National Assembly passes pro-democracy resolution

ISLAMABAD: Lawmakers have approved pro-democracy resolution in the National Assembly on Monday.

The said resolution was tabled by ANP leader Asfandyar.

Speaking on the occasion, Prime Minister Yusuf Raza Gilani congratulated the Parliamentarians on passage of the resolution while Pakistan Muslim League-N and PPP (Sherpao) MNA s staged a walk.

He said he would appear before the Supreme Court and the Chief Justice of Pakistan.

The Prime Minister said: "After becoming the Prime Minister my first words were: Release the judges".

He said the government wanted no confrontation with any institution including the judiciary and that no one should degrade the mandate of the elected government.

"We need no certificate to prove our patriotism," he said, citing sacrifices rendered by the leaders of Pakistan People s Party for the cause of democracy in the country.

He said he did not need to take vote of confidence.

During the proceedings of the lower house, amendments proposed by Pakistan Muslim League-N were approved and incorporated into the resolution which was later read out by the Federal Minister Naveed Qamar.

One of the amendments said the final authority to rule lies with Allah Almighty.

Speaking on the floor of the house, Opposition leader Chaudhry Nisar Ali Khan said although his party had decided not to support any resolution, it changed its stance for the sake of national interest and put forth the amendments after engaging in talks with the government.

He said the country s democracy was not facing any danger. However, he added that no hope could be pinned to People s Party for betterment in (country s) situation.

All set for today’s chaotic session of the National Assembly as much uproar and hubbub is expected between the opposition and coalition parties during debate on said pro-government resolution.

Both the opposition and treasury parties are likely to respond in same coins to each other during discussion on said resolution.

On the other side, opposition claimed that the government failed in getting desired results out of tabling resolution in favour of government.

A spokesperson of Pakistan Muslim League-Nawaz (PML-N), the second biggest political party in the lower house of the Parliament, while talking to Online observed that Pakistan Peoples Party (PPP)-led coalition government wished to get a resolution passed in favour of the President and Prime Minister rather than in favour of the democratic system.

“However, allied partners Awami National Party (ANP), Muttahida Qaumi Movement (MQM) and others compelled PPP on acceptance of some amendments in the draft of the resolution,” said PML-N leader Siddiqul Faroq terming the current draft of resolution as sheer failure of the ruling PPP in fulfilling of its designs.

Responding to a query on strategy of his party for today’s session in the National Assembly during debate on resolution, he said that his party had proposed some amendments in the resolution and if they would be accepted, PML-N would extend support, otherwise would oppose the resolution in the House. PML-N, Saturday, proposed three amendments to the resolution moved by the PPP-led coalition government in the National Assembly on Friday.

Through the amendments signed by all 90 members of the PML-N, the party sought to remove the call for all state institutions to “strictly function” within the constitutional limits and, instead, suggested to make it binding on the government “to immediately implement in letter and spirit all previous resolutions of parliament and all the decisions of the superior judiciary”.

On the same subject, Arif Alvi, Secretary General, Pakistan Tehreek-e-Insaf (PTI), said that coalition government moved resolution to avoid implications of option six given by the Supreme Court of Pakistan in its verdict on case related to implementation another judgment on NRO.

He added that coalition government had done nothing good in public welfare so that it could justify its demand for a parliamentary resolution in its favour. He remarked that government gave a significant boost to corruption from day one and now was willing to get a resolution from parliament to rectify its corruption.

At the same time, Syed Munawar Hassan, Jamaat-e-Islami Amir, while addressing a public gathering, alleged the government for defaming judiciary and weakening constitutional institutions through its steps for independence of the parliament.

“The PPP moved resolutions and bills in the parliament just to put its corruption and scams out of focus of the people” he added, saying that national institutions were weakened in the so-called democratic regime of the incumbent government.

On the other side, coalition partners, ANP, MQM and others have already announced to extend full support for the government to get the resolution passed from the House.

Two spinners likely for Pakistan; Strauss stays mum

DUBAI: Rival captains Misbah-ul Haq and Andrew Strauss believe batsmen will be under pressure to perform as Pakistan take on England in the first Test, which starts here on Tuesday.

The pitch for the opening encounter of the three-Test series at Dubai stadium is likely to assist spin bowlers and although Pakistan were certain to play Saeed Ajmal and Abdul Rehman, Strauss gave little hints at England’s combination.

“It will depend on the state of the wicket, you always pick your team which you think gives you the right balance to win a Test and if the wicket turns a lot then obviously two spinners become an option,” he said.

England, who rose to the top of the world Test rankings in August last year, last played two spinners in a Test in March 2010 when off-spinner James Tredwell partnered Graeme Swann.

But they will be hard pressed to include Monty Panesar, considering his eight-wicket haul in their second tour game win and the history of the pitch which helps spinners.

Pakistan won one of the two Tests played here so far, against Sri Lanka in October last year on the back of 13 wickets by the trio of Ajmal, Rehman and opener Mohammad Hafeez, who gives them an extra option in spin.

Spinners also took 11 of the 25 wickets that fell in the drawn Test between Pakistan and South Africa in 2010.

For England, losing Tim Bresnan – who gives them a batting option – as soon as the tour started, will push them to either play with five batsmen and include a third seamer, but Strauss remained philosophical.

“I will say we are trying to put the right team to win a game of cricket. That’s always our philosophy,” said Strauss, who showed confidence paceman Stuart Broad will recover from a minor foot injury.

“Because the wickets here are reasonably flat it’s a great challenge for our bowlers who have done well, so its a logical next step to say ‘right come on lets prove ourselves’ and certainly you have to play well against them,” said Strauss.

Strauss said Panesar bowled well and it was nice to see him back in the picture after playing the last of his 39 Tests at Cardiff in the 2009 Ashes.

“Monty bowled exceptionally well (in the side game) and it’s fantastic to see him back, but as I said you pick the side which fits the conditions and allow you to win and that’s all we will do tomorrow.

“The first Test always sets the tone for the rest of the series so the initial skirmishes are always important, Pakistan have played lot more cricket out here but the things are quite even in this respect as we have a good build up.”

Misbah agreed batsmen will face a real test in Dubai.

“In Dubai whichever team bats good, gets an edge and its not only the game of spinners, I think fast bowlers also play a very important role, if you look at the last series (against Sri Lanka), the team which batted well won,” he said.

“The wicket looks much better than the last Test we played here, we have a balanced attack and the conditions here favour us, but at the same time it is important to play good cricket against England.

“They are the top side in the world so we just can’t rely on the fact that we know the conditions well. We still have to play good cricket to beat them.”

The second Test will be played in Abu Dhabi (January 25-29) while the third will be played in Dubai from February 3-7. The Tests will be followed by four one-day and three Twenty20 internationals.

Bomb diffused; suspect arrested in Khanpur

LAHORE: A bomb was diffused on Monday near Imam Bargah Hussainia in Khanpur, a suspect was also beaten up by people and then arrested by the Rangers, FTNews reported.

Khanpur was still plunging with chaos and fear on the second day of the attack on Chehlum procession which killed 21 on Sunday.

A bomb was found and diffused by the local authorities near the same Imam Bragah from which the procession for Chehlum Imam Hussain came out.

A suspect was also arrested by the Rangers who was firstly being caught and beaten up by the locals.

Two remote-controls were recovered from the suspect who was taken away to an undisclosed location by the Rangers.

Funeral prayer of the victims was to be offered near the Imam Bargah today.

Families of the victims were still protesting against the authorities outside local police station of the town.

Govt put state at risk to protect President Zardari: Imran

KARACHI: Pakistan Tehrik-i-Insaf (PTI) chief Imran Khan on Monday said that government representatives had no understanding of the country’s constitution, FTNews reported.

Speaking to media representatives in Sukkur, Khan said “the country’s politicians do not understand that the constitution is above the parliament”.

Khan further said that the government had put the state at risk in order to protect President Asif Ali Zardari.

“The government is using all means to conceal its corruption,” he said, adding that the government “should have resigned” after the Supreme Court (SC) declared the National Reconciliation Ordinance (NRO) illegal.

Khan said the nation was not ready to accept martial law and that the people were standing by the Supreme Court.

Regarding the Pakistan Muslim League – Nawaz (PML-N), Khan said the party was afraid to go to the public but said that “if the PML-N is serious, its members should resign from their seats in the national and provincial assemblies”.

With regard to a possible alliance with the All Pakistan Muslim League (APML), Khan said the PTI could not establish an alliance with Pervez Musharraf.

Senior politicians advise Gilani to avoid collision

ISLAMABAD: Senior politicians belonging to different political parties on Monday advised Prime Minister Yousuf Raza Gilani to avoid colliding with other state’s institutions, FTNews reported.

Pakistan Peoples Party-Sherpao chief Aftab Sherpao, former chief of Jamaat-i-Islami (JI) Qazi Hussain Ahmed and Pakhtunkhwa Milli Awami Party (PMAP) chief Mehmood Khan Achakzai called upon the premier at the Prime Minister House.

Overall political situation of the country including the contempt of court notice against the premier came under discussion at the meetings.

They adviced the premier to comply with apex court’s directives and to appear before it on January 19 for the hearing of NRO implementation case.

Sherpao said that he was against all unconstitutional steps. However the prime minister should try to comply with the apex court’s directives, he added.

Coalition partners advise Gilani to appear before SC

ISLAMABAD: Prime Minister Yousuf Raza Gilani on Monday was advised by his government’s coalition partners to appear before the apex court for NRO implementation case, FTNews reported.

According to sources, the meeting discussed the contempt of court notice issued by the Supreme Court against the prime minister.

President Asif Ali Zardari also attended the meeting.

The coalition partners also advised the premier to avoid policies of confrontation and play his role to eradicate tension between the institutions.

Earlier, a seven-member bench of the apex court directed the prime minister to appear before it on Jan 19. The notice was issued with regards to the National Reconciliation Ordinance (NRO) implementation case.

On the other hand, the president has called a core committee meeting of his Pakistan Peoples Party (PPP) at the presidency later today.

The prime minister along with other senior party leaders will attend the meeting.

The meeting is expected to discuss the contempt notice and over all political situation of the country.

NRO verdict: SC issues contempt of court notice to Gilani

ISLAMABAD: The Supreme Court of Pakistan issued a contempt of court notice to Prime Minister Yousaf Raza Gilani on Monday and directed him to appear personally before the bench on January 19, FTNews reported.

During the proceedings, National Accountability Bureau (NAB) Chairman Fasih Bokhari tendered an unconditional apology to the court, on which the court said that a written apology should be submitted.

Speaking to the media after the hearing, Federal Law Minister Maula Bux Chandio said that he will inform the government about the court’s verdict and admitted that the contempt notice is not something to be taken lightly.

Earlier, the apex court resumed the proceedings of the National Reconciliation Ordianance (NRO) implementation case and ordered Attorney General Maulvi Anwarul Haq to seek replies from the government.

Justice Asif Saeed Khosa observed that the court’s orders were not being taken “seriously”.

AG informed the court that he had forwarded the court’s orders but a reply has not yet been received. Justice Nasirul Mulk replied that the court had ordered the AG to bring a reply, not just forward the orders.

Earlier, a seven-member bench hearing the case had deferred the proceedings till 11 am due to the absence of the AG.

Additional Prosecutor General KK Agha had informed the seven-member bench that the AG might have gone to the commission hearing the Memogate case.

Justice Nasirul Mulk observed that the bench knew about AG Haq’s application for adjustment of the case, but he should have been present to inform the court about how long he wanted the hearing to be adjourned.

After consultation, the bench put off the matter for the attorney general.

Earlier, Haq had filed an application for the adjustment of the NRO case before the chief justice, but he was asked to raise the same question either before the bench hearing the case or the commission probing into Memogate scandal.

Proceedings of NRO and Memogate cases are being carried forward simultaneously and the AG has to be present in both the hearings.

The AG had approached the chief justice to adjust the date of hearings. He informed the chief justice that he would have a “hard time” attending the memo commission proceedings and the NRO case at the same time.

The seven-member bench of the Supreme Court comprised Justice Mulk, Justice Khosa, Justice Sarmad Jalal Osmany, Justice Ejaz Afzal Khan, Justice Ijaz Ahmed Chaudhry, Justice Gulzar Ahmed and Justice Muhammad Ather Saeed.

The apex court is expected to deliver its final verdict today (Monday).

The hype reached a fever pitch on January 10 when a bench chaired by Justice Asif Saeed Khosa gave six options against the government for non-compliance in the NRO implementation case, including disqualification for Prime Minister Yousaf Raza Gilani and President Asif Ali Zardari.

The bench had earlier formulated six options for itself to exercise in case the executive failed to implement the court order.

Option 1: Disqualification

Reading out the nine-page order inside the courtroom, Justice Asif Saeed Khosa imputed dishonesty to the prime minister for failing to keep his oath on protection of the Constitution. Elaborating upon the prime minister’s role, the bench said Article 190 made it obligatory upon him to comply with the Supreme Court’s verdict in letter and spirit.

The bench said it has the option of recording adverse findings against the prime minister, which could permanently block him from getting elected as a member of Parliament. The president and the law minister also seem to have breached their oaths too and could very well share the fate of the prime minister, the court stated.

Option 2: Contempt proceedings

The bench said the prime minister and the law minister could face contempt proceedings for “persistently, obstinately and contumaciously resisting” to implement the judgment. A possible conviction may entail a disqualification from being elected as a member of parliament for five years, the bench warned.

Option 3: Commission implements NRO

Highlighting its powers under Article 187, coupled with the Supreme Court Rules, 1980, the bench stated that it may appoint a commission to execute the relevant parts of the NRO judgment.

Option 4: Claim immunity

Referring to protection to the president, the prime minister and the federal minister under Article 248 of the Constitution, the bench said anyone claiming immunity should raise it before the court. “…If anybody … wishes to be heard on that question then an opportunity may be afforded to him in that respect before exercise of any of these options,” the bench held.

Option 5: Action against NAB chief

The bench observed that the NAB Chairman Fasih Bokhari defied court directions on taking action against those responsible for appointing Ahmed Riaz Sheikh as additional director FIA, and Adnan A Khwaja as managing director OGDCL. While appointing them, the authorities had ignored the fact that their convictions stood restored after the court ruled against the NRO.

Besides, the chairman did not take any action against former attorney general Malik Muhammad Qayyum, who had misused his authority in writing a letter to the Swiss authorities for withdrawal of cases against the president. The bench said chairman’s inaction fell in the ambit of misconduct and attracted the provisions of NAB ordinance on removal from office.

Option 6: Leave it to the people

In sharp contrast to its other options, the bench said it could leave the matter up to the judgment of the people or their representatives in parliament to deal with the delinquents.

Shahzain announces bounty for Musharraf

PIR JO GOTH: Shahzain Bugti, a grandson of slain Bugti chieftain Nawab Akbar Bugti, on Sunday announced head money for former military ruler Pervez Musharraf.

Akbar Bugti, along with his comrades, was killed in a military operation in Kohlu district of Balochistan in 2006. The operation was ordered by the then army chief and president Pervez Musharraf.

“We will give Rs1 million in cash and a bungalow worth Rs100 million to anybody who kills Musharraf. And we’ll also provide him full security,” Shahzain Bugti said while speaking to the media after condoling the death of Pir Pagara with his bereaved family on Sunday. Shahzain Bugti, who is also a leader of his grandfather’s Jamhoori Watan Party, demanded that Musharraf should be hanged.

“The gallows are ready for Musharraf. There will be serious consequences, if the government does not arrest him upon his arrival,” he warned.

He alleged that Musharraf was responsible for the killing of hundreds of people. “He not only killed my grandfather but also hundreds of innocent people during the Lal Mosque operation in Islamabad. Ulema have also declared him wajibul qatal (liable to be killed),” Shahzain claimed.

He said the people of Balochistan have already rejected the Aghaz-e-Haqooq-e-Balochistan package. “We don’t need charity. We will snatch back our rights from the rulers,” he added.

'Ijaz may appear before commission on or after Jan 25'

ISLAMABAD: Pakistani American businessman Mansoor Ijaz, at the heart of the Memogate scandal, asked the court to give him time till January 25 to come to Pakistan, reported FTNews on Monday.

Ijaz’s lawyer Akram Sheikh read out his written statement during the proceedings of the Memogate scandal in the Islamabad High Court. A three-member bench, headed by Balochistan High Court (BHC) Chief Justice Qazi Faez Isa, heard the case.

Sheikh said that Ijaz was ready to come to Pakistan but he and his family have been receiving threats since the last proceeding of the case. Shaikh also told the court that Ijaz has applied for a visa at the Pakistani embassy in Switzerland and his appointment at the embassy is due at 3pm (PST) today.

Justice Isa responded by saying that the commission has limited time to conclude the case and it would be better if Ijaz comes to Pakistan as soon as possible.

Speaking to the media outside the court, Sheikh said that the government should stop harassing Ijaz and Pakistan Peoples Party (PPP) leaders should stop thinking about filing a case against him.

He said Ijaz had not come to Pakistan because the government was in his way. Sheikh alleged that the government did not want Ijaz to come to Pakistan to reveal everything.

A perturbed Sheikh also informed media persons that the court had been informed when Ijaz would be arriving but a schedule would not be revealed to the media.

According to recent reports, legal experts in the country expressed that Ijaz can be charged with ‘high-treason’ on his return to Pakistan, despite his American nationality.

Some reports had also suggested that Ijaz might appear before the court today (Monday) and arrangements were also finalised for his chartered flight.

Former Ambassador to US Husain Haqqani’s lawyer Zahid Bukhari, while talking to the media, said that he had always predicted Ijaz will not come to Pakistan. He added that Ijaz is making baseless excuses of worsening political situation and clash of institutions in the country for not coming, but the commission can’t wait for the situation to improve for Ijaz to arrive.

He added that, as per the commission’s orders, Haqqani’s BlackBerry was searched for, but the phone was not found. “No one remembers their pin numbers. We have provided the commission with everything we have,” he added.

Bukhari also said that he advised the commission to not let Ijaz come to Pakistan as he had defied the orders twice by not coming to the country on the suggested dates. “I am not sure if the commission will take up my request.”

Car bomb blast kills at least eight in Iraq’s Mosul

MOSUL: A car bomb exploded inside a residential complex housing displaced Shia Muslims in the Iraqi city of Mosul on Monday, killing at least eight people and wounding four, hospital and police sources said.

The bombing was the latest in a series of attacks on Shia pilgrims and other targets since a political crisis erupted a month ago in Iraq’s fragile power-sharing government, split among Shia, Sunni Muslim and Kurdish blocs.

“The hospital received eight bodies including four women, three children and a man and another four wounded,” said Laith Habbaba, manager of the Hamdaniya Hospital in Mosul.

Police confirmed the number of casualties.

On Saturday, a suicide bomber disguised as a policeman killed at least 53 people and wounded scores in an attack on Shia pilgrims at a checkpoint in the southern city of Basra.

Political tensions in Iraq have been high since December when Shia Prime Minister Nuri al-Maliki’s government ordered the arrest of a Sunni vice president, touching off a crisis that has many fearing a relapse into sectarian conflict.

Mosul, 390 kilometres north of Baghdad, was once an al Qaeda stronghold, and witnessed some of the fiercest fighting during the war that followed the 2003 US-led invasion.

India, China resume border talks in Delhi

NEW DELHI: Indian and Chinese officials on Monday began fresh talks on sensitive border issues after discussions last year were cancelled over a speech in India by Tibetan spiritual leader the Dalai Lama.

Shiv Shankar Menon, India’s national security adviser, and Chinese State Councillor Dai Bingguo led the two delegations at the meeting in New Delhi, the Indian foreign ministry said in a statement.

The 15th round of the cross-border talks will last two days, and cover the range of long-standing territorial disputes and other issues, officials said.

“While working hard to develop itself, China is fully committed to developing long-term friendship and cooperation with India,” Dai wrote in The Hindu newspaper on Monday.

“There does not exist such a thing as China’s attempt to ‘attack India’ or ‘suppress India’s development’,” he said.

The 2,000-kilometre border between India and China has been the subject of talks since the 1980s after the two nations fought a brief but brutal war in 1962.

Talks were cancelled in November after reports that Beijing objected to a scheduled speech in New Delhi by the Dalai Lama, who China’s Communist government labels a separatist.

The Dalai Lama fled to India in 1959 after a failed uprising against Chinese rule. He later founded the government in exile in the northern Indian town Dharamshala after being offered refuge.

Chinese infrastructure build-up along the border has become a major source of concern for India, which increasingly sees China as a longer-term threat to its security than traditional rival Pakistan.

Petition calls for SC to declare President Zardari, PM Gilani ineligible

ISLAMABAD: A petition requested the Supreme Court to declare President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani ineligible for their posts, FTNews reported.

The petition was filed in the apex court on Monday by senior lawyer Wahab Al Khairi.

The petition requested the court to direct the president to “bring Pakistan’s national wealth back from foreign banks”.

The petitioner claimed that “President Zardari and his associates had looted the country”.

Advocate Khairi moreover stated that the president was maintaining assets abroad and had accumulated money in foreign bank accounts.

The petitioner criticised the decision of the ruling government of not writing to Swiss authorities.

“If the president claims that he has immunity regarding the Swiss cases, then he is wrong,” Advocate Khairi said in his petition.

He also accused the prime minister of being a ‘yes-man’ to the president.

The petition stated that defamation of the Chief of Army Staff (COAS) was akin to defamation of the entire Pakistani nation and that conditions were being created to damage Pakistan’s Inter-Services Intelligence (ISI).

Barcelona battle to cut Real lead to five points

MADRID: Barcelona squandered a two-goal lead before seeing off 10-man Real Betis 4-2 to cut Real Madrid’s lead at the top of La Liga back to five points on Sunday.

Two goals from Lionel Messi and a goal apiece from Xavi and Alexis Sanchez fired them to the victory after Ruben Castro and Roque Santa Cruz had levelled.

Betis had Mario Vazquez sent off with the score at 2-2 with 20 minutes remaining and Barca never looked back.

Now the focus is turned to the Spanish Cup on Wednesday when the two giants face each other in the first leg of a quarter-final tie.

Real Madrid had came from behind on Saturday to win 2-1 at Mallorca with late goals from Gonzalo Higuain and Jose Callejon.

“The cup is a different competition so we have to change our mentality. What we do know is we will go all out to get through the tie,” said Xavi.

“We have no doubts about our play, although we know we can play better or worse than tonight. Our philosophy is always the same, we go out to attack. We were eight points behind Madrid and Betis made it difficult for us because they wanted the ball.”

Barca coach Pep Guardiola added of Wednesday’s game: “It’s always good to go into a game on the back of a win, but we know who we are up against and we’ll try to play the best game we can.”

Betis started the better team in the Camp Nou and tested Victor Valdes twice in the opening minutes.

This only served to wake up the home team when Xavi, playing his 400th league game for the club, gave them the lead on 10 minutes, following up after a Cesc Fabregas shot had hit the post.

Two minutes later and Barca were two goals ahead when Messi steered the ball home after good work on the left from Sanchez.

However Betis continued to attack Barcelona with crisp passing and good movement off the ball.

Their reward arrived on 32 minutes when Castro was at hand to finish a pass from Salva Sevilla at close range after good work from Jorge Molina had drawn Valdes out of position.

It was the first league goal conceded by Barcelona at home all season.

Buoyed by this success, it was no surprise when Santa Cruz got the equaliser on 52 minutes.

With fluid passing in tight angles Betis were playing the champions at their own game and looked as likely a winner as the Catalans.

However, when Barca gained a numerical advantage on 71 minutes it was all the encouragement they needed to surge forward in search of the win.

Alexis got the third five minutes later with a low shot from the edge of the area after a pass from Xavi.

Messi finished off Betis from the penalty spot with four minutes remaining after Jose Dorado had handled in the area.

Athletic Bilbao beat Levante 3-0 to move within four points of their fourth-placed opponents and edge closer to a Champions League berth.

The result lifted them above Sevilla and Espanyol into fifth position.

First-half goals from Fernando Amorebieta and Fernando Llorente, his seventh of the season, and a last minute header by Mikel San Jose were enough for Bilbao to see off Levante’s challenge in a game that Bilbao dominated from start to finish.

Athletic have now only lost one game in the last eleven in all competitions since the beginning of December and can look forward to an exciting 2012 with all to play for in La Liga, the Europa League and Spanish Cup.

Malaga missed the opportunity to go fifth when they lost 2-1 away at Sporting Gijon.

The winner in the last minute by Diego Trejo gave the home team a much needed three points but they remain in the relegation zone in 18th position, one point behind Granada and Mallorca.

Atletico Madrid fans welcomed back former star Diego Simeone as their new coach with a resounding 3-0 win over Villarreal.

On Simeone’s first home game back at the club everything went right for a committed Atletico side that took the lead on 39 minutes through Colombian striker Radamel Falcao who made no mistake when put through by strike partner Adrian Lopez.

Falcao added to the scoreline on 50 minutes from the penalty spot after he had been felled by Villarreal defender Gonzalo Rodriguez.

Brazilian midfielder Diego Ribas finished the scoring with a crisp right-footed shot after a perfect pass from his compatriot Filipe Luis.

Racing Santander earned their first away win of the season with a 2-0 victory at Osasuna.

Move to set up deposit protection fund

A draft deposit protection fund bill, prepared by the State Bank of Pakistan, provides compensation for loss to depositors in case an insured commercial bank fails to meet its obligations.

However, missing in the broad parameters of the DPF is the definition of ‘protected deposit’ which needs to be included to make it more effective.

Perhaps, the authorities were not pushed so far for establishing a separate deposit protection institution due to Sec 58(2) of the Banking Companies Ordinance 1962 which accorded priority payment to every depositor of the banking company a sum of one hundred thousand rupees or the balance at his credit, whichever is less. There was added comfort from Sec 5 (4) of the Banks (Nationalisation) Act, 1974 which guarantees safety of bank deposits by the federal government. The DPF Act willsubstitute the protection now available.

The DPF is to compensate the depositors for losses incurred by them to the extent of protected deposits in the event of failure of a ‘member’ —a banking company or a financial institution— which may be notified and required to pay premium to it under the provisions of this Act. All scheduled banks, unless, exempted by the DPF board, shall compulsorily be DPF members and liable to pay the prescribed premium.

Regardless of the number and size of various deposits, the DPF shall provide protection up to an amount determined by it from time to time. The protected amount shall be inclusive of any interest accrued or return due as on the notification date by the SBP to the effect that normal operations of a member has been closed or suspended as a result of its insolvency or any judicial or regulatory action.

The DPF has no role in the issue of such notification or monitoring and supervision of the scheduled banks, for which the SBP is solely responsible. As and when the SBP declares a protected institution as a failed institution, DPF will come into play.

It is feared that if there is delay in issue of notification or proper regulation and supervision of such a protected bank,, the depositors may blame the central bank for loss of their deposits in excess of the protected deposits. The respective roles of DPF and the SBP may be further reviewed to avoid such complications in future.

The DPF shall pay the liabilities of the failed institution to its depositors up to the amount protected and the DPF shall owe no interest on these amounts. The maximum amount of deposit protected under Section 58(2/3) of the Banking companies Ordinance, 1962 is Rs100,000. The DPF may consider revising this amount upwards after thorough analysis of existing deposits of which at least 90 per cent should be fully protected.

The Act mentions a number of exceptions to the protected deposits by persons such as: (a) persons who have been granted preferential interest or return by the bank in deviation from the announced terms and conditions; (b) members of the board of directors and senior management of a bank including chief executive officer and key executives; (c) partners of auditing firms responsible to certify the bank’s financial statements; (d) persons having acquired rights to a deposit after the SBP notification regarding closure or suspension of bank’s operations; (e) spouse, dependent lineal ascendants and descendants and dependent brothers and sisters of persons specified in items (b), (c) and (d) above; (f) any bank whose deposits are in its name and on its account; and (g) government or government institutions. Also, protected deposits shall not cover deposits arising out of or related to transactions or actions constituting money laundering.

The exceptions particularly those specified in items (b), (c), (d) and (e) in the preceding paragraph may be not be easy to be administered by DPF/SBP. The board, chief executive and key executives of the bank as well as the partners of the auditing firms may not like exemptions of their respective deposits from the protected deposits. In case such persons open their personal accounts with other protected banks, this may give a wrong impression about their own bank.

The draft Act provides that the general superintendence, direction and management of the affairs and business of DPF and overall policy making in respect of its operations shall vest in the board which shall consist of the following five members: (a) a SBP deputy governor nominated by the SBP; (b) Three members appointed by the SBP central board, and (c) managing director. DPF will be a fully owned corporation of the SBP.

The scheduled banks are sitting smug due to existing deposit protection in the Banking Companies Ordinance, 1962 and there is no demand to enforce deposit insurance. They presently are not paying any premium or fee for protection. Enforcement of the DPF Act will oblige them to pay the premium and to comply with other requirements. There is potential for dispute on matters such as the determination of deposit amount and the premium due on such deposits from the protected bank. There should be a provision and forum for the resolution of such disputes.

Presently, the SBP is working with the government for major revision in applicable laws, namely the draft Banking Act and the draft Banking Companies Act. For financial stability purposes it is considered appropriate that application of DPF may wait for enactment of the relevant laws and prudential regulations which may be revised due to banking debt trouble in many countries.

Freida Pinto back in March for Bollywood

MUMBAI: Post-Slumdog Millionaire’s (2008) success, she has travelled across the world for personal and professional reasons. But Mumbai girl Freida Pinto finds her hometown very inspiring and simply electrifying. The actor was in the city till about two weeks ago, following which she has returned to Los Angeles.

The actor, who plans to visit Mumbai in March next, feels the city charges her for new projects.

“Every time I get a break from filming, I visit Mumbai. Of course, my family is settled here. But I strongly feel that the city charges you up for the next thing. For me, it’s of course my new projects,” she says.

The Immortals (2011) actor contends, “There’s something about the city that’s simply electrifying. It’s very inspiring in a way. Plus, on an everyday basis, you get to meet people from different strata of society. And the kind of mixture (of people) you get in Mumbai is very difficult to find elsewhere in the world. It’s amazing to come back, get that vibe and go back charged.”

Freida’s sister Sharon has a place in Malad. “But I am not going to reveal where I stay when I am in the city,” laughs the actor. Right now, though, she is putting her feet up and relaxing.

“Yes, I am slightly more free (compared to boyfriend Dev Patel) and I am enjoying it. Due to my work in the past, I had been travelling a lot. So, I haven’t had a stable place. Now, I finally get to relax while he goes to work everyday,” she laughs.

Ask her how she and Dev stay in touch and she says with a smile “We always find middle ground. Of course, phone is great, but finding something in between is important for whoever is in a relationship, if they really want to make it work.”

On the work front, Freida is excited about Michael Winterbottom’s Trishna. But question her as to why she hasn’t shown interest in Bollywood and she says, “People have still not understood that Trishna is an Indian film. And before any film becomes a Bollywood movie, it’s an Indian film. So, Trishna is, 100 per cent, an Indian film.”

Interestingly, Freida has given an open offer to Anurag Kashyap, co-producer of Trishna.

“I keep telling Anurag, ‘listen, you know, I am ready (to work with you). Whenever you think you have a role for me, I am geared up. I really like his sensibilities when it comes to filmmaking. Similarly, Vishal Bhardwaj and Dibakar Banerjee too have great sensibilities as filmmakers,” says the actor, who will next be seen in the Antonio Banderas-Mark Strong starrer, Black Gold.