Latest news with #SajiVarghese
United News of India
10 hours ago
- Business
- United News of India
Selling SBI shares worth Rs 25000 cr part of privatisation: BEFI
Thiruvananthapuram, July 12 (UNI) Bank Employees Federation of India has alleged that the Centre's move to sell shares of State Bank of India (SBI) worth Rs 25,000 crore SBI) is an open attempt to privatize the bank in a phased manner sacrificing national interests. "In 2017, the bank had sold 522 million shares. This reduced the government's stake in the bank to 56.92 percent. Now, with the completion of the targeted share sale, the government's stake will diminish below 55 percent," BEFI vice president Saji Varghese said. "The sale of shares through qualified institutional placement has been reported by national media," he added. "Despite the vacancies of about one lakh employees and officers, the outsourcing of jobs and the deployment of daily wage workers without making them permanent is a prelude to privatization... After the budget presentation, the Union Finance Minister had announced that government would sell shares of public sector banks including SBI. Other public sector banks are also preparing for share sale" he said. The privatization of the country's largest public sector bank, SBI, will have far-reaching consequences. Public sector banks serve as a protective shield for the Indian economy. It is this protective shield that is being undermined through bank privatization, he stated. "As banks come under the control of corporates, services for the common people will get affected and services will be limited to the elite class," he added. The SBI plans to support loan growth, strengthen its balance sheet and meet regulatory requirements. It's also the first time since 2017 that the lender, majority owned by the government, tapped the equity market. UNI DS AAB RKM
Time of India
27-06-2025
- Time of India
Kannur tourism circuit graft: Kerala HC junks plea against further proceedings
Kochi: High court has dismissed a petition seeking to quash the final report and further proceedings in a vigilance case alleging corruption involving Rs 46.34 lakh in connection with the Palakkayam Thattu tourism triangle circuit in Kannur. The bench of Justice A Badharudeen dismissed the petition filed by Saji Varghese of Kannur, the first accused in the case, observing that since the prosecution's allegations make out a prima facie case, the petitioner's plea of innocence is a matter to be decided by the trial court on the basis of evidence. In 2016, the district collector and chairman of Kannur DTPC granted administrative sanction for the construction of the circuit at an estimated cost of Rs 1 crore. The implementation of the project was entrusted to FACT-RCF Building Products Ltd (FRBL), Kochi. Subsequently, based on allegations of misappropriation of funds, the vigilance and anti-corruption bureau registered a case and submitted a final report. The final report alleged that the three accused, including the petitioner, had conspired to misappropriate funds, resulting in a loss of Rs 46.34 lakh to the govt. Finding a prima facie case in the allegations, the court dismissed the petition.
