In a PIL, the IBA has submitted that huge sum of money gets blocked due to pendency of such cases and there are about 50 lakh cheque bounce cases pending in various courts
New Delhi: Expressing concern over the huge backlog of cheque bounce cases in various courts, the Supreme Court on Monday sought a response from the Centre and all state governments to a plea for framing guidelines for their speedy disposal, reports PTI.
While seeking responses of various governments, a bench of justices KS Radhakrishnan and Deepak Misra said it is “very serious issue.”
The court gave the order while hearing a public interest litigation (PIL) filed by Indian Banks’ Association (IBA), which sought directions for speedy trial of cheque bounce cases alleging that there are around fifty lakh such cases pending in various courts.
Senior advocate Shyam Divan, appearing for the association submitted that the Delhi High Court had recently framed some guidelines for such cases and it should be implemented across the country.
The bench while issuing a notice to the Centre and the states asked the association to conduct proper research on the issue.
The petitioner, an association of 174 banks and financial institutions, submitted that huge sum of money gets blocked due to pendency of such large number of cases.
“Considering the alarming situation of the pendency of cases and the constitutional rights of a litigant for a speedy and fair trial, it is necessary that the confidence of the banking industry which is the custodian of public funds in commercial transactions is not shaken,” the petition said.
“Due to huge funds of the bank and in turn of the public being blocked in such protracted litigations, the banks are finding it difficult to carry out their banking functions and as such it is necessary that this court lays down appropriate and effective guidelines to enable the banks to deal with dishonour of cheque cases expeditiously,” the petition said.
HDFC’s individual loan book witnessed robust growth of around 31%, including addition of loans sold during this December quarter
Mumbai: Housing Development Finance Corporation (HDFC) on Monday reported a 27.55% rise in consolidated net profit to Rs1,705.83 crore in the third quarter ended December 2012 on sound growth in individual loan book, reports PTI.
During the third quarter to end-December, total revenues of the home loan provider soared 58.8% to Rs10,128.58 crore compared to Rs6,379.96 crore reported a year-ago.
“We continue to post sound results on the back of robust loan growth, especially in the individual loan segment,” HDFC vice-chairman and chief executive Keki M Mistry told reporters.
HDFC’s total loan book stood at Rs1.61 lakh crore by the end of the December quarter, up 21.7% from Rs1.32 lakh crore reported in the same period last fiscal.
However, the market reacted negatively to the numbers and the HDFC counter closed nearly 1% down at Rs814.50, after hitting a high of Rs828.05 on the BSE, whose main index Sensex rose by 0.3% to 20,102 points.
“The individual loan book witnessed robust growth of around 31%, which includes addition of loans sold during this period,” Mistry said, adding that around 85% of the total growth in loan book came from individual loan segments with the rest coming from the non-individual segment.
The non-individual segment is likely to do good in the fourth quarter of the fiscal, he added.
On the net interest margin front, the housing finance company recorded a 4.1% NIM in the third quarter.
“We hope that the spreads will remain stable in the near future,” Mistry said.
HDFC also witnessed an improvement in the asset quality with gross non-performing asset (NPA) standing at 0.75% in this period compared to 0.82% reported in the same period last fiscal.
Its capital adequacy ratio stood at 17.5% as of December with a Tier-I capital standing at 14.9%. As per the company, its subsidiaries in life insurance, general insurance and mutual fund among others contributed around 33% of the net profit during the reporting quarter.
Replying to a question on the plans to list its life insurance business, he said the company will take a call after the new Insurance Bill is passed by Parliament.
On his expectations from the Reserve Bank of India (RBI) on 29th January, Mistry said the central bank is likely to cut the repo rate by 25 basis points (0.25%), which may be followed up in the next policy review in March.
He also said he does not expect a CRR (cash reserve ratio) cut on 29th January.
Mahesh, son of BJP veteran Ram Jethmalani, whose suspension was recently revoked by the party after a truce with Gadkari, said he would make known his decision later in the day
Mumbai: Notwithstanding backing from the Rashtriya Swayamsevak Sangh (RSS), Nitin Gadkari may not get elected as president of Bharatiya Janata Party (BJP) for a second straight term unopposed, with dissident leader Mahesh Jethmalani on Monday hinting at entering the fray for a ‘token’ fight, reports PTI.
“I just said there should be a contest if Mr Gadkari is contesting. If I have to engage in a token fight, I may decide,” Mahesh told reporters.
He, however, clarified that he has not “given a thought” to the matter as yet.
Mahesh, who had resigned from BJP national executive in November last year to put pressure on Gadkari to step down from his post in the wake of allegations of financial impropriety, was not very straightforward about his intention to contest.
“I don’t know from where these rumours (that he will contest against Gadkari) are originating. I am not among the claimants (to BJP chief's post),” he said.
When repeatedly questioned by reporters outside the Bombay High Court, Mahesh, son of BJP veteran Ram Jethmalani, whose suspension was recently revoked by the party after a truce with Gadkari, said he would make known his decision later in the day.
Asked whether he had spoken to any senior BJP leaders about contesting for the party’s top job, the Oxford-educated lawyer said, “Who will I talk to? I am a small person, only an ordinary worker.”
Mahesh and his father Ram Jethmalani, also a party MP, were both vocal in demanding the resignation of Gadkari as BJP president in the wake of reported irregularities in the Purti Group.
With RSS backing Gadkari to the hilt, a consensus had appeared to have emerged yesterday on a second term for him.
Senior party leader LK Advani, who had reservations about a fresh term for Gadkari, had reportedly agreed to it as a consensus on any other candidate proved elusive.
According to the notification for BJP’s presidential election issued yesterday, nomination papers for the top post will be filed on 23rd January from 10am to 11.30am. Scrutiny will be held from 11.30am to 12 noon.
A date for election will be declared, if required, after the withdrawal of nomination between 12 to 12.30pm. In the absence of any contest, the elected candidate will be declared at 12.30pm the same day.