SC junks pleas seeking extension of two liquor licences categories

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New Delhi, Oct 1 | The Supreme Court on Friday declined to entertain pleas seeking extension, till November 16, of two categories of licences for retail sale of Indian and foreign liquor in private sector in Delhi.

The L7 licence is for a private retail vend for Indian liquor and L10 licence is related to retail sale of Indian and foreign liquor.

The top court was hearing pleas, which emerged from the Delhi High Court order, which refused to pass an interim order to extend these two licences till November 16.

As the Delhi government submitted before a bench headed by Justice A.M. Khanwilkar and comprising Justice C.T. Ravikumar, that the new policy has increased the revenue from about Rs 6,000 crore to Rs 10,000 crore, the bench told counsel representing the petitioners that the decision has been taken by the government and it is very firm about it.

“We are not inclined to interfere. Dismissed,” it said.

Citing the loss in revenue, a counsel representing one of the petitioners argued that people would go to Noida and Gurugram to buy liquor, as the L7 and L10 licences have not been extended while other category of licences was extended till November 16.

Senior advocate A.M. Singhvi, representing the Delhi government, however, submitted before the bench that there are roughly 846 vends in the capital.

As the bench queried Singhvi on petitioners questioning the timing of the decision against the backdrop of the upcoming festive time, he replied all government vends have been allowed to be open till November 16, and there would not be any crowding as strict regulations are in place.

Earlier this week, the high court, while hearing a petition, had declined to put a stay on the closure of retail vends having L7 and L10 licences, under the old excise policy with effect from September 30.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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