PMC Bank scam: SC stays HC order allowing shifting of Wadhwans from jail

The high court had set up a three-member committee for valuating and sale of encumbered assets of HDIL to expeditiously recover dues payable by the firm to PMC bank.

The Supreme Court on Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam case, from Mumbai's Arthur Road Jail to their residence.

A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the submissions of Solicitor General Tushar Mehta that the high court order to the extent of allowing their release from prison needed to be stayed.

The law officer said the other aspect of the high court order such as sale of assets of the accused promoters under the supervision of high court appointed committee should be allowed to remain operative and the sole objection was with regard to their release from Arthur road jail.

The top court agreed with the submissions.

Earlier during the day the apex court had agreed to consider the plea of enforcement agencies against the high court order to release them from jail and keeping them in their residence under the constant watch of prison guards.

Mehta mentioned before the bench that the PMC bank scam involved Rs 7000 crore and the high court had on Wednesday passed a very "unusual order" while hearing a public interest litigation (PIL).

Mehta told the bench that the father-son are presently lodged under Arthur Road jail in judicial custody and if they are shifted to their residence as per the high court's order, it would be like bail to them.

The high court had on Wednesday set up a three-member committee for valuating and sale of encumbered assets of Housing Development and Infrastructure Limited (HDIL) to expeditiously recover dues payable by the firm to PMC bank.

Over 6,800 cases of bank fraud involving Rs 71,500 crore in 2018-19: RB

A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore.

Business Standard : Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said.

A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said.

As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal (increase of over 73 per cent in the fraud amount), the Reserve Bank of India (RBI) said in reply to an RTI query filed by this PTI journalist.

In the last 11 fiscal years, a total of 53,334 cases of fraud were reported by banks involving a massive amount of Rs 2.05 lakh crore, the central bank's data said.

During 2008-09, a total of 4,372 cases were reported involving an amount of Rs 1,860.09 crore. 

In 2009-10,Rs 1,998.94 crore worth fraud was reported in 4,669 cases.

A total of 4,534 and 4,093 such cases were reported in 2010-11 and 2011-12 involving Rs 3,815.76 crore andRs 4,501.15 crore, respectively.

In the 2012-13 fiscal, 4,235 fraud cases involving Rs 8,590.86 crore were reported by banks as against 4,306 cases (involving Rs 10,170.81 crore) in 2013-14 and 4,639 cases (involving Rs 19,455.07 crore) in 2014-15, the RBI said.

As many as 4,693 and 5,076 cases of fraud were reported in 2015-16 and 2016-17 involving Rs 18,698.82 crore and Rs 23,933.85 crore, respectively, it said.

"Cases of fraud reported to RBI are required to be filed by banks as criminal complaints with law enforcement agencies. The information in respect of action being taken or already taken is not available readily," the central bank said.

The data assumes significance as banks are grappling with high-profile fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others.

The large-scale fraud had prompted anti-corruption watchdog Central Vigilance Commission (CVC) to do an analysis and it came out with a report on top 100 frauds.

Evolution of Internet: Clubbing robot and IoT the next great leap forward?

Robots become considerably more capable with internet connections.

The Internet of Things is a popular vision of objects with internet connections sending information back and forth to make our lives easier and more comfortable. It’s emerging in our homes, through everything from voice-controlled speakers to smart temperature sensors. To improve our fitness, smart watches and Fitbits are telling online apps how much we’re moving around. And across entire cities, interconnected devices are doing everything from increasing the efficiency of transport to flood detection.

In parallel, robots are steadily moving outside the confines of factory lines. They’re starting to appear as guides in shopping malls and cruise ships, for instance. As prices fall and the Artificial Intelligence (AI) and mechanical technology continues to improve, we will get more and more used to them making independent decisions in our homes, streets and workplaces.

Here lies a major opportunity. Robots become considerably more capable with internet connections. There is a growing view that the next evolution of the Internet of Things will be to incorporate them into the network – opening up thrilling possibilities along the way.

Home improvements

Even simple robots become useful when connected to the internet – getting updates about their environment from sensors, say, or learning about their users’ whereabouts and the status of appliances in the vicinity. This lets them lend their bodies, eyes and ears to give an otherwise impersonal smart environment a user-friendly persona. This can be particularly helpful for people at home who are older or have disabilities.

We recently unveiled a futuristic apartment at Heriot-Watt University to work on such possibilities. One of a few such test sites around the EU, our whole focus is around people with special needs – and how robots can help them by interacting with connected devices in a smart home.

Suppose a doorbell rings that has smart video features. A robot could find the person in the home by accessing their location via sensors, then tell them who is at the door and why. Or it could help make video calls to family members or a professional carer – including allowing them to make virtual visits by acting as a telepresence platform.

Equally, it could offer protection. It could inform them the oven has been left on, for example – phones or tablets are less reliable for such tasks because they can be misplaced or not heard. Similarly, the robot could raise the alarm if its user appears to be in difficulty.

Of course, voice-assistant devices like Alexa or Google Home can offer some of the same services. But robots are far better at moving, sensing and interacting with their environment. They can also engage their users by pointing at objects or acting more naturally, using gestures or facial expressions. These “social abilities” create bonds which are crucially important for making users more accepting of the support and making it more effective.

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Infosys to set up three innovation hubs in Australia; to create 1,200 jobs

As part of its localisation initiatives in Australia, Infosys has already recruited 75 graduates from the country.

Country's second largest IT services firm Infosys on Wednesday said it would open three innovation hubs in Australia and create 1,200 jobs by 2020 in the region as the IT firm looks to increase digital offerings for its clients apart from bridging the digital skill gap in the country.

The company also said that it would absorb graduates from the Australian university to fill around 40 per cent of the 1,200 jobs that it will create in the next two years.

"As a key technology partner of Australian business, we are proud to announce our commitment to accelerating digital skills in the region through the creation of 1,200 skilled jobs, the development of our new innovation hubs and our deepening partnerships with academia,” said Pravin Rao, chief operating officer at Infosys.

As part of its localisation initiatives in Australia, Infosys has already recruited 75 graduates from the country out of which, half of the new hires have completed their induction training and are ready to be inducted into strategic client projects.

“The expansion of our Australian team, together with our planned innovation hubs are very important as we help navigate our clients in their digital journey," said Andrew Groth, senior vice president for Australia and New Zealand at Infosys.

In an earlier interview, Infosys CEO Salil Parekh had told Business Standard that the company would set up innovation hubs in Australia. "In Europe and Australia, we are now evaluating fewer cities. In Australia, we're looking at two and will announce one. Within the next six months, we'll start to announce the non-US ones," Parekh had said.

The Bengaluru-headquartered firm is in the process of setting up four innovation hubs in the United States and has announced to hire 10,000 locals in this key client geography. It recently said that the company had already hired 6,200 Americans since May 2017 as part of this initiative.

Infosys, which reports revenues from Australia under 'rest of the world', witnessed 6.8 per cent sequential growth in constant currency terms in its revenues from this geography during the second quarter of ongoing fiscal. Rest of the world contributed 13.2 per cent of company's total revenues, which stood at $2.92 billion in the September quarter of FY19.

Business Standard

Self-driving car industry needs standards, wide-reaching 5G network: JLR

JLR's Ralf Speth outlined ambitious plans to stay ahead of the rapidly changing technological changes.

Automakers need standards for key equipment, a wide-reaching 5G broadband network and strong partnerships to make self-driving cars and electric vehicles a success, top European car industry executives said on Wednesday.

Ralf Speth, chief executive of Britain's biggest carmaker Jaguar Land Rover , outlined ambitious plans to stay ahead of the rapidly changing technological changes, but said the sector also needed unified and clear guidelines for safeguarding driver information and privacy.

Government and industry should work closely together to ensure success as the market evolves, Speth told a conference hosted by Automobilwoche magazine in Berlin.

European carmakers are racing to keep up with the rapid pace of development in the self-driving and electric vehicle markets in the United States and China.

The changes sweeping the industry promise to bring "enormous progress to humanity," with autonomous cars offering mobility to many people now locked out of driving, such as the elderly and those with disabilities, Speth said.

But carmakers and suppliers would increasingly have to forge partnerships to meet the technological challenges involved, he said.

"No company alone can master challenges such as autonomous driving and connectivity on its own," Speth told Reuters after the conference, adding that companies will also need to keep investing in improving conventional engines, which will continue to power a majority of vehicles for years.

Volkswagen and Ford Motor Co are in "exploratory talks" to jointly develop self-driving and electric vehicles in a far-reaching strategic alliance meant to save the companies billions of dollars, a person familiar with the matter told Reuters last week.

Speth also called for industry-wide standards for charging stations and cords, as well as vehicle communication systems.

One area of concern was the production of batteries for electric cars, Speth and other executives said.

Oliver Blume, chief executive of the Porsche division of Volkswagen, said demand for batteries would be so great in coming years that it could not be met by current suppliers.

"We will definitely need intelligent partnerships," he said.

Detlev Mohr, senior partner with consulting firm McKinsey, said in an interview that he expected to see increased efforts to strengthen the supply chain - especially in the battery sector - in Germany and neighbouring countries over the next two years.

"I hope that it won't be too late. We certainly need acceleration and a more decisive approach. The setting of strategic goals is good, but the implementation is what will ultimately make the difference," he said.

Business Standard