Tirupur: In a major relief, a Coimbatore court has said that the exotic forex derivatives sold by banks to garment exporters during the global financial crisis in 2008 were illegal. The Tirupur Forex Derivatives Consumer Forum (TFDCF), which was formed by 25 exporters from Tirupur, who lost more than Rs 400 crore in the issue, moved the Subordinate Court in Coimbatore stating that as many as 19 banks were involved in the fraud by selling the product that was not authorised by the Reserve Bank of India (RBI).“Last week, the court completed the trial and passed its judgment. The court has clearly observed that the products sold by the banks were against the country’s laws and public policy, and also against RBI rules and guidelines,” Raja M Shanmugham, President, TFDCF told TOI.“It has been confirmed that the banks have been involved in the fraud, which was responsible for at least Rs 38,750 crore moving out of the country. It has made our stand strong in seeking … [Read more...] about Relief for garment cos as court rules forex derivatives illegal
Appoints high court judges
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors ‘preferably not later than three months’. … [Read more...] about Will SC order help Vijay Mallya in extradition case?
On Saturday, a Delhi court said that no further directions were required on a plea by the lawyer of the death row convicts alleging the prison authorities were not handing over certain documents required to file mercy and curative petitions, and disposed of the petition. … [Read more...] about Nirbhaya convict seeks urgent hearing against rejection of mercy plea
Kanhaiya Kumar, former students’ union president of JNU, and fellow university student Umar Khalid, were arrested and booked under sedition charges after anti-national slogans were allegedly chanted in February 2016 on the university campus. Kumar, Khalid and eight others were named in the Delhi Police chargesheet filed in January last year. … [Read more...] about ‘Arvind Kejriwal supports tukde tukde gang for vote bank’, says Nadda
In the late 1920s, a young TR Krishna Iyer moved to Ernakulam, from his home town Thriprayar, near Thrissur, looking for better opportunities. The search led him to Champion’s Institute, a typewriting and shorthand institute, run by Seetharama Iyer, on Market Road. By 1935 Krishna Iyer, who learnt both, opened a branch of the institute near the Ernakulam Siva Temple. On January 26, 1952, he christened it Ramakrishna Institute of Commerce and relocated to Jos Junction; it moved once more to its current location. … [Read more...] about More than eight decades of typewriting lessons for Kochi