India, Myanmar to explore new initiatives to boost ties: PM

May 27, 2012

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New Delhi, May 27: Prime Minister Manmohan Singh today said India and Myanmar would explore new initiatives and define a roadmap for further boosting of bilateral ties with focus on trade, investment and connectivity as he begins a three-day visit to that country.

Pointing out that India attaches the highest importance to its relations with Myanmar, a "close friend and neighbour", Singh said in a statement shortly before his departure for Nay Pyi Taw, Myanmar's new capital, that "recent years have witnessed significant strengthening and expansion of our bilateral relations" and his coming visit "will provide an opportunity to review the progress in implementation of decisions" taken during the "highly successful visit" of Myanmar President Thein Sein to India in October last year.

"We will also consider new initiatives and define a roadmap for the further development of our cooperation in the years ahead," said Singh who will be the first Indian Prime Minister to visit Myanmar in quarter of a century since Rajiv Gandhi's trip to that country in December, 1987.

The Prime Minister, who will hold talks with Sein tomorrow at Nay Pyi Taw, said that during his visit to Myanmar he hopes to focus on "stronger trade and investment links, development of border areas, improving connectivity between our two countries and building capacity and human resources".

"We also hope to sign a number of agreements and MoUs to further strengthen our bilateral cooperation in these areas, besides promoting people-to-people contacts," Singh said.

Singh, who will also meet leader of the opposition and Nobel Laureate Aung San Suu Kyi in Yangon on Tuesday, said India welcomes Myanmar's "transition to democratic governance and the steps taken by the government of Myanmar towards a more broad-based and inclusive reconciliation process and offered to share "democratic experiences" with that country. Since taking office more than a year ago, President Thein Sein has surprised many critics by releasing Suu Kyi from 15 years of house arrest and allowing her National League for Democracy (NLD) to contest and win parliamentary elections in April this year, freeing other political prisoners, opening talks with ethnic rebels and easing media censorship and restoring labour unions right to strike.

Singh said he was looking forward to address a cross- section of Myanmar society and interact with the Indian and Indian-origin community in Yangon on the final day of his visit.

The Prime Minister said the "shared history and culture" of India and Myanmar "provides a strong basis for the enhancement of contacts between the people of our two countries" and India remains "committed to a close, cooperative and mutually beneficial partnership with the government and people of Myanmar".

Singh said he is looking forward to visiting the historic Shwedagon Pagoda, a testament to 2600 years of Buddhist heritage, and the mazar (the grave) of the last Emperor of India, Bahadur Shah Zafar, in Yangon.

The Pagoda houses the hairs of Lord Buddha who had given them to two merchant brothers in return for a honey cake they offered to him.

High on Singh's agenda of talks with Myanmar President Thein Sein, a former army general heading a quasi-civilian government, will be deepening ties in energy, security, connectivity, trade and information technology.

The two countries are expected to sign a number of agreements in energy sector and connectivity during the visit.

The high-points among the slew of agreements will be the ones relating to an offshore gas block awarded to private Indian company Jubilant Energy in global competition and a passenger bus service between Imphal and Mandalay, Myanmar's second largest city after Yangon.India will be flagging its interests in getting more opportunities in both offshore and onshore energy sources in Myanmar. GAIL and OVL already have minority stakes in energy sector from where the gas is being transported to China.

India expects that the visit of the Prime Minister, who will be accompanied by his wife Gursharan Kaur and External Affairs Minister S M Krishna, will take bilateral relations to a "new level" given the new political environment in Myanmar which has seen remarkable political reforms that have seen that country emerging from decades of diplomatic isolation.

As Myanmar transitions towards democracy after more than five decades of often repressive military rule, its resource- rich but impoverished economy is also opening up holding out immense potential in virtually all areas.

The Prime Minister's engagements include a public address on "India and Myanmar: A Partnership for Progress and Regional Development" where the leading think-tanks of Myanmar and the business captains of the two countries will be present.

Reflecting the importance of the economic content of the bilateral relations, a group of captains Indian business and industries representing energy, telecom, IT, steel and agriculture sectors will be in Myanmar during Singh's visit.

As the gateway to South East Asia, Myanmar has been of considerable strategic significance to India and central to its Look East policy, given its energy reserves, and 1640km border with insurgency-hit four northeastern states--Mizoram, Nagaland, Manipur and Arunachal Pradesh.

Security concerns have prompted New Delhi to remain engaged with the military junta in Myanmar despite criticism from Western countries. During a visit to New Delhi in 2010, President Barrack Obama had chided India for not speaking out over human rights abuses in Myanmar.

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News Network
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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News Network
November 21,2024

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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.

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News Network
November 12,2024

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The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported.

It is the first such appointment made by the Taliban set up to any Afghan mission in India.

There was no immediate comment from the Indian side on the appointment that came.

The Ministry of Foreign Affairs of Afghanistan has announced the appointment of Kamil as the acting consul in Mumbai, the Taliban-controlled Bakhtar News Agency reported on Monday, citing unnamed sources.

"He is currently in Mumbai, where he is fulfilling his duties as a diplomat representing the Islamic Emirate," it said.

The appointment is part of Kabul's efforts to strengthen diplomatic ties with India and enhance its presence abroad, the media outlet said

Kamil holds a PhD degree in international law and previously served as the deputy director in the department of security cooperation and border affairs in the foreign ministry, it said.

He is expected to facilitate consular services and represent the interests of Afghanistan in India, the report added.

Kamil's appointment comes days after the external affairs ministry's point-person for Afghanistan held talks with the Taliban's acting defence minister, Mullah Mohammad Yaqoob, in Kabul.

Sher Mohammad Abbas Stanikzai, the Taliban's deputy foreign minister for political affairs, also posted on X about Kamil's appointment.

The appointment of Kamil is seen as part of efforts to facilitate consular services to the Afghan population in Mumbai.

There has been almost negligible presence of diplomatic staff at the Afghan missions in India.

Most of the diplomats appointed by the Ashraf Ghani government have already left India.

In May, Zakia Wardak, the seniormost Afghan diplomat in India, resigned from her position after reports emerged that she was caught at the Mumbai airport for allegedly trying to smuggle 25 kg of gold worth Rs 18.6 crore from Dubai.

Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi late last year, after working as the Afghan consul general in Mumbai for more than two years.

She took charge of the Afghan embassy in New Delhi last November, after the mission helmed by then ambassador Farid Mamundzay announced its closure.

Mamundzay, who was an appointee of the Ghani government, had moved to the United Kingdom.

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