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Children take U.S. government to court over climate change

The health of young people is disproportionately harmed by climate change, and the government has failed to keep them safe.




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For first time, Australian court rejects coal mine because of CO2

Think global, act local.




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Coal Ash Activists Acquitted in Filipino Court

Filipino activists had been charged with trespassing in December 2009 to document toxic coal ash.




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German city going to court to fight composting

The strange story of a fight against composting laws, by a community that loves composting




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European Bison free to remain in the wild after court decision

Ruling protects the organization behind a unique project to re-establish European bison in the wild




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Court rules Heathrow expansion illegal, says climate crisis should have been considered

The political football that is the third runway gets kicked down again.




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EU Must Focus on Getting Better Results From its Spending, say EU Auditors - European Court of Auditors

European Court of Auditors





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Supreme Court reverses fraud convictions of Christie aides in NJ 'Bridgegate' scandal

The Supreme Court reversed the fraud convictions of two aides to former New Jersey Gov. Chris Christie involved in the "Bridgegate" scandal.




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ECB ruling: German court can only check core of domestic constitution, analyst says

Volker Wieland, endowed chair of monetary economics at the Institute for Monetary and Financial Stability, discusses the impending verdict on whether the ECB's public sector purchase program is legal under German law.




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German court ruling on ECB bond buying 'laughable,' Societe Generale chair says

Lorenzo Bini Smaghi, chairman of Societe Generale and former member of the ECB's executive board, discusses the German constitutional court's call for the European Central Bank to justify its bond-buying program.




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ECB has responded well to German court ruling, former ECB vice president says

Vitor Constancio, former vice president of the ECB, discusses the German constitutional court's ruling on the European Central Bank's bond-buying program.




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Is the ECB stimulus program legal? A German court is about to decide

European debt holders are cautiously awaiting a ruling from a German court, which could impact how the ECB faces the ongoing economic crisis.




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German court says the European Central Bank now needs to prove its bond buying is needed

The German court said the decision does not concern any financial assistance measures taken by the European Union or the ECB in the context of the current coronavirus crisis.




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German court ruling on ECB purchases is 'laughable,' Societe Generale chair says

Germany's constitutional court threatened to block fresh purchases of German bonds through the European Central Bank's program.




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Israel’s top court green lights Netanyahu-Gantz deal

Israel's Supreme Court on Wednesday approved a coalition deal between Prime Minister Benjamin Netanyahu and his former rival Benny Gantz.






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Biting passengers on flight is no reason for cash compensation delay: EU court adviser

Air travelers cannot receive cash compensation if their flight is delayed by a passenger biting others and assaulting crew members, an adviser at the Court of Justice of the European Union said on Thursday.




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Freeloading Housemates Get Introduced To Court System

Man, these people sound like a ball of toxic energy. You have the one dude offering nothing but generosity and understanding to the rest of the roommates, who are basically going around, freeloading, and taking advantage of one's good nature. A kind of icky feeling can arise just thinking about it. Well, the freeloading roommates ultimately learned their lesson, and were introduced to the court system. Maybe that will set them on a different path in the future. Who knows? 





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Idaho governor appeals to Supreme Court to stop trans inmate's surgery

A lower court had ruled that the prisoner’s gender-affirming surgery is a medical necessity, and denying it constituted a violation of the Eighth Amendment.





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A 1996 court declaration written by Tara Reade's ex-husband shows she spoke of harassment in Biden's Senate office

"It was obvious that this event had a very traumatic effect on (Reade), and that she is still sensitive and effected (sic) by it today," Dronen wrote.





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Thibaut Courtois of Real Madrid warms up

ABU DHABI, UNITED ARAB EMIRATES - DECEMBER 19: Thibaut Courtois of Real Madrid warms up during the FIFA Club World Cup semi-final match between Kashima Antlers and Real Madrid at Zayed Sports City Stadium on December 19, 2018 in Abu Dhabi, United Arab Emirates. (Photo by Michael Regan - FIFA/FIFA via Getty Images)




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Sergio Ramos, Thibaut Courtois and Gareth Bale of Real Madrid are seen in the tunnel during the FIFA Club World Cup semi-final match

ABU DHABI, UNITED ARAB EMIRATES - DECEMBER 19: Sergio Ramos, Thibaut Courtois and Gareth Bale of Real Madrid are seen in the tunnel during the FIFA Club World Cup semi-final match between Kashima Antlers and Real Madrid at Zayed Sports City Stadium on December 19, 2018 in Abu Dhabi, United Arab Emirates. (Photo by Michael Regan - FIFA/FIFA via Getty Images)




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Ghatkopar residents: Reroute Metro Line 4, or else we'll move court

On Sunday, hundreds of Ghatkopar residents staged a silent protest march against a proposed route of the Metro Line 4. The residents alleged that the route planned by the Mumbai Metropolitan Region Development Authority (MMRDA) would block a narrow stretch in the area, adding to the woes of the residents. They have already written to the authorities concerned in this regard, but if the matter isn’t taken seriously, they plan to move court.

Backed by former corporator, Pravin Chheda, the residents raised slogans and marched along the stretch starting from Amar Mahal Junction and passing through Pant Nagar and Laxmi Nagar areas. The proposed Metro line would also pass through the same route connecting Wadala with Kasarvadavli in Thane. The residents have requested the MMRDA to reroute the line to the Eastern Express Highway, which was the initial plan, as it would not only be convenient but would also help in avoiding traffic congestions.

Jitubhai Mehta, who resides on M G Road, said, "As the route is already congested, the Metro will add to the mess. If the line goes towards the Eastern Express Highway, more people will benefit from it."

"We are not against the project, but all we are asking for is that the line be rerouted. The road is very narrow and it's extremely difficult to find parking space. If the Metro comes up there then problems will increase," said Sunilbhai Joisar, a Goradia Nagar resident.

Speaking to mid-day, Pravin Chheda, former corporator of the area, said, “We have already submitted letters to the authorities concerned. We are also trying to meet the chief minister to take our request forward. If the matter isn’t resolved soon, we’ll move court."

While MMRDA Additional Metropolitan Commissioner Pravin Darade remained unavailable for comment, local BJP corporator Parag Shah also could not be reached.

The proposed Metro line 4
Length of the belt: 32.32 km
Number of stations: 32
Nature: Fully elevated
Depots: Owale and Godrej Land

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Ahead of crucial Legislative Council election, Uddhav Thackeray pays 'courtesy' visit to Maharashtra Governor

Ahead of the crucial Legislative Council election in the state, Maharashtra Chief Minister Uddhav Thackeray on Friday paid a courtesy visit to Raj Bhavan here on the occasion of Maharashtra Day and met Governor Bhagat Singh Koshyari. Their meeting lasted for around 20 minutes. The move comes at a time when the Election Commission of India (ECI) is scheduled to hold a meeting over elections to the Legislative Council in Maharashtra. The meeting is scheduled to begin at 9.30 am today. Every year, Governor and Chief Minister meet on Maharashtra Day in a traditional parade at Shivaji Park but this year the celebrations are curtailed due to COVID-19. So, the Chief Minister went to Raj Bhavan to call on the Governor, a CMO official said.

Earlier, Governor Koshyari had requested the ECI for the election to nine seats of the Legislative Council in the state. The Governor has made the request in a letter to the Election Commission, to fill the 9 seats in the legislative council, that has been lying vacant from April 24, "with a view to ending the current uncertainty in the state." He has stated that the Central government has announced many relaxation measures regarding the enforcement of lockdown in the country. As such the elections to the council seats can be held with certain guidelines, said Koshyari.

"Since Chief Minister of Maharashtra Uddhav Thackeray is not a member of either house of the State Legislature, he needs to get elected to the Council before May 27," he added. Earlier, Election Commission had withheld the election process for these 9 seats in view of the COVID-19 situation in the country. This came after Maharashtra Chief Minister Uddhav Thackeray on Wednesday called Prime Minister Narendra Modi about his nomination to the State Legislative Council. According to sources, Thackeray sought Prime Minister Modi's help, saying if it doesn't happen, he will have to resign.

Prior to that, the Maharashtra Cabinet had on April 28 once again had asked Governor Koshyari to nominate Chief Minister Thackeray to the State Legislative Council.

Before that on April 9, the state cabinet had recommended Thackeray's name for one of the two vacant MLC seats that were to be nominated by Koshyari to the Legislative Council to avoid a constitutional crisis.

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Delhi High Court declines interim stay on Vir Das' Hasmukh

In a relief to the makers of Vir Das' latest web series "Hasmukh", the Delhi High Court on Tuesday refused to grant an interim stay on the streaming of the show on the OTT platform Netflix. The stay had been sought after allegations that the show makes disparaging comments against lawyers, particularly in episode four of season one, titled "Bambai Main Bambu".

"The very essence of democracy is that a creative artist is given the liberty to project the picture of the society in a manner he perceives. One of the prime forms of exposing the ills of the society is by portraying a satirical picture of the same," said a single judge bench of the High Court presided by Justice Sanjeev Sachdeva.

"Stand-up comedians perform that very purpose. In their portrayal they use satire and exaggerate the ills to an extent that it becomes a ridicule. In the humorous portrayal of the ills of the society the stand-up comedians use satire," the bench observed.

While dismissing the application, the court stated that the "plaintiff has not been able to show that the impugned comment in any manner refers to the plaintiff or refers to a definite group of individuals or lawyers out of the entire class of lawyers to which the plaintiff belongs".

The plea filed by Advocate Ashutosh Dubey sought the court's directions to the web series producers, directors and writer to tender unconditional apology online, saying that the web series had "maligned the image of the lawyers' community, which includes judges as they too had been lawyers at one point of time".

The plea further read: "The said remarks have caused utmost damage to legal profession and impugn the image of lawyers in the eyes of millions of viewers/ subscribers who visit the streaming website where the show is being streamed."

The plea also sought deletion or removal of certain objectionable content from the series, especially from season one, episode four.

The plea alleged that in the said episode, the makers have alleged lawyers to be "thieves, scoundrels, goons and have had the indecency to address, lawyers as rapists".

Advocate Priyanka Khimani, who represented defendant in the case, seemed extremely happy and welcomes the court's decision.

"This is a welcome decision that reinforces artistic and cinematic freedom of speech and expression, without which the world of storytelling would not survive. The content universe today thrives on its ability to express and communicate freely, as it rightly should in any free-thinking and free-speaking nation. So this decision is a gentle reminder of the fact that that freedom and ability are still, very much, intact," Khimani said

"Hasmukh" also stars Ranvir Shorey, Manoj Pahwa, Ravi Kishan and Amrita Bagchi.

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Coronavirus outbreak: Rohtak court opens at night to help local youth marry Mexican amid lockdown

A district magistrate court in Rohtak opened its doors on the night of April 13 to solemnise the wedding of a local boy marry a Mexican girl under the Special Marriage Act as both could not tie the knot due to the ongoing lockdown imposed to curb the spread of coronavirus. The couple met on a language learning app in 2017 and got engaged the next year.

According to Niranjan Kashyap, who hails from Surya Colony in Rohtak he and and his Mexican-origin partner Dana Joheri Oliveros Cruise applied to get married under the Special Marriage Act on February 17. "We met on a language learning app. In 2017, she came to India on my birthday. Then this February 11, Dana and her mother came to India for the wedding. On February 17, we applied for marriage under the Special Marriage Act which has a 30-day notice," Kashyap told ANI.

"The notice was to end on March 18 but by then the lockdown began so we could not get married. We submitted an application to the District Collector after which he conducted our wedding," he said. He further said that Dana had booked a flight back to Mexico on March 24 but with the lockdown being extended further till May 3 she has now rescheduled her flight to May 5

Dana said, "I came to meet him in 2017. We later got engaged in December 2018 and I returned to Mexico. I spent two years in Mexico. Due to lockdown, we couldn't marry. Deputy Commissioner helped us to marry."

Advocate Niranjan Kashyap, who helped the couple get married said: "Both of them came to us. Since the girl was from Mexico, they can marry under the Special Marriage Act. Later, we approached the District Magistrate and he sent requests to the Mexican Embassy and other offices for a no objection certificate. After NOC was obtained, the District Magistrate opened the court and performed the marriage on April 13 at 8 pm."

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Delhi High Court Bar Association suggests plan for restoring operations after lockdown

The Delhi High Court Bar Association (DHCBA) has suggested commencement of regular and normal working of courts in a phased manner with compliance of social distancing norms and wearing of masks after lifting of COVID-19 lockdown."We believe that physical court hearings, albeit in a phased manner, have to be commenced with meticulous and scrupulous compliance of social distancing norms, wearing of masks, maintaining the highest standards of sanitisation and hygiene etc," the DHCBA said in a statement.

The suggestions by the DHCBA in a letter to the committee headed by senior High Court judge Justice Hima Kohli include:

Courts have to be operational not only to extent of providing "urgent relief" but also to cater to other legal remedies which may be availed by common litigants. Scope of matters that may be listed includes injunctive reliefs, bail applications, suspension of sentence, objections to arbitration awards, execution petitions, writ petitions of all types, criminal appeals etc.

By notification by the court and judicial orders by Supreme Court, limitation periods have ceased to run during lockdown period, to avoid last minutes rush of filings when courts do reopen, ordinary e-filings/online filings of all matters be allowed, though they might not be heard till normalcy is restored. Petition boxes be used to acknowledge filings made therein.

Till normalcy is restored, litigants and interns shall not be permitted to access court/chamber blocks. Restriction may continue on advocates representing a party.

Lawyers, operating from their chambers and offices need access to chambers to prepare their cases, access their files, records, books and infrastructure. Client conference may be permitted after court hours.

Kiosks and shops inside court complexes may be kept closed. However, cafeterias and kitchens catering to chamber blocks may only be permitted to service lawyers by offering 'take away' options.

Only one entry point may be allowed per courtroom building. Entrants may be subjected to thermal temperature scanning. The option of making entrants pass through sanitisation tunnels may also be explored.

Public conveniences must be maintained with the highest level of sanitisation and for using these social distancing norms can be employed. An adequate number of sanitisers may be provided at various points throughout the court buildings.

Both District Legal Services Authority and Mediation Centres require the physical presence of litigants, the same may not be functional till normalcy is restored. As arbitration proceedings can go on without the presence of litigant, arbitration centre may be functional.

The Bar Association also assured the court of its utmost cooperation.

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Coronavirus outbreak: Supreme Court junks plea for quashing 75,000 FIRs for lockdown violations

The Supreme Court on Tuesday declined to entertain a PIL by former Uttar Pradesh police chief Vikram Singh seeking direction to quash nearly 75,000 FIRs registered for violating orders of lockdown and petty offences during the coronavirus pandemic.

A bench comprising Justice Ashok Bhushan, Justices Sanjay Kishan Kaul and B.R. Gavai questioned Singh's counsel, "You want there should be no FIR and this (Section 188 IPC) should not be invoked...then how can the lockdown be enforced?"

The bench wondered why such petitions were coming to the apex court? Singh's PIL sought quashing of nearly 75,000 FIRs registered under Section 188 of the IPC and other provisions for violation of the Covid-19 lockdown.

Senior advocate Gopal Sankaranarayanan said this person has been on the field and also has experience. "The submission is that we cannot have rule of law, which is selective. You cannot have one rule of law for those who have to travel by chartered flights...," said the advocate.

Justice Kaul replied he "can see an agenda". The lawyer contended that if the law didn't permit registration of FIRs then the NDMA law cannot be allowed for registration of FIRs. He told the bench that cases have been registered against migrants and those withdrawing money from ATMs.

Singh filed the PIL in his capacity as the Chairman of a think-tank -- Centre for Accountability and Systemic Change (CASC). He requested the apex court to issue directions, under the Disaster Management Act 2005, to state governments to not file complaints under Section 188 of the IPC or for other petty offences during the lockdown.

"Police action on an individual who is perhaps suffering from distress and lack of information as a result of the circumstances has ramifications which can extend beyond the coronavirus lockdown, and cannot be good for a constitutional democracy. The situation needs to be handled humanely, and it will be best to avoid adding aspects of criminality, wherever possible," Singh's plea stated.

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Supreme court: States could consider online sale or home delivery of liquor

The Supreme Court on Friday observed that the state governments should consider online sale or home delivery of liquor during the nationwide lockdown that's in place to fight the coronavirus pandemic. The remarks came from a bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and B.R. Gavai during the hearing of a PIL through video conferencing. The PIL complained of indiscriminate flouting of all social distancing norms at the liquor vends after they were reopned on May 4.

The top court observed that it is not feasible to pass orders on the PIL filed under Article 32 and instead asked the state governments to consider selling liquor through other viable options, keeping in place social distancing norms. The court said, "We will not pass any order. States should consider indirect sale or home delivery of liquor to maintain social distancing." Advocate Sai Deepak, representing the petitioner, submitted that the opening of liquor shops should not meddle with the lives of the common people.

The petition under Article 32 of the Constitution sought direction from the apex court to the Centre in order to declare the new Covid-19 guidelines issued by the Union of India, which permit the sale of liquors at liquor vends through direct contact sales during the lockdown period "as unconstitutional, null and void". The petition argued that prohibition of sale of liquor for human consumption at liquor vends through direct contact sales during the lockdown period would eventually contribute to containing the spread of Covid-19 in India, until the National Disaster Management Authority or the Centre declares India to be Covid-19 free.

Serpentine queues were reported across Delhi and many other parts of the country after the liquor vends opened in the third phase of the lockdown. At many liquor vends in Delhi-NCR, people disregarded social distancing norms while queuing up to purchase liquor.

Liquor shops had been shut down across India after the nationwide lockdown was announced on March 24 midnight. They reopened on May 4.

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Will Mutual Fund Houses Act Against Companies Approaching Courts To Prevent Rating Downgrade Amidst COVID-19?

Posted by Equitymaster
      

Unnerving movements for debt mutual funds investors!

Just last week my colleague, Divya explained the fiasco at Franklin Templeton Mutual Fund, which took a decision to abruptly wind down six debt mutual fund schemes, namely:

In all, the above debt mutual fund schemes had an AUM of Rs 30,854 crore as of March 31, 2020.

The fund house cited, "severe market dislocation and illiquidity in the fixed income space" caused by the COVID-19 pandemic, as the reason behind the decision.

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Investors in these schemes are now left in the lurch: they cannot sell (nor buy) these funds and will have to rely on the fund house to get back their hard-earned money. Investors will have to hold their investments in these schemes until liquidity is available to the mutual fund house by either selling securities in the fund's portfolio or receiving maturity proceeds.

Currently, a fact is, not just Franklin Templeton Mutual Fund, but debt mutual fund schemes of many other fund houses are have a remarkable exposure to stressed assets.

According to portfolios disclosed on March 31, 2020, mutual funds collectively held Rs 1.38 trillion of exposure to debt securities issued by Non-Banking Financial Companies (NBFCs). Approximately Rs 51,000 crore of the exposure in debt securities has a maturity profile of less than 3 months; and now, mutual funds fear that there will be defaults.

NBFCs and other corporate borrowers claim that they do not have enough liquidity to fulfil their obligations and have requested for additional time. Given that, rating downgrades from rating agencies look likely.

However, some companies are playing smart: they are approaching the Courts to prevent a rating downgrade, plus seeking a stay on sale of pledged shares. Of course, they are well within their right to approach the judicial authority or Courts and contest.

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But the capital market regulator, seems to be in no mood in offering them any leeway. On the contrary, the regulator is asking the mutual fund industry to act against the issuer of securities who are possibly carrying high credit risk; facing asset quality problems.

Delays in repayments would mean the creation of more side-pockets by mutual funds. And in my view, more the losses investors suffer, more frustrating it will be for mutual fund houses and their investors. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

If you are wondering what has gone wrong, here's everything you may like to know about liquidity, credit risk and the exposure of mutual funds to corporate debt in the present scenario.

If you remember, the capital market regulator had mandated large corporations to source at least 25% of their borrowings from the bond markets from the beginning of FY 2019. This move was expected to deepen Indian bond markets and reduces the stress on banks. Just a year later, the same move is proving fatal for companies that went to the bond markets to raise money.

Now that the COVID-19 lockdown has forced many business units to shut off temporarily or operate much below their optimal operational capacity with a skeletal staff, companies, including the large organisations that relied heavily on debt markets, are finding it difficult to honour maturity claims on Commercial Papers (CPs), Non-Convertible Debentures (NCDs), and Bonds.

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They were hoping for an 'at-par treatment' with Banks when the Reserve Bank of India (RBI) offered a moratorium period to borrowers. But the RBI circular came to them as a shocker. The devil was in the details.

On March 27, 2020, the RBI issued a notification allowing a three-month moratorium on all outstanding term loans and working capital facilities on account of disruptions caused by the outbreak of coronavirus. This circular did not cover around 10 thousand NBFCs, who mainly depend on CPs, NCDs, and Bonds for their funding requirements.

As far as NBFCs are concerned, the RBI has already provided them with a liquidity facility through the banking channel. The RBI directed banks to utilise funds infused under Targeted Long Term Repo Operations (TLTRO) facility to invest in 'investment-grade' CPs, NCDs, and Bonds issued by NBFCs. Also, RBI mandated banks to allocate 50% of Rs 50,000 crore of liquidity introduced by way of TLTRO 2.0 to small and mid-size NBFCs and small finance banks.

But NBFCs seemed not too happy with just liquidity and many of them are now approaching courts to prevent rating downgrades. This is not a best practice for the industry, although fund houses may be well within their rights to contest.

Recently, Indiabulls Housing Finance was successful in receiving the interim order from Delhi High Court, throttling any coercive action against the housing finance company for its inability to repay its bondholders. The Delhi High Court will hear the case further on May 19, 2020.

This has added to the worries of mutual fund houses that now fear other NBFCs will follow the same path.

The capital market regulator, only recently (a few days ago) following the three moratorium by RBI (due to disruptions caused by COVID-19 pandemic) has relaxed the valuation norms for debt and money market instrument held by mutual funds vide a circular dated April 23, 2020, wherein it states as under:

  • Based on assessment, if the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of the maturity of a security by the issuer has arisen solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by Reserve Bank of India (RBI) (vide notification no. RBI/2019-20/186, dated March 27, 2020) creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default for the purpose of valuation of money market or debt securities held by Mutual Funds.

    However, in the scenario, as stated above, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted.

But then what is the point of coming up with these valuation norms as an afterthought, and not in close synchronisation when the RBI came with its notification a month ago?

The damage now is already done and companies are anyways approaching the Courts to prevent a rating downgrade.

Let's say shares of a company are pledged and to recover the proceeds -- if they cannot be sold due to a court order -- then such lending would be as good as unsecured lending.

Also, why should that not be construed as an instance of deviation from the stated fundamental attributes of a debt mutual fund scheme? After all, mutual fund investors invest in debt fund schemes taking into account a certain level of risk. Change in the risk profile of a scheme is a change in the fundamental attribute/s.

According to India Ratings, NBFCs having the asset base of Rs 500 crore to 5,000 crore, largely fall between "A" and "BBB" rating categories.

The mid-path could be a decision on payment or deferring the payment in consultation with all stakeholders, including debenture trustees. The industry will require a blanket resolution because a case-to-case resolution approach is cumbersome and may create more chaos.

Unless the RBI takes a clear stance on NBFCs and other financial institutions, mutual fund houses are likely to feel the heat of redemptions. Suppose, there's no further statement issued by the banking sector regulator; mutual funds will have to be prepared to handle large-scale defaults, which might look inevitable. After all, a majority of NBFCs' customers are retail borrowers and they enjoy a moratorium on the EMI payment for 3-months. This has been the trickiest part for NBFCs.

While COVID-19 outbreak has been the genuine reason for the potential defaults this time, asset-liability mismatches of NBFCs are well-known. Many NBFCs have gone overboard with cheap credit available during stable market conditions. Their credit underwriting has been questioned widely. The industry has also witnessed belly-up instances such as IL&FS and DHFL. Many mutual fund houses have burned their fingers badly in such defaults.

At the time of writing this piece, to ease the liquidity pressure on mutual funds, the RBI today decided to provide a special liquidity facility of Rs 50,000 crore for mutual funds. Under this facility, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. This will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). The scheme is available from today i.e., April 27, 2020, till May 11, 2020, or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions.

The RBI has stated further that the liquidity support availed under the Special Liquidity Facility for Mutual Funds shall be used by banks exclusively for meeting the liquidity requirements of mutual funds by, 1) extending loans; and (2) undertaking outright purchase of and/or repos against the collateral of investment-grade corporate bonds, CPs, debentures and certificates of Deposit (CDs) held by mutual funds.

Having taken this measure, keep in mind that it does not make investing in debt mutual funds risk-free. Considering the prevailing investment environment, you should stay away from mutual fund schemes whose portfolio characteristic appears compromised. Also, avoid credit risk funds and corporate bond funds as they are likely to be more vulnerable amidst the financial crisis followed by COVID-19 pandemic.

As a thumb rule: Choose mutual fund schemes from fund houses that follow prudent judicious investment processes and stringent risk-management systems.

In these uncertain times, it would be wise sticking to liquid funds and overnight funds while considering debt funds.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity.

As with all financial matters, better be safe than sorry!

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

Each fund recommended under FundSelect goes through our stringent process, where they are tested on both quantitative as well as qualitative parameters.

Every month, PersonalFN's FundSelect service will provide you with insightful and practical guidance on equity mutual funds and debt schemes - the ones to Buy, Hold, or Sell.

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

Author: Rounaq Neroy

This article first appeared on PersonalFN here.



PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.




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COVID-19: Sania Mirza waiting to get back to tennis court!

With the world coming to a standstill due to the coronavirus outbreak, sporting events across the globe have either been cancelled or suspended and Indias star tennis player Sania Mirza cannot wait to go back to the tennis court.

Taking to Twitter, she wrote: "Waiting to play tennis again like." Earlier, Sania had made her displeasure known as there has been a rise in the number of 'cooking' posts that celebrities are putting out on social media as they stay indoors to fight the coronavirus outbreak. Sania feels posting such pictures in these times is unwanted.

Taking to Twitter, she wrote: "Aren't we done with posting cooking videos and food pictures yet ? Just spare a thought - there are hundreds of thousands of ppl, specially in our side of the world starving to death and struggling to find food once a day if they are lucky."

After giving birth to her child in October 2018, Sania returned to the court in January this year. She clinched the women's doubles title at Hobart International, pairing up with Nadiia Kichenok, in her comeback competition.

Sania recently shared a photo of her son with a tennis racquet in hand, looking confused. "I am pretty sure he's thinking what the fuss is all about? #IzhaanMirzaMalik". Sania said in her Twitter post.

Sania last played at the Qatar Open in February. She has helped raise Rs 1.25 crore in one week which will help close to 1 lakh people in need during the 21-day lockdown to fight the coronavirus pandemic.

Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Cheteshwar Pujara: Missing playing badminton on outdoor courts

India's top-order batsman Cheteshwar Pujara misses playing badminton on the outdoor courts. Sporting action across the world is on pause due to the coronavirus pandemic and in India a nationwide lockdown in place till May 3 has imposed restrictions on movement of people.

Pujara, used to enjoy badminton outdoors apart from cricket. Now he plays with his wife or with his Saurashtra team-mate Jaydev Unadkat. "Usually when I am at home in Rajkot, we go and play badminton on weekends on proper courts. That is something I am missing," ESPN Cricinfo quoted Pujara as saying.

"With my wife - she wants to learn. At times if Jaydev Unadkat is in Rajkot, he is a decent badminton player, so I play with him," he added. Pujara also revealed that he is very competitive when it comes to playing badminton and he cannot let anybody win.

"No, no. I can't allow my wife to win. I can't allow anyone to win against me at badminton. That is not possible. I've been telling her that she has to get better at it and win that way. I don't want to lose to make her happy that she has beaten me. As a sportsperson your mentality is to make sure that the other person becomes stronger than you," Pujara said.

Pujara was supposed to be in the UK, playing for Gloucestershire, at this time of year, but all plans have been tossed away due to the coronavirus pandemic.

He had signed a deal in February to represent the county for the first six matches of the championship. He was set to become Gloucestershire's first Indian player after Javagal Srinath in 1995.

But with the first seven rounds of the Championship postponed due to the coronavirus pandemic, and international travel severely limited, he will be unable to fulfil his deal. The batsman was last seen in action during India's two-match Test series against New Zealand.




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UK court dismisses Vijay Mallya's appeal against extradition to India

A UK court on Monday dismissed fugitive liquor baron Vijay Mallya's appeal against extradition to India.

"We consider that while the scope of the prima facie case found by the Senior District Judge (SDJ) is in some respects wider than that alleged by the respondent in India. There is a prima facie case which, in seven important respects, coincides with the allegations in India," a part of the order by the UK court read.

A CBI spokesperson confirmed to ANI that the "UK high court dismissed Mallya's appeal against his extradition to India." The 64-year-old businessman had begun the lengthy appeals process in the UK court in February this year against an order to extradite him to India to face multiple charges relating to the collapse of Kingfisher Airlines.

It followed a ruling by a lower court -- the Westminster Magistrate's Court -- in December 2018 - that Mallya should be sent to India to face the charges, including one of money laundering to the tune of Rs 9,000 crore. The businessman fled India in March 2016 and has been living in the UK since then.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Vijay Mallya appeals to UK Supreme Court as last ditch effort to prevent extradition to India

As a last ditch effort to prevent his extradition to India, embattled liquor baron Vijay Mallya on Monday filed an application in UK Supreme Court to prevent implementation of an earlier order that made his return to India imminent.

The application came after a gap of almost two weeks after the London High Court on April 20 rejected a similar application and ordered his extradition to India to face enforcement authorities there in connection with a Rs 9,000 crore bank fraud and money laundering case involving his now defunct Kingfisher Airlines.

The UK Supreme Court is expected to hear the matter later this week. Legal experts said that if the application is rejected by Supreme Court as well, then UK Home Secretary would have to sign on Mallya's extradition papers within 28 days.

Mallya's application in Supreme Court came on the last day when such an appeal could be made in the top court. The 64-year-old businessman was given 14 days to file such an application against the order of High Court. The high court dismissed his appeal against a Westminster Magistrates' Court extradition order certified by the UK Home Secretary.

Legal experts quoted above said it is unlikely for Mallya to get a reprieve from Supreme Court as it would only look as constitutional issues and may not tamper with high court's order if other aspects are in order.

This should be music to the ears of enforcement agencies in India who have been waiting for a long time get hold of the fugitive businessman. The ED has attached several properties of Mallya in the last few years under sections of the Prevention of Money Laundering Act.

Mallya is being investigated by the CBI and the Enforcement Directorate in connection with the loan fraud case.

He was arrested by the UK authorities on April 20, 2017 on the request of the Indian investigative agencies.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Tax-News.com: Starbucks' Dutch Tax Ruling Vindicated By EU General Court

On the same day the Court ruled against Fiat's appeal, the EU General Court has decided that Starbucks was not in fact granted a selective tax advantage in a Dutch tax ruling, contrary to a European Commission conclusion.




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Tax-News.com: EU Court Upholds Commission's Fiat Tax Ruling Decision

The EU General Court has dismissed an appeal brought against the European Commission's decision that a tax ruling granted by Luxembourg to Fiat Chrysler Finance Europe was unlawful.




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Tax-News.com: Belgian Excess Profits Regime Not Unlawful Says EU Court

On February 14, 2019, the General Court of the European Union annulled the European Commission's decision that the Belgian tax regime relating to the excess profit of multinational companies is contrary to EU law.




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Tax-News.com: Australian High Court Allows Use Of Leaked Data In Tax Probes

The Australian Taxation Office has welcomed a significant ruling from Australia's High Court, which enables the tax agency to use information obtained from data leaks, even if leaked from a law firm.




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Black Day for Gay Community in India - 'Supreme Court Judgment Takes the Community Back by 100 Years' Says Activist

The Supreme Court's ruling on Wednesday pronouncing gay sex illegal in India has caused uproar among gay rights acti




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Canada's High Court Further Delays the New Assisted Dying Rules

Polling shows a strong majority of Canadians - 85% - support the right to die. Canada's high court has now given parliament another four months to rewrite




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Supreme Court Blocks Restrictions on Abortion Clinics in Louisiana

A new Louisiana law was to require doctors at abortion clinics to obtain a formal affiliation with a local hospital. The Supreme Court has blocked these




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US Top Court Denies to Revive Abortion Restrictions

The US Supreme Court extended the reach of its major ruling in support of abortion rights, denying efforts by two states to reinstate restrictions on doctors providing the procedure.




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Mandatory Training for Ultrasound: Indian Supreme Court Has Put High Court's Order on Hold

The Supreme Court of India has put Delhi high court order on hold to allow the MBBS practitioners to access the ultrasound. The stated order has come




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Indian Court Upholds Ban on Pre-natal Sex Determination Test

Gender-based abortions will continue to be banned in India with the Bombay High Court, in Maharashtra, a western Indian




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Dunn Hospitality to Develop Courtyard by Marriott Within $60 Million Mixed-Use Development Near Indianapolis

Thompson Thrift Retail Group (TTRG), a wholly owned company of Thompson Thrift, announced today that it has closed on the sale of the hotel pad at The Stations, a $60-million mixed-use development in the Indianapolis suburb of Fishers, Ind. The buyer, Indiana-based Dunn Hospitality, will spend $20 million to build a 145-room Courtyard by Marriott that it plans to open in the latter half of 2021. The Courtyard will feature meeting space, expansive fitness facilities, an indoor pool, room service and a bistro bar offering sit-down meals throughout the day. The new hotel is expected to accommodate the expanding business and leisure travel needs of the rapidly growing Fishers suburb. Later this year, TTRG expects to begin construction of a class-A, four-story office building with 60,000 square feet of demisable office space. The building will feature an expansive lobby with elevators, outdoor work areas on the top floor of the building, excellent visibility from 116th Street along with bu...




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Supreme Court says states can consider online sale or home delivery of liquor sales

The remarks came from a bench comprising Justices Ashok Bhushan, Sanjay Kishan Kaul and B.R. Gavai during the hearing of a PIL through video conferencing.




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Lawsuit Case: 276 Dominic Jermano -Vs- Nanning City Municipal Court

Lawsuit Case: 276

Dominic Jermano -Vs- Nanning City Municipal Court

November 27,...




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The resolution of competition cases by specialised and generalist courts: Stocktaking of international experiences

In the framework of a project with the Mexican Ministry of Economy, this report provides an overview of international experiences and best practices regarding the role of courts in the implementation of competition policy. It presents different institutional designs, the role of courts, courts specialisation and their benefits as well as their relationship with other government bodies and stakeholders.