“Deep Rooted Conspiracy”: Allahabad HC Denies Bail To UPPCL Director In Provident Fund Investment Scam Case [Read Order]

first_imgNews Updates”Deep Rooted Conspiracy”: Allahabad HC Denies Bail To UPPCL Director In Provident Fund Investment Scam Case [Read Order] LIVELAW NEWS NETWORK7 April 2020 9:34 PMShare This – xThe Allahabad High Court on Tuesday rejected the bail plea moved by Director (Finance) of the Uttar Pradesh Power Corporation Limited (UPPCL) in connection with a provident fund investment scam. Stating that a “deep rooted conspiracy” appeared to be involved in the case, Justice Dinesh Kumar Singh refused to allow the bail application in the scam involving laundering of over 2,000…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Allahabad High Court on Tuesday rejected the bail plea moved by Director (Finance) of the Uttar Pradesh Power Corporation Limited (UPPCL) in connection with a provident fund investment scam. Stating that a “deep rooted conspiracy” appeared to be involved in the case, Justice Dinesh Kumar Singh refused to allow the bail application in the scam involving laundering of over 2,000 crore worth of employees’ provident fund money. Background As per the facts available on record, Sudhansu Dwivedi, Director (Finance) of UPPCL was responsible for investing the provident fund amount that was deducted from the salaries of the member employees. It is alleged that in contravention of Government notification, Dwivedi invested more than 50% of the amount in term deposit of scam-hit Dewan Housing Finance Corporation Limited (DHFL). It is pointed out that as per the notification issued by the Union Finance Ministry on March 2, 2015, moneys of the employees Provident Fund should not be invested in any of the institutions other than scheduled/unscheduled commercial banks. In this backdrop it is alleged that Dwivedi, with ill intentions, invested more than 50% of the amount in term deposit of DHFL, knowing well that it did not fall in the category of unscheduled commercial banks and it was an unsecured private institution. It is further alleged that the decision to invest such a huge amount in a private institution was taken without taking the recommendation/cognizance of M.D./Chairman and rather, forged and fabricated minutes of the meeting of the Board of Trustees of the Contributory Provident Fund were prepared to show that the Board had agreed to consider investment proposals as per the government notification dated 2nd March, 2015 in the securities with higher security and high interest rates other than deposits of nationalised banks in AAA rated Companies. Thus, the allegation in sum is that the accused in furtherance of criminal conspiracy with malafide intention for personal gain and in violation of the relevant provisions of law, invested huge amount of Employees Provident Fund in scam hit DHFL and that such malafide decision has caused huge loss. Findings The High Court noted that Dwivedi was the person who recommended for investment in the DHFL; investments were made without there being any authorisation of the Board of Trustees, but to justify the investment forged minutes of meeting were prepared on which signature of the Chairman were forged. Further, the accused was in receipt of a brokerage amount of Rs.5.69, given by DHFL for making investment for which the accused had not accounted properly. In this backdrop the court remarked that there appeared to be a deep rooted conspiracy involved in the present case and it wasn’t appropriate to release the accused on bail. “The economic crime of such scale and magnitute are carefully and meticulously planned and executed. It is well settled that economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. While granting bail, the court has to keep in mind the nature of accusations, magnitude and gravity of offence and nature of evidence in support of the accusations,” the High Court held. Reliance was placed on Supreme Court’s ruling in YS Jagan Mohan Reddy v. CBI, (2013) 7 SCC 439. The court further observed, “The present case involves a scam of huge magnitude involving money of 42000 employees of the Three Electricity Corporations who had invested it with a hope that they would get good return on it at the time they would need money. Trust has been breached in criminal conspiracy by the accused which has resulted huge loss to the two Trusts resultantly to the employees. The accused is an influential person. The money trail is yet to be completely discovered and, therefore, at this stage, the accused-applicant cannot be released on bail. The accused has received huge brokerage amount of Rs.5.69 crores in his account from DHFL directly for which he has not accounted properly and satisfactorily. This is a documentary evidence. He has not been able to show anything for having any connection with DHFL or having any business relation with DHFL… Whether the accused had knowledge of the above mentioned transactions with the DHFL or the Chartered Accountant had kept him in dark, is a matter of Investigation and evidence.”The high court also rejected the bail plea moved by another Trustee, roped in as a co-accused in the case. In his defence Dwivedi had submitted that making investments in AAA rated Housing Finance Companies was a joint decision of the Board of Trustees since term deposits with the banks were not yielding much profits after demonetization, and his role thereof was only to the extent of recommending on the financial health and viability of the DHFL. He had also argued that the notification of the Government of India dated March 2, 2015 was not applicable on UPPCL’s Trusts as they are not registered with the EPFO which regulates the Provident Funds. The Bombay High Court has restrained DHFL from making any payments to any of its other creditors, in view of a pending dispute with Reliance Nippon Asset Management Limited. Click Here To Download Order Read Order Next Storylast_img read more

One-of-a-kind performer

first_img“The channel for the arts at Harvard has never been more open,” said President Drew Faust on Thursday afternoon at Farkas Hall, the soon-to-be home for the University’s recently approved undergraduate concentration in theater, dance, and media.“We can think of no greater honor than to keep the channel open with such a master of life and art,” she said of this year’s Harvard Arts Medal recipient: the ballet dancer, director, and arts leader Damian Woetzel. Faust bestowed the honor during the annual ceremony, which is hosted by actor John Lithgow ’67, Art.D. ’05, and launches Arts First, four days of performances, installations, and exhibits across campus.Faust called Woetzel’s dancing “legendary,” and said he has harnessed his “power as a performer and choreographer to reveal our common humanity.”“As an advocate for the arts, he is prominent and inexhaustible,” said Faust. “More like what someone called his exit in a Balanchine ballet: a ‘great, spinning, accelerating tornado.’”Accepting the award, Woetzel spoke of his experiences at Harvard, including earning a degree at the Kennedy School, and thanked Faust for her commitment to the arts.“This is how things happen. This is how things change. To me, being someone who can represent the arts and push them as best I can is an honor and a duty, and you’ve given me incredible tools, and continue to.”Damian Woetzel, winner of the Harvard Arts Medal, was interviewed by actor John Lithgow as part of the ceremony at Farkas Hall. Jon Chase/Harvard Staff PhotographerThe event included a performance by some of Woetzel’s former students, video clips of his work, and an entertaining talk with Lithgow about his early interest in dance, his time at the New York City Ballet, and his post-dancing work in the arts.Woetzel was 4 when he began dancing, one of the many things his parents introduced him to as part of a “classical education” that included literature and multiple languages. At first, Woetzel just “loved being on stage,” and stuck with classes for a chance to perform each year in “The Nutcracker.” But he soon fell in love. By age 12 he knew he “wanted to be a dancer.”The right kind of body combined with a natural ability to turn and a knack for remaining injury-free meant his life on stage lasted for two decades. He rose quickly at the New York City Ballet, becoming a principal after four years and working closely with the famed choreographer Jerome Robbins.“You were such a leader in that company and people respected you so much,” said Lithgow. “I found it very logical what’s become of your career.”In his life after ballet, Woetzel has taken the helm of the arts program at the Aspen Institute, a Washington, D.C.-based educational nonprofit.Woetzel said while he was still performing, his interest in a wider range of pursuits “started to assert itself a little bit and I started to think about and get involved in things beyond simply dancing.”Woetzel, the first dancer to win the Arts Medal, has deep ties to Harvard. In addition to receiving a master’s degree in public administration from the Kennedy School in 2007, he served as a visiting instructor at the Law School in 2010, co-teaching a class on the performing arts and the law.He has worked closely with Yo-Yo Ma’s Harvard-based Silkroad Project, and was a member of Harvard’s 2008 Task Force on the Arts. While at the Kennedy School, he and his wife, the ballerina Heather Watts, helped “shape the burgeoning dance program” said Faust. He has also collaborated with Harvard professors Michael Sandel and Howard Gardner.last_img read more

Dominica observes Peace Week

first_imgLocalNews Dominica observes Peace Week by: – December 19, 2011 7 Views   no discussions Sharing is caring! Tweet Sharecenter_img Members of the IDCCVThe Commonwealth of Dominica will, from Sunday 18th December to Sunday 25th December, 2011 observe a week of peace under the theme ‘Peace On Earth, Goodwill Unto Men.’Members of the Interdenominational Committee Against Crime and Violence (IDCCV) announced at a press conference last week that a week of peace would be observed with a view to “develop a certain consciousness of what is going on in our country, the need for us to work at establishing peace.”On Sunday all leaders; religious, political and civic, congregated at the Trinity Baptist Church in Roseau to officially commence the week of peace.Wednesday and Thursday have been designated as Days of prayers for peace; members of the IDCCV will appear on television talk shows on both Sat Telecoms and Marpin 2K4. Thursday the 22nd of December, 2011 will be observed as ‘White Ribbon Day’ and members of the public are encouraged to wear something white as a sign of purity. IDCCV has also made an appeal to radio stations to change the tone of their programming to a ‘reflective’ one, to invite priests or pastors to offer prayers during the day as well as callers to the various programs to pray about an issue as opposed to complaining about one. The week of activities will culminate with peace messages at all churches on Sunday 25th – which will also be observed as Christmas Day worldwide. Dominica Vibes News Share Sharelast_img read more

Messi gives set-piece masterclass as Barca outclass Celta 4-1

first_imgBARCELONA (Reuters) – Lionel Messi scored two exquisite free kicks as he netted his first hat-trick of the season in a 4-1 win over Celta Vigo at the Camp Nou on Saturday which took Barcelona back to the top of La Liga after a difficult week.Barca’s captain coolly converted a penalty to put the champions ahead in the 23rd minute but gave away a foul in a dangerous area which led to Lucas Olaza levelling for Celta with an outstanding strike from a free kick in the 42nd.But Messi restored Barca’s lead right before halftime with a stunning free kick of his own, curling the ball into the top corner.He conjured up an almost identical strike at the start of the second half to complete his treble and match Cristiano Ronaldo’s record of 34 hat-tricks in Spain’s top flight. Sergio Busquets struck a fourth goal in the 85th to round off a first win for Barca in three games, after falling to a shock 3-1 defeat at Levante last week in La Liga and drawing 0-0 at home to Slavia Prague in the Champions League.“We have a very big advantage, we have the best player in the world on our side who is also the best at taking free kicks,” said Busquets in praise of Messi. “Little by little he has been improving at free kicks, he used to find them hard. Having him around gives us a real boost.”Barca lead the standings on 25 points after 12 games, level with second-placed Real Madrid who eased to a 4-0 win at Eibar. Despite going into the weekend within striking distance of top spot, the Catalans have had an uneasy campaign which hit a new low this week as players were booed off the pitch following the goalless draw at home against Slavia.There was a subdued atmosphere at the Camp Nou on Saturday and close to 30,000 seats were left empty.Celta were playing their first game under former Barca player Oscar Garcia, after Fran Escriba was sacked following four consecutive defeats. The visitors did well to contain Barca in the opening stages until Messi took advantage from the penalty spot but howls of frustration could be heard across the ground after Olaza’s superb equaliser.As has so often been the case, it was up to Messi to lift the mood again.“With Messi anything is possible,” said Barca coach Valverde.“He dominates the art of free kick taking, and opponents know they cannot afford to give away fouls near our area. When they do, we try to take advantage.” The coach also underlined how important it was that his side got back to winning ways.“When you lose a game it’s always important to win the next one, especially at a club like ours. The other day we had a painful defeat and we had to win today,” he said.last_img read more

Syracuse attacks Kayla Treanor and Nicole Levy win ACC awards

first_img Facebook Twitter Google+ Senior Syracuse attack Kayla Treanor won the Atlantic Coast Conference Offensive Player of the Year, the conference announced on Thursday afternoon. Treanor’s teammate, SU attack Nicole Levy, won ACC Freshman of the Year.Treanor is the first player ever to win the award for three consecutive seasons. She currently leads the conference and her team with 84 points from 46 goals and an ACC-best 38 assists. She’s also the nation’s leader in draw controls per game (9.00).It’s been a year of broken records for Treanor who now holds the spot for most goals in program history (255), most draw controls in a single game (19, against Loyola on Feb. 14) and in a single season (189 and counting). The draw control records come despite this being her first full season taking the draw since high school.On the other hand, Levy is the first-ever Syracuse player to win ACC Freshman of the year. The East Islip, New York native has recorded a point in 21 of 22 games this season and owes much of her success to a plastic, white light switch. She scored seven goals in the first two games of the ACC tournament and led the Orange with five points in a turning-point game at then-No. 2 Notre Dame which spurred a Syracuse five-game win streak after losing three of its last five.She ranks second on Syracuse in goals (43) and third in assists (19). Her 62 points is an ACC-best among rookies.AdvertisementThis is placeholder textNorth Carolina coach Jenny Levy was named ACC Coach of the Year and Notre Dame’s Barbara Sullivan took home ACC Defensive Player of the Year for the second straight time.Syracuse’s position in the NCAA tournament will be announced at 9 p.m. on Sunday, May 8. Comments Published on May 5, 2016 at 3:12 pm Contact Sam: [email protected] | @Sam4TRlast_img read more