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Major News and Events of 07 February 2015

What Happened on 07 February 2015


07 February 2015 Current Events $2 Billion Sahara Group - Mirach Capital Deal Falls Flat making Subroto Roy's Bailout Uncertain

$2 Billion Deal between Indian conglomerate Sahara Group and US-based Mirach Capital fell flat after Bank of America refuted California-based NRI Saransh Sharma’s claim that BOA is the banker of the billion dollar deal. After BOA’s statement, Sahara Group claimed that Mirach Capital’s letter supporting $2 Billion is forged. Per the deal Mirach Capital was supposed to pay bailout money for release of Sahara chief Subroto Roy from Tihar Jail in exchange of Sahara’s prestigious hotels in London and New York as collateral. Mirach Capital Group issued statement that Sahara Group’s ‘forged letter claim’ is untrue and the latter is doing it intentionally to sabotage the deal so that it does not require to let go of its overseas assets,thereby making Roy’s bailout uncertain.


Alibaba Enters Indian ECommerce Market by Buying 25% Claim in Paytm Owner Through its Affiliate

Chinese eCommerce behemoth Alibaba enters India’s burgeoning eCommerce space by claiming 25 per cent stake at One97 Communications, owner of one of the major mobile payment platform Paytm. The deal was signed between Ant Financial Services Group, affiliate company of Alibaba, and One97 Communications, thereby Alibaba making an indirect entry into India’s expanding eCommerce market. Though official amount of the deal was not disclosed by either company, reliable sources reveal that an initial payment of around $200 million was done by One97 Communications initially. Ant Financial’s Vice President, Cyril Han, said that the deal will close in Q2 of 2015.


Tata Steel's Quarterly Profit Declined with Cheap Steel Products in International market

Tata Steel Ltd has shown a decline of 69 percent in its quarterly profit. Shortage in the availability of raw material slowed down the domestic production and the company received a set back in its European and Indian operations with the cheap imports. At the same time International market has been flooded with cheap steel products because of a devaluation of the Russian rubble and a slowdown in China. This led to a sharp decline in steel prices and decreased Tata's share in Europe and India.


Manji Recommends to Dissolve Assembly, Nitish Kumar Elected as Bihar's CM

With the recommendation from incumbent CM of Bihar Jitan Ram Manjhi to dissolve the assembly, the ruling Janata Dal (U) immediately elected Nitish Kumar as chief minister. The meeting in which the decision was taken was attended by 100 out of a total 111 MLAs of the party. Manjhi's recommendation was supported by seven ministers and opposed by 21, so it was regarded as unconstitutional as it was rejected by three-fourths of cabinet ministers.


63% Turnout of Voters Till 5 pm in Delhi Assembly Polls

63 percent polling took place in Delhi till 5 pm. Because of the long queues of voters, polling has been extended by an hour. Turnout of voters till 1 pm, in the first five hours of polling in Delhi was 35.82%. The Capital is seeing a tough competition between the Bharatiya Janata Party (BJP) and the Aam Aadami Party (AAP) where as Congress that had lost its grounds is trying to regain. As per media reports, the polling so far has gone peacefully. Nearly 1.33 crore Delhi's voters will decided the fate of political parties contesting elections.


30 Years of Imprisonment for Vikas Yadav and Vishal Yadav

The Delhi High Court imposed an imprisonment of 30 years to Vikas Yadav and his cousin Vishal Yadav for the murder of Nitish Katara. Nitish was a friend of Vikas's sister. The Court found 14-years of life-time-imprisonment too less for this crime. Penalty of Rs 54 lakh each has also been imposed on them for destroying evidences. Nitish's mother Neelam Katara will also receive Rs 40 lakh as a compensation. Sukhdev Pehalwan, a third convict in this case has also been sentenced to 20 years imprisonment without remission by the Bench of Justice Gita Mittal and Justice J R Midha.


India Cements to Reorganise for BCCI Elections

India Cements, owner of Chennai Super Kings looks as if preparing for the coming BCCI elections. The CSK Cricket Ltd is readying to shed equity in the franchise, but the decision will be finalised by the Board of Directors in a meeting on February 11. This will allow N. Srinivasan, managing director, India Cements to contest the elections for the post of BCCI president. As per the Supreme Court's orders on January 22, no BCCI official can have commercial interest in the (Indian Premium League (IPL).


Security Increased for Delhi Assembly Elections

Security in the capital has been increased to keep everything under check during polling. Extra security deployed will check any untoward incident and misuse of money and liquor to influence the voters. The task has become more crucial as the number of critical poll booths this time increased to 741 from 634 in the last December 2013 Delhi Assembly elections. Delhi police is also working with the police from other states like Punjab, Haryana, Chandigarh, Uttar Pradesh and Rjasthan to check the migration for casting bogus votes.


$2 Billion Sahara Group - Mirach Capital Deal Falls Flat making Subroto Roy's Bailout Uncertain

$2 Billion Deal between Indian conglomerate Sahara Group and US-based Mirach Capital fell flat after Bank of America refuted California-based NRI Saransh Sharma’s claim that BOA is the banker of the billion dollar deal. After BOA’s statement, Sahara Group claimed that Mirach Capital’s letter supporting $2 Billion is forged. Per the deal Mirach Capital was supposed to pay bailout money for release of Sahara chief Subroto Roy from Tihar Jail in exchange of Sahara’s prestigious hotels in London and New York as collateral. Mirach Capital Group issued statement that Sahara Group’s ‘forged letter claim’ is untrue and the latter is doing it intentionally to sabotage the deal so that it does not require to let go of its overseas assets,thereby making Roy’s bailout uncertain.

Alibaba Enters Indian ECommerce Market by Buying 25% Claim in Paytm Owner Through its Affiliate

Chinese eCommerce behemoth Alibaba enters India’s burgeoning eCommerce space by claiming 25 per cent stake at One97 Communications, owner of one of the major mobile payment platform Paytm. The deal was signed between Ant Financial Services Group, affiliate company of Alibaba, and One97 Communications, thereby Alibaba making an indirect entry into India’s expanding eCommerce market. Though official amount of the deal was not disclosed by either company, reliable sources reveal that an initial payment of around $200 million was done by One97 Communications initially. Ant Financial’s Vice President, Cyril Han, said that the deal will close in Q2 of 2015.

63% Turnout of Voters Till 5 pm in Delhi Assembly Polls

63 percent polling took place in Delhi till 5 pm. Because of the long queues of voters, polling has been extended by an hour. Turnout of voters till 1 pm, in the first five hours of polling in Delhi was 35.82%. The Capital is seeing a tough competition between the Bharatiya Janata Party (BJP) and the Aam Aadami Party (AAP) where as Congress that had lost its grounds is trying to regain. As per media reports, the polling so far has gone peacefully. Nearly 1.33 crore Delhi's voters will decided the fate of political parties contesting elections.

Manji Recommends to Dissolve Assembly, Nitish Kumar Elected as Bihar's CM

With the recommendation from incumbent CM of Bihar Jitan Ram Manjhi to dissolve the assembly, the ruling Janata Dal (U) immediately elected Nitish Kumar as chief minister. The meeting in which the decision was taken was attended by 100 out of a total 111 MLAs of the party. Manjhi's recommendation was supported by seven ministers and opposed by 21, so it was regarded as unconstitutional as it was rejected by three-fourths of cabinet ministers.

Tata Steel's Quarterly Profit Declined with Cheap Steel Products in International market

Tata Steel Ltd has shown a decline of 69 percent in its quarterly profit. Shortage in the availability of raw material slowed down the domestic production and the company received a set back in its European and Indian operations with the cheap imports. At the same time International market has been flooded with cheap steel products because of a devaluation of the Russian rubble and a slowdown in China. This led to a sharp decline in steel prices and decreased Tata's share in Europe and India.

India Cements to Reorganise for BCCI Elections

India Cements, owner of Chennai Super Kings looks as if preparing for the coming BCCI elections. The CSK Cricket Ltd is readying to shed equity in the franchise, but the decision will be finalised by the Board of Directors in a meeting on February 11. This will allow N. Srinivasan, managing director, India Cements to contest the elections for the post of BCCI president. As per the Supreme Court's orders on January 22, no BCCI official can have commercial interest in the (Indian Premium League (IPL).

Security Increased for Delhi Assembly Elections

Security in the capital has been increased to keep everything under check during polling. Extra security deployed will check any untoward incident and misuse of money and liquor to influence the voters. The task has become more crucial as the number of critical poll booths this time increased to 741 from 634 in the last December 2013 Delhi Assembly elections. Delhi police is also working with the police from other states like Punjab, Haryana, Chandigarh, Uttar Pradesh and Rjasthan to check the migration for casting bogus votes.

30 Years of Imprisonment for Vikas Yadav and Vishal Yadav

The Delhi High Court imposed an imprisonment of 30 years to Vikas Yadav and his cousin Vishal Yadav for the murder of Nitish Katara. Nitish was a friend of Vikas's sister. The Court found 14-years of life-time-imprisonment too less for this crime. Penalty of Rs 54 lakh each has also been imposed on them for destroying evidences. Nitish's mother Neelam Katara will also receive Rs 40 lakh as a compensation. Sukhdev Pehalwan, a third convict in this case has also been sentenced to 20 years imprisonment without remission by the Bench of Justice Gita Mittal and Justice J R Midha.




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