ED abusing power at behest of govt, won’t bow down: Chidambaram
The Congress and its leader P Chidambaram today accused the government of “unleashing vicious vendetta” against the opposition after the Enforcement Directorate (ED) carried out raids at the residence of the former Union minister here in connection with its money laundering probe in the Aircel-Maxis case. P Chidambaram accused the ED of misusing its power at the behest of the government. He said he would not succumb to pressure and continue to speak and write. He spoke to reporters outside his Jorbagh residence here, hours after the ED conducted searches at 10 premises linked to his son Karti Chidambaram in connection with the probe. P Chidambaram termed the raids “a comedy of errors” and claimed the officers were left “embarrassed” and “apologetic” as they could not find anything at his house.
3 students drown, 32 rescued after boat capsizes; 3 held
Three girls drowned and five were missing after a private boat with 40 students, who were on a school picnic, capsized this morning off the coast of Dahanu in Palghar district of Maharashtra. Three persons, including the owner of the boat, were arrested by Palghar police late this evening. The police said 32 students had been rescued and a search for the missing ones was continuing, with Coast Guard personnel and local fishermen out at sea. The bodies of the three girls — Sonal Bhagwan Surati, Janhavi Harish Surati and Sanskruti Mayavanshi — all aged 17, were recovered, Superintendent of Police, Palghar, Manjunath Singe told PTI.
Mukhtar Abbas Naqvi spells out Modi government’s view SC judges’ presser against CJI, triple talaq
MUKHTAR ABBAS NAQVI: In the past three years, I have seen that there has been development with dignity, and empowerment without appeasement. We have fulfilled all our commitments. The Narendra Modi government has worked positively and constructively towards inclusive development. We were in Saudi Arabia recently, and the way the ministers, senior officials and people of that country praised our economy and governance, it would make any Indian proud. They said that the whole world is looking at India with a lot of confidence and trust. India is fast moving towards becoming a world leader. As far as minorities are concerned, we have managed to break the stereotypes associated with them — that they should be appeased and not empowered.
Delhiites may have to pay more for petrol, diesel soon; here’s why
At a time when rising fuel cost is already pinching customers across the country, Delhi users might cease to enjoy the benefit of paying the lowest prices for motor spirits among metro cities, as fuel retail outlets across the capital face the threat of higher rentals to be paid to the Delhi Development Authority (DDA). While oil marketing companies (OMCs) are contesting DDA’s decision to increase the land rentals, effective 2007, in the Supreme Court, they have already paid 50% — around Rs 600 crore — of the claim made, and the rest might have to be paid along with interest. A government official said though OMCs have not yet passed on the cost to consumers, the moment lease rentals go up, prices will go up in Delhi. “Fuel pricing is formula based. Till the refinery level, pricing is indexed with international prices, but after that it is cost plus taxes, transportation and other such costs added and passed on to consumers,” said the official. While the price of petrol in Delhi on Thursday was Rs 70.66 per litre, it was Rs 78.55 in Mumbai, Rs 73.40 in Kolkata and Rs 73.25 in Chennai. Almost 90% of the fuel outlets in Delhi are located on ‘A-site’, wherein land is procured by OMCs from DDA and asset is built, which is then operated by a dealer. This is unlike other cities, where a ‘B-site’ is more common, wherein the dealer provides land and OMCs develop basic facilities and tanks to be operated by dealers.
Capital First to merge with IDFC Bank in all-stock deal; V Vaidyanathan to be CMD
Private-sector lender IDFC Bank and Capital First, a leading provider of debt to micro, small and medium enterprises and retail consumers, on Saturday said the two companies have agreed to merge their businesses to create a combined entity with assets under management of Rs 88,000 crore and a customer base of 50 lakh. The scheme of amalgamation, to be effective from April 2018, requires IDFC Bank to issue 139 shares for every 10 shares of Capital First, the two companies said in a joint statement. The arrangement, which is subject to regulatory and shareholder approvals, implies a discount of about 12% to IDFC Bank’s valuation, based on its market capitalisation of Rs 23,019 crore on Friday. Following the arrangement, existing shareholders of IDFC Bank and First Capital will retain ownership shares of about 71.2% and 28.8%, respectively.