Delhi Chief Minister Kejriwal resigns to protest the blocking of an anti-corruption Bill, less than 50 days after taking office in the Indian capital.

Delhi Chief Minister Kejriwal resigns

POSTED: 14 Feb 2014 23:19
Delhi Chief Minister Arvind Kejriwal announced his resignation on Friday to protest the blocking of an anti-corruption Bill, less than 50 days after taking office in the Indian capital.

NEW DELHI – Delhi Chief Minister Arvind Kejriwal announced his resignation on Friday to protest the blocking of an anti-corruption Bill, less than 50 days after taking power in the Indian capital.

“My Cabinet has decided that we are quitting. Here is my resignation letter,” Kejriwal told supporters of his fledgling Aam Aadmi (“Common Man”) Party in the capital, brandishing a white sheet of paper.

“Straight after this, I am going to the Lieutenant Governor’s office to hand in my resignation,” he added, as his followers cheered.

Kejriwal, who had been the head of a minority administration since taking power on December 28, said he would ask Lieutenant Governor Najeeb Jung to immediately dissolve the Delhi assembly and organise fresh elections.

Kejriwal’s announcement came shortly after local legislators effectively shot down his efforts to bring in anti-corruption legislation — the key plank of his manifesto in December’s state elections.

Kejriwal’s party won 28 seats in Delhi’s 70-member assembly and came to power with the help of the Congress party, which governs at national level.

But Congress decided not to back Kejriwal in Friday’s vote, claiming the measure was unconstitutional.

While his elevation to one of the most important political posts in India was initially widely welcomed as a much-needed shock to the system, the former tax inspector has since come in for criticism over a series of stand-offs with the authorities.

The self-styled “anarchist” staged a sit-in on the pavement close to the national parliament last month, triggering chaos in the city centre, as part of a push to be given greater powers of control over the police.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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