Bank of Kigali(BK) (BOK.rw) 2013 Annual Report

first_imgBK Group Plc (BOK.rw) listed on the Rwanda Stock Exchange under the Banking sector has released it’s 2013 annual report.For more information about BK Group Plc (BOK.rw) reports, abridged reports, interim earnings results and earnings presentations, visit the BK Group Plc (BOK.rw) company page on AfricanFinancials.Document: BK Group Plc (BOK.rw)  2013 annual report.Company ProfileBK Group Plc formerly (Bank of Kigali Limited) is Rwanda’s largest commercial bank by assets and licensed by the country’s banking regulator, National Bank of Rwanda. It offers a full spectrum of products and services for retail banking, corporate banking and central treasury. Bank of Kigali SA commenced operations in 1967; initially as a joint venture between the government of Rwanda and Belgolaise, with each owning 50% of the ordinary share capital. In 2007, the government of Rwanda acquired the Belgolaise shareholding which increased its direct and indirect shareholding in the Bank of Kigali to 100% of the entire Issued Shares. The Bank changed its name to Bank of Kigali Limited in 2011 under a new law relating to companies. Bank of Kigali Limited now has 79 branches located in the main towns and cities of Rwanda with its head office in the capital city, Kigali. BK Group Plc has a primary listing on the Rwanda Stock Exchange and a secondary listing on the Nairobi Securities Exchangelast_img read more

‘Big Tech’ isn’t one big monopoly – it’s five companies all…

first_img The Anatomy of Fear Share on Facebook Tweet on Twitter LEAVE A REPLY Cancel reply Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Please enter your name here Please enter your comment! You have entered an incorrect email address! Please enter your email address here Support conservation and fish with NEW Florida specialty license plate TAGSAmazonAppleFacebookGoogleMicrosofttheconversation.com Previous article“Sorry Chuck, I can fix crazy, but stupid takes a little longer”Next articleThe best news of the week Denise Connell RELATED ARTICLESMORE FROM AUTHOR By Amanda Lotz, Professor of Media Studies, University of MichiganEditor’s Note: This article first published on theconversation.comPublic concern about Facebook’s power in society – and in politics – has skyrocketed in the wake of revelations that users’ data was analyzed by a U.K.-based marketing firm and used to construct highly targeted political propaganda in advance of the 2016 U.S. presidential election. Other technology giants have also sparked concern: Google, Apple, Amazon and Microsoft have all faced objections from users, the public and even government agencies.Because all of these companies provide services relating to computers, there is a tendency to lump them together, calling them “Big Tech” or the “Frightful Five” or even “GAFA” – the acronym for the first four of them, leaving Microsoft out. Conceiving of “big tech” as a single industry makes the threat and influence overwhelming.In the U.S., when an industry gets so large it exerts political pressure on society, people often label the industry as a whole, like “Big Oil,” “Big Tobacco” or “Big Pharma.” The so-called big tech companies certainly are big: In 2017, they were the top five most valuable public companies in the U.S. But, as a scholar of the media marketplace that many of these firms are beginning to explore, I know that lumping them together hides the fact they’re very separate and distinct – not just as companies, but in terms of their business models and practices.Understanding these companies in their proper business contexts makes it easier to understand their power in the marketplace and society at large. It also suggests ways to assess, regulate and manage that power to protect competition and even democracy itself.Google: Advertising revenue from searchesGoogle and Facebook are most frequently discussed together, likely because of their domination of internet advertising. Together, the two companies collected 63 percent of U.S. digital advertising dollars in 2017. Both companies earn most of their revenue from advertising: 97 percent for Facebook and 88 percent for Google’s parent company Alphabet in 2016. But what they offer to advertisers and what users want from them are very different.Google’s value proposition is helping users find things. Many – even most – of the 3.5 billion searches Google performs each day aren’t monetized at all. Google only gets paid if a searcher clicks on a paid link; the top three results are often labeled as “Ads,” in addition to several on the right side of a computer user’s search results screen.Advertisers like Google because they only pay if their ads are clicked. That is a far better deal than what is offered in traditional media advertising, where payment is for how many people are shown an ad, rather than customers’ responses. In addition, Google’s position as a leading place where people look for information on products and services means an ad reaches a consumer exactly at the moment they’re looking for a product. This timing is more valuable than just showing ads to people in general – so much so that advertisers paid Google US$79.38 billion in 2016.Facebook: Ad revenue from attention-grabbing contentFacebook operates more like a traditional ad-supported media company. It provides interesting content that attracts an audience, and sells their attention to advertisers – just as television, radio and print have done for decades. The key difference between Facebook and these legacy media businesses is where the content comes from: Rather than Facebook paying to create the material that draws users, the users add it themselves for free, posting personal messages and shared links.Like traditional media, Facebook charges advertisers based on how many people see a message, not on how many take action by clicking. The value Facebook offers over traditional advertising is its ability to target very particular groups with a customized advertising message. This is precisely the type of targeting that happened during the 2016 U.S. presidential election, which generated widespread public criticism.Apple: Selling electronic hardwareIn contrast to the advertising businesses of Google and Facebook, Apple remains a hardware technology company, deriving 84 percent of its 2016 revenue from the iPhone, iPad and Mac computers. The profits on those sales let Apple use very different strategies than the non-hardware companies with which it is often compared. The profit margins on each device are so substantial it doesn’t have to dominate the hardware market the way Google and Facebook control online advertising. Despite the seeming ubiquity of iPhones in some social circles, iPhones rarely top 20 percent of worldwide phone sales, and account for about 30 percent of U.S. sales.Apple has other elements to its business, too – such as its iTunes music distribution business. But it’s important to keep the relative scale of those elements in mind. Mostly, they are complementary businesses that Apple uses strategically in support of its primary focus as a hardware company. Taken together, iTunes, its App Stores, iBooks Store, Apple Music, Apple Care, Apple Pay and other even more ancillary sales added up to just 11 percent of the company’s revenue in 2016. Even the company’s plan to spend $1 billion on original video is hard to understand, except as a support to branding and marketing efforts that boost its hardware sales.Microsoft and Amazon: Mixed retail, computing and mediaMuch like Apple, Microsoft blends many revenue streams: It sells Surface computers, Azure cloud services, software (like the Microsoft Office Suite), gaming consoles and search engine advertising. The company once stood alone as a poster child for massive technology corporations. Lately, it may draw less attention because competitors like Google’s G Suite have challenged its market share. Also, Microsoft has not aggressively entered social media, a sector now under great scrutiny.Finally, Amazon also operates in many different business sectors. Primarily, it is a goods retailer: That’s where 70 percent of its annual revenue came from in 2016. Its Amazon Web Services content hosting and cloud computing business contributed 9 percent, and Amazon’s media businesses provided roughly 18 percent of the company’s $136 billion of annual revenue. That $24 billion of media revenue is nearly three times that of Netflix, but still not Amazon’s core business.Regulate markets and behavior, not ‘tech’It’s not that these companies are so different as to be unrelated or incomparable to each other. They all involve – to varying degrees – computers and services built on internet connection that provide services to customers in ways that never existed before. All five gather data on their users and analyze behavior using algorithms to create personal experiences in ways that are new and have been challenging for companies with long histories in sectors such as media, transportation or retail to match.But despite simple perception of them all as “tech” companies, their core revenue sources are clearly different. And those distinctions suggest ways people can understand and respond to anxieties about their growing economic and cultural influence.In fact, what is most concerning is the extent to which these companies aren’t in the same businesses: They’re not competing with each other, or really anyone else.In prior eras, Americans learned that major industries they first viewed as innovators and economic saviors were more complicated and less magnanimous than initially believed. So now today, big tech isn’t unlike everything that came before. In fact, big tech isn’t really a thing at all. Assessing these companies based on what they do, rather than mythologizing them, is the first step forward. Save my name, email, and website in this browser for the next time I comment.last_img read more

MPs publish report into Charity Commission Chair appointment with formal rejection of Stowell

first_img AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis10 MPs publish report into Charity Commission Chair appointment with formal rejection of Stowell Tagged with: Charity Commission  90 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis10 Melanie May | 28 February 2018 | Newscenter_img “The fact that there was a last minute delay in the announcement of the candidate leads us to think that a candidate (other than Baroness Stowell) was put forward, and then—for some reason—was unable to take up the post of Chair. In their written evidence to us, charities allege that Baroness Stowell was not the favoured candidate of the independent assessment panel, and that there was another preferred candidate “reported to be highly experienced and politically neutral,” but this person was not selected for the role by Ministers. We cannot assess the veracity of these claims, but we are keen to understand more about the process so we can draw our own (better-informed) conclusions and perhaps help dispel suspicion – which is, after all, one of the key purposes of pre-appointment hearings.”According to an appendix in the report, there were a number of applications. 38 were received by the deadline, nine of which were from female applicants, three were from BAME candidates, and five from candidates with a declared disability.Of these, six were shortlisted for interview. The field of applicants selected for interview included two female candidates. There were no candidates from a declared BAME background and no candidates with a disability.After interview, the panel were apparently unanimous in finding three candidates appointable. These candidates met with Tracey Crouch MP on 27 November 2017 before the Secretary of State made his final decision.Chair of the Committee responseCommenting on their decision, Chair of the Committee, Damian Collins MP, said:“Baroness Stowell, although clearly a dedicated public servant, last Tuesday failed to persuade the Committee that she would be a good candidate for this vitally important leadership role in the charity sector- especially at a time when it is in need of strong and independent leadership.“It’s not just the DCMS Committee who feel this way – a large swathe of the voluntary sector has raised serious concerns about her lack of political neutrality, charity experience, and the sectors’ needs and challenges. Political neutrality – and the perception of political neutrality – is particularly important in the Charity sector; the Charity Commission, as a regulator, is tasked with determining whether a charity has breached the law on political purpose.“Select Committees interview the candidate for these appointments in advance for a good reason – to help reassure the public that these important roles are subject to a fair and open process, and that we get the best person for the job. We will be taking this opportunity to work with other Committees who support our call for the ability to trigger a debate in the Commons to hold Ministers to account and allow them to defend their decisions. If the candidates have Ministers’ full support, the Government should be easily able to explain that to the House.”The Committee has now written to the Liaison Committee to seek their support on the matter.Main image: Baroness Stowell. Crown Copyright.  89 total views,  1 views today About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com. The DCMS Committee has formally rejected Baroness Stowell as Chair of the Charity Commission with the publication of its report into the application process. It has also called for new powers to question Ministers in the Commons over public appointments.In the report, the Committee elaborates further on the points in its previously published letters to the Secretary of State, and requests a response from the Secretary of State within a fortnight rather than the usual eight weeks. The Committee again expresses its concerns in the report over Baroness Stowell’s suitability for the role, particularly her perceived lack of experience and potential political impartiality issues.On her performance in the interview, the Committee states that it found her answers vague, often lacking in detail or relevance, and that she failed to show any evidence of commitment to the sector, or any vision or action plan for the future direction of the Charity Commission.As a result, it says:“Our judgment is that Baroness Stowell did not demonstrate evidence of meeting the Government’s own criterion of being able to withstand public and parliamentary scrutiny. We cannot approve this appointment without being persuaded that Baroness Stowell can provide clear, relevant examples of evidence against the criteria in the job specification. The Secretary of State should consult the assessment panel once again and provide evidence to assure us that Baroness Stowell was the strongest candidate against all the required criteria, in particular her ability to withstand fierce public scrutiny.”Recruitment processThe report also addresses the Committee’s concerns over the recruitment process and asks for more information on this process, on the other two candidates and on why there was a delay in announcing the Government’s preferred candidate.The Committee says: Advertisementlast_img read more

74 Indiana Counties Eligible for Disaster Relief from 2018 and 2019

first_img 74 Indiana Counties Eligible for Disaster Relief from 2018 and 2019 Facebook Twitter Facebook Twitter USDA announced on Monday that signup for the Wildfire and Hurricane Indemnity Program Plus, or WHIP+, will begin tomorrow, Sept. 11. $3 billion in government aid will go to farmers impacted by hurricanes, tornadoes, snowstorms, or in the case of Indiana, flooding.The WHIP+ program is specifically targeted for losses in 2018 or 2019 for counties that received a qualifying disaster designation from President Trump or Secretary Perdue. While all 92 counties in Indiana were approved for low-interest FSA emergency loans, only 74 counties were considered “primary” counties and are eligible for WHIP+. The remaining counties are considered contiguous counties and are not immediately eligible.If you’re not in a primary county, Farm Service Agency Administrator Richard Fordyce says that doesn’t mean you can’t sign up.“Producers that are not in counties that had the Presidential or Secretarial declaration…if they can supply supporting documentation to prove that they were harmed and they did have losses based on the storms covered under this program, they too would be eligible.”Fordyce breaks down how the distribution of funds will work.“Losses from 2018, once the producer goes through the application process it’s determined what that payment will be through this program, we’ll pay 100% of 2018 losses. 2019 losses, we’re going to begin by paying that at a 50% rate and continue to manage the funds availability for the program.”In the press release from USDA, they say producers with flooding or excess moisture-related planting insurance claims in 2019 will receive a prevented planting supplemental disaster (“bonus”) payment equal to 10 percent of their prevented planting indemnity, plus an additional 5 percent will be provided to those who purchased harvest price option coverage. SHARE By Eric Pfeiffer – Sep 9, 2019 SHARE Previous articleAFBF Warns Against Small Refiner Waivers in Comments to EPANext articleRyan Martin’s Indiana Farm Forecast for September 10, 2019 Eric Pfeiffer Home Indiana Agriculture News 74 Indiana Counties Eligible for Disaster Relief from 2018 and 2019last_img read more

Purdue Crop Chat Episode 17, Is the Soil Fit to Plant?

first_img SHARE Facebook Twitter By Andy Eubank – Apr 9, 2021 SHARE Home Indiana Agriculture News Purdue Crop Chat Episode 17, Is the Soil Fit to Plant? Audio Playerhttps://hoosieragtoday.com/wp-content/uploads/2021/04/Fit-Soils-on-Purdue-Crop-Chat.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Planting season is here and there has been some of that activity in Indiana, but is it the right time, or maybe too early? In the new Purdue Crop Chat podcast, Dr. Bob Nielsen and a special guest discuss fit soils.Across Indiana much of the state’s topsoil is dry, according to Nielsen.“The percentage of the subsoil and topsoil that is short or shorter is much higher this year than it was a year ago, so I think it remains to be, maybe a fear monger kind of thing as to whether we’re going to move on into a real drought,” he said. “But nevertheless, we can’t seem to really get rid of those nagging areas of areas that are in the drought categories.”The latest U.S. drought monitor has parts of the northern third of Indiana abnormally dry, with some pockets of moderate drought.Dr. Tony Vyn, Purdue professor of agronomy, is surprised just how dry the topsoil is for this point in April. But are soils fit for first tillage operations or planting in no-till and strip till fields?On the podcast Vyn explains the determination of whether soils are fit for those operations “is what is the status of the soil moisture one inch below the intended depth of that mechanical operation, whether that’s tillage to its 3-inch depth or whether it’s planting to its 2-inch depth.”Vyn describes his non-scientific, but practical method of assessing soils.“Remove that drier solid at the top, dig down with a flat spade to one inch below the intended depth of that spring tillage pass or that planting pass,” Vyn explained. “So let’s say you’re going down from 3 to 4 inches. Take an inch of soil at that layer and attempt to squeeze it and to roll it between the palms of your hands. How likely is it that I can form a one quarter inch cigar or one quarter inch worm that is 4 to 5 inches long between my hands?”If you can form that soil cigar or worm, then the soil is too wet for operations without running the risk of compaction.Hear the full podcast now on your preferred podcast platform, and it’s available at the Purdue Crop Chat page on HoosierAgToday.com.The Purdue Crop Chat Podcast is presented by the Indiana Soybean Alliance and the Indiana Corn Marketing Council. Facebook Twitter Purdue Crop Chat Episode 17, Is the Soil Fit to Plant? Previous articleHAT Market Analysis for 4/9/21 with Bob UtterbackNext articleApril WASDE Shows Lower Corn and Higher Wheat Ending Stocks Andy Eubanklast_img read more

Pasadena Foursquare Church Family Communion Service

first_img 13 recommended0 commentsShareShareTweetSharePin it 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 Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Name (required)  Mail (required) (not be published)  Website  Pasadena Foursquare Church will hold a special one-hour family service! Everyone (pre-school through adults) will join together in the sanctuary for a special service as we participate in Communion together and celebrate the passing of the old year and the beginning of the new!Pastries and Coffee will be at 9:30 a.m. and services begin at 10:00 a.m. on Sunday, December 28, 2014.Pasadena Foursquare Church, 174 N. Harkness Avenue, Pasadena, (626) 792-1803 or visit www.pasadenafoursquare.org. Make a comment Your email address will not be published. Required fields are marked * First Heatwave Expected Next Week Faith & Religion Events Pasadena Foursquare Church Family Communion Service Article and Photo courtesy of PASADENA FOURSQUARE CHURCH Published on Thursday, December 18, 2014 | 11:46 am HerbeautyShort On Time? 10-Minute Workouts Are Just What You NeedHerbeautyHerbeautyHerbeauty10 Questions To Start Conversation Way Better Than ‘How U Doing?’HerbeautyHerbeautyHerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeauty9 Of The Best Family Friendly Dog BreedsHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeauty10 Female Celebs Women Love But Men Find UnattractiveHerbeautyHerbeauty Top of the News center_img Business News More Cool Stuff Community News Subscribe Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Community News 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

South Pasadena Police Department Crime Bulletin

first_img Make a comment EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS HerbeautyFollow This Summer Most Popular Celeb Beauty TrendHerbeautyHerbeautyHerbeauty6 Trends To Look Like An Eye-Candy And 6 To Forget AboutHerbeautyHerbeautyHerbeauty9 Of The Best Metabolism-Boosting Foods For Weight LossHerbeautyHerbeautyHerbeauty15 Countries Where Men Have Difficulties Finding A WifeHerbeautyHerbeautyHerbeautyIt Works Great If Weight Loss Is What You’re Looking For!HerbeautyHerbeautyHerbeautyAncient Beauty Remedies From India To Swear By For Healthy SkinHerbeautyHerbeauty Top of the News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Name (required)  Mail (required) (not be published)  Website  Community News First Heatwave Expected Next Week More Cool Stuff Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy 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.center_img Your email address will not be published. Required fields are marked * Community News Police, Fire & The Courts South Pasadena Police Department Crime Bulletin Published on Thursday, March 5, 2015 | 4:30 pm SUSPECT DESCRIPTION: Male, Black, 18 years, 506-507, 130, wearing blue jeans, dark shoes with white laces, and a white colored hooded pull-over sweat jacket, with possible “Hilfiger” on the front.LOSS: Three boxes of Girl Scout cookies and cash.On 2-27-15, at about 5:31 PM, suspect enters Vons Market (1100 block of Fair Oaks Avenue, South Pasadena, CA) and attempts to purchase detergent with a $100.00 bill. Employee recognizes the bill to be counterfeit and suspect leaves with the bill.Upon exiting the store, suspect stops at a Girl Scout table selling cookies in front of the market. Suspect purchases three boxes of cookies with the same $100.00 bill and receives change, then leaves. Girl Scout leader later discovers that the bill was counterfeit.Any information, please contact Detectives at (626) 403-7280. 0 commentsShareShareTweetSharePin it 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 Subscribe Business News Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

TDs Introduce Private Members Motion Over Crisis Facing Irish Airports

first_imgPrint A group of 15 Independent TDs will introduce a Private Members Motion to the Dáil tomorrow (10:00am-midday, Wednesday, 11 November 2020) seeking a range of Government interventions to offset “the imminent crisis facing Irish airports”, in particular Shannon, Knock, Kerry, Donegal and Cork airports.The group, comprising members of the Independent, Rural Independent and Regional Independent groupings, is calling on the Government to:Sign up for the weekly Limerick Post newsletter Sign Up implement in full the recommendations of the Aviation Recovery Taskforceprepare a new national aviation policy that recognises the importance of regional connectivity to balanced and more sustainable regional developmentrevise Fáilte Ireland objectives to include attracting tourists to fly directly into the State’s regional airportsdevelop a testing regime for passengers to and from both Orange and Red listed destinations in the EU in order to fully implement the spirit of the recent European Council Recommendation on a co-ordinated approach to the restriction of free movement in response to the COVID-19 pandemicinclude Shannon and Cork Airports in financial assistance currently provided by the State for capital works and the development of routes, as allowed under EU state aid rules, and that the said financial assistance be increased in recognition of the precarious financial position of airports outside Dublinacknowledge Shannon Airport’s traditional role as Ireland’s transit airport and the reduced carbon-emissions of intercontinental flights from the airport due to its longer runway and in acknowledgement thereof limit fifth-freedom rights to airlines using Shannon Airport for intercontinental transit flights.The group is “seeking Government recognition of the vital strategic role occupied by the aviation sector in the development of the national economy and the importance of maintaining connectivity to the regions, as well as acknowledgement of the link between attracting foreign direct investment into regions and their aviation connectivity.“We are also asking Government to recognise that transatlantic flights to and from Shannon can be operated with a reduced carbon footprint per passenger to those operated from Dublin Airport and also the unsustainability of an ever-increasing proportion of tourists to Ireland flying into Dublin Airport whence they are being bussed to other regions of the State.”The group of Independent TDs comprises Michael McNamara (Clare), Joan Collins (Dublin South-Central), Marian Harkin (Sligo Leitrim), Thomas Pringle (Donegal), Catherine Connolly (Galway West), Michael Fitzmaurice (Roscommon Galway).Michael Collins (Cork South West), Sean Canney, (Galway East), Noel Grealish, (Galway West) Danny Healy Rae, Michael Healy Rae (Kerry), Richard O’Donoghue (Limerick), Denis Naughten (Roscommon Galway), Mattie McGrath (Tipperary) and Carol Nolan (Laois/Offaly). NewsTDs Introduce Private Members Motion Over Crisis Facing Irish AirportsBy Staff Reporter – November 10, 2020 105 Advertisement Email WhatsAppcenter_img Twitter Linkedin Facebook Previous articleWATCH: RG Snyman’s Road to RecoveryNext article#Gaeilge24 sa Mhodhscoil i Luimnigh Staff Reporterhttp://www.limerickpost.ielast_img read more

Work already begun to ensure border with Northern Ireland remains open

first_imgHomepage BannerNews Previous articlePio Mc Cann at the IFJ/RTE Country AwardsNext articleThe Bonner View – Plenty of positives going into replay admin By admin – June 27, 2016 Facebook Work already begun to ensure border with Northern Ireland remains open Facebook Pinterest WhatsApp 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report WhatsApp Minister McConalogue says he is working to improve fishing quota Twittercenter_img RELATED ARTICLESMORE FROM AUTHOR The Taoiseach says work has already begun to make sure the border with Northern Ireland stays open.Enda Kenny says it’s the goal of the governments in Dublin, Belfast and Westminster to make sure a hard border does not return.The European Commission said today that the future of the border would have to be part of discussions between the UK and the other 27 member states.But in the Dáil the Taoiseach said the border was a key area on which the UK and Ireland shared a position:Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2016/06/brexit3pm.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Pinterest Need for issues with Mica redress scheme to be addressed raised in Seanad also Almost 10,000 appointments cancelled in Saolta Hospital Group this week Twitter Google+ Business Matters Ep 45 – Boyd Robinson, Annette Houston & Michael Margey Google+ Dail hears questions over design, funding and operation of Mica redress schemelast_img read more

[IBC] Limitation Period For CIRP Application Is Three Years From The Date Of Default: SC [Read Judgment]

first_imgTop Stories[IBC] Limitation Period For CIRP Application Is Three Years From The Date Of Default: SC [Read Judgment] LIVELAW NEWS NETWORK14 Aug 2020 4:14 AMShare This – x The Supreme Court has reiterated that the limitation period for application under Section 7 of the Insolvency and Bankruptcy Code is three years as provided by Article 137 of the Limitation Act, which commences from the date of default and is extendable only by application of Section 5 of Limitation Act if any case for condonation of delay is made out. The issue considered by the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?Login The Supreme Court has reiterated that the limitation period for application under Section 7 of the Insolvency and Bankruptcy Code is three years as provided by Article 137 of the Limitation Act, which commences from the date of default and is extendable only by application of Section 5 of Limitation Act if any case for condonation of delay is made out. The issue considered by the bench comprising Justices AM Khanwilkar and Dinesh Maheshwari was whether the provisions of Section 18 of the Limitation Act certainly extend the period of limitation under the Code on any acknowledgment of debt by the corporate debtor. The Court allowed an appeal against National Company Law Appellate Tribunal which held that the right to apply under Section 7 of the Code accrued to the financial creditor only on 01.12.2016 when the Code came into force; and that the period of limitation for recovery of possession of the mortgaged property is twelve years.In this case, the Adjudicating authority, admitted the application filed by JM Financial Assets Reconstruction Company Pvt. Ltd. under Section 7 of the Code, seeking initiation of Corporate Insolvency Resolution Process in respect of the Veer Gurjar Aluminium Industries Pvt. Ltd. In appeal before the NCLAT, the director of the company contended that limitation period for an application under Section 7 of the Code is three years as per Article 137 of the Limitation Act, where the date of alleged “default” is the starting point of limitation; and in the present case, such date of default being specifically mentioned as 08.07.2011, the application filed by the financial crediter in the month of March 2018 is barred by limitation.His appeal was dismissed by NCLAT on the above stated groundsOperation of law of limitation over IBC proceedings  The bench initially summarized the principles laid down in earlier judgments which dealt with the operation of law of limitation over IBC proceedings as follows: (a) that the Code is a beneficial legislation intended to put the corporate debtor back on its feet and is not a mere money recovery legislation; (b) that CIRP is not intended to be adversarial to the corporate debtor but is aimed at protecting the interests of the corporate debtor; (c) that intention of the Code is not to give a new lease of life to debts which are time-barred; (d) that the period of limitation for an application seeking initiation of CIRP under Section 7 of the Code is governed by Article 137 of the Limitation Act and is, therefore, three years from the date when right to apply accrues; (e) that the trigger for initiation of CIRP by a financial creditor is default on the part of the corporate debtor, that is to say, that the right to apply under the Code accrues on the date when default occurs; (f) that default referred to in the Code is that of actual non-payment by the corporate debtor when a debt has become due and payable; and (g) that if default had occurred over three years prior to the date of filing of the application, the application would be time-barred save and except in those cases where, on facts, the delay in filing may be condoned; and (h) an application under Section 7 of the Code is not for enforcement of mortgage liability and Article 62 of the Limitation Act does not apply to this application. Winding up petition filed beyond three years from the date of default was barred by timeIn Jignesh Shah and Anr. v. Union of India, it was held that an acknowledgment of liability under Section 18 of the Limitation Act would certainly extend the limitation period, but a suit for recovery, which is a separate and independent proceeding distinct from the remedy of winding up would, in no manner, impact the limitation within which the winding-up proceeding is to be filed, by somehow keeping the debt alive for the purpose of the winding-up proceeding.Relying on this, the contention raised was that  as per the law declared by this judgment, the provisions of Section 18 of the Limitation Act certainly extend the period of limitation under the Code on any acknowledgment of debt by the corporate debtor. The court, in this regard, observed: “Prima facie, it appears that illustrative reference to Section 18 of the Limitation Act, in paragraph 21 of the decision in Jignesh Shah, had only been in relation to the suit or other proceedings, wherever it could apply and where the period of limitation could get extended because of acknowledgment of liability. Noticeably, in contradistinction to the proceeding of a suit, this Court observed that a suit for recovery, which is a separate and independent proceeding distinct from the remedy of winding up would, in no manner, impact the limitation within which the winding up proceeding is to be filed . It is difficult to read the observations in the aforesaid paragraph 21 of Jignesh Shah to mean that the ratio of B.K. Educational Services has, in any manner, been altered by this Court. As noticed, in B.K. Educational Services, it has clearly been held that the limitation period for application under Section 7 of the Code is three years as provided by Article 137 of the Limitation Act, which commences from the date of default and is extendable only by application of Section 5 of Limitation Act, if any case for condonation of delay is made out. The findings in paragraph 12 in Jignesh Shah makes it clear that the Court indeed applied the principles so stated in B.K. Educational Services, and held that the winding up petition filed beyond three years from the date of default was barred by time.” The court also added that, in the instant case, even if Section 18 of the Limitation Act and principles thereof were applicable, the same would not apply to the application under consideration in the present case, looking to the very averment regarding default therein and for want of any other averment in regard to acknowledgement. On findings of NCLATOn the findings of NCLAT that the right to apply under Section 7 of the Code accrued to the financial creditor on 01.12.2016 when the Code came into force.. ” There is nothing in the Code to even remotely indicate if the period of limitation for the purpose of an application under Section 7 is to commence from the date of commencement of the Code itself. Similarly, nothing provided in the Limitation Act could be taken as the basis to support the proposition so stated by the Appellate Tribunal. In fact, such observations had been in the teeth of law declared by this Court in the case of B. K. Educational Services (supra)” The court also disapproved with the reasoning of the NCLAT which observed that the period of limitation for recovery of possession of the mortgaged property is twelve years : “When Article 137, being the residuary provision on the period of limitation for “other applications” is held applicable by this Court for the purpose of reckoning the period of limitation for an application under Section 7 of the Code, it remains rather inexplicable as to how the Appellate Tribunal could have applied any other Article of Limitation Act (and that too relating to suits) for the purpose of such an application? ” Holding thus, bench set aside the orders of NCLT and NCLAT and rejected the application seeking initiation of Corporate Insolvency Resolution Process for being barred by limitation.Case detailsCase no.: CIVIL APPEAL NO. 6347 OF 2019 Case name: BABULAL VARDHARJI GURJAR  vs. VEER GURJAR ALUMINIUM INDUSTRIES PVT. LTD. & ANR.Coram: Justices AM Khanwilkar and Dinesh Maheshwari Click here to Read/Download JudgmentRead Judgment Next Storylast_img read more