Cases of poor would go backstage, SC on mentioning of corporate cases

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New Delhi, Sep 27 | The Supreme Court on Monday pointed out the issue of frequent mentioning of corporate matters, where lawyers seek urgent listing, remarking that the cases in connection with the weaker sections and criminal matters would go backstage.

A bench, headed by Chief Justice N.V. Ramana, orally observed: “We are streamlining the system (the mentioning process) and here corporations want their matters to be listed first.”

The bench, also comprising Justices Surya Kant and Hima Kohli, made this observation when a senior advocate mentioned a corporate matter and requested the bench on priority listing for hearing.

Pointing out the criminal appeals, family disputes, and also the cases of poor people, which are pending for adjudication, the bench said: “There are pending criminal appeals, bail matters, and other cases of people of weaker sections too.” These are lagging, it added.

On August 11, the Supreme Court had said the reason for having a mentioning officer at the court was to ensure that senior advocates do not get priority, over junior colleagues, when it comes to mentioning of cases for urgent hearing.

A bench headed by the Chief Justice had said: “We do not want to give any special priority to the senior lawyers and deprive the junior lawyers of their opportunities.”

It added that this system was made, where all can make the mention before the mentioning registrar and added if requests are denied by the mentioning officer, lawyers could mention matters before it. Chief Justice Ramana said: “You can automatically mention if it is rejected. Present a specific case, I will look into it.”

He made this remark after advocate Prashant Bhushan, who was appearing on behalf of NGO Common Cause in connection with a PIL related to coal scam, said matters keep “languishing” for months despite being mentioned before the officers for urgent listing before benches.

The bench said the current mentioning process ensures that no lawyer gets the special priority. Chief Justice Ramana has discontinued the practice of allowing direct mentioning of cases for urgent listing before the benches, and instead, asked the lawyers to mention their cases before the designated official.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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