Vodafone picks BofA, Kotak, UBS, other banks for India IPO - sources

British telecoms operator Vodafone has picked Bank of America Merrill Lynch (BofA), Kotak Investment Banking and UBS as joint global coordinators of its Indian unit's IPO, people familiar with the matter said, kicking off its long-awaited listing plan.

The IPO is expected to raise between $2 billion–$2.5 billion, Reuters previously reported, which, at the upper end, would make it India's biggest stock market listing since state-owned Coal India Ltd raised $3.5 billion in 2010.

Deutsche Bank, HSBC and ICICI Securities have won joint book-runner roles, the people added, declining to be identified as the information is not public. Vodafone is likely to launch the IPO early next year, they said.

The deal offers a rare opportunity for international banks in a market where equity capital raisings worth more than $1 billion are uncommon and where stock underwriting fees are amongst the lowest in the world.

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› Vodafone India mandates for up to US$3 billion IPO

Vodafone said in November it had started preparations for floating its Indian subsidiary. IFR, a Thomson Reuters publication, said in a report the IPO is expected to raise $2 billion-$3 billion.

The company was not immediately available for comment outside its regular business hours when Reuters attempted to contact it on Saturday.

Vodafone, India's second-largest mobile operator behind Bharti Airtel, had raised the prospect of a listing in India as early as 2011. The company is one of the largest corporate investors in Asia's third-largest economy and is expected to use the proceeds to buy additional radio spectrum and further expand its operations across India's crowded and cut-throat telecoms market.

Indian mobile phone operators have been spending heavily in setting up fourth-generation (4G) mobile broadband data networks to meet expected demand.

Vodafone entered India in 2007, when it acquired a majority stake in Hutchison Essar and since 2014 has wholly owned Vodafone India, which operates in a market that has over a billion mobile subscribers – the second-biggest market in the world behind China.

Reuters reported last week that Vodafone had invited foreign and Indian banks to pitch for the Indian IPO.

Kotak Investment Banking is a unit of Kotak Mahindra Bank. All six banks did not immediately respond to Reuters' requests for comment.

(Reporting by S. Anuradha of IFR and Sumeet Chatterjee; Additional reporting by Elzio Barreto; Writing by Denny Thomas; Editing by Muralikumar Anantharaman)

First phase of NEET tomorrow, SC says allow exam to be held

New Delhi, Apr 30 (PTI) The first phase of the single entrance test NEET for admissions to MBBS and BDS courses across the country will be held tomorrow as the Supreme Court today refused to accord an urgent hearing of a plea seeking modification of its earlier order.

A three-judge bench headed by Chief Justice T S Thakur, which is conducting a special hearing today to deal with pollution in Delhi, did not allow the plea seeking urgent hearing for modification of the April 28 order passed by another bench with regard to the National Eligibility Entrance Test (NEET).

"Nothing will happen in the meantime. Matter had been heard by the bench and it is over for now. Please allow the examination to be conducted," the bench, also comprising Justices A K Sikri and R Banumathi said.

The observation came when lawyers, representing some students, said that the order on NEET needed to be modified as students who had prepared for the state-level entrance exams will find it difficult to prepare for the NEET in such a short span of time.

The court, for the time being refused to entertain the plea and asked the lawyers concerned to file an application which would be heard by the regular bench, hearing the case.

The Supreme Court had yesterday said that the entrance test for admission to MBBS and BDS courses for the academic year 2016-17 will be held as per the schedule through the two-phased common entrance test NEET on May 1 and July 24.

Centre had yesterday approached the apex court for modification of its April 28 order and had sought that state governments and private colleges be allowed to hold separate entrance examinations for MBBS and BDS courses for 2016-17 saying there was a lot of confusion arising out of it.

The apex court had in its order cleared the decks for the holding of NEET in two phases for the academic year 2016-17 in which around 6.5 lakh candidates are likely to appear.

It had approved the schedule put before it by the Centre, CBSE and the Medical Council of India (MCI) for treating All India Pre-Medical Test (AIPMT) fixed for May 1 as NEET-1.

It had said those who had not applied for AIPMT will be given the opportunity to appear in NEET-II on July 24 and the combined result would be declared on August 17 so that the admission process can be completed by September 30.

The apex court had pronounced the order after rejecting opposition for holding NEET by states, including Tamil Nadu, Andhra Pradesh, Telangana, Uttar Pradesh and Association of Karnataka Medical Colleges, besides minority institutions like CMC, Vellore.

India pitches for closer ties with New Zealand

Auckland, Apr 30 (PTI) With India's 'Look East' policy evolving into 'Act East', President Pranab Mukherjee has pitched for closer ties with New Zealand and said the region has gained even "greater salience" in New Delhi's strategic thinking and economic engagement.

The President, who arrived here on a maiden three-day state visit, spoke about the importance being attached by India to the Pacific region which he termed as a "natural extension of our immediate neighbourhood of South East Asia".

"With our 'Look East' policy evolving into an 'Act East' policy, the region has gained even greater salience in our strategic thinking and economic engagement. Most of India's foreign trade flows through the sea lanes of the Indian and the Pacific Oceans. These lanes also bring us the bulk of our energy be it oil, gas or coal," he said in an interview to a local daily 'The New Zealand Herald'.

Mukherjee, who becomes the first President to travel to New Zealand, arrived here this morning and was received by officials. He was later accorded a ceremonial reception at the Governor General's House which included a traditional rubbing of nose gently with New Zealand Governor General Sir Jerry Mateparae.

"I believe, this region holds tremendous potential for enhanced trade and investment as well as people to people contacts," he said in the interview with the newspaper, which, however, focused on Free Trade Agreement and quoted New Zealand Prime Minister John Key as saying that their country wants advancement on FTA.

Other media reports quoted the Kiwi Prime Minister as saying that the visit of the Indian President will be a good opportunity to continue to talk trade and "discuss where we're going".

Real Estate Act comes into force tomorrow after 8 year long efforts

Countdown for making operational rules, setting up Regulatory Authorities, Appellate Tribunals begins

• Rules to be made within a maximum period of 6 months; Authorities and Tribunals in one year
• Ministry of HUPA begins work on preparation of model Rules under the Act
• Central Government notifies 69 relevant Sections initiating action under the Act 
• States can provide protection to home buyers before the outer limit of one year and three months  

            The much awaited and widely acclaimed Real Estate (Regulation and Development) Act, 2016 comes into force tomorrow i.e May 1, 2016 setting in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers and promoting the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects.   

            Ministry of Housing & Urban  Poverty Alleviation has notified 69 of the total 92 sections of the Act on Wednesday this week bringing the Act into force from May 1,2016 culminating the eight year long efforts in this regard. A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.

            As per the notification announcing the commencement of the Act on May 1,2016, Rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.e by October 31,2016 under Section 84 of the Act. Ministry of HUPA would make Rules for  Union Territories without legislatures while the Ministry of Urban Development would do so for Delhi.

            Section 84 of the Act stipulates that “The appropriate Government shall, within a period of six months of the commencement of this Act, by notification, make rules for carrying out the provisions of this Act.”

            Early setting up of Real Estate Regulatory Authorities with whom all real estate projects have to be registered and Appellate Tribunals for adjudication of disputes is the key for providing early relief and protection to the large number of buyers of properties.

            Section 20 of the Act says “The appropriate Government shall, within a period of one year from the date of coming into force of this Act, by notification establish an authority to be known as the Real Estate Regulatory Authority to exercise the powers conferred on it and to perform the functions assigned to it under this Act”. These Authorities decide on the complaints of buyers and developers in 60 days time.

            Section 20 of this Act also empowers appropriate Governments to designate any officer preferably Secretary of the Department dealing with Housing, as the interim Regulatory Authority until the establishment of Regulatory Authority under the provisions of the Act.

            Regulatory Authorities, upon their constitution get three months time to formulate regulations concerning their day to  day functioning under Section 85 of the Act.

            Likewise, under Section 43 of the Act, Real Estate Appellate Tribunals shall be formed within a maximum period of one year i.e by April 30,2017. These fast track Tribunals shall decide on the disputes over the orders of Regulatory Authorities in 60 days time.

            Under the directions of the Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu, a Committee chaired by Secretary (HUPA) has already commenced work on formulation of Model Rules under the Act for the benefit of States and UTs so that they could come out with Rules in quick time besides ensuring uniformity across the country. The Ministry will also will come out with Model Regulations for Regulatory Authorities to save on time.

            The time limits of six months for formulation of Rules and one year for setting up Regulatory Authorities and Appellate Tribunals are the outer limit and the States willing to act quickly could do so and the Ministry of Housing & Urban Poverty Alleviation would notify the remaining Sections of the Act to enable relief to the buyers under the Act as quickly as possible, as desired by Shri M.Venkaiah Naidu.

            The remaining 22 Sections to be notified relate to functions and duties of promoters, rights and duties of allottees, prior registration of real estate projects with Real Estate Regulatory Authorities, recovery of interest on penalties, enforcement of orders, offences, penalties and adjudication, taking cognizance of offences etc.

Chronology of events leading to the Real Estate (Regulation and Development) Act,2016 coming into force:

-The National Conference of Ministers of Housing, Urban Development and Municipal Affairs of States and UTs held on January 20,2009 proposed a law for real estate sector;

-During subsequent consultations by the central government, it was decided to enact a central law for real estate sector. This was endorsed by Competition Commission of India, Tariff Commission, Ministry of Consumer Affairs;

-Ministry of Law & Justice suggested central legislation for Real Estate Sector in July,2011 under specified entries of Concurrent List of the Constitution for regulation of contracts and transfer of property;

-Union Cabinet approved the Real Estate Bill, 2013 on June 4,2013;

-The Real Estate Bill,2013 introduced in Rajya Sabha on August 14,2013;

-Bill was referred to the Department Related Standing Committee on September 23,2013;

-Report of the Standing Committee tabled in Rajya Sabha on February 13,2014 and in Lok Sabha on February 17,2014;

-Attorney General upheld the validity of central legislation for Real Estate Sector and the competence of Parliament on February 9,2015;

-Union Cabinet  approved Official Amendments based on Standing Committee Report on April 7, 2015;

-Real Estate Bill,2013 and Official Amendments referred to the Select Committee of Rajya Sabha on March 6,2015;

-Select Committee of Rajya Sabha tabled its Report along with Real Estate (R and D) Bill, 2015 on July 30,2015;

-Union Cabinet approved the Real Estate Bill,2015 as reported by the  Select Committee of Rajya Sabha for further consideration of Parliament on December 9,2015;

-Bill listed in Rajya Sabha  for consideration and passing on 22 and 23 December, 2015 but could not be taken up;

-Bill passed by Rajya Sabha on March 10,2016;

-Lok Sabha passed the Bill on March 15,2016;

-President of India accorded his assent to the Bill on March 25,2016;

-The Real Estate (Regulation and Development) Act,2016 was published in the Gazette for public information on March 26,2016;

-69 Sections of the Real Estate (Regulation and Development) Act,2016 notified by the Ministry of Housing & Urban Poverty Alleviation on April 27,2016 bringing the Act into force with effect from May 1,2016.

Shri J P Nadda chairs high level review meeting on Dengue

The Union Minister for Health & Family Welfare, Shri J.P. Nadda chairing the high level review meeting on preparedness regarding Dengue situation, in New Delhi on April 29, 2016. The Secretary (Health and Family Welfare), Shri B.P. Sharma is also seen.

Let us work together to create a mosquito-free environment: J P Nadda

Shri J P Nadda, Union Minister for Health and Family Welfare, held a high level meeting to review the preparedness of the Delhi administration and other stakeholders in prevention and control of Dengue in Delhi, here today. Shri Satyender Jain, Health Minister of Delhi was present at the meeting in addition to Mayors of the Delhi Corporations and senior offers of the Union Health Ministry, Ministry of Urban Development, National Vector-Borne Disease Control Programme (NVBDCP), National Centre for Disease Control (NCDC), Delhi Cantonment, CPWD, ICMR etc.

Taking stock of the situation, Shri Nadda was briefed on the preparations of the Health Ministry and Delhi Administration to prevent the spread of Dengue in the NCT of Delhi. Shri Nadda stated that the Union Health Ministry has been proactive in taking measures to prevent Dengue. Various meetings with the States through video conferencing have been held by the Secretary (HFW). Multiple advisories have been shared with the States to build their capacity, the Minister informed. He also added that training has been provided to health workers and a working plan has been sent to the States to ensure timely implementation of various activities that need to be undertaken for vector control.

Shri Nadda stated that the Union Health Ministry has already provided all logistical and technical support to the Delhi Government in terms of surveillance and diagnostic kits to strengthen their efforts in addressing Dengue. Noting that community participation and empowerment are the most crucial areas in Dengue prevention, Shri Nadda urged all the stakeholders to start rigorous awareness campaigns regarding the preventive steps to be taken by the people in their communities. He mentioned that recently on World Health Day, ‘India Fights Dengue’ mobile application has been launched. He also suggested awareness activities to be taken up in schools, colleges and various localities with the help of the school administration and the RWAs.

He also suggested that all available information on the measures taken by the Delhi Government and Delhi Corporations should be easily available to the people through various media channels. 

Bullet Train between Ahmedabad and Mumbai with financial and technical assistance from Government of Japan

The Mumbai-Ahmedabad high speed rail project has been sanctioned at total completion cost of ₹ 97,636 crore as per details below (in ₹):

·      Construction cost                                                            :  44,621 crore

(Track/Station/Depot/Electric/

Signalling & Telecom) 

·      Rolling Stock                                                                    :   5,255 crore

·      Land                                                                                  :   9,863 crore

·      Miscellaneous                                                                    :  27,533 crore

(Management/Contingency/

Escalation/Consultancy/

Import Duty etc.)

  

·      Interest during construction                                    :  10,359 crore

The feasibility study of the project has been completed and implementing agency (National High Speed Rail Corporation Limited) has been formed in February, 2016.

The project will be implemented through financial and technical assistance from Government of Japan. The assistance involves provision of Japanese Yen loan for approximately 81% of total project cost at 0.1% per annum interest for 50 years with 15 years moratorium and transfer of technologies of construction.

This Press Release based on information given by the Minister of State for Railways Shri Manoj Sinha in a written reply to a question in Rajya Sabha on 29.04.2016 (Friday).

India clarifies on issues regarding M/S Agusta Westland International Limited (AWIL)

In the matter pertaining to acquisition of Agusta Westland helicopters, the undisputed central issue that stands out is corruption, especially bribery. Any other line of assumption, approach and effort, as is being attempted in some quarters, is misleading, tries to hide the wrong-doers and is driven by instincts of self preservation. 

Ever since the new government was given the responsibility to serve the people, it has acted with speed, drive and purpose to empower the country's masses. It continues to relentlessly pursue fearless and transparent governance. One of the core goals of our governance has been to unearth and uproot corruption, and punish the corrupt. 

It is indeed tragic that a small section of the Indian polity has attempted, unsuccessfully, to divert and diffuse the public discourse on this matter. They question the speed of the government processes, especially the investigation. But, they do not ask how the corrupt influenced the process of acquisition in the first place and bled the nation. They donot admit corruption; they instead boldly proclaim, "catch us if you can". 

The present government has taken effective action to bring out the truth and will leave no stone unturned in pursuing all means to bring to justice the corrupt and the wrong-doers in this case. 

The investigative agencies remain determined to bring to justice the key perpetrators of this misdeed, both inside and outside the country. 

The government has acted proactively and with alacrity against Agusta Westland International and Finmeccanica. It is the present government which through its order dated 3 July 2014, put on hold all procurement/acquisition cases in the pipeline of six companies figuring in the FIR registered by the CBI, namely: M/S Agusta Westland International Ltd., UK, M/S Finmeccanica, Italy, and its group companies, including subsidiaries and affiliates, M/S IDS, Tunisia, M/S Infotech Design System (IDS), Mauritius, M/S IDS Infotech Ltd, Mohali and M/S Aeromatrix Info Solution Pvt Ltd, Chandigarh. 

In doing so, we did not let the preparedness of our defence forces suffer. At the same time, we also ensured that no new capital procurement was made thereafter from these companies in the tenure of the present Government. 

The factually misinformed have also made a mention regarding clearance of a joint venture involving Agusta Westland by the Foreign Investment Promotion Board. This proposal was approved on 2nd September 2011 based on an application by Indian Rotorcraft Ltd a joint venture of Tata Sons with Agusta Westland NV, Netherlands. This was later changed to Agusta Westland S.p.A Italy due to reorganization within the group. On 7th February 2012, an industrial licence for the manufacture of helicopters was granted by the Department of Industrial Policy and Promotion to Indian Rotorcraft Ltd. However, the validity of licence has since expired. 

In their drive to divert the public attention from their own corruption, some have said that the Modi government permitted Augusta Westland to bid for 100 Naval Utility Helicopters in April, 2015. The fact is that a techno-commercial Request for Proposal (RFP) for Naval Utility Helicopters was issued to eight vendors on 4 August 2012. In response to the RFP, M/S Eurocopters, France and M/S Agusta Westland S.p.A Italy submitted their techno-commercial proposals on 4 March 2013. RFP of the procurement case was retracted by the Government on 13 October 2014. 

The Indian Navy has hosted on the website a Request for Information for more than 100 Naval Utility Helicopter in October 2014. No Request for Proposal has been issued, therefore the question of permitting Agusta Westland to bid for the Naval Utility Helicopter in April 2015 does not arise. The government is exploring whether their manufacturing can be pursued under "Make in India". 

On the core issue of corruption, the timeline of actions taken by the CBI and Enforcement Directorate clearly shows due rigour and diligence with which these agencies have pursued all aspects of their investigations, including the arrest and extradition of three foreign nationals namely Mr. Carlo Gerosa, Mr. Guido Haschke Ralph and Christian Michel James. 

CBI has so far investigated over 100 witnesses. In September and November 2014, couple of accused have been arrested and their property attached. A criminal complaint was also filed. Letter of Requests were sent out by ED and CBI to Mauritius (July 2013), Tunisia and Italy (December 2013), British Virgin Islands, Singapore and U.K. (September 2014), UAE and Switzerland (December 2014). The agencies are continuing to pursue responses to the LRs from the countries concerned. 

Further, an open ended non bailable arrest warrant was issued by CBI against Mr. Christian James Michel on 24 September 2015. Red Corner notices were issued in December 2015 and January 2016 through Interpol under Prevention of Money Laundering Act and Prevention of Corruption Act on charges of conspiracy and abuse of official position in giving favours to M/s AWIL. 

Extradition request has also been made for Christian Michel James. A request for provision arrest for the purpose of extradition was made to the U.K. authorities on 4 January 2016 by CBI. Enforcement Directorate, another autonomous agency to handle private money laundering and Foreign Exchange irregularities, has also separately sent a Red Corner seeking arrest and a request for his extradition from the U.K. on 29 February 2016. 

By asking why did Prime Minister and BJP government not take any action on the alleged offer dated 08.11.2015 made by James Christian Michael to be questioned by CBI and ED including on Indian soil, some have even tried to side with a wanted criminal. 

It is well known that any understanding/agreement with an accused outside the frame of law is a criminal act in itself. James Christian Michael is a criminal wanted by the Indian law enforcement agencies. We are pursuing all legal means to arrest him and have him extradited to India. Mr. Michel should submit himself to the Indian legal system rather than make elliptical references to offers that are suspect in intent and reality. We are determined that the law must take its course against Mr. Michel and his associates in this matter. 

Those who cannot see Prime Minister succeed even hint at him cutting a deal. Nothing could be farther from the truth. Prime Minister Modi did not cut any deal of any sort. His only goal and priority is the development of comprehensive national power, and empowerment of our masses. 

A few have even sought to link one of the accused with Shri Ajit Doval, present NSA, as also Shri Nripendra Mishra, Principal Secretary to the Prime Minister. This is a totally baseless assertion, devoid of reason and logic, and indicative of malicious intent. In reality, there is no such connection. 

Individuals in some quarters have even gone to the extent of ascribing intent to the technicalities of the CAG audit of the state governments of Rajasthan and Chattisgarh. They ask as to whey did Modi government not take any action against Chhattisgarh Chief Minister, Dr. Raman Singh despite an indictment of Chhattisgarh government by CAG in purchase of Agusta Westland Helicopter, which led to loss to public exchequer (according to CAG) of Rs.65 lakh? 

But, the government has been proactive in seeking response from the State governments also. As per the State Government of Chattisgarh, the Public Accounts Committe of the Chattisgarh Vidhan Sabha took cognizance of the CAG report regarding the acquisition that was done in 2007, and took the evidence of State Government officials. After analyzing the evidence of officials and the report of the State Government, the PAC closed the matter. 

Similarly, as per the State Government of Rajasthan, the alleged loss to public exchequer according to CAG was not on account of any irregularity in the procurement process, but due to the expenditure incurred on account of lack of planning and basic infrastructure prior to procurement, such as pilot training and maintenance. In this case too, the acquisition was done in 2005. 

The Government appeals to the countrymen to recognize the nature and depth of corruption in Agusta Westland case. The investigative agencies will stay their course in unveiling the corrupt and holding them accountable to our public. 

Memorial for Netaji Subhas Chandra Bose to be Set up in Delhi - Dr. Mahesh Sharma

3rd Batch of 25 Declassified Files Relating to Netaji Subhas Chandra Bose Released on Web Portal www.netajipapers.gov.in

The 3^rd batch of 25 declassified files relating to Netaji Subhas Chandra Bose were released online on web portal www.netajipapers.gov.in by Dr. Mahesh Sharma, Minister of State for Culture and Tourism (I/C) and Civil Aviation in National Archives of India here today. Addressing on the occasion, the Minister said that the Government will soon set up a Memorial for Netaji Subhas Chandra Bose in the heart of Delhi to fulfill the long pending demand for it. He said that the release of declassified files on Netaji is a continuing process as it meets continued public demand to access these files and also facilitates research scholars and students to carry out further research on the doyen of the freedom movement.

The present batch of 25 files consists of 05 files from the Prime Minister’s Office (PMO), 05 files from Ministry of Home Affairs (MHA), and 15 files from Ministry of External Affairs (MEA) pertaining to the period 1956 to 2009.

It may be recalled that first lot of 100 files relating to Netaji, after their preliminary conservation treatment and digitization, were put in the public domain in web portal www.netajipapers.gov.in by the the Prime Minister of India, Shri Narendra Modi on 23 January 2016, on the occasion of the 119^th birth anniversary of Netaji.  The second lot of 50 files were released online on web portal by Dr. Mahesh Sharma, Minister of State for Culture and Tourism (I/C) and Civil Aviation on 29 March 2016.

Ministry of Cultu

            These many files having passed the scrutiny of the specially constituted Committee having experts from the field of Archives which looks into the aspects such as:

1.      To ascertain the physical conditions of the files and carry out necessary repair and conservation wherever needed, through Conservation Unit.

2.      To verify the quality of digitization for enabling the digitized records to upload in the web portal ‘www.netajipapers.gov.in’.

3.      To check if there are any duplication in the files.

 are being released on the internet for use by the researchers and general public.

It may further be added that in 1997 the National Archives of India had received 990 declassified files pertaining to the Indian National Army (Azad Hind Fauj) from the Ministry of Defence, and in 2012, 1030 files/ items pertaining the Khosla Commission (271 files/ items) and Justice Mukherjee Commission of Inquiry (759 files/ items) from the Ministry of Home Affairs. All these files/ items are already open to the public under the Public Records Rules, 1997.

Merger of National Stock Exchange Limited (NSEL) and Financial Technologies India Limited (FTIL)

New Delhi : The Ministry has issued the Final Order on 12.02.2016 for amalgamation of National Spot Exchange Limited (NSEL) with Financial Technologies (India) Ltd. (FTIL) under Section 396 of the Companies Act, 1956.  However, the same has been kept in abeyance pursuant to Orders of the Hon’ble High Court of Bombay.

                   A total of 50,389 representations (physical papers as well as emails) were received during March, 2015 to October, 2015 in response to the public notice issued by the Ministry of Corporate Affairs, in compliance of provisions of section 396(4)(b) of the Companies Act, 1956.  The profile of the authors of these representations, together with their dispositions in respect of the merger proceedings given in Annexure –I.

                     People’s representatives and others have also represented to the Ministry to initiate action against the persons behind such objections.  Representations have been received asking for early action against the persons responsible in the matter.  Other than the Ministry of Corporate Affairs, the Economic Offences Wing (EOW) of Mumbai Police and the Directorate of Enforcement (ED) are also investigating the matter.  Properties valued at Rs. 5757 crores (approx.) of the accused have been attached by EOW while 32 common properties valued at Rs. 740 crore (by ED) and Rs. 1222.89 crore (by EOW) have been attached.  Further, directions have also been given to the Securities and Exchange Board of India to examine and take necessary action against the defaulting brokers.

Annexure -I

Details of representations received in respect of proposed amalgamation of NSEL with FTIL in the Ministry

Name	Categories of Senders
	In favour of merger	Against the merger	Suggestions by senders	Total Records
Shareholders FTIL	2618	45803	1	48422
Shareholders NSEL	0	0	0	0
Employee FTIL	0	1203	0	1203
Employee NSEL	0	0	0	0
Investors NSEL	479	5	0	484
Creditors FTIL	0	81	0	81
Creditors NSEL	39	1	0	40
FTIL	0	2	0	2
NSEL	0	6	0	6
Industry Chamber	0	1	0	1
Investor Forum	9	0	0	9
Others	66	68	7	141
Total Records	3211	47170	8	50389

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

Indian Accounting Standards

New Delhi : The Road Map for implementation of Indian Accounting Standards (Ind AS) for commercial Banks (Banks), Insurance Companies (Insurers) and Non-Banking Financial Companies (NBFCs) was announced on 18/01/2016 and implementation schedule is drawn as follows: 

(i) Banks (excluding Urban Cooperative Banks and Regional Rural Banks), All-India Term-lending Refinancing Institutions (i.e. Exim Bank, NABARD, NHB and SIDBI) to adopt Accounting Standards for Periods beginning from 01/04/18 onwards for preparation of financial statements. 

(ii) NBFCs with networth of Rs. 500 crore and more to adopt Accounting Standards for Periods beginning from 01/04/18 onwards for preparation of financial statements. 

(iii) NBFCs that are listed or in the process of being listed and having networth of less than Rs. 500 crores to adopt Accounting Standards for periods beginning from 01/04/19 onwards for preparation of financial statements. 

(iv) Unlisted NBFCs having networth between Rs. 250 crores and Rs 500 crores to adopt Accounting Standards for Periods beginning from 01/04/19 onwards for preparation of financial statements. 

(v) Holding subsidiary, Joint Venture or associate companies of (iii) and (iv) above to adopt Accounting Standards for Periods beginning from 01/04/19 onwards for preparation of financial statements. 

These Ind AS are converged with International Financial Reporting Standards (IFRS). Minimum carve outs have been made in order to address country specific requirements. 

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.