‘Omar Abdullah will be J&K CM,’ declares Farooq Abdullah as Cong-NC alliance crosses majority mark

News Network

October 8, 2024

National Conference leader Omar Abdullah will become Jammu and Kashmir's Chief Minister, declared Farooq Abdullah in Srinagar today as his party races ahead of the winning mark in assembly elections in the Union territory. The veteran politician made the announcement after it became obvious that the Congress-NC alliance would win the first assembly elections in Jammu and Kashmir in 10 years.

"After 10 years, the people have given their mandate to us. We pray to Allah that we meet their expectations. It will not be 'police raj' here but public here. We will try to release the innocent from jail. Media will be free. We have to develop trust between Hindus and Muslims," Mr Abdullah told reporters.

The former chief minister also hoped that INDIA alliance partners would help the NC fight to restore the statehood of Jammu and Kashmir, which became a Union territory following the repeal of its special status. On being asked who will be given the top post, the veteran politician declared, "Omar Abdullah banega Chief Minister."

The Congress-National Conference alliance is leading in 52 out of the total 90 seats, comfortably past the halfway mark of 46, while the BJP is ahead in 27 seats. Mehbooba Mufti's People's Democratic Party (PDP) may end up with just two seats, the trends show.

Omar Abdullah, who had earlier served in the top post from 2009 to 2015, said in an online post this morning that he hopes the counting day will end well for him. "Last time around it didn't end well for me personally. InshaAllah this time around it will be better," said the 54-year-old NC leader.

He is yet to comment on being named as the next chief minister by his father.

Comments

Add new comment

Coastaldigest.com reserves the right to delete or block any comments.
Coastaldigset.com is not responsible for its readers’ comments.
Comments that are abusive, incendiary or irrelevant are strictly prohibited.
Please use a genuine email ID and provide your name to avoid reject.

Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

Comments