Bengal ex-Chief Secretary case: SC sets aside Calcutta HC order

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New Delhi, Jan 6 | The Supreme Court on Thursday set aside the Calcutta High Court order which stopped the transfer of disciplinary proceedings against former West Bengal Chief Secretary Alapan Bandyopadhyay from West Bengal to New Delhi. Bandyopadhyay came into the limelight when he did not attend a meeting chaired by Prime Minister Narendra Modi in Kolkata in the wake of Cyclone Yaas.

A bench comprising Justices A.M. Khanwilkar and C.T. Ravikumar had reserved the judgment in the matter on November 29. Detailed judgment in the matter will be available later in the day.

The top court allowed Centre’s appeal against the high court order, which set aside transfer of case from Central Administrative Tribunal (CAT) bench of Kolkata to Delhi. However, the top court granted liberty to Bandyopadhyay to approach the high court against the order of the CAT principal bench.

During the hearing, Solicitor General Tushar Mehta, representing the Centre, had assured the top court that no “precipitative action” would be taken against Bandyopadhyay before the court pronounced its judgment.

Bandyopadhyay was issued a show cause notice under the Disaster Management Act. However, he resigned from service but was subject to disciplinary proceedings initiated by the Centre. He moved the CAT in Kolkata against these proceedings.

The CAT principal bench passed an order on Centre’s application to transfer Bandyopadhyay’s application from Kolkata to New Delhi. The high court set aside the transfer of the case and noted that the CAT Principal Bench was “overzealous” to cater to the fiat of the government. The Centre moved the top court challenging this high court order. It challenged the jurisdiction of the Calcutta High Court to entertain Bandyopadhyay’s case when it was already transferred to Delhi.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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