Regulations
Cabinet okays bill to set up commercial divisions in courts

The Commercial Divisions will exercise jurisdiction over all cases and applications relating to commercial disputes

 

In a move aimed to speed up the disposal of commercial suits and take into consideration the Law Commission's recommendations on the matter, the union cabinet on Wednesday okayed the introduction of a bill to set up exclusive commercial divisions in courts.
 
The cabinet, chaired by Prime Minister Narendra Modi, approved to introduce in the current session of parliament a bill called "The Commercial Division and Commercial Appellate Division of High Courts and Commercial Courts Bill, 2015", the government said in a statement.
 
The commercial divisions would deal with 'commercial disputes', which are defined to mean disputes arising out of ordinary transactions of merchants, bankers, financiers and traders such as those relating to mercantile documents, joint venture and partnership agreements, intellectual property rights, insurance and other areas.
 
Commercial Divisions are to be set up in those high courts which are already exercising ordinary original civil jurisdiction such as the Delhi, Bombay, Calcutta, Madras, and Himachal Pradesh High Court.
 
The Commercial Divisions will exercise jurisdiction over all cases and applications relating to commercial disputes.
 
The Commercial Division shall have territorial jurisdiction over such area on which it has original jurisdiction.
 
The Commercial Courts which will be equivalent to District Courts are to be set up in states and union territories where the high courts do not have ordinary original civil jurisdiction, and in the states where the high court has original jurisdiction in respect of those regions to which the original jurisdiction of a high court does not extend.
 
The minimum pecuniary jurisdiction of such Commercial Courts and Commercial Division is proposed as Rs.1 crore, the statement said.
 
"Commercial Appellate Division" shall be set up in all the high courts to hear appeal against (i) Orders of Commercial Division of High Court; and (ii) Orders of Commercial Courts.
 
Commercial Divisions or Commercial Courts shall not have jurisdiction in matters relating to commercial dispute, where the jurisdiction of the civil court has been either expressly or impliedly barred under law.
 
It is proposed to have a streamlined procedure which is to be adopted for the conduct of cases in the Commercial Division and in the Commercial Court by amending the Code of Civil Procedure, 1908, so as to improve the efficiency and reduce delays in disposal of commercial cases.
 
The amended CCP as applicable to the Commercial Divisions and Commercial Courts will prevail over the existing High Court Rules and other provisions of the CPC to the contrary, it said.
 
The Law Commission in its 253rd Report recommended establishment of Commercial Courts, Commercial Divisions and Commercial Appellate Divisions in the High Courts.
 
The finance minister in his budget speech of 2015 made a statement that for the quick resolution of commercial disputes, the government proposes to set up exclusive commercial divisions in various courts in India based on the recommendations of the 253rd report of the Law Commission.
 
The establishment of commercial courts in India is a stepping stone to bring about reform in the civil justice system, it said.
 

User

New app deletes your social media mistakes

A new app is here that can clear up all your loud thinking that you blurted out on the social media in a fit of rage or after downing a few drinks, and which your potential employers may consider 'negative'

 

Have your social media observations and statements ever come to haunt you during a job interview? That happens with many people, but there is a remedy for it now.
 
A new app is here that can clear up all your loud thinking that you blurted out on the social media in a fit of rage or after downing a few drinks, and which your potential employers may consider 'negative'.
 
Developed by former Jeb Bush aide Ethan Czahor, the app has been aptly named as "Clear", CBS news portal reported.
 
When he got his dream job working as the chief technology officer (CTO) of Jeb Bush's political operations, his social media past came back to haunt Ethan.
 
When someone found a bunch of jokes that he had tried out on Twitter years earlier while studying improv comedy in California, Ethan Czahor was fired.
 
"Unfortunately, my Twitter feed was unearthed, spun completely out of context to make me appear as someone I am certainly not, and I lost my job," he wrote.
 
He created the app, Clear, "to make sure situations like mine never happen to anyone ever again".
 
Using proprietary algorithms and the help of IBM's Watson supercomputer, the app scans your Facebook, Twitter and Instagram accounts and flags posts it thinks might be "negative".
 
Then you can go through and choose which of those posts to keep, and which to clear away for good.
 
The app looks for fairly obvious expressions of negativity or disparagement -- such as "gay" that ranks as 100 percent negative on the app's sensitivity report -- to less obvious ones, such as "America".
 
Delete all or your potentially negative messages, and the app will declare you "100 percent clear". 'Clear' is currently in beta for iOS.
 
There is one glitch though -- if someone has already screen-shot your feeds, there is little this app can do!
 

User

Nifty, Bank Nifty, Sensex may move higher – Wednesday closing report
If Nifty closes above 8,500 and Bank Nifty above 18,300, the indices will make further gains
 
We had mentioned in Tuesday’s closing report that NSE’s CNX Nifty may try to stage a rebound, after taking a support at around 8,300. The 50-stock index reached marginally below this support and started moving higher.
 
S&P BSE Sensex opened at 27,757, while Nifty opened at 8,400. Sensex moved from the low of 27,385 to the high of 27,947, while Nifty hit a low at 8,285 before reaching a high at 8,450. After hitting the day’s high, both the benchmarks closed near that level. Sensex closed at 27,890 (up 214 points or 0.77%), while Nifty closed at 8,430 (up 52 points or 0.62%). Sensex reversed the entire loss of Tuesday. Bank Nifty too followed the same pattern of trading today. It opened at 18,197 and moved from the low of 17,799 to 18,297 and closed at 18,244 (up 138 points or 0.76%). NSE recorded a volume of 74.07 crore shares. India VIX rose 1.06% to close at 17.2100.
 
The India Meteorological Department (IMD) said that quantitatively the seasonal monsoon rainfall is likely to be 93% of the long period average (LPA) during the June-September southwest monsoon season this year, with a model error of plus/minus 5%. The probability for below normal rainfall is 35%, for deficient 33% and for normal 28%.
 
Fertilisers Minister Hansraj Gangaram Ahir Tuesday informed the Lok Sabha that New Urea Policy (NUP) – 2015 is under the consideration of the government. There is no proposal with regard to increasing the maximum retail price (MRP) of urea.  Also, there will be no free supply of fertilisers to help dry land farmers to survive under various circumstances, Ahir said.
 
The National Bank for Agriculture and Rural Development (NABARD) has projected a credit flow of up to Rs2,205.66 crore for priority sectors in Meghalaya for 2015-2016, a rise of 19% over last year's outlay.
 
Coming back to the Indian stock market, Just Dial (11.35%) was the top gainer in ‘A’ group on the BSE. It was in the news that it will launch a mobile app next month that will provide a single platform for 20-25 services, ranging from doctor's appointment to taxi booking to grocery and fruit delivery.
 
Wipro (6.01%) was the top loser in ‘A’ group on the BSE. It was also the top loser in the Sensex 30 pack. Its revenue rose marginally from Rs10,401.80 crore for the quarter ended 31 March 2014 to Rs10,651.50 crore for the quarter ended March 2015. For the fourth quarter, its net profit fell to Rs2,141.60 crore compared with Rs2,353.10 crore for the quarter ended March 2014.
 
Hindustan Unilever (3.59%) was the top gainer in the Sensex 30 pack.
 
On Tuesday, US indices had a mixed closing with Dow declining sharply, S&P sliding marginally and the Nasdaq up.
 
Asian indices showed mixed performance. Shanghai Composite (2.44%) was the top gainer while SET Composite index of Thailand (1.10%) was the top loser.
 
European indices were trading in the red. US Futures were trading higher. The Bank of England officials voted unanimously to leave the UK central bank's main interest rate unchanged this month and concluded that the recent pickup in growth in the neighbouring Eurozone should help power the UK economy this year, according to the minutes of the Monetary Policy Committee's April meeting published today.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)