Stocks
Nifty, Sensex may be headed higher – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex were still under the control of bulls. The major indices of the Indian stock markets ended with marginal gains. 
 
 
Profit booking, combined with caution ahead of derivatives expiry and a key announcement over the US interest rates, made the Sensex oscillate in a 300-point range. Sensex had earlier receded during the mid-afternoon trade session after touching new intra-day highs for the last 11 months. The BSE market breadth was slightly tilted in favour of the bears -- with 1,341 declines and 1,317 advances. On the NSE advances, there were 787 advances, 798 declines and 78 unchanged.
 
Yes Bank on Wednesday posted a net profit at Rs731.80 crore for the first quarter ending in June on the back of higher net interest and other incomes -- a 32.76% rise. The private sector bank had reported a net profit of Rs551.20 crore in the same period an year ago. The bank's net interest income increased 24.23% to Rs1,316.58 crore in the quarter, from Rs1,059.81 crore in the April-June period last year. Its other income during the quarter in question jumped over 65% to Rs900.52 crore from Rs545.17 crore in the same period last year. Net interest margin expanded to 3.4% from 3.3% in the year-ago period. "Given the improving macroeconomic environment along with stable asset quality and accelerating retail franchise, the bank is well poised to capture market share across retail and corporate segments at an enhanced pace," the bank's Chief Executive Rana Kapoor said in a statement. Yes Bank's gross Non-Performing Assets (NPA), or bad loans, during the quarter in consideration grew by 12.76% to Rs844.56 crore, from Rs748.98 crore in the previous quarter. Gross NPAs stood at 0.79% of total loans at the end of the June quarter, as compared to 0.46% in the same period a year ago quarter. The bank's shares closed at Rs1,200.10 on the Bombay Stock Exchange.
 
Passenger car major Maruti Suzuki on Wednesday announced that the sales of its first light commercial vehicle (LCV), Super Carry, will commence from August end. The company said that the new vehicle will be initially sold in three cities -- Ahmedabad (Rs4.03 lakh), Kolkata (Rs4.11 lakh) and Ludhiana (Rs4.01 lakh), through dedicated channels. According to RS Kalsi, Executive Director (Marketing and Sales), Maruti Suzuki, the new vehicle has been designed and developed on the basis of detailed research and understanding of customer requirements. The company pointed out that it has invested about Rs300 crore towards the development of Super Carry, which will be available in diesel fuel option. The LCV is powered by a 793 cc diesel engine which is mated to a five-speed manual transmission. The new vehicle offers a fuel efficiency of 22.07 km per litre and a maximum speed of 80 km per hour. It has a payload capacity of 740 kg. Maruti Suzuki shares closed at Rs4,558.85, up 1.64% on the BSE. 
 
Two- and three-wheeler major Bajaj Auto reported a rise of just 2% in its net profit for the first quarter (Q1) of 2016-17. The automobile major's net profit increased to Rs978 crore for the quarter ended June 30, 2016, from Rs957 crore in the corresponding period of 2015-16. According to the company, its turnover (which includes excise duty) for the quarter under review increased by 2.71% to Rs6,356 crore from Rs6,188 crore for the quarter ended June 30, 2015. "Despite input cost pressures and continuing headwinds in export markets, the company has declared an industry high EBITDA (earnings before interest, taxes, depreciation and amortisation) of 21.2%," the company said in a statement. However, Bajaj Auto's overall quarterly sales including exports slipped by 1.80% to 994,733 units from 1,013,029 units sold during the corresponding quarter of 2015-16. Further, the company reported a growth of 13.78% in its Q1 consolidated net profit which stood at Rs1,040 crore from Rs914 crore. Bajaj Auto shares closed at Rs2,668.75, down 0.05% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:
 
 
 

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Intervention to prevent Bombay High Court being shifted to Bandra-Kurla, which would “degrade the grandeur and decorum”
Advocate Rajan Jayakar of the Bombay High Court, who is also a historian and collector has started a move to prevent the Bombay High Court from being shifted to Bandra.  Mr Jayakar is an authority on the history of various High Courts and Supreme Courts and works tirelessly at retrieving, preserving and restoring documents, artefacts and memorabilia about our courts. He is the go-to person for facts on Indian’s legal history. The Bombay High Court Museum, a curated space on the ground floor of the court building, is the brainchild of Mr Jayakar. He has also been involved in the restoration of courtrooms in the High Court. He has also curated the Bombay High Court exhibition in 1988 and 2012 on the occasion of 125 years and 150 years of the Bombay High Court. 
 
He had demanded better utilisation of space in the present building rather than shifting the Court to help continue the rich heritage that it stands for. In his plea, he had said, “For further expansion, it is necessary to find innovative ways in which more space could be created.” He had stated in the plea, “The reputation of the Bombay High Court as the leading High Court in the country is not only because of its extraordinary judges and lawyers, but also because of the grandeur of the building. By shifting the court to a newly constructed building, it will degrade the grandeur and the decorum and will give an appearance of a post-independence tribunal. It will be something like discarding the gown, bands and the black coat by the Judges and lawyers because someone feels that the said paraphernalia is not necessary." 
 
Making out the case for the current location, he had said that shifting of the High Court to a new location would virtually amount to uprooting the massive legal fraternity, which is settled in the present locations since the construction of the High Court Building in 1878. 
 
Earlier, Advocate Ahmed Abdi had moved a Public Interest Litigation (PIL) to shift the High Court to the suburbs citing the limitations of the present building. Mr Jayakar had intervened in this PIL. Sujata Manohar, former Chief Justice of the Bombay High Court, also wrote an article on doing justice to the Bombay High Court. She argued that it was possible to protect the iconic building’s heritage and still cater to the needs of a modern High Court. The Court, has produced legal talents which have shaped the history of modern India right from freedom fighters like Mahatma Gandhi to scholars like Nani Palkhiwala. With the rich legacy of the High Court and the aura of justice permeating throughout the High Court, it is necessary to protect the heritage of the High Court. 
 
She argued that heritage buildings face a common problem that they are not large enough for today’s workload. She proposed a solution to this problem – to create an imaginative master plan by experts in the field to expand the High Court around its court building. She has also proposed the revival of the heritage committee constituted by an earlier Chief Justice, to preserve and plan for the future of the building. With respect to shifting the High Court, she said, “Assuming that a big tract of land and the huge finances that may be required are available, the ‘simplest’ thing anyone can suggest is shifting to a completely new location. This would meet the needs of space, but it cannot replace long built-up traditions and even the halo of working in the temples of justice. It means abandoning traditions, abandoning heritage.”

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COMMENTS

Bapoo Malcolm

7 months ago

Methinks that the talk of shifting the High Court to Bandra Kurla Complex (BKC) is no more than a ruse to sell office space. An idea that only has brokers behind it. Not a single lawyer I know, now a preferred target of lessors in Mumbai, has shifted there. Crores of rupees Have been spent and are being spent to upgrade the High Court.

There was a similar tactic, by brokers, some 10 years ago, about shifting the High Court (HC) to Navi Mumbai, which has never materialised. Already more than 30,000 cases have been shifted from the High Court to the City Civil Court. The work load is lessening; some rooms are empty. One has been converted to a museum. Repair work, a temporary problem in terms of space, is coming to an end. Judges' chambers are being refurbished and refitted.

Next think of the litigants who travel from afar and land at Churchgate or at C Shivaji Terminus. The HC is meant to hear appeals from other district courts so litigants come from Pune, Nashik and other districts. Can BKC be readily accessible? And convenient for departure?

Builders and brokers will think up any ruse in this down market. Lawyers are the least likely to fall for it. Let a court come up, a 10 year story at the very least. Then try to induce them. And do not think that by buying office space now and selling it later to lawyers will bring a windfall. A sucker is born every minute.

Brokers can look to airlines for selling space; before the new airport comes up in Panvel.

Bapoo Malcolm

7 months ago

My fear is different. What will they do and how soon will they destroy the building once it is put to some other use? There is a move to take over the adjacent (across the road), Central Telegraph Office, which today is redundant.

Travel to BKC for so many of the public will be a nightmare. It already is so with the east side of the Bandra station chaotic. And yes, the old court buildings are grand. Any new court structure is unsafe. Examples: Mazgaon, Court of Small Causes extention at Dhobi Talao, the literally stinking court building at Banrda. OK, the Dindoshi building is nice and airy. It's a new building, how long it will last is anybody's guess. All new court rooms are pidgeonholes, including the Supreme Court.

Please do not destroy the legacy that we have. Space can also be made available by removing leased out offices that occupy space without work.

Next, think of a grand buildings in, say Pune and Nashik, like the Nagpur, Aurangabad and Goa benches. That will ease the burden.

Knee jerk reactions are not solutions.

Simple Indian

7 months ago

Is it not possible to have a new Bombay High Court "campus" or bench in BKC, just as Mumbai University does ? Ironically, MU is next to the HC and faces the same constraints as the HC, being a heritage building as well. Just like the debate around development / industrialization v/s environment protection, one has to see the merits of upgrading our institutions which need to cater to modern times and expectations of stakeholders. Clinging on to tradition for the sake of it will not serve any purpose. Hope the concerned authorities weigh in on all factors, most of all, convenience to litigants, before deciding to relocate the HC from Fort to BKC.

Mantralaya buys anti-lightning equipment through Bogus GR: RTI
If financial irregularities, chikki and land scams are not enough, did you know that a concocted, counterfeit GR (government resolution) is also being used to greedily eat up public funds, in the name of public service? Moreover, it is a strange case of fake GR made by Mantralaya and Mantralaya itself being taken for a ride, with a department actually putting this false GR into action, and being looted.
 
So, this particular GR, states that the Maharashtra Government is deeply concerned about deaths due to lightning strikes (wish it could think so passionately about deaths due to accidents too) and hence it has been proposed that anti-lightning equipment be bought to install on 181 buildings in Maharashtra comprising old and new government hostels, government-run residential schools and on ITI buildings of the department.
 
Based on this alleged fraudulent document, the Pune Municipal Corporation ordered equipment worth around two crore rupees, in August 2014. It did not stop here The Social Justice department, Mantralaya followed suit and in October 2015, bought anti lightning equipment worth around five crore rupees. SVA Electricals, Shanwar Peth, Pune was the favoured firm, for providing the equipment.
 
This scam, though small in terms of monetary content but huge in terms of serious fraud, was caught, thanks to the information procured under the RTI Act. RTI Activist Vijay Kumbhar’s RTI request, sought the photo copy of the said GR, in fact the entire file containing the chronology that led to the decision of buying anti lightning equipment for which the Gr was necessitated, including file notings. The reply, received recently, from the Revenue and Forest Department (rehabilitation) stated that such a file does not exist.
 
Shocked, Kumbhar has appealed to Chief Minister to take action. This is the second time that he has written to the CM, who did not take any action on his letter after the Pune Municipal Corporation purchased it in August 2015. He has again appealed to Chief Minister Devendra Fadnavis, seeking stringent action on officers of the relevant departments who bought it on the basis of a fraudulent order and to hunt out the person who concocted the GR. He has also asked him to investigate, if this is one off case, or the tip of an iceberg. States Kumbhar, “this is very shocking and a dangerous trend. If the relevant authorities have no clue that the GR is fraud and if any person can carry out such a criminal activity without raising an eyebrow, it speaks a lot about the run-down system in the administration of the Mantralaya and the Pune Municipal Corporation.“
Worse, Kumbhar states that equipment which costs around Rs35,000 has been bought at an over-priced rate of Rs.2.5 lakh odd.
 
Against the backdrop of tainted ministers of the Fadnavis government being given clean, will this scam that could be on a large proportion, be even attend to? That is the question.
 
(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet – The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)

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COMMENTS

Suketu Shah

7 months ago

Informative article.

Roy Aranha

7 months ago

shocking for a new government they have to act fast promised a clean adiministration

vivek bhavsar

7 months ago

Fadnavis government has opened one window system where all corrupt ministers are getting clean chit without any enquiry...

Sunil Rebello

7 months ago

The scams continued from UPA to NDA, only value and types of scams are different. ONLY GOD CAN SAVE INDIA(IANS)

Deepak Mahulkar

7 months ago

If such fraudulent GR exists, it is very dangerous as GR is a basis on which action is taken by local bodies, state government. I am sure, all GRs must be existing on official web site of government and therefore it is not difficult to find out if such document is official. It is therefore very easy to identify culprit.

Ganesh Iyer

7 months ago

All the excellent footpath paver blocks in mumbai were removed and replaced at what cost and why ? A BJP leader stated it was corporation under Shiv Sena doing it. There is no control over not only large scale corruption but even frauds that are openly committed under the govt. Where is the ckean CM of Maharashtra and is the PM watching all these dirty scandals of Pankaja Munde robbing the orphanages in hundreds of crores. Shame on Maharashtra for No action

Ganesh Iyer

7 months ago

BJP govts. are equally worst corrupt and soon the face of CM for not taking action against Pankaja Munde or scandals will have a tainted dirty look.

P L Despande pawar

7 months ago

I must congratulate both ms Vinita Deshmukh & mr Kumbhar for the great work in exposing unheard of fraud & inept administration & management in Govt. & Govt organisations.
It is open secret that there's no accountability. This is responsible for the mismanagement.

Praveen Sakhuja

7 months ago

Are we sure to see action in the matter. I am afraid. I had approached PMO and authorities of MOC with similar complaints since 2013 based on documents rec'd under RTI. I concluded chor chor Mausere Bhai. I am barred from getting information under RTI. I have huge bundles of records to prove what I say.

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