The union government is seeking views of various political parties and eminent jurists on the proposal to set up of a Judicial Appointments Commission
Narendra Modi-led National Democratic Alliance (NDA) government is seeking views of various political parties and eminent jurists to set up a Judicial Appointments Commission. The Commission seeks to scrap the present system of judges appointing judges, the Lok Sabha was informed on Monday.
Law Minister Ravi Shankar Prasad said a Constitutional Amendment Bill to set up the proposed commission has lapsed following the dissolution of the 15th Lok Sabha and an accompanying bill is pending in the Rajya Sabha.
“The government is seeking the views of various political parties and eminent jurists on the proposal for setting up of a Judicial Appointments Commission,” he said in a written reply.
An earlier effort by the NDA government to replace the collegium system in 2003 did not succeed.
The then NDA government had introduced a Constitution amendment bill but the Lok Sabha was dissolved when the bill was before a Standing Committee. Finance Minister Arun Jaitley was the Law Minister then.
Parliamentary nod to the Judicial Appointments Commission Bill had eluded the UPA government despite it agreeing to the demands by jurists and BJP to grant constitutional status to a proposed commission for appointment and transfer of judges to the higher judiciary to ensure that its composition cannot be altered through an ordinary legislation.
According to the UPA Bill, while the new Article 124 A of the Constitution will define the composition of JAC, Article 124 B will define its functions.
Aided by strong demand for home loans from individuals, HDFC reported 15% growth in its June quarter net profit
Housing Development Finance Corporation (HDFC), the country's largest home finance company reported a 15% growth in its first quarter net profit on robust loan book.
For the quarter to end-June, the home loan company said its consolidated net profit rose to Rs1,345 crore from Rs1,173 crore while total revenues, including interest income, grew 16% to Rs6,447 crore over same period last year.
HDFC said its loan book during the first quarter grew to Rs2.03 lakh crore as on from Rs1.77 lakh crore, a year ago. About 86% of incremental growth in the loan book during the quarter came from individual loans, the lender said.
As of 30 June 2014, HDFC's gross non-performing loans amounted to Rs1,434 crore, which is equivalent to 0.7% of its loan portfolio compared with 0.77%, same period last year.
HDFC ended Monday 2.6% up at Rs1,006 on the BSE, while the benchmark Sensex closed marginally higher at 25,683.