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Headlines
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News:
India firmly rules out foreign forces on LoC
Left parties to field Capt Lakshmi Sahgal for Prez poll
Victory by brutal force: Thackeray
HC allows Afroz to amend his petition seeking Rs 100mn damages
Eight killed in suicide bomb attack at US consulate in Karachi
US is "facilitator" not "mediator", says Powell
Bharat Shah, Rizvi charged with plan to murder filmstars
National Park walkers form association to protest fee
Foodgrain stocks up 7.45 per cent to 65 mn tonnes
SEBI to tighten listing, delisting norms; expects 200 IPOs
BSE: Shares rule steady at opening session
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Markets:
Sensex: 3312.07, +0.91
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Forex, Metals and
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News
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India firmly rules out foreign forces on LoC
New Delhi,Friday, June 14, 2002: Firmly ruling out any foreign forces on Line of Control (LoC) in Jammu and Kashmir, India today said it was ready for dialogue with Pakistan if Islamabad created an atmosphere conducive for it and hinted at further confidence building measures to ease tensions.
"The situation is pregnant with possibilities," External Affairs Minister Jaswant Singh told reporters after two-hour meeting of Cabinet Committee on Security (CCS) here on being asked whether further diplomatic steps were on the anvil.
To a question, he made it clear "there is no proposal for any other forces from any other country other than Indian forces to be on the LoC".
Asked about US Defence Secretary Donald Rumsfeld remarks that India and Pakistan should hold direct talks, Singh said "India always stood for dialogue. India never said we do not wish to hold dialogue. We are ready for a dialogue. But for the dialogue to be held, a conducive atmosphere for it has to be created".
On the suggestion for halting mortar and artillery firing by Indian and Pakistan troops across the LoC, he said it relates the certain developments.
"The Prime Minister had announced in November last unilateral moratorium and cessation of hostile activities. We examine all options and take action at appropriate time", Singh said.
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Left parties to field Capt Lakshmi Sahgal for Prez poll
New Delhi,Friday, June 14, 2002: Left parties today decided to field Captain Lakshmi Sahgal, who led the Rani Jhansi regiment of Subhash Chandra Bose's Indian National Army, against NDA's Presidential nominee A P J Abdul Kalam.
This was announced by CPM General Secretary Harkishen Singh Surjeet, CPI leader A B Bardhan, Abani Roy (RSP) and S Deverajan (Forward Bloc).
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Victory by brutal force: Thackeray
Mumbai,Friday, June 14, 2002: Shiv Sena supremo Bal Thackeray today dubbed the victory of the DF government in crucial trust vote as one that had been secured by "brutal force".
"This is victory by rape," Thackeray said in the party mouthpiece `Saamna' while commenting about the DF combine's success in the confidence motion in the state legislative assembly on Thursday.
The government had tried to prove its power by using the weapon of disqualification, but by doing so it has only proved its "impotency", he said.
Accusing the government of misusing power to win the confidence motion, the Sena supremo said the entire victory plan had been "deviously plotted".
"Though the government had survived in the number game, the truth is that it is still in the minority," he claimed. "There were many who wanted to vote in favour of the no-confidence motion, but appeared reluctant since they did not wish to attract the disqualification notice".
"By obtaining victory through rape, it has proved its impotency," Thackeray said.
Commenting on Thursday's skirmishes between the NCP and Sena supporters, he said if things moved in this manner, the Sena would be forced to take a serious view of the matter.
"If the government attacks others and uses the police force in its defence, then the entire state will have to give serious thought to the issue," he added.
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HC allows Afroz to amend his petition seeking Rs 100mn damages
Mumbai,Friday, June 14, 2002: Mumbai high court today allowed suspected Al-Qaeda terrorist Mohammed Afroz Abdul Razak, charged with sedition, to amend his petition urging for quashing of proceedings against him in a lower court and seeking Rs 100 mn as damages from the government for "wrongly" prosecuting him.
Justices D G Deshpande and A G Aguiar adjourned the matter to June 28 to enable Afroz to amend the petition.
Afroz's lawyer Mubin Solkar submitted that the petition had urged for setting aside FIR but now his client desired to plead for quashing of the case.
Afroz faces the charge of participating in a conspiracy to blow up key targets in foreign countries.
Solkar urged for a stay on the proceedings in a special court on the ground that the court had no jurisdiction to try Afroz. The POTO charge against him was also dropped and the chargesheet was filed under IPC provisions. False cases were registered against Afroz, the lawyer contended.
Afroz has demanded Rs 100 mn as damages from the authorities for prosecuting him without obtaining sanction from the government.
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Eight killed in suicide bomb attack at US consulate in Karachi
Karachi,Friday, June 14, 2002: A day after US Defence Secretary Donald Rumsfeld's visit to Pakistan, a suspected car bomber carried out a massive explosion outside the American consulate in Karachi killing at least eight people and leaving nearly 25 injured this morning.
The suicide bomber crashed an explosive-laden white car against the guard post of the consulate in the high-security area at around 11.15 AM local time (10.45 AM IST) destroying part of the wall, police said.
Police have found five bodies were intact while body parts of three others were strewn.
No consulate staff was believed to be among the victims, police said. One of the dead was a Pakistani private security guard.
Over a dozen cars, including two police vehicles, par zczc
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US is "facilitator" not "mediator", says Powell
Washington,Thursday, June 13, 2002: Ruling out American mediation in Kashmir, Secretary of State Colin Powell sees the US role as that of a "facilitator" as the issue can be resolved only by the two countries themselves.
"... I think that the US, working with our international partners as we have in this current crisis, we can play a role in facilitating a dialogue between the two sides. And I have commited to them that we would stay engaged ... And that is our intention," he told reporters.
Speaking to correspondents aboard his plane en route back to Washington from Canada and at a press conference in Canada, Powell reaffirmed that there will be no American mediation on Kashmir.
"I have told President Pervez Musharraf and I have told External Affairs Minister Jaswant Singh, and the President (George W Bush), I think, has also communicated in his conversations, that we do plan to stay engaged.
"We just don't want to see an end to the current crisis and then wait for the same problem to raise the crisis again at some point in the future. So we will stay engaged."
Powell said the "principal role we will be playing is a facilitator of dialogue. We don't intend to mediate", adding the issue can only be resolved between the two parties.
"To the extent that we now have, frankly, excellent relations--US to Pakistan and US to India," he said.
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Bharat Shah, Rizvi charged with plan to murder filmstars
(Express News Service)
A special court in Mumbai today framed charges against film financier Bharat Shah and three others in a case involving Bollywood’s dealings with the underworld, paving the way for commencement of trial on June 26.
All the accused were present in court including Nazim Rizvi who was brought in on a wheelchair from Bombay Hospital as the judge read out the charges. The four accused --- Shah, film producer Rizvi, his assistant Abdul Rahim Allah Baksh and Dubai-based diamond merchant Mohammed Shamshuddin --- have been charged with attempting to murder film personalities Shah Rukh Khan, Rakesh Roshan and Hrithik Roshan.
Rizvi, Abdul Rahim and Shah are also charged with entering into a conspiracy along with Shamsuddin to abet each other in unlawful activities in Mumbai on behalf of a syndicate headed by Dawood and Shakeel.
Police claims to have recorded telephone conversations between the accused and gangster Shakeel which reveals they had targeted film personalities for personal gains. The talks also allegedly reveal that money was sent by the accused to Shakeel through hawala and that the film Chori Chori Chupke Chupke was produced by Rizvi and financed by Shah at the instance of Shakeel.
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National Park walkers form association to protest fee
The peace and serenity of the Sanjay Gandhi National Park, Borivali at 6 am is broken by the shrill slogans pelted out by morning walkers who are protesting the imposition of an entry fee – Re 1 for senior citizens per year and Rs 50 for others per year. The joggers feel that it is their right to breathe fresh air and jog in the green setting, an activity that cannot be taxed. To cement their opposition the morning walkers have founded a National Park Morning Walkers Welfare Association.
The peace and serenity of the Sanjay Gandhi National Park, Borivali at 6 am is broken by the shrill slogans pelted out by morning walkers who are protesting the imposition of an entry fee – Re 1 for senior citizens per year and Rs 50 for others per year. The joggers feel that it is their right to breathe fresh air and jog in the green setting, an activity that cannot be taxed. To cement their opposition the morning walkers have founded a National Park Morning Walkers Welfare Association.
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Foodgrain stocks up 7.45 per cent to 65 mn tonnes
New Delhi,Friday, June 14, 2002: Despite government's best efforts to reduce stocks of foodgrains through improved offtake, they tend to increase and with fresh procurement of wheat in the current season, the stock has risen to around 65 mn tonnes.
"The offtake from the central pool of foodgrains has improved considerably, but regular procurement of 20 million tonne each of wheat and rice every season has ensured that we are saddled with 64.9 mn tonnes of grains as on June one this year," Food Minister Shanta Kumar told PTI.
Compared to a stock of 604.08 LT on June 1 last year, the figure at 649.31 LT is higher by 7.45 per cent. Wheat stocks have risen to 416.03 LT from 375.47 LT while that of rice to 233.28 LT from 228.61 LT.
The stocks could have been much higher but for the pick up in offtake which including exports increased to 26.05 LT in April compared to 17.13 LT in the same month last year.
Again in May it has been an impressive 35 LT, nearly double of 17.75 LT in the corresponding month in 2001.
The minister said with wheat procurement for this season almost over and a few months before the paddy season begins, the stock will come down considerably by October.
He attributed the burgeoning stocks to unlimited purchases year after year but said no proposal has been finalised on fixing a quantitative ceiling on procurement.
"A lot will depend on the recommendations of the high level committee on foodgrains which is expected to submit its report shortly," he said.
Based on its suggestions, a long term policy will be finalised and sent to the cabinet for approval for better grain management in the country, he added.
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SEBI to tighten listing, delisting norms; expects 200 IPOs
New Delhi,Friday, June 14, 2002: Market regulator SEBI today spelt out a slew of market reform measures including a Central Listing Authority, tighter delisting norms and tracking down of promoters of vanishing companies, to improve sentiments in the market which is slated to witness about 200 IPOs this fiscal.
"It is necessary that we have a first-entry-point screening of companies intending to raise funds from the market. The proposed CLA will look into listing agreements and carry out due dilligence," Securities and Exchange Board of India chairman G N Bajpai said at a seminar here.
He said the proposed authority, which would be different from the National Listing Authority being tried out in the UK, would be an autonomous body separate from the ambit of SEBI and having representation from stock exchanges.
Pointing to the need for tightening delisting norms, Bajpai said "entrepreneurs should not create a situation where investors cannot exit and nor get the profits of the wealth created by the company."
A SEBI committee was looking into the delisting norms and would submit a final report within weeks. "We are working very strongly on various issues including delisting norms for MNCs," he added.
Bajpai said SEBI and Department of Company Affairs are working together to track promoters of 225 vanishing companies, which raised funds from the capital market and then dissappeared. SEBI is in touch with the police to track down the promoters.
SEBI expected the market to chin up this fiscal following the initial public offer of 200 companies, he said.
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BSE: Shares rule steady at opening session
Mumbai,Friday, June 14, 2002: Share values resumed on a barely steady note with the benchmark moving in a narrow range on the Bombay Stock Exchange (BSE) today following alternate bouts of buying and selling.
The BSE-30 share sensitive index opened hardly changed at 3312.05 from yesterday's close of 3311.16 and was trapped in a limited breadth of 3321.92 and 3303.51 before being quoted at 3311.70 at 10.40 am.
Foreign Institutional Investors (FIIs) seemed to be reshuffling their portfolio by buying select key old-economy shares on the expense of selling some software counters. FIIs were reportedly net buyers worth Rs 117 crore and Rs 67 crore on Tuesday and Wednesday respectively.
Software showed moderate decline on the back of weak Wall Street advices where the tech-heavy Nasdaq Composite Index and the Dow Jones Industrial Average dropped by nearly 22 points and 115 points respectively Thursday night.
Low-priced second-rung stock continued their upward march on investment-cum-speculative buying.
Among major gainers, Century Textile rose by 7.08 per cent, GSFC by 5.50 per cent, Apollo Tyre by 5.24 per cent, Reliance Capital by 3.83 per cent, Kesoram by 3.76 per cent, BPL by 3.30 per cent, Tisco by 2.95 per cent, ICI by 2.93 per cent, Videocon Int by 2.50 per cent and BILT by 2.38 per cent.
However, Trigen Tech declined by 5.99 per cent, Telco by 2.74 per cent, Burrough Wellcome by 2.30 per cent, BEL by 1.96 per cent and Himachal Futuristic by 1.47 per cent.
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Markets
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Sensex: 3312.07, +0.91
The sensex closed at 3312.07, up 0.91
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Forex
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1 U.S. $ = 48.96 INR
1 Japanese Yen = 0.39 INR
1 British Pound = 72.41 INR
1 Canadian $ = 31.69 INR
1 Singapore $ = 27.40 INR
1 UAE Dirham = 13.33 INR
1 Saudi Arabian Riyal = 13.05 INR
1 Euro = 46.51 INR
1 Qatar Rial = 13.45 INR
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Metals
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Weather
| Temperature : 88 F / 31 C
HeatIndex : 106 F / 41 C
Humidity : 79%
Dew Point : 81 F / 27 C
Wind : West at 10 mph / 16.1 km/h
Wind Gust -
Pressure : 29.50 in / 999 hPa
Conditions : Mostly Cloudy
Visibility -
Clouds (FEW): 2000 ft / 611 m
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NetGeek posts a very informative write-up on the controversy surrounding Vande Mataram
'Make Peace, not War' - a seminar organised by Pakistan India Peoples' Forum for Peace and Democracy on Saturday June 8, 2002 at Press Club, at 3.00 pm opposite BMC Head quarters, VT, Mumbai 400 001. (via nukkad)
Atul Dwivedi posts a terrifying picture of the consequences of a nuclear war on the subcontinent.
V.K.Venugopal, an ex-bureaucrat, suggests a few electoral reforms (on nukkad)
Arya tries to reconcile his many roles: so many of me? (via nukkad)
2002 SSC results to be declared on June 10. We will post more details as they are available. (Thanks to Mr. Ramesh Kapadia for the information)
Classics
74 images with descriptive text showcasing the
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Irani Chai Wala - an evocative
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Online hotel reservations for all
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Easier procedure for non-immigrant U.S. visas - via the Mumbai Grapevine
Puraani
yaadein - lyrics of old Films Division cartoons (via nukkad).
The wonder that is the Mumbai
tiffinwalla
Mumbai Us Zamaney Ka
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