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Mumbai court issues non-bailable warrant against Mehul Choksi in fraud case
Choksi, a prime accused in the multi-million dollar Punjab National Bank (PNB) fraud, was arrested in Belgium on April 12 following an extradition request by Indian probe agencies.
The non-bailable warrant against him was issued recently by Additional Chief Judicial Magistrate (Esplanade Court) R B Thakur.
The matter has been adjourned to June 2 for a report on the warrant.
The Central Bureau of Investigation (CBI) has alleged that the Canara Bank and the Bank of Maharashtra had sanctioned Rs 30 crore and Rs 25 crore, respectively, as working capital facilities under a consortium agreement to Bezel Jewellery.
The loan was granted for the manufacturing and sale of gold and diamond-studded jewellery, but the company allegedly did not use it for the intended purposes, according to the CBI.
The company did not repay the loan, causing a loss of Rs 55.27 crore to the consortium, the agency has alleged.
Choksi and his nephew Nirav Modi are prime accused in the Rs 13,500-crore PNB fraud.
While Choksi is fighting for bail in a court in Belgium, Nirav Modi has been in jail in London since 2019.
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Hindustan Times
8 minutes ago
- Hindustan Times
Cow's milk, as well as Russian oil, fuels the US-India trade war
Donald Trump has beef with India for buying oil from Russia. But the American president's tariffs totalling 50% on many Indian exports—set to come into force later this month—are not just about geopolitics. Agriculture and dairy have been the most contentious issues in India's talks with America, which broke down this month. And it is over farming that India's equally combative prime minister, Narendra Modi, has chosen to fight back. 'India will never compromise on the wellbeing of its farmers, dairy and fishermen,' he thundered in Delhi on August 7th, a day after Mr Trump's announcement. For Hindu-nationalist politicians like Mr Modi, the dairy industry has particular importance (the cow is sacred in Hinduism). But it is also a source of national pride, seen as a poverty-alleviating triumph of enlightened policymaking, technological advance and international co-operation. India is a milk superpower. For nearly three decades it has been the world's biggest producer and is now the source of about a quarter of the global total. Yet, from the point of view of India's trading partners, notably America, the industry seems to sum up all that is wrong with India. It is grossly inefficient, subsidised, polluting (all that methane) and heavily protected by high tariff barriers and a perplexing lattice of arcane non-tariff ones. Can these diametrically opposed views be reconciled? The answer matters a lot to India's trade diplomacy. It is not just America that complains about access to the Indian market. It is a sticking-point in negotiations with the European Union, too, and was one of the thorniest issues in the negotiations leading to a free-trade agreement with Britain signed last month. It may also have been the main reason why India pulled out of a big regional trade deal in 2019. Indian dairy still basks in the glow of a 'white revolution' launched in 1970. At the time Indians already had more cattle than any other country, but they consumed an average of about 100 millilitres of milk a day, far below recommended nutritional standards. Some of that had to be imported. By the turn of the century India had virtually doubled the availability of milk per person. Dairy practices had been modernised and the cross-breeding of cattle had boosted yields. A network of tens of thousands of co-operatives had been established, improving distribution and logistics, financed by the sale of skimmed milk powder and butter donated by the European Economic Community, the EU's forebear. Yields have continued to improve this century, but the structure of the industry remains unchanged. 'White Revolution 2.0', launched by the government last year, aims not to reform but expand it, with co-operatives increasing milk procurement by 50% over five years. Production will still depend on tens of millions of smallholders—families with a cow that grazes on their plot, produces dung and urine to be used as fertiliser, and provides milk for the family, sometimes with a surplus to sell. Himanshu (who goes by one name), a professor of economics at Jawaharlal Nehru University in Delhi, points out that Mr Modi and Mr Trump are both very 'pro-farmer'. But their farmers, including dairy farmers, could hardly be more different. India has about 200m cattle, of which the United States Department of Agriculture estimates 62m are dairy cows. Yet the average 'herd' consists of fewer than four, and the average landholding of just one hectare. A number widely used is that 80m families have one or more cows or buffaloes. America has just 24,000 dairy farms, with an average herd size of about 390. Co-operatives guarantee Indian farmers a buyer for their milk, and pay them bonuses when prices rise. A handful have become big national organisations—notably Amul, from Gujarat, home state of Mr Modi and his powerful cabinet minister, Amit Shah. So vaunted is the success of the agricultural co-operative system that in July Mr Shah unveiled plans to extend it to other businesses such as tourism, taxis and green energy. Proud as Indians are of their cows and their dairy farmers, they have to admit that both are, by international standards, woefully unproductive. The average American cow produces about seven times as much milk as her Indian competitor. India protects its dairy farmers with import tariffs comparable to those Mr Trump is now imposing on Indian exporters: 40% on most butter and cheese and 60% on powdered milk. Without these protections, says Shashi Kumar, boss of Akshayakalpa, a privately owned organic-dairy business in southern India that works with 2,200 small farmers, 'smallholder farms will collapse'. It is not just tariffs that Mr Trump's negotiators object to. India excludes imports of all genetically modified crops except cotton, and in dairy there is a ban on what has become known as 'non-veg milk'—with a requirement that imported dairy products be certified to come from cows that had not been fed animal products such as bonemeal. The ban is often decried as a non-tariff barrier dressed up in politically correct Hindu-nationalist clothes. Vijay Sardana, a lawyer and agri-economist, points out it was in fact introduced in 2003, when he drafted the law in response to the BSE (mad-cow disease) scare in Europe. Still, the perception that the Indian government will use any available tactic to protect its farmers is probably justified. Harish Damodaran, the agriculture editor of the Indian Express, a newspaper, points out that twice in four years India's farmers have fended off attempts at reform. In 2021 their prolonged, angry protests in Delhi forced Mr Modi to repeal three laws introducing sensible deregulatory reforms. Mr Trump's effort to impose change through diplomacy may prove equally fruitless.
Hans India
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Cabinet approves 700 MW hydro electric project in Arunachal Pradesh for Rs 8,146 crore
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Hans India
10 minutes ago
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Cabinet gives go-ahead for Rs 5,801 crore Lucknow Metro Rail Project
New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Tuesday approved Phase-1B of the Lucknow Metro Rail Project with 12 stations, across a length of 11.165 km with an investment of Rs 5,801 crore. While seven of these stations are to be built underground, five of them will be at an elevated level. On operationalisation of Phase-1B, Lucknow city will have 34 km of active metro rail network. Phase-1B of the Lucknow Metro project will introduce approximately 11.165 km of new metro lines, significantly improving public transportation in the oldest and most densely populated areas of the city, which currently lack efficient connectivity, according to a Cabinet communique. This phase aims to seamlessly integrate key zones of old Lucknow, including commercial hubs such as Aminabad, Yahiyaganj, Pandeyganj, and Chowk, critical healthcare facilities, most notably the King George's Medical University (Medical College) and major tourist attractions, including the Bara Imambara, the Chota Imambara, the Clock Tower, and Rumi Darwaza. The metro will also provide easier access to the culinary destinations known for the city's rich and historic food culture. By bridging these vital areas with the metro network, Phase-1B will not only enhance connectivity but also stimulate economic activity, tourism, and ease urban mobility for both residents and visitors, the statement said. Metro Rail is an efficient alternative to road transport, and with Phase-1B as an extension to the Metro Rail network, Lucknow is expected to alleviate traffic congestion. It will be particularly impactful on the heavily congested routes of old Lucknow. Reduction in road traffic will lead to smoother movement of vehicles, reduction in travel time, and increased overall road safety. The metro rail network will also significantly reduce carbon emissions compared to traditional fossil fuel-based transport. Reduced travel times and improved access to different parts of the city, such as the airport, railway stations, and bus depots, are expected to enhance productivity by allowing individuals to reach their workplaces and destinations more efficiently. Also, the enhanced connectivity can stimulate local businesses, especially in areas near new metro stations, which can also attract investment and development in previously less accessible regions, the statement said. The expansion of the Phase-1B metro rail network will also provide more equitable access to public transport, benefiting diverse socio-economic groups and reducing transport disparities, which will contribute to a higher quality of life by reducing commute times and improving access to essential services in Lucknow, it added.
