Beginning of new politics and a victory of India: Kejriwal on Delhi poll results

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Jan 1: The ban on the practice of instant triple talaq, making it a penal offence and the increase in the strength of Supreme Court judges were two of the major achievements of the law ministry in 2019.

In July, Parliament gave its nod to The Muslim Women (Protection of Rights on Marriage) Bill, 2019. The new law makes talaq-e-biddat or any other similar form of talaq having the effect of instantaneous and irrevocable divorce pronounced by a Muslim husband void and illegal.

It makes it illegal to pronounce talaq three times in spoken, written or through SMS or WhatsApp or any other electronic chat in one sitting.

According to the new law, any Muslim who pronounces the illegal form of talaq upon his wife shall be punished with imprisonment for a term which may extend to three years, and shall also be liable to fine.

During the year, four new judges were appointed to the Supreme Court in September, taking its strength to 34, the highest-ever.

However, vacancies in high courts and lower courts are on the rise and convincing state governments and the 25 high courts to come on board to create an all-India judicial service to recruit judges for the subordinate courts tops the agenda of the Law Ministry in 2020.

Besides creating a consensus on setting up the All-India Judicial Services, the ministry will also have to focus on filling up vacancies in the high court. On an average, the vacancies stood at 400 throughout this year.

With more than 5,000 positions of judicial officers in district and subordinate courts lying vacant, the Law Ministry has pitched for setting up all-India judicial services.

The sanctioned strength of the judicial officers in district and subordinate courts was 22,644. The number of judicial officers in position and vacant posts is 17,509 and 5,135, respectively.

The government has proposed that while states and high courts can recruit judicial officers, the Union Public Service Commission (UPSC) can hold pan-India entrance tests.

The ministry has made it clear that such services would not encroach on the powers of the states.

As of now, the selection and appointment of judges in subordinate courts is the responsibility of the high courts and state governments concerned.

The Narendra Modi government has given a fresh push to the long-pending proposal to set up the new service to have a separate cadre for the lower judiciary in the country.

But there is a divergence of opinion among state governments and respective high courts on the constitution of the All India Judicial Service (AIJS).

One of the problems cited is that since several states have used powers under Code of Criminal Procedure (CrPC) and Code of Civil Procedure (CPC) to declare that the local language would be used in lower courts even for writing orders, a person say selected from Tamil Nadu may find it difficult to hold proceedings in states like Uttar Pradesh and Bihar.

The other point of opposition is that an all India service may hamper the career progression of state judicial services officers.

Another key issue the ministry has to handle in 2020 is vacancies in the 25 high courts.

Throughout 2019, on an average, the high courts faced a shortage of 400 judges.

According to Law Ministry data, as on September 1, the high courts had 414 vacant positions as compared to the sanctioned strength of 1,079 judges. The figure was 409 in August and 403 in July, as per the data.

A three-member Supreme Court collegium recommends the names of candidates for appointment as high court judges. In case of appointments to the Supreme Court, the collegium consists of five top judges of the top court.

High court collegiums shortlist candidates for their respective high courts and send the names to the law ministry.

The ministry, along with background check reports by the Intelligence Bureau, forwards it to the Supreme Court collegium for a final call.

The government has maintained that appointment of judges in the high courts is a "continuous collaborative process" between the Executive and the Judiciary, as it requires consultation and approval from various Constitutional authorities.

Vacancies keep arising on account of retirement, resignation or elevation of judges and increase in judges' strength. In June last year, the vacancy position stood at 399, while it was 396 in May.

In April, 399 posts of judges were vacant, while the figure was 394 in March. The vacancy position in February stood at 400 and in January, it was 392, according to the data collated by the Department of Justice.

Over 43 lakh cases are pending in the 25 high courts.

Another priority would be the finalisation of the memorandum of the procedure to guide the appointment and transfer of the Supreme Court and high court judges. The issue had now been pending for over two years now with the SC collegium and the government failing to reach a consensus.

Successive governments have also been working on making India a hub of international arbitration. It has taken several steps to change laws dealing with commercial disputes.

New Delhi, Jun 1: India's COVID-19 tally on Monday witnessed its highest-ever spike of 8,392 cases, while 230 more deaths related to the infection were also reported in the last 24 hours, according to the Union Ministry of Health and Family Welfare (MoHFW).

The total number of coronavirus cases in the country now stands at 1,90,535 including 93,322 active cases, 91,819 cured/discharged/migrated and 5,394 deaths.

COVID-19 cases in Maharashtra continue to soar with the number reaching 67,655. Tamil Nadu's coronavirus count stands at 22,333 while cases in Delhi the number has reached 19,844