Centre to SC: No deletion of voters on religious, linguistic basis

Indian government said it would not be possible to delete names of 40 lakh doubtful voters from Assam on the basis of their religious or linguistic profile as it would be unconstitutional

New Delhi: Amid continuing violence in Assam, the Centre has told the Supreme Court that it would not be possible to delete names of 40 lakh doubtful voters from the state on the basis of their religious or linguistic profile as it would be unconstitutional, reports PTI.
The Centre rejected the allegation of NGO Assam Public Works that over 40 lakh illegal migrants from Bangladesh had got their names entered into the electoral rolls and they should forthwith be deported.
In an affidavit placed before a bench of justices P Sathasivam and Ranjan Gogoi on Thursday, the Centre, however, assured the court that it was committed to weed out illegal migrants from the state.
The apex court, while taking on record the affidavit, posted the matter for further hearing to 6th November.
"That the proposed modality suggested by the petitioner NGO to identify and delete alleged doubtful voters; from the voter list 2006 based on religious and linguistic profiling is prima facie illegal, arbitrary and violation of secular and democratic fabric of lndia.
"That the prayer made by the petitioner cannot be allowed as it violates the Constitution mandate," the affidavit filed by the Union Home Ministry said.
The Centre said as a matter of policy it does not support any kind of illegal migration either into its territory or illegal immigration of its citizens to foreign territories.
"Curbing illegal migration into the country is a priority since it has serious security, economic and societal ramifications," it said.
The government said it has been issuing instructions from time to time to all states and Union territories on the need to detect and deport Bangladeshi nationals found to be staying in India.


Shareholder Activism in India, anyone?

From large FIIs to independent research agencies to proxy advisory services and public interest litigations, there is a lot happening by way of shareholder activism. These are sporadic and one-off efforts. What we really need is regulatory activism. When do we see that ?


Introducing Moneylife Videos. These will take the form of news, opinions, discussions and literacy. Here is the first video under the Moneylife Discussions series. In this, Debashis Basu, Editor and Publisher, Moneylife and Sucheta Dalal, Managing Editor, Moneylife discuss about growing shareholder activism and whether it makes a difference.

Shareholder activism is taking different forms: by investors associations, large shareholders independent research companies and finally, reports by Proxy advisory companies. Are these effective? What do we really need? Watch the video for more.




nagesh kini

4 years ago

The ML move couldn't have come at a more appropriate time on the
imperative need to bring about more robust investor activism in India.
Veritas sitting in Canada has reported on the financial transgressions that India Inc. Big Daddies of Sensex thought they could get away with as also their Auditors - "without meaning to qualify(!)" The corporates exposed just came out with flimsy defences instead of challenging with hard facts, implying thereby that they have failed to disclose by hiding more.
Today, all business dailies carry full page half hearted rejoinders from Indiabulls on Veritas whistle blowing with facts and figures. Today's Hindu Business Line on its editorial page 8 fully exposes the Indiabulls' half baked rebuttal that is full of sound and fury conveying nothing but confusing even veterans.
It is rightly said - "When you can't convince a person confuse him." This is just what this full page ad has done.
Indiabulls ought to respond to HBL Aarti Krishnan's Circuit Breaker article "When governance is 'outsourced'".
She rightly calls upon Kingfisher Statutory Auditor , in "Why Qualify" how he could attest their statements as "true and fair" when he has reported references galore to notes and qualifications including affirming that the company ceases to be 'going concern'.
The accounting regulator, ICAI as well as SEBI owe explanations to the entire body of stakeholders.
That they are not blood hounds but watch dogs is a cliche that has has long been rubbished!

Rajkumar Singh

4 years ago

So long as there is no power to initiate any action against the defaulter, the regulatory body functions like a messenger or a mail-server.

Same thing applies to shareholder activism.

This is what I understand is true.

Short downtrend ahead: Friday Closing Report

If the Nifty breaks today’s low, it may be headed for 5,200

The market settled flat with a negative bias following a clutch of disappointing quarterly results and subdued global cues. Yesterday we had mentioned that we may see the Nifty move sideways for a day or two before it is able to find its further move. Today the index moved in a range of 5,294 and 5,330 (36 points) before it closed flat. We may now see a short downtrend. If the benchmark breaks today’s low, it may head for 5,200.The National Stock Exchange (NSE) saw a lower volume of 52.66 crore shares.
The market opened lower on unsupportive global cues and downgrades of blue chips—State Bank of India and Tata Motors—by global investment firms. Among US benchmarks, the Dow slipped marginally, while the S&P 500 and Nasdaq settled in the green on Thursday. Markets in Asia were trading lower this morning on weaker-than-expected trade data from China.
Back home, the Nifty opened 15 points down at 5,308 and the Sensex resumed trade at 17,515, down 46 points from its previous close. The indices remained in the negative in subsequent trade amid intense volatility. 
State Bank of India (SBI) reported a 137% jump in net profit at Rs3,752 crore for the first quarter ended 30 June 2012 compared to Rs1,583 crore in the year-ago period, though rising non-performing loans continue to be a cause of concern. The bank's net non-performing assets (NPAs) rose to 2.22% of total loan book at the end of June, against 1.61% in the corresponding period of the previous fiscal, reflecting the impact of slowing economy.
The market fell to the day’s low in noon trade following a lacklustre performance by SBI and a negative opening of the European indices. The Nifty fell to 5,294 and the Sensex went back to 17,471 at the lows.
 However, value-picking at the lows resulted in the indices recovering from the lows and emerging into the green. The gains enabled the market hit its intraday highs around 1.45pm. At this point the Nifty rose to 5,330 and the Sensex went up to 17,589.
Volatile trade and downgrade of key stocks resulted in the market closing flat with a negative bias. The Nifty shed three points to settle at 5,320 and the Sensex finished trade at 17,558, down three points from its previous close.
The advance-decline ratio on the NSE was negative at 555:854.
The broader indices settled mixed. The BSE Mid-cap index rose 0.02% while the BSE Small-cap index declined 0.29%.
BSE IT (up 1.33%); BE TECk (up 1.13%); BSE Fast Moving Consumer Goods (up 0.69%); BSE Oil & Gas (up 0.27%) and BSE Metal (up 0.09%) made up the sectoral gainers. The top losers were BSE Consumer Durables (down 1.68%); BSE Auto (down 1.22%); BSE Bankex (down 0.85%); BSE PSU (down 0.84%);  and BSE Realty (down 0.67%) . 
The top gainers on the Sensex were Hindustan Unilever (up 2.13%); Sterlite Industries (up 1.65%); Maruti Suzuki (up 1.61%), TCS (up 1.53%) and Infosys (up 1.50%). The key losers on the index were SBI (down 4.26%); Tata Motors (down 3.07%); Hero MotoCorp (down 2.27%); Tata Steel (down 1.45%) and Coal India (down 1.09%).
The top two A Group gainers on the BSE were—Jain Irrigation (up 5.02%) and Tech Mahindra (up 4.96%).
The top two A Group losers on the BSE were—JP Infratech (down 7.24%) and SBI (down 4.26%).
The top two B Group gainers on the BSE were—Technocraft Industries (up 19.96%) and Shree Tulsi Online.Com (up 12.47%).
The top two B Group losers on the BSE were—SE Power (up 19.95%) and Birla Power Solutions (down 14.71%).
The Nifty was led by BPCL (up 3.59%); Maruti Suzuki (up 2.46%); Kotak Mahindra Bank (up 2.33%); TCS (up 2.13%) and Sterlite Ind (up 2.11%). The key losers on the benchmark were SBI (down 4.11%); Tata Motors (down 3.24%); Ranbaxy Laboratories (down 3.05%); Bank of Baroda (down 2.55%) and IDFC (down 2.37%).
Markets in Asia settled mostly higher, but with meagre gains, on reports that China’s trade data for July was below expectations. China’s exports grew 1% in July from a year earlier against market expectations for an 8.6% rise, while imports grew 4.7%, against expectations for 7.2% growth.
The Jakarta Composite gained 0.25%; the KSLE Composite rose 0.17%; the Straits Times added 0.06%; the Seoul Composite advanced 0.30% and the Taiwan Weighted settled 0.10% higher. Among the losers, the Shanghai Composite declined 0.24%; the Hang Seng dropped 0.66% and the Nikkei 225 tanked 0.97% in trade today.
At the time of writing, the key European indices were down between 0.27% and 0.87% and the US stock futures were trading in the negative.
Back home, foreign institutional investors were net buyers of shares totalling Rs337.14 crore on Thursday whereas domestic institutional investors were net sellers of stocks amounting to Rs754.40 crore.
Industrialist Anil Ambani has said his group firm Reliance Infrastructure has shortlisted road projects worth Rs40,000 crore for bidding, while for cement business it has applied for mining leases and prospecting licences in various parts of the country. The stock declined 1.91% to settle at Rs504.45 on the NSE.
State-owned Engineers India today said it has bagged a consultancy service contract from Cairn Energy India Pty Ltd for its enhanced oil recovery project for Mangala oil field in the prolific Rajasthan block. The project involves setting up of additional surface facilities for 15 existing well pads with associated pipelines and infrastructure facilities for development of a polymer flood at Mangala (oilfield) for enhanced crude oil recovery.  EIL dropped 2.72% to close at Rs234 on the NSE.
Mahindra Holidays & Resorts, a leader in the vacation ownership space with over 147,000 members and 40 resorts across India and abroad, today announced the acquisition of Royal Courts Jaisalmer, a 74 room resort, by purchasing 100% equity share capital of Divine Heritage Hotels. Out of the 74 rooms, 35 rooms were already part of the company’s flagship brand “Club Mahindra” network under an inventory management. With this acquisition, Club Mahindra now has inventory of over 200 rooms in Rajasthan. The stock climbed 2.15% to close at Rs292 on the NSE.



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