Court_ruling,Hatf3,PMLA,Pay_comn,EU_Bank,&Sahara

Dear all,
Welcome.
Court ruling:
1. Saradha: Supreme Court had directed CBI to conduct investigation in the matter related to Saradha chit scam. It is to note that it had affected persons from Assam & Orissa besides West Bengal.
Supreme Court had asked CBI to conduct investigation of 44 firms of Orissa and Saradha co., which are involved in the scam. It is to note that Supreme Court had issued notice to Central govt. & West Bengal govt. for CBI investigation. The then CJI had also issued notices to Central & State govt. to make SEBI powerful and also for controlling chit fund schemes.
2. Aarushi case: Allahabad HC had kept its verdict safe on bail petition of Aarushi's parents. The Justice Bench had heard the petition yesterday. Their counsels had filed basis for release through bail petition.

3. Coalgate: CBI had stated before Supreme Court that it would not submit closure report. The apex Court had asked CBI to submit Preliminary Enquiry report to CVC. It had also asked status report till July from both ED & CBI. 

Pakistan: It had tested ballastic missile Hatf 3. It had striking range of 290 kms & could carry traditional & nuke warheads. Army's strategic forces command had tested it successfully. Sixteen days back, they had tested Hatf-3(Ghaznavi).

Money laundering Act(PMLA): Enforcement Directorate had registered case against Birla group Chairman & Ex-Coal Secretary under PMLA act. It is alleged that Birla had been allocated Coal block of Odisha's Talabira-II. ED had informed Supreme Court in this regard. Also, ED would search about the source of 25 crore INR found during the raid.
It is to note that CBI had interrogated Ex-Coal Secretary besides PM's advisor, T.K.Nair. Birla would also be interrogated sooner after the elections.

Pay Commission: PM had approved seventh pay commission, which would be benefitting  fifty lakh employees. Fin.ministry had confirmed it. Ex-Judge, A.K.Mathur, would be heading the commission along with Petroleum Secretary being the full time member of the commission. The report would have to be submitted within a period of two weeks.
It is to note that seventh pay commission would be effective from Jan.1, 2016. It would have pensioners of Defence & Railways as beneficiaries. Under the constitution, the commission is to be formed for pay changes every ten years.
With regards,

M.K.Pachraiya
Original_app_mssg(1)  EU Bank
BRUSSELS - The European Central Bank has left its benchmark interest rate unchanged at a record low of 0.25 percent amid growing signs that the economic recovery in the 18-country eurozone is gaining momentum.

The bank's 24-member rate-setting council made the decision Thursday at a meeting in Brussels.

A rate cut could give growth a small boost in theory by lowering borrowing costs for banks and companies. It could also help lower the euro, which is near a 2 1/2-year high against the dollar at around $1.395. A weaker euro would help exporters and boost inflation, which at an annual 0.7 percent is well under the bank's 2 percent goal.

The euro was little changed after the decision, trading at $1.3945 15 minutes after the announcement.

Surveys of purchasing managers and other indicators have suggested that the eurozone economy is picking up steam. Unemployment has fallen slightly but remains high at 11.8 percent. The European Commission, the EU's executive arm, predicts 1.2 percent growth this year, though inflation is expected to remain weak for some time.

Low inflation makes it harder for people and governments to reduce debt. There have also been worries about deflation, an extended drop in prices that can cripple growth by pushing consumers to delay purchases in hopes of bargains.

Investors are waiting to hear ECB President Mario Draghi give his outlook at a post-decision news conference. Draghi has emphasized that the bank is ready to take action in case the economic outlook worsens.

A cut in the benchmark rate would lower the cost to banks of borrowing money from the ECB and other banks, and in theory they could pass that lower rate on to businesses and consumers. But that might only have a small effect. Rates are already very low, and some banks are not passing on lower rates because they have financial troubles of their own.

Analysts think the ECB might take other steps to boost inflation. One measure that has been discussed is a negative interest rate paid on money banks deposit at the ECB, which could push them to lend and help lower the euro further. Currently the rate is zero.

The ECB could also start buying bonds in the secondary market to boost the supply of money in the economy and drive down longer-term rates. The U.S. Federal Reserve, Bank of Japan and Bank of England have all done that. But that step, though permitted by the ECB's mandate, faces serious obstacles given there are 18 different government bond markets in the eurozone.Original_app_mssg(2) Sahara

Sahara on Thursday informed the Supreme Court of its inability to raise Rs5,000 crore in cash and furnish another Rs5,000 crore by way of a bank guarantee, terms set on Wednesday by the top court as a condition for releasing its head Subrata Roy from Tihar jail.

 Instead, the Sahara lawyers urged the top court comprising Justices KS Radhakrishnan and JS Khehar, to take back its earlier order sending Roy and two others to judicial custody on the ground that it was "illegal" and "unconstitutional". The top court had on March 4, 2014, remanded Roy and two other group directors to judicial custody for failing to pay Rs20,000 crore to market regulator Sebi. The sum is to be repaid to investors in two group companies — Sahara Real Estate Corporation and Sahara Housing Finance.

 Sahara claims that it has paid off almost 93 per cent of the investors in cash, a claim Sebi vehemently contests. Accepting Sebi's contention that the cash repayment theory was bogus, the top court has since rejected offer after offer from Sahara on repaying the money in tranches.

 On Wednesday, when Sahara proposed paying Rs2,500 crore in cash, the court said a sum of Rs5,000 crore would have to be paid by way of cash and another Rs5,000 crore by way of a bank guarantee. On Thursday, senior advocate Rajeev Dhavan termed the order as impossible to implement. "There's a proclivity to assume here that we are wrong, that we can pay, but won't pay," he said. "You have never asked us whether it is feasible."

 Dhavan then focused much of his legal arguments on the illegality and unconstitutionality of the March 4, 2014, order which had sent the Sahara directors to Tihar. "We can and we have done stupid things such as place ads in the newspapers, but my lords have put a person in prison. The conditions should not be so onerous as to become unconstitutional," he said.

 Senior lawyer Ram Jethmalani also contended that Roy had been incarcerated without even knowing what offence he had committed. No person can be sent to jail unless there has been an inquiry on his ability to pay, he said. ASahara release issued by lawyer Keshav Mohan said a bank guarantee of Rs5,000 crore would be difficult to arrange. "A bank guarantee of this size with lower margin cash backed by assets takes three months. So, if we go for a bank guarantee now, it will mean putting 100 per cent cash margin. Therefore, the order implies that Rs10,000 crore cash is wanted to secure release from jail, if the release is desired before three months," the release said.

 "In my 72 years in court, I haven't seen a single instance of a man being asked to pay Rs10,000 crore for bail," Jethmalani said, urging the court to place the issue for adjudication by another bench. "This is not a review; it is an Article 32 petition, pointing out violation of fundamental rights of a person."

 SEBI's arguments

 However, Sebi in its written reply, submitted through senior advocate Arvind P Datar and Pratap Venugopal, urged the court to direct Sahara to sell a portion of the Rs68,000 crore of assets owned by it and repay the money.

 "The official website of Sahara India indicates that the net worth of the Sahara Group as Rs68,174 crore. The group has a land bank to the extent of 36,631 acres and the market value of group assets/potential earning is Rs1,52,518 crore. "Further, the Sahara and/or their group companies have purchased hotels in London and the US, which according to them are valued at over several thousand crore."

 "Thus, Saharas have substantial assets and means to pay, yet the proposals given to the court do not mention any sale of these assets. Sebi, therefore, prays that Saharas may be called upon to liquidate a fraction of their assets and repay," it said.