JNU row: Lawyers thrash students, teachers and journalists outside Patiala House Courts; BCI to conduct inquiry headed by former HC Judge

Source: Livelaw.in The JNU row took an ugly turn on Monday, when at least ten journalists and several students were assaulted by lawyers and a Delhi BJP MLA inside and outside the Patiala House Courts, where the sedition case against JNU Student Union President Kanhaiya Kumar was to be heard. The Police personnel present at the scene allegedly remained mute spectators. Bar Council of India has taken a serious note of the incident and has decided to conduct an inquiry headed by a former High Court Judge. A mob of around 50 lawyers began the scuffle with shouting anti-JNU slogans and demanding that the University faculty present inside the Court leave. “You (JNU) produce anti-nationals and terrorists. You should get out of the country. Long live India, shut down JNU,”

Read More JNU row: Lawyers thrash students, teachers and journalists outside Patiala House Courts; BCI to conduct inquiry headed by former HC Judge

Patiala House Court Violence: SC agrees to hear #JNU Alumnus’s Plea Tomorrow

  The Supreme Court of India Today agreed to hear a Petition filed by a Social Worker and Alumnus of Jawaharlal Nehru University (JNU) seeking immediate intervention of the Court in the Patiala House Court incident where several journalists and students were assaulted by lawyers and BJP workers yesterday. The matter was mentioned by Advocate Indira Jaising before the Chief Justice’s Court and the Court agreed to hear the petition tomorrow. According to the Petitioner Mr. N.D.Jayaprakash the immediate cause for the filing of the petition is the physical violence and intimidation faced by the Petitioner and a large number of students, teachers and journalists while attending the judicial proceedings before the Court of Sh. Loveleen, Metropolitan Magistrate court complex in the presence of Delhi Police. It is alleged that during the aforesaid proceedings,

Read More Patiala House Court Violence: SC agrees to hear #JNU Alumnus’s Plea Tomorrow

SC makes RBI a party in the Public Sector bad debts case

Today a PIL (CPIL vs HUDCO) filed by the Centre for public interest litigation through its counsel, Prashant Bhushan regarding bad loans by HUDCO [writ petition [c] No.573 of 2003] to ineligible borrowers was heard by the Chief Justice of India T S Thakur, and Justices R Banumati and UU Lalit at Court 1 as item No.10. The court, in this case, had in 2005 ordered an inquiry by the Central Vigilance Commissioner (CVC). The CVC had filed a detailed report in 2006. The CVC in its findings held that the loans were given to the borrowers who had already been declared willful defaulters or having very bad track record. Loans were given against all norms and guidelines and therefore, the CVC recommended departmental proceedings and CBI investigation. However, finally

Read More SC makes RBI a party in the Public Sector bad debts case

Budget 2016: Eliminate dividend tax on REITs, experts say

Over a year ago, market regulator SEBI cleared the way for Real Estate Investment Trust (REIT) listings in India to help developers take advantage of the massive rental income potential in the country — up to Rs 52,000 crore according to some estimates. This would also reduce the risks involved in real estate investments. But developers say they want more clarity on policy parameters like taxation before jumping on board. “The government has done a lot to push for REITs but the taxation issues still persist. We are hoping that this budget addresses those issues and then we will definitely see multiple REIT listings come out,” says Ajit Kumar Chordia, President CREDAI, Chennai. The key tax at play here is dividend Distribution Tax (DDT), since REITs essentially allow investors to

Read More Budget 2016: Eliminate dividend tax on REITs, experts say

PNB declares UB Holdings as wilful defaulter, stock tanks 10%

Source: Moneycontrol.com Shares of United Breweries Holdings   tanked 10 percent intraday on Tuesday. Punjab National Bank   has declared the Vijay Mallya-controlled company as a ‘wilful defaulter’. In December quarter, PNB’s gross non-performing assets (NPA) was at 8.47 percent while net NPA was at 5.86 percent. Its provisions surged by a whopping 100 percent at Rs 3775 crore against Rs 1882 crore in Q2. In a statement to BSE, UB Holdings said that it is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard. UB Holdings is corporate guarantor to now non-functional Kingfisher Airlines which has huge debt in its head. Lenders have a total exposure of Rs 7000 crore to KFA. Altogether 17 lenders have

Read More PNB declares UB Holdings as wilful defaulter, stock tanks 10%

Budget 2016: Government mulls hiking FDI cap in public sector banks to 49% 

The government is considering to increase the foreign investment limit in public sector banks to 49 per cent from 20 per cent with a view to attract overseas inflows. The Finance Ministry is looking into the proposal, sources said adding it may be announced in the forthcoming Budget 2016-17. If the government accepts this proposal, it would lead to amendments in various Acts dealing with public sector banks to enable raising foreign investment limit. Currently, 20 per cent foreign investment is permitted in the PSBs under government approval route. Last year, the government had relaxed the foreign investment norms in private sector banks. It had introduced full fungibility of foreign investment and accordingly FIIs, FPIs, QFIs were permitted to invest up to sectoral limit of 74 per cent, provided there

Read More Budget 2016: Government mulls hiking FDI cap in public sector banks to 49% 

Supreme Court asks RBI to submit names of loan defaulters

Source: Business Standard The Supreme Court has asked the Reserve Bank of India (RBI) to provide the names of corporate loan defaulters with outstanding debt of at least 5 billion rupees ($73.11 million), as well as details of restructured assets. The RBI would need to provide the information within two months, though it could keep details under “sealed cover”, a directive from the Supreme Court said. The directive comes in the wake of a public interest litigation suit seeking to look into loans made by Housing & Urban Development Co Ltd to some companies. “We direct the RBI to file a detailed affidavit mentioning about the list of the companies which are defaulters of loans,” Chief Justice T. S. Thakur said as he read out the Supreme Court’s interim order. The RBI had previously resisted prior court orders to

Read More Supreme Court asks RBI to submit names of loan defaulters

RBI to visit banks incognito to check customer dealings

Source: Business Standard The Reserve Bank today said it will soon undertake “incognito visits” to bank branches to check culture towards customer complaints in banks. It will also undertake a review of how banks have implemented Charter of Customer Rights, the central bank said in a statement. “Customers must have the right to access banking services and to the grievance redressal machinery – to banks’ internal mechanism for grievance redressal as well as the Banking Ombudsman Scheme of the Reserve Bank – so that they are not ‘excluded’ from the banking fold,” the release quoting Governor Raghuram Rajan said. Rajan had inaugurated the Annual Conference of Banking Ombudsmen 2016 held in Thiruvananthapuram on February 15-16, 2016. He said websites, mobile phones, missed calls, physical places, and collection points could be some ways to aggregate

Read More RBI to visit banks incognito to check customer dealings

RBI, SEBs to file AIR on remittances, power consumption

The revenue department today asked the RBI to file annual information return (AIR) on certain foreign remittances and state electricity boards on power used by certain kind of steel makers. Expert said the directive is aimed at using the AIR route to detect cases of Service Tax and Excise evasion. Over the past few years, the government has been collecting information from third party sources to detect cases of incorrect declarations and tax evasion. The Central Board of Excise and Customs in the Finance Ministry has issued a notification in this regard. “The medium of AIR has been extensively used in case of income tax and in recent times has been extended to indirect taxes as well. In continuation of the same the government today announced two new categories of regulators who would be required to submit an AIR from the

Read More RBI, SEBs to file AIR on remittances, power consumption

Sebi closes case against 16 companies

Source: Business Standard Capital markets regulator Sebi today disposed of proceeding against 16 companies related to alleged non-compliance with online investor complaint redressal system SCORES. It was alleged that the firms did not obtain SCORES authentication within the mandated timeframe. The companies are Rajinder Steels, Rajinder Pipes, Premier Vinyl Flooring, Nova Udyog, Kartar Glass Works, Hindustan Tools & Forgings, Elite Appliance, Electra (India) Limited, Ganges Fertilizers & Chemicals, Ganga Asbestose Cement, JVG Finance, Northland Sugar Complex, Onida Finance Nova Dhatu Udyog, Sakura Seimitsu India and Reinz Talbros. Sebi found that the companies are under liquidation. In similarly-worded separate orders, Sebi’s Adjudicating Officer Vijayant Kumar Verma said, “I am of the opinion that the present adjudication proceedings fall under the scope of ‘other legal proceedings’ used in Section 446 of Companies Act, 1956.” Section 446 of the Companies Act states:

Read More Sebi closes case against 16 companies