KOCHI l WEDNESDAY l SEPTEMBER 04, 2019 l `7.00 l PAGES 20 l LATE CITY EDITION SENSEX TANKS 700 POINTS, RUPEE AT NINE-MONTH LOW Incessant flow of dismal economic indicators saw benchmark indices crash 2% and the rupee tumble 97 paise to 72.39 / $ PANIC TRIGGERS MASSIVE SELL-OFF ALL SECTORAL INDICES IN THE RED After plunging 867 points during the day, the BSE Sensex closed 769.88 points lower at 36,562.91 on Tuesday. The broader Nifty, too, sank 225.35 points, or 2.04 per cent, to settle at 10,797.90. The benchmark indices also saw their biggest intra-day plunge in nearly 11 months. Massive selloffs in equities saw investor wealth eroding by I2.55 lakh crore. ■ All sectoral indices ended in the red. BSE metal, energy, consumer durables, telecom, bankex, finance, oil and gas, realty and capital goods indices settled 3.23 per cent lower ■ Broader BSE midcap and smallcap indices closed 1.65% lower ■ Top losers in the Sensex pack included ICICI Bank, Tata Steel, et al Elsewhere EUROPEAN, US EXCHANGES WERE ALSO TRADING LOWER IN EARLY SESSIONS 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 ■ KALABURAGI S A N A S H A K I L @ New Delhi JAMMU & KASHMIR With loads of CBMs, Shah co-opts panchs Union home minister assures delegation of land security, jobs to youth, restoration of mobile network A group of sarpanchs from J&K after meeting Home Minister Amit Shah at North Block in New Delhi on Tuesday | SHEKHAR YADAV BIG ASSURANCE ON ACQUIRING LAND IN STATE F2 LAKH LIFE INSURANCE, SECURITY COVER REACHING OUT TO APPLE GROWERS GOVT JOBS TO 4-5 YOUTH FROM EACH VILLAGE Land belonging to locals will not be taken away. Instead, government land would be used for the establishment of industries, hospitals and educational institutions All elected panchs and sarpanchs in J&K will get police security and insurance coverage of I2 lakh each in view of the threat to their lives from terrorists Govt to try to procure all apples grown in the state to protect producers from facing difficulties. Similar provisions for other fruit growers too Govt promises jobs to at least 4-5 youth in each village of J&K. Also mobile phone services are likely to be restored in the region within the next 20 days I told the Home Minister people are expecting statehood to be restored on a priority basis. Shah said statehood will be provided as soon as normalcy is restored Mir Junaid, youth leader from Kupwara’s Langate IN a bid to boost the morale of residents of Jammu & Kashmir, Union Home Minister Amit Shah said on Tuesday that mobile services would be restored within 20 days, locals’ land will not be “taken away” by the government and that five persons from each village will get government jobs. Speaking to representatives from the newly created Union territory, Shah said statehood will be restored as soon as the situation normalises. Among other confidencebuilding measures, he announced an insurance coverage of `2 lakh for each ‘panch’ and ‘sarpanch’ in J&K. Shah along with junior home ministers Nityanad Rai and GK Reddy, MoS in the PMO Jitender Singh, met three delega- tions from J&K — panchayat members, representatives of fruit growers and a group of people displaced from Pakistan-occupied Kashmir. Home ministry sources told TNIE that Shah assured apple growers that the government was considering procuring nearly 100% apple produce from J&K to ensure that growers don’t suffer any losses due to the restrictions imposed in the region. Shah made similar assurances to other fruit growers who met him and narrated the problems they are facing due to shutdown in the region. On August 28, J&K governor Satya Pal Malik had said NAFED would commit over `5,000 crore for procuring 50% of apple produce of the state and this will benefit over seven lakh apple growers. Amid concerns by locals that the demographics of J&K may be affected because of revocation of the special status of J&K, the minister told the delegation of about 30 Sarpanchs that the government would ensure lands of locals are not “taken away” by anybody . “Shah reassured the representatives that nobody’s land would be taken away and government land would be used for the establishment of industries, hospitals and educational institutions,” an official statement said. MHA said establishment of new institutions would create employment opportunities for the locals and enhance tax revenues for J&K, which in turn would be used for the welfare of the people. CONTINUED ON: P9 Black money: ED arrests K’taka Telangana Bar protest over judge’s transfer Congress strongman Shivakumar No order yet on CJ transfer tweeted, “I congratulate my BJP friends @ Bengaluru / New Delhi for finally being successful in their mission of arresting me... I am a victim of SENIOR Congress l e a d e r BJP’s politics of vendetta.’’ D K Shivakumar was on Tuesday arThe ED registered a case in Septemrested by the Enforcement Diber 2018 against Shivakumar rectorate in New Delhi under and his four associates Sachin the stringent Prevention of Narayan, Sunil Kumar Sharma, Money Laundering Act for alAnjaneya Hanumanthaiah and leged tax evasion and hawala N Rajendran under PMLA. The transactions. Shivakumar was ED issued summons to Shivakumar on August 29. ED sourcbeing grilled for the past four es say Shivakumar has been days in connection with an alleged money laundering case inreticent about his business volving `8.83 crore. On Tuesday transactions. Shivakumar has night, the ED arrested him on D K Shivakumar been on the scanner of I-T authorities since August 2017, charges that he was not cooperating with the probe. when the Directorate of Income Tax (In“Initially he was cordial, but after two vestigation), Karnataka & Goa raided , days, he refused to answer many key Eagleton Golf Resort in Bidadi on the questions. Finally, we got the go-ahead outskirts of Bengaluru, where he had hosted 44 Gujarat Congress MLAs ahead for the arrest,” an ED official said. Soon after his arrest, Shivakumar of the crucial Rajya Sabha elections. BALA CHAUHAN & ANURADHA SHUKLA Quizzing over, but PC’s date with CBI still on New Delhi: The CBI has no further questions for former Union minister P Chidambaram, who is under its custody in the INX Media case, yet he will remain its guest till Thursday as the Supreme Court on Tuesday wanted status quo to continue. Later in the day, the trial court formalised it by extending his CBI custody by two more days. From Chidambaram’s perspective, it means the possibility of him being sent to Tihar jail has been put off Flood & crunch: State mulls to cut plan fund by 45% METRO TRIP TO THYKOODAM E X P R E S S N E W S S E R V I C E @ T’Puram Health Minister K K Shylaja, actors Rima Kallingal, Muthumani and Aditi Ravi along with nurses from city hospitals ride on Kochi Metro Chief Minister Pinarayi Vijayan inaugurates the stretch between Maharaja’s College and Thykoodam on Tuesday The groundbreaking ceremony of the first boat jetty for the L747 crore water metro project was also held on Tuesday 5 new stations along the new stretch Passenger service along the stretch will begin on Wednesday at 6am Union Minister Hardeep Singh Puri says phase II to Kakkanad under Centre’s consideration Bypoll around, govt recommends CBI probe in Titanium graft case E X P R E S S N E W S S E R V I C E @ T’Puram IN what appears to be a shrewd political move ahead of the Pala bypoll, the Left Government has recommended a CBI investigation into the 2006 Titanium graft case involving former chief minister Oommen Chandy, Opposition Leader Ramesh Chennithala and ex-minister V K Ibrahim Kunju. While Chandy said he is ready to face any probe, Chennithala termed it a politically-motivated move ahead of the byelection. The Titanium graft case pertains to the alleged corruption to the tune of `66 crore in the implementation of a `256.1-crore pollution control project, in which an effluent treatment plant was set up in the Travancore Titanium Products (TTP), a public sector company . The Vigilance and Anti-Corruption Bureau (VACB), which probed the case, suspects shady inter-state and international deals. ● More on P6 FACED with looming financial crisis, which followed the back-to-back flood, Kerala is mulling another round of austerity measures and plan-fund cut for the second straight year, dealing a major blow to the state’s development dreams. According to a Planning Board source, the mid-term financial review meeting has suggested to cut plan fund expenditure by around 45 per cent.The decision is likely to impact a slew of big-ticket projects announced in the last budget as part of rebuilding the state following last year’s flood. The key sectors which are expected to affect are roads network, transport, agriculture, tourism and welfare projects. The state government will adopt a two-way approach. While the Planning Board will direct the department heads to re-prioritise their projects in the remaining period of the fiscal year, the finance secretary will ensure the projects are executed by strictly adhering to the norms and without cost escalation. ● More on P6 20 PAGES, INCLUDING 4 PAGES OF KOCHI EXPRESS STIR CONTINUES Muthoot: We’ve no option, but to close down E X P R E S S N E W S S E R V I C E @ Kochi THERE is no respite to the stir between CITU and the management of gold-loan company Muthoot Finance. Its managing director George Alexander told mediapersons on Tuesday that 300 forcibly shut branches will be closed in a phased manner. “There’re over 600 branches of the company in Kerala and 300 of them were forcibly shut by CITU workers. We’ve received approval from our board to move ahead with the closing down process if the shut branches remain closed. We’re left with no other choice,” said Alexander. According to management, the gold-loan business in Kerala has come down to 4.57 per cent from 13.55 per cent which is a major loss for the company . “It has been over 15 days that the branches have remained closed as the union workers are not allowing the employees to open them. We are incurring a loss as people are not working here and therefore it is with much pain we are closing the branch● More on P5 es. While SC collegium discussed proposed swap between Justice Tahilramani and Justice Ajay Kumar Mittal, no formal order was issued R RAJASHEKAR RAO & KANU S A R D A @ Hyderabad/New Delhi IN an indication of growing disquiet over decisions taken by the Supreme Court collegium, the Telangana High Court on Tuesday witnessed strong protests from members of the Bar association against the transfer of Justice P V Sanjay Kumar, senior most judge after the chief justice, as a judge of Pun- jab and Haryana High Court. The association urged its members to abstain from court work till Sept 7. The legal community is already upset over the proposed transfer of Madras High Court Chief Justice Vijaya Kamlesh Tahilramani to Meghalaya High Court — from a court that has a sanctioned strength of 75 to one whose optimum strength is three. On Tuesday the collegium is , learnt to have discussed a swap between Justice Tahilramani and Meghalaya High Court Chief Justice Ajay Kumar Mittal, but no formal order was issued. The collegium’s cherrypicking for promotions has been questioned within the Supreme Court itself. For example, Justice Sanjay Kishan Kaul last week wrote to the CJI wondering why the CJ of Bombay HC Pradeep Nandrajog and CJ of J& K HC were ignored.
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