July 19, 2018

ALL ABOUT INDIA’s NPA,OIL DEFICIT INHERITED BY PRESENT GOVERNMENT THE DATA SUMMARY

We hear from President of opposition party about Note Ban,GST,NPA, Nirav Modi etc in public rallys. I decided to gather information under one roof. After reading it I realized why it was compulsion for present NDA government to go for NoteBan? Why it faced sever cash crunch? December,2014 As per data available on RBI website following was the economic situation as on December,2014. It means when Dr.Manmohan Singh left as Prime Minister this was economic scenario. At end-December 2014, India’s total external debt stock was US$ 461.9 billion, recording an increase of US$ 15.5 billion (3.5 per cent) over the level at end-March 2014 (Table 1). Long-term external debt increased by 6.1 per cent to US$ 376.4 billion. As a proportion of total debt, long-term debt was 81.5 per cent. Short-term debt on the other hand recorded a decline of 6.7 per cent during the period and stood at US$ 85.6 billion at end December 2014. Short-term debt constituted 18.5 per cent of the total external debt at end-December 2014. Annex I and II present the quarter-wise Dis-aggregated data on value of external debt outstanding in terms of the Indian rupee and the US dollar, respectively. External Debt by Original Maturity Long-term debt at US$ 376.4 billion accounted for 81.5 per cent of the total external debt at end-December 2014. Long-term debt recorded an increase of 6.1 per cent at end-December 2014 over the period at end-March 2014 due to rise in commercial borrowings and NRI deposits. Commercial borrowings and NRI deposits taken together accounted for 60.8 per cent of total external debt (long-term and short-term) at end-December 2014 as against 56.8 per cent at end-March 2014. Other components of long-term external debt, however witnessed decline at end-December 2014 over end-March 2014 level. Short-term debt at end-December 2014 witnessed decline over end-March 2014 level due to debt component of FII flows and trade related credit. Short-term debt declined by 6.7 per cent to US$ 85.6 billion at end-December 2014 over the end-March 2014 level. The share of short-term in total external debt was 18.5 per cent at the end of December 2014, vis-a-vis 20.5 per cent at end-March 2014. It means UPA government reduced short term loan but As on 2016 India’s World Bank Loan was $36,348,018/- Oil Pool Account – It is the account into which all revenues earned by the public sector oil companies are deposited and expenditures like subsidies are charged. As part of the dismantling of the APM, the oil pool account has been terminated in 2002. The Government issued bonds in 2002 aggregating Rs 9,000 crore to the state-owned oil companies to liquidate a substantial part of their dues in the oil pool account. Advances Total Gross Advances as on 2013 by Banks were Rs 5371151/- ( In Crores) out of which 183,854/-( In Crores) was NPA. During third phase of growth of UPA government of Dr.Manmohan Singh 2009 to 2012: During this period, growth in credit as well as NPAs slowed down in 2010. However, by end-March 2012, there was a sharp contrast in the movement of both, with credit growth witnessing a sharp […]

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July 13, 2018

Can there be Assignment of Parenting Rights, whether it is legal? Can it be done by an Agreement?

A very unique query I came across a query, “ Can there be an Agreement between Hindu parents of a minor girl child assigning Guardianship Rights to mother?” The guardian-de-jure or assignment of parenting rights is not a new concept in India. It dates back to more than 3000 years ago in the epic period of Mahabharata. Krishna was born to Vasudev and Devki but was handed over to Nandji and was brought up by Jashodaji. This is very amazing query. The reason of handing over parenting right is not so easy, as it involves ups and downs of emotions. The reason may be couple going abroad for employment, divorce or understanding between couple if husband is having second wife to avoid court proceedings, wife consents silently to Second marriage and allows adultery or Bigamy for sake of child and custody given to her absolutely. In India we have seen in public life with a very prominent Bollywood couple. Any act of adoption, matrimonial settlement, custody affects the child’s right to succession. It is therefore very much necessary to understand various provisions of law. Government of India had set up a Commission in order to emphasize the “welfare of the child” as the paramount consideration in adjudicating custody and guardianship matters, the Law Commission of India decided to study the issue of adopting a shared parenting system in India of a Single Retired Judge Shri A.P.Shah. Commission after several rounds of discussions and deliberations, the views of the Commission centered around (i) strengthening the welfare principle in the Guardians and Wards Act, 1890 and emphasize its relevance in each aspect of guardianship and custody related decision-making; (ii) providing for equal legal status of both parents with respect to guardianship and custody; (iii) providing detailed guidelines to help decision-makers assess what custodial and guardianship arrangement serves the welfare of the child in specific situations; and (iv) providing for the option of awarding joint custody to both parents, in certain circumstances conducive to the welfare of the child. This report of the Law Commission reviewed the current laws dealing with custody and guardianship, namely, the Guardians and Wards Act, 1890 and the Hindu Minority and Guardianship Act, 1956, and recommends legislative amendments to achieve the following objectives: Strengthen the welfare principle in the Guardians and Wards Act, 1890 and emphasize its relevance in each aspect of guardianship and custody related decision-making Provide for equal legal status of both parents with respect to guardianship and custody Provide detailed guidelines to help decision makers assess what custodial and guardianship arrangement serves the welfare of the child in specific situations. Provide for the option of awarding joint custody to both parents, in certain circumstances conducive to the welfare of the child. What is not covered in this report is when child becomes orphan due to accident or any other reason child’s custody whom to be given. Who can give away child in adoption in such cases? As the same is governed by Guardian and Wards Act,1890. In India Hindu children are govern by the Hindu Minority and Guardianship Act, 1956. It is an Act to […]

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July 5, 2018

Special General Meeting – Provisions under Bye-Laws of Co-operative Housing Society

In a recent matter the Queriest has raised following queries:- Whether request for a Special General Meeting is   prerogative of Society Members only? Can Chairman OR management committee call for a Special General Meeting at any time or several times in a year for getting approval of a Agenda prepared by them ((not  against a requisition from  members) ? Can Chairman or Management Committee call for a Special General Meeting against a requisition received from society members, signed by only 5 members? Is it that Chairman or management committee can call Special General Meeting ONLY AND ONLY when they receive a Requisition signed by 20% members of society, OR a request letter from Registering Authority OR a request letter from Housing federation and such SPGM to be called by Chairman or managing committee at any time within one month from the date of such Requisition or letter? Can Chairman OR Managing Committee declare the “Decisions made in a Special General Meeting ” as invalid? Under what circumstances a Conducted Special General Meeting can be declared as invalid by Chairman OR Managing Committee? To understand questions we need to know relevant provisions of law. The Maharashtra Co-operative Society Act,1960 is the parent law which regulates the Co-operative Society. SPECIAL GENERAL MEETING. (1) A special general meeting may be called at any time by the Chairman special or by a majority of the committee and shall be called within one month— (i) on a requisition in writing of one-fifth of the members of the society of members the number of which is specified in the by-laws for the purpose, whichever is lower, or (ii) at the instance of the Registrar, or (iii) in the case of a society, which is a member of a federal society, at the instance of the committee of such federal society. (2) Where any officer or a member of the committee, whose duty it was to call such meeting, without reasonable excuse, fails to call such meeting, the Registrar may by order declare such officer or member disqualified, for being a member of the committee for such period not exceeding three years, as he may specify in such order; and if the officer is a servant of the society, he may impose on him a penalty not  exceeding one hundred rupees. Before making an order under this sub-section, the Registrar shall give, or cause to be given, a reasonable opportunity to the person concerned of showing cause against the action proposed to be taken in regard to him. (3) If a special general meeting of a society is not called in accordance with the requisition referred to in sub-section (1), the Registrar or any person authorised by him in this behalf, shall have power to call such meeting, and that meeting shall be deemed to be a meeting duly called by the committee. (4) The Registrar shall have power to order that the expenditure incurred in calling a meeting under subsection (3) shall be paid out of the funds of the society or by such person or persons who, in the opinion of the Registrar, were […]

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June 30, 2018

Excepted Matters and Arbitration

A very interesting issue came up in an Arbitration matter of engineering contract with our firm. It was an engineering contract and terms were laid down under Tender. Various powers and terms were laid down which were given to the Engineer. However, as far as Arbitration is concerned there was a clause in Tender document by which certain issues only can be referred to arbitration and those which is bestowed upon Engineer cannot be referred to arbitration. The said clause was, in general, we see in most of the engineering contracts. It was as under: Where there was a clause in the Tender Document that, “ Except where otherwise provided in the Contract all questions and disputes, relating to the meaning of specifications, designs, drawings and instructions herein before mentioned and as to the quality of workmanship or materials used on the work or as arising, out of or relating to the Contract, designs, drawings, specifications, estimates, instructions, orders or those conditions concerning the works, or the execution or failure to execute the same whether arising during the progress of the work or after the completion or abandonment thereof shall be referred to arbitration subject to the provisions of the Arbitration Act, 1996 or any statutory modification or re-enactment thereof and the rules made thereunder and for the time being in force.”   The Claimant referred the dispute relating to unpaid running Bill , which was within jurisdiction of the Engineer. The Respondents objected the claims on the grounds that it is Excepted Matters and Tribunal has no jurisdiction. Now let us see the provisions of Arbitration Act,1996 Section 28 of the Arbitration Act,1996 reads as under: Section 28 – Rules applicable to substance of dispute (1) Where the place of arbitration is situated in India,— (a) in an arbitration other than an international commercial arbitration, the arbitral tribunal shall decide the dispute submitted to arbitration in accordance with the substantive law for the time being in force in India; (b) in international commercial arbitration— (i) the arbitral tribunal shall decide the dispute in accordance with the rules of law designated by the parties as applicable to the substance of the dispute; (ii) any designation by the parties of the law or legal system of a given country shall be construed, unless otherwise expressed, as directly referring to the substantive law of that country and not to its conflict of laws rules; (iii) failing any designation of the law under clause (a) by the parties, the arbitral tribunal shall apply the rules of law it considers to be appropriate given all the circumstances surrounding the dispute. (2) The arbitral tribunal shall decide ex aequo et bono or as amiable compositeur only if the parties have expressly authorized it to do so. (3) In all cases, the arbitral tribunal shall decide in accordance with the terms of the contract and shall take into account the usages of the trade applicable to the transaction. While studying on this terms “Excepted Matters”  we came across a judgment of Queens Bench Decision in Minster Trust Ltd Vs Traps Tractors LD & Ors [1951]  1 […]

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July 9, 2016

Government softens plan to criminalise unwitting offshore tax evasion

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