Apex court tells Centre - Spell out steps to protect small traders

PRESS TRUST OF INDIA
NEW DELHI, JAN 22: 

Is FDI in retail a “political gimmick”? This was what the Supreme Court today asked the Government, seeking its response on how it intends to safeguard the interests of small traders after opening up the retail sector to foreign direct investment (FDI). The apex court said the interests of small traders should not be affected by FDI in retail. It said small traders fear their businesses would be affected with the coming of multinational companies, and this needs to be allayed by the government through a regulatory mechanism.

Response in 3 weeks

A Bench headed by Justices R.M. Lodha and S.J. Mukhopadhaya asked the Centre to file its response on these aspects within three weeks and also asked whether some foreign investment had come into the country after the retail sector was opened up or if it was just a “political gimmick”. “What checks are there to ensure that free trade is not affected, particularly the interests of small traders,” the Bench asked, while hearing a public interest litigation (PIL) filed by an advocate questioning the Centre’s policy. “Apprehension is there in the minds of people that small traders’ interests would be affected. How do you intend to allay the fear? Some regulatory mechanism has to be there,” the Bench said. Favouring a regulatory framework to protect small traders, the Bench said the big companies can bring down the prices of commodities through unfair trade practices, forcing small traders to shut shop after which the companies could hike prices and monopolise the market. “Has the policy brought some investment into the country or is it just a political gimmick. Has the policy brought some fruits?” the Bench asked the government.

‘Approved by House’

Expressing reservation on scrutiny of the policy by the Court, Attorney-General G.E. Vahanvati said it is a policy matter that has been approved by Parliament and all these aspects were discussed by MPs. The Bench, however, said Government policies are not sacrosanct and the Court has a right to see that the policy is reasonable and within the Constitutional framework.

No policy is sacrosanct

“Any policy is not sacrosanct and it must be within constitutional parameters. We are not policy-makers and we cannot substitute government policy but we will see that it is reasonable and within the constitutional framework,” the Bench said. The court adjourned the matter for five weeks. The Confederation of All-India Traders welcomed the court’s observations on protecting the interests of small traders. “The issue raised by the court for the protection of small traders is a welcome step. We have always advocated that the Centre must put in place a mechanism or regulatory framework to protect the interests of small traders, who are very apprehensive about the FDI policy in retail,” the association’s General-Secretary Praveen Khandelwal said.

http://www.thehindubusinessline.com/news/apex-court-tells-centre-spell-out-steps-to-protect-small-traders/article4331859.ece?homepage=true

Allen Stanford’s Ex-CFO James Davis Gets 5-Year Sentence

By Laurel Brubaker Calkins & Andrew Harris - Jan 22, 2013 8:16 AM PT

Former Stanford Financial Group Co. finance chief James M. Davis was sentenced to five years in federal prison for his role in a 20-year, $7-billion international fraud scheme. U.S. District Judge David Hittner imposed the sentence today at a hearing in federal court in Houston. He also sentenced Davis to three years of post-release probation. Prosecutors had sought a 10-year term for Davis, 64, who pleaded guilty to felony charges in 2009 and testified against financier R. Allen Stanford. Davis’s attorney asked the judge to cap the sentence at four years, citing his client’s cooperation and early acceptance of responsibility. “I’m not here telling your honor that Mr. Davis was a saint,” the attorney, David Finn, told Hittner today. “From our first meeting he has been remorseful, contrite and has tried to make amends for the harm he has done.” Davis was the second-highest ranking member in Stanford’s business empire, which included the Antigua-based Stanford International Bank Ltd. The bank offered certificates of deposit and the Houston-based Stanford Group Co. brokerage sold them. Stanford, who was convicted of lying about what his bank was doing with CD buyers’ money, is serving a 110-year sentence at a U.S. prison in Coleman, Florida.

Former Roommates

Davis and Stanford once shared living quarters while they were students at Baylor University in Waco, Texas.  “I’m ashamed and I’m embarrassed,” Davis told the judge today. “I’ve perverted what was right and did wrong. I hurt thousands of investors, I betrayed their trust, also that of associates, neighbors and friends, my family and this court and this country. Everything that I was part of, I failed them and I’m sorry.” Hittner recommended that Davis be sent to a U.S. prison camp near Memphis, Tennessee. Davis must surrender in 60 days. The case is U.S. v. Davis, 09-cr-335, U.S. District Court, Southern District of Texas (Houston). To contact the reporters on this story: Laurel Brubaker Calkins in Houston atlaurel@calkins.us.com; Andrew Harris in Chicago at aharris16@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

http://www.bloomberg.com/news/2013-01-22/allen-stanford-s-ex-finance-chief-gets-five-year-prison-sentence.html

NCP downplays Rahul's appointment

NCP downplays Rahul's anointment as Congress vice president

Hints willl continue alliance with Congress but on its terms in Maharashtra

Sanjay Jog / Mumbai Jan 20, 2013, 16:50 IST

 
Ruling Nationalist Congress Party (NCP) has downplayed Rahul Gandhi’s anointment as Congress party’s vice president saying that it was its internal matter. But at the same time, NCP chief and union agriculture minister Sharad Pawar clarified that NCP cannot fight the ensuing polls under the leadership of party MP and his daughter Supriya Sule as the situation has not come in NCP to entrust leadership to her.
To a question whether his party would cooperate if Rahul Gandhi takes over the leadership of the United Progressive Alliance, Pawar quipped:  “How can I react to an event which has not taken place?”
On the other hand, Pawar’s nephew and Maharashtra deputy chief minister Ajit Pawar sent out a strong message to its co-partner Congress party not to take NCP for a ride. He also declared that NCP was gearing itself for a singular fight in the coming elections to the state assembly slated for 2014. Both Congress and NCP are ruling state since 1999.
Moreover, Ajit Pawar gave one point programme for party cadre that of increasing NCP’s tally both in the Lok Sabha and also in the state assembly in next elections. Ajit has been instrumental to lure disgruntled leaders from Congress, Shiv Sena, BJP and Maharashtra Navnirman Sena to broadbase NCP’s reach. He however, has clarified that the party would not indulge into any move to engineer split in other parties but was open to welcome leaders who have a reckoning and following.
Both uncle and nephew have dropped sufficient indications that NCP won’t unilaterally break alliance with Congress as the party was keen to keep communal forces at bay. However, the duo said NCP would not compromise the interest of party and its workers while keeping its alliance with Congress. 
The stand taken by Pawar senior and junior is crucial especially when Congress president Sonia Gandhi in her speech at Chintan Shivir said there was a need to strike a fine balance when it comes to dealing with alliance partners while ensuring that the party's rejuvenation was not compromised. Sonia thereby has snubbed a section of Congress leaders both from the Centre and from Maharashtra who are quite vocal to press severing links with NCP during 2014 elections.
NCP’s state general secretary, who did not want to be identified, told Business Standard “Rahul Gandhi has been toeing idea of Congress party going alone in Maharashtra even if it loses power in 2014 elections. He wants Congress party’s base to increase further instead of its loss due to alliance with NCP. Congress party is free to take its decision so also NCP. However, NCP is preparing its self to face any eventuality.”
Maharashtra Congress party spokesman Sachin Sawant however, said party high command would take a final call on alliance with NCP in the state. “However, as directed by our party president Congress will make all efforts to build the party organization and fight next elections to defeat communal forces.”
http://www.business-standard.com/india/news/ncp-downplays-rahuls-anointment-as-congress-vice-president/203354/on

Oscar nomination-Lincoln: Anil Ambani

20 Jan, 2013, 05.47AM IST, ET Bureau

Thanks to Oscar nomination, they now call me Lincoln: Anil Ambani

MUMBAI: It is close to sunrise at the Marine Drive. The sun is about to rise across the Arabian Sea, as Anil Ambani, clad in skin-hugging lycra, and protected by joggers glasses, runs on the parapet of the Nariman Point promenade. He neatly dodges people who are either practising yoga, or are resting on the wall. Accompanying him is his bodyguard.

A day before the Mumbai Marathon, Ambani is just warming up for the big day. He is saving on the energy quotient for Sunday's 21-km run, but agrees to interact after his strenuous workout. His trainer from South Africa, Heath Matthews, is close at hand, watching his every step. His bodyguard shadows him as he disappears into the crowd, slowing down when his boss slows down, and pacing up a step behind when his boss cranks up speed occasionally. In an interaction with 15 of his top CEOS, his mantra was to stay fit and exercise diligently as this was the best message you can give to shareholders.

In a rare one-on-one interaction in many years, Ambani was spontaneous and cheerful, warming up to his favourite topic, his philosophy of running. He didn't take questions on the business, except on the blockbuster Steven Spielberg movie Lincoln.

"We have 12 nominations. It's absolutely a wow feeling. It's very funny. I was in Chennai for five days for my niece Nayantara's wedding, and weddings in India are about thousands of people. Celebrations, dinner, lunches and drinks, and through those five days, a very large number of people there referred to me as Lincoln (laughs). There really can't be a better recognition for Steven (Spielberg) and Daniel Day-Lewis, who plays Lincoln, and the rest of the cast of Lincoln and the entire team at Dreamworks. It makes us all very proud. I sincerely hope their efforts are recognised. We'll wait and watch what happens on February 24. It's a good omen, as 24th is also my respected mother Kokilaben's birthday. We have her blessings. We can't have a better day for the Oscar awards."

Ambani starts his day well before the crack of dawn and his routine includes a punishing run on the Marine Drive promenade and other parts of the city. "I've a simple math. A day consists of 24 hours. We work for 10 hours, and eight hours we need to sleep. This leaves us with six hours. We need an hour to eat, an hour to read, and an hour to shower. Is it not possible to find one hour for our health? And you will still have two hours left for anything to do!"

Ever since the start of the Mumbai Marathon in 2004, running has become a major exercise routine for a number of people in Mumbai.

"I call this meditation with eyes open. Usually, people close their eyes when they meditate. I meditate with my eyes open. When you run, you can dream of anything," he sums up. 

2 MPs, 42 MLAs across India ACCUSED.....

Entrepreneur's campaign targets 2 MPs, 42 MLAs accused of crimes against women 

INDIA, Updated Jan 02, 2013 at 04:06pm IST

Ever since people of the country came out on the streets, lit candles, held protest marches and clashed with the police, many had made direct and oblique references to the political culture of parties turning a blind eye towards giving tickets to candidates accused under different sections of Indian Penal Code for crimes against women including rape. The clamour for the clean-up of the political class seems to be only getting stronger. With help from his friends and associates, Srikant Sastri, a Delhi-based entrepreneur and angel investor, has started a campaign called 'Save The Republic - Resign Before Jan 26th' on Facebook and Twitter to ask two MPs and 42 MLAs, accused of crimes against women including rape, to voluntarily tender their resignations before Republic Day. The data has been culled together from the affidavits submitted by candidates to the Election Commission of India and the various state election commissions.

Of these accused, six MLAs are accused of rape. As many as three of them are from Samajwadi Party (SP): Sribhagwan Sharma, Anoop Sanda and Manoj Kumar, all from Uttar Pradesh. Mohd Aleem Khan from BSP is another such accused from the same state. The BJP's Jethabhai G Ahir from Gujarat and TDP's Kandikunta Venkata Prasad from Andhra Pradesh are the other two. Thirty six other MLAs have declared that they have other charges of crimes against women such as outraging the modesty of a woman, assault, insulting the modesty of a woman etc. Of these, six MLAs are from the Congress, five from the BJP and three are from SP. UP has the maximum number of MLAs (eight) who have declared that they have charges of crimes against women, followed by Orissa and West Bengal with seven MLAs each. Two MPs, namely Semmalai S of ADMK from Salem constituency in Tamil Nadu and Suvendu Adhikari of the Trinamool Congress (AITC) from Tamluk constituency in West Bengal, have declared that they have charges of crimes against women, such as cruelty and intent to outrage a woman's modesty etc.

Speaking to IBNLive, Sastri said, "While we understand that being accused for a crime and being convicted are not the same, given the level of public outrage, the lengthy judicial process and the haplessly low conviction rates, we believe it's time for the political parties of the country to try to reclaim the higher ground."

The campaign, launched in the first day of the new year at 12 midnight, seeks voluntary tendering of resignations on part of the elected representatives. "We do not want confrontation, we want dialogue with the parties, we want them to take this step out of self-realisation. As part of the build-up plan, we are also trying to reach out to the youth of our country by directly campaigning in colleges apart from running the e-campaigns," Sastri told IBNLive. "We wanted to fix the date for January 26 not just because it is our Republic Day but also because a lot of people believe that attitudinal changes towards women is a time-taking process and are bogged down by a sense of helplessness. We wanted to put a time-frame to this to also let the political parties have a chance to show the people that they could act swiftly and decisively," Sastri added.

Incidentally, political parties gave tickets to 260 such other contesting candidates in the Legislative Assembly elections held in the last five years who have declared that they have charges of crimes against women such as outraging the modesty of a woman, assault, insulting the modesty of a woman etc. Out of the 260 candidates who declared that they have been charged with crimes against women, 72 are/were independent candidates, 24 have been given tickets by the BJP, 26 by the Congress, 16 by the SP and 18 by the BSP. Maharasthra has the maximum number of such candidates (41), followed by Uttar Pradesh (37) and West Bengal (22). In the 2009 Lok Sabha elections, political parties gave tickets to six candidates who declared that they have been charged with rape. Out of these six, three are from Bihar, one from Delhi, one from Uttar Pradesh and one from Andhra Pradesh.

Thirty four other contesting candidates from the 2009 Lok Sabha elections declared that they have charges of crimes against women. Maximum cases of crimes against women are against candidates from Bihar (9), followed by Maharashtra (6), and Uttar Pradesh (5). (For updates you can share with your friends, follow IBNLive on Facebook, Twitter,Google+ and Pinterest)

http://ibnlive.in.com/news/entrepreneurs-campaign-targets-two-mps-42-mlas-accused-of-crimes-against-women/313485-3.html