SC: Stay on NBW against NOIDA CEO to continue until further orders

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New Delhi, May 13 | The Supreme Court on Friday said its earlier order of granting stay on non-bailable warrant (NBW) issued against CEO NOIDA by the Allahabad High Court in a contempt case, will continue until further orders.

A bench headed by Chief Justice N.V. Ramana said: “Issue notice. The non-bailable warrants stayed by earlier order may be continued until further orders.”

The top court has scheduled the matter for further hearing in July. Senior advocate Ravindra Kumar represented NOIDA CEO Ritu Maheshwari in the top court. Maheshwari had moved the top court challenging the high court order issuing non-bailable warrant against her after she failed to appear in a contempt case.

The bench, also comprising Justices J.K. Maheshwari and Hima Kohli, also expressed concern at the way the high court handled the case. Earlier, Maheshwari’s lawyer had informed the top court that she reached the high court, but got late and the court issued NBW.

Addressing senior advocate Vikas Singh, who was appearing for the contempt petitioner, on Friday, the bench said, “Suppose you are appearing in a matter, your junior would say my senior is coming… That is not the way.” Singh contended that the roster before the high court has now changed, and the same judge is not hearing the matter. He urged the bench to let her appear before the high court otherwise contempt jurisdiction would close in future.

The bench queried Singh, “We’ve to use the power of NBW in contempt?” The top court orally observed that it has become a routine where the land is taken away by authorities without proper compensation. It was contended that it has been brought on record that the order has been complied with and possession of the land and compensation has been offered.

On May 11, Supreme Court judge Justice Krishna Murari recused from hearing a plea filed by NOIDA CEO and IAS officer Ritu Maheshwari challenging the non-bailable warrant (NBW) issued by the Allahabad High Court in a contempt case. The stay on NBW, granted by the top court on May 10 will continue.

The high court issued the order in response to a contempt plea filed by Manorama Kuchhal and another person whose land was acquired by Noida in 1990, but were not given fair compensation. They moved the high court against this land acquisition. The high court issued the order, as the officer could not appear in time. The court directed the police to produce the NOIDA CEO before it on May 13.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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