Thursday, September 23, 2010

Ban on bulk SMSes, MMSes extended till Sept 29

NEW DELHI: As the Supreme Court deferred the Allahabad High Court verdict on the Ayodhya title suits by a week, the government on Thursday extended the country-wide ban on all bulk SMSes and MMSes till September 29.

As a preventive measure in view of the court verdict, which was earlier scheduled to be pronounced on Friday, the government on Wednesday clamped the ban for three days (72 hours).

"Further decision on the ban (extension or lifting) will now be taken on September 28, depending upon what the apex court will say that day while hearing the plea for deferment of the judgment," said a senior government official.

The ban has been imposed as the security agencies apprehended that certain elements might foment trouble by inciting communal passions using bulk SMSes and MMSes. The agencies had expressed their concern during a security review meeting on the Ayodhya issue in the home ministry on Wednesday.

TOI

One last chance for Ayodhya settlement: SC

NEW DELHI: The Supreme Court has stopped the Allahabad high court from delivering its much-awaited verdict on the case over the ownership of the disputed site at Ayodhya on Friday, making a tiny room for a last-gasp attempt for a highly improbable negotiated settlement to the temple versus mosque tangle.

The matter is to be taken up by the SC on Tuesday; that is, just three days before Justice D V Sharma, one of the three judges on the HC Bench that has reserved the verdict, retires. Any deferment beyond October 1 will be fraught with the prospect of the long-drawn title suit having to be heard afresh by a new Bench. Pending the HC verdict, the status quo on the disputed site with a makeshift temple will continue. "The status quo will continue on the land, what else?" quickly responded the SC, when a counsel sought to know the consequence of the HC verdict being deferred beyond Justice Sharma's retirement.

The interim order of the apex court, passed despite a divergence between Justices R V Raveendran and H L Gokhale, is unprecedented. Never before has a case on the verge of being decided by a high court after tortuous proceedings spanning decades been postponed.

Given the conflict of opinion, the matter will be heard on September 28 by a three-judge bench to be constituted by the Chief Justice of India. Justices Raveendran and Gokhale mentioned this in their interim order.

The larger Bench could be formed either by adding one more judge to the one that heard the matter on Thursday, or by bringing fresh faces.

Justices Raveendran and Gokhale issued notices to other 27 parties to the title suits, as well as to attorney-general G E Vahanvati, whose assistance in the complex issue has been requisitioned.

The sharp difference of opinion was on display on Thursday, with Justice Raveendran expressing scepticism that the issue which has defied resolution for decades could be settled through negotiations. His peer, Justice Gokhale, however, seemed to concur with the argument of senior advocate Mukul Rohatgi that a fresh effort for an out-of-court settlement will be worth a try, even at this hour and despite the slimmest possibility of a breakthrough.

SC's intervention on a deferment plea of Ramesh Chandra Tripathi came as a surprise to leading lawyers Soli J Sorabjee and Shanti Bhushan.

While agreeing with Tripathi's plea for deferment, Justice Gokhale reasoned: "If there is even one percent chance of a negotiated settlement to the vexed issue in litigation for the last 60 years, it should be given a try as any adverse consequence flowing from the judgment would affect not only the parties to the suits but lives of millions of ordinary citizens."

In response to arguments opposing postponement, he said that there was a real fear of the HC verdict leading to a law and order problem. "There is no imagination involved. We know about these things from past experience. There is a variety of possibilities. Why not give it a try, even if there is mere one per cent chance of success."

Justice Raveendran did not agree. He did not buy into the argument that the verdict, when it is delivered, could unleash, as in 1992, a "catastrophe". Nor was he sanguine about the success of fresh negotiations.

Justice Raveendran pointed out to Rohatgi that it would be a fallacy to underestimate the maturity of the citizens and think that they would react differently to the HC verdict. "Religious passions are raised when people at the helm of affairs raise it. If you people do not raise it then everything will remain normal," he said expressing his reservations towards entertaining Tripathi's appeal.

As for the argument that a last-ditch attempt for a settlement was desirable, Justice Raveendran told Rohatgi, "For 50 years you have not been able to settle it. Hundreds of opportunities have been squandered. Is this a publicity seeking stunt?"

Rohatgi, however, stood his ground. He also questioned the depiction of his client by counsel for Mahant Dharam Das and Sunni Waqf Board, Ravishankar Prasad and Anoop Chaudhary, respectiely, as an "interloper" who did not even bother to attend the hearing of the title suits. Rohatgi argued that it was not a private dispute between the parties but something that transcended to touch the lives of millions of voiceless ordinary citizens, who alone would suffer if anything goes wrong because of the verdict. He said that by giving negotiated settlement a chance, the apex court could provide a "healing touch".

The Bench was struck by the unusual unity displayed by the counsel for opponents in the title suit -- Mahant Das and the Waqf Board. Their combined opposition to the deferment plea led the Bench to remark, "If both sides could show such understanding to sit down for a negotiated settlement."

It was Justice Gokhale who turned the course of hearing by forcefully stressing the need for giving negotiations one last chance. When one counsel said that SC could attempt a negotiated settlement after the HC gave its verdict, Justice Gokhale observed that stances usually get hardened after the judgement and so it was better to try the negotiated settlement option prior to the judgment. "If it comes to the Supreme Court, it will then decide the issue on merits," he added.

He further said: "The consequence of the HC judgment will be suffered not only by the parties to the title suit but mainly by millions of ordinary people. We and you are aware of the history. Someday, the judgment has to come. But, if we do not give the last attempt for negotiated settlement, and if something goes wrong tomorrow, then you will be the first person to blame the Supreme Court for being insensitive to the petitioner's request."

TOI

Sensex dips 81 points on profit-booking

MUMBAI: The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, closed weak for the second successive session on Thursday, as investors continued to lock in profits, following a 10.5% rally in the market this month.

Traders said weakness in the European and the US equities markets weighed on domestic investors’ sentiments, while trade across Asia was thin with Japan, China, Hong Kong and South Korea closed for a holiday.

Energy major Reliance Industries (RIL), which weighs the most on the Sensex, fell 2.1%, as there were no immediate positive triggers in sight, dealers said.

The 30-share BSE index dropped 0.4%, or 80.71 points, to 19861.01, with 17 of its components closing in the red and one ending flat. The index briefly rose as much as 0.3% in early trade. “We have been expecting a correction for some time. It has come now. One should take it in stride as one did the rise,” said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries.

“This is part of the consolidation process. The market will find support sooner rather than later, maybe in 10 sessions.” Domestic institutions and retail investors were taking advantage of these high levels to book profits, he added.

The benchmark index scaled 20000 points on Tuesday, for the first time in 32 months, and had begun to show signs of fatigue in the past two sessions as investors look to book profits. Optimism over India’s growth has seen overseas investors pouring in $4.4 billion in September alone. “When will the foreign money stop coming in? That’s the big

question,” said Ambareesh Baliga, vice-president at Karvy stock Broking.

“It is like a self fulfilling prophecy — because the money is coming in, the market is going up and because the market is going up, the money is coming in.” Foreign fund inflows this year look on course to set a new record. Net foreign portfolio investments this year, have already hit $17.3 billion, adding to a record $17.5 billion in 2009, which had sparked an 81% rally in the benchmark.

Banking stocks, which had shown strength in the recent rally, corrected with top lenders State Bank of India and ICICI Bank closing down 0.2% and 2.3%, respectively. HDFC Bank and mortgage lender HDFC lost 0.6%.

In the broader market, losers outnumbered gainers by a ratio of 1.1-to-1 on volume of 463 million shares. The 50-share NSE index Nifty fell 0.5% to 5959.55 points. Elsewhere, the FTSEurofirst 300 index dipped 0.7% by 1205 GMT, while futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down between 0.5% to 0.7%.

However, Oil and Natural Gas Corp rose 1.5% after the state-owned explorer said it had begun shale gas exploration by drilling the first well in eastern India. Ranbaxy Laboratories firmed 1.5% after a newspaper reported the drugmaker has won a court battle to sell its copy of US-based Bristol-Myers Squibb Co’s anti-hepatitis B drug, baraclude.

In the broader market, losers outnumbered gainers by a ratio of 1.1-to-1 on volume of 463 million shares. The 50-share NSE index Nifty fell 0.5% to 5959.55 points. Elsewhere, the FTSEurofirst 300 index dipped 0.7% by 1205 GMT, while futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down between 0.5% to 0.7%.

ET