ASI stopping Muslims from offering namaz in Taj Mahal, unjustified: Clerics

New Delhi, Jan 24: The Election Commission of India on Friday told the Supreme Court that its 2018 direction asking poll candidates to declare their criminal antecedents in electronic and print media has not helped curb criminalisation of politics. The poll panel suggested that instead of asking candidates to declare criminal antecedents in the media, political parties should be asked not to give tickets to candidates with criminal background.

A bench of Justices R F Nariman and S Ravindra Bhat asked the ECI to come up with a framework within one week which can help curb criminalisation of politics in nation's interest.

The top court asked the petitioner BJP leader and advocate Ashiwini Upadhyay and the poll panel to sit together and come up with suggestions which would help him in curbing criminalisation of politics.

In September 2018, a five-judge Constitution bench had unanimously held that all candidates will have to declare their criminal antecedents to the Election Commission before contesting polls and had called for a wider publicity, through print and electronic media about antecedents of candidates.

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

The Retailers Association of India (RAI) has said that ad hoc lockdowns by state governments are impacting the businesses of already-stressed retailers, along with hurting the economic revival of the country.

In a statement, the body of the organised retail industry said that the long road to recovery for the Indian retail industry continues to meet stumbling blocks with numerous restrictions being imposed at the state and local levels.

"Total lockdowns in some places and limited operational hours and days in several others are creating setbacks for retailers as the already stressed retail businesses are getting further interrupted and in turn, dampening consumer sentiment," it said.

According to RAI, although the intentions are that of citizen safety and social distancing, the recent instances of local lockdowns and ad hoc restrictions being imposed in Uttar Pradesh, Maharashtra, Andhra Pradesh and Karnataka are having a distressing impact on retail businesses.

Retailers are already facing huge setbacks in terms of payment of wages and rentals due to very low sales of about 40 per cent as compared to last year, thanks to the extended lockdown, it said.

Contesting the restrictions on operating hours, Sandeep Kataria, CEO, Bata India said: "Restricted shopping time can lead to unnecessary overcrowding of stores, which is unfavourable towards the personal safety of both store staff and customers. Longer operational hours will support recovery for retailers as well as help adhering to social distancing norms."

Arvind Mediratta, MD and CEO, METRO Cash & Carry India said that these lockdowns will create severe inconvenience for all citizens as they also bar operations of food and grocery retail and wholesale stores.

Such hastily-implemented decisions by states undermine investor confidence and would come in the way of making the country "aatmanirbhar" or self-reliant, he said.

Voicing the concerns of retailers, the RAI has submitted representations to various state and local authorities that puts forth recommendations to get businesses and life of consumers on the track to recovery.

It has said that authorities should mandatorily allow essential shops including kiranas, general trade shops, supermarkets, hypermarkets and wholesalers to operate every day of the week until 9 p.m. to cater to the daily needs of the customers.

It has also sought ensuring uniform and regular opening of all categories of retail for full working hours while following stringent hygiene practices and adhering to social distancing norms. This will help avoid overcrowding outside stores as demand will get distributed over all days of the week, it said.

The industry body has also asked the local authorities to open malls in all states. Malls can ensure a safe shopping experience wherein safety measures are taken by both, the mall authorities and the retailers, it said.

Kumar Rajagopalan, CEO, RAI, said: "The need of the hour is concerted efforts by all stakeholders. While retailers are doing their bit by following stringent hygiene practices, the policymakers too need to support to ensure economic revival across the country. Consumption is important for the country and supports the business environment."