University Press ( 2004 Annual Report

first_imgUniversity Press ( listed on the Nigerian Stock Exchange under the Printing & Publishing sector has released it’s 2004 annual report.For more information about University Press ( reports, abridged reports, interim earnings results and earnings presentations, visit the University Press ( company page on AfricanFinancials.Document: University Press (  2004 annual report.Company ProfileUniversity Press Plc (UPPLC) publishes, prints, markets and distributes books in Nigeria for the education and general reading sectors. Educational books cover curriculum titles for the pre-primary, primary, junior, senior secondary and tertiary sectors. The company also produces material for teacher training, research categories and general reading as well as dictionaries, encyclopedias and language and cultural publications. University Press Plc was founded in 1949 and formerly known as Oxford University Press Nigeria. The company started publishing and printing indigenous titles in 1963 when it came out with the first ever local educational publication in Nigeria. Today, University Press Plc is the oldest publishing house in Nigeria exporting to a broad selection of countries in the rest of Africa. Its company head office is in Ibadan, Nigeria. University Press Plc is listed on the Nigerian Stock Exchangelast_img read more

National Bank of Malawi 2016 Annual Report

first_imgNational Bank of Malawi ( listed on the Malawi Stock Exchange under the Banking sector has released it’s 2016 annual report.For more information about National Bank of Malawi ( reports, abridged reports, interim earnings results and earnings presentations, visit the National Bank of Malawi ( company page on AfricanFinancials.Document: National Bank of Malawi (  2016 annual report.Company ProfileNational Bank of Malawi is a leading financial institution in Malawi; providing solutions for retail, corporate and investment banking and stock broking services through a national network of 22 service branches. The parent company of National Bank of Malawi is Press Corporation Limited (PCL). Its subsidiaries include National Bank of Malawi Nominees Limited and Stockbroker Malawi Registered Limited. The financial institution operates two divisions; corporate banking and retail/personal banking. The corporate banking division specialises in providing financial services through packaged deals. The retail banking division provides personal banking solutions which include utility bill payments, Internet and mobile banking, and ATM facilities. A major revenue source for the National Bank of Malawi is its treasury division which includes a foreign exchange and money market operation. The National Bank of Malawi was established in 1971 with the merger of Barclays Bank DCO (Dominion Colonial Overseas) and Standard Bank (South Africa). National Bank of Malawi is listed on the Malawi Stock Exchangelast_img read more

Dale Capital Group Limited ( 2016 Abridged Report

first_imgDale Capital Group Limited ( listed on the Stock Exchange of Mauritius under the Investment sector has released it’s 2016 abridged results.For more information about Dale Capital Group Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the Dale Capital Group Limited ( company page on AfricanFinancials.Document: Dale Capital Group Limited (  2016 abridged results.Company ProfileDale Capital Group is a publicly-quoted Private Equity Investment Holding Company, which deals with investment in hotels, leisure and tourism, property, Information Technology, food and security, fine food and beverages, banking and financial services, agriculture, aquaculture, aviation, mining and resources, renewable energy, African infrastructure, secured lending, non-durable goods distribution, lodging, and financial and fiduciary services sectors. The company is particularly interested in investments within the Sub-Saharan Africa Region, though the company is headquartered in Ebene, Mauritius with additional offices in Cape Town, South Africa. Dale Capital Group is listed on the Stock Exchange of Mauritius.last_img read more

Atlantic Leaf Properties Limited ( 2019 Annual Report

first_imgAtlantic Leaf Properties Limited ( listed on the Stock Exchange of Mauritius under the Property sector has released it’s 2019 annual report.For more information about Atlantic Leaf Properties Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the Atlantic Leaf Properties Limited ( company page on AfricanFinancials.Document: Atlantic Leaf Properties Limited (  2019 annual report.Company ProfileAtlantic Leaf Properties Limited is a real estate company incorporated in Mauritius. The company is the first pound dominated Global Business Licence company to be listed on the Stock Exchange of Mauritius. Atlantic Leaf Properties Limited invests in high quality, investment grade real estate assets and companies which deliver solid returns for investors through both income and quality growth. Atlantic Leaf Properties Limited is listed on the Mauritius Stock Exchange as well as the Johannesburg Stock Exchange.last_img read more

Saints and Sinners: The weekend’s talking points

first_imgUnflappable Finn: Russell kicks the winning conversion. (Photo: Inpho)Finn’s finaleGlasgow trailed 14-9 to Ulster as the last five minutes of their Guinness Pro12 semi-final began on Friday and looked like they may become the first home side to lose at that stage of the competition. Then two moments of magic from the Warriors’ Scotland fly-half Finn Russell turned the game on its head and snatched a 16-14 win for his side.As Glasgow attacked inside the Ulster half, trying to breach their defence for the first time, Russell stooped to gather a low ball, regained his balance in an instant and sent a superb long pass off his left hand which found DTH van der Merwe sprinting up on the right wing. The Canadian forced his way over the line, but that left Russell with a conversion from just one metre inside the touchline – a conversion he needed to kick to give Glasgow the lead.Russell composed himself, managed to block out the enormity of the moment, and sent the kick soaring through to posts to put the Warriors 16-14 up with four minutes to play.They hung on for the win and Russell was named Man of the Match. The delighted fly-half said after the game: “The pass was easy. The kick’s the hard part. It was right on the edge of my limit. I was a bit lucky to get it.” The SaintsBrilliant BathIt’s not a bad success rate is it? Seven tries from eight visits to the opposition 22 in one match. Such was the pure brilliance of Bath’s attacking rugby against Leicester on Saturday, in what should have been the stifling, pressure-cooker atmosphere of the Aviva Premiership semi-final.Bath showed absolutely no sign of nerves or tension and simply ran their visitors ragged (though surely tough words will be spoken in training about that one wasted trip to the 22 – not!). Leicester had all the possession and territory for a long period of the second half, when Bath were 21-10 up, but Bath absorbed and absorbed, then cut loose with four tries in the last 16 minutes to win 47-10.Special mentions go to two players – Man of the Match Matt Banahan for becoming the first player to score a hat-trick in a Premiership semi-final, and Peter Stringer for crossing for Bath’s fourth try in his last game at the Recreation Ground before he moves to Sale. The 37-year-old had a dozen seasons of success with Munster in the Pro12, but when they thought his time was up in 2012 he begged to differ and crossed the water to England, where he has had short stints with Saracens and Newcastle Falcons, before signing for Bath in 2013.Stringer has since made 33 Premiership appearances for them and, although he will never get the two Ireland caps he needs to take him to 100, he is going to keep playing club rugby as long as he possibly can because he just loves it. And while he is good enough to keep up with a set of backs as magnificent as Bath’s and score a try in such a massive match, who would dare to suggest he is past his sell-by date? Not me, and not Steve Diamond, that’s for sure. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Tries by Marlie Packer, Emily Scarratt and Jo Watmore were enough for England to sneak the win and it put England ahead of the USA on points difference in the table. Taylor’s stylish startSaracens’ Aviva Premiership semi-final win over Northampton did not have the same free-scoring feel as Bath’s triumph, but there was a moment of magic early on from Duncan Taylor which lit up the occasion.The centre flicked a ball between his legs to David Strettle in Saracens’ own half, then when Strettle put a trademark kick up the right wing, it was Taylor who led the pursuit. Northampton scrum-half Lee Dickson and Taylor caught up with the bobbling ball together, but Taylor cleverly dived over the top of Dickson to snaffle it and pop it up for none other than Strettle, who strolled over the line for the first try of a game which Saracens went on to win 29-24. Seven, eight…fineMunster’s back-row duo of openside Paddy Butler and Man of the Match CJ Stander were outstanding in the Irish province’s 21-18 Guinness Pro12 semi-final win over the Ospreys.No 8 Stander caught the eye with his 21 carries which took him 76 metres, and he also made nine tackles – one of which was a joint effort with Conor Murray to stop Eli Walker scoring in the corner after five minutes.Stander and Butler combined beautifully in attack to capitalise on Ian Keatley’s break just before half time and set up a try for Simon Zebo which gave Munster an 11-3 lead at the break and Butler scored a try of his own after 49 minutes, finishing off a great team move which was started by a dynamic run from Stander. Flying wing: Matt Banahan scorches in for the second of his hat-trick of tries. (Photo: Getty Images) The SinnersAnd the Oscar goes to…Niko Matawalu is a player who has flashes of pure brilliance, followed by moments of madness, and he blotted his copybook on Friday evening when his play-acting bought a penalty for Glasgow which changed the momentum of the game and ultimately set up their winning score.Matawalu was high-tackled off the ball by Ulster tighthead Ricky Lutton in the 71st minute, when the Irish province led 14-9 and were pressing inside the Glasgow half. Lutton was foolish to hook a hand around the wing’s head as he charged off after the whistle had already sounded for a scrum, but Matawalu fell to the floor dramatically, milking the incident for all he was worth. The officials looked at the TV replays and decided it did warrant a penalty, and four minutes later Glasgow scored the winning try.Ulster skipper Rory Best was not impressed, saying after the game: “It’s not football. You can’t have boys diving all over the place.”Sky TV pundit and former Scotland scrum-half Rory Lawson, joined in the criticism, saying: “It is foul play but it didn’t warrant the play-acting of Niko Matawalu. I don’t think that penalty would have come if Matawalu hadn’t made a meal of it.” Stunning attacking rugby lit up the Aviva Premiership and Guinness Pro12 semi-finals – but there were a few howlers too. TAGS: Gloucester center_img Rio boundEngland Women earned qualification for the Rio Olympics on behalf of Team GB when they scraped a nail-biting 15-14 win over the USA in the third-fourth play-off at the Amsterdam Sevens.They needed to secure fourth spot in the series standings and when they lost 26-0 to Australia in the semi-finals and the USA lost to Canada, it set up a winner-takes-all match to determine who would get the coveted Olympic spot. Victory cry: Try-scorer Darren Dawiduik (front) celebrates the late win. (Photo: Getty Images)Madness – a week earlyPop legends Madness are playing Kingsholm next Saturday, but they will have their work cut out to serve up a nuttier couple of hours of entertainment than Gloucester and Connacht did in Sunday’s European Champions Cup qualifying match.Gloucester won 40-32 after extra time, but huge credit goes to every player from both teams for their endeavour and unquenchable desire to win. It was an error-strewn contest, but there was enough good rugby to still allow the match to qualify as a classic. Jack Carty, James Hook, Matt Healy and finally the irrepressible Jonny May were all involved in moments of sheer brilliance. Take a look at the highlights here. Slip from StanderIt is unusual for a player to be among the Saints and the Sinners, but CJ Stander is, because of a howler early in the second half of Munster’s semi-final. The men in red were 16-3 up with 46 minutes on the clock and had a scrum close to half-way. When the ball was at Stander’s feet at the back, replacement scrum-half Duncan Williams moved round to the openside, suggesting an attack would be launched in that direction. However, Ospreys No 9 Rhys Webb wasn’t convinced and stayed on the blindside, so when Stander flicked the ball out that way, expecting Simon Zebo to capitalise, it went straight to Webb who sprinted in for a try. It was a dreadful error from Stander, as he didn’t look before making the pass. It brought the Ospreys back into the game at 16-8 but did not cost Munster the match. Out of luck: Bundee Aki and his Connacht pals were denied by a controversial penalty. (Photo: Inpho)Connacht pay the penaltyAs scintillating as the Gloucester v Connacht match was, it is a sad fact that a penalty decision by referee Romain Poite cost the Irish province the chance to possibly seal the win in normal time. As the last five minutes began, Connacht were 25-18 up and John Muldoon drove up the left and was tackled by Tom Palmer. The Gloucester lock rolled out towards the side of the ruck, but was still in a position where he was hampering the supporting Connacht players, but Poite penalised Muldoon for holding on, and from the subsequent pressure Billy Meakes scored the try to take the game into extra time.On BT Sport Ben Kay said Palmer had conceded “a cast iron penalty” and Conor O’Shea labelled it a “disgraceful decision”. Connacht will feel hard done by, but Gloucester also felt they were on the rough end of Poite’s whistle a couple of times. No stopping: Jeff Hassler heads for the try-line with Simon Zebo in pursuit. (Photo: Huw Evans Images)Jet-heeled JeffJeff Hassler scored one of the best individual tries of the weekend – a try which brought the Ospreys back into the game at 21-15 down and gave their fans hope of victory. He picked up a grubber kick from Zebo on around half-way and sprinted untouched through the defence with the Munster wing in pursuit. Zebo managed to haul him down just as he reached the line, but Hassler had the power and momentum to make it over the whitewash and score. Bad day with the boot: Ian Keatley missed five of his seven kicks. (Photo: Inpho)Off targetIan Keatley must have been might relieved that Munster managed to win their semi-final against the Ospreys as the outside-half had endured a shocking afternoon with the boot at Thomond Park. He landed just two of his seven kicks at goal, letting 12 points go begging, and was taken off after his last penalty miss when Munster were leading 21-18 with seven minutes to play. Coach Anthony Foley decided JJ Hanrahan might be a better bet if another penalty came their way, but the replacement also missed a kick at goal from straight on. Luckily for Keatley and Hanrahan, the misses did not prove costly. Oh dear, O’ConnorAny player who thinks they made a bad mistake this weekend might take comfort from watching James O’Connor’s miss-kick for the Queensland Reds, which gifted a crucial try to the Sharks, who won 21-14 in Brisbane.O’Connor was trying to clear his lines and Sharks scrum-half Stefan Ungerer started to run up for a charge-down, but half pulled up, clutching his leg, after just a couple of strides. However, O’Connor miss-hit his kick so badly, that it landed right in the chest of the startled No 9 and he just had to hobble a couple of steps and dive over for the most unlikely try. O’Connor’s team-mates were quick to console him, but it was a shocking error. Take a look here.last_img read more

In case you missed it: The Apopka news week in review

first_img TAGSapopkaICYMIIn Case You Missed ItnewsTop StoriesWeek in Review Previous article$200M Florida tax relief package features new ‘Freedom Week’ tax holidayNext articleWhy Gambling is a Growing Industry in Florida Denise Connell RELATED ARTICLESMORE FROM AUTHOR Rock Springs Ridge GC Please enter your comment! The Anatomy of Fear LEAVE A REPLY Cancel reply Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 5 stories that shaped Apopka’s news week:A new breed of Chamber PresidentApopka Chamber re-opens registration for Diversity and Inclusion Workshop SeriesApopka teacher honored, Disney World passes given for Teacher’s Appreciation WeekCity Council supports proposal for Air Medical Base in ApopkaThe saga of Rock Springs Ridge moves back to Apopka City Hallcenter_img You have entered an incorrect email address! Please enter your email address here Support conservation and fish with NEW Florida specialty license plate Please enter your name here Share on Facebook Tweet on Twitter Save my name, email, and website in this browser for the next time I comment.last_img read more

Pivot Shelter House / CAPD

first_imgPivot Shelter House / CAPDSave this projectSavePivot Shelter House / CAPD CopyHouses•Hiroshima, Japan Pivot Shelter House / CAPD Save this picture!© Yohei Sasakura+ 46Curated by Hana Abdel Share Construction: ArchDaily Area:  167 m² Year Completion year of this architecture project Photographs Manufacturers: ADVAN, MATSUOKA, wood-furniture+1 Houses Architects: CAPD Area Area of this architecture project Photographs:  Yohei Sasakura Manufacturers Brands with products used in this architecture project “COPY” Year:  Q & Architecture Hidetaka Nakahara, Hidetaka Nakahara 2020 Architect In Charge:CAPDDesign Team:Kazuo Monnai, Hirokazu Ohara, Dai Tsunenobu, Kazuya MasuiGarden Build:WA-SO design, Kohei Nobuhara, Yuji NishinosonoCity:HiroshimaCountry:JapanMore SpecsLess SpecsSave this picture!© Yohei SasakuraRecommended ProductsCeramicsGrespaniaWall Tiles – Wabi SabiFaucetsDornbrachtBathroom Fittings – TARAMetallicsTECU®Copper Surface – Classic CoatedDoorsJansenDoors – Folding and SlidingText description provided by the architects. In the surrounding environment where old townscapes remain and houses are dense, the park opposite the road of this planning site is a valuable margin of the area. This design was based on the request from a client who owns a large site in the area, including adjacent rental housing, to design with high quality as a house and consideration for the surrounding environment at the same time.Save this picture!© Yohei SasakuraSave this picture!PlanSave this picture!© Yohei SasakuraSave this picture!© Yohei SasakuraIn housing design, many clients are looking for connections between internal and external spaces while ensuring privacy. The opening to open the architecture and the fence to protect privacy were not treated as separate things in this plan, but by making it a single building, we responded to the conflicting demands of openness and privacy.Save this picture!© Yohei SasakuraIn order to ensure privacy from the surrounding gaze, such as adjacent rental housing, parks across the road, and roads behind the site, the opening was kept to a minimum, and the structure was judged to be optimal for RC from securing floor heights and indoor spans, with plans to take in light from balconies, and gardens.Save this picture!© Yohei SasakuraHowever, since RC is a mono-color and uniform material, when it comes to design with few openings like this time, it becomes monotonic and dull construction. Therefore, the second floor was shifted, and the expression was put on the large at-through part of the second floor which was installed for lighting and privacy securing with a cedar frame, and by attaching a large angle, the expression that the second floor part was turning around the axis was given, and it finished in the architecture which felt light somewhere.Save this picture!© Yohei SasakuraThe site creates architecture, and both inside and outside are spaced as architecture, and the trees can be seen from the margin of the building, making it a house that can be enjoyed from the outside and inside in harmony with the surrounding area.Save this picture!© Yohei SasakuraProject gallerySee allShow lessPARK PARK / Public City ArchitectureSelected ProjectsShinhwa-Ri Housing / a round architectsSelected Projects Share Structure Engineer: ShareFacebookTwitterPinterestWhatsappMailOr Clipboard ShareFacebookTwitterPinterestWhatsappMailOr Clipboard Japan Shimokishi Corporation “COPY” Projects CopyAbout this officeCAPDOfficeFollowProductConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesHiroshimaOn FacebookJapanPublished on October 08, 2020Cite: “Pivot Shelter House / CAPD” 08 Oct 2020. ArchDaily. Accessed 10 Jun 2021. ISSN 0719-8884Browse the CatalogSinkshansgroheBathroom Mixers – LogisVinyl Walls3MExterior Vinyl Finish – DI-NOC™ StonePartitionsSkyfoldWhere to Increase Flexibility in SchoolsTiles / Mosaic / GresiteCupa PizarrasVentilated Facade – CUPACLAD UprightGlassLAMILUXGlass Roof PR60ConcreteKrytonCrystalline Waterproofing – KIMSkylightsVELUX CommercialAtrium Longlight Skylights in ExperimentariumMetal PanelsLorin IndustriesAnodized Aluminum – Copper FinishesStonesFranken-SchotterWall Covering & CladdingWindowsRabel Aluminium SystemsMinimal Casement Windows – Rabel 8400 Slim Super Thermal PlusSwingsStudio StirlingHanging Chair – BasketWallcovering / CladdingArrigoni WoodsWood Cladding – AcousticMore products »Save想阅读文章的中文版本吗?广岛层叠旋转住宅,体块回应场地 / CAPD是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

Court upholds government’s claim to be able to block opposition websites

first_img News EgyptMiddle East – North Africa News Follow the news on Egypt EgyptMiddle East – North Africa Organisation to go further News Al Jazeera journalist Mahmoud Hussein back home after four years in prison Receive email alerts January 22, 2021 Find out morecenter_img February 1, 2021 Find out more Detained woman journalist pressured by interrogator, harassed by prison staff February 6, 2021 Find out more June 27, 2006 – Updated on January 20, 2016 Court upholds government’s claim to be able to block opposition websites Reporters Without Borders today condemned a ruling by an administrative court attached to Egypt’s council of state upholding an information and communication ministry decision two weeks ago that the authorities can block, suspend or shut down any website liable to pose a threat to national security.The judge who issued the ruling, Farouq Abdul-Qader, even urged parliament to pass a law to this effect as soon as possible.“Empowering government officials to shut down a website on their own initiative is unacceptable,” Reporters Without Borders said. “We hold that only a judge should be able take this kind of action. The council of state ruling could set a dangerous judicial precedent. This complicity between courts and government bodes ill for online free expression in Egypt and we would oppose any law endorsing the judge’s decision.”The ruling was issued in response to a complaint by the journalist in charge of the Al-Methaq Al-Araby website accusing the information ministry of pressuring the company that hosts the site to close it down on the grounds that it jeopardised national security. No existing law says a government department may demand that an Internet company block, suspend or close down a website. Al-Methaq Al-Araby posted essays that were very critical of the government, especially corrupt officials.Judge Abdul-Qader ruled that the authorities should “do their duty” when they think national security is threatened. Meanwhile two bloggers, Mohamed Sharkawy and Karim El-Shaer, are currently detained in Egypt while a third one, Alaa Abd El-Fatah, the co-author of Manal and Alaa’s Bit Bucket, was released on 22 June after being held for 45 days.————-Create your blog with Reporters without borders: News Help by sharing this information Less press freedom than ever in Egypt, 10 years after revolution RSF_en last_img read more

Blogs defending free expression to be honoured

first_img Reporters Without Borders invites Internet users to submit outstanding examples of blogs* defending free expression from which a shortlist will be compiled for an online vote to choose the best.We want to draw attention to the importance of weblogs in countries where the traditional press is under the control of the authorities. Throughout the world, Internet users are adopting this new tool to combat censorship and circulate independent news and information.Selection criteria:- The blog must be kept by an Internet user or a small group of Internet users. It must not belong to a governmental or non-governmental organisation.- It must have existed for more than six months and must be updated regularly.- It must use a specialised publishing tool such as typepad,, blogspirit or an equivalent. Sites that do not use a standard online publishing tool but function in an identical manner to a weblog will be considered on a case by case basis.- The blogs of professional journalists will be accepted.- All blogs will be considered, whatever their language.Nomination submissions should be sent by e-mail to [email protected] They should include the web address or addresses of the blog and a short description of its activity. The blogger does not have to be identified.*A weblog or blog is a personal website on which information is posted chronologically, as in a personal diary. News Organisation RSF_en January 19, 2005 – Updated on January 25, 2016 Blogs defending free expression to be honoured Help by sharing this information Reporters Without Borders invites Internet users to submit outstanding examples of blogs* defending free expression from which a shortlist will be compiled for an online vote to choose the best. We want to draw attention to the importance of weblogs in countries where the traditional press is under the control of the authorities. last_img read more

[Breaking] Accounts Not Declared NPAs As On August 31, Not To Be Declared As NPAs Till Matter Is Disposed Of: Supreme Court [Read Order]

first_imgTop Stories[Breaking] Accounts Not Declared NPAs As On August 31, Not To Be Declared As NPAs Till Matter Is Disposed Of: Supreme Court [Read Order] Sanya Talwar3 Sep 2020 3:40 AMShare This – xThe Supreme Court on Thursday protected those accounts from being declared as Non-performing Assets (NPAs) which were not classified as NPAs on August 31 till case is disposed off.A bench of Justices Ashok Bhushan, R. Subhash Reddy & MR Shah was hearing plea(s) seeking extension of the Covid19 induced loan moratorium & waiver of accruing interest. While adjourning the case for a week,…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court on Thursday protected those accounts from being declared as Non-performing Assets (NPAs) which were not classified as NPAs on August 31 till case is disposed off.A bench of Justices Ashok Bhushan, R. Subhash Reddy & MR Shah was hearing plea(s) seeking extension of the Covid19 induced loan moratorium & waiver of accruing interest. While adjourning the case for a week, the court granted protection to petitioners to the extent of not being declared as NPA’s till the case is disposed off. The case will now be heard on Thursday, September 10.The court also stated that it was of the primary view that certain directives have to come from the RBI. “What you do, that is for you to decide. Some things have to decided by the GOI or by the RBI. Everything cannot be left to the banks” – Supreme CourtToday, Solicitor General Tushar Mehta apprised the bench of the reasons for keeping the interests accrued on term loans alive. He said that it was done in order to protect the banking sector which was the backbone of the economy. Mehta highlighted that the methodology adopted was for reduction of immediate pressure of payment of instalments, resurrect all sectors & restructure stressed assets.At this juncture, Justice Bhushan stated that All measures were on record already by RBI, however, Union had not taken any measures under Disaster Management Act. “We will not examine under 32 whether measures suitable. Question is did the Union operate within the legal framework of DMA? Did the NDMA?” he asked.SG said that the DMA stipulated that the Govt. “may” do it. “So far, the NDMA deems it appropriate for the RBI to play a supervisory role. This is not cast in stone,” he argued.The law officer then said that all banks were fully empowered to resolve the covid19 related stresses and customise concessions for borrowers with respect of altering rate of interest as well, tenure of loan, with or without moratorium for two years & even for waiving penal charges. “Modalities & intricacies will have to be dealt with by the banks. This will be sector-wise. Expert committee does not come in way of individual borrowers,” he said. Further to this, SG said that an Expert Committee shall be coming up with sector specific guidelines on September 6. While elaborating on the COVID19 scheme introduced by RBI vide Circular of August 6, SG said that the scheme shall only apply to those who have been affected due to covid19.”The person who was in default in 2019 can reach out for other schemes but they would not be able to avail the covid19 related scheme. They may go to other schemes. You may be a 2019 defaulter – a relief which you may avail separately,” Mehta said.On the issue of whether the directives will come from the Government and whether everything will be left to banks alone, SG said that he shall now take instructions. Bench also asked him as to what mitigating schemes were being put in for those people who may not have defaulted on February 1 but their situation worsened due to covid19.To this Senior Advocate Harish Salve replied, “The person who was in default in 2019 can reach out for other schemes but they would not be able to avail the covid19 related scheme. They may go to other schemes. You may be a 2019 defaulter – a relief which you may avail separately”.The case will be taken up for further consideration next week,Yesterday, various stakeholders and affected parties made submissions before the top court in the plea(s) concerning waiver of interest on term loans during the covid19 induced moratorium periodAdvocates Shivani Khanwilkar, Saloni Shah, Manhar Singh Saini and Samit Shukla (DSK Legal) also appeared for Petitioner(s) on behalf of 1400 members of real estate developer’s association of Maharashtra.Background:The bench was hearing a plea filed by an Agra resident Gajendra Sharma, who has sought a direction to declare the portion of the RBI’s March 27 notification “as ultra vires to the extent it charges interest on the loan amount during the moratorium period, which create hardship to the petitioner being borrower and creates hindrance and obstruction in ‘right to life’ guaranteed by Article 21 of the Constitution of India”.Earlier, the Supreme Court had said there was “no merit in charging interest on interest” for deferred loan payment instalments during the moratorium period announced in wake of the COVID-19 pandemic & that once moratorium is fixed, it should serve the desired purposes and the government should consider interfering in the matter as it could not leave everything to banks.The petitioner has sought a direction to the government and the RBI to provide relief in repayment of loan by not charging interest during moratorium period.On June 4, the top court had sought the Finance Ministry’s reply on waiver of interest on loans during the moratorium period after the RBI said it would not be prudent to go for a forced waiver of interest risking financial viability of the banks.The apex court had said there are two aspects under consideration in this matter – no interest payment on loans during the moratorium period and no interest to be charged on interest.It had observed that these are challenging times and it is a serious issue as on the one hand, moratorium is granted and on other hand, interest is charged on loans.On May 26, the top court had asked the Centre and the RBI to respond to the plea challenging levy of interest on loans during the moratorium period.The RBI in its reply has told the court that it is taking all possible measures to provide relief with regard to debt repayments on account of the fallout of COVID-19 but it does not consider it prudent to go for a forced waiver of interest, risking the financial viability of the banks it is mandated to regulate, and putting the interests of the depositors in jeopardy .The RBI said the March 27 circular announcing moratorium was later modified on April 17 and May 23 by which the moratorium period was extended by another three months that is from June 1 to August 31, 2020 on payment of all instalments in respect of term loans (including agricultural term loans, retail and crop loans).”It is submitted that regulatory dispensations permitted by the Reserve Bank of India vide the aforesaid circulars dated March 27, 2020 which subsequently stood modified on April 17, 2020 and May 23, 2020 were with the objective of mitigating the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses. Therefore, the regulatory package is, in its essence, in the nature of a moratorium/deferment and cannot be construed to be a waiver,”sThe RBI had said that in order to ameliorate difficulties faced by borrowers in repaying accumulated interest for the moratorium period, on May 23 it had announced that in respect of working capital facilities, lending institutions may, at their discretion, convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (FITL) which shall be repayable not later than March 31, 2021.Click Here To Download Order[Read Order]Next Storylast_img read more