News Highlights: TDP ministers to quit; Ambedkar statue desecrated; K'taka Lokayukta stabbed

23:05 N Chandrababu Naidu, the Chief of Telugu Desam Party and the Chief Minister of Andhra Pradesh has directed two of its Union Ministers, Ashok Gajapathi Raju and YS Chowdary, to resign from the Cabinet.

The two ministers are expected to submit their resignation to Prime Minister Narendra Modi tomorrow.

While the two TDP union ministers have been asked to step down, Naidu-led TDP have not officially quit from the National Democratic Alliance (NDA).

23:02 Andhra Pradesh CM Naidu has said, ‘I have visited Delhi 29 times to express the concern of the people of Andhra Pradesh’.

‘I am deeply hurt by what Arun Jaitley said today. During my speech in the assembly, I made appeals only and demanded promises to be fulfilled. It’s not right to say that sentiments will not get funds,’ Naidu said.

‘We have shown patience for 4 years. I tried to convince the centre by all means,’ Maidu added.

22:56 AP CM Naidu has said that he called the Prime Minister’s Office ‘as a courtesy to inform about the ministers resigning but PM Modi did not come on line’

Naidu has said, ‘My only agenda is to safeguard the interest of the state,’ adding that ‘This is our right. The centre is not fulfilling the promises it made.’

22:53 Andhra Pradesh CM Chandrababu Naidu has also directed TDP’s Union Ministers Ashok Gajapathi Raju and YS Chowdary to resign from the Cabinet.

22:51 Andhra Pradesh Chief Minister and TDP Chief Chandrababu Naidu has said that the Centre has ignored the state.

‘We discussed with everyone. We are not hungry for power,’ Chandrababu Naidu says while quitting the alliance.

22:45 BREAKING | Telugu Desam Party chief and Andhra Pradesh CM Chandrababu Naidu has directed TDP ministers to quit from the union cabinet.

Opposition Congress today created a ruckus in the Madhya Pradesh Assembly over the number of appointments made through the Vyapam Board after 2012.

Senior Congress MLA Mukesh Nayak sought to know the exact number of inspectors appointed in Weights and Measures department by the Madhya Pradesh Professional Examination

Board, also known as Vyapam by its Hindi acronym, after 2012. He said wrongdoings took place during the appointments. (PTI)

The matter has reached its "climax" and TDP chief N Chandrababu Naidu will take a call on the party's alliance with the BJP "soon", a TDP MP said today after Finance Minister Arun Jaitley announced that the Centre was committed to giving Andhra Pradesh financial assistance equivalent to a special category state.

The TDP will hold further consultations to chalk out its future course of action, another party MP said after a press conference by Jaitley.

Jaitley stepped in to pacify the TDP, which has been threatening to quit the NDA government.

TDP MP Naramalli Sivaprasad, who has been holding dramatic protests inside the Parliament complex demanding special category status for AP, said the matter has reached its "climax" and soon "our leader will take a decision on" the alliance. (PTI)

A unit of digital payments firm Paytm has received the approval of the capital markets regulator to sell investment and wealth management products, the company said in a statement on Wednesday.

The approval by the Securities and Exchange Board of India will allow Paytm Money Ltd to become a registered investment advisor, making it the first digital payments firm to sell products such as insurance and mutual funds in India.

Paytm Money will start its offerings with direct plan mutual fund investments, the statement added. Paytm also runs the country's biggest e-wallet. (Reuters)

Telecom service provider Vodafone has added more than 2,750 cell sites to expand its network across Assam and the North East circle, a top company official said today.

"In an effort to reach out to an even larger population, Vodafone has also laid down more than 600 km of fibre network in the last one year, taking the total spread to over 8,000 km across the circle," Vodafone India Business Head - Assam and North East, Nidhi Lauria said here. (PTI)

20:25 Liberty House has been chosen as the preferred H1 bidder for Amtek Auto’s assets, according to CNBC TV18.

Amtek Auto’s assets include 35 auto part plants across India, Japan, Thailand and Spain. Liberty House is part of Sanjeev Gupta's Global Industrial Group GFG Alliance.

The Indian Air Force (IAF) has rescued civilians stranded in the recent snow and cold waves in the Jammu region by air lifting 488 passengers from Udhampur to Leh, a public relations officer (Defence) said.

Due to the recent snow and cold waves in the entire northern areas of Jammu and Kashmir, a lot of civilians of the Leh and Kargil sector were stranded in Jammu and Udhampur, he said.

The IAF operated its special aircraft IL-76, popularly known as Gajraj, to airlift the civilians on requisition by the Jammu and Kashmir government, the PRO said.

"The Indian Air Force once again came to the rescue of the stranded civilians of Jammu and Kashmir state by air lifting 239 passengers on March 6, 2018 and 249 passengers on March 7, 2018 from Udhampur to Leh," he said. (PTI)

The Cabinet has given approves for key measures in the telecom sector. It has given its nod to revision of limits of cap for spectrum holding and to restructuring deferred payment liabilities for the spectrum, CNBC TV18 reports.

India today imposed fresh restrictions on trade with North Korea in line with the restrictions imposed by the United Nations, Directorate General of Foreign Trade (DGFT) said today, according to PTI.

As per a notification of the DGFT in the commerce ministry, "supply, sale, transfer or export" of crude oil will be subjected to the restrictions imposed by the UN Security Council (UNSC).

The trade restrictions on helicopters has now also been extended to new or used vessels.

North Korea is facing sanctions for pursuing its nuclear programme from the UN and the US.

Finance Minister Arun Jaitley will contest the Rajya Sabha elections from Uttar Pradesh while Petroleum Minister Dharmendra Pradhan will do so from Madhya Pradesh, the BJP's central election committee announced today.

Jaitley is currently a Rajya Sabha member from Gujarat and Pradhan is a member from Bihar.

The party today announced the names of seven Union ministers and one general secretary for the upcoming Rajya Sabha polls in various states. The terms of seven leaders is set to end on April 2 and they will have to be re-elected. (PTI)

Tata Steel has received formal communication from Bhushan Steel’s Resolution Professional on being identified as the highest evaluated bidder, CNBC TV18 has reported.

18:11 Talking about the Andhra Pradesh special status issue, Finance Minister Arun Jaitley has said, “We are willing to satisfy every condition. Only variation is that after Finance Commission report instead of formally calling it a special category state, we are calling it a special package, which gives same monetary benefits that a special category state gives you.”

FM Arun Jaitley has said that the Centre is ready to give ‘monetary equivalent’ of special status as a special package to Andhra Pradesh.

FM Jaitley also said that the financial implication of 90 percent central grants and 10 percent loans must be given to Andhra Pradesh and that the Centre stands by that.

FM Jaitley has said that he ‘firmly believes that Andhra Pradesh needs assistance and that ‘we feel Andhra is entitled to it’.

The Finance Minister has said that the Centre is ‘ready to give monetary equivalent of special status as a special package to AP.

FM Jaitley has also said that special status ‘used to be grated to states in the north-east because their revenue was inadequate’.

“What is the implication of special status? The special status used to be originally granted to states in the North-East because they have their own resources that were inadequate,” FM Jaitley has said.

“One of the promises was that Andhra Pradesh should be given special status. Provision for revenue deficit in case of Andhra Pradesh as per Finance Commission already made,” he added.

Andhra Pradesh’s ruling Telugu Desam Party (TDP), which is also a BJP ally, has been demanding special status for the states of Andhra Pradesh.

17:48 The BCCI has announced the senior women retainership fee structure:

# Grade A players to receive INR 50 lakh each

# Grade B players to receive INR 30 lakh each

# Grade C players to receive INR 10 lakh each

The country's economy, which had witnessed slow growth due to decline in private investment and other factors, is on the rise again, NITI Aayog Vice Chairman Rajiv Kumar said here today.

"The good news is that this has all started changing. Investment cycle has turned. The third quarter results numbers are very good...that was the bottoming out of our economy. The economy is on the rise again," he said. (PTI)

17:08 JSW Steel has said that it has not signed any MoU with respect to acquisition of Italy's Aferpi, CNBC TV18 has reported.

JSW Steel was clarifying on reports of the company signing MoU to acquire Aferpi.

Defence public sector company Bharat Dynamics today said it has fixed the price band between Rs 413 and Rs 428 per equity share for its initial public offer (IPO) to raise around Rs 960 crore.

The issue will open on March 13 and close on March 15.

The government will sell a total of 22,451,953 shares of Bharat Dynamics, diluting its stake by about 12 percent.

SBI Capital Markets, IDBI Capital Markets and Securities and Yes Securities will manage the public issue. (PTI)

Government aims to set up all 650 India Post Payments Bank branches by April this year, communications minister Manoj Sinha informed Parliament today.

"India Post Payments Bank aims to have a pan-India reach (650 branches co-located at District Headquarter Post Offices) by April 2018," Sinha said in a written reply to Lok Sabha.

India Post received permit from Reserve Bank of India on January 20, 2017 to roll out payments bank. The postal department has already set up two branches on January 30, 2017 in Raipur and Ranchi. (PTI)

16:37 Seven students of Jadavpur University have been arrested for vandalising Syama Prasad Mukherjee statue in Kolkata, West Bengal today.

16:35 Home Ministry seeks probe from states: The Ministry of Home Affairs (MHA) has issued an advisory to all states seeking strict action and prompt probe against all vandals.

ICICI Bank has said that it is part of the working capital lender consortium in Gitanjali Group of companies and it does not have any buyer's credit exposure against Letter of Understanding (LoU) in Nirav Modi or Gitanjali Group of companies.

The bank has clarified that it has not issued any LoU in the Nirav Modi case.

It has said that summoning of the bank won’t have any material impact on the bank, according to CNBC TV18.

Union Minister Ravi Shankar Prasad has launched an attack on the United Progressive Alliance (UPA) over the 80:20 gold scheme.

Ravi Shankar Prasad said, “On May 15 2014, P Chidambaram announced a new policy in which Star Trade Operators were attached to premium trading houses which included Gitanjali jewellers.”

“UPA government during P Chidambaram's tenure opened all doors for the favourable companies. Those who have been prohibited from participating 80/20 scheme were brought in,” he added.

India today made a case for ratings upgrade with Fitch citing a pick-up in the economy, fiscal consolidation and stabilisation of the Goods and Services Tax regime, according to PTI.

Before its scheduled annual review of India's sovereign rating, Fitch Director, Sovereign Ratings, Thomas Rookmaaker and other officials met Economic Affairs Secretary Subhash Chandra Garg, Chief Economic Advisor Arvind Subramanian and Principal Economic Advisor Sanjeev Sanyal.

During the discussions, the government is understood to have said that it will follow the fiscal consolidation roadmap and will lower the fiscal deficit to 3 per cent of GDP by 2020-21.

India’s gold imports in February dropped a quarter from a year ago to 63 tonne as higher prices curtailed India demand, provisional data from precious metals consultancy GFMS and bank dealers showed.

Country's largest lender State Bank of India has put up for sale 15 NPA accounts worth over Rs 988 crore, including UP-based Simbhaoli Sugars which owes Rs 158.57 crore to the lender. "SBI invites expression of interest from banks/asset reconstruction companies/NBFCs/FIs for the proposed sale of 15 non-performing assets with principal outstanding of Rs 988.95 crore," reads the SBI bid document published today.

Members of a PAC sub-committee have found that the Directorate of Revenue Intelligence was not in favour of the 80:20 gold import scheme launched in 2013 during the tenure of the then Finance Minister P Chidambaram, sources told PTI after officials of the Finance Ministry shared details with the panel.

The sub-committee of Public Accounts Committee (PAC) headed by BJP MP Nishikant Dubey has also decided to recommend a CBI inquiry to look into the procedures followed by the then finance minister in launching this scheme, a member said. The DRI had hinted that the scheme could lead to round-tripping of black money and money laundering, the sources claimed.

Mukesh Ambani's net worth has soared to $40.1 billion, making him the richest Indian for the 11th year in a row, while Amazon founder Jeff Bezos toppled Bill Gates as the world's wealthiest person. According to Forbes' 2018 'World's Billionaires' list, Reliance Industries Chairman Mukesh Ambani's wealth surged a whopping 72.84% to Rs 2,60,622 crore - highest among the 119 Indian billionaires on the list. Ambani was ranked 19th globally, up from 33rd position in 2017.

Bezos, referred to as the ‘Centi-billionaire’, topped the list with a net worth of $112 billion, becoming the only person to appear in the Forbes list with a 12-figure fortune. The Amazon founder moved ahead of Bill Gates, who is now the second richest person globally with a fortune of $90 billion.

Azim Premji is the second richest Indian and was ranked 58th on the overall list with a net worth of $18.8 billion, followed by Lakshmi Mittal (62nd position, net worth of $18.5 billion), Shiv Nadar (98th, $14.6 billion) and Dilip Shanghvi (115th, $12.8 billion). The 10 richest Indians include Kumar Birla, ranked 127th overall with a fortune of $11.8 billion, Uday Kotak (143, $10.7 billion), Radhakishan Damani (151, $10 billion), Gautam Adani (154, $9.7 billion) and Cyrus Poonawalla (170, $9.1 billion).

Acharya Balkrishna, the co-founder of FMCG company Patanjali Ayurved, was ranked 274th on the list with a net worth of $6.3 billion. Meanwhile, Anil Ambani, the younger sibling of Mukesh Ambani was ranked 887th on the list with a net worth of $2.7 billion. Donald Trump, who became the first billionaire president in US history in January 2017, was ranked 766th on the list, down from 544, with a fortune of $3.1 billion. Trump's fortune fell $400 million since March 2017.

TVS Motor Company rolled out the race edition of its Apache RTR 200 4V, priced up to Rs 1,08,985 (ex-showroom Delhi). Termed as race edition 2.0, the motorcycle's A-RT slipper clutch technology accentuates its performance, with 22% reduction in clutch force for quicker upshifts enabling better lap times, the company said in a statement.

Powered by a 197.75cc single-cylinder motor mated to a 5-speed gearbox, the vehicle will be available in Carburetor, EFI as well as Carburetor with ABS variant. While the Carburetor variant is priced at Rs 95,185, the EFI variant is available for Rs 107,885. The Carburetor with ABS is priced at Rs 108,985.

A US Navy veteran pleaded guilty to the murder of Indian engineer Srinivas Kuchibhotla in a racially motivated hate crime at a bar in Kansas City last year, reports PTI. Adam Purinton, 52, pleaded guilty before a Kansas court.

He was charged with first-degree murder of Kuchibhotla, 32, and two counts of attempted first-degree murder in the shootings of his friend, Alok Madasani, and a bystander, who chased Purinton after he fled the Austin's Bar and Grill in Olathe city on February 22 last year.

Purinton, yelled, "Get out of my country," before shooting Kuchibhotla, who later died from injuries sustained in the attack. Kuchibhotla and Madasani worked as engineers at Garmin, a tech company that makes GPS devices.

Diamond trader Nirav Modi, accused of pulling off the country's biggest bank fraud, is no longer a part of India's billionaires club. Modi, who had featured in Forbes'  2017 rich list with a fortune of $.8 billion, could not make the cut in this year's rankings. "Nirav Modi is among the drop-offs from this year's the list, along with Papa John's Pizza founder John Schnatter, Christoffel Wiese of South Africa, and Saudi Arabias Prince Alwaleed Bin Talal Al Saud," Forbes said.

Australian Prime Minister Malcolm Turnbull strongly supported Indian energy giant Adani's controversial $16.5 billion coal mine in Queensland, saying the project  has gone through extensive environmental permitting and should go ahead, reports PTI.

Private equity and venture capital investments in February registered a sharp 60% month-on-month decline to $1.4 billion across 63 deals, due to the absence of  any mega deals, a report by consultancy firm EY states. No major deals above the value of $300 million happened last month, causing the decline from January, which registered deals worth $3.5 billion. Exits also recorded a significant drop of over 70% in terms of value and over 50% in terms of volume, primarily on account of fewer open-market exits. In terms of volume, however, investments grew by 17% compared to January.

Eight Indian women have featured in this year's Forbes list of the world's richest people. Forbes' 2018 'World's Billionaires' list includes a total of 256 women - an all-time high - and their collective net worth topped $1 trillion, up 20% since last year. Though most of the women at the top of the list inherited their fortunes, the number of self-made women reached 72 for the first time, up from 56 a year ago, Forbes said.

Among the Indian women on the list, Savitri Jindal and family is the richest with a fortune of $8.8 billion. She is ranked 176th globally. Biocon chief Kiran Mazumdar-Shaw is the second richest Indian woman. She is India's richest self-made woman and was ranked 629th on the list with a fortune of $3.6 billion.

Other Indian women on the list include Smita Crishna-Godrej at 822nd place with a net worth of $2.9 billion and Leena Tewari, who chairs the privately held USV India, at 1,020th rank with a fortune of $2.4 billion. USV specialises in diabetic and cardiovascular drugs, with a portfolio that spans biosimilar drugs, injectables and active pharmaceutical ingredients.

Meanwhile, Vinod and Anil Rai Gupta were placed at the 1,103rd place with a fortune of $2.2 billion. "Mother and son Vinod and Anil Rai Gupta draw their fortune from a 43% holding in flagship Havells India," it said. Anu Aga is the sixth richest Indian woman on the list, ranked 1,650th with a net worth of $1.4 billion. Forbes said "after a two year hiatus, Anu Aga regained her billionaire status on a jump in shares of engineering firm Thermax, in which she owns 62%".

Sheela Gautam, who set up Sheela Foam in 1971, best known for its Sleepwell brand of mattresses, was ranked at the 1,999th place with a fortune of $1.1 billion, while newcomer Madhu Kapur, who got her fortune from a 9.3% stake in Yes Bank, was ranked 1,999th with a net worth of $1.1 billion.

14:23 Ambedkar statue desecrated in Meerut, Uttar Pradesh.

Karnataka Lokayukta P Vishwanatha Shetty was stabbed multiple times by a man who went to meet him in his office and was admitted to hospital. Shetty is stated to be out of danger. The accused, who appeared before the Lokayukta in connection with a case, has been nabbed, Karnataka Home Minister Ramalinga Reddy.

"According to information I have, someone claiming to be an advocate had gone to the office and stabbed him," he said. Shetty, a former Karnataka High Court judge, is out of danger, Reddy said. "He is in Mallya Hospital... The information I have is he is out of danger... The reason (for the attack) is not known."

HG Infra Engineering, which has raised Rs 462 crore through initial public offer (IPO), will list its shares on stock exchanges on Friday. HG Infra's IPO, which opened for subscription during February 26-28, was subscribed five times at a price band of Rs 263-270 per share.

The IPO comprised fresh issue of shares aggregating up to Rs 300 crore besides an offer for sale of up to 60 lakh scrips by the existing shareholders. Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes.

Buddhist mobs attacked mosques and businesses belonging to Sri Lanka’s minority Muslims overnight, police said, despite the imposition of a state of emergency to restore peace, reports Reuters. Police imposed an indefinite curfew in Kandy where the violence has been centred since Sunday night following the death of a Buddhist youth in an altercation with a group of Muslims. But police spokesman Ruwan Gunasekara said there had been ‘several incidents’ throughout Tuesday night in the Kandy area

The resolution plan for Bhushan Power and Steel, facing insolvency proceedings, is likely to be finalised by March end, the interim resolution professional for the firm Mahender Kumar Khandelwal said. His comments come amid the Indian arm of Belgium-headquartered accounting and advisory firm approaching the Bombay High Court to initiate arbitration proceedings against Khandelwal, who quit BDO India as partner in January to join rival PwC.

State-run banks - already bruised by the sprawling Punjab National Bank fraud case and soaring provisions for bad loans - are facing much higher losses on their bond holdings, said brokerage firm Credit Suisse. The brokerage warned that state-run banks could lose more than Rs 200 billion ($3.1 billion) in the January-March quarter, due to a continued spike in bond yields and as they held more bonds than are required by the regulator.

That would be three times more than their losses on bonds in the preceding quarter, reports Reuters. Credit Suisse estimates that state banks hold on an average about 10% more sovereign bonds than required by regulations, putting bank bond holdings at the highest level in 12 years.

For the smooth rollout of National Health Protection Scheme, Niti Aayog officials are working with six states—Rajasthan, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu and Telangana—to revise their respective health welfare schemes.

Niti Aayog officials told Economic Times that health schemes of states relatively larger in size are being studied and that the best global practices are being looked at for NHPS. "We are looking at the concept, design, medical records, data and implementation," the official said.

Multinational conglomerate General Electric (GE) may reduce the number of its suppliers in India to about 150 from the existing 300 within three years as part of an ongoing exercise, reported Mint.

"Having begun a supplier consolidation last year, we will aggressively continue it over the next three years to scale up with our strategic (supplier) partners and drive more volumes to get the best outcomes," Amit Kumar, vice-president, global supply chain, GE South Asia and Asean told the paper. Read the full report here.

Indian banks need to overcome their current problems quickly to be able to lend in large amounts, former Reserve Bank governor C Rangarajan has said.

To a query on the problems of non-performing assets (NPAs) or bad loans and frauds that have hit the country's banking system, Rangarajan said, "I think the banking system is stressed. It had already been stressed for some years." (PTI)

The United Forum of Bank Employees Unions (UFBU) has decided to hold dharna in front of the Parliament on March 21 and has demanded a Joint Parliamentary Committee probe into the Punjab National Bank scam worth Rs 12,700 crore.

People's money for people's welfare, not for private corporate loot, said the notice by the umbrella union UFBU which has the support of total nine unions under it. Read the full report here.

The Trump administration is considering clamping down on Chinese investments in the US and imposing tariffs on a broad range of its imports to punish Beijing for its alleged theft of intellectual property, sources told Bloomberg. An announcement following an investigation by the US Trade Representative’s office into China’s IP practices is expected in the coming weeks, potentially handing President Donald Trump further cause to impose trade restrictions.

Under the most severe scenario being weighed, the US could impose tariffs on a wide range of Chinese imports, from shoes and clothing to consumer electronics, sources said. The Trump administration could combine the tariffs with restrictions on Chinese investments in the US, which are reviewed for national-security risks by Treasury’s Committee on Foreign Investment in the US, sources added.

Tata Motors plans to completely overhaul its passenger vehicle portfolio over the next five years as part of its plans to grow sales volume and market share in the highly competitive Indian market, its CEO and MD Guenter Butschek said. The company's new products would be based on two architectures - OMEGA (Optimal Modular Efficient Global Advanced) and ALFA (Agile Light Advanced Architecture).

The government is likely to receive an interim dividend of Rs 10,000 crore from the Reserve Bank of India this month, sources told PTI. The government expects RBI to pay a total dividend of about Rs 45,000 crore for FY18, sources added.

The Delhi High Court sought the Enforcement Directorate’s response on a plea by Nirav Modi's firm Firestar Diamond against a money laundering case lodged by the agency in connection with the Rs 12,700 crore Punjab National Bank (PNB) fraud case, reports PTI.

A bench of Justices S Muralidhar and IS Mehta issued notice to the ED on Firestar Diamond International Pvt's plea seeking direction to the agency to supply it several documents, including a copy of the search warrants.

The bench, however, refrained itself from staying the proceedings against the company saying we want to consider the ‘stay part’ after the agency files their response. It directed ED to place before it the sequence in which it has initiated proceedings in the matter.

11:53 The market has extended its losses with the Sensex down more than 200 points and the Nifty trading below 10,200. PSU Bank is the biggest loser among sectoral indices, falling 4% as investigations into the PNB fraud case deepen. The PNB counter is down nearly 4% after its MD and CEO Sunil Mehta appeared before the Serious Fraud Investigation Office after being summoned in the Rs 12,700cr bank fraud case

The Cabinet is likely to consider a relief package for the financially-stressed telecom sector, a senior government official told PTI. The proposal is based on the recommendations of the inter-ministerial group (IMG) on the revival of the sector, and includes extending the duration of spectrum payment for telcos.

North Korea used a chemical warfare agent to assassinate the half-brother of its leader Kim Jong Un in Malaysia last year, the US has concluded and imposed new sanctions against the reclusive nation, reports PTI. Kim Jong-nam, the estranged half-brother of North Korean leader Kim Jong-un, died after two women approached him and smeared a deadly nerve agent on his face in Malaysia on February 13 last year.

The US determined on February 22 that the North Korean government used the chemical warfare agent VX to assassinate Kim Jong Nam, State Department Spokesperson Heather Nauert said. VX is an extremely toxic synthetic chemical compound. On exposure, it severely disrupts the body's signalling between the nervous and muscular systems, leading to a prolonged neuromuscular blockade, flaccid paralysis of all the muscles in the body including the diaphragm, and death by asphyxiation.

11:33 Punjab National Bank Managing Director and CEO Sunil Mehta appears before the Serious Fraud Investigation Office after being summoned in the Rs 12,636cr bank fraud case.

A statue of Jan Sangh founder Syama Prasad Mookerjee was vandalised by unidentified men in south Kolkata, reports PTI. The statue was found partially damaged and its face blackened. A poster was also found from the spot with the word "radicals" written on it, they said.

The incident comes after two statues of communist icon Vladimir Lenin was pulled down in Tripura and one of Dravidian leader EV Ramaswamy, popularly known as Periyar, in Tamil Nadu. Mookerjee's statue was vandalised in Keoratala crematorium area near Chief Minister Mamata Banerjee's residence.

Stephanie Clifford, who is known as Stormy Daniels in the adult film industry, has sued US President Donald Trump, claiming that his lawyer forced her to sign a statement in 2016 to stop her from going public about her alleged relationship with the then Republican-presidential candidate, reports PTI. Running into 28 pages, the lawsuit alleges that she was paid $130,000 by Michael Cohen, personal lawyer of Trump, to not go public.

The Pakistan Army has claimed that it shot down an Indian ‘spy drone’ in Chirikot sector along the Line of Control (LoC) in Kashmir after it entered its airspace, reports PTI. The Pakistan military in a statement said its troops retrieved the wreckage. "This is 4th drone which has been shot down by Pakistan Army troops in last one year," it claimed.

The Finance Ministry has directed state-owned banks to obtain passport details of all borrowers, who have taken loans in excess of Rs 50 crore, within 45 days, with a view to preventing alleged fraudsters like Nirav Modi and Vijay Mallya from fleeing the country, sources told PTI. In case the borrower does not have a passport, the bank should obtain a certificate in the form of declaration that the person does not have the passport, sources said quoting the Finance Ministry's advisory to banks. It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.

Loans worth Rs 81,683 crore were written-off by public sector banks (PSBs) in FY17, Finance Minister Arun Jaitley said in the Rajya Sabha. The amount written off (including through compromise) by PSBs was Rs 81,683 crore in FY17, including Rs 20,339 crore by the State Bank of India (as per RBI data on global operations), he said. The amount written off by nationalised banks was Rs 28,781 crore up to September, 2017.

The Serious Fraud Investigation Office (SFIO) has summoned PNB Managing Director and CEO Sunil Mehta for recording of his statement in connection with the Rs 12,700-crore fraud at the bank. He is expected to appear before the investigating arm of the Ministry of Corporate Affairs today, officials told PTI.

Nirav Modi's firm Firestar Diamond has on Tuesday moved the Delhi High Court against a money laundering case lodged by the Enforcement Directorate (ED) in connection with the Rs 12,700 crore Punjab National Bank (PNB) fraud case, reports PTI. Firestar Diamond International Private Ltd, which is named as one of the accused in the case, has sought a direction to the Ministry of Finance and the Directorate of Enforcement to supply it several documents, including a copy of the search warrants.

09:59 Prime Minister Narendra Modi today ‘strongly disapproved’ incidents of vandalism of statues in certain parts of the country and spoke to Home Minister Rajnath Singh on the matter, reports PTI. The Home Ministry said it has taken serious note of such incidents of vandalism and has directed state governments to take strong action.

The market is witnessing selling pressure, tracking a sharp fall in Dow Jones futures, which slipped 2% post Gary Cohn’s resignation. The Sensex is currently down around 100 points and the Nifty is hovering around the 10,200 mark. The Nifty Midcap and Bank indices are down a percent each.

The minimum lock-in of five years for private equity players to enter the insurance space as promoters of companies could be a deterrent for players wanting to make a quick buck, reports Moneycontrol News’ M Saraswathy.

A senior official said the new regulations by the Insurance Development Authority of India (Irda) will allow private equity firms to promote insurance companies provided they commit to long-term investments.

However, PE firms are weary as their investments have a shorter life-cycle while insurance is a long-gestation business. Further clarity on the same is set to emerge once a new chairman comes on board at the insurance regulator.

The National Pharmaceutical Pricing Authority analysed the trade margins of commonly used syringes and needles and found maximum retail prices inflated in certain cases by a shocking 1,000%, reports Moneycontrol News’ Viswanath Pilla. Depending on the type of syringe, MRPs are marked up on an average between 214% and 664%. The MRP on needles ranged from 57% to 356%.

The Congress alleged that bank frauds to the tune of Rs 54,317 crore had taken place under the BJP government’s watch and asked when Prime Minister Narendra Modi would speak up on the issue, reports PTI. Party communications in-charge Randeep Surjewala claimed that information available through RTI on February 9, reflected that under the BJP government's watch, frauds and scams of Rs 19,317 crore were reported in India's economic capital- Mumbai - alone in the last three years. The RTI reply stated that in 2015, scams worth Rs 5,560.66 crore were reported, in 2016, scams worth Rs 4,273.87 crore and in 2017, scams worth Rs 9,838.66 crore, he said.

The extent of the unravelling fraud at state-run Punjab National Bank could rise beyond the nearly $2 billion mark so far outlined by the lender, a source told Reuters. The source said investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank, and consequently believed the bank’s exposure could be greater than revealed so far.

The CBI on Tuesday questioned Simbhaoli Sugars’ Managing Director Gursimran Kaur Mann in connection with the alleged bank fraud of Rs 97.85 crore, officials told PTI. The agency had called Mann, who was the Executive Director during the period when the alleged fraud was committed, to its headquarters in New Delhi where she was grilled on various aspects of the bank loan and alleged default causing a loss of Rs 110 crore to Oriental Bank of Commerce, they said.

Simbhaoli Sugars is one of the largest sugar mills in the country. The probe focuses on two loans - Rs 97.85 crore which was declared fraud in 2015 and another corporate loan of Rs 110 crore which was used to repay the previous loan.

Markets watchdog Sebi ordered Tata Motors to launch an inquiry into the past leak of price-sensitive financial information. The order from the Securities and Exchange Board of India (Sebi) widens an investigation the agency began last year, after a Reuters report showed prescient messages about financial results of companies were shared in private WhatsApp chatrooms before their official release. Sebi said its initial examination showed certain details about Tata Motors shared through messages on WhatsApp closely matched financial results for the quarter ended December 31, 2015, that were disclosed by the company later.

US President Donald Trump said he would make a decision soon on appointing a new chief economic adviser after Gary Cohn said he was resigning from the post, reports Reuters. “Will be making a decision soon on the appointment of new Chief Economic Advisor. Many people wanting the job - will choose wisely!” Trump wrote on Twitter.

Kusal Perera struck a belligerent 66 off 37 balls to set up a five-wicket victory for hosts Sri Lanka against India in the Twenty20 Tri-Series opener at the R Premadasa Stadium in Colombo. Chasing 175 for a win in the first match of the tournament, which also features Bangladesh, Sri Lanka lost their way in the middle overs but ultimately reached their target with nine balls to spare.

Put in to bat first, India got off to a wobbly start but recovered through a fine 90 from opening batsman Shikhar Dhawan to post a challenging 174 for five in their 20 overs. Sri Lanka lost Kusal Mendis for 11 in the second over of their chase but Perera and Danushka Gunathilaka put the Indian bowlers to the sword during a 58-run second-wicket stand in just 3.3 overs.

India seamer Shardul Thakur conceded 27 runs in the third over of the innings with Perera smashing five fours and a six in that over to wrest momentum for his side. The second match of the tournament will be played between Bangladesh and India at the same venue on Thursday.

US stock index futures pointed to a sharply lower open after news late on Tuesday that White House chief economic advisor Gary Cohn has resigned, reports CNBC. Dow Jones Industrial Average futures indicated an open of 300 points lower, while the S&P 500 futures implied a decline of more than a percent. Cohn, former Goldman Sachs president and COO, was seen as supporting more business-friendly policies, especially in the wake of President Donald Trump's surprise announcement of tariffs on steel and aluminium imports on Thursday.

Ailing Goa Chief Minister Manohar Parrikar left for the US on Wednesday morning for further treatment by a special flight from Mumbai airport, reports PTI. The chief minister left for the US in Air India flight at around 1.30 am. He is accompanied by a doctor and his elder son, Utpal, a senior official from CMO said.

A statue of social reformer and founder of Dravidian movement EV Ramasamy ‘Periyar’ was allegedly vandalised in Tamil Nadu's Vellore district on Tuesday night, police told PTI. The incident, which the police claimed was perpetrated by two drunk men, assumed political significance as it came after a BJP leader indicated that statues of the rationalist leader could be the next to be pulled down after a statute of Communist icon Lenin was razed by suspected BJP workers in Tripura.

A senior district police officer said that two people, identified as Muthuraman and Francis, damaged the bust at Tirupattur in an inebriated state. The duo have been arrested, the police said, adding that while Muthuraman was suspected to be a BJP worker, Francis is believed to be a CPI activist.

US President Donald Trump threatened to slap a 25% tax on import of cars from Europe if the EU retaliated on its decision to impose a 25% import tariff on steel and 10% on aluminium, reports PTI. The European Union has been particularly tough on the US, Trump said. The EU, he rued, makes it almost impossible for the US to do business with them.

White House chief economic advisor Gary Cohn has resigned from President Donald Trump's administration, reports CNBC. The former Goldman Sachs president and free trade advocate Cohn, whose departure date will come in a few weeks, decided to quit after Trump announced he would impose stiff tariffs on steel and aluminium imports.