Regulations
First post-midnight hearing in Supreme Court's annals
The unprecedented hearing held at the Supreme Court past 3 a.m. on Thursday, in which 1993 Mumbai blasts convict Yakub Memon's last ditch attempt to avert his execution was rejected, was the first of its kind in the apex court's history and has been generally appreciated by the legal fraternity -- though there were some discordant notes also.
 
It was the darkness of the night that made it clear that the country's top court was meeting at an extremely odd hour, while otherwise everything appeared like any other normal working day.
 
The judges' library was opened for making available Supreme Court Reporters having compilation of judgments and other statutes for reference by the judges in the course of the hearing. 
 
The court staff, including court masters, stenographers, court assistants, and other subordinate staff, too, were present.
 
Memon's lawyers including Anand Grover, Prashant Bhushan, Yug Mohit Chaudhry, and their juniors to assist, along with social activists were present in the court,
 
So was Attorney General Mukul Rohatgi along with his team of lawyers to assist him in articulating the government position on the last minute plea by Memon seeking postponement of his execution by 14 days.
 
There was general appreciation of the judges' decision to hold a hearing in the court premises in the late night hours but there were some who dissented.
 
The Supreme Court Bar Association's former president M.N. Krishnamani, senior counsel and former high court judges Fakhruddin and P.K. Dash welcomed holding of the court proceedings at the late hour but another senior counsel Shekhar Naphade found it "unwarranted and abuse of the process of law".
 
"If the matter is important they can sit even at midnight," said Krishnamani, noting that in the case of industrialist Lalit Mohan Thapper, the then chief justice of India E.S. Venkataramiah granted him bail at mid-night after holding a hearing at his residence.
 
"Giving justice is more important than the timing when the court is assembling," he said, quoting Chief Justice Venkataramiah, in office from June 19, 1989 to December 17, 1989, who had said: "If I feel that injustice has been done, there is nothing in the world that can come between me and him (one who is wronged) to grant appropriate relief."
 
Madhya Pradesh and Chhattisgarh High Court's former judge Fakhruddin, who is now practising as senior counsel in the apex court, said whenever there was such a case, the Supreme Court and high courts "had risen to the occasion".
 
He cited an instance when the execution of a death row convict was stayed by the then chief justice Y.V. Chandrachud after a plea was moved through a telegram and subsequently followed up telephonically. 
 
Chief justice Chandrachud, in office from February 22, 1978 to July 11, 1985, upon receiving the "lightning" phone call from Fakhruddin held the hearing at his residence and stayed the execution. In this case, the Supreme Court had earlier confirmed the death sentence of the death row convict.
 
Fakhruddin at that time was a lawyer and was heading the Madhya Pradesh High Court Legal Aid and Advice Sub Committee.
 
Subsequently, when this convict wanted to donate his eyes after execution, Justice J.S. Verma issued directions to that affect and directed that his funeral would be done at state expense. 
 
Dash, a former judge of Orissa High Court and subsequently that of Allahabad High Court, said the hearing at such late hours sent a "good message to the entire world" about the Indian judiciary and that "our judges know their duties well".
 
However, Naphade said the holding of the hearing was "uncalled for". "The whole petition was an abuse of law and did not warrant assembling (the court) at such an unearthly hour," he said.

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COMMENTS

A S Bhat

2 years ago

the advocates lead by anand grover wanted to protect the terrorist yakub. All hell broke loose when the death-pardon was rejected by the president. Then some 200 petitioned to Supreme Court / Government for saving yakub as if 22 year long period was insufficient. it was definitely an abuse of law. Judges did well however.

J Pinto

2 years ago

Please google the words SAFFRON TERRORISM and check how many saffron terrorists have faced the death penalty.

REPLY

Nilesh KAMERKAR

In Reply to J Pinto 2 years ago

This is how lies are spread about Hindu Terrorism . . . http://ioretradingindia.blogspot.in/2010...

MOHAN

In Reply to J Pinto 2 years ago

Yes, There Are Christian Terrorists

http://www.thedailybeast.com/articles/20...

MOHAN

In Reply to J Pinto 2 years ago

Yes, There Are Christian Terrorists

http://www.thedailybeast.com/articles/20...

Vaibhav Dhoka

2 years ago

All news papers and news channels were reporting and beaming about midnight drama.Now our constitution has fundamental right Equality.Now if one goes through Supreme court and high courts doubt is bound to arise Does our courts adhere to Equality principal in word and spirit?The answer is NO.Some lawyers is using legal forum to make them celebrity by taking such cases.Now let us take Salman Khan case he prolonged and stretched his case over 12 to 13 years at initial trial case.When no further stretching was possible trial proceeded and verdict pronounced.Next day special bench sits and stays his conviction.No question asked about prolonging trial at lower court.
Now time has come we should have different courts established for different class of people like celebrity court,high earning courts,lower income and middle class courts.When ordinary citizen will get justice?When his turn come to get Justice?There is lot of frustration in common masses and they avoid going to courts because he will be his own casualty at hands of court.When judiciary will rise only God Knows.

All main indices still looking weak – Thursday closing report
A close about 8,450 may lead to a further rally in Nifty
 
We had mentioned in Wednesday’s closing report that two benchmarks, NSE’s CNX Nifty and S&P BSE Sensex are to rise but the rally may be short-lived and that Nifty may meet with a resistance between 8,400 and 8,440. On Thursday, major indices in the Indian stock markets were range bound and recorded marginal gains. Nifty declined after hitting a high of 8,459 today. 
 
 
India Vix closed at 15.33, down 3.48%. NSE turnover was at 121.26 crore.
 
Clarity regarding P-Notes, the Indian government's push for reforms and the expiry of July derivative contracts, coupled with the US Fed's decision to keep interest rates intact, improved investor sentiments on Thursday.
 
The global and domestic developments helped the 30-scrip Sensex to close the day's trade up 142 points or 0.51%. The wider 50-scrip Nifty also made gains during the day's trade. It closed higher by 46.75 points or 0.56% at 8,421.80 points.
 
Sensex, which opened at 27,685.82 points, closed at 27,705.35 points -- up 141.92 points or 0.51% from the previous day's close at 27,563.43 points. It touched a high of 27,854.46 points and a low of 27,649.97 points in the intra-day trade.
 
According to market analysts, the Federal Reserve's statement that cited improvements in the US labour and housing markets reduced the chances of an interest rate hike for the year. 
 
If interest rates in the US are hiked, the FPIs (Foreign Portfolio Investors) are expected to be led away from emerging markets such as India.
 
Analysts pointed out that the news of the cabinet approving the GST (goods and services) bill that incorporates recommendations from a parliamentary panel also acted as a strong positive trigger.
 
The SIT appointed by the Supreme Court on black money had recommended that the participatory note, or P-Note, route of overseas funds investing in Indian stocks be stringently regulated. 
 
The rollover figure at the end of July's derivatives expiry stood at a modest 61.7%, one of the lowest in recent months. 
 
Sector wise, healthy buying was observed in fast moving consumer goods (FMCG), healthcare, banks, automobile, and realty stocks. 
 
However, information technology (IT), capital goods and technology, entertainment and media (TECK) sectors came under intense selling pressure.
 
The S&P BSE FMCG index zoomed by 212.76 points, the healthcare index was up by 127.22 points, banks index rose by 122.22 points, automobile index was higher by 50.41 points and the realty index was up by 45.34 points.
 
However, IT index fell by 84.57 points, capital goods index declined by 43.46 points and TECK index decreased by 33.57 points.
 
Major Sensex gainers during Thursday's trade were: Dr.Reddy's Lab, up 5.23% at Rs.3,907.55; Cipla, up 4.79% at Rs.710.10; ITC, up 3.90% at Rs.315.80; Hindustan Unilever, up 2.32% at Rs.920.45; and HDFC, up 1.96% at Rs.1,337.40.
 
The major Sensex losers were: Sun Pharma, down 1.89% at Rs.814.30; Hindalco Inds, down 1.60% at Rs.104.70, Infosys, down 1.48% at Rs.1,069.10; Tata Consultancy Services (TCS), down 1.08% at Rs.2,480.95; and Tata Steel, down 0.92% at Rs.248.35.
 
The top gainers and losers in the major indices are given in the table below:
 
 
Among the Asian markets, Japan's Nikkei was up 1.08%. However, China's Shanghai Composite Index lost 2.20% and Hong Kong's Hang Seng fell by 0.49%.
 
In Europe, the London FTSE 100 index was higher by 0.75%, the French CAC 40 was up by 0.45% and Germany's DAX Index was flat.
 
The closing values of the major indices in the Asian stock markets are given in the table below:
 

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Lack of reforms might derail growth: Moody's Analytics
Predicting a 7.6 percent growth rate for India, research firm Moody's Analytics on Thursday warned that the economic expansion might slow down due to lack of reforms.
 
The economic research and analysis firm's India forecast said that "The economy will likely expand 7.6 percent in 2015 thanks to lower interest rates. A lack of reforms could derail medium-to-long term growth prospects." 
 
The report, "India Outlook: Waiting for Reforms to Fuel Growth", said that "Green shoots are slowly emerging,but the government’s failure to deliver promised reforms is the major impediment."
 
Moody's Analytics's associate economist and author of the report Faraz Syed cited key reforms such as the land acquisition bill, flexible labour laws and the goods and services tax (GST) which have the ability to propel India's growth.
 
However, these key reform bills are still in parliament's ambit and the government has till now failed to create a consensus to get them passed. 
 
"Without a majority in the upper house, the ruling Bharatiya Janata Party’s power has 
been nullified and the opposition has blocked proposed reforms," the report said.
 
On the bright side the report predicts another interest rate cut by the Reserve Bank of India (RBI) this year. The decision, it informed, will be on the back of better rains, lower commodity prices and strong external balances. 
 
India Inc. has been demanding a rate cut as it believes that this may be the last time in this calendar year for RBI to ease lending before inflation spirals and the US Fed decides on its own rates in September.
 
The Indian monetary policy review by the RBI is scheduled for August 4.
 
"We expect at least one more benchmark rate reduction in 2015 to complement the 75 basis points already delivered this year," the report predicted.
 
"Accommodative monetary policy will lift GDP to 7.6 percent in 2015, increasing to 8 percent in 2016."
 
The economic research firm pointed out that tampering with the central bank’s independence would make it difficult to anchor inflation expectations and weigh on India's economic prospects, particularly financial market stability.
 
Recently, the government introduced a draft financial code which proposes to clip the RBI's wings.
 
The code, if implemented, will undermine RBI's ability to rein-in inflation. This will also discourage investors from taking risks in the future as the RBI is viewed by many as an anchor for financial stability in the country. 
 
"India’s monetary policy, with Governor Raghuram Rajan at the helm, has been effective. However, a recent draft bill could undo the RBI’s good work," the report elaborated.
 
"Moving to the new model would severely dent the RBI's’competency: credibility would be lower, politics would drive decisions, and transparency would be reduced." 

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