Asking the police to have sympathy for hundreds of investors who lost their money, justice Ranjana Desai said, "If you are not able to trace them (accused) then there are various steps in law that you can take. Build some pressure on the accused."
Mumbai: Expressing displeasure over the Mumbai police's inaction in the City Limouzines cheating case, the Bombay High Court today sought information about the steps taken so far to arrest the absconding accused, reports PTI.
"We refuse to believe that you (police) cannot arrest the accused. Bombay police is the most competent force in India.
If they want to arrest someone, they can do it in a day," said the division bench of justices Ranjana Desai and RV More.
The court, hearing a bunch of petitions filed by investors who were allegedly cheated by the company, directed the police to state next week what efforts had been taken to trace the four absconding accused.
The company had floated a scheme under which investors paid for the cars which were to be bought in their names, and rented out by the company. But later, the cheques issued by the company began to bounce.
Out of the 13 accused, Masood Jamdar is in jail, statements of four others have been recorded, while another four were arrested and released on bail. But four persons are still to be arrested.
"The four accused who were on bail are also now absconding. Why have police not moved lower court for cancellation of bail?" Justice Desai asked.
Public prosecutor Pandurang Pol assured that Economic Offences Wing (EOW) of the city police would file an application seeking cancellation of bail.
The court also directed police to submit the bail orders of these four at the next hearing. Asking the police to have sympathy for hundreds of investors who lost their money, justice Desai said, "If you are not able to trace them (accused) then there are various steps in law that you can take. Build some pressure on the accused."
Besides EOW, Enforcement Directorate is also probing the case under Prevention of Money Laundering Act.
An Empowered Group of Ministries is scheduled meet on 11th July to review the export ban on wheat and non-basmati rice, commerce secretary Rahul Khullar informed the media
New Delhi: Ahead of the ministers' panel meeting scheduled next week to review the export ban on wheat and non-basmati rice, commerce secretary Rahul Khullar today said pressure is likely to stay on agri commodity prices, reports PTI.
However, he said that the government policies should not reflect a 'knee-jerk reaction'.
An Empowered Group of Ministries (EGOM) is scheduled to review the issue on 11th July. The food ministry has moved a proposal to export 2 million tonne of wheat and 1 million tonnes non-basmati rice.
Export of wheat and non-basmati rice has been banned since February 2007 and April 2008, respectively in the backdrop of high food inflation.
"My own sense is that the pressure on agri prices is going to continue. I also think that domestically the (pressure on) prices is going to continue even more," Mr Khullar told a WTO function here.
When asked about allowing wheat and non-basmati rice exports, he said the issue would be discussed next week.
Food inflation fell to a one-and-a-half month low of 7.78% for the week ended 18th June.
Currently, the government godowns are overflowing with over 65 million tonnes of foodgrains, while the storage capacity is only 62.23 million tonnes.
The agriculture ministry has pegged total foodgrains output at 245 million tonnes for the 2011-12 crop year, as against 235.88 million tonnes last year.
Domestic slowdown and global uncertainty has resulted in lower FII inflows in the April-June quarter
High inflation and high interest rates continues to be a drag on overall economic growth and will likely hurt the performance of companies in the first quarter of 2011-12, according to various brokerages. But some are optimistic that the stiff economic conditions could ease in the second half of the year, making it possible to yet achieve GDP growth of 7.5%-8% this year.
Angel Broking says that high inflation and high interest are the top twin concerns for the economy and the equity market. But the indications are that inflation and interest rates may be close to their peak levels and that there might be some respite in the second half, it said in a report published this week.
With the Reserve Bank of India (RBI) hiking rates ten times in 16 months and demand-supply pushing up broader interest rates by 200 basis points, the demand momentum in the economy has slowed down, Angel Broking said. Further, external negative factors like the Greek crisis could contribute to near-term uncertainty and volatility.
The uncertainty in advanced economies, rising interest rates and wage inflation impacting corporate earnings are responsible for the muted FII inflows of Rs5,171 crore in the April-June quarter, which consequently affected the performance of the equity market.
KR Choksey Institutional Research says that as companies report their first quarter results this month, the factors to watch will be increasing commodity prices that would lead to a squeeze on margins, the hike in interest rates that is dampening demand, and a slowdown in momentum in select sectors like automobiles.
Besides automobiles, the other sector that has been particularly adversely affected by high interest rates is real estate (and infrastructure), says Pinc Research. However, while automobile sales are going through rough weather, two-wheelers have not been affected much due to low dependence on finance and lower operational cost.
This is reflected in the record quarterly volumes by Hero Honda, Bajaj Auto and TVS Motor. Maruti Suzuki, however, suffered due to a labour strike at its Manesar facility which hurt volumes, after nine successive quarters of double-digit growth.
While credit off-take has slowed down, the banking, financial services and insurance sector continues to show strong performance, highlighting the under-penetration of financial services in India that will drive credit growth in the years ahead. The slowdown in economic activity would also likely moderate direct and indirect tax collections.
KR Choksey said inflation has remained at an elevated level due to high non-food manufacturing inflation and fuel prices. Concerns over possible deficit rainfall in major parts of the country, expressed by the Indian Meteorological Department, would increase the pressure on food prices and will be the key upside risk to inflation going forward.
In the export-oriented IT services sector, Standard Chartered Equity Research says, the focus is on pricing gains. The annual wage revision cycle and rupee appreciation will apply a squeeze on margins for all companies in the sector.
Telecom companies are expected to report a decline in profits, despite substantial top-line growth. Top line growth is estimated at a healthy 29.1% year-on-year, partially because of the inclusion of Zain's numbers in Bharti Airtel's account. But profits are expected to decline by 2.5% year-on-year due to increased competition and higher interest and other costs on account of the 3G network rollout.
Finally, the oil burden is closer to the peak of historical averages and other commodities are also expected to soften on moderating global demand. The government recently decided to hike prices of several regulated fuels due to rising under-recoveries of oil marketing companies.
The recent decline in crude prices is expected to contain inflationary pressures within comfortable levels, going forward. The US Fed has said it expects pressures from global commodity and energy prices to dissipate as it modulates its accommodative monetary policy.
Angel Broking suggests that cooling of inflation and interest rates from the second half of the year could improve credit growth and asset quality outlook for the banking sector. It believes that the RBI's tightening measures to contain demand-side inflationary pressures are bearing fruit.