VS Sampath takes over as Chief Election Commissioner

June 11, 2012

CEC_office_295

New Delhi, June 11: Veeravalli Sundaram Sampath has taken charge as the new Chief Election Commissioner today, after former chief SY Quraishi's six-year tenure ended yesterday. Mr Sampath officially assumed office this morning at the Election Commission headquarters in Delhi.

After taking charge as the new CEC, Mr Sampath said, "The commission will strive for early implementation of electoral reforms that put an end to criminalisation and money power in elections which disturbs level playing field." He said his priority will be for a clean electoral role and hassle free registration. He also said the Election Commission is currently busy preparing for the upcoming assembly elections in Gujarat, Himachal Pradesh, Tripura and Meghalaya. He also said an announcement on the presidential polls will soon be made.

Chief Election Commissioner SY Quraishi yesterday demitted office at the end of his six-year tenure after serving for almost two years as the head of Election Commission.

At a simple function at the Commission headquarters in New Delhi, he signed his relinquishing order, paving the way for his successor VS Sampath.

On his last day in office, Mr Quraishi was given a warm send-off by officials of the Commission.

Mr Quraishi was appointed as Election Commissioner in the poll body on June 30, 2006 and had assumed charge as the 17th CEC on July 30, 2010 replacing Navin Chawla.

Incidentally, Mr Quraishi was the first Muslim to be appointed as India's CEC.

On his retirement, Mr Quraishi told PTI he was happy and contented and would now focus his attention on a couple of writing assignments.

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.
News Network
November 21,2024

adani.jpg

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

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.