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Punjab CM Amarinder Singh accepts Navjot Singh Sidhu’s resignation
Posted on 20th July 2019
Punjab Chief Minister Amarinder Singh on Saturday accepted the resignation of Navjot Singh Sidhu from the Cabinet.

“Captain Amarinder Singh has accepted Navjot Singh Sidhu’s one-line resignation and forwarded the same to the Governor,” said an official spokesperson.

The spokesperson added that the Chief Minister, who had been indisposed for the last two days since arrival from Delhi, forwarded the letter to Punjab Governor V.P.S. Badnore for formal acceptance.

Mr. Sidhu had sent his resignation on June 10 to Congress leader Rahul Gandhi and tweeted the same more than a month later. Thereafter, he had tweeted that he would formally send his papers to the Chief Minister, in whose Cabinet he had been allocated the Power Ministry as part of a reshuffle post the Lok Sabha elections. He finally sent his resignation to the Chief Minister’s official residence.

After the Cabinet reshuffle on June 6, the Chief Minister divested Mr. Sidhu of the Local Bodies portfolio and allocated him the Power and New and Renewable Energy Sources portfolios. However, Mr. Sidhu, instead of taking charge of the new Ministry, approached the party’s Central leadership to express his displeasure and appraised the “high command’’ of being singled out “unfairly’’ in the Cabinet rejig on the pretext of the party’s “poor performance” in the urban areas of the State in the 2019 Lok Sabha election.

Capt. Singh recently said if Mr. Sidhu did not want to do his job, there was nothing he could do about it.

Capt. Singh and Mr. Sidhu have been at loggerheads since the Lok Sabha poll. It started with Mr. Sidhu’s wife Navjot Kaur Sidhu accusing Capt. Singh of blocking her Lok Sabha ticket from Chandigarh. Later, the Chief Minister blamed Mr. Sidhu for not handling his department well, which he claimed had resulted in the Congress’s “poor performance” in urban areas in the general election.

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Posted on 20th August 2019
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Yes Bank shares tumble 7% on fraudulent transactions at CG Power and Industrial Solutions
Posted on 20th August 2019
Shares of Yes Bank plunged more than 7 per cent after the risk and audit committee of CG Power and Industrial Solutions in which the private lender owns more than 12.79 per cent stake said there were some unauthorized transactions by certain employees of the company. CG Power also received a letter from a particular financing company regarding a certain interest payment failure which the Operations Committee of the company was unable to trace or ascertain from the financials of the company, according to the exchange filing.

SBI announces special car, personal, education loan benefits ahead of festive season
Posted on 20th August 2019
India's biggest bank State Bank of India (SBI) has announced special offerings ahead of this festive season for retail customers across different product categories: auto/car loan, personal loan, education loan and home loan. SBI has waived processing fees on car loans during this festival season. In addition, SBI is offering "lowest" interest rate starting from 8.70% to customers opting for car loan, with no escalation in interest, the bank said.

Sebi likely to ease share buyback norms for NBFC
Posted on 20th August 2019
Mumbai: In the wake of the liquidity crisis hitting the NBFCs and housing finance companies (HFCs), securities market regulator Sebi might ease share buy-back norms for these firms.

The proposal is expected to be presented at the regulator's board meet on Wednesday.


NTPC to set up 5,000-MW ultra mega solar park in Gujarat, Rajasthan
Posted on 20th August 2019
NTPC, India’s largest power producer, is planning to set up ultra mega solar parks (UMSPs) of 5,000 MW capacity across solar radiation-rich states of Gujarat and Rajasthan to help India meet its 2022 renewable energy target, and to reduce its overall dependence on fossil fuel. NTPC chairman and MD Gurdeep Singh said the first ultra mega solar park will come up in Kutch district of Gujarat, while the next is planned in Rajasthan. “We have identified the location, and the process for acquisition of land will start soon in Kutch. We plan to invite the bids for the first phase of the park by March 2020,” Singh said.

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