Daily News Mail - News of 12/05/2015

After acquittal, Jayalalithaa set to return as CM

• After eight months in limbo, AIADMK general secretary Jayalalithaa’s political life was resurrected in a matter of a few minutes on May 11.
• The Karnataka High Court acquitted her and three others in the disproportionate assets case, setting aside a trial court order of September 2014 sentencing them to four years in prison.
• He recalculated the income and expenditure of the accused during 1991-96 and said the additional assets they possessed exceeded their known income by just 8.12 per cent.
• Citing a Supreme Court judgment in the Krishnanand Agnihotri case, he said that when the ‘disproportionate asset’ was less than 10 per cent, the accused were entitled to acquittal.
• “...the prosecution has mixed up the assets of accused, firms and companies and also added the cost of construction i.e., Rs. 27,79,88,945 and marriage expenses at Rs.6,45,04,222/- and valued the assets at Rs. 66,44,73,573,” the order said.
• Also, the High Court criticised the trial court for not including the loans availed of by the accused during 1991-96 as part of their income.
• It also said due importance was not given to the evidential value of records such as Income Tax rulings.
• When the judge got down from the podium, AIADMK lawyers erupted in joy and raised slogans hailing their leader.
• In contrast, the prosecution team and those representing DMK general secretary K. Anbazhagan were in disbelief.
• In consequence, it would be a sort of a political resurrection for Ms. Jayalalithaa, whose disqualification under the Representation of People Act stands negated by the High Court findings.

Jayalalitha after acquitted by High Court

Kamath to head BRICS bank

• K.V.Kamath is the newly appointed chief of the  newly-formed $100 billion New Development Bank of BRICS countries, he has served as the chairman of Infosys Limited, the second-largest Indian IT services company, and as the Non-Executive Chairman of ICICI Bank, India's largest private bank. 
• Kamath also served as ICICI Bank's managing director and CEO from 1 May 1996 until his retirement from executive responsibilities on 30 April 2009.
• Kamath took charge as the Chairman of Infosys from N R Narayana Murthy on 21 August 2011. Before serving in this position, he was the Non-Executive Chairman of the company from 2 May 2011.

K.V.Kamath