Indian Bank decides to annul dividend proposed for FY18
Chennai, June 28 : Public sector Indian Bank on Thursday said the Board of Directors have decided to annul their earlier decision to declare dividend at Rs 6 per equity share as it has not provided fully for the mark-to-market (MTM) loss.
In a regulatory filing in BSE, Indian Bank said the Reserve Bank of India (RBI) has informed that the bank can declare dividend after fully providing for MTM loss.
The RBI also said dividend can be declared only after fully providing for gratuity and any other provisions staggered in terms of dispensation provided by it to all the banks.
Indian Bank said the Board of Directors a7lso decided to withdraw the second item from the agenda of the notice convening the annual general meeting.
According to Indian Bank, the RBI circulars in April had given it the option of spreading the MTM loss over four quarters commencing with the quarter in which the loss was incurred and the additional liability due to enhanced gratuity over four quarters beginning with the quarter ended March 31.
It said it had exercised the options during the quarter ended March 31 and deferred the gratuity expenditure of Rs 24.33 crore to subsequent three quarters and also spread the MTM losses of total Rs 547.01 crore to subsequent quarters (after providing for December 2017 and March 2018).
When the matter was taken up with the appropriate authorities and sought permission for declaration of dividend, the RBI advised not to pay dividend.
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Trump administration says its war in Iran has been 'terminated' before 60-day deadline
Washington (AP): The Trump administration is arguing that the war in Iran has already ended because of the ceasefire that began in early April, an interpretation that would allow the White House to avoid the need to seek congressional approval.
The statement furthers an argument laid out by Defense Secretary Pete Hegseth during testimony in the Senate earlier Thursday, when he said the ceasefire effectively paused the war. Under that rationale, the administration has not yet met the requirement mandated by a 1973 law to seek formal approval from Congress for military action that extends beyond 60 days.
A senior administration official, who spoke on condition of anonymity to discuss the administration's position, said for purposes of that law, “the hostilities that began on Saturday, Feb 28 have terminated.” The official said the US military and Iran have not exchanged fire since the two-week ceasefire that began April 7.
While the ceasefire has since been extended, Iran maintains its chokehold on the Strait of Hormuz, and the US Navy is maintaining a blockade to prevent Iran's oil tankers from getting out to sea.
Under the War Powers Resolution, the law that sought to constrain a president's military powers, President Donald Trump had until Friday to seek congressional authorisation or cease fighting. The law also allows an administration to extend that deadline by 30 days.
Democrats have pushed the administration for formal approval of the Iran war, and the 60-day mark would likely have been a turning point for a swath of Republican lawmakers who backed temporary action against Tehran but insisted on congressional input for something longer.
“That deadline is not a suggestion; it is a requirement,” said Sen Susan Collins, R-Maine, who voted Thursday in favour of a measure that would end military action in Iran since Congress hadn't given its approval. She added that “further military action against Iran must have a clear mission, achievable goals, and a defined strategy for bringing the conflict to a close."
Richard Goldberg, who served as director for countering Iranian weapons of mass destruction for the National Security Council during Trump's first term, said he has recommended to administration officials to simply transition to a new operation, which he suggested could be called “Epic Passage,” a sequel to Operation Epic Fury.
That new mission, he said, “would inherently be a mission of self-defence focused on reopening the strait while reserving the right to offensive action in support of restoring freedom of navigation.”
“That to me solves it all,” added Goldberg, who is now a senior adviser at the Foundation for Defense of Democracies, a hawkish Washington think tank.
During testimony before the Senate Armed Services Committee on Thursday, Hegseth said it was the administration's “understanding” that the 60-day clock was on pause while the two countries were in a ceasefire.
Katherine Yon Ebright, counsel at the Brennan Center's Liberty and National Security Program and an expert on war powers, said that interpretation would be a “sizeable extension of previous legal gamesmanship” related to the 1973 law.
“To be very, very clear and unambiguous, nothing in the text or design of the War Powers Resolution suggests that the 60-day clock can be paused or terminated,” she said.
Other presidents have argued that the military action they've taken was not intense enough or was too intermittent to qualify under the War Powers Resolution. But Trump's war in Iran would certainly not be such a case, Ebright said, adding that lawmakers need to push back against the administration on that kind of argument.
