What is not final is the governmental policy decision on the aspects to which the Western Ghat report submitted by Prof Gadgil panel relates, the High Court said
The Delhi High Court, while upholding the order passed by Shailesh Gandhi, Central Information Commissioner (CIC), has asked the ministry of environment and forest (MOEF) to publish the report by Western Ghats Ecology Expert Panel (WGEEP) on its website.
“There is no reason for the petitioner (the government) to entertain the apprehension that the disclosure of the WGEEP report, at this stage, would impede the decision making process and also would adversely affect the scientific or economic interests of the states. The broad-based participative process of debate would, in fact, help the MOEF and the concerned states in arriving at a policy decision, which is in the larger interest and for public good,” justice Vipin Sanghi said in an order dated 17 May 2012.
Last month, the CIC passed an order asking the government to provide an attested copy of the summary of the WGEEP report and the report on the Athirappilly Hydro Electric Project in Kerala to G Krishnan. Mr Gandhi, the CIC, also asked the MOEF to place the WGEEP report in the ministry’s website before 10 May 2012.
The government then filed a petition in the high court against the decision of the CIC.
The MOEF constituted an expert panel on 4 March 2010 called the WGEEP under the chairmanship of Prof Madhav Gadgil. The expert panel had 13 members. The expert panel was constituted in recognition of the fact that the Western Ghats is one of the 34 global biodiversity hotspots, and is considered environmentally sensitive and ecologically significant.
Appearing for the government, Indira Jaising, Additional Solicitor General (ASG) submitted that before the recommendations of the WGEEP panel are accepted by the central government, the views of different states that are likely to be affected are required to be considered. “If, at this stage, the WGEEP panel report is made public, even before obtaining and considering the views of the affected states, there would be a spate of applications seeking notification of certain areas as ecologically sensitive, based on the recommendations contained in the WGEEP report,” she said.
Earlier, while passing an order, the CIC had said, “The disclosure of the WGEEP report would enable citizens to voice their opinions with the information made available in the report. Such opinions will be based on the credible information provided by an expert panel constituted by the government. This would facilitate an informed discussion between citizens based on a report prepared with their/public money. MOEF’s unwillingness to be transparent is likely to give citizens an impression that most decisions are taken in furtherance of corruption resulting in a serious trust deficit.”
Justice Sanghi, in his order, said, “Having considered the submissions of the learned ASG and perused the record including the impugned order, I am of the view that there is no merit in this petition, and I am inclined to agree with the reasoning adopted by the learned CIC for allowing the respondent’s appeal and directing disclosure of the WGEEP report prepared by Prof Madhav Gadgil committee and panel.”
The public information officer (PIO) and the MOEF had tried to maintain that the report submitted by the Prof Gadgil panel is not final. However, the HC said the panel has submitted its report and now it is for the MOEF to act on it in consultation with affected states.
“If there are any shortcomings or deficiencies in the said report, inter alia, for the reason that the same is based on incomplete or deficient data, or for any other reason, the said factor would go into the decision-making process of the MOEF and the concerned states. But it cannot be said that the said report is not final. What is not final is the governmental policy decision on the aspects to which the WGEEP report relates. The said report is one of the ingredients, which the MOEF and the concerned states would take into consideration while formulating their policy in relation to the Western Ghats ecology,” justice Sanghi said.
The Western Ghats have complex inter-state character as they are spread across an area of about 1.29 lakh sq km, in Tamil Nadu, Kerala, Karnataka, Goa, Maharashtra and Gujarat. There are apprehension in the government that the recommendations of the WGEEP would influence many sectoral activities, such as agricultural land use, mining industry, tourism, water resources, power, roads and railways.
If the Nifty holds above 4,789, gains may persist
The spike in headline as well as retail inflation for the month of May, the depreciating rupee and global issues dominated the scene this week. The market settled in the green on three of the five trading days, with the benchmarks notching gains on the last two trading days in the late session.
Overall, the market closed the week 1% lower. The Sensex declined 140 points to 16,153 and the Nifty closed at 4,891, down 37 points. The market is likely to see a volatile upmove with the Nifty going up to the level of 5,040. Improving economic conditions may take the market even higher. However, this upmove will be staggered and also as long as 4,789 is broken.
A spike in headline inflation for the month of April and weak global cues saw the indices extend their losses on Monday. Support from the European indices and US stock futures resulted in the market closing in the positive on Tuesday. However, the rupee hitting its five-month low and unsupportive global cues resulted in the market closing sharply lower on Wednesday.
The market overcame European fears and closed marginally in the positive on Thursday. Better-than-expected results from State Bank of India and US futures moving from deep red to green provided the much-needed boost to the market in post-noon trade, ensuring a positive close on Friday.
Among the sectoral indices BSE Fast Moving Consumer Goods (up 2%) and BSE Healthcare (up 1%) were the noteworthy gainers while BSE Auto (down 6%) and BSE Consumer Durables (down 3%) were the top losers.
The top five Sensex gainers in the week were Sterlite Industries (up 6%), State Bank of India (up 5%), Infosys, Jindal Steel & Power (up 3% each) and ITC (up 2%). The key losers were Tata Motors (down 13%), BHEL (down 9%), Maruti Suzuki (down 6%), Hindalco Industries (down 5%) and Coal India (down 4%).
The Nifty leaders were Sesa Goa (up 8%), Sterlite Ind (up 6%), SBI (up 5%), Power Grid Corporation and BPCL (up 4% each). Tata Motors (down 13%), BHEL (down 9%), Reliance Infrastructure (down 8%), Maruti Suzuki (down 6%) and Axis Bank (down 5%) settled at the bottom of the index.
The rupee gained 5 paise to close at 54.42 against the dollar on Friday with the Reserve Bank of India's (RBI) swift action pulling it back from near 55-levels touched in early trade amid strong capital outflows. Dealers said strong dollar demand from importers, mainly oil refiners, on expectation of further rise in dollar on concerns caused rupee's fall.
Headline inflation moved up to 7.23% in April 2012from 6.89% in the previous month. High inflation is a setback to the big picture of the economic growth as well. Prices are rising along side decline in industrial production. Index of Industrial Production (IIP) contracted by 3.5% in March and gross domestic product (GDP) growth slowed to three-year low of 6.9% in 2011-12.
On a similar note, consumer price index (CPI) based inflation, or retail inflation, shot up to the double digit mark at 10.32% in April on account of substantial increase in vegetable, edible oils and milk prices. Based on the CPI, the inflation for March was revised to 9.38% from the provisional estimate of 9.47%.
Earlier this week, global credit ratings agency Moody's downgraded the country's three largest private sector lenders-ICICI Bank, HDFC Bank and Axis Bank-to D+ from C- to align them with the sovereign rating. As a result, the hybrid debt ratings of these banks, except HDFC Bank, will be negatively impacted.
On the results front, engineering major Larsen & Toubro (L&T) on Monday posted 13.9% jump in stand-alone net profit at Rs1,920.41 crore for the fourth quarter ended 31 March 2012 and said it expects a 15%-20% growth in revenues and order book in the current fiscal. The company had reported a net profit of Rs1,686.21 crore during the January-March quarter of 2010-11.
L&T's net sales for the quarter grew by about 21% to Rs18,460.90 crore as against Rs15,261.17 crore in the same period of FY10-11.
India's largest lender State Bank of India (SBI) on Friday posted net profit of Rs4,050.27 crore in the fourth quarter ended March 2012, against just Rs20.88 crore recorded in Q4 of the previous fiscal. SBI's profits had taken a big hit in Q4 of 2010-11 on account of higher provisioning for bad loans and increased tax outgo. Total income of the bank rose to Rs33,959.54 crore in the quarter against Rs26,536.84 crore in the same quarter a year ago.
On the international front, Europe is expected to keep its stranglehold on the markets in the week ahead, as investors take stock of Greece's commitment to the Eurozone and watch for other issues related to the debt crisis.
Facebook's stock market debut did not live up to the expectations as the social network's shares closed the first trading day on a flat note with technical glitches at the Nasdaq stock exchange sending confusing signals to investors. After rising to an intraday peak of $45 apiece, the shares ended at $38.23, up only by 0.61% from the $38 offer price.
Review of the book Kissing Ass: The Art of Office and Managing Risks in Commercial and Retail...