Defence minister Manohar Parrikar on Tuesday stated that the multi-billion dollar deal for purchase of 36 Rafale combat aircraft is in “final stages” of price negotiations.A new road map for the upgradation of the inventory in the Indian Air Force is being prepared with a focus on the Make in India initiative, and any future acquisition will be based on it, he told agencies. The minister said that issues that came up in talks with the French on the Rafale fighter planes, like 50 per cent offset clause, have “almost been sorted out”.Refusing to put a timeline on when the final contract will be signed, Mr Parrikar said, “It is in the final stages of price negotiations.” Prime Minister Narendra Modi had announced in April 2015, during his visit to France, that India will acquire 36 Rafale planes in fly-away condition under a government-to-government contract.“As of now we are talking about 36 (planes). I am not saying that it means we are thinking of buying more. For our upgradation of the Air Force, we are preparing a road map. Once that road map is finalised and approved by the government, then we will go ahead as per the road map,” he said when asked if India will be going in more Rafale aircraft.The defence minister said that the roadmap will take into account the Make in India initiative. “One option is the Light Combat Aircraft (Tejas). In principle we have agreed to buy 20 LCAs in present form and another 100 with some improvements.”.On the offers made by global fighter jet plane makers to set up manufacturing bases in India, Mr Parrikar said a decision would be taken as per the new policy. Mr Parrikar is expected to come out with a new defence procurement procedure soon that will be in tune with the government’s China famous aluminum Household step ladder initiative of Make in India.

The equity markets signed off the last session of Samvat 2071 — the Vikram era’s calendar year followed by most of the northern India — on a dismal note as growing concerns about the prog-ress of economic reforms and fear about an interest rate hike by the US Fed-eral Reserve led to subdued sentiments on the domestic bourses. Weak-ness in global stocks also triggered profit booking on Monday.Extending its fall for the fifth consecutive day, the Sen*** slumped 378.14 points or 1.45 per China Fiberglass insulated ladder cent to end the trading session at 25,743.26. The Nifty closed at 7783.35, losing 131.85 points or 1.67 per cent. “The markets remained subdued in the current Samvat as a host of global as well as domestic factors influenced investors sentiment. In Sanskrit, Samvat means a year.There was a global risk aversion caused due to concerns regarding a China-led global slowdown while lower than expected earnings growth reported by India Inc and slow pace of reforms triggered profit booking on the domestic bourses,” observed Ambareesh Baliga, senior research analyst.However, Mr Baliga believes that Samvat 2072 would turn out to be a good year for investors as the ruling BJP led NDA, which received a major set back in the just concluded Bihar state election is expected to take some serious and bold decisions in the coming days. “So, finally we could see some actions on the ground level. If that happens, I believe, this is the best opportunity to invest in the Indian market with a long term view,” he added. According to the provisional data released by the stock exchanges, foreign portfolio investors (FPI) sold shares worth Rs 661.95 crore. The broader market also rem-ained extremely weak with 1,626 stocks traded on BSE ending the day deep in the red as compared to 996 stocks that advanced. “BJP-led NDA’s loss in Bihar state elections coupled with negative global news flows, dealt a strong blow to domestic equities on Tuesday. The outlook for commodity prices, which are already at multi-year lows, remains bleak amid a strengthening dollar after analysts started pricing in a higher probability of a Fed rate hike in December, 2015,” said Shreyash Devalkar, fund manager, equities, BNP Paribas Mutual Fund.He added that the global markets are awash with concerns over an imminent interest rate hike in the US, which could lead to volatility in emerging market equities.“The markets are still keenly watching the developments in the Chinese economy. In the near term, we believe the markets would continue to remain weak and Nifty could move in a range between 8,100 and 8,500 in the medium term,” said Achin Goel, head, wealth management and financial planning, Bonanza Portfolio.

The CBI sent the summons to Mr Roy in an email on Sunday evening, asking him to appear in person at the CGO Complex at Salt Lake here on Monday, sources revealed.On Monday evening, he said he had called up the CBI to say he may appear for questioning at the CGO Complex on January 15. His plea was granted, sources said.He had met Mr Sen twice in April 2013 as the Saradha Group collapsed. Angered by the CBI summons to Mr Roy, the party accused the BJP of misusing the CBI for a political vendetta. Citing his preoccupations, Mr Roy prayed for time and told him he would inform the agency of the date of appearance. Mr Roy assured him during the second meeting that he would “manage” the CBI, sources said. Sources said the CBI had collected strong evidence establishing Mr Roy’s close links with Saradha owner Sudipta Sen and his role in the scam. A hard copy of the notice was also delivered to Mr Roy’s Delhi address. They told me that they wanted to speak Single Wide Scaffold Suppliers to me. Mr Roy later confirmed he had received a call from the CBI.“In my personal life as well as my political career, I have never been involved in any illegal or immoral activity,” Mr Roy said.At around 9. Mr Roy said he would cooperate in the probe but he claimed he was “absolutely clean”.Two Saradha accused, Mr Ghosh and chit fund company official Arvind Singh Chauhan, who had attended the meeting, revealed it to the CBI.Angry TMC accuses BJP of ‘vendetta’After months of speculation the Central Bureau of Investigation has finally summoned Trinamul Congress general secretary and Rajya Sabha MP Mukul Roy to question him in the multi-crore Saradha chit fund scam, in a major embarrassment to West Bengal chief minister Mamata Banerjee. After returning to Kolkata in a couple of days, I will meet the CBI,” he said.“The CBI has asked me to appear before them.The CBI found Mr Sen was in touch with Mr Roy over the phone since his escape, and travelled to Delhi on Mr Roy’s instructions, meeting him at his residence on April 18.Known for his close proximity to Ms Banerjee, Mr Roy was considered the second most powerful leader in the party after the CM because of his organisational skills. Later, former Trinamul leader and Mr Roy’s former aide Asif Khan, who was also present, corroborrated this..This development is another major blow to the Trinamul Congress, which is reeling under the Saradha meltdown with two Rajya Sabha MPs, Kunal Ghosh and Srinjoy Bose, and state transport minister Madan Mitra already behind bars for their role. I informed them that I am in Delhi. The first meeting was held at Nizam Palace in Kolkata on April 5, days before Mr Sen’s escape. On Monday morning, however, he left Kolkata for New Delhi.30 am, a senior CBI officer asked Mr Roy over the phone to appear at the CGO Complex. In this meeting a blueprint was prepared to run Saradha’s media business in his absence.

The fact remains that, irrespective of the merits of the case, it stands to reason that as managing director of India Cements, which owns IPL franchise Chennai Super Kings, Mr Srinivasan was party to the decision to allow his son-in-law Gurunath Meiyappan to sit in the dugout.The ball, as they say, now lies in court. And only the Supreme Court can do this effectively in cases involving a closed society or cabal like the BCCI.The Supreme Court was inclined to point out the moral aspect by staying his functioning as president till all legal issues are resolved. The first is legal, which Mr Srinivasan manipulated by blocking everyone else from contesting for president. Also, the question remains whether he can continue as de facto China Windows Profiles Suppliers or de jure president depending on the Supreme Court’s directions in the case appealing against his right to stay in office.. There are two aspects to this. The second is a moral question. Unless it takes up BCCI matters in their entirety, a sham status quo will prevail with a coterie kept in clover by a manipulative quid pro quo process. Srinivasan has been re-elected for the third and last one-year term.BCCI president N. Irrespective of his clever ploy of “stepping aside”, the key legal issues behind such conflicts encouraged by the multi-billion-dollar cricket board must be addressed.The conflict of interest could not be greater in any case other than that of Mr Srinivasan: BCCI chief and MD of a company that owns an IPL team.

“While I appreciate the concerns that has been expressed very clearly by India’s representative here, my own view is that this treaty will not be harmful to India’s security and certainly not in any way harm the very strong bilateral relationship between India and the US,” said Tom Countryman, head of the US delegation to the Arms Trade Treaty Conference.“At the commencement of this Conference India had made clear that the ATT should make a real impact on illicit trafficking in conventional arms and their illicit use especially by terrorists and other unauthorised and unlawful non-state actors.Iran, Syria and North Korea opposed the final draft text on the pretext that it fails to ban sales of weapons to groups that commit “acts of aggression”.Now the proponents of the treaty have scheduled to put it to vote in the UN General Assembly next week. “India cannot accept that the treaty be used as an instrument in the hands of exporting states to take unilateral force majeure measures against importing states parties without consequences,” she added. India, which had worked hard during the negotiations, had expressed its deep concerns on the final draft.Countryman was responding to questions on the concerns raised by India on the draft text of the treaty, which could not be adopted by the conference in the absence of consensus among its 193 nations; which was considered to be the first step towards regulating the billion global arms trade. The provisions in the final draft on terrorism and non-state actors are weak and diffused and find no mention in China famous Aluminum scaffolding tower the specific prohibitions of the Treaty,” Mehta said in her intervention.In her intervention during the closing arguments, India’s Permanent Representative to Conference on Disarmament, Geneva, and head of the Indian Delegation to the Arms Trade Treaty Conference Sujata Mehta said the final version fell short of India’s expectations and that of other likeminded countries.The draft of a UN arms treaty that would regulate the multi-billion-dollar global arms trade will not harm India’s national interests, the US today said, allaying New Delhi’s concern over its text..India, she said, has stressed consistently that the treaty should ensure a balance of obligations between exporting and importing states.