BELAGAVI FRIDAY DECEMBER 29, 2017 `5.00 PAGES 16 LATE CITY EDITION QUIET ROLLBACK OF LPG PRICE HIKE ORDER DECISION TAKEN TWO MONTHS AGO Monthly hikes of `4 per cylinder withdrawn as it was deemed contrary to the Ujjwala scheme to give the poor free cooking gas connections ■ `76.5 BUT PRICES ROSE EVEN AFTER OCTOBER An order dated May 30, 2017 authorised an increase in prices of subsidised domestic LPG by `4 per cylinder per month till the reduction of govt subsidy to ‘nil’ or March 2018. It later dawned on the government that this would hurt the objective of the Ujjwala scheme, and it withdrew the order in October ■ Even after the order was withdrawn, prices of subsidised LPG continued to rise because of taxation issues, said a source The price of subsidised LPG was last raised by `4.50 per cylinder on Nov 1 to `495.69, according to a notification by state-owned firms. The price was `419.18 in June 2016 INCREASE IN LPG PRICES IN 19 INSTALMENTS OVER 17 MONTHS CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR Can’t peddle advice, SEBI tells mutual funds Debate in the Lower House E X P R E S S N E W S S E R V I C E @ Mumbai MPs of different parties had different takes on the Bill Muslim women celebrate the passage of the Triple Talaq Bill in the Lok Sabha, in Lucknow on Thursday | PTI This is a rare social reform legislation. Will the government also bring bill against marital rape? Supriya Sule, NCP If it’s a crime to legislate for rights of Muslim women, we will commit this 10 times Ravi Shankar Prasad, Law Minister Parliament lacks legislative competence to pass the law as it violates fundamental rights Asaduddin Owaisi, AIMIM All of us are supporting this bill, but there are certain lacunae which should and can be rectified in the standing committee Mallikarjun Kharge, Cong PARTIES THAT OPPOSED THE BILL Rashtriya Janata Dal All India Majlis-eIttehadul Muslimeen (AIMIM) Biju Janata Dal AIADMK All India Muslim League NON-COMMITTAL Trinamool Congress LS passes Bill to ban instant Triple Talaq Bill makes offence punishable by up to 3 yrs jail for husband; now faces RS test M A N I S H A N A N D @ New Delhi WITH the government stating that Uniform Civil Code is a matter of discourse before the Law Commission, Lok Sabha on Thursday passed by voice vote a legislative proposal against the practice of Triple Talaq. Union minister Ravi Shankar Prasad, while claiming that it was a historic day asserted that , the government doesn’t see the Bill through the lens of vote bank but humanity while the aim is to ensure justice to Mus, lim women victims of the practice of Triple Talaq. While stating that declaration of talaq by any person upon his wife, by words, either spoken or written or in electronic form or in any other manner, shall be void and illegal, the Bill proposes punishment of a jail term of up to three years and penalty . Prasad allayed apprehensions that the NDA government is seeking to instil a sense of insecurity among the minority community “This Bill . Non-bailable shouldn’t be linked with the issue of comoffence mon civil code, which is already before the Law Commission where more discussions The Bill proposes will take place. The Muslim Women (Pro- that a magistection of rights on marriage) Bill, 2017, is trate ensure only being legislated because the Supreme maintenance to Court has set aside the practice of talaq-e- Muslim women biddat in its August 22, 2017, judgment in victims, while the matter of Shayara Bano Vs Union of granting them India and others,” Prasad said during his custody of minor reply to the day-long discussion on the Bill. children. The The Bill was vehemently opposed by a offence under number of parties when it was introduced. the Bill is While Asaduddin Owaisi of All India Maj- proposed to be lis-e-Ittehadul Muslimeen questioned the cognizable and legislative competence of Parliament to en- non-bailable. act law against the practice of Triple Talaq, Bhartruhari Mahatab of the BJD said the government had tabled a badly drafted Bill. He questioned the provision to criminalise the practice. In response, Prasad said Parliament had in the past enacted laws against domestic violence and dowry (Sec 498A of IPC), which are community neutral. “There are penal provisions with jail terms of seven years for those indulging in fraudulent marriages and adultery which are community neutral,” Prasad re, torted, while rejecting concerns of the members on the criminal provisions. He said the law will come into force from the day of notification and rejected demands for sending it to the Parliamentary Standing Committee on Law and Justice. P7 DISTRIBUTION of mutual fund products and investment advice are separate activities. Sadly regulation , has been a bit of a sideshow, allowing scope for mis-selling, which Sebi now wants to crack down on. Dusting off its old play book, the capital markets regulator on Thursday appeared firm on segregating distribution and advisory services, as it leads to conflict of interest. This means distributors can only explain product features, but to give investment advice, they should float another company. Those giving investment advice should inform customers about receivable commission from associates or subsidiaries, as such disclosures ensure the principle of ‘appropriateness.’ “It was felt that there is a need to prevent conflict of interest between How they performed GROWTH IN QTLY AVG AUM FOR SEPT 2017 QUARTER AMCs Top 5 Next 10 Rest Range 4% to 12% -2% to 19% -65% to 30% AVG RETURNS IN 2017 Large cap : 32% Mid cap : 45% Small cap : NA @ New Delhi BOTH Houses of Parliament joined External Affairs Minister Sushma Swaraj in condemning the “inhuman” treatment meted out by Pakistan to Kulbhushan Jadhav’s mother Avanti and wife Chetna. Jadhav has been sentenced to death on allegations of espionage by Pakistan. Coming down heavily against Pakistan, Sushma said the meeting could have been a way forward, but Islamabad turned it into an occasion to further propaganda. Stating that she had spoken to Jadhav’s mother before making the statement in Parliament, Sushma said Pakistan resorted to human rights violations, which advising for investing in financial products and selling of financial products,” said Ajay Tyagi, Chairman, Sebi. The conflict of interest arises due to higher commissions on select products like closed-ended mutual funds or equity funds than say, debt or open-ended funds that carry AS part of his second Paryaya, which is taking place after a gap of 16 years, Sri Vidyadeeshatheertha Swamiji, the seer of Palimaru Mutt, plans to replicate the opulence of Dwaraka: that the tower above the sanctum sanctorum of the famous Udupi Sri Krishna Temple should be adorned with gold. He plans to start the work within a month after taking over and complete it before his paryaya ends in January 2020. Paryaya is a system in which the eight seers of Udupi undertake the responsibility of worshipping Lord Krishna and managing the temple by turn for a period of two years. The seer who is in charge of the worship and other rituals is known as ‘Paryaya swamiji’. The existing sanctum tower is made of copper and its replacement requires 100 kg of gold worth `32 crore. Small cap 57% low-risk. Target-chasing employees may push schemes with more commission, downplaying risks. As per Sebi’s consultation paper — now put up for public comments — from April 1, 2019, distributors, including their immediate relatives, subsidiary or associate entity, shall Ambani bails out Ambani as Reliance Jio Pvt firms can steps in to acquire debt-ridden RCom now import sand: Govt A V I N A S H B H AT @ Bengaluru PRIVATE companies in the state will now be able to apply for licences to import sand from foreign countries and trade in the commodity within Karnataka as the state government recently notified the guidelines necessary for applicants to get a licence. The guidelines, published in the State Gazette on December 23, list out the conditions that importers will have to meet to be able to import and subsequently sell sand to customers. The guidelines come after an amendment to the Karnataka Minor Minerals Concession rules, made last month to allow import of sand from foreign countries. While the exact figures for the demand for sand in the state are not available, data collected from cement suppliers indicated an approximate demand of around 2526 Million Metric Tonnes (MMT). Legal mining of sand combined with the supply of manufactured sand is not enough to meet this demand, according to officials. As a result, the price of sand has skyrocketed and is in the range of `5,000 per metric tonne. “Import of sand would help meet the demand and bring prices down. Besides this, there are obvious benefits to the environment as illegal mining will not thrive,” said Rajender Kumar Kataria, Secretary , Mines and Geology . P6 E X P R E S S N E W S S E R V I C E @ Mumbai BILLIONAIRE industrialist Mukesh Ambani played the perfect Santa this Christmas season bailing out his younger brother Anil Ambani, who is in debt and out of luck. On Thursday the senior Ambani’s Reliance Jio , signed a definitive agreement to acquire the whole shebang of Reliance Communications (RCom): spectrum, mobile towers and optical fibre network, for an unknown sum. The timing of the deal stands out not only for its economic rationale, but also for striking an emotional chord, with the announcement coming on the 85th birth anniversary of late Dhirubhai Ambani, founder of Reliance Industries. The deal includes a cash payment and transfer of deferred spectrum installment, but is subject to requisite approvals from the government, regulatory authorities, lenders, release of all encumbrances on assets and other conditions precedent. “The consideration is payable at completion and is subject to adjustments as specified in the agreement,” Reliance Jio said in a statement. RCom is reeling under a debt pile of `45,000 crore and the proposed deal is expected to trim debt by `25,000 crore. If it comes through, it will spell the exit of Anil Ambani from the telecom sector, which he entered last decade. It has already decided to shut its 2G wireless business and merge its 4G services with its enterprise unit. But RCom will not cease to exist and will continue running other businesses comprising enterprise, GCX, data centre and 4G should be condemned strongly. “Pakistan was projecting the meeting as a humanitarian gesture, but the truth is that there was no humanity left in the episode. Jadhav’s wife always wears a sari, but Pakistani officials made her wear a salwar-kurta. They forced removal of mangalsutras and bindis from both women. Jadhav spotted the miss- ing mangalsutra, and the first thing he asked his mother was about his father. When Jadhav saw similar conditions of his wife (the missing mangalsutra), he probably realised the issue,” Sushma added. Chetna’s shoes were removed before the meeting and were not returned despite repeated requests. P9 An artist’s impression of the proposed tower at Udupi Sri Krishna temple “With every square foot necessitating approximately 40 grams of gold, around 2,500 sqft would require 100 kg of gold,” said the pontiff here on Thursday while requesting the devotees to chip in. Stating that the grand endeavour can be successful solely with the collaboration and contribution of crores of devotees, With every square foot necessitating approximately 40 grams of gold, around 2,500 sqft would require 100 kg of gold Sri Vidyadeeshatheertha Swamiji, the seer of Palimaru Mutt The big-ticket deal Reliance Jio Infocomm, a subsidiary of Reliance Industries, will acquire the wireless infra assets of RCom and its affiliates RJio or its nominees will acquire RCom’s assets under 4 categories Towers Optic fiber cable network Spectrum Media convergence nodes The acquisition is subject to requisite approvals from governmental and regulatory authorities and consents from lenders These assets are strategic in nature and are expected to contribute significantly to the large scale roll-out of wireless and Fiber to Home and Enterprise services by Reliance Jio Relince Jio is being advised by Goldman Sachs, Citigroup Global Markets, JM Financial, Davis Polk & Wardwell LLP, Cyril Amarchand Mangaldas, Khaitan & Co and Ernst & Young on this transaction sharing business and will have an enterprise value of `15,000 crore. “These assets are strategic in nature and are expected to contribute significantly to the large scale rollout of wireless and Fiber-to-Home and Enterprise services by RJIL,” Jio said, adding that it acquired all assets without any previous liabilities attached to them. Jio emerged as the successful bidder in the two-stage bidding process and the acquisition process is being supervised by an independent group of distinguished industry experts. “An asset monetisation process for RCOM assets was mandated by the lenders of RCOM, who appointed SBI Capital Markets Limited to run the process,” the statement said. There was intense market speculation on the Jio-RCom deal, which saw RCom’s scrip soaring 40 per cent in a single day on Tuesday . EXPRESS READ Anant Kumar Hegde tenders apology for his remarks New Delhi: Seeking to end the controversy that erupted over his remarks and stalled parliamentary proceedings, union minister Anant Kumar Hegde on Thursday tendered an apology in the Lok Sabha after a nudge by the Speaker but said his speech at a function in Karnataka was distorted. Hegde said that he held the country, the Constitution and its architect B R Ambedkar in high P9 esteem and there was no question of showing disrespect to them. Mother tongue not allowed Jadhav’s mom tried to talk to him in Marathi, but Pak officials interrupted Udupi Sri Krishna Temple golden tower to be ready in two years @ Mangaluru 60% 49% Mid cap CONDITIONS APPLY SHINY SANCTORUM EXPRESS NEWS SERVICE Large cap * MF houses benchmark equity schemes against total return index as the measure will exhibit a truer picture of the scheme’s performance against its benchmark Mom’s mangalsutra missing, Jadhav asked about dad EXPRESS NEWS SERVICE HIT RATIO (better performance than benchmark) offer either investment advice or distribution services. Existing registered investment advisers offering distribution services through a separate division can choose between providing investment advice and distribution before March 31, 2019. The move is timely as households are opening up to mutual funds to park rainy-day funds, which usually find their way into fixed deposits or small savings schemes. A staggering 95 per cent of households invest in fixed deposits as against 9.7 per cent in mutual funds. Falling interest rates and rising awareness about alternate investment tools are attracting the salaried class towards mutual funds. Currently, there are over 42 fund houses selling 2,000 schemes and managing over `21 lakh crore in assets (largely institutional investors). P12 he said even half a gram of gold will be accepted. Names of the donors who contribute a minimum of 1 sq ft gold will be engraved over the golden roof panels, he said. The seer said that every donor will get a receipt. He said that demonetisation and GST made it difficult to mobilise funds for the golden tower. “God will take care of the project,” he said. PARYAYA TO BE HELD IN JANUARY 2018:P6 Supersonic interceptor takes down ballistic missile Bhubaneswar: India’s attempts to develop a robust multi-layered Ballistic Missile Defence shield got further boost on Thursday when a homegrown supersonic interceptor Advanced Area Defence (AAD) interceptor missile - successfully destroyed an incoming ballistic P6 missile over the Bay of Bengal. India’s first bitcoin trading app launched Sonia Gandhi riding a bicycle and smiling for a photo during vacation in Goa | TWITTER New Delhi: Cryptocurrency dealer Pluto Exchange on Thursday announced the launch of India’s first mobile application - Pluto Exchange mobile app - for transacting in virtual currencies, during a press conference here.
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