SC commences hearing on pleas challenging Centre’s move to scrap Article 370

Agencies
August 16, 2019

New Delhi, Aug 16: The Supreme Court on Friday commenced hearing petitions posing legal challenges to the Centre’s decision to scrap provisions of Article 370 which abrogated special status to Jammu and Kashmir and subsequent measures putting restrictions on the working of media in the region.

A special bench, comprising Chief Justice Ranjan Gogoi and Justices S A Bobde and S A Nazeer, is hearing the petitions filed by advocate M L Sharma and Executive Editor, Kashmir Times, Anuradha Bhasin. While the advocate has challenged the scrapping of provisions of Article 370 which has resulted in the creation of two Union Territories -- Jammu and Kashmir and Ladakh, the journalist has sought directions for restoring of all modes of communication, including mobile Internet and landline services, throughout the state to provide an enabling environment for the media to practise its profession.

Sharma had filed the petition on August 6, a day after the Centre had abrogated the Jammu and Kashmir’s special status.

The advocate in his plea has claimed that the Presidential order on Article 370 was illegal since it was passed without the consent of the Jammu and Kashmir Assembly.

In a separate petition filed on August 10, Bhasin said she is seeking a direction for the Centre and the Jammu and Kashmir administration to immediately relax all restrictions on freedom of movement of journalists and media personnel in Kashmir and some districts of Jammu.

The direction was sought to enable media personnel to practise their profession and exercise their right to report in furtherance of their rights under Articles 14, 19 (1) (a) and 19 (1) (g) and 21 of the Constitution as well as the right to know of the residents of the Kashmir Valley, the petition said.

In the petition, the editor said that since August 4, all connectivity was shutdown leaving Kashmir and some districts in Jammu completely isolated and cut-off from all possible modes of communication and information.

Earlier on Tuesday, the apex court had refused to interfere with the restrictions, including the communication clampdown in Jammu and Kashmir, saying that reasonable time should be given for bringing normalcy in the sensitive situation and posted the matter for hearing after two weeks.

The National Conference, the main political party of Jammu and Kashmir, has also filed a petition posing legal challenges in the apex court to the changes made in the constitutional status of J&K, contending that these have taken away rights of its citizens without their mandate.

Arguing that the legislation approved by Parliament and the orders issued by the President subsequently were “unconstitutional”, the petition prayed for these to be declared as “void and inoperative”.

The petition has been filed by Mohammad AKbar Lone and Justice (rtd) Hasnain Masoodi, both Lok Sabha members belonging to the NC.

Lone is a former speaker of the Jammu and Kashmir Assembly and Masoodi a retired judge of the Jammu and Kashmir High Court, who ruled in 2015 that Article 370 was a permanent feature of the Constitution.

Some other individuals have also filed a petition in the Supreme Court but they are not listed for hearing on Friday.

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News Network
January 1,2020

New Delhi, Jan 1: Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed banks that lent money to embattled liquor tycoon Vijay Mallya to utilize seized assets, news agency reported today quoting sources from the Enforcement Directorate (ED). The court also said all parties affected by the order can appeal at the Bombay High Court till January 18.

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.

He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.

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News Network
January 9,2020

New Delhi, Jan 9: JNU students who tried to march towards the Rashtrapati Bhavan on Thursday protesting the violence on the university campus were stopped by police and later detained.

The police also resorted to baton charge to control the mob who tried to block the traffic at Janpath. Using loudspeakers, the police also appealed to the crowd to maintain peace.

Before the students tried to proceed towards the Rashtrapati Bhavan, a delegation of JNU Students' Union and JNU Teachers' Association also met Human Resource Development (HRD) Ministry officials and demanded the removal of Vice-Chancellor M Jagadesh Kumar from his post.

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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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