Companies & Sectors
National Consumer Forum asks Shriram Finance & Citicorp to pay Rs25,000 as punitive cost

Upholding judgements of the district and state forums, the National Consumer Commission directed Shriram Finance Co and Citicorp Finance to pay a punitive cost of Rs25,000 for inordinate delay in filing their appeal

 
The National Consumer Disputes Redressal Commission (NCDRC) while upholding the judgement of the district and state forum directed Shriram Finance Company (Shriram Finance) and Citicorp Finance (I) (Citicorp) to pay a punitive cost of Rs25,000 for inordinate delay in filing the appeal.
 
In an order on 21 May 2013, VB Gupta, presiding member and Rekha Gupta, both members of the NCDRC bench, said, “...grounds stated in the application (filed by Shriram Finance and Citicorp) cannot constitute sufficient cause so as to condone the inordinate delay of 128 days in filing of the appeal. Even otherwise, the district forum decided the complaint of the respondent about four and a half years ago and if such type of application for condonation of delay is allowed, then it would defeat the very object of the Act which provide for expeditious justice to the consumer."
 
The case relates to forceful possession and sale to a third party of a vehicle bought on loan by Panvel (Navi Mumbai) based Aziz Miya Patel. After his vehicle was taken over, Patel filed a complaint against Shriram and City Finance before the district forum. He stated deficiency in service in providing advance for purchase of the vehicle and taking forcible possession of the vehicle without the consent/ notice and prior intimation as reason for his complaint.
 
While allowing the complaint, the district forum on 6 December 2008 directed Shriram Finance and Citicorp to pay Rs8.55 lakh for causing damage and loss due to forcible possession of two vehicles and selling it to third party without prior notice or intimation to Patel.
 
The forum also directed the lender to pay Rs10,000 as compensation and Rs5,000 as cost to Patel.
 
Aggrieved by the order of the district forum, Shriram and City Finance filed their first appeal along with a miscellaneous application for delay. The Maharashtra State Consumer Disputes Redressal Commission vide an impugned order, dismissed the application for condonation of delay and consequently the appeal was not entertained.
 
While rejecting the application of Shriram Finance and Citicorp, the state commission observed “To support the application for condonation of delay, affidavit of Nityanand S Vazhakulath (the concerned employee of Shriram Finance) dated 18 February 2011 is filed. This is nothing but the verification affidavit to the application for condonation of delay. Neither this application nor the affidavit speaks about the circumstances under which this employee suddenly required to leave for his native place and why he could not make arrangement regarding filing of appeal or brought it to the notice of his employer. Therefore, such statement itself is vague.”
 
The lenders then challenged the impugned order before the National Consumer Forum.
 
During the hearing, the counsel of Shriram Finance contended that delay caused in filing of the appeal was not intentional, since the concerned employee had to proceed suddenly to his native village due to some family problem and as such he has kept all the relevant documents of this case in his locker. After that employee returned to the office, immediately thereafter the appeal was filed, the lawyer said.
 
The NCDRC also noted that in his affidavit Nityanand S Vazhakulath nowhere specified the reason for his sudden departure to his native place; however, he tried to put the entire blame on their previous lawyer. “I say that the delay of 128 days in filing the appeal was not intentional but due to various circumstances and misguidance given by our earlier advocate,” the affidavit said.
 
The NCDRC bench said, under the Consumer Protection Act, a special period of limitation has been provided to ensure expeditious disposal of cases. Complaint has to be disposed of within 90 days from the date of filing where no expert evidence is required to be taken and within 150 days where expert evidence is required to be taken.  
 
The bench also pointed out that Shriram Finance and Citicorp have filed application for bringing on record additional grounds in the case. It however, said, at this stage it cannot take into consideration the additional grounds that Shriram City wanted it to take now.
 
“We do not find any infirmity or illegality in the impugned order and there is no reason to disagree with the findings given by the state commission.  Accordingly, the present revision petition, being not maintainable, is hereby dismissed with punitive cost of Rs25,000 and the same shall be paid by the petitioners to the respondent by way of demand draft in his name, within eight weeks," the NCDRC said in its order.
 

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COMMENTS

SUJIT KATYAL

4 years ago

Very positive judgement.

Facebook says cow slaughter page does not violate its “community standards”

The social networking portal said it was not able to confirm whether the specific page (on cow slaughter) violates Facebook's statement of rights and responsibilities

 
Lucknow-based Amitabh Thakur, a former Indian Police Service (IPS) officer, and social activist Dr Nutan Thakur have alleged a Facebook page openly encourages cow slaughter which is against all social norms. 
 
“The page which openly exhorts and glorifies cow slaughter does not violate Facebook's Statement of Rights and Responsibilities, as per their assessment," the activists have said in a release.
 
Earlier, Canada-based Vijay Lal reported an abuse against a page titled, “Aao Mil kar Kaaten Gaay” (Let us come together to slaughter cows), to Facebook. However, the social networking site's management replied saying, "After reviewing your report, we were not able to confirm that the specific page you reported violates Facebook's Statement of Rights and Responsibilities. Learn more about what we do and don't allow by reviewing the Facebook Community Standards: https://www.facebook.com/communitystandards".
 
According to the Thakurs, Facebook administrators gave such a response because they do not have grievance officers appointed as is expected under Rule 11 of the Information Technology (Intermediaries Guidelines) Rules 2011, having adequate knowledge about the local sense and sensibilities of India and its various parts.
   
Taking exception to this view, the husband-wife duo has once again written to the Department of Electronics and IT of the Indian government to ensure that grievance officers are appointed by Facebook in conformity with Rule 11 of the IT Rules 2011 so as to understand the cultural sensibilities of this country.
 
In addition, the Thakurs have filed a first information report (FIR) against the group on Facebook, which has created and maintains the cow slaughter page.
 

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COMMENTS

Parimeeta

4 years ago

Duration - 3 mins
Film - Facebook Fuss (Edited & Directed by - Parimita Barik)

Link - http://youtu.be/tunonE7wiLQ

Optional Link - http://youtu.be/3ReXxPYx4bo

The spread of Social Media and its access have raised a number of questions and posed challenges, socially and legally. The argument is that uncontrolled access to Social Media by minors could cause various kinds of problems -innocent and impressionable minds may be affected, cheated or compromised in certain ways. It may provide unsupervised access to facts and other kinds of information that minors are too young to properly evaluate and make decisions on. Is this indeed the case? If it is, are legal, technical and social mechanisms available to help parents and minors make appropriate decisions on accessing social media? Given that mobile devices are all-pervasive, how can such controls actually be implemented?

Is it possible for the Indian Government or its instrument agencies to regulate who opens an account on a web site. There are thousands of places that ask for user data. People open accounts everywhere all the time. FB is just one kind of social media platform. Is it possible for the Government to demand enforcement on such? And how? How can we check the credential of whoever is creating an account?


Regards,
http://www.facebook.com/Parimeetabarik

jaykayess

4 years ago

Obviously, this page has been created by mischief mongers, with nothing better to do than foment trouble.

The best treatment for such people is to ignore it and let it die a natural death.

Unfortunately, the complainants' actions (and this article) have achieved exactly the opposite result.

Sensex, Nifty may head further lower over the next few days: Thursday Closing Report
The Nifty opened at the support we suggested yesterday at 6,050 and moved down sharply. Unless it closes above any previous day’s high, the index will head lower
 
The market closed near its lows on weak results from State Bank of India and dismal global cues. The Nifty opened at the support we suggested yesterday at 6,050 and moved down sharply. Unless it closes above any previous day’s high, the index will head lower. The National Stock Exchange (NSE) reported a volume of 67.54 crore shares and advance-decline ratio of 235:1164.
 
The domestic market opened lower on weak global cues. HSBC's latest China's flash PMI which slipped below the level of 50 that separates expansion from contraction for the first time in seven months saw Asian markets, with the exception of China, in the red in morning trade. US markets settled lower on Wednesday after some Federal Reserve officials favoured reducing the asset purchase programme soon, as the economy was showing signs of recovery.
 
The global decline had an impact on Indian equities as well as the Nifty opened 45 points lower at 6,050 and the Sensex began the day at 19,971, a decline of 91 points from its previous close. The benchmarks hit their day’s high in initial trade itself, albeit in the negative. The Nifty rose to 6,081 and the Sensex inched higher to 20,028.
 
However, weak global cues and selling in capital goods, realty, power and banking stocks saw the indices taking a southward journey.
 
Meanwhile, the rupee declined by a huge 37 paise to trade at a new six-month low of 55.83 in early trade at the Interbank Foreign Exchange market on higher dollar demand and strengthening of the US currency overseas.
 
The market continued its downward move on pressure from capital goods, realty, consumer durables and power sectors. A weak opening of the key European markets ahead of the release of the flash purchase managers’ index data and the Japanese benchmark—Nikkei 225—tumbling over 7% today, also weighed on domestic investors.
 
State Bank of India, the country’s largest public sector lender, reported an 18.5% decline in its net profit for the fourth quarter of the fiscal ended 31 March 2013 to Rs3,299 crore, due to lower interest income and higher provisions towards bad loans. Net interest income fell 4% to Rs 11,079 crore as against Rs11,591 crore in Q4FY12 and provisions during the quarter jumped 33% to Rs4,181 crore from Rs3,140 crore in Q4FY12, while sequentially it rose 57% to Rs2,668 crore.
 
The market continued its decline in the late session in the absence of any positive triggers. The indices touched their lows in the closing minutes of trade with the Nifty falling to 5,956 and the Sensex declining to 19,635.
 
The market settled near the lows of the day on lower-than-expected quarterly results from SB and weak global cues. The Nifty declined 127 points (2.09%) to 5,967 and the Sensex dropped 388 points (1.93%) to finish the trading session at 19,674.
 
In line with the rout in the market indices, the broader indices also witnessed a sharp decline. The BSE Mid-cap index dropped 1.99% and the BSE Small-cap index tanked 2.20%.
 
All sectoral gauges settled lower. The main losers were BSE Realty (down 5.95%); BSE Capital Goods (down 5.19%); BSE Power (down 3.96%); BSE Bankex (down 2.84%); BSE PSU (down 0.68%) and BSE Oil & Gas (down 2.65%). 
 
Out of the 30 stocks on the Sensex, only two settled higher. The gainers were HDFC (up 0.53%) and Sun Pharmaceutical Industries (up 46%). The key losers were SBI (down 7.96%); Larsen & Toubro (down 6.49%); Jindal Steel & Power (down 4.05%); Reliance Industries (down 3.99%) and NTPC (down 3.88%).
 
The top two A Group gainers on the BSE were—Oracle Financial Services Software (up 8.92%) and Marico (up 1.95%).
The top two A Group losers on the BSE were—Wockhardt (down 20%) and Unitech (down 10.95%).
 
The top two B Group gainers on the BSE were—Richa Industries (up 19.80%) and Eskay Knit India (down 17.19%).
The top two B Group losers on the BSE were—Brescon Advisors & Holdings (down 19.74%) and KBS India (down 19.73%).
 
Of the 50 stocks on the Nifty, six ended in the in the green. The main gainers were Tata Motors (up .84%); Sun Pharma (up 46%); HDFC (up 0.24%); Cipla (up 0.17%) and Hindustan Unilever (up 0.02%). The major losers were Reliance Infrastructure (down 9.96%); Jaiprakash Associates (down 8.24%); SBI (down 8.10%); DLF (down 7.26%) and Ranbaxy Laboratories (down 6.97%).
 
Markets in Asia settled lower with the Nikkei 225 crashing over 7% on weak flash Chinese manufacturing output data, concerns about the tapering of the quantitative easing by the US Federal Reserve and strengthening of the yen. 
 
The Shanghai Composite declined 1.16%; the Hang Seng tumbled 2.54%; the Jakarta Composite tanked 1.66%; the KLSE Composite fell 0.61%; the Nikkei 225 plunged 7.32%; the Straits Times dropped 1.77%; the Seoul Composite contracted by 1.24% and the Taiwan Weighted settled 1.92% down.
 
At the time of writing, the key European indices were down between 1.98% and 2.73% and the US stock futures were trading in the red, indicating a lower opening for US stocks later in the day.
 
Back home, foreign institutional investors were net buyers of equities totalling Rs540.18 crore on Wednesday whereas domestic institutional investors were net sellers of stocks amounting to Rs973.14 crore.
 
Siyaram Silk Mills has signed as many as 27 franchise agreements during the first two months of the current fiscal, in its bid to expand its retail footprint. As per a press release issued by the company, Siyaram Silk Mills had set a target of signing 90 franchise deals during 2013-14. It is also targeting 500 outlets by 2016-17, against the existing 120. The stock fell 1.29% to close at Rs260 on the NSE.
 
McLeod Russel India, the world’s largest tea planter, said it has incorporated a trading outfit in Kenya to procure and supply African tea to the company’s Dubai blending unit. The Dubai blending unit is the second such facility for the company. McLeod Russel, the BM Khaitan group company, has a blending unit at Kolkata. The stock declined 4.25% to close at Rs300.85 on the NSE.
 
Glenmark Generics, a subsidiary of Glenmark Pharmaceuticals, is recalling multiple lots of three of its drugs from the US market due to “odd smell”, according to US Food and Drug Administration.A notification issued by the US Food and Drug Administration said that the drug major has initiated voluntary recall of its Gabapentin tablets 600mg, 500-count bottle and 800 mg, 500-count bottle; Pravastatin Sodium tablets 40 mg, 90-count bottle; and Topiramate tablets 200 mg, 60-count bottles from the US market following the identification of the problem. The stock rose 1.67% to close at Rs574.10 on the NSE.
 

 

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COMMENTS

Nilesh KAMERKAR

4 years ago

“Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what's actually happening to the companies in which you've invested”. – Peter Lynch

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