Government of India postings this week

Newsroom24x7 Network

New Delhi: About two dozen IAS and all India service officers received new transfer and posting orders from Government of India during the official week ending Friday (29 September 2017).

The GoI posting orders are as follows:

1. 28/09/2017 Jaipal Singh , Indian Forest Service , GJ , 1991 Click For Details
2. 27/09/2017 Asha Ram Sihag , Indian Administrative Service , HP , 1983 Click For Details
3. 27/09/2017 Vipul Bansal , Indian Administrative Service , KN , 2005 Click For Details
4. 27/09/2017 Shri Amit Shukla , Indian Forest Service , MT , 1999 Click For Details
5. 27/09/2017 Arvind Mehta , Indian Administrative Service , HP , 1984 Click For Details
6. 27/09/2017 Rajvir Singh , Indian Audit & Account Service , 1991 Click For Details
7. 27/09/2017 Shreeshail Malge , Indian Railway Accounts Service , 2002 Click For Details
8. 27/09/2017 Saurabh Jain , Indian Administrative Service , KL , 2002 Click For Details
9. 27/09/2017 S. Dayanand , Others , 0 Click For Details
10. 27/09/2017 Dr Pingale Vijay Maruti , Indian Administrative Service , TN , 2004 Click For Details
11. 26/09/2017 Ms. Samyukta Samaddar , Indian Administrative Service , UP , 1999 Click For Details
12. 26/09/2017 Pritam Singh , Indian Administrative Service , RJ , 1984 Click For Details
13. 25/09/2017 Shashi Shankar , Others , 0 Click For Details
14. 25/09/2017 Satish Kerba Jadhav , Indian Civil Accounts Service , 2005 Click For Details
15. 25/09/2017 Shri Amitabh Prasad , Indian Audit & Account Service , 2001 Click For Details
16. 25/09/2017 Kashish Mittal , Indian Administrative Service , UT , 2011 Click For Details
17. 25/09/2017 Kanwar S S Dogra & 02 others. , Others , 0 Click For Details
18. 25/09/2017 Avinash Kumar & 85 others. , Indian Revenue Service (IT) , 0 Click For Details
19. 25/09/2017 Dr. Justice P. Devadass , Others , 0 Click For Details
20. 25/09/2017 Manu Tentiwal , Indian Revenue Service (IT) , 2003 Click For Details
21. 25/09/2017 Ms. Limatula Yaden , Indian Revenue Service (C&CE) , 1996 Click For Details
22. 25/09/2017 Ms. Neelam Chandra , Indian Railway Service of Electrical Engineers , 1993 Click For Details

CLICK here for Joint Secretary level postings this month

Tata Steel and thyssenkrupp JV will be second-largest European flat steel producer

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Singapore/Mumbai: Tata Steel Limited’s (TSL) memorandum of understanding with thyssenkrupp AG to create a 50:50 JV in Europe paves the way for TSL to reduce exposure to a structurally weaker business, says Fitch Ratings.

However, according to Fitch, TSL’s Long-Term Issuer Default Rating (IDR) of ‘BB’ remains on Rating Watch Evolving until further clarity on the proposed JV emerges with the signing of definitive agreements, which is expected by March 2018. In addition, Fitch will look out for details on TSL’s plans to significantly expand capacity in India and evaluate its impact on TSL’s financial metrics and credit profile.

TSL’s operations in Europe face weak regional demand, high conversion costs and lack of captive raw-material sources. Fitch believes the reduction in direct exposure to this industry and the increase in the significance of its more-profitable Indian operations will not only reduce earnings volatility, but also improve TSL’s overall business profile.

TSL’s India operations are highly profitable; they generated EBITDA per tonne of around USD160 in the financial year ended March 2017 (FY17). TSL benefits from significant vertical integration in India as captive mines provided all of its iron ore and 36% of its coal requirements in FY17. The company has been steadily ramping up output from its Kalinganagar plant, which has capacity of 3 million tonnes a year, since its commissioning in May 2016. While recent steel demand growth in India has been muted at around 4% yoy in April-August 2017, the outlook is supported by accelerating public-sector spending and a preferential policy for locally processed steel in government procurement. In addition, long-term anti-dumping duties provide protection from the threat of imports should international steel prices weaken.

The proposed JV, which TSL announced on 20 September 2017, will be called thyssenkrupp Tata Steel. It will be formed on a non-cash basis, with both shareholders contributing assets and liabilities in order to achieve fair valuation. The JV will be the second-largest European flat steel producer with annual shipments of about 21 million tonnes. TSL intends to transfer its European flat steel assets and around EUR2.5 billion of term debt to the JV, while thyssenkrupp (BB+/Rating Watch Positive) would transfer pension liabilities of EUR3.6 billion and its European flat steel assets and steel mill services. The companies expect to sign definitive agreements after due diligence and shareholder approval by March 2018 and close the deal after anti-trust and other regulatory approvals in late 2018.

The proposed JV’s intended capital structure has been designed by the two partners to be self-sustaining, with the ratio of term debt to EBITDA in the last 12 months below 2x and expected cost synergies of EUR400 million-600 million annually. TSL expects to service offshore net debt of around INR170 billion with the help of dividends from the JV. Given the lack of recourse by the JV to TSL and cash-flow exposure limited to dividends, Fitch will use the equity accounting method for this new entity, rather than proportionally consolidate the JV’s financials when assessing TSL. Fitch will also place an emphasis on the significance of the Indian business when assessing the business profile of the group.

TSL has stated that it intends to double its capacity in India from 13 million tonnes in the next five years to enhance its market position. Apart from organic growth at its Kalinganagar and Jamshedpur sites, the company may acquire distressed assets in India. Indian steelmakers Essar Steel, Bhushan Steel and Electrosteel Steels are in bankruptcy proceedings. Fitch believes further details on TSL’s plans are likely to emerge over the next six to nine months. While the company has indicated a financially prudent approach to capacity growth, substantial investments over the next two to three years could hinder sustainable deleveraging. (Fitch Ratings)

TSL’s FFO adjusted net leverage improved to around 5x at FYE17, from 13x at FYE16. We estimate TSL’s leverage to decline further to 4x by FY19, driven by robust EBITDA in India and reduced capex. TSL’s capex averaged around INR120 billion each year over FY14-17 as it set up its Kalinganagar plant, and we assume roughly half of that level will be spent annually over the next three years resulting in positive FCF. However, higher-than-expected spending to pursue capacity growth is a key risk to our estimates.

Deputy Commissioner of Customs arrested by CBI

Newsroom24x7 Network

New Delhi: The Central Bureau of Investigation has arrested an absconding Deputy Commissioner of Customs, Mundra in an on-going investigation of a case relating to alleged bribery of Rs. 20 lakh.

The accused, arrested on Wednesday (27 September 2017), will be produced before the Special CBI Court, Ahmedabad on Thursday.

CBI had registered a case against the Deputy Commissioner of Customs, Mundra and another person on 18 September 2017 for demanding a bribe of Rs.30 lakh from the complainant, who was working as CHA.

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It was alleged that the complainant’s company was engaged by an Ahmedabad firm and one of the import consignments of this firm was found to be containing 27 KGs of Gold in July, 2017.

During investigation of the case, the Deputy Commissioner of Customs allegedly demanded Rs.40 lakh to clear the names of the relatives of the complainant, including his wife. After negotiation, the demand was reduced to Rs.30 lakh and complainant was allegedly forced to pay Rs.10 lakh in July this year.

It was further alleged that the Deputy Commissioner contacted the complainant on different occasions for delivery of balance of Rs.20 lakh as gratification and asked the complainant to deliver the said gratification to contact person. CBI laid a trap and arrested the private person on 19 September while accepting gratification of Rs.20 lakh on behalf of the accused Deputy Commissioner of Customs. The Deputy Commissioner of Customs had been absconding since then.

Former Garrison Engineer sentenced 7 years RI

In another case of corruption, the Special Judge for CBI Cases, Hyderabad has sentenced Anil Kumar Kohli, a former Garrison Engineer, MES, Secunderabad to undergo Seven Years Rigorous Imprisonment with fine of Rs.16,00,000/- in a Disproportionate Assets case.

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This case was registered on 20 March 2002 on the allegations that the accused was in possession of disproportionate assets. After investigation, a chargesheet was filed against the accused on 30 September 2003 for possessing disproportionate assets to the tune of Rs. 64.48 lakh.

The Trial Court found the accused guilty and convicted him.

Noida Authority Chief Engineer accused of amassing illegal wealth: CBI files charge-sheet

Newsroom24x7 Network

New Delhi: The Central Bureau of Investigation (CBI) has filed a charge-sheet against a former Chief Engineer, Noida/Greater Noida Authority; his family members including wife, two daughters, son, daughter-in-law; a Chartered Accountant; three private firms (through their authorised representatives) and a Charitable Trust (through their trustees) in the Court of Special Judge, CBI Cases, Ghaziabad (Uttar Pradesh) in a Disproportionate Assets case.

Investigation has revealed that during the check period from 1 April 2004 to 4 August 2015, then Chief Engineer and his family members were found in possession of disproportionate assets worth Rs.23.15 crore which was disproportionate to the extent of 512.66% to his known sources of income.

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Investigation also revealed that then Chief Engineer and his family allegedly incorporated 3 private limited companies, 3 proprietary firms and 1 charitable trust to convert the black money into white.
Income shown in these companies/firms were allegedly found to be managed through accommodation entries after providing equivalent amount of cash through batteries of CAs in various manners, like money routed showing as unsecured loan, share application money, selling of shares at premium.

It may be recalled that CBI had registered a case on 30 July 2015 nder section 109 of Indian Penal Code read with 13(2) read with 13(1)(e) of Prevention of Corruption Act 1988 against then Chief Engineer, NOIDA/ Greater NOIDA Authority (UP); his family members and his business associates in compliance of the orders passed on 16 July 2015 by the High Court of Allahabad, Lucknow Bench in Misc. Bench No. 12396 of 2014 on the allegations of acquiring huge assets which were disproportionate to his known sources of income.

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Searches were conducted during August, 2015 at the premises of accused persons at 16 locations including at Noida, Agra and Lucknow. During the searches, it was found that the accused Chief Engineer was allegedly having 3 immovable properties; his wife was having 19 immovable properties and son 3 immovable properties. It was also revealed that jewelllery worth Rs. 1.04 crore was allegedly purchased during the check period by the family of then Chief Engineer.