Tata Motors' FY consolidated net profit rose 45.8% to Rs13,516.50 crore while its total revenues increased 35.6% to Rs1.65 lakh crore
Mumbai: Tata Motors, India's largets vehicle maker, on Tuesday reported an over two-fold jump in its consolidated net profit for the quarter ended March 2012 at Rs6,234 crore from Rs2,637.52 crore same period last year, Tata Motors said in a statement.
The consolidated net income during the fourth quarter also increased by 44.3% to Rs50,907.90 crore from Rs35,287.06 crore in the year-ago period.
For the full year to end-March, the Tata group company said its consolidated net profit rose 45.8% to Rs13,516.50 crore from Rs9,273.62 crore in the previous fiscal. Its consolidated net income in FY12 stood at Rs1.65 lakh crore compared to Rs1.22 lakh crore in FY11, up 35.6%.
The company said Tata Sons Deputy Chairman Cyrus P Mistry was inducted to the Tata Motors board as a Director.
The guarantor also cannot insist that the creditor must first exhaust all remedies against the principal debtor before recovering the debts from the surety holders, says the apex court
New Delhi: The guarantor of a loan is liable to pay it if the debtor fails to clear it, the Supreme Court has ruled, while maintaining that financial institutions too cannot act like property dealers in recovering the debts, reports PTI.
A bench of justices BS Chauhan and Dipak Misra also said the guarantor cannot insist that the creditor must first exhaust all remedies against the principal debtor before recovering the debts from the surety holders.
"There can be no dispute to the settled legal proposition that in view of the provisions of Section 128 of the Indian Contract Act, 1872, the liability of the guarantor / surety is co-extensive with that of the debtor.
"Therefore, the creditor has a right to obtain a decree against the surety and the principal debtor.
"The surety has no right to restrain execution of the decree against him until the creditor has exhausted his remedy against the principal debtor for the reason that it is the business of the surety/ guarantor to see whether the principal debtor has paid or not," said Justice Chauhan, writing the judgement for the bench.
The apex court gave the ruling on an appeal by one Ganga Kishun, who had stood as a guarantor to a bank loan, raised by one Ganga Prasad, who had died without clearing it. Ganga Kishun had come to the apex court against the Uttar Pradesh government's decision to recover the loan arrears from him after the death of principal debtor Ganga Prasad.
While dismissing Ganga Kishun's appeal, the apex court, however, faulted the government's decision to auction Ganga Kishun's entire stretch of land for Rs25,000 to recover an arrear worth Rs8,500 only and not confining the auction to only 1/3rd of the land which could have fetched the arrears.
According to the Janata Party chief, poverty cannot be the criteria for giving quotas as per the government rules and for this reason, Brahmins, Muslims and Christians, who are poor, cannot qualify for quotas
New Delhi: Janata Party chief Dr Subramanian Swamy on Tuesday condemned the government's decision to challenge the Andhra Pradesh High Court order quashing the proposed 4.5% reservation to minorities within the other backward class (OBC) quota, reports PTI.
"I condemn the decision of the Union government to file a special leave petition in the Supreme Court against the order of the AP High Court quashing quotas for minorities proposed by government," Dr Swamy said in a statement.
Dr Swamy said quotas for backward classes are only for those who were never ruling classes in India whereas under the government's proposal they are being extended to classes which have no socially imposed disabilities.
"Poverty, therefore, cannot be the criteria for giving quotas. For this reason, Brahmins who are poor cannot qualify for quotas. So, too Muslims and Christians since they had been ruling classes for centuries," he said in the statement.
Law Minister Salman Khurshid has said the High Court order on minority sub-quota is not a setback to the Centre which has decided to challenge it in the Supreme Court.
The government proposes to create a 4.5% sub-quota for notified minority groups out of the 27% reservation meant for OBCs.