SC refuses to relax ban on crackers in NCR, rejects traders' plea

Agencies
October 13, 2017

New Delhi, Oct 13: The Supreme Court today refused to relax the ban on the sale of firecrackers in Delhi and the national capital region till October 31.

The apex court dismissed the plea of firecracker traders who had sought relaxation in the October 9 ban order and sought permission to sell crackers for at least a day or two before Diwali on October 19.

The top court also expressed pain over certain people trying to give its order a political colour, after advocate Prashant Bhushan, appearing for one of the parties, referred to certain statements made by some political leaders.

A bench of Justices A K Sikri and Ashok Bhushan said that relaxing the ban order "would be against the very spirit" of the verdict passed by the top court.

The bench also said that people would burst firecrackers which they have purchased before the October 9 order.

"We are not going to relax the order as far as sale of firecrackers is concerned," the bench said and directed the Delhi Police to implement the order.

"Sale of firecrackers which has already taken place before the ban order. People will burst it and that will be sufficient. Anyhow, it is not going to be a cracker-free Diwali," the court said.

At the outset, senior advocate Mukul Rohatgi, appearing for the firecracker traders, suggested to the bench that the sale of crackers should be allowed at least a day or two before Diwali.

He also suggested that the court could restrict the time for bursting firecrackers or its sale.

The traders had on October 11 said their licences were revived in pursuance of the court's order passed on September 12 and they had procured firecrackers for sale during Diwali.

They had told the top court that a huge amount of money has been invested by them after their licences were revived and the latest order would cause massive loss to them.

The apex court, while banning the sale of firecrackers till October 31, had said its September 12 order temporarily lifting the stay and permitting sale of firecrackers, would be made effective only from November one.

It had said its November 11, 2016 order suspending the licences "should be given one chance to test itself" to see if there is a positive effect of this, particularly during Diwali.

Comments

jay
 - 
Tuesday, 17 Oct 2017

The destruction of the environment is not only limited to Deepavali. Think about many other celebrations. During Dussehra and Ganesh Puja, loudspeakers blare from morning to night. Large-scale disturbance and noise take place. Can’t we reduce this? The number of idols we immerse in water – don’t they cause pollution in the water bodies? We followed untouchability and Sati for years, but eventually banned them. Any rituals or traditions hurting any individual’s or group’s sentiments or affecting the environment should be stopped or limited. We must think of innovative ideas which will reduce the use of crackers.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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Agencies
March 12,2020

Mumbai, Mar 12: In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex crashed over 2900 points to end below the 33,000-mark.

The Sensex crashed 2,919.26 points to end at 32,778.14. So far it has touched an intra-day low of 32,530.05 points.

The Nifty50 on the National Stock Exchange also lost nearly 850 points so far. It plunged 868.25 points to 9,590.15.

The plunge was in line with the global markets as all Asian indices also traded in the red after the World Health Organization (WHO) declared coronavirus a global pandemic following which the Dow Jones Industrial Average also slumped significantly on Wednesday.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel.

The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.

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Agencies
March 15,2020

Ahmedabad, Mar 15: Four Congress MLAs in Gujarat have tendered their resignation to Assembly Speaker Rajendra Trivedi ahead of the election to the four Rajya Sabha seats in the state to be held on March 26.

The four Congress legislators tendered their resignation on Saturday, which Trivedi has accepted.

Trivedi told this to PTI on Sunday.

He said he will announce the names of the legislators in the Legislative Assembly on Monday.

"Four Congress MLAs tendered their resignation to me on Saturday, and I will announce their names in the Assembly tomorrow," he said.

With this, the strength of the Congress party in the 182-member Gujarat Assembly has come down to 69 from 73.

The Congress had on Saturday shifted its 14 MLAs to Jaipur fearing horse-trading by the ruling BJP ahead of the Rajya Sabha polls.

The BJP has fielded Abhay Bhardwaj, Ramila Bara and Narhari Amin for the election.

Given its number in the Assembly, the ruling party can only win two seats unless it manages cross-voting from the opposition camp or ensures defection of Congress MLAs to win the third seat.

The Congress has fielded senior leaders Shaktisinh Gohil and Bharatsinh Solanki.

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