Eight Rulings by Indian Courts That Impact Your Finances

In: Business and Management

Submitted By freak89
Words 1240
Pages 5
It's the final frontier. Many a hapless investor has boldly come here, seeking respite. Some find closure, others crawl out disappointed, but virtually all are branded by the verdict. We refer to the Indian courts, which are deluged by a daunting number of cases every year. The spectrum is as staggering, with a large percentage falling in the realm of personal finance, be it the house an heir is battling his kin for possession (real estate), a claim that an insurer refuses to settle (insurance), or the loan that the guarantor is to pay (banking). Even as these cases impact people's finances, some leave purging precedents, expanding the scope of an argument, lending clarity to an obfuscating rule, plugging loopholes, or giving direction to a nebulous circumstance. Over the years, such rulings have altered the financial fates of thousands of appellants, guiding them in the course of action or bolstering their cases for having cited them.
The awareness about earlier rulings can clearly be crucial to the legal outcome since these can help strengthen the argument and prepare the case in a better manner. "Depending on the previous judgements, people decide whether to fight it out or opt for an out-of-court settlement as lawyers can make out which way the case is likely to go," says Sandeep Nerlekar, CEO, Warmond Trustees & Executors.

1) An insurer must prove fraud to reject a claim
Kerala-based PV Suresh's wife Lalitha had taken a life insurance policy from LIC for Rs 50,000 on 28 February 2002. However, when she died on 9 September 2004 due to cervical cancer, the claim was rejected on the ground that she had failed to mention ayurvedic treatment for rheumatoid arthritis before buying the policy.
It has to prove that the information that was supposedly hidden by the policyholder was material, that is, had a direct bearing to the case and that there was an…...

Similar Documents

Economic Reforms and Their Impacts on Indian Economy

...hands of different parties (or coalitions). The rapidly increasing frequency of elections at the central and state levels during the post-1990 period of economic reforms has led the incumbent governments and the contesting opposition parties to resort to ‘vote-bank’ politics or ‘competitive populism’. The vested interests of groups such as trade unions, producers with licenses and holding monopoly interests, and bureaucrats with ‘rent seeking’ capabilities have often scuttled or delayed further market-based economic reforms. These factors explain well India’s ‘stalled’ reforms in certain areas directly hurting vested interests of selected lobby groups. The growth of regional parties and their assumption of power in many Indian states has further delayed the percolation of central-level economic reforms down to the state level. Weiner has recommended the need for a change in the mindsets of state policy makers: The pursuit of market-friendly policies by state governments requires a change in the mindsets of state politicians, new skills within the state bureaucracies, and a different kind of politics. More fundamentally, it requires rethinking on the part of state politicians, activists in non-governmental organizations, journalists and politically engaged citizens as to what is the proper role of government, and how and to what end limited resources should be used. Considering the compulsions arising from the above political factors,......

Words: 21431 - Pages: 86

Nrega Impacts on Indian Economy

...GROUP 7 | SECTION-D | PGP-16 | IIM-Kozhikode | IMPACT OF THE RIGHT TO WORK PROGRAMME | MACROECONOMICS | Ankur ZutshiGokul ManeanLohakare AmolPragyaSatadal BiswasTanmoy Chatterjee | 186196206216226236 | Right to Work The Right to Work, according to the Article 39 of the Indian Constitution under the ‘directive principles of state policy’, states that everyone should be given the right to an adequate means to livelihood. In order to guarantee the basic rights like right to life, right to education, right to food in a country where approximately thirty percent of the population is below the poverty line and the only economic assets it owns is labor power, value-adding profitable employment is very important. NREGA The National Rural Employment Guarantee Act (5th September 2005), according to the Legislative Department of the Ministry of Law and Justice – ‘An Act to provide for the enhancement of livelihood security of the households in rural areas of the country by providing at least one hundred days of guaranteed wage employment in every financial year to every household whose adult members volunteer to do unskilled manual work and for matters connected therewith or incidental thereto’. The Panchayat or program officer validates applications at the village level, and the government provides a valid applicant with an employment within five kilometers and fifteen days. NREGA, UPA’s brainchild, started in two hundred districts in February 2006,......

Words: 2691 - Pages: 11

Supreme Court Gun Rulings

...Supreme Court gun law cases, rulings, and the current abuse of executive privilege under the Second Amendment. The Second Amendment to the Constitution is the right to keep and bear arms by every law abiding citizen in the United States. In this dialog, we will look at the aforementioned Supreme Court cases to better understand the limitations of the Central Governments ability to interfere with this individual right. In the case of the District of Columbia vs. Heller, the primary issue in this case was the complete ban of handguns in homes within the District of Columbia unless they are unserviceable. This case was brought by Dick Heller in an action claiming that a complete ban violates the 2nd Amendment right guaranteed to the citizens of this country. In the case of Lopez vs. the United States, Congress attempted to control where individuals could carry weapons through the invalid use and exercise of the commerce clause power. At first look into the District of Columbia vs. Heller case, the power to solicit and control gun regulation belongs to the States, not the Federal Government. The District of Columbia is not a state and therefore does not possess the authority to install gun regulations on the citizenry living there as they are residents of Maryland and Virginia and are so governed by the gun laws which exist in those states depending on which state they are located in. The Supreme Court stated......

Words: 1356 - Pages: 6

Impact of Globalisation on Indian Economy

... Impact of globalization on Indian economy- An overview By: Tanveer Malik Introduction Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the Indian economy as fastest growing economy and globally competitive. The series of reforms undertaken with respect to industrial sector, trade as well as financial sector aimed at making the economy more efficient. With the onset of reforms to liberalize the Indian economy in July of 1991, a new chapter has dawned for India and her billion plus population. This period of economic transition has had a tremendous impact on the overall economic development of almost all major sectors of the economy, and its effects over the last decade can hardly be overlooked. Besides, it also marks the advent of the real integration of the Indian economy into the global economy. This era of reforms has also ushered in a remarkable change in the Indian mindset, as it deviates from the traditional values held since Independence in 1947, such as „self reliance” and socialistic policies of economic development, which mainly due to the inward looking restrictive form of governance, resulted in the isolation, overall backwardness and inefficiency of the economy, amongst a host of other problems. This, despite the fact that India has always had the potential to be on the fast track to prosperity. Now that India is in the......

Words: 4444 - Pages: 18

Impact of Recession on Indian Auto Sector

...Impact of recession In this article we assume recession as significant decline in economic activity of a nation for considerable amount of time based on parameters such as production, demand, employment, real income and real GDP. In this part we try to argue position of Indian four wheeler auto sector in effect of global recession around 2008 and current recession (2012-13) caused by local macroeconomic issues. Global recession (2008 onwards) Though global recession took roots in 2007 itself, Indian auto industry could see its real impact only in 2008 quarters. Global auto industry was in tatters due to loss of credit and reduced liquidity. US sales were fallen by 32%. In India, though the situation wasn’t as grim as US, passage care sales dropped from 1,15,481 in 2007 to 1,13,822 in 2008. Some of the reasons of these impacts were high finance cost and fuel prices. Looking on the lines of industry growth in previous years, Indian auto players were investing in increasing production facilities. Where sudden recessionary situation forced SIAM (Society of Indian Automobile Manufacturer) to reduce growth forecast from 12.5% to 9.5%. The result was to run the auto manufacturing plants on low production capacity than installed, increasing overheads and reducing margin. Impact in India was not as severe as it was in US and European markets. Mainly because local Indian macroeconomic indexes were still in good shape plus government act quickly to lower the interest rates and......

Words: 427 - Pages: 2

Impact of Indian Economy on World Economy

...INDIAN BARE ACTS Indian Contract Act, 1872 [Act No. 9 of Year 1872, dated 25th. April, 1872] PRELIMINARY 1. Short title This Act may be called be the Indian Contract Act, 1872. Extent, commencement - It extends to the whole of except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872. Enactment repealed - [***] Nothing herein contained shall affect the provisions of any Statute, Act or Regulation not hereby expressly repealed, nor any usage or customs of trade, nor any incident of any contract, not inconsistent with the provisions of this Act. 2. Interpretation -clause In this Act the following words and expressions are used in the following senses, unless contrary intention appears from the context: (a) When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal; (b) When a person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted. A proposal, when a accepted, becomes a promise; (c) The person making the proposal is called the "promisor", and the person accepting the proposal is called "promisee", (d) When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or......

Words: 15615 - Pages: 63

Impact of Telecom Industry on Indian Economy

...“REPORT ON IMPACT OF TELECOM INDUSTRY ON INDIAN ECONOMY” INTRODUCTION The Indian telecom industry is one of the fastest growing in the world. Government policies and regulatory framework implemented by Telecom Regulatory Authority of India (TRAI) have provided a conducive environment for service provider. This has made the sector more competitive, while enhancing the accessibility of telecommunication services at affordable tariffs to the customers. In the last two decades, the Indian Telecom Sector and mobile telephony in particular has caught the imagination of India by revolutionizing the way we communicate, share information, and through its staggering growth helped millions stay connected. This growth, however, had and continues to be at the cost of the climate, powered by an unsustainable and inefficient model of energy generation and usage. Simultaneously, this growth has also come at significant and growing loss to the state exchequer, raising fundamental questions on the future business and operation model of the telecom sector. The telecom industry has witnessed significant growth in subscriber base over the last decades, with increasing network coverage and a competition induced decline in tariffs acting as catalysts for the growth in subscriber base. The growth story and the potential have also served to attract newer players in the industry, with the results that the intensity of competition has kept increasing. The sector expected to witness up US$ 56.3......

Words: 2234 - Pages: 9

Help with Your Finance Management

...Are you looking for help with your assignment writing or trying to find information for yourself. Not sure where and how to look for data and where to start from? You are reading the right articles because we here can help you with your writing and finding solutions to your writing needs. Yes, that is correct. You need not worry about what to look for and how to start writing, all of this will be our problem now. Are you looking for help with your Finance Management assignment writing in particular? Our subject specific writers can help you. We have writers who have specialized in various subjects, therefore making them experts in their respective fields and areas of specialization. This shows in their quality of work delivered to you. What is Finance and Finance Management? In any business or organization, weather profit or service oriented, big or small, whatever be the nature of work, Finance is one of the most important aspects for its smooth running. No organization or business can run smoothly without having a smooth financial flow or sufficient cash in order to be able to manage its activities be it short term or long term. Finance is required for the day to day activities, planning, organizing as well as production etc. There are various branches to Finance such as: - Time value for money - Capital structure - Wealth management - Asset management - Bond and stock valuation - Venture capital and many more. Our writers have specialized knowledge in each......

Words: 302 - Pages: 2

Dreadful Impact If Indian Yellow Culture on Bangladeshi Youths

... Dreadful Impact of Indian ‘Yellow Culture’ on Bangladeshi young generation Md. Abdun Noor Shaheen Lecturer in Sociology Generally, culture refers the customs and beliefs, art, way of life and social organization of a particular country or group. And, of course, we have a very rich culture which we can feel proud of. But the shocking fact is that that our culture is now under a great threat because of foreign cultural aggression. Indian cultural practices, have especially added a new flavour to this extent and satellite TV channels run by India have made the path of aggression easier. Our young generation is so much affected and influenced by those channels that they are trying to practise what they see on the television screen. So from my point of view, Indian cultural practices are now turning as a threat rather than mere source of amusement. Some Concrete Facts of Indian forms of Culture: Indian films, for instance, are now at the epicenter of the culture wars. They are corrupting our youth. There are about ten Indian channels, showing movies and movie songs round the clock. We are quite stunned at many of the shows in Indian TV channels that are apparently for children. The Indian channels are full of contests when ten year old girls are dressed up and made up like Bollywood actresses, rotating to some hit Hindi songs, making all those suggested moves in front of thrilled audiences and approving panel of judges.......

Words: 1096 - Pages: 5

Court Ruling on Ozark Airlines

...Module 2 Discussion – GBA-335 Prof Fisk, The Court’s ruling was in order. Considering safety of the Airline passengers and the entire organization, it was not in the interest who is best or not but whoever meets the 50*50 airline view business necessity. The business necessity here is an evidence record to show that an individual’s ability to operate all the instruments in the cockpit and reach the design eye reference point. Individual’s height is important to the safe and efficient operation of a plane. The criteria for hiring – five-foot-seven-inch minimum height requirement is not a sexually discriminatory issue. Anybody (male or female) that meet this requirement could be hired. In a prima facie case of sex discrimination – because the number of male with five-foot-seven-inch outnumber the female hence it could be regarded that pilots are exclusive for male hiring. In my opinion and to ensure hiring of female pilot entry, the Court had to tell Ozark to reduce the minimum height to five-foot-five-inch. An individual who fails to meet certain requirement for hiring, does not mean that ‘the employer’s general policy and practice concerning hiring should be amended to suit him/her. The criteria is job-related (cf. 29 C.F.R. §1607.5(c)(2)(iii). “The job of airline flight officer is clearly such a job”. So, the trial Court did not err in its ruling. Ref: Twomey, D (2013). Labor and employment law: Text and cases (15th ed). Mason, OH: South-Western Cengage......

Words: 259 - Pages: 2

Impact of Japanese Tsunami on Indian Auto Sector

...Chennai, March 28 (IANS) The Japanese earthquake and tsunami may not adversely affect the Indian automobile sector in the short term, but the impact over medium to long term will have to be seen, credit rating agency ICRA said Monday. In a statement, the agency said that several challenges could emerge in the aftermath of the earthquake and tsunami. These include disruption in supplies of vehicles and vehicle assemblies in India, cost pressures arising from appreciation of the Japanese yen, delays in model launches and in investments by Japanese players in the Indian market. According to ICRA, other difficulties include rising costs of raw materials like steel, rising interest rates - which Indian automotive firms are already grappling with - and increase in customs duty on pre-assembled engine and gearbox or transmission mechanism that takes effect from April 1 this year. 'While the domestic automotive industry has posted strong growth across segments during 2010-11 so far, the cost push factors such as higher commodity prices, foreign exchange volatility (especially with respect to the yen) and increase in the landed costs of imports are some factors that may adversely affect the financial performance of automotive and auto-ancillary players over the short term,' said Subrata Ray, senior vice president and company head for Corporate Ratings divison. While the Indian subsidiaries of Japanese original equipment manufacturers (OEMs) in the two-wheeler segment......

Words: 716 - Pages: 3

Final Future of Educational Finance

...Future of Educational Finance Grand Canyon University: EDA-535 October 1, 2014 Gary Marx stated “identifying, monitoring and considering the implications of trends is one of the most basic processes for creating the future” (Stevenson, 2010 p. 1). The world of education is forever changing at a pace that gets more rapid as the years go on. The decisions made in the past have laid the foundation of education today, as will recent changes affect the future. Programs such as choice schooling and No Child Left Behind will impact school funding. Rulings such as the Lemon Test and separation of church and state will impact decisions that can potentially result in litigation and court rulings dictating educational decisions. In his work regarding educational trends, Kenneth Stevenson (2010) stated, “a continuing recession, escalating political polarization, rising racial/ethnic tensions, a growing national debt, and a widening divide between the haves and the have nots portend a future fraught with unprecedented challenges to and clashes over the form and substance of public education in America” (p.1). Analysis of the Lemon Test The Lemon Test was created by Chief Justice Warren Berger as a result of the court case Lemon v. Kurtzman (1971) and is based on the principles stated in Everson v. Board of Education. The case of Lemon v. Kurtzman (1971) centered on Rhode Island’s Salary Supplement Act. This act approved a salary supplement of up to fifteen percent for......

Words: 4162 - Pages: 17

Finance 350 Solutions, Eight Edition

...FV20 = 5,000 With a financial calculator enter the following: N = 20, I/YR = 7, PMT = 0, and FV = 5000. Solve for PV = $1,292.10. I/YR = ? I/YR = ? 5-3 0 18 | | PV = 250,000 FV18 = 1,000,000 With a financial calculator enter the following: N = 18, PV = -250000, PMT = 0, and FV = 1000000. Solve for I/YR = 8.01% ≈ 8%. 6.5% 6.5% 5-4 0 N = ? | | PV = 1 FVN = 2 $2 = $1(1.065)N. With a financial calculator enter the following: I/YR = 6.5, PV = -1, PMT = 0, and FV = 2. Solve for N = 11.01 ≈ 11 years. 12% 12% 5-5 0 1 2 N – 2 N – 1 N | | | | | | PV = 42,180.53 5,000 5,000 5,000 5,000 FV = 250,000 Using your financial calculator, enter the following data: I/YR = 12; PV = 42180.53; PMT = 5000; FV = 250000; N = ? Solve for N = 11. It will take 11 years to accumulate $250,000. 5-6 Ordinary annuity: 7% 7% 0 1 2 3 4 5 | | | | | | 300 300 300 300 300 FVA5 = ? With a financial calculator enter the following: N = 5, I/YR = 7, PV = 0, and PMT = 300. Solve for FV = $1,725.22. Annuity due: 7% 7% 0 1 2 3 4 5 | | | | | | 300 300 300 300 300 With a financial calculator, switch to “BEG” and enter the following: N = 5, I/YR = 7, PV = 0, and PMT = 300. Solve for FV = $1,845.99. Don’t forget to switch back to “END” mode. 8% 8% 5-7 0 1 2 3 4 5 6 ...

Words: 8206 - Pages: 33

Impacts of Globalisation on Indian Economy

...IMPACTS OF GLOBALIZATION ON INDIAN ECONOMY INTRODUCTION TO GLOBALIZATION: Globalization has many meanings depending on the context and on the person who is talking about. It refers to the increasing global relationships of culture, people and economic activity. Guy Brainbant: says that the process of globalisation not only includes opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC’s, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. The term globalization refers to the integration of economies of the world through uninhibited trade and financial flows, as also through mutual exchange of technology and knowledge. Ideally, it also contains free inter-country movement of labour. The United Nations Economic and Social Commission for Western Asia defines globalization as: "a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain to the flow of labour... Globalization is not a new phenomenon. It began towards the end of the nineteenth century, but it slowed down during the period from the start of the first World War until the third quarter of the......

Words: 1807 - Pages: 8

Impact of Ipo on Indian Economy

...The impact of IPO’s in Indian economy 1) An Introduction to Indian economy. 2) IPO 3) How IPO’s contribute to business development 4) How development in business contribute to Indian economy 5) Reliance IPO’s 6) History and future scope for IPO’s 7) Failure of facebook IPO (1) The economy of India is the eleventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP) The country is one of the G-20 major economies and a member of BRICS. On a per capita income basis, India ranked 140th by nominal GDP and 129th by GDP (PPP) in 2011, according to the IMF. Currently the GDP of India worth 1.676$ trillion and the GDP growth rate was 6.5% for (fy) 2012. The Indian Equity market is divided in to two parts Primary market - where the share is first issued in the form of IPO (Initial Public Offering) and after issuing the share it is listed on exchange and share is traded on exchange where shares can be bought and sold this is secondary market. In India mainly there are two exchanges –NSE (National Stock Exchange) BSE-Bombay Stock Exchange. The BSE is the oldest exchange in India (started in 1875).NSE started operation on 1994. Today NSE outpaced BSE in volume of trade (2) IPO or Initial Public Offer is a way for a company to raise money from investors for its future projects and get listed to Stock Exchange. Or An Initial Public Offer (IPO) is the selling of securities to the public in the primary stock......

Words: 899 - Pages: 4

Eternity Fansub | What Is Economics - 338 Words | Search Forums