ED of carrying out a political vendetta against him and his family. In his petition Chidambaram has sought the apex court s direction prohibiting the CBI and Enforcement Directorate (ED) from continuing their illegal investigations and from acting in any manner causing repeated harassment to him and his family members including his son. However the CBI swung into action by arresting Karti today even before the petition was heard by the top court. In his plea Chidambaram himself a senior advocate has said that the position in the INX Media case was worse as though the CBI had lodged an FIR in May 2017 the probe agencies have not filed any report concluding that any criminal offence had been committed or that any proceeds of crime had arisen out of that criminal offence . An FIR filed by the CBI on May 15 last year had alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was the Union finance minister. While the CBI has alleged that Karti had received funds to the tune of Rs 10 lakh in the case the ED has also registered a money laundering case in the matter. Chidambaram in his petition before the apex court has said that his fundamental rights were being violated due to illegal investigations being carried out by the CBI and the ED and the central government has been misusing its probe agencies. He has said that being the finance minister then he had granted FIPB approvals in the INX Media case and the Aircel-Maxis case in the normal course of official business . In discharge of his functions he has never allowed any member of his family including his son or any other person to interfere with or influence the conduct of official business . Chidambaram has said that the CBI and ED cannot harass Karti and others who were totally unconnected with the FIPB approval by issuing repeated summons to them. The petitioner (Chidambaram) feels sad that his son and his business friends are being targeted the plea said adding The entire investigation being conducted by the CBI and ED is a total farce and is being made only to malign the name of the petitioner and his son in the eyes of the public . He has also sought the apex court s direction declaring that the proceedings emanating from FIR registered by CBI in the INX Media case as well as the premature investigation being conducted by the ED were without jurisdiction an abuse of authority and violative of Articles 14 (equality before law) 19 (freedom of speech and expression) and 21 (right to life and personal liberty) of the Constitution which inhere in the petitioner and the members of his family and declare the said proceedings and investigations as null and void .
Karti Chidambaram was arrested by the CBI today on the basis of confessional statements of INX Media Limited directors Peter and Indrani Mukerjea alleging that they paid USD 7 lakh to him on the instructions of his father P Chidamabaram as quid pro quo for a FIPB clearance officials said. The statements of the Mukerjeas were recorded by the Enforcement Directorate (ED) which is probing the money laundering angle in the case while the CBI had only recorded Indrani s statement before a magistrate as per section 164 of the CrPC they said. Karti (46) was arrested by the CBI from the Chennai airport on his return from London in connection with the agency s probe in the INX Media case. Both Peter and Indrani had alleged that they met the then Finance Minister P Chidambaram at his North Block office seeking clearance for foreign investments in their media company after the Income Tax department detected irregularities in these instances in 2007. Chidambaram had then asked them to help the business of his son and make foreign remittances for the purpose the officials said quoting from the statements of the Mukerjeas. The couple had also admitted that they subsequently met Karti at a five-star hotel in Delhi where he allegedly made a demand of USD 1 million they said adding that this was reiterated by Indrani before the magistrate as well. Indrani they said had confirmed in her statement to the CBI and ED that a payment of USD 7 lakh was made to the bank accounts of overseas firms linked to Karti. Peter and Indrani facing trial for allegedly killing their daughter Sheena Bora had said in their statement that Karti suggested to them the names of firms such as Chess Management and Advantage Strategic for the payments. The Sheena Bora murder case is being probed by the CBI. INX Media as part of the alleged quid pro quo (a Latin term meaning something for something ) had made a payment of over Rs 9.96 lakh to Advantage Strategic Consulting Private Limited (ASCPL) a firm allegedly controlled by Karti by a cheque issued on July 15 2008 the officials said. While the invoice issued by ASCPL claimed that the service rendered by it to INX Media was management consultancy the ledger extract sent by the latter to the probe agencies showed that the payment was made for replying towards FIPB notification and clarification they added. The ED they said had seized four invoices of USD 7 lakh drawn by ASCPL its Singapore subsidiary another linked company identified as NorthStar Software Solutions Pvt Ltd and Geben Trading Ltd after it recently raided the offices of Karti and his chartered accountant Bhaskararaman. During the raids the ED had also recovered digital evidence and invoices raised on INX Media Limited sources said. They added that ASCPL had also received payments on behalf of Karti in other cases where money was paid in proximity to approvals given by the Ministry of Finance including from Aircel Televentures Limited for an FIPB approval for the sale of its shares in Aircel Limited to Maxis in March 2006. The Congress said Karti s arrest was vendetta and a diversionary tactic of the BJP-led central government to hide its scams and mal-governance . Party spokesperson Randeep Surjewala said the government was seeking political vendetta to mask the culture of colossal corruption and cronyism flourishing unchecked and that puppet CBI and ED were being used to divert deflect and distract attention from scams worth Rs 31 691 crore exposed in the last 10 days. The government s mask of a corruption crusader was in shambles with successive scams getting uncovered over the last 45 months and zero action being taken against the fraudsters he added.
Written by Deeptiman Tiwary Abhishek Angad | New Delhi | Updated: March 1 2018 6:47 am Indrani Mukerjea taken to JJ Hospital for a medical check-up. (Express File Phopto: Ganesh Shirsekar) Investigation agencies said the arrest of Karti Chidambaram followed a statement by accused Indrani Mukerjea in which she had alleged that P Chidambaram while he was Union Finance Minister had asked her and her husband Peter Mukerjea to help his son s business. In her statement recorded by the CBI under Section 164 of the CrPC Indrani Mukerjea who is already behind bars in the Sheena Bora murder case alleged that a deal of USD 1 million was struck between Karti and the Mukerjeas to swing FIPB approval in favour of INX Media. While P Chidambaram made no comment Wednesday on his son s arrest or the claims of the CBI his party came to his defence. Senior Congress leader Kapil Sibal called Karti s arrest malafide and said it was done to harass P Chidambaram. This is complete vendetta politics. This is completely malafide he said. Explained | The decade-old case of INX Media The CBI and Enforcement Directorate also claimed that searches of premises linked to the accused in the case led to discovery of vouchers of payments made by INX Media to companies connected to Karti and to foreign entities which received close to USD 700 000 in Greece and Spain. All vouchers were signed by Peter Mukerjea. According to CBI and ED Indrani and Peter have said in their statements that they met P Chidambaram at his North Block office in connection with FIPB approval for FDI in INX Media. Chidambaram the agencies claimed asked the Mukerjeas to help the business of his son Karti and to make foreign remittances for this purpose . Karti Chidambaram in New Delhi. Prem Nath Pandey The Mukerjeas the CBI and ED claimed also admitted to have met Sh. Karti Chidambaram in Hotel Hyatt in Delhi where a demand for illegal gratification of 1 million was made. Sh. Karti Chidambaram suggested the names of Chess Management and Advantage Strategic as alternatives to make payments. While Chess Management Global Pvt Ltd was engaged by INX Media to advise in the matter Advantage Strategic Consulting Pvt Ltd (ASCPL) was made a payment of Rs 10 lakh as consultancy fee. ASCPL the CBI said was indirectly controlled by Karti . Also Read: INX Media: P Chidambaram s fear of harassment of his family turns true The ED investigators claimed that ledger extracts produced by INX Media Ltd showed that the payment (of Rs 10 lakh) has been made for reply towards FIPB notification and clarification . During the probe by CBI and ED INX Media also produced emails and letters sent to Sh B Sai Chandravardhan VP Chess Management Services Pvt Ltd on the FIPB issue . We have about 200 emails that establish the connection between Chess Management and ASCPL and FIPB negotiations a probe officer said. Also Read: INX Media case: Chronology of events Four invoices connected to the alleged illegal gratification paid for FIPB approval in the matter were drawn by ASCPL (Rs 35 lakh) its Singapore subsidiary (USD 20 000) Northstar Software Solutions Pvt Ltd (Rs 60 lakh) and Greece-based Geben Trading Ltd (USD 500 000). These vouchers recovered from the computer of Karti s chartered accountant Bhaskararaman were from September 2008 the time when INX Media Ltd applied for fresh approval for downstream investment in INX News Ltd. The Finance Ministry later cleared the matter and allowed INX Media to make the investment. The CBI and ED have argued that INX Media had not been given clearance by the FIPB to make 26 per cent downstream investment in INX News. But it went ahead in 2007 itself. When the matter was flagged by the I-T department and FIPB sought clarification from INX Media it brought in Karti to sort out the issue. Karti investigators claimed helped INX Media seek fresh approval for an investment which had already been made. The company is accused of bringing in foreign investments worth over Rs 300 crore through three Mauritius-based companies against approval of only Rs 4.6 crore. For all the latest India News download Indian Express App Get assembly election result LIVE updates from each constituency in Tripura Nagaland and Meghalaya Tags: Indrani Mukerjea Karti Chidambaram P Chidambaram Sankaran KrishnanMar 1 2018 at 7:36 amIt is a known fact the Chidambaram and his family are very corrupt and as well power hungry and for the sake of money they will go and defend anyone which was true when the Advocate family defended Cocoa Cola Shard Scams and other high profile cases collecting huge fees for representing them and also misused the authority by the head of the family who was in Govt. under the corrupt UPA and hold important portfolios and the revelation of INX Media high profile arrested couples says the truth and hope the entire family is punished for the ill-gotten wealth and why not seize the assets held by the entire family to begin with in and around India followed at Foreign destinations !!!(0)(2) Reply rahil shakeMar 1 2018 at 7:32 amany evidence cbi can get would be from criminals only as anyone bribing would be part of crime as well. its nice to hear someone spilled the beans(1)(0) Reply rahil shakeMar 1 2018 at 7:25 amnot one person commenting favourably actually thinks he is not a crook just they are anti modi(1)(0) Reply rahil shakeMar 1 2018 at 7:23 amoh his son is innocent would anyone believe that.(1)(0) Reply GGanuMar 1 2018 at 7:08 amEvery one in India knows how corrupt PC and his family are .The Central Govt. does not need the help of a criminal to nail these scoundrels . PC should be arrested when he lands in India from UK . That will be the icing on the cake(1)(4) Reply Load More Comments
NEW DELHI: The CBI which has struggled to cap the leak of information pertaining to its investigations into sensitive cases managed to keep its plan to arrest Karti Chidambaram under wraps. Sources said the plan to pick up Karti from Chennai airport was kept a secret even from insiders to nip the possibility of tip-offs to the accused. The entire operation was kept top secret and not many in the agencies could get wind of the action leading to his arrest on Wednesday a top source said. Anticipating legal wrangles the Enforcement Directorate had even moved Chennai courts with caveats against any plea moved by Karti and his battery of lawyers against his arrest or obtaining a bail before the agencies could get hold of him. The precaution was considered necessary following the status report of CBI s probe into the Aircel-Maxis case being recovered from Karti s father P Chidambaram s house. The report was supposed to be shared only with the Supreme Court. Karti and others are under the scanner in the Aircel-Maxis case too. The surprise find led the CBI to drape additional veils of secrecy around their plans for Karti. The agencies sources claimed feared that Karti may have stayed on in London if he had been alerted about the plan to arrest him. They had earlier informed the SC that he was destroying evidence abroad on his regular visits. In his previous appointments with the agencies Karti was allegedly evasive in his answers to specific queries related to alleged payoffs received in companies associated with him. Since the CBI registered a case against him in May last year Karti has filed numerous applications in the Madras HC and the SC seeking reprieve from CBI and ED probes. Meanwhile ED is planning to seek Karti s custody to probe allegations about his role in facilitating FIPB approvals when his father held charge of the finance ministry
07:41 (IST) Karti Chidambaram to be produced before CBI court today #KartiChidambaram arrested in INX Media case to be produced before a #CBI court today. pic.twitter.com/x3SbobwbqP All India Radio News (@airnewsalerts) March 1 2018
KOLKATA: Former Union minister P Chidambaram said today he would have resigned had he been in the shoes of Finance Minister Arun Jaitley who was in an unenviable position while presenting this year s budget. If I was in Jaitley s position what I would have done? I would have resigned Chidambaram told an interactive session organised by the Bharat Chamber of Commerce here. He was speaking about fiscal consolidation in the context of the Union Budget for 2018-19. Jaitley must have been in an unenviable position to read out a Budget speech written by others he said. Criticising the Budget Chidambaram said the government was a total failure in terms of fiscal consolidation the consequences of which were frightening in the sense that it would cause inflation and borrowing plans to go haywire. In such a situation they might resort to savage taxation by hiking fuel prices as it is the biggest cash cow for any government the senior Congress leader said. Chidambaram a former Union finance minister said although the central government had the good fortune of lower crude prices it failed to pass the benefit on to the customers. The present Budget talked about pegging the fiscal deficit at 3.3 per cent of GDP by 2018-19 which seemed unlikely as the revenue and expenditure figures were suspect he said. About the Goods and Services Tax Chidambaram said it was not the one which the previous UPA government had thought of. We suggested a single neutral rate of 18 per cent. Now we have so many rates. This is not GST. It is giving a bad name to GST he said. He said due to demonetisation of high value currency notes the farm sector came under stress and joblessness was witnessed in the small and micro sector. He dubbed the National Health Protection Scheme announced in the Budget as nothing but jumla (rhetoric) . Chidambaram was also critical of former president Pranab Mukherjee also a finance minister in the UPA-II government over the latter announcing a series of stimulus packages for reviving the private sector hit by the recession of 2008. What I feel is that kind of spending done by the government was not wise. It did dent fiscal stability and caused huge inflation he added. Need to amend AFSPA Senior Congress leader P Chidambaram said today it is time to amend the Armed Forces (Special Powers) Act currently in force in Jammu and Kashmir and some other states. There is a need to amend the AFSPA if you cannot repeal it. The law and order should be entrusted to the Jammu and Kashmir police and not on the paramilitary forces Chidambaram a former Union minister said at a programme here. The act gives the security forces special rights and immunity in carrying out various operations in disturbed areas. There has been a long-standing demand from various quarters in J&K and the Northeast to withdraw it. Chidambaram also chairman of the panel on home affairs in the Rajya Sabha said the presence of paramilitary forces in the northern state should be whittled down drastically. He said it would lower the graph of violence there.
Hyderabad: Former Union minister P Chidambaram on Saturday advised the NDA government to appoint good managers to implement its various welfare programmes.The government is good owners of programmes but incompetent managers he said. Referring to the Economic Survey he said some of the flagship programmes such as Swachh Bharat Rural Electrification and LPG distribution are yet to produce tangible and measurable outcome.Toilets were built under the Swachh Bharat scheme but they lacked water connection and waste disposal system he said citing reports. Nobody is questioning the intentions of the government or the prime minister. I am sure the intentions are good. But what it proves is while they (government) are good owners of the programme they are very https://www.quotesdaddy.com/user/kkflipkart incompetent managers of programmes. If you want to have toilet programme to be implemented you must have a competent manager the former finance minister said at Manthan a forum that promotes public discussions.On the Union Budget Mr Chidambaram said it failed to address the issues of farmers youth and education.The Economic Survey had indicated that agricultural growth was stagnant which was not a good sign as over 50 per cent of our population depends on the farm sector the Congress leader said.The Budget also failed the test of fiscal consolidation he said.Indian economy has decoupled from the rest of the world and the Narendra Modi Government was very late to notice the decline of growth rate Mr Chidambaram said. CommentsClose X The government is whistling in dark. It has become intolerant and as a result the voices (of concern or dissent) are not heeded. If you don t listen or heed voices nobody is going to tell you the truth he said.To a question the former finance minister said people of the country may not accept privatisation of all public sector banks.

CBI arrests Karti for allegedly taking bribe when P Chidambaram was finance minister

New Delhi: The CBI arrested Karti Chidambaram the son of former finance minister P Chidambaram from Chennai on Wednesday for allegedly taking bribes to get clearance for TV venture INX Media to access foreign investment. The arrest was made on the basis of the statements of INX Media promoters Peter and Indrani Mukerjea who have alleged that they paid over Rs 3 crore in bribe to Karti at the instance of his father who as the then finance minister was in charge of the Foreign Investment Promotion Board the nodal agency for granting approvals to companies to access foreign funds. Indrani repeated the allegation in a statement recorded before a magistrate under Section 164 of CrPC. This is admissible as evidence in court and can put Chidambaram senior in legal http://www.mapmytracks.com/kfrecharge bother should the CBI and the Enforcement Directorate decide to extend the ambit of the probe on the basis of the Mukerjeas claims. The ED is also likely to seek Karti s remand once the CBI finishes his custodial interrogation. This is the first instance of the arrest of the kin of a topnotch Congress politician and immediately attracted allegations of political vendetta from Congress. This come in the immediate wake of former Haryana CM Bhupinder Singh Hooda being chargesheeted in a land scam case FIR against Punjab CM Amarinder Singh s son-inlaw Gurpal Singh and the I-T notice to party leader Abhishek Singhvi s wife for purchasing diamonds from Nirav Modi allegedly with unaccounted cash. Chidambaram who had last week moved the SC accusing the investigating agencies of harassing him and his family for political reasons was rushing back home dropping his plan to participate in the Oxford Union debate. On Wednesday Karti repeated the vendetta charge while being taken away from court. This is political vendetta he said. Karti who was arrested in Chennai upon his return from London was brought to Delhi and produced before a court which remanded him in CBI custody for a day. The CBI has alleged that in March 2007 INX Media breached the condition on which it had been allowed by FIPB to raise 46% equity through issue of shares. Against the permission to raise Rs 4.62 crore by issuing shares at face value the company got in Rs 305 crore by issuing shares at a premium. In addition it also bypassed FIPB to make 26% downstream investment in INX News Private Limited. Both the irregularities were caught by the income tax department upon which the Mukerjeas CBI and ED alleged approached Chidambaram in his North Block office to get the matter regularised . The then finance minister the Mukerjeas claimed guided them to his son with the suggestion that they help Karti s business. Karti allegedly asked the Mukerjeas for a bribe of 1 million when they met at Hyatt hotel in Delhi. As per the plan worked out between the INX Media promoters and Karti the Mukerjeas engaged Karti s company Advantage Strategic Consulting Pvt Ltd (ASCPL). As part of the alleged quid pro quo ASCPL and its associated companies around this time raised four invoices for 700 000 (Rs 3.10 crore) on INX Media and were reimbursed. Soon FIPB gave its approval to fix the irregularities. Karti has defended himself by saying that he had parted ways with ASCPL. CBI and ED have refuted the claim by showing documents claimed to have been recovered from his premises which allegedly show that Karti remained a director in the firm which received money from INX Media through invoices. These invoices were recovered also from the computer of Karti s chartered accountant S Bhaskararaman who was arrested in Delhi on Feb 15. The two agencies also cited the individual wills of five directors of ASCPL who bequeathed their shares in the company to Karti s daughter Aditi Nalini Chidambaram.
New Delhi: Karti Chidambaram who was arrested by the Central Bureau of Investigation (CBI) on Wednesday in connection with a corruption case told a Delhi court that the arrest was malafide since he had travelled abroad with permission from the Madras High Court and had cooperated with investigators so far.Karti Chidambaram is accused of clearing foreign investments worth around Rs 300 crore in television company INX Media in exchange for bribes back in 2007. Investigators say he used the influence of his father P Chidambaram who was then the Union Finance Minister. The former minister and his son have called the arrest political vendetta . I m not a Hindustan leaver but Hindustan returner Karti Chidambaram told the court through his advocate Congress lawmaker Abhishek Manu Singhvi in what was seen as a dig at the BJP over the Rs 11 500 crore PNB fraud. The accused in the case celebrity jeweller Nirav Modi has fled India and the Congress has been targeting the Narendra Modi government over the issue since the matter became public.Karti Chidambaram was arrested on Wednesday from Chennai airport moments after he landed after a visit to the UK. Earlier this month the Madras High Court had given him permission to go abroad for business. On an earlier occasion too he visited the UK for his daughter s admission with permission from the Supreme Court.On Wednesday Karti Chidambaram told the court that he was being targetted in the issue since he was the son of a politician. The CBI petition is misrepresentation of the facts on my visits abroad. I went abroad with due permission from court... I did not receive any fresh summons since my return he said. He also said he had fully cooperated with the CBI and the Enforcement Directorate and has undergone 22-hour questioning in the case. My reward for compliance of summons is arrest... Arrest is most draconian in a person s liberty. Is the CBI making the arrest to show to their bosses? his lawyer said.The agency countered the argument saying Karti Chidambaram had cooperated only under the directions of the Supreme Court and had not submitted his itinerary before going abroad. It sought two weeks custody of the 46-year-old businessman so he could be properly questioned in the case.The agency also told the court that they had many things but could noy say it in open court .The court allowed a day s custody to the CBI. CommentsClose X Last week Karti Chidambaram had appealed to the Supreme Court seeking a stay on the Enforcement Directorate s summons of March 1 and expressing apprehension that he might be arrested on his return from London.His father P Chidambaram had filed another appeal saying he was the real target of the BJP-led Central government and his fundamental rights were being violated.
NEW DELHI: The CBI today justified Karti Chidambaram s arrest in the INX Media case in a Delhi court by taking the ground of his non-cooperation and frequent foreign visits which was vehemently opposed by the defence counsel who said his client was not summoned by the central probe agency in the last six months. Seeking a 15-day custody of the son of senior Congress leader P Chidambaram the CBI prosecutors contended before duty magistrate Sumeet Anand that Karti had not cooperated in the investigation and he had been repeatedly travelling abroad which confirmed the apprehensions of his tampering with the evidence lying abroad against him and others in the form of secret note received from the Ministry of Finance . CBI prosecutors V K Sharma and Padmini Singh argued that one of the grounds for arresting Karti was that the agency had recorded the statement of Indrani Mukerjea former director of INX Media (P) Ltd before a magistrate on February 17 in which she had said an amount of USD 1 million was paid to Karti on behalf of INX Media at the Hyatt hotel here. Opposing the CBI s arguments senior advocate A M Singhvi appearing for Karti said it was a bizarre case and that no grounds for arrest were made out. It is a bizarre case at the threshhold. It is not a case of arrest leave aside police custody or judicial custody Singhvi told the court while opposing the CBI s remand plea. He also argued that Karti was summoned twice by the CBI on August 23 and 28 last year and that he was interrogated for 22 hours by the agency during which he answered all the questions. After those two days I have not received any single summons from the CBI. It is a 180-day silence and then they say I am not cooperating. The fact is that they do not have anything to ask me now Singhvi said. Claiming that no reason was given for the arrest he said It is because you (CBI) want to show it to your bosses that you are doing some work. Unlike others I (Karti) am not a Hindustan leaver and instead I am a Hindustan returner Singhvi said adding that Karti was cooperating with the CBI and that the court might impose any condition while releasing him from the agency s custody. Am I (Karti) a fugitive from justice Singhvi who was assisted by senior advocates Dayan Krishnan and Mohit Mathur told the court. The defence counsel argued that the CBI had tried to stop Karti s foreign visits but he went abroad twice on court orders and another of his visits outside the country was prior to the issuance of the Look-Out Circular. Is it fair to say to the court that I am not cooperating? It is only to prejudice the court. It is a clear misrepresentation and distortion of facts by the CBI. They did not apprehend anything while I was going out but arrested me on my return he said. Singhvi further said Karti had gone to the UK after taking the Madras High Court s permission and that he was ready to abide by any condition including surrendering his passport daily visits to the CBI office and confinement to a city. I am not filing any formal bail application but opposing the remand application. They should have issued a fresh summons and test my non-cooperation but they arrested me when I landed at the Chennai airport today at 9 am. There is no allegation of violation of any conditions imposed by the high court the counsel argued adding that the arrest was mala fide. Singhvi further said it was not even an open-and-shut case but someone struggling to open a 10-year-old case. He told the court that Karti appeared before the Enforcement Directorate (ED) in a case filed on similar allegations by the agency as late as 10 days back and that he was not a repeat offender and remanding him to police custody would add more insult to the injury. The CBI prosecutors rebutted saying Singhvi s arguments were false and that Karti had joined the probe only after the Supreme Court s intervention. They said all the procedures were followed and Karti was informed about the grounds of his arrest. They further argued that Karti had not complied with the Madras High Court s direction to give the itinerary of his stay abroad. Regarding the defence counsel s argument that the CBI had not filed a status report in any court claiming that Karti had not cooperated the prosecutor said the agency was never directed by any court to file any such report.
New Delhi: The arrest of Karti Chidambaram in the INX media case by CBI on Wednesday came after nine months of lodging of an FIR and bitter legal battle which the investigating agency fought from the Madras High Court to the Supreme Court.The case allegedly involving Karti Chidambaram son of former union minister P Chidambaram had first reached the Supreme Court after the CBI had challenged the stay granted by Madras High Court on two look out circulars (LOCs) issued against the accused.CBI had contended that there were good cogent reasons for issuing of LOCs dated June 16 2017 and July 28 2017 and had submitted some documents in sealed cover saying Karti s case was not simple as it involves jugglery of accounts and property abroad.Since the lodging of the FIR to his arrest yesterday Karti had sought permission several times to travel abroad from the Supreme Court and the Madras High Court for reasons including business interests in United Kingdom and France and daughter s admission at Selwyn College Cambridge United Kingdom.He was allowed to travel abroad on November 20 2017 by the apex court for his daughter s admission and on February 16 to February 28 for business engagements by the Madras High Court.The FIR lodged by the CBI on May 15 2017 had alleged irregularities in Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Karti s father was the Finance Minister.Karti and his father had denied the allegations saying there was no wrong-doing in the grant of FIPB approval to INX media.After the CBI challenged the interim stay on LOCs granted by Madras High Court on August 10 2017 the top court had stayed the order of the high court on August 14 2017 and asked Karti to join the investigation.The top court on January 31 this year had remanded back to the High Court the pleas relating to the issuance of the LOCs against Karti and others in a corruption case while making it clear that its interim order shall continue till the matter is finally disposed of .It had directed the division bench presided over by Chief Justice of the high court to decide the challenge to the LOCs within two months. CommentsClose X One of the issues pending with the apex court so far is the CBI s and Karti s challenge to order of Madras High Court dated August 22 2017 by which it had refrained itself from going into the merit of issue of quashing of FIR lodged in the INX Media case and rejection of the investigating agency s ground of maintainability due to lack of territorial jurisdiction.On February 23 Karti had also challenged the summons issued by Enforcement Directorate against him seeking his appearance on March 1 in connection with INX media case.
Written by Deeptiman Tiwary Abhishek Angad | New Delhi | Published: March 1 2018 5:00 am Karti Chidambaram in New Delhi. Prem Nath Pandey Karti Chidambaram son of senior Congress leader and former Union Finance Minister P Chidambaram was arrested by the CBI Wednesday in connection with its probe into the INX Media case. Flown to New Delhi from Chennai airport where he was held shortly after he stepped off a flight from the UK Karti was produced before Metropolitan Magistrate Sumeet Anand who directed the CBI to present Karti before the sessions court of Sunil Rana at 2.30 pm Thursday. Explained | The decade-old case of INX Media Seeking Karti s custody CBI counsel V K Sharma handed a remand application which stated: Karti Chidambaram had not cooperated with the investigation he also denied that he or his company had any interaction with INX Media including FIPB related matter despite evidence to the contrary. Further his frequent visits have confirmed apprehensions of his tampering with evidence lying abroad against him in the form of secret note received from Ministry of Finance. Such has been shown in sealed cover to the Supreme Court. Opposing the CBI s application senior advocate Abhishek M Singhvi who appeared for Karti said it was a bizarre case and no ground for arrest was made out. The remand application is based on two premises that the accused has not co-operated and he is repeatedly travelling abroad. Firstly this is bizarre because the CBI has interrogated him for 22 hours on August 23 and August 28 last year. After that he did not receive a single summon and now the CBI has arrested him Singhvi said. Also Read: INX Media: P Chidambaram s fear of harassment of his family turns true After the court hearing when a CBI officer tried holding his arms Karti said: Don t touch me I am going to take my jacket. As he was led away he told reporters: It s absolutely a political vendetta. I will be vindicated. In May 2017 the CBI filed an FIR naming among others Karti and INX Media for alleged irregularities in clearance from the Foreign Investment Promotion Board (FIPB) to the media group for receiving overseas funds in 2007 when Chidambaram was Union Finance Minister. The CBI alleged that INX Media s FDI proposal was deceitful and fallacious but was still granted approval. Also Read: INX Media case: Chronology of events The Enforcement Directorate which too was probing Karti in the case under provisions of the Prevention of Money Laundering Act (PMLA) arrested Karti s chartered accountant Bhaskararaman this February 16. It was on the ED s reference that the CBI had registered a case against Karti and INX Media. The ED which was already investigating a company associated with Karti in connection with the Aircel Maxis deal and FDI inflow into Vasan Healthcare claimed to have found documents related to the INX Media FDI inflow during searches. Karti Chidambaram at the CBI office. Express Photo by Prem Nath Pandey. The ED said it had documents which showed Advantage Strategic Consulting a company that CBI claimed was indirectly controlled by Karti had been paid Rs 10 lakh as consultancy fee to help it get FIPB approval. After lodging the FIR the CBI conducted searches at premises linked to Karti and the residence of Peter Mukerjea and Indrani Mukerjea of INX Media. The CBI FIR alleged that INX Media s FDI inflow had been initially flagged by FIPB for alleged irregularities and a clarification had been sought from the media house. But a company controlled by Karti was brought in for consultancy the CBI said and INX Media s fresh proposal was approved by FIPB by virtue of influence exercised over them by Karti P Chidambaram . By doing this the CBI alleged officials not only ignored the serious illegality on the part of M/s INX Media. but also embarked on showing undue favour to INX Group by abusing their official position . In return for the services rendered the CBI alleged Karti got a payment of Rs 10 lakh through Advantage Strategic Consulting which was controlled by him indirectly . The agency also alleged that it found invoices for Rs 3.5 crore in favour of INX Media raised by companies in which Karti had sustainable interest and had common directors . Countering the CBI in court Singhvi said: Now the frequent visits is a delightful phrase there are specific court orders which allow him to travel abroad He is not a Hindustan leaver like others he is Hindustan returner. He said the CBI had till date not filed any status report on the investigation. Where is your (CBI) status report on non-cooperation none of the FIPB officials have been questioned or summoned till date. For all the latest India News download Indian Express App Get assembly election result LIVE updates from each constituency in Tripura Nagaland and Meghalaya Tags: Congress INX Media Karti Chidambaram Sathya ServiceMar 1 2018 at 6:08 amHello everyone i am Kumar i want to share a my story with you all i was in debt of 35 lacs and my life was in a bad stage i lost all i have gotten before so i made a decision that i want to my and i came online and met a lots of scammers and they took 2 lakh from me and still i could not my after a month i came back online and met one Dr Lau Bern online and he told me the procedure which did they paid my 1 Cr before the operation and balance 1 Cr after the operation i only spend little money on this process but today am a very happy man and my families are so happy Thank you so much Dr Lau Bern you can contact him on e-mail: (servicecenter249 ) Whatsapp Number 918015861823 or Call 918867434096(0)(0) Reply
CHENNAI: The CBI this morning arrested Karti Chidambaram at Chennai airport in connection with the INX money laundering case. Officials in the investigating agency have said that Karti s family members were informed before the arrest. Sources in the CBI said they detained Karti when he landed at Chennai airport after his foreign trip. Soon after Karti arrest he was taken to a secluded place where he was being questioned. A senior CBI officer said We have strong evidence to confirm his role in a cheating case. However the official denied to divulge more information about the case. The CBI arrested Karti following the detention of his chartered accountant S Baskararaman by the Enforcement Directorate officials recently. Karti s chartered accountant S Bhaskararaman was recently arrested from a five-star hotel in Delhi on February 16. The national investigative agency has alleged that Karti received money from INX Media for using his influence to manipulate a tax probe against it in a case of violation of Foreign Investment Promotion Board conditions to receive investment from Mauritius. The CBI has said that it also seized vouchers of Rs 10 lakh which were allegedly paid for the services. The Congress today said Karti s arrest is a classic diversionary tactic of the Modi government. Classic diversionary tactic of the Modi government to hide their own corrupt governance model that is being exposed on a daily basis-- be it Nirav Modi Mehul Choksi Dwarka Das Seth Jewellers. The BJP govt continues it s vendetta and vindictive politics to target opponents. however it will not stop the Congress from bringing the truth out to the people said the Congress. Last week Karti a son of Congress leader P Chidambaram moved the Supreme Court ( SC ) seeking a stay on the Enforcement Directorate s ( ED ) summons against him in the INX Media case. He reportedly told the ED that he was appearing before the agency under protest . He was first grilled by the agency on January 18. The ED had earlier summoned Karti on February 2 after which he informed them he would be unable to depose as he had an interlocutory application pending in the Supreme Court in this case. The central probe agency had registered the case against Karti and others in May last year. It had registered an Enforcement Case Information Report (ECIR) the ED s equivalent of a police FIR against the accused named in a CBI complaint including Karti Chidambaram INX Media and its directors -- Peter and Indrani Mukerjea . The ECIR was lodged under the provisions of the Prevention of Money Laundering Act. The sources said the ED was probing the alleged proceeds of crime generated in this case. It was the ED which had provided information about the alleged illegal payments made by INX Media based on which the CBI had filed its FIR. Karti will be produced before a CBI court in Chennai before taking him to Delhi for further questioning. ALSO READ: Karti Chidambaram appears before Delhi s Patiala House Court Read this story in Tamil
.story-content span .story-content p .story-content div color:#000!important;font-family: open sans Arial!important;font-size:15px!important ALSO READ INX Media case: Karti Chidambaram arrested by CBI in Chennai say reports Aircel-Maxis INX Media cases: ED raiding Karti s kin in Chennai Kolkata Zee Entertainment acquires 9X Media INX Music for Rs 160 cr Brief case: Arbitration clause insurance PMLA labour dispute and more Jewellery sales decline by half in four weeks on PMLA extension span.p-content div id = div-gpt line-height:0;font-size:0 Former finance minister P Chidambaram s son and businessman Karti Chidambaram was detained by the Central Bureau of Investigation (CBI) in Chennai on Wednesday in connection with the INX money laundering case. It was alleged that he violated the Foreign Exchange Management Act. Chidambaram was detained at Chennai Airport while he was returning from a foreign trip according to his public relations officer. A few weeks ago Karti s chartered accountant S Bhaskararaman had been arrested from a hotel in Delhi. The Enforcement Directorate (ED) had earlier claimed that during the course of investigation it was revealed that Bhaskararaman had been assisting Karti Chidambaram to manage his ill-gotten wealth in India and abroad. The case relates to the approval granted by Foreign Investment Promotion Board (FIPB) in 2007 for receipt of funds by INX Media during P Chidambaram s tenure as the Union finance minister. CBI alleged Karti Chidambaram received money from INX Media for using his influence to manipulate a tax probe against the firm for violating FEMA by receiving investments from Mauritius. CBI also seized vouchers of Rs 1 million (Rs 10 lakh) allegedly paid for the services. The central probe agency had registered the case against Karti Chidambaram and others in May last year. Last week Karti Chidambaram moved the Supreme Court (SC) seeking a stay on ED summons against him in the INX Media case. However the apex court did not grant a stay. He was also questioned by the ED which had summoned him on February 2. Karti had however said he would be unable to depose as he had an interlocutory application pending in the SC say reports. ED had alleged that INX Media violated norms by making a downstream investment of 26 per cent in INX News Private Limited s capital without specific approval of FIPB. These included indirect investment by foreign investors besides generating Rs 3 billion (Rs 305 crore) foreign direct investment in INX Media against the approved foreign inflow of Rs 46 million (Rs 4.62 crore). To wriggle out of the situation without any punitive action INX Media entered into a criminal conspiracy with Karti Chidambaram the ED said. The FIPB unit of the finance ministry had not only granted illegal approval but also misinformed the investigation wing of Income Tax Department ED added.
New Delhi: A Delhi court today sent Karti Chidambaram s chartered accountant S Bhaskararaman arrested in the INX Media money laundering case to 14-day judicial custody.Special judge NK Malhotra sent the chartered accountant (CA) to Tihar Jail after he was produced from the custody of the Enforcement Directorate (ED) whose special public prosecutor Nitesh Rana had sought three more days of custodial interrogation.Mr Bhaskararaman was arrested from a five-star hotel in the heart of the national https://www.sharecg.com/kkmaketrip capital on February 16.Mr Karti s name had cropped up in the case which relates to Foreign Investment Promotion Board (FIPB) approval granted in 2007 for receipt of funds by INX Media when his father and senior Congress leader P Chidambaram was the Union finance minister during the previous UPA regime.The ED had earlier claimed that during the course of investigation it was revealed that Mr Bhaskararaman a qualified CA had been assisting Mr Karti to manage his ill-gotten wealth in India and abroad.The agency had said the investigation required the presence of Mr Bhaskararaman for collecting vital evidence and other information which was within his special knowledge and exclusive domain.It had alleged that INX Media had deliberately and in violation of the conditions of the approval made a downstream investment of 26 per cent in the capital of INX News Pvt Ltd without specific approval of FIPB which included indirect foreign investment by some foreign investors and generated Rs 305 crore foreign direct investment in INX Media Pvt Ltd against the approved foreign inflow of Rs 4.62 crore. CommentsClose X To wriggle out of the situation without any punitive action INX Media entered into a criminal conspiracy with Mr Karti the ED has alleged.The FIPB unit of the finance ministry had not only granted illegal approval but also misinformed the investigation wing of Income Tax Department it had alleged.

Question of Maryam's leadership never came up in party: PM Abbasi

Pakistan s interior minister has accused India of not reciprocating Islamabad s commitment to peace with unilateral actions and warned New Delhi against bullying his country. Ahsan Iqbal said Pakistan is trying to overcome the trust deficit that exists in the region but India has disappointed Islamabad with unilateral moves like boycotting the SAARC summit which was to be hosted by Islamabad in 2016. The present government in India has a certain thinking where it thinks it can bully Pakistan. That will not work. We must show maturity because the future of more than a billion people who live in South Asia is at stake Iqbal said delivering a lecture at the International Institute for Strategic Studies (IISS) in London on Tuesday. India s gesture of not coming to the SAARC summit was uncalled for - very undiplomatic and very inappropriate for the cause of peace. Such unilateral actions only add to more mistrust. We should try to engage each other at different fora he said. In November 2016 India decided not to attend the SAARC Summit in Islamabad after Pakistan-based Jaish-e-Muhammad terrorists attacked a military camp in Uri in Jammu and Kashmir killing 18 soldiers. Iqbal also the deputy secretary-general of the Pakistan Muslim League (PML) claimed that India s lack of engagement and reciprocity had cost former prime minister Nawaz Sharif dearly. Sharif paid a lot of cost for his policy on India. He was categorised as Modi ka yaar (Modi s friend) by Opposition forces for showing a lot of restraint and his commitment to peace with India. India has disappointed us; it has not reciprocated he said. Flagging the http://www.sportnext.nl/member/464349 terrorist attacks in Mumbai in 2008 as a setback to efforts against terrorism the minister said the attack should have strengthened cooperation between India and Pakistan but instead it became a trophy for disruptive elements because it resulted in the peace process being abandoned. Peace can only be achieved on a reciprocal basis. One side alone cannot achieve peace. The solution to all regional problems lies in greater collaboration and cooperation within the region he said. Responding to a question on how the Pakistan government plans to tackle the Kashmir issue Iqbal who is also a minister for planning development and reform in Pakistan said any solution to the Kashmir issue must be acceptable to all the parties including the people of Jammu and Kashmir because continued violence would be a recipe for instability . As far as Kashmir is concerned it is also a matter of concern for the international community. If conflicts involving Muslim populations are not given the same consideration as conflicts where non-Muslim populations are involved then the extremist groups will always have a narrative to sell he added. The minister who was in London following a visit to the US also warned the Trump administration against bullying tactics and demanded greater understanding from the West. We Pakistanis have a particular ethos...We do not react to force and duress...we cannot let Pakistan become a war zone while meeting demands of the US he said. The minister accused Western agencies of bringing slain Al Qaeda chief Osama bin Laden and his Middle Eastern jihadis to Pakistan. Our madrassas were peaceful. It was universities in the US which developed special curriculum to bring militancy to schools that were educating the children of Afghanistan refugees. Pakistan deserves understanding for the sacrifices it has made instead of a blame game he said.

Third Times The Charm? Imran Khan Marries His "Spiritual Adviser"

New Delhi: HighlightsPakistan Tehreek-e-Insaf chief Imran Khan marries Bushra Maneka Bushra Maneka who is in her 40s is a spiritual guide This is Mr Khan s third marriage after Jemima Goldsmith and Reham Khan Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan has married spiritual guide Bushra Maneka his party said on Sunday ending weeks of speculation about the union.Mr Khan a cricketer-turned-politician married Bushra Bibi (also known as Pinki Pir) in a simple ceremony held in Lahore PTI spokesman Fawad Chaudhry said in a tweet.He said the ceremony was held at Bushra Maneka s brother s home in Lahore. Wishing Chairman @ImranKhanPTI and his wife a happy married life . May Allah bless the couple. #MubarakImranKhanpic.twitter.com/BYHQ9CCaA8- PTI (@PTIofficial) February 18 2018Reports of Mr Khan s marriage had been doing the rounds since January. Last month he made headlines after asking his supporters in a tweet to pray he finds personal happiness which except for a few years I have been deprived of following still unverified claims he had married his spiritual advisor.As speculation http://www.feedbooks.com/user/4129770/profile swirled the flamboyant cricketer-turned-politician had angrily questioned if he had sold state secrets to India or laundered the country s wealth to deserve a bad press.Imran Khan has previously referred to Watto a mother of five as his spiritual adviser and someone whose guidance he valued.The PTI leader has sought to shed the playboy reputation of his younger years and has built a large political following in the northern parts of Pakistan especially with the conservative Pashtun population.Over the past year he has also seen his political stock rise following the ouster of Prime Minister Nawaz Sharif through judicial proceedings that Khan had championed.Mr Khan had first tied the knot with Jemima Goldsmith in 1995 that ended in divorce after nine years in 2004. His second marriage was with Reham Khan then a TV anchor which lasted barely 10 months. CommentsClose X Bushra Maneka who is in her 40s is from the Wattoo clan of which the Manekas are a sub-clan. She was married to Khawar Farid Maneka a senior customs official in Islamabad the Dawn newspaper reported.(With inputs from Agencies)

PM Modi lays foundation stone of Navi Mumbai airport, phase I to be ready in 4 years

MUMBAI: Prime Minister Narendra Modi on Sunday asserted that Mumbai s second airport would see its first flight next year even as he acknowledged that aviation infrastructure in India is lagging growth. Modi inaugurated the much-delayed Rs 16 000-crore project seen as an imperative alternative to the existing Mumbai airport which is bursting at its seams. He mentioned the airport as one of the 10 lakh crore of projects pending since before his government came to power. Earlier Maharashtra chief minister Devendra Fadnavis said the project had been pending for a decade without even one of the eight no-objection certificates needed. It came up during a project monitoring meeting. The very next day seven of the eight NOCs were approved. The last one came five days later he said. Mumbai International Airport Ltd runs the current airport and has mandate to build the new one touted as India s largest greenfield airport projects. The consortium consists of GVK Industries Airports Company South Africa and Bidvest. They together hold 74% of the existing Mumbai airport and the state-run Airports Authority https://kolab.org/hub/user/kkabhi of India holds the rest. Bhushan Gagrani vice-chairman of the City and Industrial Development Corporation nodal body for the airport said land would be handed over to MIAL in six to eight months adding that preparatory work was over.
By: Express Web Desk | New Delhi | Updated: February 18 2018 10:11:11 pm PM Modi at the Magnetic Maharashtra Investors Summit in Mumbai. (Source: Twitter/DevendraFadnavis) Prime Minister Narendra Modi on Sunday inaugurated the global investors summit in Maharashtra and praised the Fadnavis government for aiming to achieve a one trillion dollar economy by 2025. In his first order of business the PM laid the foundation of Navi Mumbai International Airport which is being developed to share the burden of the Chhatrapati Shivaji International Airport in the state. Addressing the Magnetic Maharashtra event Modi said that with the constant efforts of his government to change the pre-existing conditions India is now aiming to be part of the five trillion dollar club. This has happened by creating an atmosphere of governance people-friendly policies and reducing the government s interference Modi added. During the inaugural address Reliance Chairman Mukesh Ambani pledged an investment of Rs 60 000 crore in the state to develop Integrated Industrial Area in Maharashtra with a coalition of global companies to make the state the Cradle of fourth industrial revolution. PM will next inaugurate the Wadhwani Institute for Artifical Intelligence at the University of Mumbai. PM Modi in Maharashtra Highlights: 10:11PM 18 Feb 18 Thak you for joining us Thank You for joining us at the Indian Express LIVE Blog. For More details and information visit indianexpress.com 8:36PM 18 Feb 18 That s a wrap PM Modi concludes his speech at Wadhwani Institute of Artificial Intelligence and that s an end for day s schedule for the PM in Maharashtra. 8:31PM 18 Feb 18 Make AI in India We need to Make Artificial Intelligence in India and Make Artificial Intelligence work for India! I would urge all of you to identify the grand challenges that Artificial Intelligence can solve for India: PM Modi 8:31PM 18 Feb 18 AI replacing human worforce Can we make the future less about machines displacing humans to a future about humans becoming better humans by converting their weaknesses into their strengths for the greater good of mankind: Modi 8:30PM 18 Feb 18 India in AI race Can we take the global lead on creating Artificial Intelligence that is less about making humans redundant and more about enhancing human abilities and expanding human capacities: Modi 8:29PM 18 Feb 18 Sabka Saath Sabka Vikas with AI The march of Technology cannot be at the expense of further increasing the difference between societies over access to technology. The evolution of Technology has to be rooted in the ethic of Sabka Saath Sabka Vika: Modi 8:28PM 18 Feb 18 Road ahead for AI in India The road ahead for Artificial Intelligence depends on and will be driven by Human Intentions. It is our intention that will determine the outcomes of artificial intelligence: PM Modi 8:28PM 18 Feb 18 AI to increase productivity With the arrival of Artificial Intelligence Bots and Robots there is no doubt that our productivity will further go up. But there are also rising fears of human redundancy because there is a competition between the mind and the machine: PM 8:28PM 18 Feb 18 New spheres to explore Technology opens entirely new spheres and sectors for growth It also opens up an entirely new paradigm of opportunities. With each wave of new technology many new opportunities arise: PM 8:27PM 18 Feb 18 Technology advantages India is the fastest growing econoin of the world and we use technology in every field witnessing a wave of entrepreneurship. 8:22PM 18 Feb 18 PM Modi dedicates AI Centre to nation PM Modi dedicates the Wadhwani Institute of Artificial Intelligence to the nation. Modi congratulates Wadhwani brothers the government of Maharashtra and Mumbai University on building the institute. 8:20PM 18 Feb 18 AI to disrupt every sector CM Fadnavis says that Artificial Intelligence will disrupt ever7y sector and we need to create Human Resource and AI can be a great change when deployed in remote rural areas. 8:13PM 18 Feb 18 PM Modi to dedicate Wadhwani Institute of Artificial Intelligence PM Modi reaches Wadhwani Institute of Artificial Intelligence set to dedicate the establishment to the nation. 7:29PM 18 Feb 18 PM Modi heads to University of Mumbai PM Modi after inaugurating Magnetic Maharashtra global investors summit is now headed to the University of Mumbai where he will inaugurate Wadhwani Institute for Artifical Intelligence. 7:26PM 18 Feb 18 Ease of Living Government working for ease of living the more it increases the more empowerment will happen and in turn our social and economic development will happen: Modi at Magnetic Maharashtra 7:22PM 18 Feb 18 Modi inaugural address at Magnetic Maharashtra We believe potential policy planning and performance leads to progress: Modi at Magnetic Maharashtra 7:20PM 18 Feb 18 Budget is based on outcome not outlay Budget is not limited to outlay output focus of our budget is the outcome and by 2022 we want housing for all and power for all by 2019. In this year s budget we have speeded up the process of fuel for all and health for all: Modi at Magnetic Maharashtra 7:18PM 18 Feb 18 Budget changes benefits all Modi says the government has reduced the norms and changed the Budget by removing the wall of the planned and non-planned structure the budget amount now reaches to departments before time and more work is being done. 7:15PM 18 Feb 18 Creating business friendly environment The government is accountable democracy is participative and we are creating a transparent ecosystem for development which is the least dependent on the government by reducing norms rules and laws: Modi at Magnetic Maharashtra 7:13PM 18 Feb 18 Fragile five to trillion dollar club With the constant efforts to change the conditions India is now aiming to be part of the five trillion dollar club. This has happened by creating an atmosphere of governance people-friendly policies and reducing the government s interference. 7:12PM 18 Feb 18 Trillion dollar economy Modi praises state government on aiming to achieve a trillion dollar economy. Modi said the development of Maharashtra is an example of change thinking and changed conditions in the country. 7:09PM 18 Feb 18 Modi at Magnetic Maharashtra Recognising the state government s contribution Modi says 51 per cent of total investments in India have come to Maharashtra and the state is attracting global investors. 7:07PM 18 Feb 18 PM praises Fadnavis government Praising Maharashtra government Modi says the constant efforts of Maha government has helped in changing the Ease of Doing Business rankings. Fadnavis government has brought in a major change coupled with policy reforms adds Modi at Magnetic Maharashtra. 7:05PM 18 Feb 18 PM Modi begins speech at Magnetic Maharashtra PM Modi delivering the inaugural address at Magnetic Maharashtra says the more one is close to centre the more you feel the centre of the magnetic line and the magnetic lines of magnetic Maharashtra are close. Modi says the event is an example of competitive cooperative federalism. 6:39PM 18 Feb 18 Vision for Maharashtra Anand Mahindra urges PM Modi to tell his vision for Maharashtra and Mumbai says investors are with him. 6:33PM 18 Feb 18 Future of Maharashtra vibrant Industrial growth in Maharashtra has exceeded the ability of the state to provide required infrastructure but under PM Modi it has changed says Ratan Tata. 6:20PM 18 Feb 18 Virgin Hyperloop investment Virgin hyperloop to link central Pune to Mumbai reducing the time to 26 minutes. Virgin Hyperloop chairman Steve Bresnon says the Hyperloop will carry 150 million passengers every year making India leader in transportation. 6:17PM 18 Feb 18 Reliance to invest Rs 60 000 crore in Maharashtra Reliance to establish Integrated Industrial Area in Maharashtra with a coalition of global companies with an estimate of Rs 60000 crore. 6:16PM 18 Feb 18 Cradle of fourth industrial revolution Mukesh Ambani says the new inventions will change the world and make Maharashtra cradle of the revolution. India has the opportunity to be a leader in the global market hints at the development of artificial intelligence. I 6:11PM 18 Feb 18 Mukesh Ambani speaking at Magnetic Maharashtra Credits PM Modi with visionary leadership Ambani says Modi changed the mindset of all Indian and the New India vision is inspiring the country to achieve more. 6:05PM 18 Feb 18 GoM and GoI together for development Maharashtra will be the trusted partner of Centre to achieve 5 trillion dollar New India economy by 2025. Maharashtra will attain the one trillion dollar economy by 2025: CM Fadnavis 6:02PM 18 Feb 18 Amitabh Bachachan lends voice Megastar Amitabh Bachchan has given his voice to the audiovisual being presented at the inaugural ceremony of Magnetic Maharashtra investors summit. 5:59PM 18 Feb 18 Developing Maharashtra According to CM Fadnavis here are the five ways to develop Maharashtra: Unlock the potential of high growth sectors Unlock the potential of underemployed agriculture labour special policy reforms for services and industries increasing the public infrastructure and create growth corridors to connect Mumbai metropolitan to unconnected areas of the state. 5:54PM 18 Feb 18 FDI growth in Maharashtra FDI worth 29 billion dollars have been attracted towards Maharashtra in 2016-17 and 50 per cent of all of FDI has come to Maharashtra. We working on making Maharashtra a Rs one trillion economy by 2025 and Indian a five trillion economy. 5:52PM 18 Feb 18 Building upon Make in India MoU worth Rs 8 lakh crore were signed in Make in India event that was organised in Mumbai in 2016. CM says under these MoUs Rs 77000 crore has gone into projects and this is with the same view to inviting the world to invest into Maharashtra. 5:51PM 18 Feb 18 CM Fadnavis opens with welcome address CM Devendra Fadnavis welcomes business leaders to the global investors summit and says this is a convergence of ideas businesses political and thought leadership. 5:48PM 18 Feb 18 PM Modi reaches Magnetic Maharashtra evet PM Modi has reached the Magnetic Maharashtra investors Summit along with CM Devendra Fadnavis. 5:43PM 18 Feb 18 PM Modi at Magnetic Maharashtra PM Modi will inaugurate the Magnetic Maharashtra Investors Summit shortly in Mumbai where he will also deliver an inaugural address. 4:51PM 18 Feb 18 Global Investors Summit Maharashtra Flagship projects of the Maharashtra government will be displayed such as the Mumbai Metro Mumbai-Nagpur Super Communication Expressway Mumbai Coastal Road Mumbai Trans-Harbour Link and the Navi Mumbai International Airport. Made for ideasMade for passionMade for technology Made for tomorrow#MadeForBusiness !Welcome to #MagneticMaharashtra Convergence 2018...!Join us at the Global Investors Summit from 18th Feb 18... pic.twitter.com/kDyGhUwB3R Devendra Fadnavis (@Dev_Fadnavis) February 17 2018 4:48PM 18 Feb 18 What is Magnetic Maharashtra? This is Maharashtra s first Global Investors Summit and is being regarded as one of the biggest such events especially on the lines of the Make In India initiative launched by the Prime Minister in 2016. ALL YOU NEED TO KNOW Loading.....LOAD MORE IE Online Media Services Pvt Ltd Tags: Narendra Modi Mayur PanghaalFeb 18 2018 at 11:00 pmPak wont dare attack india if Modi becomes PM : Amit shah before elections.(5)(0) Reply Mayur PanghaalFeb 18 2018 at 10:59 pmये सस्त नश करत है .(9)(0) Reply CChirag SankerFeb 18 2018 at 8:29 pmThe French revolution started when the Queen said to the hungry peasants that If they cannot afford bread then eat cake! . I see similar situation arising in India! The elites in India should understand the ground reality. All show and no substance is not going to help!(40)(2) ReplyVVishFeb 18 2018 at 9:35 pmWhat s ground reality which you know and economists don t know?(0)(10) Replyharun hafeezFeb 18 2018 at 9:40 pmabsolutely Modi is going about doing the very same.I hurts to see the farmer so dam helpless and his insurance hasnt been paid to add to the Natures fury.A farmer told that in 3 years none of the announcements made have been delivered.(2)(0) Reply Prasanta MishraFeb 18 2018 at 8:22 pmEk aur ribon cut 2trlion economy inhereted jiska bantadhar ho raha hai.(36)(1) ReplyVVishFeb 18 2018 at 9:33 pmWhy so caustic?(0)(10) Reply AASHOKFeb 18 2018 at 8:21 pmVikram kotari of Rotomac flees INDIA with 800 Crores.(18)(0) ReplyVVishFeb 18 2018 at 9:36 pmWhat your statement has to do with news here?(0)(1) Reply Load More Comments
PM Modi is greeted by Maharashtra Chief Minister Devendra Fadnavis and Governor Vidyasagar RaoMumbai: Prime Minister Narendra Modi who is in Maharashtra today to inaugurate the Global Investors Summit - Magnetic Maharashtra: Convergence 2018 will also attend a function in Navi Mumbai to mark the ground breaking ceremony of the Navi Mumbai International Airport.At the same event he will also dedicate to the nation the fourth container terminal at the Jawaharlal Nehru Port Trust or JNPT. This will be India s largest container terminal. The terminal will be able to dock mother vessels and handle the biggest containers ships from a quay length of one km. The prime minister will then deliver the inaugural speech at the Global Investors Summit - Magnetic Maharashtra: Convergence 2018 .Later in the evening he will also inaugurate the Wadhwani Institute for Artificial Intelligence at the University of Mumbai.Here are the highlights of the inauguration of Magnetic Maharashtra: Convergence 2018 : Feb 18 201821:23 (IST)With the arrival of Artificial Intelligence Bots and Robots there is no doubt that our productivity will further go up. But there are also rising fears of human redundancy because there is a competition between the mind and the machine: PM @narendramodi- PMO India (@PMOIndia) February 18 2018Feb 18 201821:23 (IST) PM Modi also spoke at the inauguration of the Wadhwani Institute of Artificial Intelligence. Speaking at the ceremony the Prime Minister said that the institute is a prime example of how the public and private sectors can combine with good intention to build a world-class institute aimed at benefiting the poor.Feb 18 201821:00 (IST) PM Modi has gone to the Lilavati hospital to visit Goa Chief Minister Manohar Parrikar who is being treated for mild pancreatitis.Feb 18 201820:59 (IST) I am sure that Maharashtra will become the first trillion dollar economy in the country. Maharashtra s development is representative of changes in the country he said.Feb 18 201820:57 (IST) We are moving in a direction where the state is policy driven governance is performance driven government is accountable and democracy is participative PM said. We are working in times of disruptions and discontent he added.Feb 18 201820:57 (IST) Our budget is not limited to outlay its focus is on outcome. Our reforms in budget making and presentation have created a new work culture and are transforming the socio-economic landscape he said.Feb 18 201820:56 (IST) Speaking at the Global Investors Summit PM Modi said that the BJP-led government s budget reforms have created a new work culture and are transforming the socio-economic landscape of the country.Feb 18 201820:56 (IST) Speaking at the Global Investors Summit PM Modi said that the BJP-led government s budget reforms have created a new work culture and are transforming the socio-economic landscape of the country.Feb 18 201819:11 (IST) At the foundation stone laying ceremony of the Navi Mumbai International Airport PM Modi had said that while there are a total of around 450 aircraft operating in the country right now Indian airliners have posted orders for over 900 aircraft. He said that this showed that the aviation sector is poised for huge growth in the coming years Feb 18 201818:22 (IST) PM Modi at the Global Investors Summit - Magnetic Maharashtra: Convergence 2018.Feb 18 201816:54 (IST) PM Modi also dedicated the 4th container terminal at Jawaharlal Nehru Port Trust to the nation.This is the country s largest container terminal.Feb 18 201816:53 (IST) In the last year the ordering of new aircrafts in India has risen. This is wonderful because a strong aviation sector also gives more economic opportunities. Better connectivity leads to more tourists coming to India the Prime Minister said. For our Government as important as new projects are completing the projects within the desired time frame. Delayed projects cause several problems he added.Feb 18 201816:53 (IST) In the last year the ordering of new aircrafts in India has risen. This is wonderful because a strong aviation sector also gives more economic opportunities. Better connectivity leads to more tourists coming to India the Prime Minister said. For our Government as important as new projects are completing the projects within the desired time frame. Delayed projects cause several problems he added.Feb 18 201816:37 (IST) Our government had the honour of bringing an aviation policy that is transforming the sector PM Modi said.Feb 18 201816:35 (IST) India s aviation sector is growing tremendously. There is a sharp increase in the number of people flying. This makes quality infrastructure in the aviation sector of prime importance the Prime Minister said.Feb 18 201816:34 (IST)Issue of Navi Mumbai airport has been pending for years. And this is not the only project that is pending. When I assumed office I realised there were several such projects. That is why we began a Pragati initiative and gave priority to completion of projects: PM @narendramodi- PMO India (@PMOIndia) February 18 2018Feb 18 201816:33 (IST)The Government of India is devoting significant efforts towards the development of waterways: PM @narendramodihttps://t.co/vlmzQLAYiQ- PMO India (@PMOIndia) February 18 2018Feb 18 201816:32 (IST)The Sagarmala project is ushering not only development of ports but also port-led development: PM @narendramodihttps://t.co/vlmzQLAYiQ- PMO India (@PMOIndia) February 18 2018Feb 18 201816:32 (IST) Globalisation is a reality of our times and to keep pace with globalisation we need top quality infrastructure the PM said.Feb 18 201816:31 (IST) Speaking at the ground breaking ceremony of the Navi Mumbai International Airport PM Modi said that he had the opportunity to come to Maharashtra a day before the birth anniversary of the great Shivaji Maharaj .Feb 18 201816:10 (IST) PM Modi laid the foundation stone at the Navi Mumbai International AirportFeb 18 201815:22 (IST) PM Modi is greeted by Maharashtra Chief Minister Devendra Fadnavis in MumbaiNo more content CommentsClose X
Written by Shubhangi Khapre Sandeep Ashar | Mumbai | Published: February 19 2018 5:25 am Mumbai: Prime minister Narendra Modi addresses during the opening ceremony of the Magnetic Maharashtra Convergence 2018 in Mumbai on Sunday. PTI Photo by Shashank Parade Top News Imran Khan ties the knot for a third time marries spiritual guide Bushra ManekaPNB Fraud: Auditor Deloitte rang alarm bells on Nirav Modi two years agoNagpur reporter s mother and daughter found murdered body stuffed in sacksThe government is working to take Indian economy past the 5-trillion mark in the next few years Prime Minister Narendra Modi said on Sunday. Addressing global and domestic investors at Magnetic Maharashtra an investors meet organised by the state government Modi said that when India entered the one-trillion-dollar club it hit headlines. But owing to scams in the next few years what took centre stage was the country being classified as among the Fragile Five economies. Today once again we hear about India s efforts to achieve five-trillion-dollar growth by 2025. Now this confidence has come from development policies which are growth-oriented and investor-friendly. It also reflects the visionary leadership and efforts of the government and its positive impact on the people he said. At 2.5 trillion India is now the sixth largest economy in the world behind the US China Japan Germany and the UK. He said The New India is to accommodate the aspirations of the people and usher in a transparent and accountable ecosystem. He added that in a span of three-and-a-half years we have brought a new work culture . Lauding Chief Minister Devendra Fadnavis he said Maharashtra s leadership in industries and infrastructure will make it the first trillion-dollar-economy state of the country. Among the projects that drew his attention were the Samruddhi Corridor the proposed Navi Mumbai International Airport and the Mumbai Trans Harbour Link. The Delhi-Mumbai Industrial Corridor he said has been enlisted among the ten best projects globally. The budgets are no longer confined to outlays and output but transcend to outcomes. The government has provided additional Rs 1 lakh crore for rural growth and economy. We have initiated major reforms in the agriculture and rural sectors in the last two successive years. In the present budget our focus was health and clean energy he said. Referring to the policy reforms Modi said: We have abolished 1 400 laws which were obsolete. And instead we are moving towards simplifying the procedures and rules which are people-centric. On the first day of the conclave Dubai-based Bin Zayed Group committed to a direct infrastructure investment of US 7 billion in Fadnavis s pet project the Mumbai Nagpur Samruddhi Corridor. The 711-km corridor is aimed at cutting travel time between Mumbai and Nagpur to just six hours. Several industrial development nodes have been proposed along the corridor especially in lesser developed pockets in Vidarbha and Marathwada. The ambitious project of setting up a pod-based high speed mass transit network between Mumbai and Pune was also flagged off with the government signing an intent agreement with British billionaire Richard Branson-led Virgin Group for building a hyperloop network between the two cities. Branson who was at the event said I m incredibly excited about the potential to transform not just transportation but wider society. For all the latest India News download Indian Express App More Top News India vs South Africa: First hammer then cutlass from the visitors in Johannesburg The irony: In three years PNB won three awards for vigilance No Comments.
Prime Minister Narendra Modi on Sunday dedicated the first phase of the Rs 7 900-crore 4th terminal project of the Jawaharlal Nehru Port Trust (JNPT) to the nation which will raise the cargo handling capacity of the nation s largest container port by 50 percent. The 4th container terminal at @JNPort is a vital step towards port-led development. pic.twitter.com/SyEOtmj9sw Narendra Modi (@narendramodi) February 18 2018 The fourth terminal project seeks to double JNPT s capacity to nearly 10 million standard container units and will make it the 33rd biggest port globally. In contrast the global export powerhouse China already has 15 ports with over 20 million TEUs capacity. The nation s largest port JNPT has a capacity of 4.8 million standard container units capacity now and with this inauguration 2.4 million standard container units are added. On completion of the second phase by 2022 which will also have a capacity of 2.4 million standard container units total capacity will go up to almost 10 million. Inaugurating the first phase of the fourth terminal of the JNPT to be operated by the Singapore Ports through a remote control Modi who also laid the foundation stone for the first phase of the Rs 16 700-core Navi Mumbai international airport said his government is focusing on port-led development. If we have to carve out a place for ourselves in a globalised world we need to enhance our waterways Modi said. File image of Prime Minister Narendra Modi. Reuters The Port of Singapore Authority (PSA) has invested Rs 4 719 crore in the first phase of terminal at Uran through its subsidiary Bharat Mumbai Container Terminal (BMCT). The work on the terminal began in 2015. The overall capacity of the first phase which entails a 1-km-long berth mostly built on reclaimed land can handle three ships simultaneously is 2.4 million standard container units. PSA Group chief executive Tan Chong Meng said the port is targeting to handle 5 00 000 TEUs in 2018 and then add further. He said the JNPT which awarded the fourth terminal to the PSA in May 2014 after long delays has struggled with capacity till now due to which ports like Mundra in the private sector have been able to attract more traffic. Because of this capacity constraint cargo movements have been sought to move to other places. Perhaps not their first choice to do so. They would prefer to go through Mumbai as this city has a very big hinterland Meng said. Now that the capacity has been added the government will also be able to seek investments for the economy he added and underlined the need to have the pricing power for operators. The first phase took a lot of energy we learnt a lot he said without elaborating. The project has been executed with the support of Singaporean banks Meng said adding that features like a longer berth and modern cranes which can handle larger ships distinguish it from other terminals of JNPT located off the financial capital s eastern coastline. Expressing reservations about the BMCT being seen as a new kid on the block despite adding 50 percent to the capacity he said there is a need for all the stakeholders to work together. BMCT is not built for its own sake it is built for the sake of the whole port of Mumbai. If BMCT has a good reputation the whole port of Mumbai will have a good reputation he said.
GVK Power and Infrastructure which is building Mumbai s second airport to ease congestion at India s commercial nerve-center will raise up to 1b by issuing dollar bonds to fund the greenfield project and refinance existing debt three people with knowledge of the plan told ET. GVK is in talks with at least half a dozen investment bankers to raise between 500 million and 1 billion sources said. The company is looking at bonds to lighten the upfront repayment load. If it raises bank loans every year it has to repay principal and interest together. But bonds only require the borrower to pay interest every year deferring the immediate liability said one of the persons cited above. The proposed overseas securities would be of 144A nature where institutional buyers across Asia Europe and the US can invest. A GVK spokesperson declined to comment. The formal launch may be announced in a month through overseas road shows. The bonds may have five-ten year maturities. Going by the latest market trend the bonds may offer coupons in the range of 5-10% as the company is rated below investment grade. Domestic credit rating company CARE had graded GVK Power as D or default category in October 2016. The company has to seek a fresh re-rating for its proposed offshore bond-sale which could be marked as high-yield by any global rating company. GVK is seen improving its financials in the past few months. Airports form more than three-fourths of GVK s asset base. It runs Mumbai airport and held ownership in Bangalore Airport too. The company is saddled with debt said Sanjiv Bhasin Executive VP-Markets and Corporate Affairs IIFL. It is natural for GVK to raise money either to refinance or fund new projects. But it is to be seen how it creates value for investors through asset creation. There would be relative value on how GVK Power sells its land parcels he said. In October last year the Maharashtra government approved GVK s bid for the Rs 16 000-crore Navi Mumbai airport project. A special purpose vehicle (subsidiary) Navi Mumbai International Airport Pvt Ltd is building the airport. GVK holds about three-fourths ownership in the company while City and Industrial Development Corporation (CIDCO) the nodal authority of the government of Maharashtra owns the rest. GVK s total debt was about Rs 15 811 crore as on March 31 2017 which was 5% less a year earlier show data from Bloomberg. Total debt was Rs 22 464 crore three years ago. During the July-September quarter GVK reported a net loss of Rs 77 crore. In the past three months GVK Power shares have climbed 25% coedmpared with the 5.2% rise in BSE Sensex.
.story-content span .story-content p .story-content div color:#000!important;font-family: open sans Arial!important;font-size:15px!important ALSO READ GVK Cidco set 2021-end as deadline for Navi Mumbai airport s first flight Maharashtra govt okays MIAL bid to build Rs 16 000 cr Navi Mumbai airport Five engineers hurt in freak mishap at Navi Mumbai airport site GVK Power at 52-week high on pact with CIDCO to develop Navi Mumbai Airport span.p-content div id = div-gpt line-height:0;font-size:0 Prime Minister Narendra Modi will lay the foundation of the Rs 160-billion Navi Mumbai airport project on Sunday. First conceived nearly two decades ago the airport project has missed several deadlines and has been mired in issues related to land acquisition and environment. With the existing Mumbai airport reaching saturation the need for a second airport has become urgent. The prime ministerial push is expected to expedite the work. Last month the GVK group and the City and Industrial Development Corporation of Maharashtra (Cidco) signed the concession agreement for the airport. The GVK group won the bid to construct the airport last February but the award letter was issued only in October. The group runs the existing Mumbai airport. Here are all the top details of the airport project: 1) Master plan to be ready by April: According to the concession agreement the first phase of the airport will have the capacity to handle a minimum of ten million passengers and 0.26 million tonnes of cargo each year. The airport master plan is being prepared and will be submitted to the government by April -- within 90 days of the signing of the concession agreement. Consulting firm Jacobs UK is working with the GVK group on the master plan. An architect will soon be selected through a competition to design the terminal building. However the first phase could be built to handle more than ten million passengers per year and the same is being evaluated by GVK group. The evaluation will take into account factors such as traffic forecast capacity at the existing airport in Mumbai connectivity and project financing among other things. 2) Twenty per cent pre-development work complete: The core airport land covers 1 160 hectares and much of it comprises hillock marshland and river. Pre-development works which include flattening a hillock reclaiming marshland diverting a river and shifting of power transmission lines began last June. The work was held up many times by project-affected villagers but Cidco officials claim that the work has been completed on around 20 per cent of the 1 160 hectares. The hillock is being excavated and rock is being used to fill land to increase the land level to 5.5 metres above sea level. The work of shifting power transmission lines is yet to begin. The work requires clearance of the high court as it involves the construction of two stilt bridges over mangroves and creek. Over 400 of the 3 000 project-affected families have shifted their homes and Cidco is offering an extra incentive of Rs 100-500 per square foot to villagers to encourage them to vacate their homes by May. Those who vacate in March will get Rs 500 per sq foot incentive and those leaving in April and May will get Rs 300 and Rs 100 per sq foot respectively. 3) When will the airport be ready -- December 2019 or 2022-23? The answer to that question depends on whom you ask. CIDCO maintains that the terminal building and single runway will be ready by December 2019 while earlier this month minister of state for civil aviation Jayant Sinha stated that it will take 4-5 years for the airport to become operational. According to the concession agreement the airport launch deadline has been set at 2021 end. 4) Thirty-year concession agreement: Under the concession agreement the initial concession period is for 30 years which is extendable by another ten years. The financial closure will be done six months after signing the concession agreement. The civil aviation ministry and Airport Authority of India will now sign an MOU with the developer for the provision of services such as customs immigration and air navigation. The airport is being jointly developed by GVK group-run Mumbai International Airport Limited (MIAL) and Cidco. While MIAL owns 74 per cent Cidco holds 26 per cent in the company developing the project. The airport development company will pay 12.6 per cent of its gross revenue and a concession fee ranging from Rs 50 million to Rs 12.5 billion over a period of sixty years to Cidco.
By: Express Web Desk | New Delhi | Updated: February 19 2018 7:44 am The system which will also connect Navi Mumbai International Airport will benefit 26 million people. (Source: Virgin Hyperloop One) Related News Justin Trudeau India visit LIVE UPDATES: Canadian PM to meet IIM students film personalities in Mumbai todayNarendra Modi in Karnataka LIVE UPDATES: Ahead of polls PM kicks off second round of BJP campaignWhat is Shravanabelagola? The Richard Branson-led Virgin Group on Sunday signed a framework agreement with Maharashtra to build a hyperloop transportation system between Mumbai and Pune which would reduce travel time between the two cities to just 25 minutes from the three hours at present. The system which will also connect Navi Mumbai International Airport will benefit 26 million people and ease the burden on local trains. The foundation stone for the transport system was laid by Prime Minister Narendra Modi along with Maharashtra Chief Minister Devendra Fadnavis during the Magnetic Maharashtra investor summit. We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune beginning with an operational demonstration track in the region Virgin Group chairman Richard Branson said. With easier access to airport gates the loop will be able to ferry 150 million passengers every year. Branson said the Pune-Mumbai route could result in Rs 3 50 000 crores in socio-economic benefits time saving accident reduction and operational cost savings on over 30 years of operation. Hyperloop transport system will allow for passengers freight to be transported at super-fast speeds more than 1 000 km per hour. (Source: Virgin Hyperloop One) Hyperloop transport system will allow for passengers freight to be transported at super-fast speeds more than 1 000 km per hour which is faster than airlines in a levitating pod that will travel in a vacuum tube. Last year the Andhra Pradesh government signed a memorandum of understanding with Hyperloop Transportation Technologies (HTT) for developing the project. Branson said the the fifth generation transport system will create tens of thousands of jobs helping to attract new business and investment in the region. The 100 per cent electric efficient system will also ease severe expressway congestion and could reduce greenhouse gas emissions up to 86 000 tons over 30 years he said. The proposed Maharshtra project will begin after a six-month in-depth feasibility study which will analyse and define the route alignment including environmental impact economic and commercial viability the regulatory framework and cost and funding model suggestions. For all the latest Business News download Indian Express App IE Online Media Services Pvt Ltd More Related News Moving ahead while keeping allies along necessary: PM Modi Artificial intelligence will help improve productivity: PM Modi at Mumbai University Tags: Hyperloop Narendra Modi PPrachiFeb 19 2018 at 8:20 amGovernment should complete already declared projects first . Electricity should reach the peolpe in rural area so that children can study in night also and irrigation can be done Padega India toh Badega India . India is agriculture based http://www.ogoing.com/kkmytata country should promote agriculture Invest in plantation to get rain and reduce pollution. Pls 70saal SE Jo buniyaadi kaam nahi hue hai unhe pura karana chaahiye tabhi Make in India ka sapna pura hoga(2)(0) Reply DDFeb 19 2018 at 3:25 amWhen normal trains cannot run smoothly without frequent accidents then hyperloop at so huge costs? Who has experimented with it and ensured safety?(1)(1) Reply Aleko GreatFeb 19 2018 at 1:39 amMY TESTIMONY ABOUT A GREAT SPELLCASTER CALLED (DR ALEKO) Your love spell has huge powers! I cant believe what s happening to me! It s been only 3 weeks since you did that spell and Victor is already after me. Since the last week-end he phoned at least 5 times. I believe he seems to realize his mistakes. It s absolutely happening as you said!! Thank you! Your work is helping me so much Without you I would feel so lonely and miserable... Thank you sir! here is the Doctor contact incase you are passing through problem ( Alekospellcaster009 or whatsapp him 1-442-243-3652)(0)(0) Reply DDilip DamleFeb 19 2018 at 12:12 amI have read and now reread a lot of material from renown scientists and physicists and most agree that Hyperloop is not practically feasible system to transport humans safely. No trial has yet been done anywhere with humans and may not be done in near future it is still a long way may be never.(4)(2) Reply Ashish MFeb 18 2018 at 11:28 pmNot sure what the clauses are hyperloop seems to be a fancy technology in which there haven t been any successful trial runs for short distances. Hope there is no investment done by government until a working prototype is made.(6)(0) Reply Load More Comments