kannur l thursday l march 14, 2024 l `9.00 l PAGES 14 l city EDITION Investors lose L13.47 lakh cr in single day as markets crash Nifty plummeted 1.51% to 21,997.7 and Sensex fell 900 points as the markets witnessed selling pressure amid a sharp fall in smallcaps, midcaps file photo sTreet sees red as sectoral indices tank spooked by SEBI’s statement on froth Utility, energy and metal stocks witnessed heavy losses. Though the benchmark indices began on a positive note, post lunch all sectoral indices closed in red. Power Grid, NTPC, Tata Steel, Tata Motors, JSW Steel, Airtel, Titan, RIL, HUL were the losers in the Sensex. The BSE Smallcap gauge fell by 5.11% and midcap index fell by 4.2%. Only 400 stocks advanced | P12 ■ ■ A few days ago, SEBI chairperson Madhabi Puri Buch had said that there are “pockets of froth” in the small- and mid-cap stocks Banking veteran Uday Kotak tried to assuage investors saying there may be some ‘early froth’ but the markets are not out of control. Froth is the market condition that appear prior to a bubble 3,516 STOCKS FELL on Wednesday as the markets witnessed heavy selling CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Nitish in, Rohini panel report on back burner OBC sub-categorisation was earlier seen as counter to caste census P r ee t h a N a i r @ New Delhi With the Nitish Kumar-led Bihar government back in the NDA, the Modi government seems to have put the much vaunted Rohini commission report on ‘revising the reservation percentage of OBCs’ on the back burner. It was widely believed that the Centre would implement the panel report on sub-categorisation of OBCs to counter the Bihar government’s caste survey data which was published in October last year. The Bihar caste data, which pegged the backward caste population at 63%, sparked a renewed demand from the Opposition for a nationwide caste census and review of reservation for the backward classes. While the Union government was noncommittal in a national caste census, it was looking to woo the most backward classes by implementing the Rohini committee report and conferring some benefits on them, a source said. However, the report, which was submitted to the government last July is yet to be pub, Justice (Retd) G Rohini Terms of reference The panel’s terms of reference included examining the extent of inequitable distribution of benefits of reservation among OBCs in Central List and to work out a scientific mechanism, criteria, norms and parameters for sub-categorisation within the OBC community lished. It is learnt that the report revealed that less than 1% of dominant backward castes have cornered 50% of the reservation benefits in admissions to central educational institutions and recruitment to central services. Of the 2,600 com- munities in the central OBC list, 938 sub-castes have no representation in reserved seats. For equitable distribution of benefits, the commission has proposed to divide OBCs into subgroups with separate reservation percentages. However, sources said with Nitish Kumar’s re-entry into the NDA, BJP is confident of defusing the caste challenges from the Opposition. “BJP’s main worry was the consolidation of the Extremely Backward Caste (EBC) vote bloc in Bihar. With Nitish, a Kurmi leader, back in NDA, the party need not worry about the political ramifications of caste census. So it will keep the Rohini panel report in cold storage for the time being. The government is aware that the report will lead to political realignments as it sub-categorises all OBC groups,” said a leader. The Rohini commission was tasked with putting together a comprehensive pool of scientific data on sub-categories to as to ensure equitable redistribution of the 27% quota benefits for the OBCs among all subcommunities. Centre offers `5k cr with riders. No, says govt E x p r e ss N e ws Se r v i c e @T’Puram In a bold move, the state gover nment, in the Supreme Court on Wednesday rejected , the Union government’s conditional offer of additional borrowing worth `5,000 crore in this financial year as a one-time measure, and reiterated the demand for its legal entitlement of at least `10,000 crore. The SC will hear the state government’s plea for interim relief on March 21. At the hearing, Additional Solicitor General N Venkata- RA J E SH KUMAR THAKUR @ New Delhi The BJP repeated three Union ministers and fielded one minister for the first time in the Lok Sabha elections, in its second list of candidates for 72 seats in 10 states. Union Minister Piyush Goyal will make his début from the safest of Lok Sabha seats — North Mumbai. The party repeated Union ministers Nitin Gadkari from Nagpur, Anurag Thakur from Himachal Pradesh’s Hamirpur cal approach while faced with a tax demand which had remained outIN a setback to the Congress, the standing right from 2021 and in reDelhi HC on Wednesday upheld the spect of which no protective measIncome Tax Appellate Tribunal ures were sought or adopted for (ITAT)’s decision not to stay the tax almost two years between 2021 and demand notice to the 2023,” the bench said. Exemption grand old party for reThe HC, however, alcovery of over `100 lowed the Congress to Congress had crore dues for the 2018- declared ‘nil’ income move a fresh stay appli19 assessment year. cation before the ITAT for AY2018-19 A division bench of claiming exemption bringing to its notice tax judges Yashwant Varma recovery of `65 crore. of J199 cr under and Purushaindra KuSenior advocate Vivek Section 13A, which mar Kaurav said there Tankha, appearing for allows political appears to be no fundaCongress, said the acparties to accept mental infirmity in the tion will affect the party donations without ITAT order of March 8 ahead of polls and it tax liability. But I-T and rapped the Congress needs protection from dept rejected it as for its lackadaisical ap- return was filed late courts. proach to the tax de- and cash donations Advocate Zoheb Hosmand. The tax departsain, appearing for the was above J2K ment’s proceedings I-T department, said it is against Congress started in 2021 wrong to say the proceedings have but the party did not do anything begun just before elections. for two years, the court noted. He told the court that the origi“An assessee in default can nei- nal tax demand was `102 crore and ther be permitted nor expected to together with interest it rose to adopt such a casual or lackadaisi- `135.06 crore. E XPR E SS N E WS S E RVIC E @ New Delhi THE Supreme Court on Wednesday agreed to hear on Friday a batch of petitions filed challenging the Chief Election Commissioner Act, 2023, which had dropped the Chief Justice of India (CJI) from the selection committee to pick the Chief Election Commissioner (CEC) and Election Commissioners (ECs). The Act was challenged by various petitioners, including the Association for Democratic Reforms (ADR), Congress leader Dr Jaya Thakur and others. The hearing comes at a time when the government is expected to fill two vacancies of election commissioners soon to ahead of the Lok Sabha elections. The search panel would include the prime minister, a cabinet minister nominated by the PM and Leader of Opposition in Lok Sabha. CJI was excluded from the new law which came into force in January . player files complaint Spectators hurl racial slurs, attack Ivory Coast footballer during sevens match E x p r e s s N e w s Se r v i c e @Malappuram A footballer from Ivory Coast was attacked and allegedly called racial slurs by spectators during a match in Malappuram last week, in an incident that threatens to dent Kerala’s image as a progressive state. Hasan Jr, a player from the west African nation, filed a complaint with the Malappuram district police chief on Wednesday in connection with the assault on him during a sevens football match organised at Chemrakkattur in Areekode on March 10. He alleged the spectators hurled racial slurs at him. Hasan has submitted the footage of the mob attack, which went viral, at the SP office. However, eyewitnesses alleged that Hasan beat up one of the audience members during the match, causing the crowd to retaliate. Hasan refuted the claim. A videograb of Ivory Coast footballer Hasan Jr being manhandled by spectators during a sevens match in Malappuram on March 10 “The spectators tried to provoke me using racial slurs and even threw stones. When I responded, they attacked me,” Hasan told reporters af- State govt to take addl legal steps against CAA T’Puram: Continuing its fight against the Citizenship Amendment Act (CAA), 2019, the state government has decided to move the SC seeking to cancel provisions under the legislation. P4 Another condition was that the consent for borrowing in 2024-25 will be issued only if the Kerala government submits certain documents. Also, the consent for borrowing for the first nine months will be issued on a quarterly basis. This would be for up to 25% of eligibility, arrived after deducting `5,000 crore. Opposing the offer, senior advocate Kapil Sibal, the state government’s counsel, said Kerala should get at least `10,000 crore, which was a legal entitlement. He said the Centre’s offer appeared to be a “concession” whereas additional sanction was the state’s entitlement. Through the conditional offer, the Centre was trying to control the state’s expenses, which amounted to violation of the principles of federal● More on P4 ism, Sibal said. Gadkari, Goyal, Anurag Thakur in BJP second list Friday date for SC No relief for Cong, HC junks hearing against plea against `100-cr recovery EC search panel suchitra kalyan mohanty @ New Delhi raman informed the SC that the Centre was ready to allow additional borrowing to the state under five stringent conditions, chief of which was that the amount will be a d j u s t e d f ro m t h e state’s net borrowing ceiling for the first nine months in the next fiscal. Also, no ad hoc borrowing will be allowed and that the government should implement Plan B for resource mobilisation before the last quarter of 2024-25. Plan B was a budget announcement of the state government. ter filing the complaint. He said this was the first time in his career that he had faced such an attack. “I feel scared to continue playing in Kerala. I will file a complaint at the Ivory Coast Embassy in New Delhi,” he said. The Malappuram district police chief told TNIE that “maximum punishment will be ensured to those who racially abused the Ivory Coast player and subjected him to brutal mob beating. A special cell will be formed at the Areekode police station for the investigation.” An official with the Areekode police said an FIR has been registered. “We have recorded Hasan’s statement. As per the SP’s instructions, a special probe team will be formed, and action will be taken against culprits after recording witness statements and examining the video circulating on social media,” the official ● More on P4 said. and Pralhad Joshi from HubaliDharwad. Rajya Sabha MP Anil Baluni will enter the fray from Garhwal in Uttarakhand. As expected, outgoing Haryana chief minister Manohar Lal Khattar got the Karnal LS ticket. Besides, for mer chief minister of Karnataka B S Bommai has been fielded from Haveri. Delhi and Karnataka saw the maximum changes in the second list. In Delhi, the party dropped six of its seven sitting MPs while in Karnataka the axe fell on leaders like Anant Hedge and Pratap Simha. In Delhi, two new candidates — Harsh Malhotra from East Delhi and Yogendra Chandolia from North West Delhi — have been fielded to deflect antiincumbency. Sources said the dropped MPs would be made prominent players in the assembly elections against AAP candidates because of their deep and strong local influences. In Karnataka, former chief minister B S Yediyurappa’s son B Y Raghavendra will enter the fray from Shimoga while youth wing head Tejasvi Surya has been repeated from Bengaluru South. Yaduveer Krishnadatta Wadiyar, who belongs to the erstwhile Mysore royal family , is the replacement for Pratap Simha in Mysore. Pankaja Munde from Beed in Maharashtra and Shobha Karandlaje from Bangalore North are among the prominent women faces on the list.
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