While refraining from passing any order on a PIL filed against telecom minister Kapil Sibal accusing him of reducing a penalty amount favouring Anil Ambani-headed RCom, the apex court said that persons aggrieved can avail remedy under the law
New Delhi: The Supreme Court on Monday refrained from passing any order on a public interest litigation (PIL) filed against telecom minister Kapil Sibal accusing him of reducing a penalty amount favouring Anil Ambani-headed Reliance Communications (RCom), saying persons aggrieved can avail remedy under the law, reports PTI.
"No order is required," a bench comprising justices GS Singhvi and AK Ganguly said while taking on file the affidavit filed by Centre for Public Interest Litigation (CPIL) accusing Mr Sibal of favouring RCom by reducing the penalty from Rs650 crore to Rs5 crore for alleged violations in the Unified Access Service Licence (UASL) agreement.
"If there is any irregularity allegedly connected whatsoever with telecom, it cannot be linked to the second generation (2G) spectrum," the bench said.
The bench made the remarks after senior advocate Rohinton Nariman, who appeared for the government in place of Solicitor General Gopal Subramanium, replied to a question whether the matter in hand was related to 2G.
"Not at all," replied Mr Nariman.
The bench clarified "persons aggrieved will be entitled to avail remedy in accordance with the law."
During the hearing when advocate Prashant Bhushan appearing for CPIL was pressing for the matter to be investigated as Mr Sibal had taken a unilaterally and final decision.
The bench said "it is open to CBI for investigation. I am not saying anything" adding, "the minister's decision may be right or may be wrong".
Mr Nariman appeared for the government in place of Solicitor General Gopal Subramaniam who was not seen in the court.
The affidavit had alleged that "Mr Sibal abused his position as minister to overrule the unanimous view taken by senior Department of Telecom (DoT) officials, including the telecom secretary, to benefit a private operator by closing the issue with only a penalty of Rs5 crore.
"This abuse of authority by him to benefit Anil Ambani-controlled Reliance Infocomm needs a thorough investigation by the CBI," the application said.
However, Mr Sibal rejected the allegations saying he had not favoured anyone and that the penalty imposed was as per the provisions of the agreement between Universal Service Obligation Fund (USOF) and RCom.
He described the Mr Bhushan's affidavit as the "worst case of forum shopping" and accused him of levelling "malicious and defamatory" charges.
SEBI asked stock exchanges to make necessary amendments to the relevant bye-laws, rules and regulations for the implementing the decision to grant membership to LLPs
Mumbai: Capital market regulator Securities and Exchange Board of India (SEBI) today said Limited Liability Partnerships (LLPs), a hybrid between a partnership firm and company, can get membership of stock exchanges, reports PTI.
Following requests from various stock exchanges to permit LLPs to be admitted as members to enable them to get registration as stock brokers, SEBI said "stock exchanges may consider granting membership to LLPs".
The Securities Contract Regulation Rules, 1956 (SCRR) is only clear on Limited Liability Companies (LLCs) and partnership firms being eligible to be admitted as members of stock exchanges.
SEBI said that in this context it may be stated that LLPs are akin to LLC and partnership firms.
It asked stock exchanges to make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the decision.
The Parliament has put in place a legal framework for LLPs.
LLP is a corporate business vehicle that provides benefits of limited liability while allowing its members the flexibility of organising their internal structure as a partnership firm. As per the latest data, there were 5,501 registered LLPs in the country.
“The core fee income grew 44% to Rs187.07 crore due to an increase in our third party products, trade and remittances, foreign exchange and investment banking income,” IndusInd Bank MD & CEO Romesh Sobti said
Private sector IndusInd Bank has posted a 52% jump in net profits for the first quarter ended 30th June at Rs180.18 crore, helped by a surge in fee income.
The Mumbai-based lender's net profit for the April-June period last fiscal had stood at Rs118.55 crore.
"The core fee income grew 44% to Rs187.07 crore due to an increase in our third party products, trade and remittances, foreign exchange and investment banking income," IndusInd Bank managing director and chief executive Romesh Sobti said.
The net interest income (NIM) was up 32% during the reporting period to Rs390.01 crore compared to Rs295.68 crore during the same period a year ago.
In spite of the high interest rate environment, the bank was able to widen its net interest margin by 9 bps to 3.41%, Sobti said.
The cost of deposits went up to 7.71 from the previous (January-March) quarter's 7.03%, but the bank made up for that by raising its base rate three times, or 125 bps, during the quarter to maintain margins, he said.
Its sequential (over Q4 FY11) credit growth stood at 8%, while the same on a year-on-year basis stood at 31.36%. The deposit growth was a tepid 3% on sequential basis and 28.78 on a Y-o-Y.
IndusInd's total capital adequacy increased to 14.99% as on 30 June 2011, compared to 13.71% during the year-ago period.
To further strengthen the capital base, the bank is planning to raise Rs400 crore in Tier-II bonds, Sobti said.
"We will come out with the issue by end of second quarter or early third quarter... We are yet to firm up plans," he added.
On Monday, IndusInd Bank ended 1.95% down at Rs281.05 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.72% to 18,721.39.