சென்னை ஐகோர்ட்டின் புதிய நீதிபதியாக வி.எம்.வேலுமணி பதவி ஏற்பு

Madras highcourt advocates association

சென்னை, டிச.21-2013

சென்னை ஐகோர்ட்டின்

புதிய நீதிபதியாக வி.எம்.வேலுமணி பதவி ஏற்பு

சென்னை ஐகோர்ட்டின் பெண் நீதிபதி வி.எம்.வேலுமணி நேற்று பதவி ஏற்றுக்கொண்டார். இதையடுத்து சென்னை ஐகோர்ட்டு நீதிபதிகளின் எண்ணிக்கை 47 ஆக உயர்ந்துள்ளது.
பதவி பிரமாணம்
சென்னை ஐகோர்ட்டின் கூடுதல் நீதிபதியாக வி.எம்.வேலுமணியை நியமித்து, ஜனாதிபதி பிரணாப் முகர்ஜி கடந்த சில நாட்களுக்கு முன்பு அறிவிக்கை வெளியிட்டார். இதையடுத்து, சென்னை ஐகோர்ட்டு நீதிபதியாக வி.எம்.வேலுமணி நேற்று காலை பதவி ஏற்றுக்கொண்டார். அவருக்கு தலைமை நீதிபதி ராஜேஷ் குமார் அக்ரவால் பதவி பிரமாணம் செய்து வைத்தார்.
இதையடுத்து, புதிய நீதிபதியை வரவேற்று அட்வகேட் ஜெனரல் ஏ.எல்.சோமயாஜி பேசியதாவது:-
கடின உழைப்பு
நீதிபதியாக பதவி ஏற்றுள்ள வேலுமணியை, அவர் வக்கீலான நாள் முதல் கவனித்து வருகிறேன். அவர், கடின உழைப்பு, தொழிலுக்கு செய்த அர்ப்பணிப்பு ஆகியவற்றினால் இந்த உயர்ந்த நிலைக்கு வந்துள்ளார். எந்நேரமும் சிரித்த முகத்துடன், அனைவருடனும் நட்புடன் பழகும் சுபாவம் உடையவர். இவர், திண்டுக்கல் மாவட்டத்தில் இருந்து வந்துள்ள முதல் பெண் நீதிபதியாவார்.
இவ்வாறு அவர் பேசினார்.
இவரை தொடர்ந்து, தமிழ்நாடு மற்றும் புதுச்சேரி பார் கவுன்சில் தலைவர் டி.செல்வம், சென்னை ஐகோர்ட்டு வக்கீல் சங்கத்தலைவர் ஆர்.சி.பால்கனகராஜ், மெட்ராஸ் பார் அசோசியேஷன் தலைவர் முத்துகுமாரசாமி, பெண் வக்கீல்கள் சங்கத்தலைவர் பிரசன்னா ஆகியோர் வரவேற்று பேசினார்கள்.
நன்றியுரை
இதையடுத்து அனைவருக்கும் நன்றி தெரிவித்து நீதிபதி வி.எம்.வேலுமணி பேசியதாவது:-
என் மீது நம்பிக்கை கொண்டு எனக்கு இந்த பதவி கிடைக்க பரிந்துரை செய்த சுப்ரீம் கோர்ட்டு நீதிபதி பி.சதாசிவம், ஐகோர்ட்டு தலைமை நீதிபதி ராஜேஷ் குமார் அக்ரவால் உள்ளிட்ட அனைத்து நீதிபதிகளுக்கு நன்றி தெரிவித்துக்கொள்கிறேன்.
என்னுடைய மூத்த வக்கீல்கள் ஏ.எல்.சோமயாஜி, சுந்தர், வெங்கட்ராமன், தம்புசாமி, முன்னாள் அட்வகேட் ஜெனரல் நவநீதகிருஷ்ணன் ஆகியோருக்கும் கல்வித்தான் முக்கியம் என்று எனக்கு சட்டக்கல்வியை தந்த என் தந்தை வீரப்பகவுண்டருக்கும், சட்டக்கல்வி படிக்கும் ஆர்வத்தை வழங்கிய என்னுடைய உறவினர் மூத்த வக்கீல் என்.நடராஜன் ஆகியோருக்கும் இந்த தருணத்தில் நன்றி தெரிவித்துக்கொள்கிறேன்.
நீதிபதி பதவியை நேர்மையாகவும், எந்த அச்சமும் இல்லாமலும் பணி செய்வேன் என்பதை உறுதி அளிக்கிறேன்.
இவ்வாறு அவர்பேசினார்.
7-வது பெண் நீதிபதி
இந்த நிகழ்ச்சியில், ஐகோர்ட்டு நீதிபதிகள் உட்பட ஏராளமான வக்கீல்கள் மற்றும் புதிய நீதிபதி வேலுமணியின் குடும்பத்தினர் ஆகியோர் கலந்துக் கொண்டனர். நீதிபதியாக வேலுமணி பதவி ஏற்றதை தொடர்ந்து, சென்னை ஐகோர்ட்டின் நீதிபதிகளின் எண்ணிக்கை 47 ஆக உயர்ந்துள்ளது. பெண் நீதிபதிகளின் எண்ணிக்கை 7 ஆக உயர்ந்துள்ளது.

Court says UBHL's sale of shares to Diageo is void

Antonita Madonna  |  Bangalore  

December 21, 2013 Last Updated at 00:57 IST

Mallya, Diageo to move Supreme Court

The Karnataka High Court on Friday ruled as void a part of the sale of share of United Spirits Ltd (USL), by United Breweries Holdings Ltd, to Diageo.

On Friday, the court overturned an order, passed in March by a single-judge Bench in the company court, allowing Vijay Mallya’s UB Holdings to sell a significant part of its stake in USL to Diageo . As part of the agreement between UB Group and Diageo, signed in early November 2012, United Breweries Holdings Limited (UBHL) sold 6.9 per cent of its 14.16 per cent holdings (as of May 2013) in USL for Rs 1,460 crore.

The order said the company court, which had allowed UBHL to sell its stake in USL to Diageo in March, did not have the jurisdiction to do so while the company was still facing winding-up petitions. Unsecured creditors had filed winding-up petitions after failing to get back Rs 600 crore from UBHL. It had given corporate guarantees to the creditors of Kingfisher Airlines, now grounded and unable to repay debts.

Friday’s ruling, which negates the sale of about 10 million shares the global spirits behemoth acquired from Mallya-led UB Holdings in July, has prompted a strong response from UB Group and Diageo, which now holds a 26.4-per cent controlling stake in India’s largest spirits company.  

Mallya, chairman, UB Group, said, “We will take all necessary steps to protect Diageo’s interests, as well as our own.” The company would appeal in the Supreme Court, when it reopens in January.

Diageo said: “We are also disappointed, as a bona fide purchaser for value of the USL shares, that we have been brought into the private dispute between Kingfisher Airlines and its creditors. We are disappointed to hear that the court has overruled the previous high court order granting leave to UBHL under sections 536 and 537 of the Companies Act. We confirm that we intend to appeal the matter further.”

The order marked the first time an Indian court has maintained the provision of Section 536 in the Companies Act, 1956, even before the admission of a winding-up petition.

In the case of a winding-up by or subject to the supervision of the court, it said, any disposition of the property of the company and any transfer of shares in the company or alteration in the status of its members made after the commencement of the winding-up would be void. The “commencement of the winding-up” refers to the date on which the petition was filed, and in this case, BNP Paribas had filed the petition before the deal was announced.  

Five winding-up petitions have been filed against UB Holdings by BNP Paribas, Avions de Transport Régional, International Aero Engines, Rolls Royce & Partners and RRPF Engine Leasing for dues of about Rs 600 crore from UB Holdings. Two petitions have already been admitted against UB Holdings. A consortium of banks led by State Bank of India are invoking corporate guarantees furnished by UB Holdings for loans of about Rs 6,000 crore to UB Group’s Kingfisher Airlines Ltd.

As part of the move to secure the court’s nod to go ahead with the transaction with Diageo, UB Holdings had in March placed Rs 250 crore as security with the court. The court said a decision on the disbursement of the amount, including a fixed deposit of about Rs 380 crore placed with a bank in Karnataka, would be taken after the winding-up petitions were decided.

Shares of UB Holdings closed at Rs 24.70 apiece, down 0.6 per cent on the BSE.

THE DEAL THAT SOURED

* Nov 9, 2012 - UBHL and USL announce an agreement to sell 27.4% stake in USL to Diageo Plc at Rs 1,440 a share. Diageo aims for 53.4% in USL; to buy remaining from the open market

* Mar 24, 2013 - Company court allows UBHL to sell its shares in USL. The permission was granted in lieu of a deposit of Rs 250 crore made with the court to take care of the winding-up petitions

* Apr 10 - Open offer triggered for additional 26% as Diageo aims for 53.4% of USL

* Apr 26 - Open offer closes with less than 1% being tendered in

* Jul 4 - Diageo announces completion of stake purchase from UBHL, USL with 25.02 % as two banks refuse to part with 2.38% encumbered shares

* Nov 26 - Diageo picks up additional 1.4% at Rs 2,440 a share from the market, taking total stake to 26.4%

RBI’s new NPA norms: the spirit is willing, but flesh is weak

The intent of RBI’s discussion paper is admirable, but the norms,
 if notified, will take some implementing and a long time to yield results.
 Photo: Bloomberg
Mint : Ravikrishnan :21 Dec 2013

The RBI’s discussion paper on bad loans is unlikely to 

change market perceptions towards state-owned banks 

While the intent of the Reserve Bank of India’s (RBI’s) discussion paper for early recognition and tackling of bad loans is admirable, the norms, if notified, will take some implementing and a long time to yield results. It also does not quite tackle the factors that are leading to deteriorating asset quality in the first place. It isn’t, therefore, likely to change market perceptions towards state-owned banks.

The thrust of the discussion paper is basically to recognize non-performing assets (NPAs) as soon as possible and for lenders to come together and collectively plan a resolution within a time frame. The RBI also proposes to make it easy for banks to sell distressed assets by letting them spread losses over two years and allowing leveraged buyouts. But that is easier said than done.

Specifying a timeframe can also put additional pressure on banks while negotiating with borrowers. Recovery of loans is a long drawn out process in India, with the courts getting involved. Asset reconstruction companies, which were supposed to shorten this process and focus on recovery, have also not been very successful.

Perhaps the RBI’s intention is not to just allow restructuring of loans, but the restructuring of companies since it is advocating leveraged buyouts (LBOs). However, even that is not easy for listed companies because of a whole lot of norms put in place by the capital markets regulator. A buyout will not only mean buying the promoter stake, but also that of the public, in which case de-listing norms will kick in bringing a new set of headaches, said a corporate law expert.

In that scenario, the proposal that promoters necessarily inject some equity or transfer some portion of their equity to the lenders makes more sense. Even better is the suggestion that promoters transfer their holdings to a security trustee till a turnaround of the company—something which will enable a quick change in management control, if the lenders want. But sadly, as Fitch Ratings points out, “This will not be possible unless banks proactively come forth in recognizing lapses in their credit management framework.”

That is particularly true for state-owned banks which bear the brunt of the bad loan problem in the system. They “suffer from some structural deficiencies related to the management and governance arrangements,” said RBI deputy governor K.C. Chakrabarty in a recent speech.

The cross of government ownership that this set of banks bear is anyway evident in their valuations, too. Most of them are trading below their estimated book value for this year. These new set of norms could aid in recovery, but when and how remains to be seen. For a re-rating to happen, a sustained economic recovery still remains the necessary condition.

புதிய பெண் நீதிபதி வி.எம்.வேலுமணி வாழ்க்கை குறிப்பு

Madras highcourt advocates association Dec 19 2013


சென்னை ஐகோர்ட்டின்

புதிய பெண் நீதிபதி வி.எம்.வேலுமணி வாழ்க்கை குறிப்பு


சென்னை, டிச.19-

சென்னை ஐகோர்ட்டில் புதிய கூடுதல் நீதிபதியாக விவசாய குடும்பத்தை சேர்ந்த 

வி.எம்.வேலுமணி நாளை (வெள்ளிக்கிழமை) பதவி ஏற்க உள்ளார்.

கூடுதல் நீதிபதி

சென்னை ஐகோர்ட்டில் அரசு சிறப்பு பிளீடராக பணியாற்றி வருபவர் வக்கீல் 

வி.எம்.வேலுமணி. இவரை ஐகோர்ட்டு நீதிபதியாக நியமித்து ஜனாதிபதி பிரணாப் முகர்ஜி 

நேற்று முன்தினம் உத்தரவு பிறப்பித்தார்.

இதையடுத்து, புதிய நீதிபதி வி.எம்.வேலுமணி நாளை (20-ந் தேதி) பதவி ஏற்கிறார். அவருக்கு 

ஐகோர்ட்டு தலைமை நீதிபதி ராஜேஷ் குமார் அக்ரவால் பதவி பிரமாணம் செய்து வைக்க 

உள்ளார்.

புதிய நீதிபதி வேலுமணியின் சொந்த ஊர், திண்டுக்கல் மாவட்டம், பழனி தாலுகா, 

கணக்கன்பட்டி கிராமமாகும்.

விவசாய குடும்பம்

இவரது தந்தை மறைந்த கே.வீரப்பகவுண்டர் விவசாயி. தாயார் வி.மயிலாத்தாள். நீதிபதி 

வேலுமணி 6.4.1962 அன்று பிறந்தார். இவரது மூத்த சகோதரர் வி.மங்களகவுண்டர், கரூர் 

வைஷ்யா வங்கியில் பணியாற்றி ஓய்வுபெற்றுள்ளார். இரண்டாவது சகோதரர் அப்பாதுரை 

சொந்த ஊரில் விவசாயம் செய்து வருகிறார்.

இவரது மூத்த சகோதரிகள் நீலமேகமங்கை, ஜி.செல்வம் திருமணமாகி கணவர்களுடன் 

சொந்த 

ஊரில் வசித்து வருகின்றனர்.


காமராஜர் பல்கலைக்கழகம்

நீதிபதி வேலுமணி, ஒன்றாம் வகுப்பு முதல் 8-ம் வகுப்பு வரை கணக்கன்பட்டி பஞ்சாயத்து 

யூனியன் பள்ளிக்கூடத்திலும், 9 மற்றும் 10-ம் வகுப்பு ஐ.டி.ஓ. பள்ளியிலும், 11 மற்றும் 12-ம் 

வகுப்பு வரை பழனி அரசு பெண்கள் பள்ளியிலும் படித்தார்.

பி.ஏ. பட்டத்தை பழனியில் உள்ள பழனி ஆண்டவர் கல்லூரியிலும், எம்.ஏ. (அரசியல்) 

பட்டத்தை மதுரை காமராஜர் பல்கலைக்கழகத்திலும் பெற்றார்.

அரசு வக்கீல்

இதன்பின்னர், சென்னையில் உள்ள டாக்டர் அம்பேத்கார் சட்டக்கல்லூரியில் பி.எல். பட்டம் 

பெற்று 13.9.1989 அன்று வக்கீலாக பதிவு செய்தார்.

அட்வகேட் ஜெனரல் ஏ.எல்.சோமயாஜியிடம் ஜூனியராக சேர்ந்தார். 1998-1999-ம் ஆண்டுகளில் 

மத்திய அரசு வக்கீலாகவும், 2001-2006-ம் ஆண்டுகளில் தமிழக அரசின் கூடுதல் அரசு 

பிளீடராகவும் பணியாற்றினார். 2011-ம் ஆண்டு முதல் சிறப்பு பிளீடராக இப்போது பணியாற்றி 

வந்தார். இந்த நிலையில், அவர் சென்னை ஐகோர்ட்டின் கூடுதல் நீதிபதியாக பதவி ஏற்க 

உள்ளார்.

Advocate V M Velumani appointed as Additional Judge of Madras high Court

A Subramani,TNN | Dec 18, 2013, 08.27 PM IST

CHENNAI: The Madras high court is all set to receive its seventh woman judge, as V M Velumani, a special government pleader in the Madras high court, is to be sworn in judge on Friday.

Velumani has been appointed as the additional judge of the court and a presidential notification in this regard was received here on Tuesday, said sources.

With her arrival, the sitting strength of judges in the court has gone up to 47, as against the sanctioned strength of the court is 60. A list of 10-11 names have already been finalised by the higher judiciary to fill the remaining vacancies, they said.

A spinster, Velumani was born on April 6, 1962. She hails from Kanakkanpatti village in Dindigul district. She did her higher secondary education and under-graduate course in Palani. She completed her law course in Chennai before joining the law firm Aiyar and Dolia in September 1989She worked as a junor under late senior advocate B R Doliya and senior advocate A  L Somayaji presently Advocate General

Velumani's first stint as a government advocate was between 1998 and 1999, when she was additional central government standing counsel. Between 2001 and 2006 she was additional government pleader representing state government in the high court. Since 2011, she has been serving as special government pleader.

In October this year, seven others recommended along with her were sworn in judges of the high court. No decision was taken in her case, as the Supreme Court required some more details about her. Now, after a delay of about two months, she has been made additional judge

Clean up: RBI outlines action plan to tackle bad debts

FP : Dec 18,2013

The Reserve Bank of India, on Tuesday, outlined a corrective  plan to minimise rising non-performing assets (NPAs) or bad loans, which include incentivising early identification of problem cases, timely restructuring of accounts that  are considered to be viable, and taking prompt steps by banks for recovery or sale of unviable accounts.

The central bank  has proposed rules to help banks recover bad debts, including stricter treatment of delinquent corporate borrowers, in an effort to ease the financial stress on banks as the economy slows.

The RBI also proposed reforming how debts are restructured. The changes would help banks to work more closely and make future borrowing expensive for companies that do not cooperate with lenders.

The apex bank outlined the proposals in a discussion paper, released on Tuesday, on early recognition of financial distress, prompt steps for resolution and fair recovery for lenders.

Concern over banks' bad loans has been growing among policymakers in recent months, as economic growth over the past fiscal year subsided to its slowest pace in a decade.

Stressed loans in India - those categorised as bad and restructured - total $100 billion, or about 10 per cent of all loans. Fitch Ratings expects that to rise to 15 per cent by March 2016.

A large chunk of the bad loans are so-called "wilful" defaults, which is symptomatic of what critics say is a loose loan culture. They keep struggling companies in business but crowd out other borrowers and leave taxpayers on the hook to re-capitalise state banks.

In an attempt to curb such cases, RBI on Tuesday proposed transferring the holdings of company founders to a security trustee until the company is turned around, making it easier to change management.

If the founders cannot bring in more money or find a way to repay some of their loans, the lenders would be able to explore bringing other investors into the company.

"It will definitely improve our financial system, the quality of our disclosures and due diligence," C V R. Rajendran, chairman and managing director of state-run Andhra Bank told Reuters. "A major thing to watch out is change of management control. If that happens it will be a gamechanger."

The apex bank will create a database of directors on the boards of companies classified as "non-cooperative borrowers" for dissemination to lenders, it said.

The RBI also proposed leveraged buyouts for specialised entities to acquire "stressed companies". It also said sector-specific companies and private equity firms may be allowed to play an active role in the market for stressed assets.

The apex bank has invited comments on its discussion paper by January 1.

The discussion paper states that banks will have to furnish details of any account where they have an exposure of R5 crore and above for building the repository.
Additionally, they will have to submit current account details of customers with oustanding balance of Rs 1 crore and above. RBI officials explained that the idea is to ensure all banks can access information about borrowers who resort to multiple banking. In case an account is classified as a stressed asset, with repayment due for more than 60 days, by one or more lending banks or non-banking finance companies (NBFCs), they will be required to form a joint lender’s forum (JLF), which will look at formation of an action plan for resolution of the case.

Agencies

Kingfisher Airlines assets attached on Rs 350 crore tax default

By IANS | 15 Dec, 2013, 05.42PM IST11

BANGALORE: The Income Tax department has attached all assets of cash-strappedKingfisher Airlinesfor failing to remit taxes amounting to Rs 350 crore, a senior official said Sunday. 

"We have attached all assets of Kingfisher Airlines and are in the process of recovering its dues by sale and attachment of properties of the defaulter company," IT official Lokesha said in a statement here. 

The defunct airline of business tycoon Vijay Mallya had deducted tax at source from its employees' salaries and other payments for assessment years 2010-11 and 2011-12, but failed to remit the amount to the government account. 

"Kingfisher House at Western Express Highway near the Mumbai domestic airport has been attached under the second schedule of the Income Tax Act, 1961," Lokesha said. 

The Income Tax department also charged the airline with failing to honour the Karnataka High Court directive Dec 5, 2012, to pay 50 percent of the demand and furnish bank guarantee for the balance amount within six weeks. 

"The Supreme Court had recently dismissed the airline's special leave petition (filed Jan 16, 2013) against the high court directive," Lokesha said. 

The tax department clarification came in the wake of reports in a section of the media that a lender consortium of banks led by state-run State Bank of Indiawas laying claim to the airline's properties. 

"It is a settled proposition of law that the amount due to the government under any statue and, in this case, under the provisions of Income Tax Act, 1961, will have priority over other debts, and as such dues of IT department will have to be settled first before the lender consortium can stake any claim to the property," Lokesha said. 

Six other creditors also filed petitions in the high court earlier this year to wind up the defunct airline for failing to pay their dues in spite of several reminders. 

The six creditors are IAE International Aero Ltd., RRPF Engine Leasing, Rolls-Royce & Partners Finance, Avions de Transport Regional GIE, and PNB Paribas, which supplied aircraft, components and funds to the crisis-ridden airline. 

The grounded airline reported a net loss of Rs.4,301 crore for fiscal year 2012-13 and the Director General of Civil Aviation (DGCA) suspended its permit in October 2012 on safety concerns and indefinite strike by its employees. 

With an accumulated losses of Rs.16,023 crore and a negative net worth of Rs.12,919.81 crore, the airline has a debt of Rs.8,000 crore from a consortium of 14 banks, aircraft leasing firms,airport operators, state-run oil marketing firms and other vendors.

Refuse verbal loan orders and curb NPAs: Indian Bank's Association

Dheeraj Tiwari, ET Bureau | 16 Dec, 2013, 04.00AM IST 

NEW DELHI: In an attempt to stem the tide of rising bad loans at Indian lenders, a lobby group of banks has directed its members to ensure that their staff neither give nor act on verbal orders for sanctioning loans. 

The Indian Bank's Association (IBA) issued the directive recently after the Central Vigilance Commission pointed out that junior executives at some banks were "coerced" to sanction loans on verbal orders from their superiors. 

"During some vigilance complaints it was reported that loans were initially sanctioned on verbal orders," a senior government official said, confirming the IBA directive. "This had led to discrepancy as junior officers had claimed that they had sanctioned loans after receiving orders to expedite the case from senior authorities." 

The official said the IBA move will not only instill better governance practices at banks but also check their rising non-performing assets or bad debts. According to the finance ministry, gross non-performing assets of state-run banks rose to 1.92 lakh crore, or 3.99% of their gross advances, in June from 1.64 lakh crore in March. 

The IBA move also comes at a time when the Central Bureau of Investigation filed a case against a deputy managing director of the State Bank of India for allegedly accepting bribe to sanction a loan. An internal panel of the bank, however, said that the loan appears to have been sanctioned in the "ordinary course of business". 

The finance ministry has taken a series of measures recently to curb non-performing assets of state-run banks. 

It has asked banks not to lend further to business groups that have willfully defaulted on repayment of past loans. 

Financial services secretary Rajiv Takru had earlier said that financial institutions and banks would do well to look at the entire group, its functioning, management style and their exposure to that group. 

Bankers, however, say it will be difficult to implement such a measure in letter and spirit. "Trust has been violated at both middle and senior management at banks. So, to blame the top management for individual action will be irresponsible," the chairman of a state-run bank said on condition of anonymity. 

"Instances have been pointed out where senior officers have not taken direct responsibility and juniors were made a scapegoat. In banking space, strictly all action should be accounted for at all levels," said MP Shorawala, an independent director at the Central Bank of India. 

Amid-level banker at United Bank of India said there are compulsions at the junior level when verbal orders are issued from the top brass. 

"It is a Catch-22 situation because ultimately your performance is appraised by your seniors. If you only go by written orders, then you run the risk of being classified a non-performer or too bureaucratic in approach," he said.