Chandigarh News

 Punjab's former Director-General of Police S S Virk approached the Punjab and Haryana High Court for restoration of security cover earlier provided to him and his family.

In his petition, Virk, currently posted as DGP (Housing) in Maharashtra, submitted that he and his family were entitled security cover under the rules regulating the security arrangements of former DGPs.

The petition said he and his family faced "serious threats" to their lives from militant outfits since the time when terrorism existed in Punjab.

Punjab DGP, Additional DGP (Security) and Additional DGP (Armed Police) have been made respondents in the petition.

The High Court fixed July 7 as the date for next hearing in the matter.

CHANDIGARH: State pleas are seldom mounted on an emotional platform and especially so when the matter relates to the functioning of the police department. But in a notable exception, the state of Punjab has mounted a rather sentimental challenge to a high court order whereby the CBI was directed to carry out a probe into "encounter killings" during the heyday of militancy.

The state has taken special umbrage to Punjab and Haryana High Court judge Ranjit Singh’s observation that "if one is to look around, one may not be able to find many officers in Punjab police who are free from taints and who could be entrusted with investigation and expected to be independent".

Raising the pitch and finding the observation not in keeping with the ground realities, the state, in its appeal filed against the order, has highlighted the fact that as many as 1,281 police officers fell prey to the demon of terrorism that shook the state not so long ago.

The appeal also asserted that the judge’s observation, if accepted sans protest, would dampen the morale of the state police force that had played an exemplary role in quelling the terror and bringing back normalcy to the state.

The appeal stated that top police officers like Julio Reberio, DS Mangat, AS Atwal, AS Brar, Gobind Ram and judicial officers like HR Kaushik and NS Prashar were targeted, as were many others. It also said, there were unabated brutal killings of common people which led to the police launching many major operations in cooperation with the army and paramilitary forces.

Given the extraordinary situation that posed a grave threat to country’s integrity, the police never compromised on gallantry and lost quite a few of its brave sons, the appeal mentioned.

The appeal raised a vital point as to whether the court could direct the CBI to conduct a probe without state’s consent. It was hammered in the appeal that the issue was still under consideration of the apex court following its judgment in the ‘State of West Bengal Vs Committee for Protection of Democratic Rights (2006 SCC)’.

Moreover, the appeal highlighted that the judge’s remarks against Vigilance Bureau were uncalled for as the bureau had nothing to do with cases related to militancy and probed only corruption cases. Zeroing in on the issue of proclaimed offenders who were still to be traced, the state asserted that due procedure had always been followed to nab them.

The state also questioned the motive and conduct of Satwant Singh Manak, a former cop dismissed from service due to laxity, in moving the high court where he raised the plea of "10 encounter killings" by some Punjab cops during militancy era.

The cops accused by Manak, including Bachan Singh Randhawa, who is currently posted as assistant commandant of 4 IRB in Kapurthala, have already challenged justice Ranjit Singh’s order.

Emkay Shares and Stock brokers upgraded BUY rating on Unitech with a price target of Rs 237 as against current market price of Rs 171 (June 30).

Unitech reported its Q4FY08 and FY08 results which were lower than broking houses estimates.

During Q4FY08, the company reported revenue of Rs 11.6 billion as compared to Rs 15.9 billion in Q4FY07.

However, Q4FY07 includes revenue and net profit of Rs 9 billion and Rs 4.5 billion from the stake sale in commercial property to United Corporate Park. Therefore, on like-to-like basis the company`s revenue increased by 67.8%. For FY08, the company reported revenue of Rs 41.4 billion and net profit of Rs16.2 billion. After adjusting for revenue and net profit recognition from UCP stake sale in FY07, revenue and net profit increased by 120% and 174% respectively. Driven by higher interest rate regime in the near term, we are increasing our WACC assumption from 15% earlier to 17%. The broking house, therefore, downgraded NAV estimates for Unitech from Rs 313 to Rs 296.

The broking house there shall be near term problems in the real estate segment due to higher interest rate, both for the home buyer and the developer. The broking house is revising target price from Rs 362 to Rs 237. Its new target price is based on 20% discount to the NAV, which is in-line with international companies (primarily China based).

The company has 55 million sq ft under development of which 30 million sq ft is in the residential segment. The company intends to launch projects in Southern India, NCR, Mohali andKolkata to the tune of 40millionsqft in the next 12-15 months.

During FY08, the company sold 7 million sq ft in the residential segment. Customer
advances, which reflect the pre-sales that the company does in the residential segment, increased from Rs 45 billion in FY07 to Rs 71 billion in FY08.

Due to higher construction cost, land bank payments and payment for fees of telecom licensee, net debt increased from Rs 29.5 billion in FY07 to Rs 71 billion in FY08. As of FY08, net gearing stands at 1.9x. The management stated in the conference call that it intends to reduce net gearing to 1.1-1.2x, which will essentially be led by stake sale in the telecom business and lower land acquisition payment in FY08. Average cost of debt for FY07 and FY08 were 10.8% and 12.05% respectively.

Having invested Rs 16 billion in telecom business the company has expressed its intention not to infuse any further capital into this business. The company intends to divest 26% stake in the venture and raise fresh capital for the expansion in the telecom segment.

The management has guided for Rs 30 billion of construction cost in FY08 as compared to Rs18 billion in FY07. Its numbers factor in construction cost of Rs 33 billion for FY08. For FY08, the company expects Rs 8.1 billion of interest cost, including interest that will becapitalized on account of commercial properties.

Unitech`s unpaid land bank stands at Rs 40 billion to be over next few years of the land bank payment (which is required to be paid to the government) will be paid on revenue accruing basis as well. The company does not intend to add to further landbank, expect for few lucrative deals that may come across in future.

The broking house is revising their NAV estimates for Unitech from Rs 313 to Rs 296. ``Our downward revision of the NAV is on account of increase in WACC assumption from 15% to 17%. We are also revising our target price downward from Rs 362 to Rs 237. Our new target price is based on 20% discount to the NAV``, the broking house said while commenting on company`s valuation.

Chandigarh, Jun 25: Activists of Damdami Taksal and other Sikh organisations today blocked rail traffic at various places in Punjab, demanding the arrest of Dera Sacha Sauda chief Gurmeet Ram Rahim Singh.

The 'Rail roko' call was given by the Damdami Taksal following the killing of a member of the Sikh community by the security guard of Gurmit Ram Rahim Singh in Mumbai recently evoking strong protests in Punjab and elsewhere. Shouting slogans activists blocked the train traffic by squatting on the track near the railway stations.

Passenger trains were stopped at the railway stations in Jalandhar, Ludhiana, Sangrur, Ferozepur, Mansa, Bhatinda and Rampura Phull while seven trains were cancelled in Amritsar. Traffic on the Delhi-Bhatinda-Ferozepur section was totally disrupted, reports received here said. However, there was no report of any damage caused to the railway property.

Trains that were stopped included Shatabadi Express, Superfast Express, Sachkhand Express, Dadar Express, Jammu Express, Chattisgarh Express and Moori Express. Ferozepur-Mumbai Express was stranded at Mansa and Ferozepur-Delhi express train at Ferozepur. Demosntrations were held at some places in Ludhiana where the activists burnt the Dera Sacha Sauda chief in effigy. They also blocked Ludhiana-Chandigarh road.

Punjab Governor and UT Administrator Gen (Retd) SF Rodrigues today asked the members of Equestrian and Equine Development Association to extend their partnership and professional expertise in this endeavour.

The UT Administration has planned full range of equestrian activities on 23 acres of land in the institutional area, offering various facilities and combining it with tourism.

After seeing a presentation given by the Equestrian and Equine Development Association, led by Col JS Virk, Secretary of Indian Polo Association and Col Sarpartap Singh, Secretary General Equestrian Federation of India, for developing Equestrian Sports in Chandigarh, Gen Rodrigues said that the equestrian facility must be planned and developed, keeping in view the needs of the region and the supportive infrastructure requirements for organising various national and international events.

''There is a need of designing and creating facility for horse breeding and stabling equipped with latest state-of-art technologies,'' Gen Rodrigues said.

He asked the Finance Secretary to explore the possibility of getting funds from Sports Authority of India and the Ministry of Sports for this project.

While highlighting the aims and objectives in the presentation, the Equestrian and Equine Development Association emphasised the concept of combining leisure and equestrian projects with focus on promoting equestrian in the region, training in horse riding and promoting Chandigarh as an international tourist destination. The Association assured to extend their partnership in this project.

Chandigarh, June 19: Punjab, the land of Bhangda and Giddha is now warming up to ball room dancing. While salsa is already quite popular in India, it's now looks the Latin American ballroom dance form is slowly catching up.

In Chandigarh dance enthusiasts are taking training sessions in ballroom dancing. These enthusiasts could not have asked for anything better.