Allegations against the CJI: Misuse of power and no procedural fairness

The Supreme Court brazened it out in how it dealt with these allegations and now its reputation lies in shambles

Economy News: The events surrounding the l’affaire Chief Justice of India have been well documented – even if the final outcome is not. On the 19th of April this year, an ex-Supreme Court staff member submitted a detailed affidavit to the Judges of the Court alleging sexual harassment by the Chief Justice. The Court had multiple options before it – order an enquiry under the Prevention of Sexual Harassment at Workplaces Act, follow its own internal sexual harassment complaint procedure or follow simple common sense. Over the last 20 days, it abandoned all of these.

The process started with an ‘emergency Saturday hearing’ in a case dramatically titled: “In Re : Matter of Great Public Importance Touching upon the Independence of Judiciary – mentioned by Shri Tushar Mehta, Solicitor General of India”. It has ended in a secret report exonerating the Chief Justice of all charges…

The case of Justice Clarence Thomas

In 1991, President George H. W. Bush nominated Clarence Thomas, a federal Circuit Judge, to the United States Supreme Court. Soon thereafter, a private interview given to the FBI by Professor Anita Hill was leaked to the press. Hill was called to testify publicly. In senate hearings that were televised across the United States, Hill affirmed on oath that Thomas had sexually harassed her while he was her supervisor at the Department of Education.

Thomas’ supporters questioned her credibility, claiming she was delusional or had been spurned. During the senate hearing, Republican Senator Orrin Hatch went as far as implying that “Hill was working in tandem with ‘slick lawyers’ and interest groups bent on destroying Thomas’ chances to join the court.”

Hill agreed to take a polygraph test. The reports of the test confirmed her claims. Thomas refused a similar test. He however stated that he was being subjected to a “high-tech lynching for uppity blacks” by white liberals who were seeking to block a black conservative from taking a seat on the Supreme Court. Ultimately, the United States Senate confirmed Thomas to the Supreme Court by a vote of 52–48…

Jet example shows that Indian capitalism needs to be saved from capitalists

It’s lamentable that after 14 years as a publicly traded firm, operating in a capital-intensive, competitive, regulated industry, Jet was still allowed to carry on basically as Goyal’s fief

The grounding of Jet Airways India Ltd., the country’s oldest private-sector carrier, isn’t just bad news for customers and its 23,000 employees. It raises yet again a question that’s puzzled two successive governments and will continue to bedevil whichever party takes power after elections conclude next month: What’s killing capitalism in India?

Jet was born in the early 1990s, when India’s closed Soviet-style planned economy had just started embracing globalization and private enterprise. Back then, few Indians could afford to fly; now the country has the world’s fastest-growing aviation market. An airline that was at one point the industry’s dominant player should theoretically have been able to thrive.

While Jet’s costs were too high compared with those of its no-frills rivals, that issue could have been fixed. The real problem is that Jet founder Naresh Goyal gambled away a perfectly fine — albeit, unprofitable — airline by not injecting equity himself into the cash-strapped business, or stepping aside in time and allowing someone else to do so.

It’s only natural for entrepreneurs to be possessive and irrational, especially when — like Goyal — they’ve been so wildly successful for so long. The bigger conundrum is why providers of outside capital (banks and capital markets) didn’t act as a disciplining force on Goyal and save the business.

Despite Abu Dhabi’s Etihad Airways PJSC taking a 24 percent stake in the airline in 2013, Jet has been slipping deeper into negative equity for seven years. Had India’s state-run banks insisted on a timely and substantial capital infusion, and had they credibly threatened to dilute Goyal’s 51 percent controlling stake by issuing themselves new shares when the inevitable debt default occurred, Jet would now be flying under a new owner…Read More

Jet Airways stares at shutdown, board meets today as lenders refuse funds

Lenders fail to infuse emergency fund after a crucial meeting on Monday

Companies News: India’s first private aircraft Jet Airways is going towards an all out establishing and a choice could be taken as right on time as Tuesday after a gathering of its top managerial staff. Left with no money, a seven-plane armada and fuel to run tasks just till Tuesday evening, the end is unavoidable, said sources near the improvement. “Fly can’t be spared now. It’s on the ground,” another source aware of everything said.

This pursues Monday’s no-agreement crisis meeting of the loan specialists’ consortium, driven by State Bank of India, to settle on implantation of Rs 1,000 crore right away. Before long, the suspension of the global tasks was stretched out till in any event April 18. As banks neglected to inject the required assets, the Jet administration will illuminate the board on Tuesday morning about the “basic improvements” before a call is assumed the eventual fate of the carrier, as indicated by Chief Executive Officer (CEO) Vinay Dube.

SBI, which has been at the front line of the goals plan, said late on Monday evening that the declarations of enthusiasm for purchasing stake in Jet were being confirmed by a lawful group and imminent bidders would be shortlisted by SBI Caps soon. “The proposed value change by banks, assuming any, will be embraced as a temporary system to encourage the offering cum deal process,” the SBI said. 

In a harm control work out, the bank said that important help to encourage the procedure was being reached out by the loan specialists in the consortium. “Participation by and support from the various partners will be the way to the achievement of the procedure,” it said. On the off chance that Jet goes down, it will be the second dish Indian administrator to go tummy up. Kingfisher Airlines was grounded in 2013…