Companies & Sectors
Demonetisation to hit real estate sector: Moody's
Sales volumes in the real estate sector would be negatively affected in 2017 because of demonetisation, said global credit rating agency Moody's Investor's Service on Wednesday.
 
"In the real estate sector, we expect sales volumes to be negatively affected in 2017 because of demonetisation but volumes will start to pick up as interest rates decline," said Moody's in a statement here.
 
Projecting a stable outlook for non-financial Indian corporates sector-wise, the research firm said credit profiles would improve on sustained economic growth and project completion.
 
"Ebitda (earnings before interest, tax, depreciation and amortisation) growth from new production capacity, falling capex, and low-refinancing needs will support credit profiles of the corporates," asserted the statement.
 
The Ebitda's growth will be 6-12 per cent in fiscal 2017-18 and fiscal 2018-19, while refinancing risk will be manageable in fiscal 2017 but will peak thereafter for rated and unrated issuers.
 
Sector-wise, the outlook for exploration and production firms reflects higher production volumes, low subsidy burdens and a recovery in oil prices, which will offset lower natural gas prices and higher royalty payments.
 
"In the refining and marketing segment, capacity additions will partly offset weaker refining margins, while marketing margins will remain stable," noted the statement.
 
In the telecom sector, operators will face intensifying competition and pressure on margins although growth in data consumption will offset the headwinds.
 
The outlook for the ferrous and non-ferrous metals and mining segments reflects their expectation for earnings growth, supported by higher production volumes.
 
In the automobile sector, companies will benefit from improving customer sentiment following an above-average monsoon season, expected falling vehicle prices when the Goods and Services Tax comes into force from April 2017.
 
"In the near term, however, sales volumes in the auto sector could get negatively affected by demonetisation," added the statement.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Ethics in the Legal Profession
A nasty joke, on the net, asked the question: ‘What is the difference between a lawyer and a leech?’ Said it had something to do with Draculan haemel-imbibing practices. Two out of three, maybe 99 out of 100, will applaud. One can almost hear sighs of happiness. Is it true? Are lawyers a law unto themselves? Is there is no code of conduct? And, if so, can it be enforced? Please refer to a statute called The Advocates Act, 1961. It is free and on the net.
 
Knowledge of the law will suffice, to avoid outright confrontation, if not acrimony. We try and bring you such applications of the law. 
 
Ten years ago, freshly minted, we had a lawyer as a client in a crime matter, of the short-fuse, impatient type. The accused were octogenarians, stationed far away. Our man had wanted them brought to Mumbai. The foursome, reduced to a trio following one natural departure, had resisted the move. We now entered the fray, only to be confronted by a fearsome defence attorney. We had few cards to play.
 
The opposing lawyer had represented our client previously. We protested at his presence in this case. The lawyer countered that this was a different matter. We submitted that the parties were the same and so was the cause, rather similar.
 
You be the judge. Whom would you favour, us or the other lawyer?
 
The lawyer put forward two more appeals. One, that he would not get his fees and, two, his replacement would be tougher than he. Scare tactics were but water on a duck’s back. We continued to resist; especially when it came to our knowledge that the new, proposed advocate had previously played a counsellor’s role. 
 
You be the judge.
 
Though the matter was resolved peacefully, we had made a point. A lawyer, having represented a person, cannot then plead for the opponent. That is the law. Whatever a client says to his advocate is privileged. It cannot be used to the detriment of his client. Point taken; but our matter did not end there, as we will see later.
 
The question that usually arises when lawyers are appointed after being on the other side; but in new matters involving the same litigants. Ethically, we personally believe that it must be avoided. When the stakes are high, fees astronomical, and the future rosy with well-heeled clients, elasticity becomes the key. A little bending here, a curvature there, all excuses, not explanations, may seek justification. The dividing line, between the legally correct and the morally justified, becomes blurred.
 
The law is more strict for judges; rightly so. As an advocate, he may have litigated, or represented, a person. As a judge he cannot take up that person’s matters. He ‘recuses’ himself. This applies not only to professional practice, but extends to family relations, even friendships. If one finds any sort of ‘bonding’, he may ask for another bench. Not on some shaky advice, like the judge not being to your advocate’s liking. Avoid ill-founded collision with the bench. If a judge is assigned a matter, he has the jurisdiction and, more importantly, he must exercise it. We are not there to compare ‘janma-patrikas’. 
 
In our matter, the accused appointed a new counsel. He failed to turn up and we got the ‘tareek-pe-tareek’ treatment and a lot of flak from our horse-mounted client, wanting full gallop. After three months and adjournments, we put our foot down. The opposition’s junior lawyer was warned to produce the counsel ‘within one hour’. He did.
 
With the counsel came the first, now recused, advocate, advising him at every instance. Wrong move. No lawyer can argue with incessant prompting. We picked on just one point, crucial, and won the day, forcing the other side to settle. Yet, after all these years, one question remains unanswered. Was it correct on their part? 
 
You be the judge. And let us know.

User

COMMENTS

Bapoo Malcolm

3 days ago

Thanks for all the mail. First, Mr., Ms. or whatever Simple Indian, do not hide behind pseudonyms. See no reason to continue answering you. If you have lost a case and then have a beef, an axe to grind, ask yourself, honestly, whether your case was so bad that you deserved to lose .

Mr. Asit Patel, you may be, or rather right spot-on, when you talk of boorish behaviour. That is the subject of my next article, dealing with both Indian and US courts. Unfortunately, I have a fractured hand, and typing is slow. But possible thanks to disability programmes!

REPLY

Arunkumar A Vijayan

In Reply to Bapoo Malcolm 3 days ago

Thanks for considering the user's request ...looking forward to the next article ...Get well soon..

Bapoo Malcolm

In Reply to Arunkumar A Vijayan 1 day ago

May I have your e mail address?

Arunkumar A Vijayan

In Reply to Bapoo Malcolm 1 day ago

[email protected]

Mehernosh Dordi

4 days ago

Very informative and interesting.

Asit Patel

4 days ago

Many lawyers are goons, this is a known fact. What I would have appreciated in the article is how to counter this behaviour. Once the file is with a lawyer, it's difficult to engage them - even for fairness and rrasonability.

Simple Indian

4 days ago

After years of observing Courts functioning (or rather, lack of it) I often felt that the adage "law is an ass....." holds true quite often. Hence, what is lawfully right may not be morally right as well, and vice versa. In fact, many laws violate the basic principle of natural justice, which the SC often quotes in its judgements. There are many contradictions in laws and clever lawyers know how to exploit these loopholes. I also feel such "loopholes" are deliberately left by legislators, just in case they themselves were to be booked under the law passed by them. For instance, as an under-trial, one can't vote in elections, but can stand for elections of even MLA or MP. So, basically the law implies that as a potential lawbreaker one can BECOME a lawmaker, but can't CHOOSE a lawmaker. This is both bizarre and against ethics and principle of natural justice. There are many such bizarre provisions in our laws which are exploited by our politicians/lawmakers.

Bapoo Malcolm

4 days ago

Wow! There must be a decent lawyer lurking somewhere. Shall we try finding him, or her? Let's start by looking under the carpet.

Ann India

5 days ago

Lawyers always try to make money off both parties, it's a sad fact but known to all.

Ann India

5 days ago

Lawyers always try to make money off both parties, it's a sad fact but known to all.

Ann India

5 days ago

You will not believe the personal experiences I've had. One lawyer even pocketed my court fee and never filed the suit he was fooling me for months.

Arunkumar A Vijayan

2 weeks ago

On the subject of lawyers...I am shocked at the behaviour of lawyers here in Kerala...acting like goondas and not allowing journalists to even the courts even after strict direction from higher courts!!!

Rahul Gandhi's Twitter handle hacked, misused
Congress Vice President Rahul Gandhi's official twitter account was hacked on Wednesday, and expletives and abuses were posted on the handle. The abusive tweets were later deleted.
 
One of the illegal posts had abusive language like "My family is a bunch of corrupt....(expletives) retarded... (expletives)".
 
The hackers also removed Rahul's profile picture and changed the title of the account from @OfficeOfRG to an abusive one.
 
"Rahul Gandhi's Twitter handle has been hacked. We will file a complaint with the Cyber Cell of city police," Pranav Jha, media coordinator, Congress, told IANS. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Simple Indian

4 days ago

Twitter has already clarified that both Rahul Gandhi's and Congress' Twitter handles have not been "hacked" but were possibly compromised through an "email breach" which means someone within Rahul Gandhi's or Congress' offices had access to the email IDs linked to these Twitter accounts and then gained access to these accounts to post objectionable tweets through them. This is at best a case of sabotage by internal sources withing Congress and has nothing to do with Digital India initiative at all, as claimed by Rahul & Congress, and amplified by their stooges in the media.

Ann India

5 days ago

Oh, I hired a lawyer who gave me a false case no. He had pocketed even the money for the court fee stamp paper. His mother gave me the money back when she heard what her son had done. In another case which I fought, the opponent's lawyer never showed up but he took Rs 20,000 from them. They lost of course.

REPLY

Bapoo Malcolm

In Reply to Ann India 4 days ago

How lucky! But it's no victory. Walkovers never are. The other side can still revive (restore) the case. No litigant can be punished for the fault of the lawyer or the court. (Actus curiae neminem gravabit, meaning that an act of the court will not harm anybody). We had such a case three months back. It is now on track. One needs to know how to go about it. The law is a beautiful thing. It is being raped, as all wonderful things are prone to. And there is so much of whining, instead of action.

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