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Mamut ploughs on with Nomos despite setback

first_img whatsapp Mamut ploughs on with Nomos despite setback BILLIONAIRE oligarch Alexander Mamut is set to become a cornerstone investor in Russian private bank Nomos in its upcoming London share offering, despite failing to raise funds in an aborted stock market sale last week.The Moscow-based businessman, best known in Britain as the owner of blogging site Livejournal, has placed an order for tens of millions of dollars of stock in the bank, which is due to set a price for its initial public offering (IPO) today.He had planned to raise $1.35bn (£827m) through the sale of a 35 per cent stake in Russian mobile network operator Euroset, before the company pulled the plug on its IPO plans at the eleventh hour.The firm blamed “challenging and volatile” market conditions, becoming the latest casualty of London’s faltering market for new company offers.The success of Nomos’ listing could breathe new life into the market, as it looks to raise up to $700m.The bank tightened the price range for its global depository receipts (GDR) to the higher end of expectations at the end of last week, indicating strong investor appetite.It will now look to raise between $17.25 and $17.75 per GDR, from between $16 and $18.5 per GDR.MEET THE ADVISERSNEIL KELLDEUTSCHE BANKNEIL Kell is leading the advisory for Deutsche Bank as joint global coordinators on the Nomos initial public offering (IPO).Based in London, Kell moved to Deutsche from Bank of America Merrill Lynch last year to become head of the financial institutions group in equity capital markets (ECM).He was joined by Marina Kraschenko in Moscow on the Nomos deal.Kraschenko also joined the Frankfurt-based bank last year, moving from United Capital Partners to become head of ECM in Moscow.The bank is also leading the Commerzbank capital increase, as the fellow German bank looks to raise up to €650m (£575m) to increase its financial strength.Deutsche is raising equity for Italian banks Intesa San Paolo, Banca Monte dei Paschi and German lender Aareal Bank. Credit Suisse is also acting as joint global coordinator on the Nomos offering.Citigroup, Credit Suisse, Deutsche Bank and VTB Capital are acting as joint bookrunners. whatsapp KCS-content Show Comments ▼ Sunday 17 April 2011 11:12 pm Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Adsautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Tags: NULLlast_img read more

RFA Announces Keynote Speaker for National Ethanol Conference

first_img SHARE Director of Product Supply and Optimization at Marathon Petroleum Company David Whikehart will headline the National Ethanol Conference. Whikehart manages the petroleum fuel and biofuels supply chain for Marathon and leads their biofuels manufacturing interests. Renewable Fuels Association President and CEO Bob Dinneen says Whikehart can provide a unique perspective of the policy and marketing forces affecting the ethanol industry today. According to Dinneen – Whikehart’s responsibilities at Marathon place him at the nexus of ethanol production and gasoline refining. Dinneen says he understands the value of ethanol to refiners and the role of consumers in determining fuel choices at the pump.Registration is currently open for the Renewable Fuels Association’s 19th annual National Ethanol Conference. The early-bird discount and hotel reservation deadline is January 24th. Visit www.NationalEthanolConference.com to register. Facebook Twitter Previous articleIndiana Pork Hosts Regional Meetings for ProducersNext articleRemembering Gary Wilhelmi Andy Eubank RFA Announces Keynote Speaker for National Ethanol Conference Home Energy RFA Announces Keynote Speaker for National Ethanol Conference SHARE Facebook Twitter By Andy Eubank – Jan 14, 2014 last_img read more

One Million Reasons reaches hundreds of students

first_img Previous article“Modern ’til Midnight” brings fine arts to Fort WorthNext articleMuseum event welcomes community, expands cultural awareness Amanda Aguilar RELATED ARTICLESMORE FROM AUTHOR Presidential candidates aren’t favorable among voters ReddIt Students find outlets for stress relief before finals Amanda Aguilar Linkedin The One Million Reasons program helps students prepare for the future by building financial literacy skills. In-class speakerWorkshopFoundation series Quiz Maker printStudent Development Services set its goal to teach 2,500 students about financial literacy this school year through One Million Reasons.One Million Reasons is a program “designed to help students understand basic money management skills such as budgeting, credit, investments, and debt,” according to its website.Through a variety of workshops, events and series, students have the ability to learn more about financial matters that are applicable to life after college.The National Financial Educators Council provides a financial literacy test consisting of questions directed at students in high school. Only 60 percent of those students scored in the ‘average’ category. College students scored 67 percent.These statistics prove that financial literacy is not a skill every college student acquires by the time of graduation.The program aims to be proactive to students’ financial literacy needs, said Rachael Capua, the assistant director of the sophomore and junior year experience. The curriculum is divided into three units: mastering the basics, developing your skills and considering the future.By pairing with other programs already established on campus, such as Connections and Greek organizations, OMR has been able to get in contact with a wide range of students.“The benefits are that these [workshops] help plan not only for near future but also long term success,” Capua said.Capua also said the program stresses the importance of financial education and learning new topics.Leading the workshops are OMR Ambassadors, which include seven undergraduate students and one graduate student.There is one ambassador representing each different college on campus, with the exception of the Neeley School of Business being represented twice. Capua also attends workshops to ensure everything runs smoothly.“OMR is a great resource for students to utilize because finances will always be relevant,” graduate associate Elizabeth Rosales said. “We give our best efforts in providing students adequate material and resources, allowing them to implement what they learn into their daily lives.”Capua said she hopes to reach more than just the student body through OMR. She also plans to open future events to faculty, staff and alumni.Student Development Services works with the Office of Financial Aid and the Office of Admission to provide these events for students.The program began in the summer and will continue through next semester. Money Week, a week of guest speakers related to finance, will be held in April.Additional resources on financial literacy are available on the SDS website.Professors can request a lesson to be taught by emailing [email protected] or dontcancelthatclass.tcu.edu.Take a quiz! Test Your Financial Literacy.To see a timeline of upcoming events, click here. Which OMR event would you prefer to attend? Facebook Fort Worth Country Day introduces new learning program Amanda Aguilarhttps://www.tcu360.com/author/amanda-aguilar/ TCU places second in the National Student Advertising Competition, the highest in school history Linkedin Facebook Twitter The College of Science and Engineering Dean, Phil Hartman, retires after 40 consecutive years Amanda Aguilarhttps://www.tcu360.com/author/amanda-aguilar/ Twitter Amanda Aguilarhttps://www.tcu360.com/author/amanda-aguilar/ ReddIt Amanda Aguilarhttps://www.tcu360.com/author/amanda-aguilar/ Presidential candidates aren’t favorable among voters + posts TCU Frog Camps returning to more traditional look this summerlast_img read more

Is the Housing Market Prepared for the Next Crisis?

first_img Servicers Navigate the Post-Pandemic World 2 days ago October 8, 2018 5,716 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: How New York’s Foreclosure Rates Compare by Borough Next: Wells Fargo to Re-enter the RMBS Bond Market Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Market Studies, News Share Save The Best Markets For Residential Property Investors 2 days ago About Author: Staff Writer Is the Housing Market Prepared for the Next Crisis? Demand Propels Home Prices Upward 2 days ago How much has the market learned from the financial crisis a decade back? And are we prepared for the next crisis? Darrell Duffie and Amit Seru, both professors with Stanford’s Graduate School of Business spoke recently to Edmund L. Andrews for the institute’s Insights blog about their concerns with the current U.S. housing market. Both the professors of finance have spent considerable time studying the underlying causes of the Great Recession and believe the conditions that led to the last crisis could still very well be lurking in the market. Seru, whose chief focus has been assessing responsibility for the subprime mortgage crisis among banks and regulators, stressed that the causes of the next financial meltdown remained unpredictable. According to him, the large number of market variables made it difficult for anyone to be able to forecast clearly. He contended that the best method for preventing future shocks to the financial system would be by passing legislation that requires banks to keep bigger “equity capital buffers” to withstand unanticipated market turbulence. In an interview with DS News, Natalya Vinokurova, Assistant Professor, Wharton School, University of Pennsylvania echoed this sentiment saying that not enough liquidity in the system was likely to cause the next housing bubble. “The liquidity comes in part from the quantitative easing of policies adopted to ease the aftermath of the 2008 crisis,” she said. Seru said that the creation of mortgage contracts with “semi-automatic relief mechanisms” that automatically index borrowers’ rates, so they vary according to local economic conditions, was yet another way to address the issue of liquidity as well as the fear that real income failures might lead to an increase in foreclosures once again.Duffie, who has advised the U.S. and foreign policymakers on the weaknesses in the financial system prior to the meltdown, agreed that the recovery after the Great Recession may only have averted the real repercussions of the crisis rather than resolving it, especially in that certain banks and institutions remained “too big to fail.” Recently,  Sen. Bernie Sanders (I-Vt.) introduced a legislation aimed at breaking up the nation’s biggest banks and risky financial institutions. “No financial institution should be so large that its failure would cause catastrophic risk to millions of Americans or to our nation’s economic well being,” Sanders said in a statement after introducing the legislation. “We must end, once and for all, the scheme that is nothing more than a free insurance policy for Wall Street: the policy of ‘too big to fail.’”While Duffie considered the reforms in U.S. banking and restructuring of U.S. debt since the crisis a step in the right direction, he remained skeptical about the steps being taken to keep another threat at bay. He said that Washington regulators have, since the crash, been “easier on the banks” than they should have been.Looking specifically at the housing market, Michael Calhoun, President of the Brookings Center for Responsible Lending said in a recent paper that while regulatory safeguards that were put in place subsequent to the crisis have made today’s housing market much safer and resilient, “more could have been done to aid homeowners in the crisis and work remains to provide families with sufficient affordable, sustainable housing for today and in the coming years.”Seru pointed out that Fannie Mae and Freddie Mac—Government-Sponsored Enterprises (GSEs) considered by many to be too heavily invested in the housing market—are now even more. Whereas, before the housing bust, GSEs accounted for 75 percent of mortgages bought and sold by private lenders, the share of GSEs in the market has since grown 20 percent, aremarkable 95 percent overall. Seru considers this a troubling trend.Additionally, Seru said that nonbank lenders were even more important in the mortgage market now than they were before the crisis. “No one knows what their balance sheet looks like, but they are selling all their mortgages to Fannie Mae and Freddie Mac. It is worth remembering that two of the largest and most notorious non-bank lenders, New Century and Ameriquest, went belly up first and helped trigger the last crisis,” he told Andrews.Click here to read the complete interview with the Stanford professors. The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Radhika Ojha Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Is the Housing Market Prepared for the Next Crisis? Tagged with: Banks Crisis Financial Institutions Foreclosure Homes HOUSING Stanford Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Banks Crisis Financial Institutions Foreclosure Homes HOUSING Stanford 2018-10-08 Radhika Ojha Subscribelast_img read more

A Barrister,An Official Receiver And The Chief Justice-The Curious Tale Of Khwaja Nazir Ahmad

first_imgColumnsA Barrister,An Official Receiver And The Chief Justice-The Curious Tale Of Khwaja Nazir Ahmad Sharath Chandran5 May 2020 10:59 PMShare This – xOn 17th October 1944, the Privy Council tendered its advice to the King on an appeal filed by the then Punjab Government against an order of the High Court of Lahore interdicting a police investigation in exercise of its inherent power under Section 561-A of the Code of Criminal Procedure, 1898. Allowing the appeal, the Board, in an oft quoted passage, reasoned that it is “of the…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?LoginOn 17th October 1944, the Privy Council tendered its advice to the King on an appeal filed by the then Punjab Government against an order of the High Court of Lahore interdicting a police investigation in exercise of its inherent power under Section 561-A of the Code of Criminal Procedure, 1898. Allowing the appeal, the Board, in an oft quoted passage, reasoned that it is “of the utmost importance that the judiciary should not interfere with the police in matters which are within their province and into which the law imposes upon them the duty of enquiry.[1]” This statement of the Privy Council has now become a formulaic mantra for law students, academics, lawyers and judges on the inherent powers of a High Court to interdict criminal investigations. It is, however, unfortunate that so little is known about the importance of this case vis-à-vis the clash between the High Court, the Magistracy, and police, and the parts played by its key dramatis personae in the making of this legal classic. In a sense, this piece is a flashback to a bygone era to re-examine the story of Nazir Ahmad and the stormy events of 1941-42 that eventually culminated in the undoing of the Lahore High Court Chief Justice Sir John Douglas Young. I In the pre-independence era, Lahore (then a part of British India), a graceful and cultured city, was the intellectual capital of the then Punjab province with a sizeable Hindu and Sikh population. Lala Harkishen Lal, an industrialist, entrepreneur and politician, who in his heydays was popularly alluded to as the Napoleon of Finance[2], was the co-founder of the Punjab National Bank and the Bharat Insurance Company Limited (whose historic yet ruined branch office building lies at the heart of Mount Road in Chennai even today). In 1925, the Lala had founded the Peoples Bank of Northern India which was inaugurated by the Maharajah of Patiala amidst great pomp and splendour[3]. However, by the early 1930’s the Lala’s fortunes began to wane. Insolvency proceedings were commenced against him in 1932 and in due course he was adjudicated insolvent. Fortunately for the Lala, the order was overturned by the High Court[4]. This success was, however, short lived. The People’s Bank soon floundered, and threat of winding up proceedings loomed large. To add to the Lala’s ire, his eldest son Kanhaiya Lal Gauba (Gauba) had converted to Islam much against his wishes in 1933[5]. Gauba was a Barrister practicing in the Lahore High Court and was a controversial yet highly successful author. In early 1934 Sir Shadi Lal, the distinguished and highly respected Chief Justice of the Lahore High Court, retired. Overlooking the claims of the then senior-most Barrister judge Mr. Justice Dalip Singh, the then Government of the day superseded him and nominated Mr. Justice Douglas Young, a former middle weight boxing champion of England and a puisne judge of the Allahabad High Court, to take the place of Sir Shadi Lal. Justice Young had been appointed to the Allahabad High Court in 1928. He had gained a reputation of assiduously handling “company promoters” and “sedition-mongers”. By April 1934, the “new proconsul had been installed on the seat of the Ceasars.[6]” In early 1935, a petition for winding up the People’s Bank was heard by a bench of Young C.J, Addison and Tek Chand, JJ[7]. The Bench admitted the petition observing that the Lala had fabricated a compromise agreement deliberately for the purpose of deceiving the Court, and the creditors and shareholders of the Bank. More trouble followed. In early 1936, the Lala suffered a series of orders hauling him up for contempt. The charge was that the Lala had defied orders of injunction and received monies from third party creditors. In a complete shocker the Lahore High Court sentenced the Lala to an indefinite term of imprisonment. The Lala applied to have these orders reviewed on the ground that an indefinite sentence of imprisonment for contempt was patently illegal. A Full Bench of Young C.J, Monroe and Din Mohammad, JJ dismissed these applications observing that the power of the High Court, as a Court of Record, was not fettered by the provisions of the Contempt of Court Act, 1926, and that in the circumstances, the sentence of an indefinite term of imprisonment was quite in order[8]. There can be little doubt that the order of the Full Bench was plainly illegal in the teeth of Section 3 of the Contempt of Courts Act, 1926 which prescribed a maximum punishment of six months. The case caused such a furore that Act XII of 1937 was brought into force in March 1937 amending the Contempt of Courts Act,1926 by inserting a proviso to Section 3 to explicitly set out that a High Court had no power to sentence a contemnor to a term exceeding six months. II Pursuant to the winding up of the People’s Bank, Young C.J appointed one Bhagwati Shankar, an Advocate of the Allahabad High Court, as its Official Liquidator[9]. It appears that this Bhagwati Shankar was an acquaintance of Chief Justice Young from his Allahabad days[10], and had been “imported” to Lahore at the instance of the Chief Justice. Soon thereafter, by March 1936, Lala Harkishen Lal had been adjudged insolvent once again and one Khwaja Nazir Ahmad was appointed the Receiver of the vast estates of the Lala running into crores of rupees[11]. The Khwaja soon came to enjoy the patronage of the Chief Justice and was made the Receiver of the properties of the Tribune newspaper. In June 1936, the Khwaja was elevated to the status of a “Special Official Receiver” under the Provincial Insolvency Act for the provinces of Punjab and Delhi. In time, the Khwaja came to head the “liquidation department” in the High Court. At the time of his appointment the Khwaja was appointed on a monthly salary of Rs 1000, a handsome figure in those days. In March 1937, the Chief Justice revised the terms vide an ex-parte order and authorized the Khwaja to draw 5 % of the net estate plus 2.5 % administrative charges, and that too with retrospective effect. Overnight, the Khwaja came into possession of fabulous sums of money!! Around the time of his appointment the Khwaja was a partner in a firm called Lulla and Co, a small time firm dealing with pencils and inks. With the Khwaja appointed as Special Receiver, his other partner Thakur Faqir Singh was appointed Court Auctioneer, and Lulla and Co soon went from a “bankrupt purveyor of inks and pencils” to “one of the most prosperous and flourishing businesses in the City of Lahore[12].” In his autobiography “Looking Back”, former Chief Justice of India Mehr Chand Mahajan, who practiced in the Lahore High Court at that time, describes the Khwaja as “a lawyer of not much standing[13]” who boasted that “he could get from Sir Douglas whatever orders he liked at any time of the day or night[14]”. Justice Mahajan adds that the Khwaja’s interference was so patent that he started interfering with transfers of judges in the subordinate judiciary. When a District Judge refused to acknowledge his authority, he promptly used his influence and had him suspended[15]. Justice Mahajan adds ” A reign of terror now began in the judicial administration of the Punjab. The reputation of the Lahore High Court had reached a very low ebb[16].” Justice Mahajan recalls that Young C.J, on the other hand, teamed up with Justice Monroe (who shared the views and ideas of the Chief Justice) and withdrew liquidation work from all other judges in the Lahore High Court. He adds that Justice Addision, and the Indian judges led by Sir Tek Chand soon began to protest against the arbitrariness of Young, CJ in liquidation matters[17]. In March 1937, Young C.J had the term of Nazir Ahmed extended by a period of 4 years despite the fact that the outgoing Government had merely 4 days in office. Scandal after scandal followed. The Khwaja liquidated the estate of one Fazal Elahi and sold some of the estate to two of his friends. When the wife of Fazal Elahi challenged the sale, he threatened her with contempt and got her to withdraw the suit[18]. There were debates in the Punjab Legislative Assembly about the large commissions received by Nazir Ahmad and that a “big personage” had a share in this booty.[19] Despite all of this, the Chief Justice recommended Nazir Ahmed for judgeship. This literally brought the roof down. Justice Abdul Rashid and Justice Din Mohammad put their foot down and the proposal was fortunately stalled[20]. In the midst of all this Gauba, whose family had been reduced to penury on account of the Court sanctioned excesses of the Khwaja decided to set the cat amongst the pigeons. The stage was set for a showdown between the Khwaja and his old nemesis Gauba. III On 8th August 1941, Gauba presented a complaint to the District Magistrate Mr. Henderson alleging, inter alia, that the activities of the Khwaja had become a “province wide scandal” and proceeded to set out 17 transactions where the Khwaja had abused his power. Gauba also enclosed the affidavit of his client one Md. Saleh, a friend of the Khwaja, which set out the details of abetment of various offences by public servants acting hand in glove with the Khwaja. Gauba also alleged that in the Fazal Elahi estate matter the Khwaja had blackmailed Begum Fazal Elahi to withdraw proceedings challenging the sale effected by the Khwaja. The Magistrate recorded the statement of Gauba and proceeded to direct the police to investigate the matter under Section 202 Cr.P.C. The Khwaja, who was no small fry and had friends in high places, sensed that trouble was brewing and quickly slipped away to Manali where the Chief Justice was holidaying. On 27th August 1941, acting on the orders of the Magistrate the police raided the office of the Khwaja and retrieved valuable papers relating to the land sales. An urgent wire was sent to the Khwaja, care of the Chief Justice at Manali, by his uncle Abdul Haq. On the night of 28th August 1941, the Magistrate received a telegram from Manali which reads as under “District Magistrate : Lahore Re: Khwaja Nazir Ahmed I order you to stop all proceedings until further orders from me and to return all records immediately which have been taken by the police, as they are required in the High Court. Wiring – Chief Justice[21]” The next morning, the District Magistrate passed the following order “As I have no power to revise my own order, I presume that the telegram is a judicial order of the Hon’ble Chief Justice quashing my order under Section 202 Cr.P.C.[22]” The other consequence was that the police returned the files, but not before they had made copies notes and taken statements from the Begum Fazal Ali. The telegram of the Chief Justice was followed by a telegram of the Registrar of the Lahore High Court indicating that the case would be heard by the Chief Justice himself upon his return from Manali. Gauba’s client Md. Saleh proceeded to lodge a two complaints with the police. Two cases under Section 420 and 409 IPC were registered against the Khwaja followed by a second raid of the office of the Special Official Receiver. A distraught Khwaja rushed to the High Court and had the FIR’s stayed by the vacation bench[23]. Gauba challenged the order of the District Magistrate terminating proceedings alleging that the Chief Justice had no power to pass any orders while vacationing in Manali especially in view of the fact that a bench of Abdul Rashid and Beckett, JJ were already holding Court as vacation judges[24]. Strangely, despite the fact that the Magistrate had terminated the proceedings, the Khwaja filed a revision challenging the order passed by the Magistrate under Section 202 Cr.P.C. The Sessions Judge, D. Falshaw (later Mr. Justice Falshaw) adjourned Gauba’s revision holding that he could not sit in judgment over the orders of the Chief Justice. He then made a reference to the High Court on the question of whether the Magistrate could order an investigation under Section 202 Cr.P.C against the Khwaja without prior sanction under Section 197 Cr.P.C[25]. In the meantime, Young, CJ had descended from the rarefied hills of Manali and was actively negotiating with the Punjab Government for the extension of Nazir Ahmed’s tenure which was to expire in 1941. Young , CJ must have sensed that in hearing the case arising out of the District Magistrate’s order he would, in effect, be sitting in appeal over his own order. Good sense appears to have prevailed and all the cases relating to the Khwaja were ordered to be listed before a bench of Blacker and Sale, JJ. Before the Division Bench Gauba contended that the Khwaja wanted the High Court to adopt a procedure unknown to the criminal law. He added that the Khwaja wanted the High Court to adjudicate the evidence before it was led, and had gone to the extent of claiming that the documents in his possession were privileged and were not open for the inspection of the police. Most notably, added Gauba, the Khwaja was appointed as the Special Official Receiver in every instance by an order of the High Court and not by virtue of his office. Referring to his complaint before the Magistrate, Gauba added that there was a specific allegation that the Khwaja was taking bribes and also that in the blackmail case concerning Mrs. Fazal Elahi, a case under Section 506 IPC was clearly made out on a reading of the compliant[26]. The learned judges then summoned a report from the Magistrate Henderson who promptly pointed out that he was in possession of a file regarding the sale of Multan lands, belonging to Lala Harkishen Lal, by the Khwaja. The Khwaja, despite a valuation of Rs 45,000 by the Collector, sold the property by a private treaty to one Habib Kordad Khan for a pittance of Rs 4275. This statement of the District Magistrate was read out in open Court by the Public Prosecutor Mr. Raja Kishen. One would have expected that this was the last nail in the Khwaja’s coffin[27]. The Division Bench delivered its judgment on 24th October 1941 allowing the petition of the Khwaja setting aside the order of the Magistrate under Section 202 Cr.P.C and dismissing Gauba’a complaint on the ground that the Magistrate had no jurisdiction to proceed in view of the bar under Section 197 Cr.P.C . The Division Bench also quashed the FIR’s registered by the police at the instance of Md. Saleh. Delivering the judgment of the Bench Sale, J held “We’ve been invited by Khwaja Nazir Ahmed to use are inherent power under Section 561-A to quash the police investigation into Mohammed Saleh’s first information report. This prayer raises a difficult point of law, viz. whether the High Court has any powers under Section 561-A or any other provision of law to interfere with a police investigation. It is clear that the only section that might be invoked for this purpose is Section 561-A. We find it unnecessary for the purposes of this case to decide either the broad question whether the police investigation is ‘a process of the court’ for the purposes of Section 561-A Cr.P.C or the question whether the police are barred as contended by Mr. Anand, from investigating an offence, of which a Magistrate is precluded from taking cognizance by virtue of Section 197 Cr.P.C not do we propose to extend the use of Section 561-A beyond its proper purpose of saving such inherent powers as the Court already possesses. All that is necessary is to consider whether these inherent powers can and should be invoked in the peculiar circumstances of the present case.[28]” In other words, the learned judges appear to have begged the question by quashing proceedings invoking Section 561-A Cr.P.C without deciding whether they had the jurisdiction to do so in the first place !! Interestingly, the proceedings and the final order of the Lahore High Court will not be found in any official law report. The order was marked “not approved for reporting”, with the result that the full text of the judgment was strangely printed in a newspaper “The Civil and Military Gazette” on 25th October, 1941. The Punjab Government decided to petition the Privy Council against the orders quashing the FIR registered at the instance of Saleh. No appeal was preferred against Gauba’s petition which had been dismissed on the ground that no sanction under Section 197 Cr.P.C had been accorded[29]. Leave to appeal was granted but the case was, unfortunately, not heard until October 1944. In the meantime, the immediate outcome of the Khwaja case was a head on clash between Gauba and Chief Justice Young. IV Commenting on the state of affairs in the Lahore High Court in 1941, Gauba says “vast estates had disappeared; eminent personages had bitten the dust of humiliation; whispers were loudest and fear rampant[30].” For Gauba it was a personal loss as well. Young C.J had started a crusade against his father Lala Harkishen Lal and presided over the liquidation of the Bank headed by his father. The Lala eventually died a pauper. Gauba’s brother J.L Gauba had also been dispatched to prison. Gauba followed suit, and when released faced the threat of insolvency. He warded off proceedings for two years and was finally adjudicated insolvent by a Special bench appointed by the Chief Justice. For Gauba “it could not have been worse than this”. He, therefore decided to pull a few unorthodox punches on the middle weight champion of England. “The New Magna Carta” was written by Gauba in the summer of 1941. It was his dossier on the state of affairs in the Lahore High Court under the regime of Sir Douglas Young. The book was never officially published and was proscribed by the Government of Punjab as it scandalized the learned judges of the High Court. Gauba dispatched a copy to the King enclosing a covering note and a petition to the King-in-council, praying for an enquiry into the matters stated therein[31]. Turning to the conduct of Young C.J, Gauba states “If Sir Douglas Young has acted judicially and bona fide in giving sanctions and approvals to Khwaja Nazir Ahmed’s palpably dishonest transactions how did the High Court call for protection? What objection could there be to the police investigating the affairs of a dishonest receiver? Is there no Magistrate or Sessions Judge in the entire province good or honest enough to take a judicial view of the Special Receiver’s acts? And if Khwaja Nazir Ahmed and his gang went to jail, how would the reputation of Sir Douglas Young be affected, except that the Chief Justice may be sympathized with for having put so much misplaced trust in them? On the other hand, so long as Sir Douglas Young stands in the way of the ordinary processes of the law and the due course of justice, it will unfortunately be suspected that he affords them the protection of his high office, not because the dignity of the High Court is concerned, for the dignity of the Court would be better served without such men, but because he is himself one of them.[32]” The New Magna Carta was the last straw. On 2nd February 1942, the Chief Justice dispatched a short order which ran thus ‘In Re: K.L Gauba Issue notice for Contempt of Court for 16th Feb J.D.Y[33]” The Chief Justice constituted a Full bench comprising of himself, Justice Munroe and Justice Mohammed Munir. Gauba was not told the charge against him nor was he permitted to lead evidence to justify the facts set out in the book. The conclusion was a foregone one. Gauba refused to apologize and was sentenced to six months imprisonment[34]. The judgment in Re K.L Gauba[35] offers a stellar example of self-vindication through the judicial process. By refuting factual allegations concerning themselves, the judgments caused greater damage to the learned judges than the book had. In an unprecedented move the Punjab Legislature passed a resolution condemning the decision and setting out that judges who claim to be scandalized ought not to have sat to hear the contempt for that would be akin to sitting in judgment over their own cause[36]. The trial and sentence of Gauba proved to be the undoing of Chief Justice Young. Gauba unsuccessfully appealed to the Privy Council. While declining to grant leave, the Board, it is understood, is said to have directed that the matters complained of in the book warranted an enquiry. This strengthened the hands of the viceroy Lord Linlithgow who promptly sent for the Chief Justice and told him that he must either face an enquiry or resign. There is some ambiguity over the resignation of Young, CJ. In a recent book T.C.S Raghavan[37] corroborates Gauba’s version that Young, CJ resigned. But the official notification of 1942 appears to show that he retired. [38] In any event, the British Government had decided to put its house in order. The Crown transferred Chief Justice Arthur Trevor Harries, a respected and much liked Chief Justice of the Patna High Court and appointed him as the Chief Justice of the Lahore High Court[39]. In the meantime, the appeal filed by the Punjab Government against the quashing of FIR’s lodged at the instance of Saleh was heard by the Privy Council in October 1944. The Privy Council quashed the orders of the High Court, and directed investigation to proceed. The Khwaja was eventually charge sheeted, found guilty and sentenced to 20 years rigorous imprisonment by the Special Magistrate A.A. Williams I.C.S. His appeal to the High Court was eventually allowed by Harries C.J and Abdul Rehman, J giving him the benefit of doubt since the transactions had the sanction of Young C.J and Monroe, J[40]. Chief Justice Young left “unwept and unmourned”; no address was given to him by the Bar, nor was a farewell held in his honor[41]. After partition, Gauba migrated to Bombay and continued his law practice. He was once again hauled up for contempt by Gajendragadkar and Vyas, JJ and temporarily suspended from practice[42]. He resumed practice, and continued writing. But his eccentric ways finally caught up with him. When he died, Kushwant Singh, a fellow citizen from Lahore, wrote “Fifty years ago, K.L. Gauba’s cortege would have been followed by half the city of Lahore; last week he did not have a dozen to mourn his departure.[43]” The Khwaja case presents a powerful illustration of Lord Acton’s axiom that all power corrupts and absolute power corrupts absolutely. Its judicial manifestation is explained by Gauba in a timeless passage which reads as under “Of all forms of excess or oppression, the judicial species is the worst, for it has the semblance of legality without the candour of executive need or dictatorial authority. Excess or oppression by an inferior court is open to correction and remedy, but such transgression by a superior court strikes at the very foundation of that confidence upon which the edifice of Justice stands. No words and no intriguing formulae declared to justify illegal or high-handed acts can carry the conviction, or the authority, that justice is being dispensed and law conscientiously interpreted.[44]” Views Are Personal Only(Author is practicing Lawyer at Madras High Court) [1] The Emperor v Khawaja Nazir Ahmad; AIR 1945 PC 18 [2] K.L Gauba, The Rebel Minister, Premier Publishing House, Lahore, 1938, page 38 [3] Ibid at page 139 [4] Harkishen Lal v Peoples Bank of Northern India Ltd, Lahore, AIR 1932 Lahore 643 [5] Gauba (1938) at page 186 [6] Ibid at page 194 [7] Madan Gopal v The Peoples Bank of Northern India, AIR 1935 Lahore 779 [8] Crown v Lala Harkishen Lal, AIR 1937 Lahore 497 [9] In Re: Bhagwati Shankar , AIR 1944 12 ITR 193 [10] See Dehra Dun Mussorie Electric Tramway Co, AIR 1934 All 189 [11] K.L Gauba, Battles at the Bar, N.M Tripathi, Bombay, 1956, at page 130 [12] Ibid at pages 132-134 [13] Mehr Chand Mahajan, Looking Back, Asia Publishing House, 1963, pg 88 [14] Id [15] Ibid at page 89 [16] Id [17] Id [18] Gauba (1956) at page 134, 137-38 [19] Id page 134 [20] Id page 135-136 [21] Id at page 138. Also referred to in passing in AIR 1945 PC 18 [22] Id [23] AIR 1945 PC 18; ILR 1945 26 Lahore Page 1 at page 6 [24] Gauba, Battles at the Bar, page 139; ILR 1945 26 Lahore Page 1 at page [25] Id at page 140, See also; Emperor v Khwaja (PC); ILR 1945 26 Lahore Page 1 at page 5 [26] Gauba (1956), at page 149 [27] Id at page 161 [28] Id at page 162 [29] ILR 1945 26 Lahore Page 1 at page 8 [30] Gauba (1956), at page 168 [31] Id page 170-171 [32] Id at page 173-174 [33] Id at page 177 [34] Id page 191 [35] AIR 1942 Lahore 105 (FB) [36] Gauba (1956) at page 208 [37] T.C.S. Raghavan, The People Next Door : The Curious History of India’s Relations with Pakistan, Hurst and Co, 2019, at page 28 [38] https://www.thegazette.co.uk/London/issue/35734/page/4355/data.pdf [39] Id at page 209 [40] Gauba (1956), at page 166 [41] Mahajan (1963), page [42] In Re: Gauba; AIR 1954 Bombay 478 [43] Singh, Khushwant; Singh, Rohini (1992). Sex, scotch & scholarship. UBS Publishers’ Distributors Ltd. pp. 79–81 [44] Gauba (1956) at page 172 Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Bluegrass Underground Finds Permanent Home In Monteagle’s Caverns

first_imgSince its inception in 2008, Bluegrass Underground has become an international concert destination and the host of a thirteen-time Emmy award-winning music series on PBS. The show has previously hosted musicians like Del McCoury, Widespread Panic, Jason Isbell, David Grisman, Edward Sharpe and The Magnetic Zeros, Leon Russell, and Old Crow Medicine Show among many others. Good news arrives today for fans of Bluegrass Underground, with the series’ creator and executive producer, Todd Mayo, announcing today that the program has found a permanent home. The show has previously taken place in the Volcano Room—a cavern 333 feet below McMinnville, Tennessee—for the past nine years. The series will now take place in The Caverns—a collection of underground caves at the base of Monteagle Mountain in Tennessee’s Cumberland Plateau.Go In-Depth With Bluegrass Underground As They Wrap Season VII Filming For PBSAs program creator and executive producer, Todd Mayo, noted in a press release, “This is a dream come true to find a cave system that expands and improves the live and televised musical experiences of underground performances we have been curating since 2008. . . . Our new home at The Caverns will enable us to add infrastructure with permanent power, professional audio and lighting with enhanced food and beverage concessions that have never before been possible, including a longtime request from our patrons: cold beer.”However, the move will not only suit guests in-person, with the room’s singular natural acoustics, larger capacity, heightened accessibility for patrons with physical disabilities, and permanent electric infrastructure throughout the year. As television producer Todd Jarrell adds, “In the past, we taped the entire 12-episode season over one weekend due to the difficulty and expense of bringing literally tons of cabling and show gear a quarter mile into the cave. . . . The Caverns’ permanent infrastructure presents us the flexibility to match calendars with some of the world’s greatest performers, enticing them underground to offer our fans a ‘deep down’ lifetime experience throughout the year.”With this change, be sure to keep an eye-out on Bluegrass Underground’s upcoming calendar, which is sure to be chock full of a number of very special guests to kick off the program’s inaugural year at the new venue. However, outside of the program itself, Mayo is still looking to the future. The Caverns are part of a connected cave system that spelunkers flock to due to their beautiful formations, pristine condition, giant rooms, and expansive circuit of underground rivers. As Mayo notes, “In time we’d like to sustainably develop and share portions of these amazing caves for both educational and recreational purposes, allowing a wider audience to enjoy and learn from the underground beauty of Tennessee.”[Photo courtesy of Shelly Swanger]last_img read more

Raising the bar on disaster relief

first_img Why not? Barry Griffin, a visiting lecturer at SEAS, says that images of the Haiti earthquake’s aftermath got him thinking of some work he’d done using balloons to move logs in West Coast forests. If a balloon could lift a tree, then why not a tent? Why not debris? Man with balloons Barry Griffin (left), with Cherry Park ’14, led undergrads on a winter break project to invent and construct a balloon-supported structure that could be used for lifting and/or shelter in the wake of disasters like last year’s earthquake in Haiti. Here, the prototypes are built. Kris Snibbe/Harvard Staff Photographer Balloons over Haiti A powerful earthquake hit Haiti on Jan. 12, 2010, devastating a country that was already among the poorest in the world. The catastrophe took more than 200,000 lives and left more than a million people homeless. Now, Harvard undergraduates and faculty from the School of Engineering and Applied Sciences (SEAS) are looking to an old technology for new ways of providing shelter to disaster victims.“We’re exploring the feasibility of using large balloons to support lightweight tents and to lift and move objects,” said Barry Griffin, a visiting lecturer at SEAS and co-leader of a project to develop a rapid deployment disaster relief shelter. “We want to see if these structures can be used in disaster relief efforts where time is of the essence and short-term shelter is needed.”The rapid deployment disaster relief shelter project is one of a dozen initiatives funded by the new President’s January Innovation Fund for Faculty. Established last September, the fund supports development of “creative academic or co-curricular experiences” for students during winter break. Other supported programming includes a course on human rights efforts in Ghana, a Harvard-MIT geology field camp, and a trip to Brazil to study public health.Harvard President Drew Faust said the January Innovation Fund allows the University to offer an important complement to regular course work.“The activities supported by the January Innovation Fund expand and enrich the overall student experience,” said Faust. “It’s exciting to see faculty take advantage of the time between semesters and create opportunities for students across the University to test new ideas and explore different areas of knowledge.”Griffin said images of the Haiti earthquake’s aftermath got him thinking of some work he’d done using balloons to move logs in West Coast forests. If a balloon could lift a tree, then why not a tent? Why not debris?“It occurred to me that we might be able to combine some ideas from balloon logging with some things that Dan Nevius ’11, Julie Xie ’12, and several other students were doing as part of the NASA Student Engineering Design Challenge.”Nevius, an engineering sciences concentrator with a secondary concentration in astrophysics, was trying to design a tool that could be used to move items on the moon. He and Griffin came up with a system of towers, cables, and winches, with a payload attached in the middle. Change the length of the cables, and the payload moves. To address the problem of disaster relief, they turned their model upside down.“We thought about hanging a balloon in the middle, instead of a payload,” Nevius said. So instead of moving something in and laying something down, as you would on the moon, you’re picking something up and moving it away. It allows you to deploy a tent from the top or to move debris and supplies after an earthquake.”Abbott and James Lawrence Professor of Engineering Robert Howe, Griffin’s co-leader on the project, said a balloon-based technology could have important advantages for disaster relief.“Unlike a conventional tent, this shelter doesn’t require heavy pulls and driving massive anchors into the ground, which may not be possible in some settings,” he said. “These structures can be erected anywhere, quickly, by people with minimal or no training. Large balloons could also be used for emergency hoisting, to save people buried under debris.”Much of the work for the project takes place in Lowell Lecture Hall, where students design, sew, rig, and suspend small fabric models from three-foot-diameter weather balloons. The plan is to evaluate different models, choose the most promising one, and erect a prototype on campus in the near future. “The big balloons we’re going to install at the end of our work can hold the weight of a human,” said Patricia Florescu ’11, another participant.Florescu, an applied math concentrator with a background in architecture, said she was inspired to cut her winter break short and return to campus for the project because of the ongoing problem with shelter in Haiti.“Housing is still an issue one year after the earthquake,” she said. “It’s hard to find the resources to build such a large number of shelters.”Nevius traded the sunshine and balmy temperatures of Sydney, Australia, for a week of freezing weather and snow in Cambridge. He came back to Harvard for the chance to apply the skills he learned in class on a project that could make a difference for disaster victims.“After an earthquake, people are displaced, and they don’t know where to go,” he said. “It takes awhile for a conventional tent to be deployed. The development of a shelter that can be erected quickly is an important problem to tackle, and it gives students hands-on experience in designing something, which we don’t see as much in our course work.”Although students’ good ideas and enthusiasm are the driving force behind the shelter project, Griffin credits the College’s new academic calendar and the innovation fund for making the project possible.“The new winter break offers a period of focused and uninterrupted time for group activities that encourage the bonding and sharing important in design and hands-on innovation,” he said. “Beyond providing the funds required for supplies, the President’s Innovation Fund gives us encouragement and validation to pursue an educational mission based on visionary projects and ideals.”Nevius agreed and said his busy schedule during the semester would not allow him the time or focus needed to work on the disaster shelter.“You can’t find five uninterrupted days during the semester,” he said. “If you divide the project up for two to three hours per week, you lose focus. We’d fill a balloon, come back, and find it deflated.” January. What break? No, it’s not all fun and games. Danielle Ithier ’14 (from left), Jessica Wu ’14, and Cherry Park ’14 waived their holiday break to help develop a rapid deployment disaster relief shelter. Lend a hand Hands of the volunteers work together to tie the prototype. Working out the kinks Dan Nevius ’11 gets a hand from pal Patricia Florescu ’11. Florescu, an applied math concentrator with a background in architecture, says she was inspired to cut her winter break short and return to campus for the RDDRS project because of the ongoing problem with shelter in Haiti. Global solutions Jessica Wu ’14 (left) and Cherry Park ’14 work on their invention. Oxygenated Will Burke ’13 holds the balloon tight. In flight Barry Griffin (left), with students, prepares to test the prototype. Working hard Gary Carlson ’13 and Jia Jia Zhang ’13 work on a balloon prototype over their winter break. Sew what “It occurred to me that we might be able to combine some ideas from balloon logging with some things that Dan Nevius ’11 (at machine), Julie Xie ’12, and several other students were doing as part of the NASA Student Engineering Design Challenge,” said Barry Griffin. Tent of dreams Much of the work for the project takes place in Lowell Lecture Hall, where students design, sew, rig, and suspend small fabric models from 3-foot-diameter weather balloons. The plan is to evaluate the different models, choose the most promising one, and erect a prototype on the Harvard campus in the near future. Wintry mix Days after the blizzard, Gary Carlson ’13 (left) and Barry Griffin take the balloon outdoors for some testing in Cambridge’s own disaster zone.last_img read more

Eva Longoria celebrates Harvard diversity

first_imgAcclaimed actress Eva Longoria was presented with the 2015 Harvard Foundation Artist of the Year award at the 30th annual Cultural Rhythms festival in Sanders Theatre on Saturday.As she sat in a throne-like chair at the back of the stage, Longoria was serenaded by some of Harvard’s best-known cultural performers. Twelve student groups belted out songs, stomped out dances, and even turned somersaults. The performers included Ballet Folklorico de Aztlán, Harvard’s oldest cultural organization; Harvard Taekwondo, a spirited martial-arts group; the Pan-African Dance and Music Ensemble; the Harvard College Hellenic Society; and Mariachi Véritas.“I have seen the face of Harvard, and it is very diverse,” Longoria said after receiving the award. “And, I applaud Harvard for its diversity.”In a retrospective moment, the actor talked about the discrimination she faced growing up as a Mexican-American in Texas. “People who can break the chains of oppression are the people who know what those chains felt like,” she said. “Put yourself in other people’s shoes.”Cary Williams ¹16 (from left), Eva Longoria, and Irfan Mahmud ¹16 had the best seats in the house as student groups performed at Sanders Theatre on Saturday. Photo by Jay ConnorWell known for her work with the poor and oppressed, Longoria is executive producer of the documentaries “Harvest” and “Food Chains,” both of which explore the current and historic exploitation of farm workers. Her Eva Longoria Foundation (ELF) helps Latinas build better futures for themselves and their families through education and entrepreneurship.“One of the most special things about Cultural Rhythms is the way that Sanders Theatre is transformed into an international, intercultural platform for sharing talent,” said Cultural Rhythms co-director Cary Williams ’16. “When I think about all the dignitaries, world leaders, and brilliant scholars who have graced this stage, it is thrilling that, on this day every year, we fill this stage with undergraduates representing rich cultural traditions.”Co-director Irfan Mahmud ’16 added, “What I love the most about Cultural Rhythms is bringing together and celebrating the absolutely astonishing diversity we are lucky to have on this campus. It is a festival that gives us a formal chance to recognize the beauty of cultures different to our own, something we will continue to do every day in our lives.”As yet another snowstorm swirled around Memorial Hall, Longoria said to the hundreds of students in the audience, “You are such an inspiration. Use the tools gained here at Harvard to make society more equal for others.”Before she dashed off the stage to catch a waiting plane, trying to beat the deteriorating weather, she said to a standing ovation, “Thank you for making me feel very special today.”last_img read more

Ruth Wilson Will Join Jake Gyllenhaal in Constellations on Broadway

first_img Show Closed This production ended its run on March 15, 2015 Wilson will make her Broadway debut in Constellations having previously won Olivier Awards for Anna Christie and A Streetcar Named Desire. She received Golden Globe and BAFTA nominations for the 2006 television adaptation of Jane Eyre. Other screen credits include Luther and the upcoming Showtime series The Affair. Constellations View Comments Gyllenhaal and Wilson will play Roland and Marianne, respectively, in the show. Constellations tells the story of one relationship with infinite possibilities. It explores the boundless potential of a first encounter, free will and friendship. The play opened at the Royal Court’s Jerwood Theatre Upstairs in 2012, directed by Longhurst, before transferring to the West End.center_img The production will feature scenic and costume design by Tom Scutt, lighting design by Lee Curran, sound design by David McSeveney and movement direction by Lucy Cullingford. Related Shows Two-time Olivier Award winner Ruth Wilson will star opposite previously announced Oscar nominee Jake Gyllenhaal in the American premiere of Constellations. Nick Payne’s new play will be directed by Michael Longhurst and begin performances on December 16 at MTC’s Samuel J. Friedman Theatre. Opening night is set for January 13, 2015.last_img read more

Wind and solar generation in Australia’s main electricity market tops coal for first time

first_imgWind and solar generation in Australia’s main electricity market tops coal for first time FacebookTwitterLinkedInEmailPrint分享Renew Economy:It’s the season of new records, and the most notable one in a week of new milestones in Australia’s main electricity grids is a new peak for renewable energy’s share in the National Electricity Market: It reached 50.4 per cent at 10.55am on Monday.It also likely the first time that the combined output of wind and solar was more than that of black and brown coal, traditionally the dirty bedrock of Australia’s electricity supply.Rooftop solar provided 24.6 per cent of supply at 10.55am, utility scale solar 10.1 per cent and wind energy 13.5 per cent. Together, they totalled 48.2 per cent, and the percentages might have been higher had not some wind and solar farms decided to switch off to duck negative pricing events.Even so, wind and solar – possibly for the first time – beat black and brown coal which made up 47.4 per cent of the generation mix.A 1.9 per cent contribution from hydro and a 0.2 per cent contribution from biomass took the total renewables contribution to 50.4 per cent. Gas, the so-called great “transition” fuel, contributed 1.2 per cent.Australia is expected to set more renewable energy and minimum demand records in coming weeks – a combination of good wind and solar conditions, mild temperatures, and relatively low demand, further reduced by the impact of the Covid-19 pandemic.[Giles Parkinson]More: Australia’s main grid hits new renewable energy record of 50.4 per centlast_img read more