Government disinvest Power Grid Corp further with $1.1 billion FPO
December 5, 2013
Following its plan to achieve the Rs.40, 000 crore disinvestment target for this fiscal, the government issued Follow-on-Public Offer (FPO) of Power Grid Corporation which was fully subscribed.
The sale of 78.70 crore shares valuing $ 1.1 billion, or 17% stake, could fetch around Rs 7,083 crore at the upper end of the price band.
With this offer, the government holding in the company will come down to 57.89%from the current level of 69.42%.
This is the second FPO from Power Grid, which sold a 10% stake along with a similar stake divested by the government in November 2010. The company hit the capital market with IPO in October 2007. So far in the current fiscal, the government has raised over Rs 1,300 crore through minority stake sale in PSUs. It has aims to fetch Rs 40,000 crore from disinvestment in the current fiscal.
Gross NPAs touched Rs. 2.9 lakh crore by March: ICRA
December 6, 2013
Investment Information and Credit Rating Agency (ICRA) warned the bankingindustry that it may suffer more shocks due to the pile up of its’ gross bad assets which is set to touch 4.4 %, or Rs 2.9 trillion of total assets by this fiscal end.
Gross bad assets were 4 % of total assets at the end of the July-September quarter. Net NPAs stood at 2 % or Rs 0.9 trillion in March and 2.7 per cent or in Q2 or Rs 1.25 trillion.
As per ICRA estimates, unamortized losses worth Rs. 6,000-7,000 crore would impact banks’ profitability in the second half of FY14. It also said that the banking system require Rs. 4.1-5.7 lakh crore by FY18 to meet the Basel III norms. It expects net profit of state-run banks this fiscal year to be 30-40 % lower than FY13, which will pull down their return on equity to 6-8% from 9.7% in H1.
ICRA analyzed 26 public sector banks and 15 private sector banks. These 41 banks collectively account for around 90 % of the total credit portfolio and deposits as of the September quarter this fiscal year.
ICRA Limited , an Indian independent and professional investment information and credit rating agency credit rating agency was set up in 1991. Its headquarters are at Gurgaon.
India ranked 98th in Forbes ‘doing business’ list 2013
December 6, 2013
India ranked 98th in the Forbes list of world’s best countries for doing businessthat has cited poverty, corruption and discrimination against girls among the challenges facing the country. The rating of 145 nations was done on the several factors viz. property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection, stock market performance, etc.
Ireland topped the Forbes ‘doing business’ list, as it maintains an extremely pro-business environment which attracts investments from world’s biggest companies. Ireland was followed by New Zealand and Hong Kong.
The data for the report was collected from reports of various organizations viz. Freedom House, Heritage Foundation, Property Rights Alliance, TransparencyInternational, World Bank and World Economic Forum, etc.
Ms Sushma Singh will be the next Chief Information Commissioner of India
December 6, 2013
The senior most Information Commissioner Ms Sushma Singh will be the next Chief Information Commissioner of India (CIC), she will succeed Ms Deepak Sandhu. The decision to appoint Sushma Singh, a former IAS officer, as the next CIC was taken unanimously by a panel consisting of Prime Minister Manmohan Singh, Leader of the Opposition in the Lok Sabha Sushma Swaraj and Law Minister Kapil Sibal. She will be the second woman to become CIC after Ms Deepak Sandhu whose term comes to an end later this month.
Former Secretary to the Government of India
She joined the IAS in 1972, Jharkhand cadre
Offices held earlier: Secretary in the Ministry of Information and Broadcasting, Secretary to the Government of India in the Ministry of Panchayati Raj and also in the Ministry for the Development of the North Eastern Region (DONER).
The RTI act 2005 provides for establishment of Central and State information commissioner as a designated authority to receive and inquire into a complaint from any person.
26 October 2005: Mr. Wajahat Habibullah became India’s first Chief Information Commissioner.
Under the CIC, the Chief Information Commissioner enjoys complete financial and administrative powers of a Department of the Government of India except in matters relating to the creation of posts, re-appropriation and writing-off losses for which it needs the specific concurrence of the Ministry of Finance.
The Chief Information Commissioner and Information Commissioners shall be appointed by the President on the recommendation of a committee comprising — Prime Minister as Chairperson, the Leader of Opposition in the Lok Sabha; a Union Cabinet Minister to be nominated by the Prime Minister.
According to the RTI Act 2005, Chief Information Commissioner / Information Commissioner shall hold office for a term of 5 years or till he attains the age of 65 years.
The Chief Information Commissioner shall not be eligible forreappointment.
The general superintendence, direction and management of the affairs of the Commission are vested in the Chief Information Commissioner, who is assisted by the Information Commissioners.