Tuesday June 25, 2019
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CBI to prosecute Ashok Chavan for Adarsh scam

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Maharashtra: The Maharashtra Governor is again being approached by the CBI for seeking permission to prosecute the former Chief Minister Ashok Chavan, who is linked with the Adarsh Housing Society corruption case.

CBI got “fresh evidence” against Chavan in the following case and approached Governor Vidyasagar Rao for the same. Earlier CBI had to close the case in December 2013 since the former Governor K Sankaranarayan refused for any further actions on the Adarsh Housing Scam.

“The BJP Government is using CBI for political vendetta. We will make our next move considering legal recourse available,” Chavan said.

Soon after the scam in 2010, Chavan had to resign. He was among those 12 people who were charge-sheeted by the agency with the case. CBI also supposed that Chavan suggested the inclusion of Civil members which were basically meant for the war veterans and defence personnel. CBI initially approached a trial court for dropping Chavan’s name as an accused on the ground that the governor refused to sanction the prosecution. But after the rejection from the court, the agency moved to Bombay High Court.

The petition was dismissed by CBI also observing that the Governor had refused the sanction for prosecution for conspiracy charges under the Indian Penal Code but said he can still be prosecuted under the Prevention of Corruption Act.

The High Court said the charge sheet not only alleges conspiracy but it also refers to individual acts by Chavan when he was the Revenue Minister and later the Chief Minister.

“Charges levelled against Chavan for the alleged individual acts cannot go away only because the Governor has refused to grant sanction for prosecuting him for conspiracy and cheating,” Justice M L Tahaliyani said.(IANS)

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RBI Won’t Hesitate on Steps for Financial Stability, Says Governor

Das further said that in a flexible inflation targeting framework, a delicate balance needs to be maintained between inflation and growth objectives

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Reserve Bank of India. VOA

Assuring the crisis-hit NBFC sector will be monitored, Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will not hesitate to take any required measure to maintain the financial stability of the economy.

In a lecture at the Lal Bahadur Shastri National Academy of Administration, Mussoorie, on the “evolving role of central banks”, Das also said that financial stability is major factor considered in the RBI’s monetary policy.

“In the non-banking sector, the Reserve Bank has recently come out with draft guidelines for a robust liquidity framework for the NBFCs. We are also giving a fresh look at their regulatory and supervisory framework. It is our endeavour to have an optimal level of regulation and supervision so that the NBFC sector is financially resilient and robust,” he said.

“The Reserve Bank will continue to monitor the activity and performance of this sector with a focus on major entities and their inter-linkages with other sectors. The Reserve Bank will not hesitate to take any required steps to maintain financial stability,” he added.

Reserve Bank of India. Wikimedia Commons

The liquidity crisis in the non-banking financial companies (NBFC) came to light when IL&FS defaulted on a commercial paper in September.

Das further said that in a flexible inflation targeting framework, a delicate balance needs to be maintained between inflation and growth objectives.

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“Post global financial crisis, it has been recognised that price stability may not be sufficient for financial stability and therefore financial stability has emerged as another key consideration for monetary policy, though jury is still out as to whether it should be added as an explicit objective of monetary policy.

“The fact remains that though the focus of monetary policy is mainly on inflation and growth, the underlying theme has always been financial stability,” the Governor said. (IANS)