A day after the Lok Sabha cleared the Bill
for bifurcation of Andhra Pradesh, a YSR Congress MP today filed a
petition in the Supreme Court challenging the legislation for creation
of a separate Telangana state. The petition filed by Rajamohan Reddy,
Lok Sabha MP from Nellore, sought to declare as unconstitutional the
Cabinet Resolution of October 3, 2013 approving the proposal of Union
Home Ministry for creation of 29th state of Telangana out of Andhra
Pradesh. The parliamentarian has also sought a direction from the apex
court to declare the proposed Andhra Pradesh Reorganisation Act, 2013,
as illegal, arbitrary and ultra vires of the Constitution. The Bill is
yet to get the nod of Rajya Sabha. On February 7 and 17 respectively,
the apex court had refused to entertain petitions challenging the
division of Andhra Pradesh on the ground that they were "premature". A
bench headed by Justice H L Dattu had on both the ocassions referred to
the apex court's November 18, 2013 order when the same ground was taken
for dismissal of petitions. The court had on February 7 refused to stay
the tabling of Telangana Bill and on February 17, it had dismissed two
petitions challenging the division of Andhra Pradesh. The apex court
had said it cannot take a different stand and different view from what
it had taken on February 7 while terming the plea against Telangana as
"premature". The court had declined to accept the contention that it
can now go into the issue of Telangana as the Bill is before Parliament.
"Parliament is seized of the Bill. This is not a time for court to
look into it. We understand your (petitioners) point that it is
introduced," the bench had said adding that the plea is "premature" for
it to be entertained. However, it had clarified that the averment made
in the writ petitions are open to be entertained at an appropriate
stage.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
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