Citizens' Issues
SC imposes Rs.25,000 cost for judicial order's faulty English translation
The Supreme Court on Friday imposed a cost of Rs. 25,000 on a petitioner in a criminal case for filing an erroneous English translation of a judicial order in Hindi which was wrong on grammar, construction of sentences, usage of words and punctuation.
 
Asking the petitioner to deposit the cost within 24 hours with the legal service authority, the vacation bench of Justice Abhay Manohar Sapre and Justice Ashok Bhushan said that the cost would continue to increase in the event of failure to deposit the amount within the stipulated time.
 
The displeased judges said that they had to struggle for one hour to figure out the sense of the order, and that they have never come across an order blended with such grammatical and other mistakes. 
 
The court imposed the cost after lawyer Aishwarya Bhati appearing for petitioner Vardha Ram told the bench that the grammatical error that the court was finding in the high court's order was in fact on account of faulty translation as the original order was in Hindi.
 
Initially, the apex court bench had taken exception to the high court judge passing an order in English which was erroneous on account of grammar, syntax, word usage of words and punctuation and sent the order back to the subordinate court for fresh order.
 
However, the vacation bench changed its order and imposed cost on the petitioner as Bhati admitted to mistake by the "official translator" of the court below.
 
"You should have seen it (translation) yourself," the court told the lawyer and telling her that she should be "sorry".
 
"You should be sorry," the bench said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nomura's proprietary indices suggest uneven recovery
Nomura says its heat-map of high-frequency data indicates that the economic recovery remains uneven and divergence between weak private investment and rising consumption (urban) and slowing industry against a relatively robust service sector continues. 
 
The Composite Leading Index of Nomura, which has a two-quarter lead over non-agricultural GDP growth, suggests that non-agricultural GDP growth could moderate slightly in Q2 and Q3 2016. "However, we believe that a normal monsoon, forthcoming seventh pay commission pay hikes and continued public capex should support GDP growth towards end-2016. We expect GDP growth to recover to 7.8% in 2016 from 7.3% in 2015," it added.
 
Citing its RBI Policy Signal Index that has moved in to neutral zone, Nomura says, the recent pickup in inflation, along with higher oil prices has reduced the probability of further near-term rate cuts and it believes rates will remain on hold until end-2016. The Nomura RBI Policy Signal Index (NRPSI), which measures the relative probability of near-term monetary policy tightening or loosening rose to -0.15 in mid-May, from -0.21 in March. Historically, NRPSI values lower than -0.2 coincide with a rate cut, while values between -0.2 and zero correspond to policy rates staying on hold.
 
 
"Apart from the upside risk to inflation from the seventh pay commission, constant food price pressures and still sticky underlying (core) CPI inflation at slightly above 5% indicate that achieving the RBI's 5% inflation target cannot be taken for granted. Moreover, most of the cyclical factors (oil price falls, rural wage growth deceleration and growth slowdown) that drove disinflation are behind us, leaving little potential for a significant downside. Therefore, we believe that instead of cutting rates further, the RBI will focus on improving liquidity to enable faster transmission of 150bp rate cuts already delivered," the report added.
 
Nomura says, its economic heat-map of high-frequency data, where the green shading denotes high growth and red shading denotes low growth, shows that the divergence between weak investment (private sector) and rising consumption (urban) and slowing industry vs robust services continues to characterise the economy.
 
 
"Drivers of growth are limited, namely urban consumer demand and transportation services. The good news is that green-shoots are visible in external demand (non-oil export volumes and visitor arrivals) and certain infrastructure sectors (cement and power), although both are still at very low levels. Meanwhile, rural demand remains weak, while private investment is yet to show any signs of recovery, which is not surprising given subdued external demand, low capacity utilisation and high leverage in several sectors. Note that the contraction in passenger car sales (indicator of urban demand) and pick-up in two wheeler sales (indicator of rural demand) in Q1 2016 have been driven by one-off factors and do not signal a trend," it added.
 
Nomura's Monthly Activity Indicator, a weighted average growth indicator combining high-frequency data in the economic heat-map, stood at 8.3% in March, compared with 8.6% in February and an average rise of 8.1% in H2 2015, indicating stable growth in Q1 2016. However, Nomura says, "...going ahead into Q2 and Q3 2016, we see non-agricultural growth consolidating at slightly lower levels. Nomura's Composite Leading Index (CLI) for India, which has a two-quarter lead over non-agricultural GDP growth, is pointing to a slight moderation in non-agricultural growth momentum into Q3 2016, owing to tighter financial conditions and slowing industrial recovery (Figure 2)."
 
The Nomura Economic Surprise Index for India (NESII 2.0) slipped into the negative zone to -0.05 in mid-May from +0.28 in mid-April, indicating that incoming data have surprised negatively relative to consensus expectations. "CPI inflation was significantly higher than expected owing to higher food prices, while industrial production disappointed in its latest (March) reading. In our note last month, we had highlighted that NESII tends to be mean-reverting and as it was close to +1 standard deviation, there was a strong likelihood of negative data surprises. The trend of negative data surprises could continue in the near term," it added.

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Sensex, Nifty under pressure – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex were struggling to rally. The major indices of the Indian stock markets were moving sideways during the week and have closed on Friday with losses of 0.74%-1.41%. The weekly trends of the major indices of the Indian stock markets are given in the table below:
 
 
Disappointing macro-economic data subdued the Indian equity markets on Monday. Consequently, key indices traded flat -- marginally in the green during the mid-afternoon session, as heavy selling pressure was witnessed in banking, capital goods and oil and gas stocks. Initially, the key indices opened on a positive note on Monday, in sync with their Asian peers. However, investors were disappointed after a key macro-economic data showed a faster rise in annual wholesale inflation. 
 
India's annual wholesale price index (WPI) moved up into the positive zone at 0.34% for April, from  (-)0.85% in March and (-)2.43% during the corresponding month of the previous year. The WPI moved up after staying in negative zone for 17 straight months, mainly on the back of a rise in global commodity prices. The rise comes after the Consumer Price Index (CPI) for last month also showed an upward movement in annual retail inflation. The rise in both the inflation indices has reduced the chances of the Reserve Bank of India (RBI) to further ease its key lending rates during the monetary policy review scheduled in June. 
Apart from the WPI, investors' sentiments were subdued after data released on May 13 showed that India's merchandise exports in April fell for the 17th straight month. Last month's exports were valued at $20.57 billion -- down 6.74% against $22.05 billion in the like month of last year.
 
Besides, selling pressure was witnessed in the banking sector after Bank of Baroda (BoB) reported its second consecutive quarter of losses. The BoB's quarterly results were released after the market hours last Friday.
 
On Tuesday, key indices made gains during the late-afternoon trading session, as healthy buying was witnessed in stocks of oil and gas, automobile, capital goods and banking sectors. However, investors were seen cautious, given the recent negative macro-economic data and poor quarterly results from state-owned banks. Key economic indicators show rising inflation trend that has reduced the chances of the Reserve Bank of India (RBI) further easing its key lending rates during the monetary policy review scheduled for June.  In addition, the risk-taking appetite of investors was subdued a day ahead of the US Federal Open Market Committee (FOMC) releasing its minutes. The US FOMC minutes assume significance as they can give vital cues on the future course of US interest rates. On the BSE, there were 1,303 advances and 1,300 declines at the close of Tuesday’s trading.
 
State-run Indian Oil Corp (IOC) on Tuesday raised transport fuel prices, with petrol becoming costlier by 83 paise a litre and diesel by Rs.1.26, both at Delhi and inclusive of local levies, with corresponding increase in other states. Indian Oil Corporation share prices closed at Rs407.45, down 0.48% on the BSE. US stocks posted solid gains on Monday as investors cheered over a strong rebound in oil prices.
 
Negative Asian and US indices and disappointing quarterly results pushed the Indian equity markets down on Wednesday. This led the key indices to trade in the red during the mid-afternoon trade session, as selling pressure was witnessed in automobile, banking and information technology (IT) stocks. The Asian and domestic markets receded on the back of renewed fears of a US rate hike. In addition, reduced chances of the Reserve Bank of India (RBI) to further ease its key lending rates during the upcoming monetary policy review subdued investors' sentiments.
 
Public sector lender Punjab National Bank (PNB) on Wednesday posted a massive net loss of Rs.5,367.140 crore for the fourth quarter ended March 2016 caused by bad loans, as compared to net profit of Rs.306.56 crore in the corresponding period of last fiscal. For the entire fiscal 2015-16, the bank has posted a net loss of Rs.3,974.39 crore for the year ended March 31, 2016 as compared to net profit of Rs.3,061.58 crore for the year ended 31 March 2015, PNB said. PNB shares closed at Rs76.20, up 3.25% on the BSE.
 
Negative global cues, coupled with lower crude oil prices and a weak rupee, dragged the Indian equity markets lower on Thursday. This led the key indices to trade in the red during the mid-afternoon session, as heavy selling pressure was witnessed in the banking, capital goods and fast moving consumer goods (FMCG) stocks. Initially, the key indices opened on Thursday on a flat note, in sync with their Asian peers. The Asian and domestic markets receded on the back of hawkish comments from the US Federal Reserve, which increased the chances of a future rate hike. The US Federal Open Market Committee's (FOMC) April minutes disclosed that the US central bank might raise key lending rates in June. A hike is expected to lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India. Besides, lower crude oil prices and a weak rupee eroded investors' confidence. However, investors' sentiments turned slightly positive after the electoral victory of the Bharatiya Janata Party (BJP) in Assam, which could potentially strengthen the central government's ability to push through economic reforms. On the BSE, there were 919 advances and 1,628 declines, while 165 were unchanged.
 
On Friday, positive global indices, along with higher crude oil prices and value buying, pushed the Indian equity markets higher. This led the key indices to trade marginally in the green, as healthy buying was witnessed in automobile, fast moving consumer goods (FMCG) and consumer durables stocks. However, the market turned bearish in late afternoon and fell by around 0.45%. There were 885 advances and 1,682 declines on the BSE. 

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