Economy

Get Wired 31/8: Random Investments, Mutalik’s Plea, Shwetang’s Funeral, and More

SEBI warns mutual funds against random investments

The Securities & Exchange Board of India today warned the mutual fund companies against investing in corporate bonds and securities, which could backfire later and adversely impact small investors. The board is worried that mutual funds may be carrying excessive credit risks in their fixed income schemes.  In the past couple of weeks, SEBI has intensified checks on the quality of corporate debt portfolios of fund houses as fears defaults in stressed companies increase. Companies in steel and real estate sectors are debt-ridden and some of them even face the risk of default. Some non-banking finance companies that have lent substantially to these sectors are also under stress.

Supreme Court says Santhara can continue for now

The Supreme Court on Monday temporarily allowed the Jain ritual of fasting till death that had been outlawed by the Rajasthan High Court. A bench headed by Chief Justice H.L. Dattu stayed the HC judgment. This means the stay is likely to remain in operation for at least four years before petitions are taken up for hearing. The Rajasthan HC had called the practice an attempt to commit suicide, punishable under section 309 of the Indian Penal Code. Members of the Jain community said that the judgement was an infringement on minority rights.

SC dismisses Mutalik’s plea

The Supreme Court dismissed Sri Ram Sene chief Pramod Muthalik’s appeal against the Goa government’s decision to ban his entry into the state on Monday. The bench of the SC also censured the Ram Sene for moral policing. The bench said that Muthalik must remain outside Goa for a minimum of six months.

Complainant asks industrial tribunal to lift stay on Pachauri case

The complainant in the sexual harassment case against TERI former Director General Rajendra K Pachauri has moved the Industrial Tribunal urging them to vacate the stay granted on the operation of the ICC report, which held Pachauri guilty of sexual harassment at workplace. The complainant has accused TERI and its Governing Council of “remaining mute spectators and deliberately giving Pachauri “ample opportunity” to move the court and obtain ex parte stay on the ICC report.

CID to probe Kalburgi murder

The Karnataka state government on Monday issued orders handing over the probe into the murder of Kannada scholar M.M. Kalburgi to Criminal investigation Department (CID). An unidentified assailant shot Mr. Kalburgi dead at point blank range at his house on Sunday morning.

Large turnout at Shwetang Patel’s funeral

Huge crowds gathered as the last rites of Shwetang Patel, the 32-year-old from the Patidar community who allegedly died in police custody after being picked up from his housing society during the reservation violence on Wednesday, were performed on Sunday. Several well-known politicians from the community, such Govardhan Zadafia (former Home Minister), BJP MLA Vallav Kakadia and president of the Maldhari Sanghatan, Najibhai Desai, joined the procession.

Global rights groups call for release of detained journalists in Turkey

Global rights groups have issued calls seeking the immediate release of British journalists Jake Hanrahan and Philip Pendlebury and two other colleagues working for Vice News. They have been detained in Turkey since Thursday without being charged. Security sources initially said the journalists were being detained for filming without government permissions; they have since been accused of supporting Islamic State. The journalists are expected to appear in court on Monday.

Congress suspends four MLAs for “anti-party” activities in Assam

Assam Congress president Anjan Dutta suspended four MLAs and issued show cause notice to five others for “anti-party activities”, on Sunday. Jayanta Malla Barua, Pijush Hazarika, Pallab Lochan Das and Pradan Barua, were the four suspended MLAs. Abu Taher Bepari, Kripanath Mallah, Rajen Borthakur, Binanda Kumar Saikia and Bolin Chetia were the 5 issued show cause notices. The action against these nine MLAs was taken because the allegedly welcomed their former colleague Himanta Sarma (recently turned BJP member) at the Guwhati airport.

Shiva Thapa and Devendro enter QFs of Asian Boxing Championships

Defending champion Shiva Thapa (56 kg) and previous edition’s silver-medallist L Devendro Singh (49kg) advanced to the quarterfinals of the Asian Boxing Championships on Monday. Shiva fought through a tough contest beating Jordan’s Mohammad Alwadi 3-0, Devendro defeated China’s He Junjun by a similar margin.