|Photo: The Hindu|
Sunday, February 05, 2017
Winning Strokes: Think Different
The stock of HDIL (Housing Development & Infrastructure Ltd) was given a buy around the support of Rs.64.50 for a short term target of Rs.72 to the Paid Members on 1st February, 2017; based on the theme that Union Budget 2017 proposed several positive measures for the real estate sector, which includes Infrastructure status to affordable housing, which will reduce the cost of funding for the builders; the benefit of which can be passed on to the customers. The stock touched Rs.66.15, on last Friday.
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Future Enterprises Ltd was given a buy at around Rs.17.50-18, a couple of days weeks back. The scrip touched Rs.23.15 intra-day on last Friday. The investors are suggested to book some profits.
The stock of Reliance Communications Ltd moved to Rs.40.40 in the NSE on last Friday clocking a volume of 87,824,962 shares. A special court last week dismissed the cases against the Maran brothers, saying saying that the "perception or suspicion" was not backed by concrete evidence. The special CBI Judge O.P. Saini, in scathing observations, said that no minister or senior government officer would be safe if "contradictory oral statements" of witnesses are made legally acceptable. Judge Saini discharged Maran, his brother Kalanithi Maran, Kalanithi's wife Kavery Kalanithi, South Asia FM Ltd (SAFL) Managing Director K. Shanmugam and three companies -- SAFL and Sun Direct TV Pvt Ltd (SDTPL) and South Asia Entertainment Holdings Ltd, Mauritius in two related but different cases. Dismissing the cases against them, the judge said the oral statements, which were used by the CBI and ED to frame charges, were a "dangerous trend" and that if it were allowed "anybody and everybody in the government can be made to face prosecution".
The court questioned that "If such oral statements, which do not flow from the record or find corroboration from anywhere from any circumstance, are given judicial recognition, what shall be the fate of the rule of law?" "If such a practice is allowed, anybody and everybody in the government can be made to face prosecution. "No Minister or Secretary would remain safe or for that matter anyone working in the department." "This is a dangerous trend and can strike at the root of rule of law and the constitutional democracy as wrongdoers can gang up against those, who, by the perusal of record, are innocent," the court opined.
In another major development, the Chief Justice Khehar of Supreme Court, flanked by Justices N.V. Ramana and D.Y. Chandrachud, orally observed during Aircel-Maxis hearing: "He [Mr. Ananda Krishnan] does not care for the law of this country. He does not care for the Supreme Court of this country... then we will punish him... we will see to it,”
Mr. Singhvi, the counsel for Aircel, urged caution on the court’s part, saying a restraint order meant to enforce the appearance of the Maxis owner and the other three would harm Aircel. The lawyer said Aircel had no control over Mr. Ananda Krishna and was not his “alterego.” “Why should Your Lordships punish me for something done by Mr. Ananda Krishnan,” asked Mr. Singhvi.
I feel Mr.Sanghvi has a valid point and I would make a humble request to the Honorable Bench of the Supreme Court, to maintain some sanctity of law of the land and act prudently; without any individual bias and whims. The small investors who are holding positions in Reliance Communications Ltd, should not suffer because of one of the promoters did not turn up in a court. This attitude of the honourable Supreme Court Bench to punish "Ram" for the Faults of "Rahim" is very unfortunate and puerile. I would therefore, like to ask the Supreme Court Bench on the basis of which (legal) section, the court is entitled to sell the shares of company, because one of its promoters has failed to appear in a court. The law is blind to emotions and I feel, not only the merger of Aircel - Reliance Communications Ltd, but also the shareholders of both the companies, should not suffer because of some individuals. Besides, this kind of attitude could tarnish the image of the honourable Supreme Court (and make it look like a Rogue) and I strongly feel, it will not set a good precedence for the Indian Jurisprudence's history. The court should instead should ask the Narendra Modi government to request its Malaysian counterpart to find ways to bring Mr.Ananda Krishnan to India, if his presence is absolutely necessary.