Latest news with #MitulPatel
Hindustan Times
29-07-2025
- Hindustan Times
Gujarat high court sets aside conviction of 3 men in 2002 riots case in Anand
AHMEDABAD: The Gujarat high court has acquitted three men who had been convicted in 2006 for rioting and arson during the 2002 post-Godhra violence in Anand town, holding that their conviction was not based on reliable and corroborative evidence. The three men, Sachinbhai Patel, Mitul Patel, and Mitesh alias Dhobi, had been convicted by a First Fast Track Court at Anand in 2006. In a 98-page verdict delivered on July 28, justice Gita Gopi cited inconsistencies in how the accused were identified and named and held that there was no credible evidence linking the three to the offences. The three men, Sachinbhai Patel, Mitul Patel, and Mitesh alias Dhobi, had been convicted by a First Fast Track Court at Anand and sentenced to five years of rigorous imprisonment under Section 436 of the Indian Penal Code for mischief by fire (arson), along with shorter concurrent sentences under sections 143 and 147 for unlawful assembly and rioting. A fourth man, Alpesh Patel, who was also convicted in the same case, died during the pendency of the appeal. Justice Gopi said the trial court judge erred in evaluating the evidence. 'Conviction is not based on reliable and corroborative evidence. The identification of the accused have not been proved during the trial. The present appellants, whether were the member of the unlawful assembly, was not proved, and that they had common object of creating arson had not been proved, and any act of the appellants accused in prosecution of the common object, of setting things on fire and damaging the private and public property had not been proved during the trial,' the high court said. The case was filed in connection with violence in Anand town's Lotia Bagod area on March 1, 2002, following the killing of 59 kar sevaks when a coach of Sabarmati Express was set on fire at Godhra station on February 27. According to the prosecution, the three were part of a crowd that gathered in Anand on March 1 and set shops on fire, looted goods, and caused large-scale damage. There had been a call for a Bharat Bandh, which prompted police to increase patrolling in sensitive areas. Investigators initially charged nine men in the Lotia Bagod case but the trial court acquitted five of them in 2006, giving them the benefit of the doubt, and convicted the remaining four. One of the convicts, Alpesh Patel, died in 2009, and his appeal abated in 2020. The high court, which reviewed the evidence, pointed out that the police complaint was filed by a sub-inspector, who said he witnessed mob violence at multiple places but did not identify any individual perpetrator. Several police witnesses, including the investigating officer, also stated that the mob dispersed upon police arrival and that no one was apprehended at the scene. A separate complaint was submitted by Liyakat Vohra, the owner of one of the affected shops, in which he named six persons, allegedly based on information given by his relatives. Vohra told the trial court that he did not witness the incident and had listed the names of the accused based on information given by his uncle and brother-in-law. But his uncle, Mohammedbhai Jamalbhai, said that he had seen a large crowd from a distance but could not identify anyone. He also confirmed that some members of the crowd were trying to put out the fire, not just start it. Vohra's brother-in-law, Irfan Yusuf Vohra, was the only person who claimed to have seen the accused. But the court noted that his testimony was not corroborated by independent witnesses or by any Test Identification Parade. 'The conviction is totally based on [his] evidence,' the court observed, adding that even he did not name the accused in the first information report. The court stated that many shop owners who testified claimed they did not see who caused the damage. Some were not present at the scene; others were declared hostile. No physical evidence connected the three men to the arson, and the investigating officer confirmed that no accused was arrested during patrolling. Justice Gopi also said that Section 149 of the IPC, which holds members of an unlawful assembly liable for acts committed by the group, requires at least five persons to be convicted. With only four of the remaining nine having been convicted in this case, the court ruled that the charge under Section 149 could no longer be applied. 'The identification of the accused in court is not on account of his [the witness's] own version. He is not the eyewitness,' the court said, concluding that the prosecution had been unable to prove its case beyond a reasonable doubt.
Observer
20-05-2025
- Business
- Observer
BBF annual golf event to raise funds for autism
The first British Business Forum (BBF) annual golf event will be conducted in partnership with the Milly's Golf Society to raise funds for autistic children under the Oman Autism Society on Friday May 23rd at the La Vie Golf Course at the Muscat Hills, according to the organisers. 'We have invited players from BBF groups around the Gulf and this is the first time that the BBF has ventured into this territory. The event is also very beneficial as it highlights Oman as a golfing destination,' said Mitul Patel, BBF Treasurer, who is organising this event. There will be 150 players largely from corporates, 50 spectators from the BBF and 25 sponsors in support of the Oman Autism Society and the awards ceremony will be between 6 and 6.30 pm, followed by post event networking and dinner. The British Business Forum, established over 25 years ago, primarily for British businesses and community in Oman under the auspices of the British Embassy with monthly meetings and other events, has been organising events of networking as well as art and sports sectors. Similar groups have been formed throughout the GCC countries with similar activities. 'With a strong social media presence and a post-golf networking event, this is a fantastic opportunity to connect with professionals and support a great cause and entry to the event is free.' One can register their interest with the BBF by registering their name, company name, Whatsapp number, preferred tee time, whether am or pm. La Vie Golf Course - Muscat Al Mouj Golf, as part of its Corporate Social Responsibility, has organised the annual Golf Fore Autism Corporate Charity Golf Day, empowered to raise awareness about autism in the Sultanate of Oman last year. The Golf Fore Autism Corporate Charity Golf Day has grown every year since inception and this year raised a sum of RO 12,700 for the Association of Early Intervention for Children with Disability to help provide educational initiatives on autism in Muscat.
Reuters
06-02-2025
- Business
- Reuters
UK under pressure to issue fewer long-dated bonds
Summary Investors and dealers urge UK to issue shorter-dated debt Pension fund demand has faded for UK's long-dated gilts Less risky shorter maturities attract wider investor range UK has 4th-largest sovereign market, longest average maturity Debt office to set out 2025/26 bond plans on March 26 LONDON, Feb 6 (Reuters) - Britain is under pressure from bond dealers and investors to sell fewer long-dated government bonds - which briefly slumped in value earlier this year - as it seeks to finance around 300 billion pounds ($375 billion) of public borrowing next year. The country's 2.6 trillion pounds of outstanding government bonds - the fourth-highest total in the world after the United States, China and Japan - has an average maturity of 14 years, the longest of any economy and double the norm. While this has fallen from a peak of 16 years in 2019, investors and dealers say the UK Debt Management Office should move faster to lower the average maturity of debt it issues when it sets out plans for the upcoming financial year on March 26. "It feels like it's becoming a lot more pressing," said Mitul Patel, a senior portfolio manager at investment firm State Street, which manages $4.7 trillion of assets globally. Not cutting issuance of long-dated gilts could increase the market's "underlying fragility" if there was another big selloff like at the start of 2025, Patel warned. "If you oversupply the market with longs, that could have a much bigger impact, in that you'd see much more disorderly selloffs as a result of that in this current environment," he said. Amid a global bond selloff before last month's inauguration of U.S. President Donald Trump, British 30-year gilt yields hit their highest since 1998 at 5.47%, compared with below 1.5% less than three years ago. Some of the intense pressure on British debt was linked to finance minister Rachel Reeves' plans to ramp up borrowing to spend more on public services and investment. Gilt dealers last month called on Britain's Treasury to skew public debt sales towards shorter-term bonds, largely because of a fall in demand from company pension funds. Starting in the early 2000s, regulators required final-salary pension schemes to buy long-dated bonds to fund future payouts. This process is almost complete and nearly all schemes are closed to new employees. "There simply isn't the demand for longer-dated paper on a demographic basis compared to 20 years ago," said Moyeen Islam, fixed income strategist at Barclays, a primary dealer in gilts. LOWER DEMAND FOR LONGER DATES Issuing long-dated gilts has advantages for Britain. It locks in interest rates for over 50 years in some cases, providing greater certainty over government borrowing costs, and reduces the amount of debt that has to be refinanced each year. But short-dated gilts appeal to a wider range of investors, including banks, hedge funds and foreign investors who own around 25% of British debt. "We're definitely seeing a shift shorter from our client base," said Megum Muhic, a strategist at RBC. Demand for short-dated gilts is more elastic due to the wider investor base, something the DMO took advantage of in the COVID pandemic. Long-dated bonds pose greater risks of losses for investors. The spread between 30-year and 5-year gilt yields is around 0.9 percentage points, the widest since 2021. The high outright level of yields means that on a 20-year gilt Britain is effectively locking itself into paying 6% annual interest between years 10 and 20. "The Treasury is having to pay an enormous deadweight cost to hedge this so-called refinancing risk," said Mark Capleton, a fixed income strategist at Bank of America. Other factors also support the shift to shorter issuance. Short-dated gilt yields more closely reflect Bank of England interest rates, which are falling, as well as weaker near-term economic conditions. By contrast, long-dated gilt yields can be pushed higher by worries about long-term international trends in government borrowing and inflation - a concern when the United States looks set to run ever-larger budget deficits. The BoE's sale of hundreds of billions of pounds of bonds bought under its quantitative easing programme - which Capleton said offset weaker pension fund demand for long-dated gilts in the 2010s - has boosted demand for short-dated debt too. The BoE's QE reversal is draining cash from the financial system, creating demand for cash-like short-dated gilts. SHIFT SHORTER This financial year, conventional gilts with a maturity of over 15 years are on track to fall to about 20% of issuance, down from 22% in 2023/24 and almost 30% in much of the previous 10 years. State Street said for 2025/26 the DMO should target 10-15% long-dated conventional gilt issuance, while Barclays modelled a 5 percentage point fall to 16%, which would be the lowest since 1990. Former DMO chief executive Robert Stheeman told Reuters in March that the agency recognised the higher costs of selling long-dated gilts as demand dropped. The DMO has pared back sales of inflation-linked bonds, which halved as a share of new issuance between 2017 and 2024, following cost concerns from a government budget watchdog. However, demand at auctions for long-dated gilts has remained high and in October, the DMO nudged up its issuance plans for them. Barclays' Islam said he did not think a 5 percentage-point fall in long-dated issuance would be a big shock to markets. "If you want to send a message that the nature of supply in the UK is changing, you can be a little bit more bold. But whether they want to be bold? Debt management is an inherently cautious business," Islam said. ($1 = 0.7997 pounds)
Zawya
06-02-2025
- Business
- Zawya
UK under pressure to issue fewer long-dated bonds
LONDON - Britain is under pressure from bond dealers and investors to sell fewer long-dated government bonds - which briefly slumped in value earlier this year - as it seeks to finance around 300 billion pounds ($375 billion) of public borrowing next year. The country's 2.6 trillion pounds of outstanding government bonds - the fourth-highest total in the world after the United States, China and Japan - has an average maturity of 14 years, the longest of any economy and double the norm. While this has fallen from a peak of 16 years in 2019, investors and dealers say the UK Debt Management Office should move faster to lower the average maturity of debt it issues when it sets out plans for the upcoming financial year on March 26. "It feels like it's becoming a lot more pressing," said Mitul Patel, a senior portfolio manager at investment firm State Street, which manages $4.7 trillion of assets globally. Not cutting issuance of long-dated gilts could increase the market's "underlying fragility" if there was another big selloff like at the start of 2025, Patel warned. "If you oversupply the market with longs, that could have a much bigger impact, in that you'd see much more disorderly selloffs as a result of that in this current environment," he said. Amid a global bond selloff before last month's inauguration of U.S. President Donald Trump, British 30-year gilt yields hit their highest since 1998 at 5.47%, compared with below 1.5% less than three years ago. Some of the intense pressure on British debt was linked to finance minister Rachel Reeves' plans to ramp up borrowing to spend more on public services and investment. Gilt dealers last month called on Britain's Treasury to skew public debt sales towards shorter-term bonds, largely because of a fall in demand from company pension funds. Starting in the early 2000s, regulators required final-salary pension schemes to buy long-dated bonds to fund future payouts. This process is almost complete and nearly all schemes are closed to new employees. "There simply isn't the demand for longer-dated paper on a demographic basis compared to 20 years ago," said Moyeen Islam, fixed income strategist at Barclays, a primary dealer in gilts. LOWER DEMAND FOR LONGER DATES Issuing long-dated gilts has advantages for Britain. It locks in interest rates for over 50 years in some cases, providing greater certainty over government borrowing costs, and reduces the amount of debt that has to be refinanced each year. But short-dated gilts appeal to a wider range of investors, including banks, hedge funds and foreign investors who own around 25% of British debt. "We're definitely seeing a shift shorter from our client base," said Megum Muhic, a strategist at RBC. Demand for short-dated gilts is more elastic due to the wider investor base, something the DMO took advantage of in the COVID pandemic. Long-dated bonds pose greater risks of losses for investors. The spread between 30-year and 5-year gilt yields is around 0.9 percentage points, the widest since 2021. The high outright level of yields means that on a 20-year gilt Britain is effectively locking itself into paying 6% annual interest between years 10 and 20. "The Treasury is having to pay an enormous deadweight cost to hedge this so-called refinancing risk," said Mark Capleton, a fixed income strategist at Bank of America. Other factors also support the shift to shorter issuance. Short-dated gilt yields more closely reflect Bank of England interest rates, which are falling, as well as weaker near-term economic conditions. By contrast, long-dated gilt yields can be pushed higher by worries about long-term international trends in government borrowing and inflation - a concern when the United States looks set to run ever-larger budget deficits. The BoE's sale of hundreds of billions of pounds of bonds bought under its quantitative easing programme - which Capleton said offset weaker pension fund demand for long-dated gilts in the 2010s - has boosted demand for short-dated debt too. The BoE's QE reversal is draining cash from the financial system, creating demand for cash-like short-dated gilts. SHIFT SHORTER This financial year, conventional gilts with a maturity of over 15 years are on track to fall to about 20% of issuance, down from 22% in 2023/24 and almost 30% in much of the previous 10 years. State Street said for 2025/26 the DMO should target 10-15% long-dated conventional gilt issuance, while Barclays modelled a 5 percentage point fall to 16%, which would be the lowest since 1990. Former DMO chief executive Robert Stheeman told Reuters in March that the agency recognised the higher costs of selling long-dated gilts as demand dropped. The DMO has pared back sales of inflation-linked bonds, which halved as a share of new issuance between 2017 and 2024, following cost concerns from a government budget watchdog. However, demand at auctions for long-dated gilts has remained high and in October, the DMO nudged up its issuance plans for them. Barclays' Islam said he did not think a 5 percentage-point fall in long-dated issuance would be a big shock to markets. "If you want to send a message that the nature of supply in the UK is changing, you can be a little bit more bold. But whether they want to be bold? Debt management is an inherently cautious business," Islam said. ($1 = 0.7997 pounds)
