I&M Bank (Rwanda) Limited (IM.rw) 2014 Annual Report

first_imgI&M Bank (Rwanda) Limited (IM.rw) listed on the Rwanda Stock Exchange under the Banking sector has released it’s 2014 annual report.For more information about I&M Bank (Rwanda) Limited (IM.rw) reports, abridged reports, interim earnings results and earnings presentations, visit the I&M Bank (Rwanda) Limited (IM.rw) company page on AfricanFinancials.Document: I&M Bank (Rwanda) Limited (IM.rw)  2014 annual report.Company ProfileI&M Bank (Rwanda) Limited is a leading financial institution in Rwanda offering products and services for the retail, commercial and corporate banking segment. Personal banking products range from current accounts and short or fixed deposits to personal, vehicle, home and building loans. The corporate division offers financial solutions for sole proprietorships, partnerships and corporations which range from overdrafts, investments and equipment and vehicle loans to purchase and disposal of foreign currency and treasury services. This includes issuing letters of credit and guarantee, export and import trading, insurance premium financing, and e-banking services. I&M Bank (Rwanda) Limited is a subsidiary of I&M Bank Limited and is based in Kigali, Rwanda. I&M Bank (Rwanda) Limited is listed on the Rwanda Stock Exchangelast_img read more

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Omatek Ventures Plc (OMATEK.ng) HY2020 Interim Report

first_imgOmatek Ventures Plc (OMATEK.ng) listed on the Nigerian Stock Exchange under the Technology sector has released it’s 2020 interim results for the half year.For more information about Omatek Ventures Plc (OMATEK.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the Omatek Ventures Plc (OMATEK.ng) company page on AfricanFinancials.Document: Omatek Ventures Plc (OMATEK.ng)  2020 interim results for the half year.Company ProfileOmatek Ventures Plc assembles and sells computer equipment and accessories in Nigeria and offers an after-sales support service. The company sells a range of servers, casings and LCD screens as well as computer accessories which includes CRT monitors, fingerprint scanner, wireless routers, notebooks and tablets, DVDs, plasma televisions, desktop computers, speakers and LED screens. Power products include UPS, solar panels and corn LED lights. Omatek Ventures Plc was the first company in Nigeria to establish a factory which assembled computer cases, speakers, keyboards and mouse accessories. The company’s head office is in Lagos, Nigeria. Omatek Ventures Plc is listed on the Nigerian Stock Exchangelast_img read more

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The IAG share price: should I buy this stock now?

first_img The International Consolidated Airlines (LSE:IAG) share price has shot up nearly 50% since the start of February. Why? Because the UK government recently announced the easing of lockdown restrictions in England. And a part of the proposed roadmap includes the return of international holiday travel.Needless to say, I think this would have meant a massive sigh of relief from IAG, as well as the entire travel sector. But is the stock worth adding to my portfolio at its current share price? Let’s take a look.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…The IAG share price is risingShortly after the announcement, package holiday provider TUI reported a 500% surge in bookings. Unsurprisingly, it looks like there’s significant demand to go on holiday. After a year of confinement, this makes perfect sense to me.With planes expected to return to the skies in May, the IAG share price has taken off. But despite this increase, the stock is still trading significantly lower than pre-pandemic levels, suggesting there’s plenty more space for it to grow as the company recovers.However, even if the company can return to maximum passenger capacity this year, Covid-19 has still significantly impacted its health.Covid-19 did some damageThe airline industry has been one of the most heavily impacted sectors by the pandemic. With most flights being grounded, airline stocks like IAG have been forced to raise additional capital to keep the lights on. Let’s not forget that even when planes aren’t flying, there are still expenses to pay, such as airport and maintenance fees.In 2020, IAG took on another £2bn of debt, increasing its total annual interest payments by 9% to £538m (€623m). When combining that expense with lease agreements for its fleet, almost 92% of pre-pandemic underlying profit is gobbled up. Furthermore, as part of the new loan agreements, significant restrictions have been placed on shareholder dividends. As a result, they are not expected to return until 2023.Despite the weakened balance sheet, IAG has proven to be more resilient than some of its competitors. Norwegian Air and Virgin Atlantic have both pulled out of the long-haul flight market almost entirely, thereby creating new opportunities for IAG to grow, along with its share price.The bottom lineThe easing of lockdown restrictions is undoubtedly fantastic news and appears to be the primary catalyst behind IAG’s share price increase. But IAG is an international business, and the removal of travel restrictions only applies to the UK so far. If other countries don’t reopen their borders quickly, there aren’t going to be many destinations to choose from.Personally, I think it’s still too soon to invest. Current estimates from the International Air Transport Association suggest that the industry won’t fully recover until 2024. And if those forecasts are accurate, IAG may struggle to keep up with its newly increased interest payments. For now, I won’t be adding the stock to my portfolio, but it’s definitely on my watchlist. 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. Image source: Getty Images. Zaven Boyrazian does not own shares in International Consolidated Airlines. 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. Our 6 ‘Best Buys Now’ Shares See all posts by Zaven Boyrazian But there is another stock that looks far more promising in my eyes… The IAG share price: should I buy this stock now? Simply click below to discover how you can take advantage of this. Enter Your Email Address Are you on the lookout for UK growth stocks?If so, get this FREE no-strings report now.While it’s available: you’ll discover what we think is a top growth stock for the decade ahead.And the performance of this company really is stunning.In 2019, it returned £150million to shareholders through buybacks and dividends.We believe its financial position is about as solid as anything we’ve seen.Since 2016, annual revenues increased 31%In March 2020, one of its senior directors LOADED UP on 25,000 shares – a position worth £90,259Operating cash flow is up 47%. (Even its operating margins are rising every year!)Quite simply, we believe it’s a fantastic Foolish growth pick.What’s more, it deserves your attention today.So please don’t wait another moment. Zaven Boyrazian | Saturday, 6th March, 2021 | More on: IAG Get the full details on this £5 stock now – while your report is free. 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. FREE REPORT: Why this £5 stock could be set to surgelast_img read more

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School Bus Crash on Eastbound Foothill Freeway near Lincoln Avenue, Pasadena

first_imglatest #1 School Bus Crash on Eastbound Foothill Freeway near Lincoln Avenue, Pasadena Published on Tuesday, February 5, 2013 | 8:21 pm More Cool Stuff Business News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Subscribe Community News Name (required)  Mail (required) (not be published)  Website  Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Your email address will not be published. Required fields are marked * Herbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeautyThat Sale Made Kim A BillionaireHerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeauty15 Countries Where Men Have Difficulties Finding A WifeHerbeautyHerbeautyHerbeauty9 Gorgeous Looks That Have Been Classic Go-tos For DecadesHerbeautyHerbeautyHerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeauty Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy center_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. Make a comment The California Highway Patrol was at the scene of a crash earlier today that involved a small yellow school bus on the eastbound Foothill (210) Freeway near Lincoln Avenue in Pasadena.There were no children inside the school bus at the time of the crash, which was reported to the CHP at 8:40 a.m. No injuries were reported.According to sources at the scene, there was a report of the school bus swerving from side to side, all over the roadway just prior to crash.A SigAlert was issued at 9:09 a.m. for a least an hour to allow a tow truck transport the vehicle off the freeway. First Heatwave Expected Next Week faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Community News Top of the News 0 commentsShareShareTweetSharePin it Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

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Assemblymember Holden Announces Santa Monica Mountains Conservancy Grant to Fund South Pasadena Bike Path

first_img Community News First Heatwave Expected Next Week Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Community News Herbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeautyNutritional Strategies To Ease AnxietyHerbeautyHerbeautyHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeautyInstall These Measures To Keep Your Household Safe From Covid19HerbeautyHerbeautyHerbeautyCostume That Makes Actresses Beneath Practically UnrecognizableHerbeautyHerbeauty 15 recommended0 commentsShareShareTweetSharePin it Make a comment Assemblymember Chris Holden, a member of the Governing Board of the Santa Monica Mountains Conservancy, is pleased to announce that the city of South Pasadena has been awarded a $410,000 grant from the SMMC to help fund the Arroyo Seco Bike Trail.“I see this project as a great opportunity to connect people from various neighborhoods along the Arroyo Seco. The bike path will enhance trail accessibility for residents of South Pasadena, Pasadena and Los Angeles” explained Holden. “It’s a project first proposed by South Pasadena Councilmember Michael Cacciotti and we’ve been working closely with him and the city to make it a reality.”“The award of this nearly half- million dollar grant by the SMMC brings this project one step closer to providing a bicycle/pedestrian connection between the San Gabriel Valley and the city of Los Angeles along the historic Arroyo Seco,” said South Pasadena Councilmember Michael Cacciotti. “For the first time in over half a century, bicyclists and hikers of all ages will soon have an accessible and safe path to recreate and enjoy the natural beauty and wildlife of the Arroyo Seco watershed, thanks, in no small measure, to the efforts of Assemblymember Chris Holden and his staff.”The Arroyo Seco Trail will stretch from the intersection of Lohman Lane at Stoney Drive heading southwest to the South Pasadena city limits. It will travel along the South Pasadena Woodland Nature Park, and the Golf Course, through the parking lots and along the tennis courts ending in Arroyo Park. The trail will have interpretative signage, bird houses, benches, water fountains with pet attachments and other amenities. Name (required)  Mail (required) (not be published)  Website  faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Top of the News center_img Subscribe Government Assemblymember Holden Announces Santa Monica Mountains Conservancy Grant to Fund South Pasadena Bike Path Published on Thursday, March 6, 2014 | 1:55 pm More Cool Stuff EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Business News Your email address will not be published. Required fields are marked * 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. Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

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Limerick to showcase its Lifelong Learning expertise in China

first_img Previous articleWinter safety and wellbeing campaign launched by Limerick’s Public ServicesNext articleHackathon to examine flooding solutions Staff Reporterhttp://www.limerickpost.ie Email Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash Advertisement A TWO day conference in Hangzhou City in China will see Limerick showcasing its expertise in the provision of Lifelong Learning across multiple locations. The UNESCO Institute for Lifelong Learning (UIL), in collaboration with the Municipal Government of Hangzhou City is organising the first International Meeting for its Member Cities under the theme ‘Learning Cities towards Sustainability’.This meeting will provide an opportunity for Limerick and other member cities of the UNESCO GNLC (Global Network of Learning Cities) to develop tools for building sustainable learning cities by sharing their expertise, experience and knowledge in becoming sustainable cities through lifelong learning.The Limerick delegation comprising of Mayor Kieran O’Hanlon, Director Of Service at Limerick City and County Council Josephine Cotter Coughlan and Eimear Brophy, Adult Education Officer with Limerick and Clare Education and Training Board will present on the work being carried out by Learning Limerick and specifically on the theme of ‘Distributing Learning Resources evenly between Urban Communities and Rural Areas’ NewsHealthLimerick to showcase its Lifelong Learning expertise in ChinaBy Staff Reporter – November 15, 2016 965 Facebook Limerick’s National Camogie League double header to be streamed live Linkedin TAGSlimerick Print Predictions on the future of learning discussed at Limerick Lifelong Learning Festival Sign up for the weekly Limerick Post newsletter Sign Up WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Twitter Limerick Artist ‘Willzee’ releases new Music Video – “A Dream of Peace” Limerick Ladies National Football League opener to be streamed live RELATED ARTICLESMORE FROM AUTHOR WhatsApplast_img read more

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Simon Coveney hails deal on CAP reform as a major step forward

first_img Google+ Further drop in people receiving PUP in Donegal Twitter Main Evening News, Sport and Obituaries Tuesday May 25th Facebook Previous articleCypriot leaders meet to form Plan ‘B’ to avoid bankruptcyNext articleFormer Health Board boss tells forum that “Ireland’s Drinking is of Epidemic Proportions” News Highland By News Highland – March 20, 2013 Simon Coveney hails deal on CAP reform as a major step forward Simon CoveneyThe Minister for Agriculture has hailed the deal on the reform to the Common Agricultural Policy as a major step forward for all in the agri-sector.The agreement follows two days of intense talks in Brussels chaired by Simon Coveney.The deal will now have to be finalised by the EU Council, the European Parliament and the European Commission – with an agreement set to be reached by June.The Irish Farmers Association has said the deal contains “important flexibilities” – but the group maintain that farmers will still lose a significant amount of money.Minister Coveney says it lays out important plans for the future of the industry:[podcast]http://www.highlandradio.com/wp-content/uploads/2013/03/09coveCAP.mp3[/podcast] 75 positive cases of Covid confirmed in North Pinterest Facebookcenter_img Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic WhatsApp News Google+ RELATED ARTICLESMORE FROM AUTHOR Gardai continue to investigate Kilmacrennan fire Twitter Pinterest WhatsApplast_img read more

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Arbitration Clause In An Unstamped Contract : Issue Of Enforceability

first_imgKnow the LawArbitration Clause In An Unstamped Contract : Issue Of Enforceability Dhruv Mehta, Senior Advocate8 Jun 2020 11:42 PMShare This – xLet me start with the statutory regime pertaining to an arbitration clause in an unstamped contract (contract on which no stamp duty or insufficient stamp duty is paid). Section 2 (14) and Section 3 of Indian Stamp Act, 1899 are reproduced hereinbelow:- “Section 2 . Definitions. – In this Act, unless there is something repugnant in the subject or context, – (1)-(13) …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?LoginLet me start with the statutory regime pertaining to an arbitration clause in an unstamped contract (contract on which no stamp duty or insufficient stamp duty is paid). Section 2 (14) and Section 3 of Indian Stamp Act, 1899 are reproduced hereinbelow:- “Section 2 . Definitions. – In this Act, unless there is something repugnant in the subject or context, – (1)-(13) xxxxxxxx (14) “Instrument” includes every document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded;” Xx xx xx Section 3. Instruments chargeable with duty. – Subject to the provisions of this Act and the exemptions contained in Schedule I, the following instruments shall be chargeable with duty of the amount indicated in that Schedule as the proper duty therefore, respectively, that is to say – (a) every instrument mentioned in that Schedule which, not having been previously executed by any person, is executed in [India] on or after the first day of July, 1899; Section 33 relates to examination and impounding of instrument if same is not duly stamped as required by the Stamp Act and Section 35 provides that instruments not duly stamped are inadmissible in evidence and cannot be enforced or acted upon. The relevant provisions of A&C Act, 1996 may also be seen. The definition of the arbitration agreement is contained in Section 2 (b) which means an Agreement referred to in Section 7. Section 7 (2) provides that an arbitration agreement may be in the form of arbitration clause in a contract or in the form of a separate agreement and Section 7 (4) envisages that an arbitration agreement can come into existence if it is contained in a document signed by the parties or by exchange of letters, telex, telegram or by an exchange of statement of claim and defence in which the existence of the agreement is alleged by one party and not denied by the other. In other words, if the arbitration agreement is a standalone agreement and not one contained in a contract, the issue of registration or stamping would not arise and a court seized of a petition under Section 11 and/or Section 9 can deal with the same and appoint an Arbitrator or pass interim order(s) respectively so long as the existence of the arbitration clause/ agreement is not disputed. This issue had arisen firstly, in the matter of SMS Tea Estate Pvt. Ltd. vs. Chandmari Tea Co. Pvt.Ltd. (2011) 14 SCC 66, wherein the question arose in the context of a petition moved under Section 11 of the A&C Act, 1996 for appointment of an Arbitrator by the Court. The factual background was in the context of lease document executed between the parties by which a lease for a term of 30 years was granted with respect to two tea estates. The respondent in that case raised an objection that since the lease deed was an unregistered one and also not duly stamped, the arbitration clause which was part of the lease document was also invalid and unenforceable. The Supreme Court framed inter alia the following questions for consideration:- (i) Whether an arbitration agreement contained in unregistered (but compulsorily registerable) instrument is valid and enforceable? (ii) Whether an arbitration agreement in an unregistered instrument which is not duly stamped, is valid and enforceable? In relation to the first question the Supreme Court referred to Section 17 (1) (d) of the Registration Act and Section 107 of the Transfer of Property Act which provides that leases of immovable property from year to year, or for any term exceeding one year required compulsory registration. The court then referred to Section 49 of the Registration Act which posits effect of non-registration of document required to be registered. Section 49 is set out herein below:- “Section 49: Effect of non-registration of documents required to be registered.- No document required by Section 17 [or by any provision of the Transfer of Property Act, 1882 (4 of 1882) to be registered shall – (a) affect any immovable property comprised therein, or (b) confer any power to adopt, or (c) be received as evidence of any transaction affecting such property or conferring such power, Unless it has been registered. Provided that an unregistered document affecting immovable property and required by this Act or the Transfer of Property Act, 1882 (4 of 1882), to be registered may be received as evidence of a contract in a suit for specific performance under Chapter II of the Specific Relief Act, 1877 (1 of 1877), or as evidence of any collateral transaction not required to be effected by registered instrument”. The Court after referring to Section 49 observed that a document which is required to be compulsorily registerable, if not registered, cannot be received as evidence of any transaction affecting such property. For present purposes what is germane is proviso to Section 49 which carves out an exception that such a document can be received as evidence of any collateral transaction. The court held that when a contract contains an arbitration agreement, it is a collateral term relating to the resolution of disputes, unrelated to the performance of the contract. An arbitration clause is, therefore, an agreement independent of the other terms of the contract or the instrument. The court also in this context referred to and relied upon Section 16 (1) (a) of the A&C Act, 1996. The court concluded that having regard to the proviso to Section 49 of the Registration Act read with Section 16 (1) (a) of the Act, an arbitration agreement in an unregistered but compulsorily registerable document can be acted upon and enforced for the purpose of dispute resolution by arbitration. The court then dealt with the second issue pertaining to the issue of an arbitration clause in a contract on which stamp duty has not been paid as required by the provisions of Stamp Act, 1899. In this context the Supreme Court referred to Section 33 and Section 35 of the Stamp Act. Section 33 of the Stamp Act relates to examination and impounding of instruments if the instrument is not duly stamped as required by the Act. Section 35 of the Stamp Act provides that instruments not duly stamped or insufficiently stamped are inadmissible in evidence and cannot be acted upon. The Supreme Court held that in such a situation unless the stamp duty and penalty due in respect of the instrument is paid, the court cannot act upon the instrument, which means it cannot act upon the arbitration agreement also which is part of the instrument. The court held that Section 35 of the Stamp Act 1899 is distinct and different from Section 49 of the Registration Act in regard to an unregistered document in that it does not contain a proviso like Section 49 of the Registration Act enabling the instrument to be used to establish a collateral transaction. The court thus observed that the lease deed in that case or any other instrument which is relied upon as containing the arbitration agreement, the court should consider at the outset, whether an objection in that behalf is raised or not, whether the document is properly stamped. If it comes to the conclusion that it is not properly stamped, it should be impounded and dealt with in the manner specified in Section 38 of the Stamp Act. The court cannot act upon such a document or the arbitration clause therein. But if the deficit duty and penalty is paid in the manner set out in Section 35 or Section 40 of the Stamp Act, the document can be acted upon or admitted in evidence. In the present context, it is also significant to point out that the decision of the Supreme Court in SBP Vs. Patel Engineering Ltd. reported in (2005) 8 SCC 618 had considerably expanded the scope of judicial interference while dealing with an application under Section 11 of the A&C Act, 1996. This was further explained by the Supreme Court in the case of National Insurance Company Ltd. vs. Bogara Polyfab reported in 2009 (1) SCC 267 wherein the Supreme Court explained what are the issues which the court must decide before appointing an arbitrator and what are the issues which can be left to be dealt with by the Arbitrator post appointment, while dealing with an application under Section 11 of the A&C Act, 1996. The Parliament vide Amending Act of 2015, amended Section 11 of the Act by inserting sub-Section (6A) after sub-Section (6) which reads as follows:- “Section-11. [(6A) The Supreme Court or, as the case may be, the High Court, while considering any application under sub-Section (4) or sub-Section (5) or sub-Section (6), shall, notwithstanding any judgment, decree or order of any Court, confine to the examination of the existence of an arbitration agreement.” The Supreme Court had occasion to consider the scope of this amendment in the context of a works contract which was not duly stamped as per the provisions of the Maharashtra Stamp Act in Garware Wall Ropes Ltd. The Bombay High Court had taken the view that in view of the amendment, the decision of the Supreme Court in SMS Tea Estate would not be applicable in the changed circumstances and appointed an Arbitrator in a petition filed under Section 11, overruling the objection that the arbitration clause could not be enforced or acted upon since the same was contained in a contract which was not duly stamped. It is also interesting to note that a Full Bench of Bombay High Court in the decision reported as Gautam Landscapes Pvt. Ltd. Vs. Sailesh S. Shah reported in 2019 (3) Mh.LJ 231 also had occasion to deal with the scope of the amendment to Section 11 by insertion of sub-Section 6A. The question inter alia, posed before the Bombay High Court was whether the court would be disabled to deal with an application under Section 9 of the A&C Act, 1996 if the arbitration clause is contained in a contract which is not duly stamped or insufficiently stamped. Section 9 of the A&C Act gives power to the court to pass interim orders of the nature specified therein for protection or preservation of the subject matter of the arbitration agreement or securing of the amount in dispute and such other matters. This power, it is significant to note, can be exercised at the instance of a party before or during the arbitral proceeding or at any time after making of the arbitral award. The Full Bench discussed the decision of the Supreme Court in Firm Ashok Traders and another vs. Gurumukh Das Saluja and others 2004 (3) SCC 155 which is also interesting. The question which arose for decision is the effect of bar created by S. 69 (3) of the Partnership Act on maintainability of an application under Section 9 of the A&C Act, 1996. Section 69 (1) & (2) is set out hereinbelow. “Section 69. Effect of non-registration . – (1) No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against the firm or any person alleged to be or to have been a partner in the firm unless the firm is registered and the person suing is or has been shown in the Register of Firms as a partner in the firm. (2) No suits to enforce a right arising from a contract shall be instituted in any court by or on behalf of a firm against any third party unless the firm is registered and the persons suing are or have been shown in the Register of Firms as partners in the firm. ” The court opined as under:- “….under the scheme of A&C Act, the arbitration clause is separable from other clauses of the Partnership deed. The arbitration clause constitutes an agreement by itself…. The relief sought for in an application under Section 9 is neither in a suit not a right arising from a contract.” The Full Bench of the High Court distinguished the judgment of the Supreme Court in SMS Tea Estates in view of the amendment to Section 11. It opined that the scope and ambit of Section 9 and Section 11 is different and further the consequences thereof are also different i.e Section 11 deals with appointment of an Arbitrator while Section 9 deals with power of court to grant interim relief. The Full Bench was of the view that the consequence of not granting ad-interim relief in an application under Section 9 pending the arbitral proceedings may at time be drastic and would cause severe hardship to the parties especially because issue of appropriate stamp duty itself could lead to litigation and by which time the party may suffer damage and it would be without any remedy in respect of seeking protection under Section 9. The Full Bench opined that defect of nonpayment of stamp duty is not an incurable defect and that Stamp Act is only a physical measure to secure revenue for the state on certain classes of instrument. The Full Bench relied upon the decision in Firm Ashok Traders which had taken the view that arbitration clause in a contract is a separate agreement in itself and court while deciding a petition under Section 9 does not act upon the contract. The Full Bench was further of the view that issue of insufficiency of stamp duty if any, can be raised by the other party at the stage when instrument containing an arbitration agreement is tendered in evidence before the Arbitral Tribunal. The Supreme Court in Garware Wall Ropes Ltd. (2019)9 SCC 209 considered the 2015 amendment by which sub-Section 6A was inserted to Section 11 of A&C Act, 1996. It further referred to the Law Commission Report as well the Statement of Objects and Reasons appended to the Amendment Bill, 2015. The Supreme Court was of the view that the amendment by way of insertion of sub-Section 6A was only to get over the judgment of the Supreme Court in SBP & Co. and Bogara Polyfab inasmuch as the same had expanded the scope of interference under Section 11 while considering an application under Section 11 (4) to 11 (6) and that the amendment was to address the aforesaid two judgments. The court was of the view that amendment had confined the consideration of the court while dealing with an application under Section 11 only to the existence of an arbitration agreement. The Supreme Court was of the view that the decision of the Supreme Court in SMS Tea Estate continues to hold the field in so far as it had taken the view that an arbitration clause in an unstamped contract could not be enforced or acted upon unless and until it is duly stamped. The Supreme Court in Garaware further held that in so far as Section 16 (1) (a) is concerned which posits that an arbitration clause which forms part of a contract shall be treated as an agreement independent of the other terms of the contract has full play only after the arbitral tribunal is constituted , without intervention of the court. The court thereafter referred to the provision of the Maharashtra Stamp Act which are akin to the provision of the Stamp Act 1899. The court was of the view that when an arbitration clause is contained in a contract, the agreement only becomes a contract, if it is enforceable at law. Under the Indian Stamp Act, an agreement does not become a contract, namely, it is not enforceable in law, unless, it is duly stamped. Therefore, reading Section 11 (6A) alongwith Section 7 (2) of A & C Act 1996 read with Section 2 (h) of the Contract Act makes it clear that an arbitration clause in an agreement would not exist when it is not enforceable at law. The view taken by the Full Bench has partly been overruled by the decision of the Supreme Court in Garware Wall Ropes Ltd. v/s Coastal Marine Construction and Engineering Ltd. only in so far as the view rendered by the Full Bench qua Section 11 is concerned and its opinion that an arbitration clause contained in a contract which is unstamped or not adequately stamped is nevertheless a separate and independent agreement by itself. It is significant that the decision of the Supreme Court in SMS Tea Estate has recently been affirmed by a bench of three judges in Dharmaratnakara Rai Charities and others vs. M/s Bhaskar Raju & Others, Civil Appeal No. 1599 of 2020. The aforementioned decisions of the Supreme Court have been rendered in the context of power of the court under Section 11 for appointment of an arbitrator. The impact of the view taken by the Supreme Court in the above decisions on the exercise of power by the court under Section 9 is yet to be settled by the Supreme Court as the same was not subject matter in issue before the Supreme Court in the decisions in SMS Tea Estates as well as Garware Wall Ropes Ltd. As previously noticed, the view of the Full Bench of Bombay High Court is that the arbitration clause in a contract is a separate agreement and can be acted upon by the court for the purpose of passing an interim order in a petition or application filed under Section 9 and that the issue of insufficiency of the stamp duty, if any can be raised by the other party at the stage when the instrument containing arbitration agreement is tendered in evidence before the Arbitral tribunal. The Supreme Court will, in due course, examine the impact of its decisions as discussed hereinabove on the power of court under Section 9 of A&C Act, 1996, where objection is raised that the instrument containing the arbitration agreement is unstamped or inadequately stamped. The Supreme Court would have to consider whether to apply the raison d’etre of aforementioned decisions, i.e. SMS Tea Estates and Garware Wall Ropes Ltd. supra, in which case, the court will have to impound the unstamped instrument and direct the party to present it before the competent authority and/or Collector for adjudication of the Stamp Duty payable thereon and only after the stamp duty and penalty is paid thereon, the said instrument containing the arbitration clause can be acted upon by the court for the purpose of passing orders and/or interim reliefs of the nature specified in the said statutory provision. However, as pointed out by the Full Bench of Bombay High Court that many a time, urgent interim orders are required by a party under Section 9 even before the commencement of arbitration proceedings. The idea being to preserve the subject matter of dispute or property etc. If the court cannot act upon a Section 9 petition in view of the bar under Section 35 of the Indian Stamp Act, it would in many cases have the effect of frustrating the remedy available under the statute. How the Supreme balances the right available to a party to seek relief under Section 9 of A&C Act, 1996 in the face of statutory prohibition under the provisions of Indian Stamp Act would have to be seen.  Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

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Donegal man jailed for killing his own dog in horrific attack

first_imgHomepage BannerNews Pinterest Google+ WhatsApp Twitter Donegal man jailed for killing his own dog in horrific attack Community Enhancement Programme open for applications Google+ RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter A 27 year old man with an address at Mountcharles in County Donegal has been sentenced to eighteen months imprisonment for kicking his own dog to death.The case related to the brutal attack on an innocent Yorkshire terrier called Buttons on January 24th 2017.Garda Sergeant Oliver Devenney told the court yesterday how the dog had been found with severe scorch marks to its body.Christopher Foy, who had 33 previous convictions for a range of offenses including public order, theft and criminal damage was also banned from keeping animals for life.ISPCA Senior Inspector Kevin McGinley:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2017/12/animalvbcvbcvcruelty.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.center_img Nine til Noon Show – Listen back to Monday’s Programme Loganair’s new Derry – Liverpool air service takes off from CODA Facebook WhatsApp Previous articleBe safe & be seen on darkest day of the yearNext articleAnother name on the books at Harps as Darren McFadden signs News Highland Important message for people attending LUH’s INR clinic By News Highland – December 20, 2017 News, Sport and Obituaries on Monday May 24th Pinterest Arranmore progress and potential flagged as population grows last_img read more

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Anonymous benefactor grants holiday wishes

first_imgSkip “The Pike Regional CAC and the Wiregrass Angel House are most appreciative and want to say ‘thank you’ on behalf of the families and the children. It means so much to them to know that others care.”Green said the PRCAC is looking forward to future partnerships with the Wiregrass Angel House that support the needs of children at facilities in both Pike and Coffee counties. “The anonymous donor has made a monetary donation to aid in the lives of these children,” she said. “The donor has also taken the time to make sure the needs of these children are being met. We are so grateful that someone would come forward to reach out to children in need and, especially at this time of year. Print Article Remember America’s heroes on Memorial Day Book Nook to reopen Beauty is a passion for Bray at Epix Salon With a desire to give every client inner beauty, empowerment, and self-esteem, Shelli Bray decided to become a hairdresser almost… read more By The Penny Hoarder By Jaine Treadwell Email the author “The anonymous donor made it possible for six families to be richly blessed during the 2020 Christmas season,” Green sad. “The six families included a larger number of children. Together, the PRCAC and the Wiregrass Angel House would like to thank the anonymous donor for his or her generosity that will make Christmas more meaningful for the families and, especially, these children.” The year 2020 has been a difficult year for everyone and Green said she could only imagine how difficult it has been for these children who have lost a parent due to violence and abuse. During Christmas 2020, an anonymous donor has sponsored families and children from Coffee and Pike counties who have lost their parents due to violence and abuse. The Pike Regional Child Advocacy Center and Wiregrass Angel House partnered to distribute the gifts to the families as part of a collaborative effort to make the children’s Christmases a little brighter, said Kaley Green, PRCAC executive director. Troy falls to No. 13 Clemson Latest Stories Submitted photo| The MessengerAn anonymous donor helped fulfill Christmas wishes for children in Pike and Coffee counties who lost their parents due to violence and abuse. Kaley Green, second from right, said the Child Advocacy Center volunteers worked with Wiregrass Angel House to deliver the gifts and provide support to the families in need. The Penny Hoarder Issues “Urgent” Alert: 6 Companies… Sponsored Content Published 9:44 pm Friday, December 25, 2020 You Might Like Anonymous benefactor grants holiday wishes Pike County Sheriff’s Office offering community child ID kits Plans underway for historic Pike County celebration Around the WebMd: Do This Immediately if You Have Diabetes (Watch)Blood Sugar BlasterIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingWomen Only: Stretch This Muscle to Stop Bladder Leakage (Watch)Patriot Health ZoneHave an Enlarged Prostate? Urologist Reveals: Do This Immediately (Watch)Healthier LivingRemoving Moles & Skin Tags Has Never Been This EasyEssential Health32-second Stretch Ends Back Pain & Sciatica (Watch)Healthier LivingThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

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