Congress seeks SC monitored probe into IL&FS crisis
New Delhi, Sep 26 : Calling the IL&FS crisis India's Lehman Brothers moment, the Congress on Wednesday sought a Supreme Court monitored multi-agency probe saying the irregularities in it has brought India on the verge of economic collapse.
Congress spokesperson Manish Tewari said the IL&FS Group, an infrastructure development and finance company, has a total debt of Rs 91,000 crore as on March 31, 2018 and was in no position to pay back its dues and had started defaulting.
"This is such a serious matter that a multi-agency investigation needs to be carried out under the Supreme Court's monitoring," Tewari said and questioned how a company with 40 per cent stake of government institutions was allowed to pile up Rs 91,000 crore debt.
The equity structure of IL&FS Ltd includes LIC's 25.34 per cent, Central Bank of India's 7.67 per cent and State Bank of India's 6.42 per cent. Besides, Orix Corp of Japan owns 23.5 per cent and Abu Dhabi Investment Authority owns 12.5 per cent.
He said a high-level probe was needed to ascertain how central government employees nominated by LIC, CBI and SBI in the IL&FS Board could allow the group's debt to rise 44 per cent in the last three years to a debt to a net worth ratio of 16.78 to one.
Tewari said the IL&FS crisis was seven times more than the combined economic offence of Vijay Mallya, Nirav Modi and Mehul Choksi. He said the unlisted company has a very opaque corporate structure and rating agencies have classified its equity as junk.
"IL&FS is on the verge of collapse and if that were to happen it will have a domino effect like after Lehman Brothers one after the other financial institutions started tumbling. Already on Monday and Tuesday, the markets have been yo-yoing because of this," he said.
The Congress leader attacked the Modi government saying the Prime Minister's Office and the Finance Ministry were putting pressure on Reserve Bank of India (RBI), SBI, LIC and National Highway Authority of India (NHAI) to bail out the company.
While the government has maintained that as IL&FS is a private company it will not intervene, the biggest shareholder LIC has recently said it will not let IL&FS collapse and was open to all options including raising stake in the company.
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Karnataka govt directs municipal corps to regulate, prohibit pigeon feeding
Bengaluru (PTI): The Karnataka government has issued directions to municipal corporations across the state to regulate and prohibit feeding pigeons in public places, citing serious public health concerns.
Deputy Secretary to Government V Lakshmikanth has written to the Urban Development Department requesting it to issue directions to the Greater Bengaluru Authority (GBA) and all municipal corporations to take immediate steps to implement the measures.
In an official note dated December 16 issued by the Health and Family Welfare Department and released to the media on Wednesday, the department said uncontrolled feeding of pigeons in public places has resulted in large congregations of birds, excessive droppings and serious health concerns, particularly respiratory illnesses linked to prolonged exposure to pigeon droppings and feathers such as hypersensitivity pneumonitis and other lung diseases.
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"The commissioner, the Greater Bengaluru Authority and the Commissioners and chief officers of other municipal corporations shall take necessary action to mitigate the causes of dangerous disease spread by pigeon and enforce specified guidelines in their respective jurisdiction," the note said.
According to the department, these include a prohibition on feeding pigeons or causing pigeons to be fed in areas where it may cause nuisance or pose a health hazard to the public. Pigeon feeding shall be permitted only in designated areas in a controlled manner, subject to certain conditions.
"The designated areas may be selected in consultation with stakeholders. The responsibility for upkeep of the designated areas and compliance to the directions shall be taken up by some charitable organisation or an NGO. The feeding in designated areas shall be permitted only for some limited hours in the day," it said.
The note further stated that authorised officers of local authorities shall issue on-the-spot warnings and may impose fines for violation of the order, or lodge complaints to prosecute offenders under Sections 271 (Negligent act likely to spread infection of disease dangerous to life) and 272 (Malignant act likely to spread infection of disease dangerous to life) of the Bharatiya Nyaya Sanhita.
It also directed local authorities to conduct public awareness campaigns, including the display of signboards, banners and digital messages, explaining the health hazards associated with pigeon droppings and feathers, the content of the regulatory directions and penalties for violations, and alternative humane methods of bird conservation that do not endanger public health.
