Main Page                                                 Archive

Bankers protest against FDI, privatisation

     New Delhi: Indian bank employees today protested against the Union Budget proposals to allow FDI and privatisation in the banking sector. More than 50,000 bank officers gathered for a demonstration in front of the Parliament to protest the merger of state-run banks, relaxation of FDI and reduction of government's equity capital in the public sector banks. President of the All India Bank Officers Association Alok Khare said, "We fear that once the public sector banks tread on this path, it will lead to large scale closure of branches in the rural and agriculture sector, denial of bank credit to the deprived sections. For this the bank employees and the officers have been fighting for the last 35 years." Khare said the association plans to hold another nation wide strike in the second half of March if the government did not review its policy. In his budget presented on Feb. 28 for the financial year beginning April, Indian Finance Minister Palaniappan Chidambaram proposed a bill to amend the current bank law to further liberalize the state-run banks. Besides, FDI in state-run banks is proposed to be hiked to 24 percent from 20 percent, while foreign investors would be able to hold 74 percent instead of 49 percent equity in private banks. The Congress-led UPA government's decision aroused protests from various sectors including the Communists.

Lodha wins main Birla battle of will (Go To Top)

     Kolkata: The Calcutta High Court has ruled that Yash Birla, CK Birla and KK Birla cannot challenge RS Lodha's claim on MP Birla's assets as per Priyamvada's will and only GP Birla has that right. Earlier, the court heard arguments regarding the legal status of MP Birla trusts. Justice Kalyanjyoti Sengupta in his order, admitted only the caveatable interest of GP Birla. The ruling states that Yash Birla cannot file objections to the 1999 Priyamavada will. On the other hand, the court also admitted Lodha's caveatable interest in the 1982 will of M P Birla and Lodha will be part of probate prceedings of 1982 will, which also means he gets to challenge the 1982 will. The court also ruled that the probate application for the 1982 will of M P Birla and 1999 will, of Priyamwada Birla, would be heard first.

      Lodha, a chartered accountant and close confidante of Priyamvada is locked in a legal battle with the Birla family over the ownership issue of Rs 5000 crore worth estate of M P Birla. Priyamwada Birla, who died on July 3 last year had bequeathed the entire estate of M P Birla to Lodha by the purported will of 1999. The Birlas are claiming that Lodha had no right over the property and the entire estate should go to charities as per the 1982 mutual will of MP Birla and Priyamwada Birla.

Pak 257 for 6 at stumps (Go To Top)

     Mohali: India are eyeing victory over Pakistan, reducing them to 257 for 6 at stumps with Abdul Razzaq (22) and Kamran Akmal (9) at the crease on the fourth day of the first Test at Mohali. After conceding a huge 204-run first innings lead, the visitors were precariously placed at 10 for three before skipper Inzamam- ul Haq (86) launched a fierce counter attack. But with Pakistan having a lead of just 53 runs and four wickets in hand, the Indians were firmly in the driver's seat to take a 1-0 lead in the three-match series on the last day tomorrow. Inzamam found an able ally in Yousuf Youhana (68) as the duo not only put on a record fourth wicket partnership of 139 runs under tremendous pressure but also spared the team the embarrassment of an innings defeat. The burly Pakistani captain belted ten boundaries and a six during his 105-ball knock before falling prey to Anil Kumble for the second time in succession just when he was cruising along towards his 21st Test century. Kumble struck two crucial blows in the post tea session first trapping Pakistan skipper Inzamam-ul-Haq leg before wicket for 86. He then bowled well settled batsman Yousuf Youhana for 68 to turn the game in India's favour. Asim Kamal (48) and Abdul Razzaq put in a valuable partnership for the visitors, and it took some time before Laxmipathy Balaji got the breakthrough, snaring Kamal leg before.

---