RBI moves SC against HC verdict on Sahara

NEW DELHI: Within 24 hours of the Allahabad High Court lifting the ban on parabanking operations of Sahara India Financial Corporation (SIFL), the Reserve Bank of India (RBI) on Thursday challenged it in the Supreme Court alleging that the HC decision would spell disaster for investors. Appearing for RBI, senior advocate T R Andhyarujina sought an urgent hearing before a Bench comprising Justices Arijit Pasayat and P P Naolekar and alleged that the HC erred in staying the central bank’s June 4 decision to ban SIFL from raising money through public deposits. SIFL through senior advocate Mukul Rohtagi stood up to defend the HC order, but the Bench ordered the RBI’s appeal to be listed for hearing on Monday, the earliest working day available in the apex court. Andhyarujina said the HC decision allowing SIFL, which has public deposits to the tune of Rs 18,000 crore, to continue with its parabanking operations would spell disaster for the investors. RBI’s appeal, filed through advocate Ramesh Babu, defended its June 4 decision saying SIFL had violated norms governing maintenance of direct investments and payment of minimum rate of interest prescribed under the Residuary Non-Banking Company (RB) Directions, 1987. The central bank also accused the Subrata Roy company of violating the KYC (Know Your Client) norms stipulated for opening of deposit accounts. While RBI had claimed that its decision was driven by ‘public interest’, SIFL had accused it of being vindictive and taking a decision that would hurt the investors. RBI had also directed SIFL to “strictly comply with the requirements of all the applicable provisions of the RBI Act, the directions, guidelines, instructions and circulars issued by RBI thereunder from time to time till such time as all the deposits are repaid with interest in full”. SIFL had moved the vacation Bench of the Allahabad HC on Wednesday and got a stay on the RBI decision by citing that in an earlier PIL proceeding, the RBI had given a clean chit to SIFL operations. SIFL, which has 2.5 crore depositors and 7 lakh employees and field agents, had claimed before the HC that as RBI had earlier allowed it to accept deposits till 2011, the June 4 decision was arbitrary.
7 Jun 2008, 0049 hrs IST,TNN

Hindu group moves SC against Dasavatharamhttp://timesofindia.indiatimes.com/India/Hindu_group_moves_SC_against_Dasavatharam/articleshow/3108016.cms

NEW DELHI: The June 13 release of Kamal Haasan-starrer movie Dasavatharam may have to wait for the outcome of a petition filed in the Supreme Court on Thursday objecting to the title of the film as well as certain scenes in it on religious grounds. Apprehending such a move by the petitioner, International Sri Vaishnava Dharma Samrakshak Society, which lost its case in the Madras HC, the director and producer of the film had on Wednesday filed caveats to prevent the group from obtaining any ex-parte order from the apex court against the release of the movie. On May 29, a HC bench comprising Justices K Venkataraman and M Satyanarayana dismissed the petitions filed by the society and ‘Kalyana Suba Samiti’ seeking change of title of the movie and deletion of certain scenes in it. Terming the apprehensions of the petitioner as mere presumptions as they had not viewed the movie, the bench had said: “Freedom of expression guaranteed under the Constitution cannot be curtailed on mere assumption of the petitioners that the said film contains certain scenes which will hurt the sentiments of the Hindus, more so the Vaishnavites.” Rejecting the plea that Hindus had a copyright over the title Dasavatharam , the HC had said: “Admittedly, there is no copyright over the word Dasavatharam .”
7 Jun 2008, 0334 hrs IST,TNN


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