தொடர் மோதல் எதிரொலி : போலீஸ் சீர்திருத்த சட்டம் ; மத்திய, மாநிலஅரசுகளுக்கு சுப்ரீம் கோர்ட் நோட்டீஸ்

தினமலர் மார்ச் 11,2013,14:49 IST

புதுடில்லி: போலீஸ் சீர்திருத்தம் கோரி சுப்ரீம் கோர்ட்டில் தொடரப்பட்ட வழக்கில் மத்திய , மாநிலஅரசுகளுக்கு நோட்டீஸ் அனுப்பி 7 நாட்களுக்குள் பதில் அளிக்க உத்தரவிடப்பட்டுள்ளது.

 இதில் ஏற்கனவே போலீஸ் சீர்திருத்தம் தொடர்பாக சுப்ரீம் கோர்ட் பிறபித்த உத்தரவை அமல்படுத்தாதது ஏன் எனவும் விளக்கம் கேட்டுள்ளது. 

நாட்டில் பல்வேறு மாநிலங்களில் போலீசார் அத்துமீறி தாக்குதல் நடத்தி வருவதை பல்வேறு டி.வி. சானல்கள் செய்தியாக ஒளிபரப்பி வருகின்றன. ராஜஸ்தானில் போராட்டம் நடத்திய வக்கீல்கள் மீது போலீசார் தடியடி நடத்தினர். பீகாரில் கடந்த 5-ம் தேதி பல்வேறு கோரிக்கைகளை வலியுறுத்தி போராட்டம் நடத்திய ஆசிரியர்கள மீது போலீசார் தடியடி நடத்தினர். 

பஞ்சாப் மாநிலம் தாரன்தாரன் நகரில், போலீசாரிடம் பாலியல் புகார் கொடுக்க சென்ற பெண் ஒருவரை கடந்த 4-ம் தேதி போலீசார் சரமாரியாக தாக்கியும் பிடித்தும் தள்ளினர்.இது போன்ற விவகாரங்கள் பெரும் புயலை கிளப்பியுள்ளது. இது போன்ற சம்பவங்கள் டி.வி.யில் நேரடியாக ஒளிபரப்பாயின . 

இதையடுத்து சுப்ரீம் கோர் தானாக முன்வந்து வழக்காக எடுத்துக்கொண்டது. அதில் ராஜஸ்தான், பஞ்சாப், பீகார் ஆகிய மாநிலங்களில் நடந்த போலீசாரின் அராஜகங்கள் கவனத்தில் எடுத்துக்கொள்ளப்பட்டன. வழக்கினை விசாரித்த நீதிபதிகள் ஜி.எஸ். சிங்வி, தலைமையிலான நீதிபதிகள், போலீஸ் சீர்திருத்தம் தொடர்பாக சுப்ரீம் கோர்ட் உத்தரவை ஏன் மதிக்கவில்லை என, மத்திய அரசு, உள்துறை அமைச்சகம், மாநில அரசுகள், யூனியன் பிரதேசங்களின், தலைமை செயலர்கள், உள்துறை செயலர்கள், மாநில காவல்துறை டி.ஜி.பி.க்கள் ஆகியோருக்கு நோட்டீஸ் அனுப்பி 7 நாட்களுக்குள் பதில் மனு தாக்கல் செய்ய உத்தரவிட்டுள்ளனர்.

போலீஸ் சீர்திருத்த சட்டம் என்னாச்சு ? 

ஏற்கனவே நாட்டின் போலீஸ் சீர்திருத்தம் கோரி மாஜி டி.ஜி.பி. பிரகாஷ்சி்ங் சுப்ரீம் கோர்ட்டில் தொடரப்பட்டிருந்த வழக்கில் அனைத்து மாநிலங்களும் சுப்ரீம் கோர்ட் உத்தரவினை பின்பற்ற வேண்டும் என உத்தரவிட்டிருந்ததது குறிப்பிடத்தக்கது.

Pantaloons: reducing debt

Pantaloons’s operating measures for its core retail business improved in the December quarter, helped by the festival season. Photo: Ramesh Pathania/Mint

Pallavi Pengonda : live Mint :: Sun, Mar 10 2013. 03 36 PM IST

Pantaloons has taken steps to improve its financial health in the past few months by offloading stake in various entities

Pantaloon Retail (India) Ltd (PRIL) announced on Friday after market hours that it has entered into a share purchase agreement (SPA) with Industrial Investment Trust Ltd (IITL) to sell 22.5% stake in Future General India Life Insurance Co. Ltd (FGILICL). The consideration though wasn’t made public. However, according to news reports, the size of the deal is about Rs.300 crore.

It goes without saying that if the company uses the proceeds for debt repayment, it will be a positive given that its high debt has been a major concern for shareholders for a while now. As on 31 December, the company’s total consolidated debt— long-term borrowings plus short-term loans—stood at Rs.5430 crore. This is on a market capitalization of about Rs.4000 crore.

The company has taken steps to improve its financial health in the past few months by offloading stake in various entities and investors were expecting the current news as well, so the development is on expected lines. Interestingly, Future Group, including Pantaloons and Sprint Advisory Services Pvt. Ltd, shall still continue to hold 52% shares in FGILICL after completion of this transaction.

The debt situation is expected to improve. “The company has sold its flagship Pantaloons format and has also exited some of its non-core business. On the back of these moves, we expect PRIL to witness a significant reduction in debt levels to about Rs.3400 crore (FY14E),” ICICI Securities Ltd said in a 26 February note.

Meanwhile, Pantaloons’s operating measures for its core retail business improved in the December quarter, helped by the festival season. The company posted the strongest same-store-sales (SSS) growth in the last six quarters in its lifestyle and value retail segment. SSS growth measures growth based on stores open for at least a year.

Interest costs were flat year-on-year for the December quarter. But, and this is an important but, interest expenses still accounted for 55% of its last quarter’s Ebitda (Rs.285 crore). Ebitda refers to earnings before interest, tax, depreciation and amortization. After depreciation and interest costs, Pantaloons earned Rs.7 crore at the profit before-tax level, which is pathetic on a revenue of Rs.3171 crore.

At Rs.184, the stock trades at about 23 times its estimated earnings for the year to March 2014. So far, since the beginning of 2013, the stock has underperformed the benchmark Sensex. Triggers for the trend to change appear limited.

For one, the operating environment hasn’t seen a dramatic improvement as far as consumer sentiments are concerned. Investors would do well to track whether the improvement in SSS sustains after the festival season as well. Of course, an improvement in its debt position and the resultant savings in interest cost would be helpful. A tie-up with a foreign partner at comparatively higher valuations, if it happens, would be positive, say analysts.

Clear all dues before seeking licence renewal: DGCA to KFA

PressTrust of India  |  Mumbai  March 10, 2013 Last Updated at 16:44 IST

The airline management has repeatedly failed to act on its promise to clear the salary dues of its employees

Aviation regulator DGCA wants grounded Kingfisher Airlines to clear all dues, including pending salaries of employees, before taking up for consideration its application for renewal of flying licence.

"The airline (KFA) has been promising to pay salary dues to its employees since the last six months, but has not done so. Moreover, the renewal of Kingfisher Airlines' air operator permit (AOP) is not only linked to the unpaid staff wages, but also to the massive dues towards its vendors and lessors," DGCA sources said here.

"So we have to take into consideration all these dues before accepting the airline's application for licence renewal," they said, adding the airline needs to come up with a credible revival plan, which should include commitment to clear dues of all stakeholders.

The regulator's apprehension stems from the fact the airline management has repeatedly failed to act on its promise to clear the salary dues of its employees, who have not been paid since June last year, the sources said.

Last week, KFA Chief Executive Sanjay Aggarwal met the DGCA officials in a bid to get the AOP renewed.

The private airline, grounded since October last year, lost its flying permit in December though it has a two-year window to get it renewed.

The KFA-DGCA meeting came amidst report that the Civil Aviation Ministry was likely to auction the Vijay Mallya-led carrier's domestic slots and international flying rights to other Indian airlines.

Naresh Goyal-promoted Jet Airways' application seeking KFA slots is already pending with the Ministry.

Aggarwal reportedly told the watchdog that the airline was awaiting proceeds from the UB Group's deal with UK firm Diageo to clear salary dues. The Group has sold 53.4% stake in United Spirits to Diageo for about $2 billion.

He also requested the Government to keep aside some of the slots, including those at Mumbai and Delhi airports, of KFA so that they can be used once the airline resumes flights.

KFA, which started operations in 2005, is reeling under debts of about Rs 8,000 crore and a similar amount of accumulated loss. Last month, KFA lenders decided to start the process of recovering Rs 7,500 crore outstanding loans from the airline. 

E-Governance in Debts Recovery Tribunals

PIB :Ministry of Finance :Mar  8,18:48hrs

In order to enhance the efficiency of Debt Recovery Tribunals (DRTs) and Debt Recovery Appellate Tribunals (DRATs) and to provide a platform for seamless operations to Banks, Financial Institutions and general public to expedite recovery of public money, there is a proposal for introduction of e-governance in DRTs. The key objectives envisaged for the e-DRT engagement are as follows: i) To implement information technology to automate the processes/procedures in DRTs/DRATs. ii) To empower DRT officials by providing technology enablers to help them deliver best possible services efficiently and to provide hassle free administrative services. iii) To facilitate applicants and defendants to get hassle free administrative services. iv) To have access to timely and accurate reports v) To efficiently manage case records. vi) To enable banks and financial institutions to easily track their case related information. vii) To support Recovery Officers with state of the art tools and technology to speedily enforce the orders. No final decision has been taken relating to the agency for implementation of the project. This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

Beware loan defaulters! Banks to publish photos in newspapers

PTI: NEW DELHI, MAR 10 2013, 15:24 IST

Adopting a name and shame policy to make borrowers pay their dues, banks have decided to publish in newspapers photographs and details like names and addresses of wilful loan defaulters and market leader SBI has taken the lead in doing so.

Besides, banks would also publish photographs, names and addresses of guarantors of such defaulters in newspapers if the dues are not cleared within 15 days of the notice containing particulars of the original borrowers.

Some banks have also decided to prominently display the photographs and other details of the wilful loan defaulters at branches in the locality of such borrowers, a senior executive with a leading bank said.

Taking the lead, State Bank of India has begun publishing photographs and other particulars of such defaulters and has published one such public notice in newspapers for five defaulters in the national capital.

These persons had taken export credit loans of Rs three lakh each and their outstanding amounts were in the range of Rs 2.6 lakh to Rs 2.93 lakh.

Executives at many other banks said that they would also publish the photographs and other details of their wilful defaulters in local newspapers circulated in areas of

residence of such persons.

As per RBI's regulations, wilful defaulters are mostly those who are found to be engaged in deliberate non-payment of dues despite adequate cash flow and good networth.

Besides, banks can also classify defaulters as 'wilful' if the loans are utilised for purposes other than those previously stated, funds are siphoned off from the bank-financed activity, records are falsified, securities are disposed of without bank's knowledge and the borrower indulges in fraudulent transactions.

RBI has already put in place a system to disseminate credit information pertaining to wilful defaulters for cautioning banks and financial institutions, so that any further bank finance is not made available to such borrowers.

Now, banks have decided to make public the photographs and other details of wilful loan defaulters through newspaper notices, so that such borrowers clear their dues. Besides, banks also expect such notices to act as a deterrent for others against any loan defaults.

In one such notice, SBI said that names and photographs of the guarantors of those defaulters would be published in newspapers if these borrowers do not clear their dues within 15 days of the publication of notice.

The bank also warned other defaulters that "their photograph may be the next to be published after completion of necessary formalities, if the dues are not cleared immediately".

RBI has also asked Credit Information Bureau India Ltd (CIBIL) to publish a list of wilful defaulters involving defaults of Rs 25 lakh and above.

As per CIBIL database, there were a total of 123 suit- filed accounts of wilful defaulters, involving loan value of Rs 2,993.22 crore, as on December 31, 2012.

Out of these, Tamil Nadu accounted for the maximum 25 such accounts, followed by 23 in Maharashtra, 16 in Kerala, 14 in Uttar Pradesh and 11 in Gujarat.

In terms of loan value, UP was on the top (Rs 990 crore), followed by Madhya Pradesh, Maharashtra, Tamil Nadu and Haryana.

CIBIL has also listed 516 cases of suit-filed accounts of Rs one crore and above as on December 31, 2012 and these cases together accounted for total loan value of about Rs 5,563 crore.

BCI's Notification in regard to abstain from the work on Monday i.e. 11.03.2013

Australian court refuses Perdaman’s request to sue ICICI Bank

In January, Perdaman Chemicals said it filed a lawsuit against ICICI Bank seeking damages worth 3.2 billion Australian dollar, claiming that the Indian bank restrained Griffin Coal from supplying coal to its upcoming urea plant in Western Australia. Photo: Ramesh Pathania/Mint

Live Mint : PTI : FRi :8th Mar 2013

Court says ICICI Bank cannot be dragged into the legal dispute as it had had no obligations to Perdaman

The Federal Court of Australia in its ruling has saidICICI Bank Ltd that financed Lanco Group for acquisition of Griffin Coal cannot be dragged into the legal dispute that Perdaman Chemicals and Fertilisers has with the Indian infrastructure company over coal supply issue.

Federal Court Justice Neil McKerracher, on 6 March, refused Perdaman’s request to formally serve the bank with the lawsuit in Singapore.

“The Bank had no obligations to Perdaman nor was it negotiating with or bargaining with Perdaman. The bank was entitled to and, on one view, obliged to obtain the best possible security it could to protect the interests of the financiers,” Justice Mckerracher observed in the judgement.

In January, Australia-based Perdaman Chemicals said it filed a lawsuit against ICICI Bank Ltd seeking damages worth 3.2 billion Australian dollar (around Rs.18,010 crore today), claiming that the Indian bank restrained Griffin Coal from supplying coal to its upcoming urea plant in Western Australia.

Griffin Coal was acquired by Lanco for 730 million Australian dollars in March, 2011 and a syndicate of lenders led by ICICI Bank financed the acquisition.

Perdaman claimed that it spent nearly 195 million Australian dollars on the project and the termination of coal supply agreement prevented it from getting financing for the construction of the urea fertilizer plant at an estimated value of 3.39 billion Australian dollars.

“The bank was the financier for Lanco in its acquisition of Griffin. It was entitled to protect its own interests and to impose and to adhere to whatever security requirements it could achieve in its dealings with Lanco.”

An email sent to Perdaman seeking its reaction to the judgement yielded no reply till filing this report.

Perdaman last year had filed 3.5 billion Australian dollars separate lawsuit against Lanco in Australia, alleging non-compliance with fuel supply pact by Griffin Coal for its upcoming urea plant in Western Australia.

Terming Perdaman’s move to drag ICICI Bank into the dispute as “desperate attempt in frustration”, Lanco earlier has said.

ICICI has no contractual relationship with Perdaman.