Centre, SC Mulling Radical Judicial Reform to Ease Higher Courts’ Load
New courts of appeal may be set up to hear appeals in civil, criminal cases and clear backlog
New Delhi: A radical judicial reform is on the anvil — the government and the Supreme Court are actively considering a new judicial mechanism, courts of appeal — that will be set up to help clear the huge backlog of pending cases.
The proposal moots that post hearings in district courts, appeals in all civil and criminal cases will be heard in the courts of appeal. These new courts will be placed higher than the district courts but below the high courts.
High courts will only hear core constitutional matters. After a court of appeal verdict in a civil or criminal matter, a litigant can only appeal before the Supreme Court, not a high court.
But the Canadian firm is said to have left the negotiations after some minority investors demanded a higher valuation. There was no response to an email sent to Warburg Pincus while Aion declined to comment. “We do not comment on market speculation,” InCred CEO Bhupinder Singh said in an email. The former co-head of Deutsche Bank’s corporate banking business in the Asia Pacific set up the non-banking, new-age financial services company about six months ago with the support of Jain. Manipal Group’s managing director and CEO Ranjan Pai and Gaurav Dalmia, chairman of Landmark Holdings (Dalmia Group), have also backed the firm with strategic investments. “We are evaluating all options for infusion of capital,” Catholic Syrian Bank CEO CVR Rajendran told ET. “You would appreciate that we cannot discuss specifics now. We will approach the regulator at an appropriate juncture. We have not yet reached a conclusion on the process.” Centrum Finance, backed by former Standard Chartered banker Jaspal Bindra, has also met Catholic Syrian Bank executives, people said. “The Centrum Group is not in discussion with Catholic Syrian Bank for a stake in the bank,” a spokesperson said. Warburg Pincus, which has been investing in India for the last 20 years, has significant exposure to the financial services space. In the past, the fund has invested in Kotak Mahindra Bank, which it almost fully exited last year with stellar returns, and owns a significant stake in Au Financiers. It owns 90% of Capital First. Aion, a JV between Apollo Global Management and ICICI Venture, is a special situation investor and has raised close to $1 billion.
The bank reported profit of ₹ 1.55 crore in FY17 against a loss of ₹ 149.72 crore the year before. Gross non-performing assets stood at ₹ 600.10 crore in the fourth quarter compared with .₹ 446.91 cro- re in the year earlier. In percentage terms, this swelled to 7.25% from 5.62%. Founded in 1921, CSB has a strong base in Kerala and a significant presence in Tamil Nadu, Karnataka, and Maharashtra. With more than 1.5 million customers, its key focus areas are small and medium enterprises, retail clients, and non-resident Indians (NRIs). Chawla currently owns about 24% of CSB, while NRI businessman Yusuff Ali MA and Edelweiss own 4.99% each. The Muthoot Pappachan Group has 3% and Larsen and Toubro has 2%. Mauritius-based private equity funds AIF Capital, Gartmore Private Equity and Siguler Guff together hold a 15% stake.