Ministry Of Finance Introduces Online Hearing Through Video Conferencing Facility In Five DRTs [Read Notification]

first_imgNews UpdatesMinistry Of Finance Introduces Online Hearing Through Video Conferencing Facility In Five DRTs [Read Notification] Nitish Kashyap26 April 2020 1:54 AMShare This – xThe Department of Financial Services under the Union Ministry of Finance on Friday with the help of the National Informatics Centre has introduced online hearings via video conferencing in five debt recovery tribunals across the country keeping in mind the objective of social distancing in order to combat the pandemic of Covid-19.Initially, DRT-3 Delhi, DRT-3 Kolkata, DRT Dehradun, DRT-1…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Department of Financial Services under the Union Ministry of Finance on Friday with the help of the National Informatics Centre has introduced online hearings via video conferencing in five debt recovery tribunals across the country keeping in mind the objective of social distancing in order to combat the pandemic of Covid-19.Initially, DRT-3 Delhi, DRT-3 Kolkata, DRT Dehradun, DRT-1 Chennai and DRT-3 Mumbai have been identified for providing this facility. The following pre-requisite measures have to be taken by the Registrars of the concerned DRTs in order to implement hearing of cases through VC-Ensure availability of laptop with camera, internet and headphone with mike etc.Identify urgent or important cases filed.Finalize modalities for creating causelists of matters to be heard through VC.Scheduling VC links and circulating them participants.Generating daily order sheets and ensure it is uploaded on e-DRT.The letter states that the Registrars of all the concerned DRTs will function as nodal officers for conducting hearings via video conferencing and the Registrars have also been directed to ensure the overall co-ordination within their jurisdiction for allotment of VC slots to any other DRTs under their jurisdiction.Click Here To Download Notification[Read Notification]Next Storylast_img read more

Sign of the Times: Yancoal Gets Few Takers

first_imgSign of the Times: Yancoal Gets Few Takers FacebookTwitterLinkedInEmailPrint分享The Australian:Yancoal Australia’s $US2.35 billion ($3bn) equity raising has met with next to no interest from institutional and retail shareholders, leaving its underwriters and Chinese backers on the hook for almost the entire amount.Yancoal, which needed the cash to complete its acquisition of Rio Tinto’s Coal & Allied business in NSW, only attracted $US4 million worth of applications from its existing non-Chinese share register while institutional investors applied for just $US59m of the more than $US1.3bn in entitlements up for offer under a bookbuild at the weekend.The weak appetite means Yancoal’s existing major shareholder, Chinese state-owned group Yanzhou Coal Mining Company, will take up the full $US1bn in new shares to which it had committed while the bookbuild’s underwriters — China Shandong Investment, Cinda International and Glencore — will take up the remaining $US1.28bn.While there was an expectation going into the raising that Yancoal would have to rely on its underwriters for much of the funding, the response was nevertheless weaker than expected.The flat investor response to the raising has been blamed on a confluence of factors, including Yancoal’s poor record of performance in Australia (it has recorded four straight years of losses totalling more than $1.6bn), the dominant position held on Yancoal’s share register by Chinese interests, and the broader softening of investor interest in coal generally.The raising also took place at a time when many investors are tipping a fall in coal prices following a strong 12 months for the commodity.In one potential sign that the coal market may be nearing a peak, veteran coal investor Tony Haggarty yesterday revealed he had just sold almost 2 million shares in coal producer Whitehaven Coal for $6.4m, cashing out a portion of his holdings at a time when Whitehaven shares are at their highest level since 2013.Coal heavyweight Glencore, which is helping fund the Yancoal acquisition, yesterday announced it was putting up for sale its Rolleston thermal coalmine in Queensland. The sale process for the mine, which produced 13.3 million tonnes of saleable coal in 2016, is being handled by Merrill Lynch.Contango Asset Management managing director George Boubouras told The Australian the combination of Yancoal’s China-heavy share register and the wider shift away from coal among many investors were probably to blame for the weak uptake.More: Yancoal’s $3bn equity raising shunned by investorslast_img read more

Authorities Follow the Trail of Alex Saab, Nicolás Maduro’s Front Man

first_imgBy Gustavo Arias Retana/Diálogo November 18, 2020 The Colombian Office of the Attorney General seized assets valued at $9.8 million from Alex Saab, a Colombian businessman and Nicolás Maduro’s front man, CNN reported on October 17, 2020. Authorities seized two properties in Barranquilla and Cartagena and three companies that Saab used for money laundering, the report says.“Apparently [the companies] were used to launder money from a criminal organization, since it became clear that they were likely created as a front by people close to Alex Saab, since they had no financial or patrimonial means; and even so, they increased their assets disproportionately,” the Colombian Office of the Attorney General reported via Twitter on October 16, stating: “#AttorneyGeneral conducts investigation against Alex Naim Saab Morán for alleged money laundering, illicit enrichment, fictitious export or import, and conspiracy to commit a crime.”Saab and Maduro’s relationship is directly linked to the food boxes of the Local Supply and Production Committees (CLAP, in Spanish). The CLAP program distributes food boxes that are sold to Venezuelans who are registered in Chavista committees. Beneficiaries cannot choose the staples, as the food is prepared in advance, nor can they decide when to access them.Venezuelan lawyer Mariano de Alba, who specializes in law and international relations, told Diálogo from the United States that the Chavismo system used the aid to conduct overpriced business practices and money laundering. Saab was one of the main businessmen involved in this corruption scheme.“A good part of the system of food imports [to Venezuela] has become a mafia scheme. It all starts when the food import contracts are given to people who are close to the government, and they sell the food at elevated prices, obtaining a financial return for their loyalty,” De Alba said. “But it doesn’t end there. When the food finally arrives in Venezuela, the scheme includes determining where to distribute that food, based on the area and its people’s political affinity with the government, as well as bribes to public officials and the military to mobilize or deliver the food.”Other seizuresThe Colombian newspaper El Tiempo reported on September 14 that U.S. authorities froze about $700 million from Saab’s accounts located in the European Principality of Liechtenstein. The U.S. Department of the Treasury has sanctioned Saab in July 2019, and the Department of Justice has been investigating him for money laundering since that same month.Saab has been detained in the African Republic of Cape Verde since June 12. He was arrested due to an Interpol Red Notice. At the end of that month, the United States requested the Colombian national’s extradition to prosecute him. However, the process has been delayed, and Saab remains on the small island.De Alba explained that Saab’s ties with Chavismo are evident in more than the CLAP, as the businessman became a very important figure for Maduro’s shady business dealings.“There are indications that Saab was not only the regime’s main financial operator, but also Maduro’s personal front man, who used him as a direct vehicle to embezzle funds, with Saab having to give Maduro a share of the surcharge that he charged the Venezuelan state. The relationship is so intimate that when Saab was arrested, the Venezuelan government, surprisingly, without ever having said so, attempted to argue [immunity] because he was a diplomatic representative of the Venezuelan state,” he concluded.last_img read more

Deer Park Man Facing Upgraded Charges in Fatal DWI Crash

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Deer Park man has been indicted on upgraded charges after allegedly driving drunk and causing a crash that killed his 25-year-old passenger on the Long Island Expressway in Melville three months ago, Suffolk County prosecutors said.Daniel Moreira will be arraigned Friday before Judge Fernando Camacho on charges of vehicular homicide, vehicular manslaughter, reckless driving and speeding. He was initially arrested on a charge of driving while intoxicated. He is free on $5,000 bail.“Though police at the scene described the defendant as smelling of alcohol, having bloodshot, glassy eyes and slurred speech, Moreira claimed to have had one beer, that he was traveling alone and that the crash occurred at Exit 60,” District Attorney Tom Spota said.Prosecutors said Moreira’s blood-alcohol content was 0.20, more than double the legal limit, after the crash. Police have said that the 27-year-old suspect was driving a Toyota Corolla westbound on the LIE when his vehicle rear-ended a Toyota Tacoma pickup truck near Exit 49 at 3:45 a.m. on Nov. 9. The vehicle came to a rest after hitting a barrier.His passenger, Ismelda Rodriguez, of Brentwood, was pronounced dead at the scene.Moreira was taken to Nassau University Medical Center in East Meadow, where he was treated for non-life-threatening injuries.The driver of the Tacoma, 60-year-old Terry Doughan of Kings Park, was not injured.last_img read more