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'No inquiry needed': SC dismisses review petitions against its previous order on Rafale deal
Posted on 14th November 2019
The Supreme Court on Thursday dismissed Rafale review petitions against its December 14, 2018 judgement, after it was found to be without any merit.

The Supreme Court was due to deliver the verdict on the review petitions against its earlier judgment dismissing any corruption in the deal to purchase 36 Rafale fighter jets from a French company

A bench comprising of Chief Justice of India Ranjan Gogoi and Justices Sanjay Kishan Kaul and KM Joseph delivered the verdict on the review petitions.

Earlier on May 10, the Supreme Court had reserved its judgment on the review petitions.

The review petitions which includes those filed by former BJP leaders and Union ministers Yashwant Sinha, Arun Shourie, and activist lawyer Prashant Bhushan, were against the SC's ruling in December 2018 dismissing pleas demanding a probe into the alleged wrongdoing by the BJP government in the signing of the deal with the French firm Dassault Aviation.

The Rs 59,000 crore Rafale deal sparked controversy, with opposition parties especially the Congress alleging foul-play by the NDA government in procuring the Rafale jets. Many Congress leaders raised questions against the BJP government over the escalated pricing of the jets, and the reduced number of jets from the previous deal of 136 jets decided upon by the UPA government in 2012.

On October 8, Defence Minister Rajnath Singh received the first of 36 Rafale jets at a ceremony held in France's Merignac where he later performed 'shastra puja' and flew a 25-minute sortie. The Rafale jet handover ceremony coincided with the foundation day of the Indian Air Force as well as the day when Dussehra is celebrated.

Singh said that seven Rafale fighter jets out of 36 will arrive in India by April or May next year. "After induction of Rafale fighter aircraft, the combat capability of the Indian Air Force will increase. We don't want to intimidate anyone by doing so. We will neither fear anyone nor will we intimidate," the Defence Minister had said.

Other Latest News
Verdict allowing women into Sabarimala not the 'final word': Supreme Court
Posted on 5th December 2019

The Supreme Court on Thursday said its 2018 verdict allowing entry of girls and women of all ages into the Ayyappa temple at Kerala's Sabarimala was not the final word as the matter was referred to a larger bench.

The apex court's observation came when senior advocate Indira Jaising, appearing for a woman devotee, Bindu Ammini, alleged violation of the 2018 verdict and said her client was attacked for her bid to enter the shrine.


Hyundai plans to bring fuel cell cars to India, Nexo could be first launch
Posted on 5th December 2019

Korean auto major Hyundai is planning to bring fuel cell electric vehicles to India. The company has already started a feasibility study as part of the plan.

Hyundai Nexo, which is already available in many markets, could be the first launch. The company claims Nexo is the world's first dedicated hydrogen-powered SUV and that it has a range of close to 380 miles, highest for any fuel-cell or electric vehicle in the market.


HDFC AMC slips 5% as Standard Life to sell additional stake via OFS
Posted on 5th December 2019

Shares of HDFC Asset Management Company (AMC) dipped 5 per cent to Rs 3,173 in intra-day deals on Thursday, after the company said it will use a greenshoe option for sale of additional 0.86 percent stake via offer for sale (OFS). The stock had ended 3 per cent lower at Rs 3,329 on the BSE a day earlier.

With the past two day's decline, HDFC AMC has corrected 17 per cent from its all-time high of Rs 3,844 touched on November 22, 2019.


RBI surprise: Repo rate left unchanged; FY20 GDP forecast lowered to 5%
Posted on 5th December 2019

Springing a surprise, the monetary policy committee of the Reserve Bank of India (RBI) maintained the repo rate at 5.15 per cent points (bps) in its fifth bi-monthly monetary policy meeting of the financial year 2019-20 (FY20) on Thursday. However, GDP growth forecast for FY20 was slashed to 5 per cent from 6.1 per cent.

The three-day rate-setting meet started on Tuesday (December 3). In its October meet, the RBI had cut interest rate by 25 bps to 5.15 per cent.


Polycab India hits fresh record high; stock zooms 100% from August low
Posted on 5th December 2019

Shares of Polycab India continued their upward journey, and hit a new high of Rs 1,052, up 6 per cent on the BSE on Thursday, on expectation of strong earnings going forward. The company was included in the MSCI Global Small Cap Index with effect from November 26, 2019.

The stock of the fast moving electric goods (FMEG) company zoomed 100 per cent from its recent low of Rs 525, touched on August 22, 2019.


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