17 former death row Indians get six months for illegal alcohol sale



SHARJAH // Seventeen Indians who escaped the death penalty last year after being convicted of murder were sentenced yesterday to six months in jail for illegally selling alcohol.

The Sharjah Court of Appeal found the men guilty of bootlegging, but because they have already spent three years behind bars they will not have to serve any time on that charge.

The verdict brought a conclusion to the criminal case against the men but they are still behind bars because of a pending civil case against them.

The 17 were convicted of killing a Pakistani man in a bootlegging brawl in Sharjah in 2009. They were spared the death sentence after Dh3.4 million in blood money was paid to the victim's family last year.

In September last year, the Sharjah Court of Appeal ordered the men to be deported and commuted their sentences to two years.

But prosecutors appealed against the verdict at the Federal Supreme Court, urging it to take into account injuries sustained by three other men in the brawl, and further charges of possessing and selling alcohol.

The court ordered the appeal court to review only the bootlegging charges. The men were not in court for yesterday morning's proceedings.

Two of the three men who claimed they were injured in the 2009 brawl have filed a Dh1.5 million compensation suit at the Sharjah Court of First Instance. The civil case has been adjourned to February 15.

Yesterday, anxious family members and the men's lawyers were hoping the 17 could return to India  soon.

"The prosecution put the travel ban at the behest of the other lawyer," said Bindu Suresh Chettur, of the Mohammed Salman Advocates and Legal Consultants, a firm appointed by the Indian government to defend the convicted men.

"It is for the prosecution to decide whether to revoke this ban. We are hopeful that the accused can go back soon to their country."

Arjinder Singh, brother of Arvinder Singh, one of the jailed men, said: "I am confident they will return soon now. This case has been going on for a while now and there has been a lot of uncertainty.

"Last time we were very disappointed that they were not released."

Another relative said she was cautiously happy about the verdict.

Ranjit Kaur, the wife of Dharampal Singh, another of the convicted men, said: "I am happy but also sceptical about when they will return. It's happened before."

pkannan@thenational.ae

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Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

Biography

Favourite book: Zen and the Art of Motorcycle Maintenance

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Proudest achievement: Receiving a presidential award for foreign services.

Family: Wife and three children.

Like motto: You always get what you ask for, the universe listens.

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The users of Reddit

Robinhood

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Flights

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The stay

Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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