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ICICI-Videocon loan fraud case: Bombay High Court grants bail to Chanda Kochhar, husband Deepak Kochhar

The court stated that their arrest was not in conformity with provisions of law and this warrants their release.

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Chanda Kochhar, husband Deepak Kochhar

The Bombay High Court on Monday granted bail to former managing director and chief executive officer (CEO) of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in an alleged ICICI Bank-Videocon loan fraud case.

The court ruled that their arrest was not in accordance with the law and that they should be released. The couple was arrested by the Central Bureau of Investigation (CBI) on December 23 in an alleged money laundering case involving Videocon Group promoter Venugopal Dhoot.

The couple had sought temporary bail to attend their son’s wedding, which is to be held on January 15. They referred to the CBI’s arrest as illegal in their bail petition and argued that no sanction had been obtained, as needed under provisions of the Prevention of Corruption Act.

Advocate Kushal Mor, representing the Kochhars’ said the former ICICI Bank CEO was arrested after a perfunctory interrogation and that a female officer was not present at the time of her arrest, as is mandated by law.

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According to the CBI, after Chanda Kochhar took over as MD and CEO, the bank sanctioned rupee term loans (RTL) worth Rs 1,875 crores to six companies of the Videocon Group between June 2009 and October 2011. As a quid pro quo, Videocon invested in her husband Deepak’s company, NuPower Renewable.

During the initial investigation, it was found that between June 2009 and October 2011, six loans totaling Rs 1,875 crore were approved for the Videocon Group and businesses affiliated with it, allegedly in violation of ICICI Bank’s established norms.

The reports state the loan was waived off on September 7, 2009, and, the next day, Videocon Group – via its firm, Supreme Energy Private Limited, transferred Rs 64 crore to NuPower Renewables Limited.

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India News

Raghav Chadha marked as shifted in Punjab draft voter rolls, alleges AAP vendetta

Raghav Chadha has alleged political vendetta after his name was marked “shifted” in Punjab’s draft electoral rolls during the SIR exercise.

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Raghav Chadha

BJP Rajya Sabha MP Raghav Chadha has raised questions after his name was marked as “shifted” in Punjab’s draft electoral rolls prepared during the Special Intensive Revision (SIR) of voter lists.

Chadha, who remains a Rajya Sabha member from Punjab and has his voter registration in Mohali, alleged that the classification was not a routine clerical error and accused the Aam Aadmi Party-led Punjab government of political vendetta.

The electoral rolls currently under discussion are draft lists, with the final rolls scheduled to be published in October 2026.

Raghav Chadha questions voter list classification

Chadha said he was surprised to find his name classified as “shifted” despite being a sitting MP from Punjab.

He questioned how such a classification was made and pointed to the involvement of officials at different stages of the electoral roll revision process. According to Chadha, Booth Level Officers, Assistant Electoral Registration Officers, Electoral Registration Officers and District Election Officers are part of the process.

He alleged that these officials could potentially face political pressure because their transfers and postings are controlled by the state government.

Chadha also referred to Paragraph 4(d) of the Election Commission of India’s SIR guidelines. He said the provision requires public representatives, including MPs and MLAs, whose names are flagged in the electoral database to be included in the draft rolls so that they can participate in the claims and objections process.

He alleged that this provision was not followed in his case.

Punjab CEO seeks report on Chadha’s voter status

Punjab Chief Electoral Officer Anindita Mitra told that she was not aware of any deletion of Chadha’s name from the electoral rolls.

She said a detailed report would be sought from the district election authorities to determine whether his name had actually been deleted and, if so, the reason for the action.

Mitra also pointed out that the claims and objections process is currently underway. September 13 is the deadline for filing appeals over changes or discrepancies in the electoral rolls.

AAP rejects political vendetta allegation

The controversy has also drawn a response from the Aam Aadmi Party.

AAP leader Neel Garg rejected Chadha’s allegation, saying the party had no interest in deleting the vote of any individual. He instead alleged that the issue was being raised by the BJP and referred to the SIR exercises in Bihar and West Bengal.

Chadha joined the BJP in April 2026 along with six other AAP Rajya Sabha MPs.

The dispute comes as Punjab’s electoral rolls undergo revision ahead of the 2027 Assembly elections. Since the claims and objections process is still open, the status of Chadha’s name is subject to the ongoing electoral process.

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SBI defends 7.8% GDP growth, explains controversy over revised data

SBI has defended India’s 7.8% GDP growth for April-June 2026-27, saying comparisons with unrevised figures from the old GDP series are incorrect.

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State Bank of India researchers have pushed back against questions surrounding India’s latest GDP growth figures, arguing that comparisons based on figures from the old GDP series have created an incorrect picture of economic growth.

India recorded 7.8% GDP growth in the April-June quarter of 2026-27, according to the latest data released on August 31. The figure has prompted debate over the impact of the change in the GDP base year and the subsequent revision of earlier figures.

SBI explains the GDP data revision

Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI and a member of the 16th Finance Commission, said the latest figures need to be assessed using the revised GDP series.

According to Ghosh, the National Statistical Office had used 2011-12 as the GDP base year when it released figures for the April-June quarter of 2025-26 last year. At that time, nominal GDP for the quarter was reported at around Rs 86.1 lakh crore.

Following the introduction of the new GDP series with 2022-23 as the base year, the corresponding figure for the previous year was revised to around Rs 80.4 lakh crore.

The latest nominal GDP for the April-June quarter of 2026-27 stands at Rs 88.3 lakh crore, which forms the basis for the reported 7.8% growth rate.

SBI economist rejects 2.6% growth interpretation

Ghosh said some estimates had arrived at a growth rate of around 2.6% by comparing the latest nominal GDP figure of Rs 88.3 lakh crore with the earlier, unrevised figure of Rs 86.1 lakh crore.

He described this comparison as inappropriate and said the latest figure should instead be compared with the revised figure for the corresponding quarter under the new GDP series.

SBI’s research also argued that GDP revisions are a normal part of the statistical process and are made to incorporate newer information and factors into the estimates.

GDP revisions can move in both directions

Ghosh said revisions to GDP data are not necessarily downward. According to him, historical quarterly data show that revisions can occur in both upward and downward directions, although they have mostly been upward.

He also cited an earlier revision in which GDP growth under the old series was initially estimated at 9.2% before being revised to 7.2%.

Ghosh said GDP figures should be examined carefully and rigorously rather than being rejected simply because the revised numbers differ from earlier estimates.

The SBI research comes amid questions raised by former Reserve Bank of India governor Raghuram Rajan, former finance secretary Subhash Chandra Garg and some Congress leaders over the latest GDP numbers.

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Piyush Goyal defends 7.8% GDP growth, hits back at critics

Piyush Goyal defended India’s 7.8% GDP growth and criticised those questioning the latest economic data.

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Union Commerce and Industry Minister Piyush Goyal has defended India’s 7.8 per cent GDP growth recorded in the April-June 2026 quarter, hitting out at those questioning the credibility of the latest economic data.

Speaking at the annual session of the Automotive Component Manufacturers Association (ACMA) in Delhi on Wednesday, Mr Goyal said critics were comparing figures from different GDP series and accused them of misleading the public.

The minister said the base year had changed and argued that comparisons should be made using the same series.

Piyush Goyal Targets GDP Critics

Without naming them directly, Mr Goyal appeared to refer to former finance secretary Subhash Chandra Garg and former Reserve Bank of India governor Raghuram Rajan, both of whom have raised questions about the latest growth figures.

Mr Goyal said ministers do not manufacture GDP data and maintained that the figures reflected the truth. He also criticised what he described as a negative approach towards India’s economic performance.

He further took a swipe at critics questioning why strong economic growth had not translated into more jobs, saying they were “the only jobless people left” and suggesting that appearing on television panels was the only job they were pursuing.

Raghuram Rajan Questions Growth And Jobs

Former RBI governor Raghuram Rajan has expressed doubts over whether the latest growth numbers accurately reflect the state of the economy.

Rajan questioned whether the reported growth was real and pointed to what he described as discrepancies that needed attention. He also raised concerns about employment and investment.

He asked why, if the economy was growing at such a rapid pace, India was not generating more jobs, particularly better-quality jobs, and why investment was not picking up.

Subhash Chandra Garg Raises Base-Year Concerns

Former finance secretary Subhash Chandra Garg also questioned the headline 7.8 per cent growth figure.

Garg said the figure appeared impressive but needed to be examined in greater detail. He pointed to a revision in the previous year’s current-price GDP, saying it had been revised from Rs 86 trillion to Rs 80 trillion.

According to Garg, without that revision, growth in current prices would have been only 2.6 per cent.

The debate comes after India recorded 7.8 per cent GDP growth in the April-June quarter, with questions being raised over the methodology, revisions and the relationship between headline growth and job creation.

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