Cherry applies to delist from Nasdaq Stockholm

first_img Email Address Cherry applies to delist from Nasdaq Stockholm Finance Topics: Finance Regions: Europe Nordics Sweden Cherry has applied to delist from Nasdaq Stockholm as the consortium looking to acquire the business moved a step closer to acquiring 100% of shares in the Swedish gaming group.The consortium, European Entertainment Intressenter Bidco (EE Intressenter) has now acquired more than 90% of the shares in the operator, initiating a compulsory offer for the remaining shares, under the Swedish Companies Act. As a result it is moving forward with plans to delist the business, having requested approval for the move from Nasdaq Stockholm.EE Intressenter launched a $1bn (£763.1m/€883.5m) takeover bid for Cherry in December last year, with the understanding that the consortium would acquire all series A and series B shares in the group at a price of SEK87 per share.In February, Cherry then set out plans to take the company private under the consortium’s ownership.It will announce its final day of trading when the move is approved.EE Intressenter comprises UK private equity company Bridgepoint Europe, holding companies Prunius Avium and Audere Est Facere, as well as the Klein Group – headed by Cherry chairman and founder Morten Klein – Audere Est Facere, Betsson CEO Pontus Lindwall and executives Berkay Reyhan and Murat Can Yilanlioglu. Reyhan and Yilanlioglu are directors of London-based marketing business Hindigo Marketing, while Yilanlioglu is also a director of Highlight Games, a studio in which Cherry holds a 60.4% stake.In 2018, Cherry’s consolidated revenue increased by 44% to SEK 3,236m in the year to December 31, with organic growth at 34% compared to 27% in 2017. Revenue was up 49% during Q4, the period when EE Intressenter launched its takeover bid. 15th April 2019 | By contenteditor Cherry has applied to delist from Nasdaq Stockholm as the consortium looking to acquire the business moved a step closer to acquiring 100% of shares in the Swedish gaming group.  Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletterlast_img read more

No savings at 50? These tips could help you make a million and retire rich

first_img Enter Your Email Address 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. 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. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Our 6 ‘Best Buys Now’ Shares No savings at 50? These tips could help you make a million and retire rich Having reached my 50s some time ago, I can tell you it’s a younger age than I imagined it to be when in my 20s!I used to believe 50-year-olds were knocking on the door of old age, but now realise they’ve ‘barely entered’ middle age. Luckily for me, I can still pursue strenuous activities such as backpacking, cycling, swimming and many others, just like I used to. And many people my age are in the same boat.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…Put your energy to workIn short, we’ve all got bags of energy (at least after that essential afternoon nap every day). And with all that energy, I think you can do some great things to build up your finances so you can potentially make a million and retire wealthy.I’ll cut to the chase. I reckon the best way to compound your money is by investing and trading shares on the stock market. In fact, I like it so much, I’m building my own fortune that way. But to make your gains really take off, you’ve got to put some work in. And I’d start by getting interested in investing strategy and reading books about investing.To me, the process of investing started off as an absorbing hobby and I ended up building my working life around it. But you can make great progress by treating it as a serious, time-consuming hobby that you run alongside some other career or job.When you start diving into books about investing — often written by investors who have done very well themselves in the markets — you’ll notice that much of the advice conflicts. One guru will say one thing, and the next guru will say the opposite. But, with experience over time, and with the more reading you get under your belt, you’ll start to hone a personal strategy that suits your temperament.Eclectic parts make a greater and personal wholeIf my experience is typical, you’ll end up taking bits of advice from many different investors who’ve written books. As I said, their strategies will likely be totally different from each other’s, but somehow, you’ll make it all work for you. And I reckon the best way to accelerate the process of discovering what exactly it is that works well for you, is to be active in the markets the entire time you’re learning.And the learning never stops, by the way, not if you are determined to achieve out-performance. Here’s a list of some of the books that helped me the most:The Intelligent Investor by Benjamin GrahamOne Up on Wall Street and Beating the Street by Peter LynchBeyond the Zulu Principle by Jim SlaterTaming the Lion by Richard FarleighHow to Make a Million, Slowly by John LeeFree Capital by Guy ThomasBuffettology by Mary BuffettThat’s not an exhaustive list, by any means, but these books really did help me to invest better. Good luck in your own investing journey and your quest for a million before retirement. Simply click below to discover how you can take advantage of this.center_img “This Stock Could Be Like Buying Amazon in 1997” Kevin Godbold has no position in any share 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. Image source: Getty Images. 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. Kevin Godbold | Monday, 17th February, 2020 See all posts by Kevin Godboldlast_img read more

The Aviva share price is 30% cheaper than in January! Why I think it’s a must buy

first_img Enter Your Email Address Tom Rodgers | Monday, 13th July, 2020 | More on: AV Image source: Getty Images “This Stock Could Be Like Buying Amazon in 1997” Tom Rodgers owns shares in Aviva. 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. Simply click below to discover how you can take advantage of this. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! The Aviva share price is 30% cheaper than in January! Why I think it’s a must buycenter_img 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. The Aviva (LSE:AV) share price is steadily working its way back to 300p. But even at today’s prices, the UK’s largest insurance company is 30% cheaper than it was at the start of 2020.This isn’t a huge surprise to me.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…I believe the London-headquartered financial giant is one of the FTSE 100’s strongest companies. But the market has consistently underpriced it.The Aviva share price is currently trading at a price-to-earnings ratio of 4.4. That’s insanely cheap, given its strength. If we look ahead to what the future holds, the forward P/E is expected to jump to 5.4.That’s why I’m adding to my Aviva shareholding now. If I wait, I’ll only pay more for the same number of shares.Aviva share price valueOne of the key principles of UK value investing is this: at times the markets will significantly undervalue quality FTSE 100 shares.So the value investor makes their best portfolio gains when they see what the wider market can not – that markets are consistently inconsistent.In some years they are wildly optimistic about the a company’s future prospects. And in other years they are wildly pessimistic. We appear to be in the latter stage for the Aviva share price. And that gives investors an opportunity to profit.We need only look back to previous Aviva P/E ratios to prove this theory.In 2015, investors would have paid an average 10 times earnings to buy Aviva shares. The following year, the price tag doubled to 22 times earnings. Twelve months later, the Aviva share price was going for a whopping 31 times earnings.The level you can buy the Aviva share price at today simply didn’t exist in the past.Looking forwardI thought Aviva’s previous CEO, Maurice Tulloch, did a reasonable job. But his replacement Amanda Blanc looks like a great appointment for shareholders. Blanc has been on the Aviva board since January and has a solid grasp of what’s required to take the FTSE 100 insurer back to where it should be.Blanc formally took over on 6 July, so she has only been in the post a matter of days. But the ex-Zurich and Axa boss has already signalled a strong intent to streamline the business.In November 2019, Tulloch sold off Aviva’s Hong Kong arm but disappointed investors by not divesting the Chinese and Singapore businesses too.“We will look at all our strategic opportunities, and at pace,” Blanc said on taking up the top job. “I want Aviva to be the leader in our industry again and the first choice for our customers and partners,” she added.It’s a slimmer, more agile, more focused Aviva that I think will attract shareholders back. And I’m confident in Blanc’s ability to overhaul its structure.Income theoryI’m not too concerned that Aviva suspended its 2019 full-year dividend.While it was certainly a blow for long-term holders, it made financial sense at a time of huge uncertainty. And in April 2020, Aviva’s board made specific mention that they “fully recognise the importance of cash dividends to our shareholders“, adding that they will reconsider the decision in Q4 this year.With Blanc in charge to slim down, cut costs, and boost profits, I’m certain that it will return in full. Our 6 ‘Best Buys Now’ Shares 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 Tom Rodgerslast_img read more

Championship Blog – Round 19 wrap

first_img What it is all about: Below are the latest comings and goings in the ever competitive Championship The latest comings and goings in England’s ever-competitive second tier… By Richard GraingerFormer British & Irish Lion Ryan Jones has become the latest big name to sign for Bristol, joining Anthony Perenise and Dwayne Peel amongst others. But multi-millionaire owner Steve Lansdown is content to play down the expectation of a return to the Aviva Premiership for his club.Lacklustre Leeds almost punish Bristol complacencyLeeds Carnegie 27, Bristol 33Still not impressed: Andy RobinsonBristol’s Director of Rugby Andy Robinson was also quick to play down his side’s recurring inability to kill off opponents after once again coming perilously close to snatching defeat from the jaws of their ninth consecutive GKIPA Championship win.“We are still working on maintaining our levels of performance for the full eighty minutes,” said Robinson, whose side conceded two quick-fire tries in injury time, “but we’re looking at that and it’s an area of focus for us.”Had Leeds not played with anything other than total ineptitude for all but 15 minutes at Headingley on Sunday, Bristol would have been made to move out of second gear for their five-pointer.One has to ask if Bristol, when faced with a winner-takes-all scenario, as they surely will be at the business end of the season, will be any more clinical? What made it worse was that, with Leeds reduced to thirteen men and Bristol leading 33-13 in the third quarter, the visitors were unable to move the scoreboard.Carnegie came to life briefly in the first half shortly after Nicky Robinson had scythed through the hosts’ midfield and fed Nick Koster for Bristol’s third try.Glyn Hughes added his second penalty for Leeds then danced in under the posts to reduce the interval deficit to 13-21.However, tries from Ruki Tipuna and Gaston Cortes looked to have made the game safe for Bristol before Leeds bounced back in injury time to secure an unlikely losing bonus point.Exiles go through the gears for bonus pointLondon Welsh 29, Bedford Blues 11Unlike Bristol, the Exiles upped the tempo in the second half to secure a bonus point win over Bedford at the Kassam Stadium on Sunday. Two tries from Seb Jewell, a penalty try and one a-piece from Tom May and Nick Scott were enough to see off a spirited Bedford challenge.Veteran scorer: Tom May of London WelshWelsh had their pack’s superiority to thank for a penalty try that allowed them to take an unlikely 12-8 interval lead into the dressing room, but thereafter it was largely one-way traffic. Welsh, who failed to secure the bonus point against the Cornish Pirates last Sunday, returning from the Duchy with a 5-20 win, sit in second place just three points behind Bristol and look forward to the short trip to the Athletic ground for round two of the battle of the Exiles on Sunday.Ealing anguish despite Chesters’s crowd pleaserEaling Trailfinders 25, Jersey 23Despite the joy of doing the double over fellow relegation candidates Jersey, Ealing are still favourites to drop through the trap door back into National league One. A massive defensive effort and the 11th try of the season for the ubiquitous Phil Chesters was enough to reverse Jersey’s 15-20 interval lead at Vallis Way on Friday night.But it was Ealing’s inability to overhaul Bedford in West London last Saturday that leaves them with the glass half empty in the Last Chance Saloon. Chesters scored a brace, but the brace that took the game away from Ealing was the one scored by Mark Atkinson in the last five minutes to secure a 23-39 victory for the Blues.To make matters worse for Ealing was news that Jersey had defeated Plymouth 23-30 at Brickfields. This result comes as no surprise as Albion’s abysmal home record has thus far yielded a solitary Championship win. Nine points now separate Ealing and Jersey.Titans score four in fourteen minutes to choke AlbionRotherham 45, Plymouth 10Albion’s week didn’t get any better, going down 45-10 to fourth-placed Rotherham at Clifton Lane on Sunday. Plymouth, who only trailed 12-3 at the break, were hit by four tries in fourteen minutes as the Titans raced to a seven-try victory.Mid-table Pirates have pride to play forCornish Pirates 17, Nottingham 11Blast from the past: Mark Bright in 2011Pirates conceded a pushover try with two men in the bin at the Mennaye Field on Sunday to give Nottingham a losing bonus point after Kyle Moyle had scored a brace for the hosts. The Cornishmen, in sixth place, are now out of the play-off running.Exiles end Midlanders’ home runcenter_img LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Moseley 20, London Scottish 23Mose, who had won six on the bounce at home, could consider themselves unlucky to lose this one, conceding an arbitrary scrum penalty from the final play of the game, which James Love kicked to take the points. Exiles’ skipper Mark Bright, who scored two tries concurred, saying, “To be honest I don’t think we did enough to deserve that game.”last_img read more

EPA Urged to Deny Petition for RFS Waiver

first_imgHome Energy EPA Urged to Deny Petition for RFS Waiver Facebook Twitter SHARE Previous articleWeekend Forecast Keeps Market on EdgeNext articleUSB Board Member Talks Up Indiana at Farm Progress Show Gary Truitt EPA Urged to Deny Petition for RFS Waiver Facebook Twittercenter_img By Gary Truitt – Aug 28, 2013 Source: NAFB News Service Bob DinneenThe Renewable Fuels Association is urging the Environmental Protection Agency to reject the petition for a partial waiver of the 2014 Renewable Fuel Standard recently submitted by the American Petroleum Institute and American Fuel and Petrochemical Manufacturers. RFA President and CEO Bob Dinneen says this is just another example of how far Big Oil will go to protect market share and block larger volumes of renewable fuel from reaching the consumer. He adds that – as trade associations – API and AFPM aren’t even entitled to file a petition for a waiver. According to a letter to Administrator Gina McCarthy – the petition from API and AFPM obscures the fundamental purpose and intent of the RFS – which is to drive the production and use of renewable fuels beyond their traditional role as fuel additives.Dinneen writes that the need to move beyond E10 in 2014 for the purposes of RFS compliance should not come as a surprise to obligated parties. He points out that it was clear as early as 2009 that the so-called E10 blend wall would occur in 2013 or 2014. But Dinneen says many obligated parties chose to blatantly ignore the strong signals compelling them to begin preparations for higher volumes of renewable fuels and to increase investments in storage and distribution infrastructure. Now – Dinneen says the members of API and AFPM are seeking relief from their obligations – arguing their failure to prepare merits reprieve. He says EPA should not reward such blatant disregard for resoundingly clear policy signals.RFA concludes that the combination of increased E85 and E15 sales, carry-over RINs from 2013 and likely administrative adjustments to the 2014 advanced biofuel standard will allow obligated parties to easily meet their RFS requirements without adverse economic consequences. Dinneen says EPA should act swiftly to reject the waiver petition. He says the conditions outlined in the Clean Air Act under which EPA may grant a waiver don’t exist and adds that the RFS is working precisely as intended. According to Dinneen – oil refiners and importers should have no difficulty meeting their 2014 blending requirements. SHARElast_img read more

PUSD Celebrates the Legacy of Cesar Chavez

first_imgEducation PUSD Celebrates the Legacy of Cesar Chavez From STAFF REPORTS Published on Monday, April 1, 2013 | 5:06 pm Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Community News The students and staff of the Pasadena Unified School District (PUSD) celebrated the life and legacy of civil rights leader César Chávez with learning and service activities in March.On March 12, The PUSD Board of Education passed a resolution recognizing the achievements of César Chávez. Students also completed entries for the district’s Sí, Se Puede essay and art contest honoring Chavez and fellow labor activist Dolores Huerta. The contest was developed in collaboration with Latino Heritage, the organization that promotes Latino arts, history and heritage in Pasadena and the San Gabriel Valley. Entries were judged by local historians, artists and community members. See the attached document for the full list of contest winners.PUSD officials, students and families also participated in El Centro de Acción Social’s annual César E. Chávez Commemoration and Peace Walk on Saturday, March 30. Civil rights activist Connie Rice delivered the keynote speech at the commemoration ceremony. Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Make a comment 4 recommended0 commentsShareShareTweetSharePin it HerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeauty11 Signs Your Perfectionism Has Gotten Out Of ControlHerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeautyHerbeauty9 Gorgeous Looks That Have Been Classic Go-tos For DecadesHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeauty Subscribe Top of the News More Cool Stuffcenter_img Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Name (required)  Mail (required) (not be published)  Website  Your email address will not be published. Required fields are marked * Business News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Community News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,PCC – EducationVirtual Schools PasadenaDarrell Done EducationHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes First Heatwave Expected Next Week last_img read more

Recapping the Repeal of Outdated Legislation

first_img Stern & Eisenberg, a regional firm servicing New York, New Jersey, Pennsylvania, Delaware, West Virginia, Maryland, Virginia, North Carolina, South Carolina, Georgia, Tennessee, Alabama, and the District of Columbia. A recent decision from the Maryland Court Of Appeals overruled the decision of lower courts in the consolidated cases of Blackstone v. Sharma, Shanahan v. Marvastian, O’Sullivan v. Altenburg, and Goldberg v. Neviaser.The court ruled that “the legislative intent and history of the statute did not intend to force registration on foreign statutory trusts and remanded the case to the Circuit Courts to be reinstated and handled there consistent with the holding of the Court of Appeals.”Kevin Hildebeidel, Esq., Regional Managing Attorney for Non-judicial and Quasi-judicial States for Stern & Eisenberg, hosted a webinar covering the recent ruling over the ruling, and the effects it held over the industry. With this win, certain restrictive license requirements were ruled inapplicable to the mortgage industry and trusts.According to the presentation, what was decided was that the debt collection license requirements of MCALA don’t apply to the mortgage industry or to foreign statutory trusts holding mortgages. This decision, however, did not address any other consumer protection statutes, such as the Maryland Consumer Debt Collection Act (MCDCA) or the Maryland Consumer Protection Act (MCPA).The discussion included the context of the decision in relation to its initial creation and following amendments, an analysis of the decision and how it affected operators, the impact of the court’s newest decision on the portfolios of those operating within the affected area, and forward-looking issues, such as “all mortgage investors, servicers, and trustees will still be subject to requirements of MDCA, MCPA, FDCPA and all other consumer protection statutes even under the main opinion.”Click here to access a recording of the webinar to learn more about the ruling, or to listen in to the live question and answer portion. Home / Daily Dose / Recapping the Repeal of Outdated Legislation Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Foreclosure, Headlines, Journal, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Recapping the Repeal of Outdated Legislation Kristina Brewer is the Editorial Assistant of Publications for the Five Star Institute, including DS News and MReport magazine. She is a graduate of the University of North Texas (UNT), where she received her Bachelor of Arts in English with a concentration in rhetoric and writing and a minor in global marketing. During this time, she served as Director of Philanthropy in the national women’s fraternity Zeta Tau Alpha, of which she is an alumna. Her passion for philanthropy continued after university when she was an intern at Keep Denton Beautiful, a local partner of Keep America Beautiful, where she drove membership, organized events, and led social media campaigns. Brewer honed her writing at the North Texas Daily, UNT’s student-run newspaper where she wrote about faculty, mentorship, and student life. Brewer also previously worked at Optimus Business Plans where she helped start-ups create funding proposals, risk assessments, and management plans. The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Sign up for DS News Daily About Author: Kristina Brewer Share Save The Best Markets For Residential Property Investors 2 days ago 2018-08-08 Kristina Brewer Previous: Home Prices in Nevada Grow at Break-neck Speed Next: Mr. Cooper Finalizes Merger, Emerges Nominal Champion Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago August 8, 2018 1,215 Views Subscribelast_img read more

BREAKING : Supreme Court Reserves Orders On Plea To Stay Electoral Bonds; Election Commission Opposes Stay

first_imgTop StoriesBREAKING : Supreme Court Reserves Orders On Plea To Stay Electoral Bonds; Election Commission Opposes Stay LIVELAW NEWS NETWORK23 March 2021 11:52 PMShare This – xThe Supreme Court on Wednesday reserved order on an application seeking stay of release of fresh set of electoral bonds ahead of the assembly polls in West Bengal, Kerala, Assam, Puducherry etc.A bench comprising Chief Justice of India SA Bobde, Justices AS Bopanna and V Ramasubramaniam was hearing an application filed by NGO Association for Democratic Reforms(ADR).Notably, the…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 on Wednesday reserved order on an application seeking stay of release of fresh set of electoral bonds ahead of the assembly polls in West Bengal, Kerala, Assam, Puducherry etc.A bench comprising Chief Justice of India SA Bobde, Justices AS Bopanna and V Ramasubramaniam was hearing an application filed by NGO Association for Democratic Reforms(ADR).Notably, the Election Commission of India opposed stay of electoral bonds. The ECI said they are not opposed to electoral bonds, but want more transparency. But Electoral Bonds is one step ahead unaccounted cash system, ECI said. The issue of transparency can be considered at the final argument stage, and there should be no interim stay, the ECI’s counsel Senior Advocate Rakesh Dwivedi told the SC.Submissions by ADR Advocate Prashant Bhushan, appearing on behalf of ADR, highlighted the objections raised by the Reserve Bank of India and the Election Commission, on the sale of anonymous Electoral Bonds (EBs). He referred to the communications sent by the former RBI Governor Urjit Patel to the then Finance Minister Arun Jaitley, expressing “discomfiture” about EBs. He pointed out that the RBI Governor had called the bonds a “fraud scheme” having implications on banking system and “possibility of misuse, more particularly through shell companies”. He emphasized that anonymous electoral bonds is “legalized corruption” and will pave way for shell companies to essentially offer bribes. He submitted that at least the Reserve Bank should be informed as to who the initial subscriber is. “Now it is issued in scripted form, like cash, and no one except SBI knows the donor identity,” he said. When the CJI commented that the bonds can be given to any political party, and not necessarily the ruling party, Bhushan responded, “It can be given to any political party. But ruling party is in a position to give favours. So, companies will support ruling parties, as they are in a position to give benefits. It might go to the party ruling the state govt or central govt depending on what the quid pro quo is.” Bhushan also referred to the objections raised by the Election Commission on sale of EBs. He submitted, “The only person who wants anonymity is the person who is paying bribe to the party in power…there is no justification for the argument that anonymity is maintained for the safety of donor. Because, it is not anonymous to the Government who the donor is. Govt can track identity. But it is anonymous to everyone else.” The CJI asked if the petitioner is seeking complete anonymity. “No, no. I want complete transparency. This Court has held that candidates should disclose their assets, criminal background etc. Even without a law, this Court directed that. This court has held that transparency is absolutely necessary in an election,” he responded. Bhushan further took objection to the manner in which the provisions of EB were inserted by way of an amendment to the Finance Bill, essentially to circumvent the mandate of the Upper House of the Parliament. He said, “These amendments are made through the Finance Bill, in order to avoid going to the Rajya Sabha where the Government did not have a majority. This cannot be done through Finance Bill.” He submitted that the Finance Bill 2017 allowed foreign companies to donate through Indian subsidiaries, thereby allowing foreign companies to influence Indian elections. Even the Election Commission has called this a “retrogade step”, he argued. He added that the Finance Bill 2017 removed the requirement of profit threshold for donations, allowing shell companies to donate. At this juncture, the CJI said that if the submissions made by Bhushan are taken on face, then the Court will have to strike down the impugned law. “If what you are saying is correct, we will have to strike down the law. How can it be done through an interim order?” the CJI asked. Bhushan then clarified that as of now, they are only seeking a stay on a fresh tranche of bonds that are proposed to be sold from next week, ahead of assembly polls in West Bengal, Kerala, Assam, Puducherry etc. He then continued his submissions on the concerns raised by Election Commission with respect to EBs. “Election Commission said that at least to them it should be reported”, he said while referring to its affidavit. He further submitted that the Court’s order passed in April 2019 will not suffice because of the very nature of the bonds. In the said order, the Top Court had directed all parties to furnish by the information as to the donations received by way of EBs, including the identity of the donors, amounts received, details of payments, bank accounts etc. to the Election Commission in sealed covers, Bhushan said that the RBI has also expressed concerns that the bonds can be transferred, facilitating money laundering and kickbacks. “Your arguments at this stage is more on the point of political morality. This question of morality or ethics regarding black money, was it not considered by this court in the RK Garg case…” the CJI intervened. Bhushan however urged the Bench to stay the upcoming sale of EBs. He said, “It is not a question of morality. It is a question of democracy. The electors have the right to know the source and background. If you remove transparency in political funding, it goes to the heart of electoral democracy.” He submitted that stopping bonds will not harm anyone. “Legitimate donations can be made. They have to maintain transparency”, he argued. He added, “There is no public interest to be served by allowing these anonymous electoral bonds.” He submitted that the ECI has also recommended disclosure of donors of parties. “Mere fact that the scheme says that the bonds are not for trading does not mean anything, as there is anonymity involved at every levels…ECI has comprehensively pointed out that in order to maintain purity of election process, complete transparency in political funding. This (bonds) is driving a coach through transparency.” He submitted that earlier the law was that only donations less than Rs 20,000 can be kept undisclosed however, the Government has now removed the 7.5 % cap and has allowed foreign companies to donate. Stand of Election Commission ECI’s counsel Senior Advocate Rakesh Dwivedi however submitted that the Election Commission is supporting electoral bonds and not opposing it as such. “Without electoral bonds, we will go back to earlier cash system, which was unaccounted. Bonds is one step forward, as all transactions are through banking channels,” he said. But on the second aspect transparency, he added, “we want transparency.” “But that is a matter for final hearing. We are against stay of electoral bonds as then we will go back to the unacccounted cash system,” Dwivedi said. Govt’s submissions The Attorney General of India, appearing for the Central Government submitted, that the Election Commission has allowed the sale of electoral bonds from April 1 to April 10. He maintained that EBs will serve in eradicating black money from political funding, and to prevent the donors from being victimized. He submitted, “The then Finance Minister Arun Jaitley said that blackmoney was a huge menace in political funding. Therefore, this bond was devised…All payments have to made through banking channels. Therefore, no cash, no blackmoney”. On being asked if these (donated) amounts will be brought to tax anywhere, the AG informed the Bench, “All payments need to be through cheque, or DD, so it has to be through banking channels, so no blackmoney.” Advocate Prashant Bhushan interjected at this juncture, to state that subsequent purchaser of EBs can buy through cash. That was also an objection of the RBI. “That can be said of any transaction, unless you make it non-transferable,” CJI said brushed. The Solicitor General interjected here to submit that no one can buy EBs subsequently, as trading in bonds is not permitted. He further informed that that bonds are purchased following KYC norms. Use of EBs to fund protests, terrorism During the hearing, the CJI expressed apprehension that political parties may use the funds secured by way of EBs for purposes other than political activities. “There are political parties who do terrorism,” the CJI said. He added, “This angle of possibility of funding of terrorism through funding needs to be examined. It is possible that funds through this mechanism are diverted by particular people for other purposes with an agenda…You can start a protest, with this funding. You can start many things.” The Solicitor General submitted that only political parties with at least 1% vote share can take EBs. Unconvinced, the CJI remarked, “We are sure that there are parties who meet this criteria and have violence as an agenda.” He added, “We don’t want to get into political arena and don’t want to comment on any political party. Suppose, there is a party which wants to finance a protest, which has the potential of violence, can’t they use bonds to fund it?” Turning to the AG, the CJI asked whether the Government exercises control on the money being used after encashing the bonds. “The bonds are valid only for 15 days. After that, it is paper,” the AG said. He added, “Political parties have to file income tax returns. Except the CPI(M) and another party, no other national parties filed the returns. Case came to Supreme Court. Supreme Court condemned the parties and directed them to file returns. Even the Congress party did not file. It was after Supreme Court judgment that all started filing. So now question of such misuse cannot arise. They have to file returns.” The CJI then asked if the April 2019 order has been complied with. Senior Advocate Rakesh Dwivedi (for EC) informed that the information is kept in sealed covers but all major parties have furnished the information. Discussion on Demat EBs Bhushan further submitted that the RBI is of the opinion that the Electoral Bonds scheme will be seen as facilitating electoral bonding and it may “offset a war” against black money. The CJI interjected at this juncture to point out that RBI has supported the option of issuing EBs in demat form. “Yes. But they have expressed concerns about money laundering,” Bhushan responded. The CJI then sought to know the difference between demat form and scripted form? “We want someone to explain the difference,” he said. On being informed that under the Demat form, identity of the donors cane be tracked, the CJI said that the Bench was told that demat was in in anonymous form. He said that his pointed query is, if has RBI shown the readiness and concurrence to issue EBs in demat form with anonymity, what is the difference?BackgroundThe petitions were filed in 2017 challenging the provisions of Finance Act 2017 which paved the way for anonymous electoral bonds. The Finance Act 2017 introduced amendments in Reserve Bank of India Act, Companies Act, Income Tax Act, Representation of Peoples Act and Foreign Contributions Regulations Act to make way for electoral bonds.The petitions have been filed by political party Communist Party of India(Marxist), and NGOs Common Cause and Association for Democratic Reforms(ADR),which challenge the scheme as “an obscure funding system which is unchecked by any authority”. The petitioners voiced the apprehension that the amendments to Companies Act 2013 will lead to “private corporate interests taking precedence over the needs and rights of the people of the State in policy considerations”.However, the case became alive only by March 2019, by which time most of the electoral bonds have been purchased. On April 12, 2019, after several sessions of hearing held during the run up to the 2019 Lok Sabha polls, a three judges bench of the SC comprising the then CJI Ranjan Gogoi, Justice Deepak Gupta and Sanjiv Khanna had directed the political parties to submit the details of donations received to the ECI in sealed cover by May 30. The Election Commission of India has already filed a counter-affidavit in the case expressing its concerns about the anonymous nature of bonds. The ECI has described this a “retrograde step as far as transparency of donations is concerned” and called for its withdrawal.By virtue of the 2017 amendment made to Section 29C of the Representation of Peoples Act 1951(RPA), political parties need not report to ECI the donations received through electoral bonds. The ECI has described this a “retrograde step as far as transparency of donations is concerned” and called for withdrawal of the amendment.The ECI said that if contributions are not reported, it will not be possible to ascertain if political parties have taken donations from government companies and foreign sources, which is prohibited under Section 29B of RPA.The amendments made to Companies Act 2013 were also flagged by the ECI. The amendment to Section 182 of the Act took away the restriction that contribution can be made only to the extent of 7.5% of net average profit of three preceding financial years, enabling even newly incorporated companies to donate via electoral bonds. “This opens up the possibility of shell companies being set up for the sole purpose of making donations to political parties, with no other business consequence of having disbursable profits”, said the ECI. Also, the amendment to Section 182(3) abolished the provision that companies should declare their political contributions in their profit and loss accounts. Now, this requirement is diluted to only showing the total expenditure under the head. This would “compromise transparency” and could lead to the “increased use of black money for political funding through shell companies” expressed the ECI. ECI had urged the Ministry to ensure that only profitable companies with proven track record should be permitted to make political donations. The ECI had informed the Ministry that these amendments will have “serious repercussions/impact on the transparency aspect of political finance/funding of political parties”. It has also taken a stand against the amendment to Foreign Contributions Regulation Act with permitted acceptance of donations from foreign companies with retrospective effect. “This would allow unchecked foreign funding of political parties in India which could lead to Indian policies being influenced by foreign companies”, said the ECI. The ECI added that it had suggested amendments to RPA Act to make reporting compulsory even for cash donations less than the existing limit of Rs.20,000, if the total cash contributions exceeds 20 crores or 20 percentage of total contributions, whichever is lesser. It further suggested that reports of contributions of political parties should be uploaded in the website of ECI. It had also suggested that anonymous contributions above or equal to Rs.2000 should be prohibited, instead of the present limit of Rs.20,000. But the scheme was implemented without paying any heed to the concerns expressed by the poll body. The petitions also raise the contention that the scheme was made into effect through amendments made to RP Act, IT Act and RBI Act through a money bill – the Finance Act. This is alleged to be a colourable exercise of the money bill provision in order to circumvent scrutiny by the Rajya Sabha. The bonds can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore. The name of the donor will not be there in the bond. The bond will be valid for 15 days from the date of issue, within which it has to be encashed by the payee-political party. The face value of the bonds shall be counted as income by way of voluntary contributions received by an eligible political party, for the purpose of exemption from Income-tax under Section 13A of the Income Tax Act, 1961. The Centre claims that the schemes will bring in more transparency in political funding. The anonymity of the scheme was intended to protect the privacy of the donor, stated the centre.Next Storylast_img read more

3 cases of South African variant of Covid-19 detected in North

first_img News, Sport and Obituaries on Monday May 24th RELATED ARTICLESMORE FROM AUTHOR Previous articleReport into infection prevention and control at LUH publishedNext articlePersons found operating in breach of Covid regulations in Buncrana News Highland Google+ 3 cases of South African variant of Covid-19 detected in North Pinterest Facebook Arranmore progress and potential flagged as population grows There have been a further 5 Covid related deaths in the North.225 people tested positive for the virus in the last 24 hours.376 patients are being treated in hospital for the disease in Northern Ireland, with 48 in ICU.The North’s Department of Health has confirmed three cases of the South African variant have been detected there. WhatsApp Google+ By News Highland – February 23, 2021 center_img Pinterest Twitter Facebook Twitter WhatsApp DL Debate – 24/05/21 Important message for people attending LUH’s INR clinic Homepage BannerNews Loganair’s new Derry – Liverpool air service takes off from CODA Nine til Noon Show – Listen back to Monday’s Programmelast_img read more

SNMCMG1 ships visit Hull

first_img Ships from NATO’s Standing NATO Mine Counter Measures Group One (SNMCMG1) under command of Commander Peter Ramboer of the Belgian Navy arrived in Hull, UK on January 26.The group made a routine port visit to Hull as part of their annual schedule of operations. While in Hull, officers made courtesy calls with local authorities, and sailors prepared the next phase of the deployment and took the opportunity to rest.“We are happy to pull in to port after 10 days of intensive training at sea. As you may have noticed ashore we had some bumpy weather,” said Commander Ramboer. “We succeeded in the operational training objectives and are now a cohesive group that is ready to fulfill our NATO mission. We are now looking forward to more stable conditions to prepare our forthcoming mission and to have some rest and recreation.”Prior to the visit to Hull, the group conducted an operational handover in Zeebrugge, Belgium. Commander Ramboer took command of the group and the flagship shifted from a Latvian naval vessel to the new flagship, Dutch Torpedo ship HNLMS Mercuur.SNMCMG1 currently consists of flagship HNLMS Mercuur and Royal Navy mine hunter HMS Cattistock. Later in the year, the group is expected to include ships or mission modules from Germany, Belgium, Norway, Denmark, Portugal, Lithuania and Latvia. SNMCMG1 ships visit Hull Authorities View post tag: NATO Back to overview,Home naval-today SNMCMG1 ships visit Hull center_img January 30, 2018 View post tag: SNMCMG1 Share this articlelast_img read more