Proposed Cauvery Aarti at KRS Dam faces opposition
Mysuru unit of People's Union for Civil Liberties (PUCL) has criticised the Karnataka state government's proposal to hold 'Aarti' for the River Cauvery along with Mysuru Dasara, at an estimated cost of Rs 100 crore.
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Indian Express
an hour ago
- Indian Express
Kamal Nath's nephew and industrialist Ratul Puri discharged in Rs 354-crore bank fraud case
A Delhi Court discharged industrialist Ratul Puri, who is senior Congress leader Kamal Nath's nephew, on May 24 in a Rs 354-crore bank fraud case in which Puri and others had been accused by the Central Bureau of Investigation (CBI) of defaulting on loans and resulting in financial losses to multiple banks. 'From above discussion, there is sufficient material on the record to come to a prima facie view that the allegations levelled against the accused persons have predominant contours of a dispute of civil nature and does not have the markings of a criminal offence. The dispute predominantly of a civil nature is being given colour or shades of criminal nature,' said Special Judge Sanjeev Aggarwal of Rouse Avenue Court in his order. What tilted the case in the favour of the accused people was the fact that the banks had denied the CBI sanction to investigate and prosecute 40 of their officials. 'As the competent authorities qua bankers have even shut out initiation of investigations against all of their bankers, totalling 40 in numbers u/S. 17A of PC (Prevention of Corruption Act) Act, it shows that present case was not having any criminal complexion or no criminal ingredients of cheating, deception or inducement,' noted Judge Aggarwal. '…senior bankers/Government officials, who are experts in the field of banking and know nitties and gritties of all the loan transactions, were fully conscious of this aspect when they denied approval u/S. 17 A of PC Act and they can also be said to be aware that the matter was of civil nature for which banks may have civil remedies available to them, as per law,' he added. The CBI had accused Ratul Puri, his wife Nita Puri, and private company Moser Baer India Limited (which made CDs and DVDs) of defrauding a consortium of banks. It had alleged that the goal of the accused was to defraud the banks by siphoning off money by misusing loans granted to them. The CBI had also alleged that the siphoning of funds could not have been possible without the 'active connivance of bank officials' since it was the job of the bank officials to monitor the loans. '…there was no diversion or siphoning or misuse of the loan(s) at any point of time and the loans were utilised for the purposes for which it was disbursed as per the RBI guidelines and the banking norms and in view of the fact that the senior functionaries of the different banks/consortium of banks running into 40 in numbers were even denied approval to investigate u/S. 17A of the PC Act by the different sets of competent authorities,' said Judge Aggarwal.
News18
2 hours ago
- News18
Defence Stocks Fire Up On Escalating West Asia Tensions; Paras Defence, BEL Gain Up To 5%
Last Updated: Defence Stocks Rally: Shares of defence companies surged on June 23 after the US launched strikes on key Iranian nuclear facilities Defence Stocks Rally: Shares of defence companies surged on June 23 after the US launched strikes on key Iranian nuclear facilities, heightening tensions in the Middle East and fuelling expectations of increased defence spending globally. The Nifty Defence index rose nearly 1.7% to hover around 9,037 in morning trade. Zen Technologies and Paras Defence were the top performers, rising up to 5% and trading at around Rs 1,995 and Rs 1,718, respectively. Zen Tech was locked in its upper circuit. Other notable gainers included Astra Microwave, Bharat Electronics (BEL), Garden Reach Shipbuilders (GRSE), and Data Patterns — each gaining over 2%. Mazagon Dock rose nearly 2%, while Cochin Shipyard and DCX India added over 1.5% each. BEL also emerged as the top gainer on the Sensex. Hindustan Aeronautics (HAL), Bharat Dynamics (BDL), and BEML traded with modest gains, while Solar Industries bucked the trend with marginal losses. Meanwhile, drone-tech firm IdeaForge hit the upper circuit with a 10% rally to Rs 631.05. The rally came after former US President Donald Trump announced a successful strike on three of Iran's main nuclear enrichment sites. In a televised address, Trump claimed the facilities had been 'completely obliterated" using bunker-buster bombs and Tomahawk missiles, while also warning Iran of further action if a peace deal is not reached. Israeli Prime Minister Benjamin Netanyahu hailed the move, calling it a 'bold decision" to deny nuclear weapons to a dangerous regime. Though US officials clarified that Washington is not at war with Tehran, the heightened rhetoric added to global market volatility. Indian defence stocks have already been in focus in recent months. In May, India carried out cross-border strikes under 'Operation Sindoor' against terror outfits in Pakistan, boosting investor interest in the sector. The ongoing Russia-Ukraine war has further supported sentiment toward defence plays. However, analysts remain divided. While some expect strong order inflows to continue, others caution that current valuations in the sector may be running ahead of fundamentals. 'Defence stocks have been highly volatile lately, rallying strongly after Operation Sindoor, then seeing profit booking, and now rising again amid Middle East tensions. This reflects a mix of short-term momentum and long-term optimism. Geopolitical risks and a stronger push for domestic defence manufacturing have boosted investor confidence. With India's defence spending at just 1.9% of GDP, there's significant room for long-term growth," said Ajit Mishra, SVP, Research, Religare Broking. 'However, the sharp rally has brought valuation concerns, making near-term volatility likely. Investors should remain selective, focusing on companies with robust order books, sound financials, and strong execution. While the momentum may fluctuate, the long-term outlook for India's defence sector remains structurally attractive in an increasingly uncertain global landscape," he added. Sankhanath Bandyopadhyay, Economist at Infomerics Valuation and Ratings, meanwhile, said, 'Defence stocks look promising due to the ongoing geopolitical tussle between Iran and Israel. Moreover, the Indian government is likely to enhance defence spending from the current ~2 per cent of GDP to 3–4 per cent over the next decade. Further, the government has targeted Rs 25,000 crore in defence exports by 2025–26." He added, 'Investors can focus on export-driven defence stocks with long-term potential. In the current scenario, geopolitical tensions will likely be lingering between different countries, especially as being reflected in rising tensions in the Middle East. Investors should carefully assess the financials and outlook of such stocks before investing, and there should be a judicious mix so that a healthy dividend can also be earned." Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
New Indian Express
2 hours ago
- New Indian Express
Revanth government trying to protect KCR, other BRS leaders: Minister Bandi
KARIMNAGAR: Union Minister of State for Home Affairs Bandi Sanjay Kumar on Sunday alleged that with its never-ending investigation into the 'irregularities' in the execution of Kaleshwaram Lift Irrigation Scheme, the Revanth Reddy government is trying to shield BRS bigwigs. Speaking to the media here, the BJP leader claimed that the way the investigation is progressing shows that there is a secret understanding between the ruling Congress and BRS. Holding a copy of the National Dam Safety Authority's report on Kaleshwaram, he said: 'Citing non-availability of water, the KCR government shifted KLIS from Tummidihatti to Medigadda. The Central Water Commission reports say between 1986 and 2013, about 168 tmc of water used to be available at Tummidihatti.' 'If the government had gone ahead with the original plan, the project could have been completed at Tummidihatti with Rs 38,000 crore. But the BRS leaders, for the sake of filling their own pockets, escalated the project to Rs 1.2 lakh crore,' he alleged and demanded that the Revanth government prove its sincerity by seeking a CBI inquiry into the scam. 'Revanth Reddy is now acting like a protective shield of KCR. Despite all the corruption allegations and cases being booked against KCR, the Revanth Reddy government is not arresting him,' he added.
