How much would £1k invested in Kier shares 3 years ago be worth today?

first_imgHow much would £1k invested in Kier shares 3 years ago be worth today? Kirsteen Mackay | Friday, 21st February, 2020 | More on: KIE Image source: Getty Images “This Stock Could Be Like Buying Amazon in 1997” Construction and services company Kier Group (LSE:KIE) has endured a dismal period since its drastic fall from grace in May 2019.But the problems started earlier than last year and the share price has fallen nearly 90% in the past three years. So a £1k investment three years ago would now be worth around £100. Ouch! The story is a depressing one for existing shareholders who have endured its share price crash. The question is, can the Kier share price recover?5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Its share price has almost doubled in a month, particularly after Prime Minister Boris Johnson gave the green light to the controversial HS2 high-speed rail link, for which Kier is a contractor.In recent months Kier has confirmed new work is in the pipeline. Including its first contract with Openreach on its Network Services Agreement (ONSA). This multi-million-pound contract on the UK broadband and telephone network is for five years.Kier is also progressing with its streamlining plan by outsourcing IT, reducing staff and closing offices.Debt destructionBut it is too early to get carried away with enthusiasm, I feel. Last year’s annual report, released in September for the period to 30 June, stated it had tumbled to a pre-tax loss of £245m, from a £106m profit the previous year. But Kier’s biggest challenge is its debt pile. It reduced its net debt from £186m to £167m at the end of June 2019, but its average month-end net debt was £422m, which was an increase from £375m in the previous year.The company intends to sell Kier Living, its homebuilding division, which is estimated to be worth around £120m. Selling this should help reduce the inflated debt pile and release working capital.The financial collapses of Carillion and Interserve cast a cloud of fear over the wider outsourcing sector. As such, Kier has become one of the most shorted stocks on the London Stock Exchange. Not a title any company wants to hold. Simply click below to discover how you can take advantage of this. Shorting stocks is not for the faint-hearted. It means you are betting against a company, expecting it to fail. If the company share price falls, the individual who is shorting the stock makes a profit.However, if the company gets its act together and produces better than expected results, its share price will rise. Then the short seller is left not just making a loss, but potentially an astronomical loss because, when it comes to short selling, losses can accumulate infinitely faster than gains.The short-selling of Kier shares has declined in recent months, but it remains a highly shorted stock by prominent hedge funds.That is perhaps no surprise because, as Brexit uncertainty rages on, it poses a disruptive threat to the company’s supply chain. It has put its dividend on hold for a couple of years, so that is not even available to entice investors.Unfortunately, I don’t think Kier is a good Buy. The debt and Brexit carry too much uncertainty in a sector already tarnished with past failures. I think there are better opportunities elsewhere to become smarter, happier, and richer through stock market investing. Kirsteen has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Our 6 ‘Best Buys Now’ Shares Enter Your Email Address Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. See all posts by Kirsteen Mackaylast_img read more

Live Coverage: A Global Impact on Healthcare

first_imgConnie Beltran Twitter TCU Frog Camps returning to more traditional look this summer Boykin, Doctson among 14 football players graduating Saturday Connie Beltranhttps://www.tcu360.com/author/connie-beltran/ Linkedin printTCU has invited healthcare professionals to campus to talk about what it means to be a global citizen. Join us at 6:30 p.m. for a conversation with Dr. Ric Bonnell; Dr. John Gibson; Mary Foley, RN, PhD; Dr. David Knight and Dr. John Podgore. Facebook TCU places second in the National Student Advertising Competition, the highest in school history Connie Beltranhttps://www.tcu360.com/author/connie-beltran/ Connie Beltran is a senior at TCU majoring in journalism and minoring in French. She covers the College of Education and the College of Science and Engineering for TCU 360. + posts Students paint bacteria in cross campus learning The five speakers for this event are Dr. Gibson (top left), Dr. Foley (top middle), Dr. Podgore (top right), Dr. Bonnell (bottom left) and Dr. Knight (bottom right). Facebook ReddIt Linkedin Connie Beltranhttps://www.tcu360.com/author/connie-beltran/ Twitter Art, science departments to continue zoo enrichment course The College of Science and Engineering Dean, Phil Hartman, retires after 40 consecutive years Previous articleStudent organizations collaborate to host cross-cultural game nightNext articleGreek organizations welcome new members with showcase Connie Beltran RELATED ARTICLESMORE FROM AUTHOR ReddIt Students prepping for research symposium Connie Beltranhttps://www.tcu360.com/author/connie-beltran/last_img read more

MetLife to Pay $123 Million to Resolve Claims of Lending Violations on Loans Backed by FHA, HUD

first_img Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Brian Honea Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: False Claims Act Federal Housing Administration FHA HUD MetLife Home Loans Settlements Demand Propels Home Prices Upward 2 days ago February 26, 2015 5,395 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribecenter_img The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save False Claims Act Federal Housing Administration FHA HUD MetLife Home Loans Settlements 2015-02-26 Brian Honea in Daily Dose, Featured, Government, News MetLife to Pay $123 Million to Resolve Claims of Lending Violations on Loans Backed by FHA, HUD MetLife Home Loans, a mortgage finance company headquartered in Irving, Texas, has agreed to pay $123.5 million to settle claims of lending violations on government-backed mortgage loans committed by one of its subsidiaries under the False Claims Act, according to an announcement from the U.S. Department of Justice.According to the Department of Justice, MetLife Bank, a New Jersey-based banking services company that merged with MetLife Home Loans in 2013, knowingly originated mortgage loans that were insured by the Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD) that did not meet applicable requirements. MetLife Bank was, and MetLife Home Loans is, a subsidiary of New York-based holding company MetLife Inc.”MetLife Bank’s improper FHA lending practices not only wasted taxpayer funds, but also inflicted harm on homeowners and the housing market that lasts to this day,” Acting Assistant Attorney General Joyce R. Branda of the Justice Department’s Civil Division said.  “As this settlement shows, we will continue to hold accountable financial institutions that elected to ignore the rules and to pursue their own financial interests at the expense of hardworking Americans.”MetLife Home Loans admitted as part of the settlement that it certified many FHA-insured mortgage loans that did not meet HUD’s underwriting requirements during a three-and-a-half year period from September 2008 to March 2012, and that MetLife Bank was aware that a “substantial percentage” of these loans were not eligible for FHA mortgage insurance as determined by the bank’s own quality control findings. Those quality control findings were routinely shared and known to MetLife Bank’s senior managers.MetLife Bank reportedly downgraded FHA loans from a “material/significant” deficiency rating to a “moderate” deficiency rating. Between January 2009 and December 2011, MetLife Bank’s quality control process identified 1,097 mortgage loans the bank had underwritten that were rated as having “significant” deficiency, but the bank reported only 321 of those loans to HUD. According to the Department of Justice, the bank’s actions resulted in FHA insuring hundreds of mortgage loans that were ineligible for FHA insurance – and as a result, when those loans defaulted, FHA suffered “substantial losses” when paying out insurance claims made by the mortgagees.”MetLife Bank took advantage of the FHA insurance program by knowingly turning a blind eye to mortgage loans that did not meet basic underwriting requirements, and stuck the FHA and taxpayers with the bill when those mortgages defaulted,” said U.S. Attorney John Walsh of the District of Colorado, which investigated the case jointly with HUD, the HUD Inspector General, and the Civil Division.  “This settlement is part of our systematic, national effort to hold lenders accountable for irresponsible lending practices that not only harmed FHA, but also contributed to a catastrophic wave of home foreclosures across the country.” Previous: FHA Commissioner Reaffirms Commitment to Middle Class, Administration’s Role Next: Freddie Mac’s Mortgage Portfolio Contracts; Serious Delinquency Rate Hits 6-Year Low Home / Daily Dose / MetLife to Pay $123 Million to Resolve Claims of Lending Violations on Loans Backed by FHA, HUD The Best Markets For Residential Property Investors 2 days agolast_img read more

Potestivo & Associates Expands with New Office

first_img Potestivo & Associates, a legal solutions provider for the real estate finance and credit industries headquartered in Rochester Hills, Michigan, has announced the opening of a new office in Downtown Rochester Hills.The Downtown Rochester Hills office offers state-of-the-art technology and is the firm’s fourth location—their second in Rochester Hills. The firm also has offices in Grand Rapids, Michigan, and in Chicago, Illinois. Potestivo & Associates has been serving the real estate finance and credit industries for more than 25 years.This expansion, and the augmentation of the Potestivo & Associates team, will allow the firm to better service their clients’ compliance and security requirements.“We look forward to being a part of the ongoing evolution of Downtown Rochester,” said President and Managing Attorney, Brian A. Potestivo. “The new office has a new look—combining the new with the traditions that have made our firm a success.” Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago December 15, 2015 1,094 Views Tagged with: Default Servicing Law Firms Michigan Potestivo & Associates About Author: Brian Honea in Featured, News  Print This Post Default Servicing Law Firms Michigan Potestivo & Associates 2015-12-15 Brian Honea Share Save Potestivo & Associates Expands with New Office The Best Markets For Residential Property Investors 2 days ago Related Articles Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: FHFA Proposes Rule for Fannie Mae, Freddie Mac to Offer Mortgages to Underserved Markets Next: Continued Economic Growth Vital for Still-Challenged Markets Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Is Rise in Forbearance Volume Cause for Concern? 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Featured / Potestivo & Associates Expands with New Officelast_img read more

HUD Working Toward Affordable Housing Innovations

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save in Daily Dose, Featured, Government, Market Studies, News  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Affordability HUD Investment NAHB Opportunity Zones Sales 2019-04-30 Seth Welborn Demand Propels Home Prices Upward 2 days ago Tagged with: Affordability HUD Investment NAHB Opportunity Zones Sales April 30, 2019 2,067 Views About Author: Seth Welborn Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Previous: Measuring Mortgage-Backed Securities Volumes Next: Taking Legislative Action Against Foreclosure Challenges Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago HUD Working Toward Affordable Housing Innovations Home / Daily Dose / HUD Working Toward Affordable Housing Innovations On Monday, Department of Housing and Urban Development (HUD) Secretary Ben Carson announced that National Association of Home Builders (NAHB) will co-host the Department’s inaugural “Innovative Housing Showcase.””We’re thrilled to have the National Association of Home Builders co-host this Showcase,” said Secretary Ben Carson. “It’s important we highlight these new building technologies that are answering the call for more affordable, durable housing options for families across America.””The housing affordability crisis is affecting both builders and consumers nationwide. We are honored to be co-hosting this event with HUD as we work together to find solutions to this growing problem,” said Greg Ugalde, Chairman of the National Association of Home Builders.One way HUD is addressing affordability is through investment in Opportunity Zones. HUD recently announced that is seeking public input on how the Department can use its existing authorities to maximize the beneficial impact of Opportunity Zones for residents and their communities. The Request for Information (RFI) is a call for the public to share existing knowledge and provide recommendations to HUD regarding the use of public and private investments in urban and economically distressed communities, including qualified Opportunity Zones.“Opportunity Zones present tremendous promise for America’s distressed communities,” Carson said. “Through this request, we are looking to better understand how HUD can better tailor its policies and help Opportunity Zones create more positive economic outcomes for the millions of Americans that live in these areas, and for our country as a whole.”After being designated as “opportunity zones,” low-income and high-poverty areas have seen a surge in sale prices. Investors, keen to receive a discount on capital gains taxes for investing within these areas, flock to these opportunity zones, according to an analysis by Zillow.According to Zillow, sale prices in all eligible areas “grew faster than prices in places that weren’t, but after opportunity zones were selected, price-growth trends diverged among eligible tracts.”The Innovative Housing Showcase will be held on the National Mall June 1-5, 2019, to educate policy makers and the broader public on the new housing innovations and building technologies. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

All UAPA Offences Investigated By NIA Or State Police Are Exclusively Triable By ‘Special Courts’: SC [Read Judgment]

first_imgTop StoriesAll UAPA Offences Investigated By NIA Or State Police Are Exclusively Triable By ‘Special Courts’: SC [Read Judgment] Ashok Kini12 Oct 2020 6:21 AMShare This – x”In the absence of any designated Court by notification issued by either the Central Government or the State Government, the fall back is upon the Court of Sessions alone.”The Supreme Court has observed that all offences under the UAPA, whether investigated by the National Investigation Agency or by the investigating agencies of the State Government, are to be tried exclusively by Special Courts set up under the NIA Act.The three judge bench headed by Justice Rohinton Fali Nariman observed that the Special Court alone had jurisdiction to extend time to 180…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 has observed that all offences under the UAPA, whether investigated by the National Investigation Agency or by the investigating agencies of the State Government, are to be tried exclusively by Special Courts set up under the NIA Act.The three judge bench headed by Justice Rohinton Fali Nariman observed that the Special Court alone had jurisdiction to extend time to 180 days under the first proviso in Section 43-D(2)(b) of the Unlawful Activities (Prevention) Act. In the absence of any designated Court by notification issued by either the Central Government or the State Government, the fall back is upon the Court of Sessions alone, the bench also comprising  Justices Navin Sinha and KM Joseph was considering an appeal filed by a murder accused, who was also accused of offence under Section 13 of the Unlawful Activities (Prevention) Act.The Accused, Bikramjit Singh, was remanded to custody by a Sub-Divisional Magistrate. After expiry of 90 days in custody, he filed an application for default bail before Sub-Divisional Judicial Magistrate. This bail application was dismissed on the ground that the Sub-Divisional Judicial Magistrate had already extended time from 90 days to 180 days under Section 167 of the Code of Criminal Procedure, 1973 as amended by UAPA. This Order was later set aside by the Special Court holding that under the UAPA read with the NIA Act, the Special Court alone had jurisdiction to extend time to 180 days under the first proviso in Section 43-D(2)(b). However, the default bail plea was refused. Later, the Punjab and Haryana High Court set aside this order of the Special Court, holding that in case the investigation is being carried out by the State police, the Magistrate will have power under Section 167 (2) Cr.P.C. read with Section 43 (a) of UAP Act to extend the period of investigation upto 180 days and then, commit the case to the Court of Sessions as per provisions of Section 209 Cr.P.C., whereas in case the investigation is conducted by the agency under the NIA Act, the power shall be exercised by the Special Court and challan will be presented by the agency before the Special Court.Before the Apex court, the accused raised two fold contentions. One, that the Special Court had been set up as an exclusive Court to try all offences under the UAPA, such offences being scheduled offences relatable to the NIA Act, it was the Special Court alone which had exclusive jurisdiction to extend the period of 90 days to 180 days under Section 43-D (2)(b) of the UAPA. Second, right to default bail was not extinguished by the filing of the charge sheet subsequent to his filing of bail application.To answer the first contention, the Apex Court bench referred to relevant provisions the three enactments, the CrPC, NIA Act and the UAPA Act and observed:What becomes clear, therefore, from a reading of these provisions is that for all offences under the UAPA, the Special Court alone has exclusive jurisdiction to try such offences. This becomes even clearer on a reading of Section 16 of the NIA Act which makes it clear that the Special Court may take cognizance of an offence without the accused being committed to it for trial upon receipt of a complaint of facts or upon a police report of such facts. What is equally clear from a reading of Section 16(2) of the NIA Act is that even though offences may be punishable with imprisonment for a term not exceeding 3 years, the Special Court alone is to try such offence – albeit in a summary way if it thinks it fit to do so. On a conspectus of the abovementioned provisions, Section 13 read with Section 22(2)(ii) of the NIA Act, in particular, the argument of the learned counsel appearing on behalf of the State of Punjab based on Section 10 of the said Act has no legs to stand on since the Special Court has exclusive jurisdiction over every Scheduled Offence investigated by the investigating agency of the State.The court noted that, under the first proviso in Section 43-D(2)(b) of UAPA, the 90 day period indicated by the first proviso to Section 167(2) of the Code can be extended up to a maximum period of 180 days if “the Court” is satisfied with the report of the public prosecutor indicating progress of investigation and specific reasons for detention of the accused beyond the period of 90 days. Especially noticing the change in legal position after enactment of NIA Act, the bench further observed: “Before the NIA Act was enacted, offences under the UAPA were of two kinds – those with a maximum imprisonment of over 7 years, and those with a maximum imprisonment of 7 years and under. Under the Code as applicable to offences against other laws, offences having a maximum sentence of 7 years and under are triable by the Magistrate’s Courts, whereas offences having a maximum sentence of above 7 years are triable by Courts of Sessions. This Scheme has been completely done away with by the 2008 Act as all scheduled offences i.e. all offences under the UAPA, whether investigated by the National Investigation Agency or by the investigating agencies of the State Government, are to be tried exclusively by Special Courts set up under that Act. In the absence of any designated Court by notification issued by either the Central Government or the State Government, the fall back is upon the Court of Sessions alone. Thus, under the aforesaid Scheme what becomes clear is that so far as all offences under the UAPA are concerned, the Magistrate’s jurisdiction to extend time under the first proviso in Section 43-D(2)(b) is non-existent, “the Court” being either a Sessions Court, in the absence of a notification specifying a Special Court, or the Special Court itself. The impugned judgment in arriving at the contrary conclusion is incorrect as it has missed Section 22(2) read with Section 13 of the NIA Act. Also, the impugned judgement has missed Section 16(1) of the NIA Act which states that a Special Court may take cognizance of any offence without the accused being committed to it for trial inter alia upon a police report of such facts.”Second question was also answered in favour of appellant by holding that so long as an application for grant of default bail is made on expiry of the period of 90 days (which application need not even be in writing) before a charge sheet is filed, the right to default bail becomes complete. The court said:”It is of no moment that the Criminal Court in question either does not dispose of such application before the charge sheet is filed or disposes of such application wrongly before such charge sheet is filed. So long as an application has been made for default bail on expiry of the stated period before time is further extended to the maximum period of 180 days, default bail, being an indefeasible right of the accused under the first proviso to Section 167(2), kicks in and must be granted.”Case name: BIKRAMJIT SINGH vs. STATE OF PUNJABCase no.: CRIMINAL APPEAL NO. 667 OF 2020 Coram: Justices RF Nariman, Navin Sinha and KM JosephCounsel: Sr. Adv Colin Gonsalves for appellant, Adv Jaspreet Gogia for the StateClick here to Read/Download JudgmentRead JudgmentSubscribe 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

Supreme Court Directs Distribution Of 9122 Crores To Unit Holders Under Franklin Templeton’s Six Mutual Fund Schemes

first_imgTop StoriesSupreme Court Directs Distribution Of 9122 Crores To Unit Holders Under Franklin Templeton’s Six Mutual Fund Schemes Srishti Ojha2 Feb 2021 5:02 AMShare This – xThe Supreme Court has on Tuesday directed that amount of 9122 crores that is cash ready with Franklin Templeton as on 15th January 2021 be distributed amongst the unit holders under the six mutual fund schemes. The Court has stated that the distribution is to be done in proportion to their respective interest in assets of scheme and will be undertaken by SBI Mutual funds as agreed by…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 has on Tuesday directed that amount of 9122 crores that is cash ready with Franklin Templeton as on 15th January 2021 be distributed amongst the unit holders under the six mutual fund schemes. The Court has stated that the distribution is to be done in proportion to their respective interest in assets of scheme and will be undertaken by SBI Mutual funds as agreed by both Franklin Templeton Trust and SEBI. A division Bench of Justice Abdul Nazeer and Justice Sanjeev Khanna issued the directions while hearing plea by Franklin Templeton challenging a Karnataka HC order which restrained winding up of six of its debt schemes without obtaining the consent of its investors by a simple majority. The Bench was examining objections to the e-voting results to decide if disbursal or payment to the unit holders should be made. The Court has asked the Franklin Templeton Trust services and the asset management company to cooperate with SBI Mutual Funds in this regard and furnish to them entire data and details. The Bench has further directed the process to preferably be completed in period of 20 days from date of this order and has given liberty to the parties to can move an application and approach the Court in case of any difficulty in the process. During the hearing, Advocate Nithyaesh Natraj appearing for an intervenor submitted before the Court that it was incumbent on Franklin Templeton to go to SEBI and ask for the process to be followed, considering there was a vacuums on the process to be followed. However, they chose to take laws in their hand instead. In response to the Court’s question if they wanted their money, Advocate Natraj responded and stated that as a unit holder, he definitely wants his money back, but the question that arises is the manner in which he wants it. While as a contractual owner, he had the right to redeem it, by virtue of the winding up decision an open ended scheme was converted to a close ended scheme, and violated another statutory obligation. “As far as modification and winding up are concerned, they’re interconnected but partially. If you want to exercise your right to redemption, you will be paid, but if you don’t, you will be taking a major risk then. That’s why we posed the question” – the Bench observed.Natraj stated that he would prefer that the money is returned in exercise of his right of redemption. He added that presently, people believe that they will suffer a loss. Every unit holder wants their money back. If Franklin Templeton can give a commitment that principal of unit holder is safe and it will honour its commitment no unit holder will have a grievance Advocate Madhurima Bhattacharjee, appearing for an impleading party, submitted that the notice issued by Franklin Templeton for e voting only had assumptions and projections which cannot be done according to the advertisement rules. Notice was completely illegal because it had projections and assumptions, and is not allowed. Abhishek Manu Singhvi appearing for Franklin Templeton Asset Management submitted that the Court should not lose sight of the main focus of the case. The court has advanced public interest the maximum and it is not the destination or result that the Bench is here to second guess, its the Journey and the process. Dr. Singhvi added that there should not be rush in redemption, as that will have a negative impact on everyone. “Let them have a fair transparent choice. They have the right to have a choice. If you project that if they don’t agree their investments will be wiped off, that’s not right.”- the Bench noted.Dr Singhvi also clarified that the votes that were cast did not emanate from a single source. OTPs were sent for voting and messages were sent after votes were cast. Therefore, no one IP address was used to cast multiple votes. The Bench told Dr Singhvi that they can wait till the end period when winding up period is passed, and then distribute the funds. However that will not be possible unless the Court says it is ordering winding up now, and will decide on legal questions later. Singhvi agreed, calling it ‘the most virtuous path’ and added that even if the court orders winding up, Franklin Templeton will follow the Court’s timeline and will nog delay it. Senior Advocate Harish Salve submitted before the Court that there has to be a proper procedure that will have to be followed for equal distribution to all share holders. Its a debt portfolio, where money keeps accruing and going. He added that there are only a handful of people who have invested in this very high risk portfolio. There are different types of portfolio with different level of risks. The present portfolio is a high risk portfolio and id people have a risk appetite they go for these portfolios. “My submission is that winding up should be ordered. Whoever is nominated by SEBI, we will coordinate with them so they could wind up in best possible way” – Harish Salve stated.Expressing displeasure over the kind of argument made during the hearing, Mr Salve submitted that arguments that slander people should be discouraged by the Court. Just because someone is privileged to be in the Supreme Court and cannot be hauled up, doesn’t mean they can just say anything they want to. Advocate P Venugopal appearing for SEBI informed the Court that SEBI believes that the Amount should be immediately distributed and suggests that SBI Mutual Fund be appointed to regulate it. SEBI also suggest that amount be distributed immediately in proportion to their respective interest but not in less that 10-12 months, as shorter period may lead to distress sale. The Supreme Court had in December 2020 had allowed Franklin Templeton Trustees to call for a meeting of unit holders to seek their consent/approval. The top court had hauled up SEBI adding that it had a lot to answer for and why did it not intervene when unit holders started seeking redemption, much like how RBI intervened in cases of banks, to protect depositors. Franklin had stated that in May 2020, the trustees had sought a vote by unit investors for validly undertaking an orderly sale of the debt securities held in the funds and return money to Unit investors. However, the process could not be completed. It had stated that after judgement of High Court of Karnataka, it considered all possible options to start returning money to unit holders in the shortest possible time in an orderly manner. This included the option of seeking unit holder consent according to the judgment of the High Court. However, after detailed deliberations, it determined that it will be necessary to seek judicial intervention from the Supreme Court to ensure an appropriate implementation of the law in the best interest of unit holders. This action took some time because these steps needed to be carefully and thoughtfully taken to ensure that it can return unit holder monies at the earliest in an equitable manner, without distress sale of securities (at steep discounts) that would occur if there is a rush of redemptions. The Karnataka High Court had heard the petitions challenging the winding up of six debt fund schemes of the Fund House.While the court had refused to interfere with the decision of winding up the schemes, it had said that FT has to take the consent of the unit holders before taking further steps on the basis of the decision. “The decision of the trustees to wind up the six schemes is not interfered by the court subject to it obtaining consent from the unit holders”, the court had stated in the order. Franklin Templeton had in April announced its decision to wind up six debt funds citing low liquidity. Nearly three lakh investors are estimated to be affected by this decision. It was after this decision that some investors moved various High Courts. Petitions across High courts were clubbed by the Supreme Court vide an order dated June 24 in the transfer petition filed by Franklin Templeton seeking consolidation of various petitions filed with respect to the winding up of debt funds.Next Storylast_img read more

BREAKING : ‘High Court Correctly Examined Demand’ : Supreme Court Rejects Centre’s Challenge Against Karnataka HC Direction To Increase Daily Oxygen Quota For State As 1200 MT

first_imgTop StoriesBREAKING : ‘High Court Correctly Examined Demand’ : Supreme Court Rejects Centre’s Challenge Against Karnataka HC Direction To Increase Daily Oxygen Quota For State As 1200 MT Radhika Roy6 May 2021 10:55 PMShare This – xThe Supreme Court on Friday rejected the challenge made by the Central Government against the direction issued by Karnataka High Court to increase the daily quota of liquid medical oxygen for the State of Karnataka as 1200 MT.”It is a well-calibrated, well-considered judicial exercise by the High Court”, Justice Chandrachud told the Solicitor General at the very outset.”We will not leave the citizens of Karnataka in the lurch”, the judge said.Observing that the “High Court has correctly examined the demand,” the bench said that it will not interfere with the High Court’s direction.The Solicitor General Tushar Mehta said that his objection was to the High Courts interfering with the Centre’s oxygen allocation plan in a time of crisis.”Every state needs it(oxygen), but my concern is only with the High Court directing it. If every High Courts starts doing it, it will be a problem”, the SG submitted. The Centre was willing to sit together with the officials of Karnataka to resolve the issue, the SG said.The bench said that the High Court did not pass the order in a reckless manner as it was based on the State’s projection of oxygen demand, which was a minimum of 1100 MT. The High Court had first directed the Centre to consider the State’s demand, and passed the order on the next day, after noting that the oxygen quota was not adequately increased. Meanwhile, a tragedy occurred in a COVID facilitiy in Bengaluru, where around 22 patients died due to lack of oxygen.”The High Court has furnished adequate reasons for passing the ad-interim order having regard to fact that the projection of demand made by the State was a minimum of 1162 MT oxygen per day. The direction of the High Court is only an ad-interim direction. The order of the High Court does not preclude a mutual resolution between the Cntre and the State. At this stage order, we find the High Court order careful, calibrated and a judicial exercise of power”, the bench comprising Justices Chandrachud and MR Shah said in the order.Justice Chandrachud observed during the hearing that the High Court passed the order taking note of the deaths if Chamrajnagar, Kalburgi etc., due to shortage of oxygen.”The judges are also seeing the human sufferings”, Justice Chandrachud said. ” High Courts will simply shut their eyes” On noting that the bench was not inclined to interfere with the order, Solicitor General Tushar Mehta said “We are ready to give entire quantity(of oxygen) to High Courts. Let the High Courts distribute”.”No,no… Mr.Solicitor”, Justice Chandrachud intervened and said ,”We cannot say that high Courts will simply shut their eyes”.The bench was considering the petition filed by Centre challenging an order passed by the Karnataka High Court on May 5 directing the Centre to increase the daily liquid medical oxygen allocation for Karnataka as 1200 MT.The High Court had passed the order yesterday after taking note of the incidents of COVID patients dying due to shortage of oxygen.A division bench comprising Chief Justice AS Oka and Justice Arvind Kumar of the High Court ordered :”In the circumstance we have no option but to issue a mandatory direction to the Government of India to again consider representation made by the state government, on April 30. We direct the state government to immediately submit a representation to the government of India, with a projected estimate of oxygen for next one week. Representation shall be considered by the Government of India, within four days. Till representation is considered, we direct the government of India to increase the cap on supply of Oxygen to the state to upto 1200 MT per day, with immediate effect.”The High Court had earlier noted that though the State Government had made a demand for 1700 MT oxygen per day, the Centre had only increased it to 862 MT.Click here to read/download the orderTagsKarnataka High Court Oxygen Supply Suprem Court #Justice DY Chandrachud Jusitce MR Shah Next Storylast_img read more

No provision for council to suspend or remove Cllr O’Donnell

first_img Twitter DL Debate – 24/05/21 By News Highland – April 18, 2019 Journey home will be easier – Paul Hegarty News, Sport and Obituaries on Monday May 24th Google+ No provision for council to suspend or remove Cllr O’Donnell WhatsApp Twitter Google+ Facebook Pinterestcenter_img Homepage BannerNews WhatsApp Previous articleMcBrearty believes he will be a stronger voice within Fine GaelNext articleStaggering 225% increase in mobile phone detections in Donegal News Highland RELATED ARTICLESMORE FROM AUTHOR Facebook Harps come back to win in Waterford Donegal County Council is meeting in special session to discuss the SIPO report last month which found Cllr John O’Donnell had contravened ethics and local government legislation.The meeting opened with Cathaoirleach Seamus O’Domhnaill reading a letter from the council’s solicitors into the record outlining the options open to the members.The letter noted there is no provision for the council to suspend or remove Cllr O’Donnell, and legally, there are no grounds for automatic disqualification from membership as a result of such an adverse finding SIPO.The only ground there could be for removal, the letter notes, is where the person has been convicted of an offense.In this context, the legal advice notes that SIPO could have furnished a report to the DPP, but did not do so, from which it may be deduced that SIPO took the view that none of the contraventions constituted an offence.Cllr Frank Mc Brearty proposed that Cllr O’Donnell be formally censured, and that the council demand a written apology to each member and council official. He also sought Cllr O’Donnell’s removal from any committees he sits on.Cllr Marie Therese Gallagher seconded the proposal to censure. A vote will be taken later. Pinterest Important message for people attending LUH’s INR clinic Arranmore progress and potential flagged as population growslast_img read more

Auditions Sunday for Fall production of ‘Come Home, It’s Suppertime’

first_imgSkip By The Penny Hoarder Latest Stories Pike County Sheriff’s Office offering community child ID kits Book Nook to reopen By Jaine Treadwell Penny Hoarder Issues “Urgent” Alert: 6 Companies Are… Remember America’s heroes on Memorial Day Email the author Published 3:00 am Saturday, August 20, 2016 Troy falls to No. 13 Clemson You Might Like Vote today to end animal overpopulation Christian Wilson with his dog, Baxter. Wilson entered Baxter into the photo contest and has been promoting the contest on… read more Sponsored Content There are also opportunities for those who would like to work with the stage crew, with sound and lighting, props and costumes.Those who are interested in auditioning but unable to attend on Sunday are asked to call, 334-375-3898.For more information, call 334-375-3898 or 670-6302. Auditions Sunday for Fall production of ‘Come Home, It’s Suppertime’ The Brundidge Historical Society will hold auditions for the fall 2016 production of its original folklife play, “Come Home, It’s Suppertime,” from 2 until 4 p.m. on Sunday at the We Piddle Around Theater in downtown Brundidge.Play dates will be November 3, 4 and 5 and 10, 11 and 12.Openings for several roles in Alabama’s Official Folklife Play include a teenage boy, three middle- to older-age women, a male actor/singer, gospel singers and a female lead singer with a strong, soulful voice and several musicians, including a harmonica player. Plans underway for historic Pike County celebration Print Article Around the WebIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential HealthGet Fortnite SkinsTCGThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more