Swan General Ltd (SWAN.mu) 2002 Annual Report

first_imgSwan General Ltd (SWAN.mu) listed on the Stock Exchange of Mauritius under the Insurance sector has released it’s 2002 annual report.For more information about Swan General Ltd (SWAN.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Swan General Ltd (SWAN.mu) company page on AfricanFinancials.Document: Swan General Ltd (SWAN.mu)  2002 annual report.Company ProfileSwan General Limited offers insurance services, including personal and corporate insurance. The company provides services that include life, car, home, health, travel, boat, property and liability, financial lines, motor fleet, marine, and keyman and partnership insurance products, as well as reinsurance services. Swan General Limited also provides loans; education, retirement, and investment plans; wealth management and securities trading services; and pension and actuarial services, pension administration, and investment advisory services. Life, casualty, and property are the segments through which the company conducts its business and is based in Mauritius. Swan General Limited is listed on the Stock Exchange of Mauritiuslast_img read more

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Bjorn Basson’s great try against the Cheetahs at Loftus Versfeld

Tuesday Jul 3, 2012 Bjorn Basson’s great try against the Cheetahs at Loftus Versfeld Bulls flyer Bjorn Basson scored one of the tries of the weekend on Saturday as the Bulls beat the Cheetahs 40-24 with a first half demolition that stunned the visitors. There were ten tries scored in total by the end, but here is a quick look at one of the best. Just under 30 000 fans watched the Bulls dominate with a powerful first half performance, achieving a bonus point before halftime as they scored four tries and led 26-0 at the break.Morne Steyn, who hasn’t been kicking well in Test rugby of late, found his form again, kicking five conversions and in the process going past the 200 point mark for Super Rugby this season.Bjorn Basson’s try, as featured below, came from a turnover and a lovely piece of quick hands by JJ Engelbrecht, which allowed the former Griquas speedster to stand up the defence, who were down to 14 following the yellow card dismissal of Andries Strauss for, believe it or not, hair pulling.With the home side leading 40-0, wholesale changes were made which disrupted things as the Cheetahs came back into the match, scoring a four try bonus point in just twenty minutes.Willie le Roux and Heinrich Brussow both scored great tries during that period, which you can view in the match highlights, but this one from Basson was the standout from the match, and showed what can be done when a player has genuine pace, and great balance.You can vew full highlights of the Bulls vs the Cheetahs hereADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Great Tries Related Articles 26 WEEKS AGO Incredible athleticism for sensational try… 26 WEEKS AGO ARCHIVE: Suntory score amazing try to upset… 26 WEEKS AGO WATCH: All 12 tries from EPIC Bristol-Clermont… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedUrologists Stunned: Forget the Blue Pill, This “Fixes” Your EDSmart Life ReportsYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyGranny Stuns Doctors by Removing Her Wrinkles with This Inexpensive TipSmart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier Living30+ Everyday Items With A Secret Hidden PurposeNueeyThe 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 InterestedOffensiveRepetitiveSubmitCancel read more

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Perfect the art of giving and receiving – this Christmas, says IPW

first_img The only organisation in Britain to insist on qualifications, training and professional standards in willwriting ­ the Institute of Professional Willwriters (IPW), is reinforcing the message that if you want to leave money to charity when you pass away, you must ensure your Will is perfectly worded.As the spirit of giving peaks during the countdown to Christmas, the IPW, which has local members nation-wide, is supporting the cause of charities all over the country, by highlighting the fact that attention to detail is a factor causing many charitable intentions to never be realised.The IPW says the spirit of receiving also needs to be heightened, as anyone making a Will simply must receive professional and accurate advice.To make its point about charitable gifts, the IPW has developed an easy mnemonic – AID, which highlights the three reasons why your charity may not benefit from your Will.A stands for AMBIGUITY. Unless a Will is worded with clarity, misinterpretation can lead to the Will being contested and the intentions of the benefactor overturned. Even if a person desperately wished to be a benefactor for their favourite charity, their wishes could be ignored.I stands for IGNORANCE OF THE LAW. There is no system of regulation for Willwriters in place in Britain, other than in the case of IPW members, who abide by a tight system of self-regulation, which has real teeth.A Will is a legal document and, if there is any dispute about its content or legal interpretation of phrases used, the law will decide who the beneficiaries should be, according to the legal rules that apply to the distribution of estates. In such cases, charities frequently miss out on vital bequests.A lack of legal training amongst those so-called Willwriters with no professional qualifications can also lead to thousands of pounds being unnecessarily paid out in Inheritance Tax. Contrary to popular opinion, a solid Will is needed more than ever before following the Chancellor¹s announcement of changes to IHT.D stands for one of the most dangerous trends within the world of inheritance ­ DIY WILLS. Many charitable bequests are never fulfilled, because those drawing up their own Will get things wrong, mis-spell the names or details of charities, or fall at the final hurdle, by failing to sign the will correctly, or manage the witness process in line with legal requirements.Online Wills are also a nightmare waiting to happen, particularly with regard to signatures and witness procedures.The IPW¹s Chairman, Paul Sharpe, says: “Christmas is the season of giving, but we want to also stress the importance of receiving. By this, we mean receiving professional advice, from experts who abide by a system of regulation, have relevant qualifications, continuously update their skills through on-going training and who have professional indemnity cover in place.“Untrained Willwriters can be found everywhere you look, from the internet and telephone directory, to solicitors¹ offices that have nobody trained in Willwriting in situ, because the Law Society exams do not require training in Willwriting. If you want to give to a charity close to your heart, receive the right advice, or everything could go horribly wrong.”All IPW members must abide by the Institute¹s high standards and rules of membership, which is why they typically publicise their membership of the IPW, to differentiate themselves from other Willwriters. Consumers should look out for the two ticks of the IPW logo and can access details of their most local member by ringing the IPW on 08456 442042. More details about the IPW can also be found atwww.ipw.org.uk – ends –Press calls: Jane Hunt, Catapult PR, 01253 595558 ­ [email protected] AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  30 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 28 November 2007 | News Tagged with: christmas legacies About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Perfect the art of giving and receiving – this Christmas, says IPWlast_img read more

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FRSB condemns sports company for breaching fundraising promise

first_img AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis The Fundraising Standards Board has judged sports fundraising event supplier, Sports 4 All, to be in breach of the Fundraising Promise, and has been removed from FRSB membership.The company brings celebrity-based sports events to schools across the UK. It was contracted to run an event at Colchester High School in January 2010, from which the school would receive 60% of the proceeds. By the beginning of this week however, the school had still not received the payment.The complaint from the school concerning Sports 4 All has passed through all three stages of the FRSB process, leading to an upheld adjudication ruling on 27 April 2011.All FRSB members must adhere to the Fundraising Promise and to follow the Codes of Fundraising Practice. The Fundraising Promise is based on a set of six core principles which state that they will fundraise in a respectful, honest, accountable and lawful way. Sports 4 All is deemed to have breached two of these six principles; “we are honest and open” and “we are committed to high standards.”The board also found the company had exaggerated the quality of the event.Colin Lloyd, Chair of the Fundraising Standards Board, said: “Sports 4 All has left Colchester High School considerably out of pocket. This isinexcusable and the company can no longer be part of the FRSB’s regulatory scheme.”Demetrios Bradshaw, director of Sports 4 All, told the Daily Gazette in Colchester that he had apologised and that “the money is now in the post”.The FRSB has reported the company to Surrey Trading Standards for further investigation, and informed the Department for Education and the Youth Sports Trust about the case.www.frsb.org.uk Tagged with: Fundraising Standards Board Law / policy FRSB condemns sports company for breaching fundraising promise  17 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 25 May 2011 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

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Doctors of the World shares map of positive Tweets about European refugee crisis

first_imgDoctors of the World shares map of positive Tweets about European refugee crisis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis3 Michael Scantlebury, creative director and founder of Impero said:“We wanted our contribution to help drive change – and by visualising the very real issues faced by refugees in combination with positive stories of support throughout Europe, the map offers an accessible way for Britons to understand the current crisis.“Partnering our creative and technical teams with the expertise of Doctors of the World has produced an awareness tool that we believe can have real impact.”  63 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis3 Humanitarian aid charity Doctors of the World has published a digital map of Europe showing a real-time visualisation of the the positive things being Tweeted by the UK general public about refugees and migrants.The charity aims to capture the good feeling around refugees and migrants in the UK, showing all Tweets in real-time, and plotting them along the routes where thousands risk their lives every day for a better life. Given the importance for donors of seeing other people giving, and the importance of seeing impact, the map could even inspire others to donate to help the charity’s work with refugees. The map includes a prominent DONATE button.The positive tweets appear along a series of routes across Europe highlighted by red hearts.The charity is the only medical aid organisation working on the ground withe migrants in Calais. It also has more than 350 programmes in more than 80 countries and is meeting the medical needs of refugees in Turkey, Lebanon and Jordan, and through its clinics in nine European countries, including Greece, France, Germany and the UK.How was the map built?Doctors of the World worked with digital agency Impero to create the #refugeeswelcome map.It works by using the Twitter streaming API to capture tweets as they happen, pushing new tweets into the browser using WebSockets (with the help of socket.io and node.js). A variety of keywords and hashtags are used to identify relevant tweets and sentiment tracking to ensure that those selected are positive.Leigh Daynes, executive director, Doctors of the World UK explained:“We used to get a deluge of negative comments whenever we spoke about our work helping refugees in Calais and the Mediterranean but recently we’ve been inundated with messages of support, offers of practical help and cash donations.“A noticeable shift in attitudes came after the shocking image of drowned Syrian toddler Aylan Kurdi was published.“We wanted a way to visualise this outpouring of empathy and to do this we worked with Impero to create this real-time visualisation of public sentiment. It can be quite hypnotic.” Advertisementcenter_img Tagged with: Digital geo impact refugees Twitter Howard Lake | 9 September 2015 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

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“I’m proud of my son, I want to be able to…

first_imgLimerick’s National Camogie League double header to be streamed live Facebook Advertisement Limerick Ladies National Football League opener to be streamed live LimerickNews“I’m proud of my son, I want to be able to tell the world about him” — Mother banned from identifying murdered son (11) calls on Justice Minister to fast-track plans to change law on naming children killed in criminal circumstancesBy David Raleigh – January 31, 2021 6087 Twitter RELATED ARTICLESMORE FROM AUTHOR WhatsApp Linkedin Roisin Upton excited by “hockey talent coming through” in Limerick Print Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash The mother, who cannot be named because of the “hurtful” ban, told the Limerick Post she wanted to be able to identify her son publicly, so his memory would “not be forgotten” and so that the killer “would be known for what he has done”.The accused, who has pleaded guilty to the boy’s murder, is due before the Central Criminal Court tomorrow Monday, February 1, when it is expected that he will be sentenced to the mandatory term of life imprisonment.The ban on identifying child victims came into force last October when the Court of Criminal Appeal ruled that Section 252 of the Children’s Act applies even after a child has died.“I don’t think there is any benefit to (son’s name) from it, I think it is more beneficial to the (accused’s name). We are not allowed speak publicly about (son’s name) – it’s like his identity is just gone and brushed under the table,” the mother said.“We can’t talk about him and preserve his legacy and his memory, and it’s very painful. It’s like everything is against the victims and everything is going in favour of the man that did this to (son’s name); it just seems very unfair.”The mother said the devastating loss of her son has been hard enough to cope with, but that the legal ban has only added insult to her son’s memory, “It’s like (my son) didn’t exist.”Prior to the enforcement of the ban, the mother received much-needed support from another parent whose children had died in similar circumstances and whose story had been highlighted in the media.However, she fears this type of peer support from other parents is being jeopardised by the ban: “There is no support for the victims families, and God forbid this happens to other parents”.“I contacted this other mother and asked her for advice, and she understood what I was going through. I thought I was going mad but she was able to help me understand what I was thinking and feeling was actually normal; she could identify with a lot of it.”“Around Christmas time, she was a massive help to me, and I think it’s good that we have been able to support each other. The fact now, that we can’t be identified and that our children can’t be identified, is putting a stop to all that for others, perhaps.”The woman said the ban has also made her feel like she is “hiding what happened to (son’s name), it would remind you of years ago of women being shipped off after having babies”.She also argued her son’s killer should be identified, “to be shown for what he did, he is a child murderer, and people need to know that”.Calling on Minster Helen McEntee to act fast on overturning the ban, she said: “I’m proud of (son’s name), I want to be able to speak about him, I want to be able to tell the world about him.”“He had so many good qualities, he was so funny, a messer, always happy. In school he was the teacher’s pet, he was a loveable little rogue, and he loved all sport, boxing, soccer, jogging, and animals and nature.”“I don’t want him to be forgotten,” she said.“Minister McEntee is committed to addressing the main issues of concern arising out of the interpretation of Section 252 of the Children Act 2001 by the Court of Appeal, and was canvassing legal advices on “how best to resolve the issues arising from the decision of the Court of Appeal”,  her spokesman said.“Detailed discussions are ongoing, on how this can be done as quickly as possible. Consideration will also have to be given to any changes to ensure they do not result in unintended consequences and are consistent with the key principle of the best interests of the child.” TAGSKeeping Limerick PostedlimerickLimerick Post Previous articleLimerick Post Show | Harper, Hogg, Shinners Virtual ExhibitionNext article78 Athletes receive Limerick Institute of Technology Sports Scholarships David Raleigh Email THE mother of a sporty and happy-go-lucky 11-year old boy who was murdered in south west of the country, has made an emotional appeal to the Minister for Justice to fast-track plans to overturn a legal ban preventing the identification of children who have died as a result of a criminal offence. WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Donal Ryan names Limerick Ladies Football team for League opener last_img read more

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Winning numbers drawn in ‘All or Nothing Day’ game

first_img Twitter Twitter Previous articleBlues defeat Coyotes 4-3, extend winning streak to 4 gamesNext articleThanks, WLAF! Player parlayed London life to Super Bowls Digital AIM Web Support Facebook WhatsApp Facebook Local NewsState AUSTIN, Texas (AP) — The winning numbers in Wednesday afternoon’s drawing of the Texas Lottery’s “All or Nothing Day” game were: 01-02-07-09-10-11-13-19-20-21-23-24 (one, two, seven, nine, ten, eleven, thirteen, nineteen, twenty, twenty-one, twenty-three, twenty-four)center_img Winning numbers drawn in ‘All or Nothing Day’ game Pinterest TAGS  Pinterest WhatsApp By Digital AIM Web Support – March 4, 2021 last_img read more

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Ellie Mae Launches New Encompass Digital Mortgage Solution

first_img in Featured, Headlines, Technology Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Share Save Tagged with: Ellie Mae Encompass Lending Platform encompass mortgage solutions Housing Market Mortgage Industry Previous: The Week Ahead: Gauging Vacancy Trends Next: RoundPoint Among Fastest Growing Companies in Charlotte Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 29, 2018 1,796 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Ellie Mae Encompass Lending Platform encompass mortgage solutions Housing Market Mortgage Industry 2018-10-29 Staff Writer Servicers Navigate the Post-Pandemic World 2 days ago About Author: Staff Writer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Ellie Mae Launches New Encompass Digital Mortgage Solution Home / Featured / Ellie Mae Launches New Encompass Digital Mortgage Solution Ellie Mae, the leading cloud-based platform provider for the mortgage finance industry, announced that it has launched a new major release of its Encompass digital mortgage solution. The latest release, 18.4, is designed to assist lenders originate more loans, lower origination costs, and shorten the time to close with compliance, efficiency, and quality.“Ellie Mae is offering a complete digital mortgage solution to help our customers succeed in today’s competitive marketplace,” said Jonathan Corr, President and CEO of Ellie Mae. “With this new release, we’re offering innovation, enhancements, and support so our lenders can grow their businesses with HELOCs, operate more efficiently using Encompass Dynamic Data Management, provide a more streamlined mortgage process with centralized service ordering, and achieve complete compliance.”The enhancements include the first phase of a comprehensive solution expansion to streamline the application and underwriting of home equity line of credit (HELOC) loans. To support the unique investor requirements for calculating HELOC payments, both initial and qualifying, the new release of Encompass includes configuration options for both situations, including support to calculate interest-only and amortizing payments on the basis of a selected rate, a fraction of principal balance, or a percentage of principal balance.Mortgage Insurance (MI) Service for Ellie Mae’s Total Quality Loan (TQL) leverages secure, single sign-on and services to automate processes while also applying checks throughout the mortgage lifecycle to reduce resource costs. Enhanced integrations between this platform and Arch MI, MGIC, and Radian are designed to provide a more streamlined MI-ordering process. Encompass MI Service aims to automate orders for customers and provide side-by-side rate quote comparisons with an automated allocation model. The new service also offers faster processing, increased visibility into order history, and the ability to monitor key data changes.To increase productivity and enhance accuracy, Ellie Mae is also releasing a new scenarios-based rule engine for Encompass designed to automate data entry across any form used during the origination process. The new engine is called Encompass Dynamic Data Management.“Encompass Dynamic Data Management is an amazing new feature that provides Encompass Administrators an incredibly powerful set of tools for automating data input in Encompass,” said Adam Ard, Implementation and Development Lead, New American Funding.  “We are extremely excited for the release of Encompass Dynamic Data Management functionality because of the dramatic improvements it provides in flexibility, maintainability, visibility, and control of systematic data automation.”last_img read more

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October’s Foreclosure Volume High Point

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago default Foreclosure 2019-11-14 Seth Welborn in Daily Dose, Featured, Foreclosure, News November 14, 2019 1,944 Views Lenders repossessed 13,484 U.S. properties through completed foreclosures in October 2019, up 14% month-over-month and the highest point in total number of completed foreclosures in 2019, according to the ATTOM Data Solutions October 2019 U.S. Foreclosure Activity Report.“While foreclosure activity across the United States rose in October, in looking at historical trends, October numbers tend to increase as lenders may be pushing filings through the pipeline before the holiday season,” said Todd Teta, chief product officer with ATTOM Data Solutions. “The latest number is still below where it was a year ago and less than 15% of what it was during the depths of the Great Recession.”Lenders started the foreclosure process on 28,667 U.S. properties in October 2019, up 17% from last month but down 1% from a year ago. ATTOM notes that this is the first double-digit month-over-month increase since February 2018.Counter to the national trend, 13 states including Washington, DC posted month-over-month decreases in foreclosure starts in October 2019, including Maryland (down 42%); Idaho (down 36%); Delaware (down 32%); Nebraska (down 26%); and Utah (down 25%).Nationwide one in every 2,453 housing units had a foreclosure filing in October 2019. States with the highest foreclosure rates were New Jersey (one in every 1,316 housing units with a foreclosure filing); Illinois (one in every 1,336 housing units); Maryland (one in every 1,484 housing units); South Carolina (one in every 1,534 housing units); and Florida (one in every 1,571 housing units).Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October were Peoria, IL (one in every 832 housing units); Rockford, IL (one in every 889 housing units); Atlantic City, NJ (one in every 933 housing units with a foreclosure filing); Fayetteville, NC (one in every 962 housing units); and Columbia, SC (one in every 1,028 housing units). Previous: Repairing for Returns: Attracting Homebuyers to Investments Next: Mortgage Debt Hits New Highs Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily About Author: Seth Wellborn Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for DS News. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer. The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Home / Daily Dose / October’s Foreclosure Volume High Point Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: default Foreclosure Share 1Save  Print This Post October’s Foreclosure Volume High Point Related Articles Subscribelast_img read more

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Arbitration: Court Reckoner – July 2020

first_imgKnow the LawArbitration: Court Reckoner – July 2020 Kanika Singh26 Aug 2020 4:46 AMShare This – xBy way of the present column, an attempt is made to briefly review the salutary judgments pronounced by the Courts in the month of July 2020 under the Arbitration & Conciliation Act, 1996. That while as many judgments as possible are sought to be reviewed, owing to the limited column space, some judgments would invariably be left out. That also while an attempt is made to include…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?LoginBy way of the present column, an attempt is made to briefly review the salutary judgments pronounced by the Courts in the month of July 2020 under the Arbitration & Conciliation Act, 1996. That while as many judgments as possible are sought to be reviewed, owing to the limited column space, some judgments would invariably be left out. That also while an attempt is made to include and review some judgments of various other High Courts, the emphasis is essentially on the judgments of the High Court of Delhi and Supreme Court of India. That judgments have been compiled for review with reference to the Section of the Act that they are primarily dealing with and a detailed analysis has been forgone in favour of succinctness. Section 8 In Dharamvir Khosla v Asian Hotels (North) Ltd.[1], High Court of Delhi held that filing of a formal application under Section 8 is not needed if plea for seeking reference of parties to arbitration has been raised by Defendant before, either orally as was the case in hand or in the written statement. The Court further held that scope of consideration by the Court under Section 8 is much wider than Section 11 and in an application under Section 8 of the Act the Court is required to go into the issue whether the dispute between the parties is an arbitrable dispute or not and if the dispute falls in “excepted matters” or relates to specific or special remedies, than there can be no reference to the arbitration and the civil suit has to be proceeded and this continues to be the position even post the amendment to Section 8. It held that amendment to Section 8 of the Act, cannot be given an expansive meaning and intent so as to inundate entire regime of special legislations where such disputes were held to be not arbitrable. It eventually held that prima facie the plaintiffs have a right in their favour and interest in land which is more than that of a lessee or at least that of an irrevocable licensee but held that the said interest can be decided in arbitration and was not non-arbitrable. It held that if the arbitrator can direct creation of an interest in a property, the arbitrator can also award declaration of the interest of the parties in the property and that there is nothing in the Transfer of Property Act or the Specific Relief Act which forbids the rights of the parties being decided by arbitration. The rights of the plaintiffs therein at best governed by the Transfer of Property Act or the Specific Relief Act, or that of an irrevocable licensee under the Easements Act can still be decided in arbitration and held the suits to be not maintainable and parties may avail the remedy of arbitration. Section 9 In Jayneer Infra Power & Multiventures P. Ltd. & Ors. V Hero Fincorp Ltd.[2] High Court of Delhi applied the business efficacy test for interpreting terms of a multi- clause commercial contract to hold that the Court, while interpreting the terms of agreement, has to ensure its interpretation lends business efficacy to transactions between the parties and prevents any absurdity. It held that while doing so, it must be seen that the interpretation neither burdens the parties with nor emancipates them from obligations beyond those which were originally contemplated by them at the time of signing the contract. It held that meaning of contract ought to be gathered from the intent of the parties by adopting a common sense approach and not a pedantic one. On applying the said principles, the Court held that the Petitioner therein was entitled to interim protection against proposed sale of pledged shares. The Court further held balance of convenience in the Petitioner’s favour by accepting the Petitioner’s contention that sale of pledged shares in a market adversely impacted by pandemic would cause irreparable harm to the Petitioner. In Khoobsurat Infra P. Ltd. v IDBI Trusteeship Services Ltd. & Anr.[3] High Court of Delhi while refusing to grant restraint on sale of pledged shares, noted that the petitioner has not disputed the rights of the Respondent as a pawnee under Section 176 of the Indian Contract Act which confer absolute discretion on the pawnee to sell the shares when it likes and as it likes it and thus the Court cannot substitute that discretion with its own discretion. Repelling the argument that the Petitioner would be prejudiced by the sale of the shares in the emergency pandemic situation where market forces have been upended, the Court noted that the downward trend in the pledged shares’ price pre-dated the pandemic and in fact there had been some minor increase in share price post pandemic. Further the Court held that reliance placed on the circulars issued by the RBI and SEBI to show that moratorium has been declared on all loans becoming due during COVID-19 and granted relaxation credit rating during COVID-19, would also not come to the aid of the Petitioner as there is no circular by SEBI to restrict the rights of pledgee of shares to invoke and sell pledged shares and held that when the regulator has not issued any circulars, to meet the eventuality of COVID-19, the Court, cannot read into the contracts, a clause akin to force majeure, for postponing the obligations under the contracts. In K.L. Enterprises LLP & Ors. v Bajaj Finance Ltd.[4], High Court of Delhi while dealing with a petition seeking restraint on sale of pledged shares on the ground that the fall in the Minimum Security Margin under the agreements in question, was solely attributable to the fall in prices of the pledged shares which was due to the un-precedented pandemic situation, firstly held that there being no Force Majeure Clause in the Agreements between the parties, no benefit of the same can be claimed by the Petitioner and then went further, to hold that, assuming that the Agreement contained such a Clause, even then the Petitioners would not be entitled to its benefit as fall in minimum margin security predates the pandemic and reiterated that past breach cannot be condoned on a plea of Force Majeure on account of Covid-19 Pandemic. It further held that no benefit can be claimed by the Petitioner by relying on RBI circulars on repayment of loans moratorium as the said circulars cover repayment of Loan instalments that have fallen due from 01.03.2020 whereas in the case at hand, the alleged breach is not with respect to repayment of loan instalments, but fall in the Security Margins and significantly, the fall in the margins is from December, 2019 and not on account of Covid-19. However, in the final analysis and on account of certain consent terms being agreed to by the Respondent, the Court directed the Petitioner to submit certain approved securities and subject to receipt of same, directed the Respondent not sell/alienate the pledged shares. In Hero Wind Energy P. Ltd. v Inox Renewables Ltd. & Anr.[5] High Court of Delhi firstly held that the interim measures claimed by way of Section 9 Petition allegedly on a new cause of action, cannot be denied on the ground of the dispute in the context whereof interim measures are sought, are barred by Order II Rule 2 of the CPC on account of an earlier pending arbitration, because it is not as if there is an arbitral award in existence with respect to disputes earlier raised and on the basis whereof the plea of Order II Rule 2 of the CPC is urged and the plea of later dispute being hit by principles of Order II Rule 2 is something that would have to be adjudicated by the arbitrator and thus Section 9 petition can be entertained without deciding the applicability of principles of Order II Rule 2. The Court then went to consider the question that if out of the agreement containing an arbitration clause, subsequent to the date when an arbitral tribunal with respect to an earlier cause of action is constituted, another cause of action arises, whether with respect to interim measures qua this second cause of action, bar of Section 9(3) of the Arbitration and Conciliation Act, 1996 would apply? And answered the question in the negative holding that the scheme of the Act shows that there can be multiple claims and multiple references at multiple stages and held that the arbitral proceedings referred to in Section 9, have to be to the arbitral proceedings for adjudication of a particular dispute qua which the interim protection is sought and not earlier arbitration proceedings initiated for a different dispute. In Ashwani Minda & Anr. v M/s. U-Shin Ltd. & Anr.[6] High Court of Delhi held Section 9(3) of the Act is applicable when interim measures are sought in the Indian courts in connection with a foreign-seated arbitration and an application under Section 9, for a foreign- seated arbitration, would not lie after the constitution of the arbitral tribunal, unless the applicant demonstrates that it does not have an efficacious remedy before the tribunal. In making the assessment of whether efficacious remedy is available or not, the manner in which the applicant has framed the relief sought cannot be determinative; the more appropriate test is whether the tribunal is sufficiently empowered to grant effective interim measures of protection. Further held that, after the amendment of Section 2(2), a party to a foreign-seated arbitration has the option of seeking interim measures of protection in the Indian courts, or of going to the seat court or the tribunal for interim relief and in a case party elects to go to the emergency arbitrator, and having failed in its endeavor to obtain interim relief before the same, the party can then seek the self-same relief in Section 9 proceedings and distinguished the judgment in Raffles Design Int’l India Pvt. Ltd. vs. Educomp Professional Education Ltd. & Ors. and held that observations made therein would only apply when an emergency order has been made by the arbitrator and not in a situation where the arbitrator has rejected that relief, like was the case at hand. In Uni Construction v Ircon International Ltd.[7] High Court of Delhi refused to grant interim relief as prayed for by the Petitioner seeking restraint from invocation of bank guarantees/term deposits as not only did the Court find no prima facie case or balance of convenience in favour of Petitioner but it also took note of the fact that the Petitioner had suppressed the act of encashing one of the term deposits on its own. The Court held that Invocation of the discretionary jurisdiction of a court necessarily requires, as a condition precedent, the applicant invoking the jurisdiction to be candid, and to make a clean breast of its affairs; to approach the Court, as it were, “with clean hands” and further held suppression of material fact, and invocation of the discretionary and equitable jurisdiction of the court, are strange bedfellows. In Virmati Villa CHS Ltd. v Shamik Enterprises P Ltd.[8] High Court of Bombay taking note of the fact that the Respondent is in financial distress, allowed the Petitioner’s prayer that pending commencement and culmination of arbitral proceedings, the Respondent, its Directors and their family members be directed to file affidavits disclosing their assets; companies or firms that they are directors, partners or shareholders of and the assets of such companies/firms, income tax returns, profit and loss accounts, balance sheets, bank statements of all the accounts held by them or their family members. Section 11 In Aarka Sports Management P. Ltd. v Kalsi Buildcon P Ltd.[9] High Court of Delhi held that if parties have determined seat of arbitration in the agreement, the Court of that place shall have exclusive jurisdiction to deal with all matters relating to arbitration agreement between the parties but if the parties have not agreed on the seat of the arbitration, the Court competent to entertain an application under Section 11 of the Act would be the ‘Court’ as defined under Section 2(1)(e) of the Act reads with Section 16 to 20 of the Code of Civil Procedure. The Court held that the exclusive jurisdiction clause in the agreement in question, not being a clause determining the seat of arbitration, is not valid as the parties cannot confer jurisdiction on a Court which otherwise has no jurisdiction. In M/s. Hamdard Laboratories (India) v M/s. Sterling Electro Enterprises[10] High Court of Delhi held that the absence of the term ‘seat’ while referring to the courts at Delhi in the arbitration clause in question, does not alter the significant fact that the Courts of law at Delhi alone have been vested with the jurisdiction upon arbitration proceedings and thus the High Court of Delhi would have jurisdiction to entertain petition for appointment of arbitrator even when no part of cause of action has arisen in Delhi. The Court further distinguished the facts of the present case from Aarka Sports (supra) on the ground that in Aarka Sports (supra), the contract did not provide for exclusive jurisdiction of the Courts at Delhi in respect of arbitration, rather in said case reliance was sought to be placed in the jurisdiction clause contained in the dispute resolution clause titled Governing Law, Jurisdiction & Dispute Resolution, which was in fact a general stipulation on dispute resolution, not a part of the arbitration clause like the present case. In NKB Infrastructure P. Ltd. v Northern Railway[11], the High Court of Delhi following the judgment of the Supreme Court in Central Organisation for Railway Electrification vs. ECI-SPIC-SMO-MCML (JV) A Joint Venture Company[12] disposed of the Section 11 petition with direction to the Respondent to constitute the arbitral Tribunal as per Clause 64 of GCC, which had been upheld in Central Organisation (supra). Section 14 In Rail Vikas Nigam Ltd. v Simplex Infrastructure Ltd.[13] High Court of Delhi while dismissing a petition seeking termination of mandate of the Arbitral Tribunal on the ground of non-adherence to Schedule IV while fixing the arbitral fee, held, that the language of Schedule IV is quite clear and consonant with the very purpose of its enactment and that Entry No. 6 is not in conflict with the recommendations of the Law Commission Report or the DIAC Rules, and the ceiling limit of Rs. 30,00,000/- is not inclusive of the base fee of Rs. 19,87,500/-, but has rightly been interpreted by the learned Tribunal as a cap on the additional fee chargeable, i.e., 0.5% of the claim amount which is over and above Rs.20 crores. Section 16 In Sh. Pankaj Arora v AVV Hospitality LLP & Ors.[14] High Court of Delhi while dealing with a petition under S. 14 of the Act, where the petitioner had restricted its prayer to a direction that Arbitrator be directed to decide the application, preferred by it under Section 16 at the outset and not after recording of evidence and at the stage of final arguments as the arbitrator had done. The Court firstly held that that the order of the Arbitrator disposing of the application under Section 16 keeping the issue regarding his jurisdiction, as ventilated in the said application, open, to be decided after recording of evidence and at the stage of final arguments, was an interim order and was amenable to challenge under Section 34 of the 1996 Act and held that without ventilating such a challenge, the petitioner could not have preferred the present petition, for termination of the mandate of the Arbitrator. Be that as it may, the Court held that even otherwise the direction prayed by the Petitioner cannot be granted as the procedure to be followed, in arbitral proceedings, is essentially the province of the arbitrator, or the arbitral tribunal. Unless the decision, in that regard, falls foul of any mandatory stipulation, contained in the 1996 Act, this Court would be loath to interfere, the autonomy of the arbitral proceedings, and of the arbitrator, being statutorily pre-eminent. The Court further held that Section 16(5) cannot be read as casting a mandate, on the arbitrator, or the arbitral tribunal, to decide the objection, to its/his jurisdiction, to adjudicate on any claim/counter claim, necessarily before recording of evidence. It held that while issues of jurisdiction are, ordinarily, to be addressed at the outset, the same is more a rule of prudence than one of inflexible procedure and so long as the said decision is taken prior to the making of the final arbitral award, no infraction of Section 16 could be said to have occurred, especially as disputed question of fact would need to be adjudicated to decide the jurisdictional objection. Section 29A In ONGC Petro Additions Ltd. v Ferns Construction Co. Inc.[15], High Court of Delhi held that the 2019 amendment to Section 29 A being procedural in nature shall be applicable to all pending arbitrations as on the date of amendment and thus held that the provisions of Section 29A (1) shall be applicable to all pending arbitrations seated in India as on August 30, 2019 and commenced after October 23, 2015. While doing so, the Court, concurred with the view taken by a Coordinate Bench in Shapoorji Pallonji and Co. Pvt. Ltd v Jindal India Thermal Power Limited[16] and held the view taken by another Coordinate Bench in MBL Infrastructures Ltd. v. Rites Ltd.[17] to be per incuriam as it did not consider the judgment in Shapoorji (supra). The Court also held that there is no strict time line of 12 months prescribed for proceedings which are in nature of international commercial arbitration as defined under Act, seated in India. In Reliance Infrastructure Ltd. v Haryana Power Generation Corporation Ltd.[18] High Court of Punjab & Haryana held that the petitioner having filed a substantive petition for termination of the arbitrator’s mandate under Section 14 and having failed in the same, cannot seek to challenge the order passed by the Trial Court granting extension of time under Section 29A on the ground that the Trial Court while extending the time ought to have considered substitution of the Arbitrator keeping in view the facts of the case. Section 33 In Nirmal Singh v. Horizon Crest India Real Estate & Ors[19] High Court of Delhi held that when the Petitioner had filed an application under Section 33 but essentially in the garb of seeking correction of errors, the petitioner in effect had sought review of the award, the period of limitation for filing petition under Section 34 must be counted from the date of receipt of the award and not from date of dismissal of said application under Section 33 and thus the petition was found to be time barred. The Court held that otherwise the losing party on the pretext of seeking correction of error, shall challenge the findings in the award on merit in a Section 33 application in order to buy time, which should be discouraged. Section 34 In M.R. Hi Tech Engineers P. Ltd. v Union of India & Ors[20], High Court of Madras held that the Arbitrator by proceeding to entertain and adjudicate on a counter claim arising from sums dues under another contract between the same parties, which had a separate arbitration clause which had not been invoked, tantamounts to dealing with disputes not falling within the terms of submission to arbitration and is thus a decision on matters beyond the scope of submission to arbitration and the award is liable to be set aside. It further held that the Arbitrator had also allowed the counter claim against public policy and specifically the requirement of public policy for the Arbitrator to adopt a judicial approach as the counter claim has been allowed in its entirety by merely parroting plea of Respondent without saying why and how the same needs to be acceded to. In Three C Universal Developers P. Ltd. & Ors. v Horizon Crest India Real Estate & Ors.[21] High Court of Delhi dismissed the petition filed under Section 34 of the Act as being time bared as the Petitioner therein had been unable to produce the petition as originally filed and thus the original filing was held to be non-est and the petition filed on refiling was to be treated as a fresh petition and also not as a proper petition, as it had several defects, which was beyond period of 3 months, and in the absence of an application seeking condonation of delay showing sufficient cause, the period beyond 3 months cannot be condoned. In Indian Oil Corporation Ltd. v FEPL Engineering (P) Ltd.[22] High Court of Delhi held that Se. 19 of Micro, Small and Medium Enterprises Development Act, 2006 which mandates a pre-deposit of 75% of the awarded/decreed/ordered amount, for the Court to entertain a challenge against the award/decree/order, includes not only the principal amount but also the interest component and no discretion lies with the Court to reduce the amount or quantum of the pre-deposit of 75% awarded/decreed/ordered amount. It further held while dealing with an application for release of said amount, a purposeful interpretation of the proviso to Section 19 is to be given which means, if no viable security is provided by the supplier then the discretion can be exercised not to release the amount pre-deposited. In the facts of the case, it directed partial release of the amount subject to furnishing of bank guarantee. In Narender Singh v VV Pankajakshan & Ors.[23], High Court of Delhi while dismissing the challenge to the arbitral award held that the Court, in exercise of its jurisdiction under Section 34 of the 1996 Act, while examining the interpretation, by an arbitrator, is concerned not with the plausibility of the interpretation but with the possibility thereof. Once the interpretation placed by the learned sole arbitrator, on any provision that comes to her or his notice, is not an impossible interpretation, or perverse, as understood in law, interference therewith, by the Court under Section 34 of the 1996 Act, is not called for. In Nuziveedu Seeds Ltd. v Mahyco Monsanto Biotech India (P) Ltd.[24], High Court of Bombay upheld the finding of the Arbitral Tribunal that the monetary claims of the claimant therein were arbitrable and not barred by the provisions of the Competition Act and held adjudication by the tribunal shall be in the nature of the right and liability of the parties to the agreement and would relate to right in-personam and not right in-rem. If the arbitral tribunal would have held that it had no jurisdiction in the matter and would have dismissed the claim of the respondent, the respondent would not have any remedy at all since CCI did not have jurisdiction to grant any monetary claim for the sale of seeds under the agreement in favour of the respondent. It held that the jurisdiction of CCI under Competition Act and jurisdiction of the arbitral tribunal under the agreement are altogether different and distinct and are not overlapping. Both the proceedings can be conducted parallelly and do not oust the jurisdiction of each other in respect of the issues which can be exclusively decided by each of these forum. The arbitral tribunal has rightly decided whether its jurisdiction was ousted by looking at the pleadings filed by the parties. Non-arbitrable defence raised by the petitioner did not determine or oust the jurisdiction of the arbitral tribunal. The Court further held that the Tribunal was not bound to suspend the proceedings or could not have rejected the monetary claim merely on the ground that the complaint filed by the Central Government as well as the information filed by the petitioner were pending before the CCI. It held that the only provision which empowers the arbitral tribunal to suspend or to terminate the arbitral proceedings is for non-payment of fees, under Section 38(2) of the Act and the legislative intent is thus clear that where the powers for suspension was to be provided, it was specifically inserted in the Act and no other provision for termination or suspension of the arbitral proceedings due to the situation contemplated therein, can be exercised. Held, that Section 17 does not empower the arbitral tribunal to suspend the arbitral proceedings. Further held, Court has no power to grant such extension for indefinite period or to indirectly suspend the arbitral proceedings under Section 29A (4) of the Arbitration Act. Section 37 In Prasar Bharti v M/s. Starcon India Ltd. & Anr.[25] High Court of Delhi held that an appeal directed against an interlocutory order passed in proceedings under Section 36 of the A & C Act, whereby a part of the amount which had been deposited by the appellant in this court, has been directed to be released in favour of the respondents, would not be maintainable as it is neither an appealable order under Section 37 of the Act nor does the same fall under Order XLIII of Code of Civil Procedure and is thus not covered under Section 13 of the Commercial Courts Act. In Khoobsurat Infra P. Ltd. v IDBI Trusteeship Services Ltd.[26] High Court of Delhi reiterated that scope of interference by the court while exercising its jurisdiction in an appeal under Section 37, is extremely limited and unless the decision of the Single Judge appears to be perverse or completely untenable, the Appellate Court will not substitute it with its own view. On the merits of the case, it held that the economic stress faced by the appellants in order to discharge their legal liabilities founded on the contractual obligations agreed to by them cannot be a ground to restrain the respondent from exercising their rights as a pawnee as per their discretion, as per Section 176 of the Indian Contract Act, 1872 and thus dismissed the appeal holding that the Single Judge had rightly declined interim protection u/s 9. Also Read by the same author :Arbitration : Court Reckoner [May 2020] Arbitration: Court Reckoner [June 2020] [1] CS(COMM) 184/2020 decided on 21st July 2020 [2] OMP(I)(COMM) 151/2020 decided on 02nd July 2020 [3] OMP(I)(COMM) 135/2020 decided on 03rd July 2020 [4] OMP(I) (COMM) 102/2020 decided on 06th July 2020 [5] FAO(OS)(COMM) 60/2020 decided on 7th July 2020 [6] FAO(OS)(COMM)65/2020 decided on 7th July 2020 [7] OMP(I)(COMM)159/2020 decided on 16th July 2020 [8] Arb P. (L) No. 428/2020 decided on 24th July 2020 [9] Arb P. 662/2019 decided on 6th July 2020 [10] Arb. P. 218/2020 decided on 21st July 2020 [11] Arb. P. 32/2020 decided on 23rd July 2020 [12] 2019 SCC OnLine SC 1635 [13] OMP(T)(COMM) 28/2020 decided on 10th July 2020 [14] OMP(T)(COMM) 32/2020 decided on 20th July 2020 [15] OMP(MISC) (COMM) 256/2019 decided on 21st July 2020 [16] O.M.P.(MISC.) (COMM.) 512/2019, decided on 23rd January 2020 [17] O.M.P.(MISC)(COMM) 56/2020, decided on 10th 2020 [18] Civil Revision No. 7193/2019 (O & M) decided on 16th July 2020 [19] OMP(COMM) 434/2020 decided on 24th July 2020 [20] O.P. No. 45/2012 decided on 7th July 2020 [21] OMP(COMM) 461/2019 decided on 27th July 2020 [22] OMP(COMM) 144/2019 decided on 30th July 2020 [23] OMP (COMM) 4/2020 decided on 31st July 2020 [24] Commercial Arbitration Petition No. 737/2019 decided on 23rd July 2020 [25] FAO(OS)(COMM) 4/2020 decided on 13th July 2020 [26] FAO(OS)(COMM) 76/2020 decided on 13th July 2020 Next Storylast_img read more

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