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Madras HC upholds TN Speaker’s decision disqualifying 18 AIADMK MLAs




Chennai, Oct 25: The Madras High Court on Thursday upheld the disqualification of 18 AIADMK legislators.

The Supreme Court appointed third judge, Justice M. Sathyanarayanan pronounced the judgement.

The disqualified MLAs are with sidelined party leader T.T.V. Dhinakaran, now an Independent legislator in the State Assembly.

Reacting to the verdict, Deputy Speaker Pollachi V Jayaraman said that “This is a victory for dharma & a slap in the face of traitors and cheaters. Even if an appeal is filed, we are sure that truth only will win”.

Meanwhile, TTV Dinakaran told media ” It is not a setback for us. This is an experience, we will face the situation. The future course of action will be decided after meeting with the 18 MLAs”.

With this, the ban on holding of by-polls for the 18 seats has been lifted.

The apex court had appointed Sathyanarayanan, replacing Justice Vimala who was originally appointed by the high court as the third judge following a split jugement in the case on June 14.

While Chief Justice Indrani Banerjee, heading the two-judge bench, declined to interfere with Dhanapal’s decision taken in September 2017, Justice M. Sundar set aside the Speaker’s order on the ground that it was hit by “perversity, non-compliance with the principles of natural justice, mala fides and a violation of the constitutional mandate”.

The judges said since there was disagreement between them, the case should be transferred to a third judge.

Maintaining the status quo, the court also said till the case was finally decided the interim order issued earlier that barred holding of by-elections and the floor test in the Assembly would continue.

Justice Banerjee in the 296-page judgementsaid that in her opinion the view taken by the Speaker was possible, if not plausible, and “I am unable to hold that the said decision is any way unreasonable, irrational or perverse”.

“It is well-settled that when two views are possible, the High Court does not in exercise of its power of judicial review conferred under Article 226 of the Constitution of India interfere with the decision just because it prefers the other view.

“No interference is, therefore, warranted with the impugned order passed by the Speaker,” she said, dismissing the pleas filed by the disqualified legislators.

In his order differing with the Chief Justice, Justice Sundar said: “sum totality of discussion leads this court to inevitably conclude that the impugned order of the Speaker disqualifying 18 writ petitioners herein deserves to be set aside.”

In case the court had upheld the disqualification, then there would have been by-elections in 18 constituencies, exposing the ruling party to vulnerabilities of electoral politics.

On other hand, if the court had quashed the Speaker’s disqualification order, the government may have to face an opposition-sponsored no-confidence motion, which it would find difficult to survive.

In the 235-member Assembly, the AIADMK has 115 members followed by the DMK with 88, Congress eight, one of the IUML, one Independent, the Speaker and 20 vacant seats (18 disqualified and two dead). Besides, there is a nominated member.

Three legislators though belonging to three different parties won their seats under the AIADMK’s two leaves symbol. Of that, one legislator Karunas is openly supporting Dhinakaran.

The case pertains from the time when O. Panneerselvam (now Deputy Chief Minister) had rebelled against the party led by jailed leader V.K. Sasikala.

Later, he merged his group with the faction led by Chief Minister K. Palaniswami, who sidelined Sasikala and her nephew Dinakaran.

In 2017, a group of 19 lawmakers met then Governor C.Vidyasagar Rao and gave a memorandum expressing loss of confidence in Palaniswami and requested him to appoint a new Chief Minister.

The Speaker then issued notice to the lawmakers asking them why they should not be disqualified under the anti-defection law.

Subsequently, one of legislators, S.T.K. Jakkaiyan, switched over to the Palaniswami side and the others were disqualified.


RBI to come up with guidelines for dividend distribution by NBFCs

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.




Reserve Bank of India RBI

Mumbai: The Reserve Bank of India (RBI) has decided to come out with guidelines for dividend distribution by NBFCs.

Unlike banks, currently there are no guidelines in place with regard to distribution of dividend by NBFCs.

RBI Governor Shaktikanta Das on Friday announced that keeping in view the increasing significance of NBFCs in the financial system and their interlinkages with different segments, it has been decided to formulate guidelines on dividend distribution by NBFCs.

Different categories of NBFCs would be allowed to declare dividend as per a matrix of parameters, subject to a set of generic conditions.

A draft circular in this regard will be issued shortly for public comments.

He further said that the contribution of NBFCs as a supplemental channel of credit intermediation alongside banks is well recognised.

Regulatory regime governing the NBFC sector is built on the principle of proportionality such that adequate operational flexibility is available to the sector through calibrated regulatory measures.

However, there are rapid developments in the last few years, which have led to significant increase in size and interconnectedness of the NBFC sector.

“There is, therefore, a need to review the regulatory framework in line with the changing risk profile of NBFCs. It is felt that a scale-based regulatory approach linked to the systemic risk contribution of NBFCs could be the way forward,” said the RBI’s statement on developmental and regulatory policies.

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

A discussion paper in this regard will be issued before January 15, 2021 for public comments.

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Modi chairing all-party meeting to discuss corona situation, vaccine

Earlier also, Modi had convened all-party meetings on coronavirus and the India-China border tensions in eastern Ladakh.




Narendra Modi

New Delhi: Prime Minister Narendra Modi was chairing an all-party meeting with ministerial colleagues and select opposition leaders on Friday to discuss the ongoing battle against coronavirus pandemic and potential availability of coronavirus vaccine in the near future and its distribution in India.

The virtual meeting began at 10.45 am, in which Defence Minister Rajnath Singh, Union Home Minister Amit Shah and Health Minister Dr Harsh Vardhan, apart from Health Ministry Secretary, were also present.

The leaders of opposition parties will be taken into confidence on the measures taken by the central government so far to prevent more coronavirus cases in the country etc.

Only leaders of those parties which have four to five MPs have been invited to the meeting.

Once the meeting is over, an official statement will be issued on behalf of the Prime Minister’s Office to inform the public about its outcomes.

Earlier also, Modi had convened all-party meetings on coronavirus and the India-China border tensions in eastern Ladakh.

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RBI allows settlement files of payment systems on all days of year



Shaktikanta Das

Mumbai: The RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.

The measure will reduce build-up of settlement and default risks and enable better management of funds by member banks.

It will also enhance overall efficiency of the payments ecosystem.

Presently, the facility of posting settlement files of payment systems, operated by authorised payment system operators, to the Reserve Bank is available only on RTGS working days.

With round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), it is proposed to allow settlement files of payment systems on all days of the year, the RBI said in a statement.

Instructions in this regard will be issued by the pax bank shortly.

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