SC on Loan Moratorium LIVE Updates: The Supreme Court will continue hearing in the loan moratorium or interest waiver case on Tuesday. A bench of Justices Ashok Bhushan, R S Reddy and M R Shah will hear the case.
With that, it's a wrap to the LIVE updates on the proceedings in the Supreme Court for today. Do join us tomorrow for the top developments from the SC. Until then, stay safe and for more news, views and updates stay logged on to CNBCTV18.com.
Supreme Court LIVE Updates: CJI Bobde on Tuesday expressed his displeasure at unjustified allegations against judges of the higher judiciary
The Chief Justice of India expressed his displeasure at unjust allegations against judges of the higher judiciary. The bench led by CJI was hearing a matter where the justice post-retirement appeared before the trial court. Ultimately, it was clarified that the High Court judge had advanced consultation acting under which another advocate had appeared before the court. "So there is no difference between chamber practice and appearing before the court? You are an advocate and you don't understand the difference?" "How much cost should we impose on you for making unjustified allegations against a former Judge of the Bombay HC?" CJI asked.
Supreme Court LIVE Updates: SC to hear UP govt's challenge to Allahabad HC order on December 17
Chief Justice of India SA Bobde led bench to hear Uttar Pradesh Government's challenge to September 1 order of the Allahabad High Court quashing Dr. Kafeel Khan’s detention under the National Security Act (NSA) on December 17.
Supreme Court LIVE Updates: Prashant Bhushan moves SC, seeks hearing on his plea before review petitions are considered
Activist-lawyer Prashant Bhushan on Tuesday moved the Supreme Court seeking a direction that his two pleas, in which he has sought review of the orders convicting and sentencing him for contempt of court for his tweets against the judiciary, be heard after adjudication of his separate petition raising the issue of right to appeal in such matter. The application has been moved by Bhushan, a day before a three-judge bench headed by Justice A M Khanwilkar is scheduled to consider in-chamber on Wednesday his two petitions seeking review of the apex court's orders by which he was convicted and sentenced in the contempt case.
Supreme Court LIVE Updates: If value of Pallonji Group was affected, then the value of Tata Trusts would have fallen equally, Apex Court to Pallonji Group
How does the board of company consulting its financial promoters, compromise the independence of the board? Let's take a case of a CM consulting party colleagues before a cabinet meeting, will it mean that the CM has lost his independence? Seeking the assistance of someone outside the board, a former chairman, will it amount to compromising the independence of the board? Even if Pallonji Group was affected by Bad decisions, and even if value of SP group fell, the value of Tata Trusts would have fallen equally, it weakens the Mistry argument of oppression. Which act of the board has caused the value of SP group shareholding to fall exclusively?
Supreme Court LIVE Updates: Cyrus was ousted due to objection to illegal act of Tata Trustees influencing, Pallonji group to apex court
Value of SP group shareholding was hurt due to interference by Tata Trustees and mismanagement of Tata Cos. Persistence with Nano, refusal to sell loss-making Corus have meant thousands or crores in losses, losing value as a minority shareholder. As per us, our stake is worth over 1.5 lakh, Tatas believe our stake is not worth more than 80,000crInterference by Tata Trust in the board of downstream cos affects Tata Group Cos, affects the value of our shareholding. Tata Trustees, their nominees influencing operational management of downstream cos, undermined the board of respective cos. Cyrus was ousted due to objection to the illegal act of Tata Trustees influencing. Cos act provides for Board of Cos exercising independent authority in management and operation of the company. Tata Sons is a two-group company, SP group has had a quasi partnership relationship with the Tata family for over 70 years.
Supreme Court LIVE Updates: SC bench directed district child protection units to coordinate and oversee the progress made to provide education to children who were in CCI
Noting the importance and the need for providing education to those who have been restored with their families, the bench directed that district child protection units shall coordinate and oversee the progress made in the matter. The apex court also directed that child protection units would inform the district legal services authority about the progress made regarding the issue of facilities for children in CCIs. It observed that teachers should be permitted to teach the children as the pandemic had affected normal life since March this year and the children did not have the opportunity to attend classes. The bench passed the order while hearing a suo motu case on the condition of children in protection, juvenile and foster or kinship homes across the country amid the coronavirus outbreak.
Supreme Court LIVE Updates: Apex court asks states to give Rs 2,000 per month for the education of children from institutions now with their families
The Supreme Court on Tuesday directed all states to provide Rs 2,000 a month for the education of each child who was in a child care institution (CCI) and now been restored to his or her family during the COVID-19 pandemic. The apex court also said state governments should provide necessary infrastructure, including books and stationery, to CCIs for the online classes of children living there on the basis of a recommendation from district child protection units within 30 days. A bench headed by Justice L Nageswara Rao said states should ensure that the required number of teachers are made available to teach children in CCIs.
Supreme Court LIVE Updates: SC asks Centre to consider granting break to doctors engaged in COVID-19 duty
The Supreme Court asked the Centre on Tuesday to consider granting break to doctors engaged in COVID-19 duty for the last seven-eight months. The top court said that continuous work might be affecting mental health of doctors. A bench of Justices Ashok Bhushan, R S Reddy and M R Shah, which is hearing a suo motu case on proper treatment of COVID-19 patients and dignified handling of dead bodies in hospitals, asked Solicitor General Tushar Mehta to consider the suggestions of giving the doctors some break. Mehta assured the bench that the government would consider the suggestion of the bench to grant some break to health workers engaged in COVID-19 duty. "For last seven-eight months doctors have not been given any break and are continuously working. You take instruction and think over giving them some break. It must be very painful and might be affecting their mental health," the bench told Mehta.
Supreme Court LIVE Updates: 'Emergency should not have happened', says SC, agrees to examine proclamation of 1975
Emergency is something which should not have happened, the Supreme Court on Monday said as it agreed to hear a plea of a 94-year-old woman seeking to declare as wholly unconstitutional the proclamation made in 1975 during the tenure of the then Indira Gandhi led Congress government. The top court, which issued notice to the Centre, said that it would also examine whether it is feasible or desirable to make a simpliciter declaration of the proclamation after a lapse of 45 years. We are having difficulty. The emergency is something which should not have happened, a bench headed by Justice Sanjay Kishan Kaul observed while pondering over what relief it can grant after the passage of such a long time. The bench also comprising Justices Dinesh Maheshwari and Hrishikesh Roy said that the court would be disinclined to open all such aspects as there may be some wrongs done to persons, but with the passage of almost 45 years, it would not be appropriate to reopen all such issues. It asked the petitioner to amend her petition by December 18 with respect to the prayer of the declaration of emergency as unconstitutional.
Supreme Court LIVE Updates: Apex Court seeks reply from Centre, States on plea against coal blocks auction in densely forest areas
The Supreme Court on Monday sought response from Centre and seven states on a plea challenging the decision to allocate/auction coal blocks for commercial mining in densely forested areas. A bench headed by Chief Justice S A Bobde and Justices AS Bopanna and V Ramasubramanian issued notice and tagged the matter along with other pending matters related to mining. Advocate Prashant Bhushan, appearing for an activist Sudiep Srivastava said that this is a serious issue as the government has itself declared the areas as no go areas. Mr Bhushan, we are issuing notice but we will take up this matter along with other pending mining cases, the bench said. The seven states from whom the top court has sought response include Chhattisgarh, Jharkhand, Maharashtra, Odisha, Madhya Pradesh, West Bengal and Telangana.
Supreme Court LIVE Updates: Apex court bench to resume hearing in loan moratorium case today
The Supreme Court will resume hearing of a number of petitions seeking interest waiver during the loan moratorium period today. The apex court had granted permission to the RBI to submit written submissions. In March 2020, the RBI had announced a moratorium on repayment of term deposits until June 2020, which was extended to August 31, 2020.
With that it's a wrap to the LIVE updates on the loan moratorium case for today. Do join us tomorrow for the latest developments from the Supreme Court on the case. Until then, stay safe.
SC on Loan Moratorium LIVE Updates: Supreme Court defers hearing to December 15
The Supreme Court deferred hearing a number of petitions seeking interest waiver during the loan moratorium period to December 15. It granted permission to RBI to submit written submissions, according to Bar and Bench. In March 2020, the RBI had announced a moratorium on repayment of term deposits until June 2020, which was extended to August 31, 2020.
SC Loan Moratorium LIVE Updates: Apex Court hearing Tata verus Mistry case currently
SC Loan Moratorium LIVE Updates: Apex court notice to Centre on plea seeking to declare 1975 Emergency as wholly unconstitutional
The Supreme Court on Monday sought response from the Centre on a plea filed by a 94-year-old woman seeking to declare as wholly unconstitutional the proclamation of Emergency in 1975. While agreeing to hear the plea, a bench headed by Justice S K Kaul said the apex court would also examine whether it is "feasible or desirable" for it to examine the validity of proclamation of Emergency after a lapse of 45 years. We are having difficulty. Emergency is something which should not have happened, the top court observed while hearing the plea. Senior advocate Harish Salve, appearing for petitioner Veera Sarin, said that Emergency was a fraud and the greatest assault on the Constitution as rights were suspended for months. Emergency was proclaimed minutes before the midnight of June 25, 1975 by then Prime Minister Indira Gandhi. The proclamation was revoked in March 1977.
SC Loan Moratorium LIVE Updates
Meanwhile, Kapil Sibal for Whatsapp to SC -
Matter subjudice but SC did not stay application, clearance proposal.
Regulator charged with security of financial data, they have given Whatsapp the go ahead.
Charges of Pegasus software being used to breach whatsapp networks are completely false.
Supreme Court Loan Moratorium LIVE Updates: Apex court bench to resume hearing today
Meanwhile, Member of Parliament Binoy Viswam slams approval for Whatsapp Pay, Amazon Pay and Google Pay, claims breach of privacy, claims abuse of critical financial data
Binoy Viswam to SC -
NPCI has given go ahead to whatsapo while matter is pending before SC.
Deloitte has certified Whatsapp Pay as secure, no independent verification by NPCI
RBI is saying that it is not sure how NPCI
NPCI needs to come clean on how Whatsapp has complied, how clearance was granted.
RBI mandates 2 factor identification for payment systems, Whatsapp however is clearly not compliant with 2 factor authentication norms, raises issues with security.
Israeli company Pegasus launched software to hack into whatsapp messages.
Data Localisation norms not complied with by Whatsapp Pay, Google Pay, Amazon Pay.
Anti Trust Commissions have launched proceedings against these three tech giants across various jurisdictions
Critical financial data is also being allowed by these payment system to be shared with parent companies.
Misuse of critical financial data is violative, in breach of Aadhaar judgment on privacy.
SC on Loan Moratorium LIVE Updates: SC had disposed off petitions where petitioners were satisfied compound interest waiver
The Supreme Court had disposed petitions where petitioners are satisfied with compound interest waiver. It directed power producers and other petitioners to submit suggestions before RBI counsels. It also directed Centre and RBI to reply to suggestions put forth before the bench.
SC on Loan Moratorium LIVE Updates: Centre warns apex court against interest waiver, says Rs 6 lakh crore will be forgone; will hit banks' net worth
Centre Warns SC against interest waiver: If the interest is waived off on all types of loans, the amount forgone would be over Rs 6 lakh crore; due to this interest waiver was not even considered. It will wipe out a major part of banks' net worth, will raise serious questions about the survival of banks. For SBI alone, interest waiver will wipe out half of the banks' net worth. Continued payments to depositors critical, for every borrower there are about 8.5 depositors.
SC on Loan Moratorium LIVE Updates: Govt opposes further relief to power gencos and developers citing legacy issues
Govt opposes further relief to Power Gencos, Developers; Says they suffer from legacy issues: Most petitioner associations have legacy issues, their issues not due to the COVID-19, but due to pre-COVID factors. Stress in these sectors not on account of the pandemic. Whatever could be done for the power sector, has been done. On account of the govt relief, even during the COVID-19 power plant did not shut down even for a single day during lockdown. Have also provided sector specific relief for stressed areas under the Kamath Committee. Have also sought govt impetus to affected MSME.
SC on Loan Moratorium LIVE Updates: Here's what power companies told Supreme Court on December 9 hearing
Power Gencos to Supreme Court: 1. RBI to allow restructuring of funds borrowed from LIC, AIFs, FPIs, Foreign Banks. RBI currently allows restructuring only by banks, NBFCs, Cooperatives. 2. Restructuring should be subject to a request by borrowers, not subject to the discretion of the lender. 3. Restructuring requires logistical exercises such as a forensic audit. Requirements such as these should be dispensed with. 4. Lenders should be restrained from taking coercive measures such as the invocation of bank guarantees. 5. Loans restructured under the June 2019 framework were under a monitoring period of 12 months, excluded from Aug 6 circular relief proposed by RBI.
SC on Loan Moratorium LIVE Updates: Apex court had on Sept 3 directed banks to not declare NPAs until further order
The Supreme Court had on September 3 instructed banks not to declare accounts as non-performing assets (NPAs) until further orders after the Centre on October 2 told the apex court that it would waive compound interest on the repayment of loans of up to Rs 2 crore, a move that would provide relief to individual and MSME borrowers.
SC on Loan Moratorim LIVE Updates: RBI had announced moratorium on EMI repayment for 6 months in March
The RBI had in March announced a moratorium on repayment of term deposits for three months, which was later extended till August 31. The move was expected to give borrowers more time to clear payments of EMIs amid the economic fallout of the lockdown, without being classified as NPAs. However, under the RBI circular, the interest chargeable during the moratorium period of three months would be added to the loan installments that fall after the prescribed period. It is this interest burden that is being contested in the plea.
SC on Loan Moratorim LIVE Updates: Justice Ashok Bhushan bench to resume hearing in the case today
The Supreme Court will continue hearing in the loan moratorium or interest waiver case now on December 14.