Regulations
High court puts off Bengaluru civic body poll

The state government filed a review petition on April 7 seeking a stay on the March 30 order of Justice B.V. Nagarathna to the SEC for holding the civic poll by May 30, as its five-year term was ending on April 22

 

The Karnataka High Court on Friday put off elections to the city's Bruhat Bengaluru Mahanagara Palike (BBMP) civic body.
 
Setting aside a single bench order, which directed the state election commission (SEC) to conduct the civic poll by May 30, a division bench headed by Chief Justice D.H. Waghela and Justice Ram Mohan Reddy told the state government to hold the elections by six months, as per the 74th constitutional amendment.
 
The state government filed a review petition on April 7 seeking a stay on the March 30 order of Justice B.V. Nagarathna to the SEC for holding the civic poll by May 30, as its five-year term was ending on April 22.
 
State advocate general Ravivarma Kumar assured the bench that the state government would abide by its order and facilitate the SEC to hold the civic election in 198 wards across the city within six months.
 
The two original petitioners (C.K. Ramamurthy and B. Somashekar), who were Bharatiya Janata Party (BJP) corporators in the dissolved BBMP, said they would approach the Supreme Court next week against the civic poll postponement.
 
"Postponement of the civic poll is against a ruling of the apex court in a similar case, in which it ruled that a poll panel was bound to hold local body elections before or soon after its term ends in compliance with 74th amendment," senior counsel Sajjan Poovaiah, who argued on a PIL by Namma Bengaluru Foundation on the issue said.
 
The state government sought more time to hold the civic poll on the grounds that delimitation of the wards, restructuring of the civic body and reservation in many wards as per the 2011 census were not completed for various reasons.
 
Though arguments and counter-arguments were completed on June 22 after three hearings over the last two weeks, the division bench reserved its order till Friday.
 
The BBMP was expanded in 2007 by including seven city municipal councils and one town municipal council and 111 surrounding villages to increase civic wards to 198 from 100.
 

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Delhi Police questions magisterial probe into suicide

Delhi Police, which reports to the union home ministry and not to the Delhi government, has refused to submit itself to the magisterial inquiry

 

Delhi Police on Friday questioned the need for a magisterial inquiry ordered by the Delhi government after a farmer committed suicide at an AAP rally.
 
"We do inquest proceedings in all cases of unnatural deaths in the city and even cremate the unattended, unidentified bodies at our own expense," police spokesman Rajan Bhagat told the media. 
 
He added that annually 7,000 unnatural deaths occurred in the capital, implying that magisterial inquiries were never ordered into these by the Delhi government.
 
Gajendra Singh, a farmer from Rajasthan, committed suicide by hanging himself from a tree at an Aam Aadmi Party rally in the capital on Wednesday.
 
Delhi Police, which reports to the union home ministry and not to the Delhi government, has refused to submit itself to the magisterial inquiry.
 
Asked if Delhi Police would submit a report to the district magistrate, Bhagat said it was a "sensitive matter and is between Delhi Police and other disciplined organisations and cannot be revealed to the media".
 
The district magistrate had asked the police to furnish all documents and evidence related to the incident by 11 a.m. on Friday, failing which he said the matter would be taken to court.
 

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Reliance Group, Samsung asset management firms in strategic pact

Both Samsung Asset Management Co and its counterpart in the Reliance Group will explore areas for developing, managing, marketing and distributing each other's products in India and Korea, while also pursuing their interests in the global markets, the two companies said in a statement

 

Anil Ambani-led Reliance Group on Friday said it has signed a pact for a strategic alliance with Samsung, which runs Korea's largest asset management company with a corpus of $165.8 billion, to leverage the strengths in their respective domains and domicile.
 
Both Samsung Asset Management Co and its counterpart in the Reliance Group will explore areas for developing, managing, marketing and distributing each other's products in India and Korea, while also pursuing their interests in the global markets, the two companies said in a statement.
 
"The Indian asset management market has grown by around 12 percent per annum since 2008 to $190 billion and offers tremendous potential to overseas investors," said Sundeep Sikka, the chief executive of Reliance Capital Asset Management.
 
"Samsung's leadership experience in Korea, with over 51 percent market share in ETFs (exchange traded funds), and our complementary expertise in investment strategies will help us expand the market for Indian funds globally," Sikka added. 
 
As per information provided in the statement, Samsung managed assets of over $165.8 billion as of February this year across an array of investment products, that ranged from domestic and overseas equities, fixed income, alternative investments, hedge funds and exchange traded funds.
 
This is sought to be leveraged with the Reliance Group company's portfolio of $40 billion as on March 31 this year, across mutual funds, government-sponsored public funds, managed accounts, alternative investment funds and offshore funds. 
 

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