Bravura Holdings Limited (CMBI.mu) listed on the Stock Exchange of Mauritius under the Financial sector has released it’s 2021 interim results for the third quarter.For more information about Bravura Holdings Limited (CMBI.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Bravura Holdings Limited (CMBI.mu) company page on AfricanFinancials.Document: Bravura Holdings Limited (CMBI.mu) 2021 interim results for the third quarter.Company ProfileBravura Holdings Limited (formerly CMB International) is an investment holding bank situated in Ebene, Mauritius, and invests in Sub-Saharan African markets, with particular attention on Mozambique and Zambia. Whilst the company is a subsidiary of Capital Markets Brokers, the latter is a leading shareholder of the Stock Exchange of Mauritius since its establishment in 1989. The company disseminates its services through its subsidiaries offering financial services, financial advisory, investment banking for businesses and for entities that have focused their investments in financial instruments, including derivatives and equity. Bravura Holdings Limited is listed on the Stock Exchange of Mauritius.
Green for go: Johnny Sexton will be guiding an exciting Ireland back-line against the All Blacks on SaturdayBy Sarah Mockford, Rugby World Features EditorIRELAND HAVE never beaten New Zealand but they have a chance to change the history books in Auckland on Saturday.Both Declan Kidney and Steve Hansen have selected new caps in their sides for the first match of this month’s three-Test series. It will be played at Eden Park – venue of Ireland’s famous win over Australia at last year’s World Cup – but the All Blacks seem to be everyone’s pick as winners. So is that prediction right?Centres of attentionBrian O’Driscoll returns to the Test arena for the first time since RWC 2011 and will be up against an exciting All Blacks midfield pairing in Conrad Smith and Sonny Bill Williams. Smith will be sure to pick plenty of lines off his centre partner as he tries to get on the end of those magic offloads from Williams.Keith Earls is teaming up with O’Driscoll and his gliding running style could cause New Zealand problems in defence, but of more importance will be his ability to stop the powerful Williams before he gets across the gain-line. It could be that O’Driscoll steps across to tackle Williams rather than leave it to his smaller centre partner.Winging in: Debutant Simon ZeboFresh facesSimon Zebo and Declan Fitzpatrick make their Ireland debuts at wing and prop respectively while the All Blacks have named three new caps: wing Julian Savea, scrum-half Aaron Smith and lock Brodie Retallick.Tony Woodcock is sure to target Fitzpatrick at scrum time and the All Blacks should have the edge up front given that Ireland are not only missing first-choice tighthead Mike Ross but also the bulk of Paul O’Connell and Stephen Ferris behind. Ireland might try to even things out by putting pressure on Retallick at the lineout with their bruising locks Dan Tuohy and Donnacha Ryan. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS IRELAND: Rob Kearney; Fergus McFadden, Brian O’Driscoll (captain), Keith Earls, Simon Zebo; Jonathan Sexton, Conor Murray; Cian Healy, Rory Best, Declan Fitzpatrick, Dan Tuohy, Donnacha Ryan, Peter O’Mahony, Sean O’Brien, Jamie Heaslip.Replacements: Sean Cronin, Ronan Loughney, Donncha O’Callaghan, Kevin McLaughlin, Eoin Reddan, Ronan O’Gara, Darren Cave. NOT FOR FEATURED Game plansIreland have picked an exciting back-line full of pace and creativity, but they could rue the lack of an out-an-out openside because without quality ball those talents will go to waste. Everyone knows about the breakdown skills of Richie McCaw and he’ll be looking to slow down, if not turn over, Irish ball at the contact area, so it could be a long day for the Irish back row.New Zealand are looking for an aggressive, hard-hitting game from Victor Vito at six while Kieran Read should carry his impressive Crusaders form onto the Test stage with a powerful running display. If he can make that initial burst across the gain-line, then the likes of Williams, Savea and Israel Dagg could spell danger for O’Driscoll & Co.All Black in blue: NZ No 9 Aaron SmithVerdictIn the words of O’Driscoll: “Some time an Ireland team will beat the All Blacks before the world implodes.” However, as much as I’d like to predict that first Irish win, I can’t see beyond New Zealand. It’s their first game since being crowned world champions while Ireland have been unable to transfer their provincial sides’ form to the international competitions. So I’m saying New Zealand by 12 points.New Zealand v Ireland, Saturday 9 June, 8.35am BST, Eden Park, Live on Sky Sports 2NEW ZEALAND: Israel Dagg; Zac Guildford, Conrad Smith, Sonny Bill Williams, Julian Savea; Daniel Carter, Aaron Smith; Tony Woodcock, Andrew Hore, Owen Franks, Brodie Retallick, Sam Whitelock, Victor Vito, Richie McCaw (captain), Kieran Read.Replacements: Hikawera Elliot, Ben Franks, Ali Williams, Adam Thomson, Piri Weepu, Aaron Cruden, Ben Smith.
Casa el Polo / Juan Cristóbal Valenzuela Leighton y Eduardo Rivera Barros ArquitectosSave this projectSaveCasa el Polo / Juan Cristóbal Valenzuela Leighton y Eduardo Rivera Barros Arquitectos Projects ArchDaily CopyHouses•Colina, Chile Casa el Polo / Juan Cristóbal Valenzuela Leighton y Eduardo Rivera Barros Arquitectos Architects: Juan Cristóbal Valenzuela Leighton y Eduardo Rivera Barros Arquitectos Area Area of this architecture project “COPY” Houses “COPY” Area: 374 m² Area: 374 m² Year Completion year of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/280290/el-polo-house-juan-cristobal-valenzuela-leighton-eduardo-rivera-barros-arquitectos Clipboard 2011 Year: Year: Photographs Save this picture!© J. Cristóbal Valenzuela L+ 17 Share 2011 photographs: J. Cristóbal Valenzuela LPhotographs: J. Cristóbal Valenzuela LText description provided by the architects. This house is located in a suburban condominium in the north area of Santiago. Each dwelling unit has a land plot of 0.5 hectares (1.2 acres), so that public space tends to be inert and reduced to wide streets designed exclusively for car transportation.Save this picture!© J. Cristóbal Valenzuela LRecommended ProductsEnclosures / Double Skin FacadesAlucoilStructural Honeycomb Panels – LarcoreWoodStructureCraftEngineering – Architectural & FreeformWoodBlumer LehmannFree Form Structures for Wood ProjectsWoodEGGERWood-based materials in EGGER HeadquartersThe lot in which the house is located is large and flat, with clean views in all directions, including the hills surrounding the area. Because it is preceded by a triangular-shaped esplanade facing the intersection of two streets, the site feels even larger than it is.Save this picture!© J. Cristóbal Valenzuela LFrom this perspective, the proposal consists of inhabiting the extension through the construction of a boundary, so the house turns out to be the background of the esplanade and because there is no fencing it helps to blur the division between public and private space.Save this picture!© J. Cristóbal Valenzuela LWith this goal in mind, the project is based on a reinforced concrete wall that runs east–west across the wider section of the lot, on top of which a two-story white volume was built. This linear layout determines a two-faced house: a north façade with all rooms oriented towards the sun with views to the private garden, and a south façade towards the exterior with deployed walls, allowing observers to have a glimpse of what happens inside the house and vice versa.Save this picture!PlanProject gallerySee allShow lessGorgullón Social Center / Jose Jorge Santos Ogando + Angel Cid CarballoSelected ProjectsFala Park / PL.ArchitekciSelected Projects Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/280290/el-polo-house-juan-cristobal-valenzuela-leighton-eduardo-rivera-barros-arquitectos Clipboard Chile CopyAbout this officeJuan Cristóbal Valenzuela Leighton y Eduardo Rivera Barros ArquitectosOfficeFollowProductsGlassStoneConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesColinaHousesChilePublished on October 13, 2012Cite: “Casa el Polo / Juan Cristóbal Valenzuela Leighton y Eduardo Rivera Barros Arquitectos” 13 Oct 2012. ArchDaily. Accessed 11 Jun 2021.
Photographs: Tonatiuh Ambrosetti, Daniela Droz Photographs Save this picture!© Tonatiuh Ambrosetti, Daniela Droz+ 17Curated by Paula Pintos Share Architects: Inches Geleta Architetti Area Area of this architecture project Switzerland Area: 149 m² Year Completion year of this architecture project Year: ArchDaily “COPY” Palazzo Pioda / Inches Geleta ArchitettiSave this projectSavePalazzo Pioda / Inches Geleta Architetti Matteo Inches, Nastasja Geleta Palazzo Pioda / Inches Geleta Architetti Engineering:Jelmoni ingegneria SAConsultants:Gamboni&Salmina SA, Veragouth SADesign Team:Matteo Inches, Nastasja Geleta, Marta Mascheroni, Perica KovacCity:LocarnoCountry:SwitzerlandMore SpecsLess SpecsSave this picture!© Tonatiuh Ambrosetti, Daniela DrozRecommended ProductsDoorsVEKADoors – VEKAMOTION 82DoorsLinvisibileLinvisibile Curved Hinged Door | AlbaDoorsEGGERWood Laminate Doors in Molecular Plant Science InstituteDoorsdormakabaEntrance Doors – Revolving Door 4000 SeriesText description provided by the architects. In the urban topography of Locarno one can see the original Città Vecchia (historical centre), the Quartiere Nuovo (towards the lake) and the district of Campagna (towards Solduno). Save this picture!© Tonatiuh Ambrosetti, Daniela DrozSave this picture!via Inches Geleta ArchitettiSave this picture!© Tonatiuh Ambrosetti, Daniela DrozThe Palazzo Pioda stands in this last section, an originally agricultural area that is now used for residential, commercial, service and production activities – in other words, a mixed-use neighbourhood. The building density parameters are higher here than anywhere else in Locarno, which shows the desire to give the neighbourhood a new urbanity.Save this picture!© Tonatiuh Ambrosetti, Daniela DrozBoundary distances and building laws determine the volume of the building. Extending over six storeys, the palazzo houses one apartment per floor and is a hybrid construction. On the one hand, it shows its dignity and urban integrity by turning the load-bearing structure outwards, thus determining the façade, while on the other hand, the prefabricated façade elements made of perforated sheet metal do not negate the semi-industrial and handcrafted character of the place.Save this picture!© Tonatiuh Ambrosetti, Daniela DrozThe architecture of the Palazzo Pioda responds to the dynamics of its setting by recalling the integrity of a modernist expression and thus creates a dialogue with the old «Tendenza» masters from the Ticino region.Save this picture!© Tonatiuh Ambrosetti, Daniela DrozProject gallerySee allShow lessMikhailovskaya Embankment / Strelka KB + Adaptik-ASelected ProjectsNanxianglou Art Hotel / PleasantHouse DesignSelected ProjectsProject locationAddress:Locarno, SwitzerlandLocation to be used only as a reference. It could indicate city/country but not exact address. Share CopyApartments•Locarno, Switzerland 2018 CopyAbout this officeInches Geleta ArchitettiOfficeFollowProductConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousingApartmentsLocarnoSwitzerlandPublished on March 16, 2019Cite: “Palazzo Pioda / Inches Geleta Architetti” 16 Mar 2019. ArchDaily. Accessed 11 Jun 2021.
Built for a client who wanted a dwelling with a variety of functions, MONOHOUSE landed house design answer questions of accommodation upon a relatively compact site. In addition to bedroom, kitchen, bathroom spaces, the house also contain a big living room, an enough open space, and store space inside house in small site.Save this picture!© InfiguraA semi – outdoor porch become the intermediary space between the two main buildings. The porch also serves as an extended space for the inside rooms. This provided a solutions to the homeowner’s need for an expansive area in which to welcome a buyer for his store. Another factor that affected the form and layout of the building’s masses was the owner’s desire for a tall look alike house. This prompted the architect to find a solution for overcoming structure issues. This came in the form of a massive transparent façade. Photographs CopyAbout this officeMONOSTUDIOOfficeFollow#TagsProjectsBuilt ProjectsSelected ProjectsMixed Use ArchitectureResidential ArchitectureHousesCommercial ArchitectureRetailStoreOn FacebookKecamatan SukodonoIndonesiaPublished on November 18, 2020Cite: “HOS House / MONOSTUDIO” 17 Nov 2020. ArchDaily. Accessed 10 Jun 2021.
Help by sharing this information Sri LankaAsia – Pacific News News Sri Lanka: Journalist manhandled by notorious police inspector currently on trial Sri Lanka: RSF signs joint statement on attacks against human rights defenders, lawyers and journalists News July 29, 2020 Find out more Follow the news on Sri Lanka Receive email alerts Reporters Without Borders is shocked to learn of yesterday evening’s savage attack on Gnanasundaram Kuhanathan, 59, the editor of the Tamil-language daily Uthayan, who was beaten by unidentified men with iron bars in the northern city of Jaffna. He was rushed to hospital, where he was in a critical condition with serious head injuries and still unconscious.“We demand a rapid and thorough investigation into this appalling crime,” Reporters Without Borders said. “The violence used by his attackers clearly shows they did not intend him to survive. Combating impunity is the first step towards creating the conditions for independent and pluralist journalism. “This attack must not be the prelude to a new wave of violence against journalists, which has been on the wane during the past year, in part because so many journalists are in exile. We remind the authorities that impunity continues to encourage wrongdoers.”Kuhanathan was attacked near his home at around 6:30 p.m. by several men with iron bars who were waiting for him. After being rushed to a Jaffna hospital, he was put on a respirator in an intensive care unit. His doctors may decide he should be transferred to a hospital in the capital, Colombo.An opposition newspaper that defends the interests of Sri Lanka’s Tamil minority, Uthayan tends to support the Tamil National Alliance, which won most of the local councils in Tamil areas in the local elections held on 23 June.Physical attacks against journalists have fallen overall since 2010 but threats and acts of intimidation continue to be common in Sri Lanka without the judicial authorities necessarily taking much interest.Yesterday’s attack on Kuhanathan was nonetheless the second attack on an Uthayan journalist in the past two months. The reporter S. Kavitharan was attacked by armed men as he was going to work on 28 May.There have been four murders of journalists in Sri Lanka since 2008 in which a link with the victim’s work was clearly established, and a well-known cartoonist, Prageeth Eknaligoda, has been missing since January 2010. None of these cases has been solved. More than 50 journalists and press freedom activists have fled abroad in recent years because their lives were in danger. Sri Lanka: tamil reporter held on absurd terrorism charge Organisation Sri LankaAsia – Pacific News July 30, 2011 – Updated on January 20, 2016 Opposition newspaper editor badly beaten in Jaffna, left for dead to go further RSF_en January 13, 2021 Find out more July 15, 2020 Find out more
Home / Daily Dose / The Week Ahead: Update on Vacant Properties Share Save This week, the Census Bureau will release its Vacancies and Homeownership Report. According to a report from ATTOM Data Solutions, over 1.5 million (1,530,563) U.S. single-family homes and condos are vacant, representing 1.6% of all homes. The report revealed that there are a total of 9,612 “zombie” homes or properties facing possible foreclosure which have been vacated by their owners nationwide, with the highest number of zombie properties in New York (2,428), followed by Florida (1,634), Illinois (985), Ohio (891) and New Jersey (463).Counties with notably high percentage of vacant homes included Ashtabula County, located northeast of Cleveland. According to Stacker, 23.3% of total homes are vacant in this country, and Ohio holds one of the highest rates of zombie homes in the country, with a total of around 891 in the state. Around half of these vacant homes are in the Cleveland-Elyria metro area, with 431 homes. Additionally, the top two zip codes nationwide with the highest number of zombie properties (with at least 100 properties in pre-foreclosure) are Cleveland zip codes 44105 (57) and 44108 (54).Some of the highest vacancy rates can be found in New Jersey. In Cape May County, New Jersey, 60.6% of total homes are unoccupied, however, nearly all are homes for seasonal or recreational use, as about half of the county’s residential real estate is vacation homes. New Jersey does still have some of the highest rates of zombie homes in the country, according to ATTOM Data Solutions. There are 463 zombie homes in New Jersey, and the 1,566 in the New York-Newark-Jersey City metro area.New York, according to ATTOM, has the highest number of zombie properties, at 2,428, with many of these homes located in New York City. However, Jefferson County, located in northern New York state near the St. Lawrence River, holds the highest percentage of unoccupied homes. With 15,384 out of 60,041 homes, or 25.6%, of total homes unoccupied in Jefferson County. According to Stacker, the area has seen an exodus of residents, dampening demand and activity in its housing market. In 2017, Jefferson County suffered the second-most dramatic population decrease of 2.8% in the United State.Here’s what else is happening in The Week Ahead.First American Real House Price Index (October 28)NAR Pending Home Sales Index (October 28)S&P CoreLogic Case Shiller (October 29)House Financial Services Hearing on LGBTQ Discrimination in Housing and Lending (October 29) Subscribe October 25, 2019 2,095 Views About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Foreclosure Vacancy zombie homes 2019-10-25 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Using Data to Your Advantage Next: Industry Impact: HUD to Address FHA Regulation The Week Ahead: Update on Vacant Properties The Best Markets For Residential Property Investors 2 days ago Tagged with: Foreclosure Vacancy zombie homes Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. in Daily Dose, Featured, News Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago
Top StoriesSupreme Court Refuses To Stay Electoral Bonds, Says Sufficient Safeguards Already There LIVELAW NEWS NETWORK25 March 2021 10:59 PMShare This – xThe Supreme Court on Friday refused to stay the release of the fresh set of electoral bonds from April 1 for the assembly polls in West Bengal, Kerala, Tamil Nadu, Assam and Puducherry.The Court dismissed the application filed by NGO Association for Democratic Reforms seeking stay of the bonds.Since the bonds were allowed to be released in 2018, 2019 and 2020 without interruption,…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?LoginThe Supreme Court on Friday refused to stay the release of the fresh set of electoral bonds from April 1 for the assembly polls in West Bengal, Kerala, Tamil Nadu, Assam and Puducherry.The Court dismissed the application filed by NGO Association for Democratic Reforms seeking stay of the bonds.Since the bonds were allowed to be released in 2018, 2019 and 2020 without interruption, and sufficient safeguards are there, there is no justification to stay the electoral bonds at present, the Court said in its order.”…in the light of the fact that the Scheme was introduced on 2.1.2018; that the bonds are released at periodical intervals in January, April, July and October of every year; that they had been so released in the years 2018, 2019 and 2020 without any impediment; and that certain safeguards have already been provided by this Court in its interim order dated 12.4.2019,we do not see any justification for the grant of stay at this stage.Hence both the applications for stay are dismissed”, the Court said in the order.A bench comprising Chief Justice of India SA Bobde, Justices AS Bopanna and V Ramasubramaniam had reserved order on the application filed by NGO ‘Association for Democratic Reforms’ on Wednesday.The bench heard the arguments of Advocate Prashant Bhushan for the petitioner, Attorney General for India KK Venugopal, Solicitor General Tushar Mehta and Senior Advocate Rakesh Dwivedi for the Election Commission of India.Notably, the Election Commission of India opposed stay of electoral bonds. The ECI said they are not opposed to electoral bonds, but want more transparency. But Electoral Bonds is one step ahead unaccounted cash system, ECI said. The issue of transparency can be considered at the final argument stage, and there should be no interim stay, the ECI’s counsel Senior Advocate Rakesh Dwivedi told the SC.The Court observed that it was not correct to say that the Reserve Bank of India was completely opposed to the electoral bonds scheme in principle, as its objection was only to the form and not its substance.RBI’s objection was to the issue of bonds in scrip form rather than in demat form.The bench also observed that though the scheme provides anonymity, all transactions happen through banking channels in accordance with KYC norms.”We do not know at this stage as to how far the allegation thatunder the Scheme, there would be complete anonymity in the financing of political parties by corporate houses, both in India and abroad, is sustainable”, it observed.”If the purchase of the bonds as well as their encashment could happen only through banking channels and if purchase of bonds are allowed only to customers who fulfill KYC norms, the information about the purchaser will certainly be available with the SBI which alone is authorised to issue and encash the bonds as per the Scheme. Moreover, any expenditure incurred by anyone in purchasing the bonds through banking channels, will have to be accounted as an expenditure in his books of accounts. The trial balance, cash flow statement, profit and loss account and balance sheet of companies which purchase Electoral Bonds will have to necessarily reflect the amount spent by way ofexpenditure in the purchase of Electoral Bonds”.It said that the Financial Statements of the companies will have to be filed with the Registrar under the Companies Act 2013, and they are accessible to anyone online.”Since the Scheme mandates political parties to file audited statement of accounts and also since the Companies Act requires financial statements of registered companies to be filed with the Registrar of Companies, the purchase as well as encashment of the bonds, happening only through banking channels, is always reflected in documents that eventually come to the public domain.All that is required is a little more effort to cull out such information from both sides (purchaser of bond and political party) and do some”match the following”. Therefore, it is not as though the operations under the Scheme are behind iron curtains incapable of being pierced”, the order said.As regards the concern expressed by the petitioner regarding repurchase of bonds by blackmoney, the Court noted that as per the scheme, the bonds are not tradeable.”Moreover, the first buyer will not stand to gain anything out of suchsale except losing white money for the black”, it added”The apprehension that foreign corporate houses may buy the bonds and attempt to influence the electoral process in the country,is also misconceived. Under Clause 3 of the Scheme, the Bonds maybe purchased only by a person, who is a citizen of India or incorporated or established in India”, the order added.Prashan Bhushan argued that the anonymous electoral bonds was a scheme to facilitate money laundering and funding by shell companies, and thereby undermined transparency in political funding. Bhushan placed heavy reliance on the concerns expressed by the ECI and the Reserve Bank of India regarding the anonymity of the bonds.The Attorney General submitted that the bonds ensured that political funding was completely routed through banking channel, thereby eliminating black money.During the hearing, the bench had expressed concerns about the possible misuse of funds procured by political parties through electoral bonds and asked the Centre if it has any control of such use of money. The CJI also had orally remarked that if the arguments of Bhushan were correct, the law will have to be struck down.BackgroundThe petitions were filed in 2017 challenging the provisions of Finance Act 2017 which paved the way for anonymous electoral bonds. The Finance Act 2017 introduced amendments in Reserve Bank of India Act, Companies Act, Income Tax Act, Representation of Peoples Act and Foreign Contributions Regulations Act to make way for electoral bonds.The petitions have been filed by political party Communist Party of India(Marxist), and NGOs Common Cause and Association for Democratic Reforms(ADR),which challenge the scheme as “an obscure funding system which is unchecked by any authority”. The petitioners voiced the apprehension that the amendments to Companies Act 2013 will lead to “private corporate interests taking precedence over the needs and rights of the people of the State in policy considerations”.However, the case became alive only by March 2019, by which time most of the electoral bonds have been purchased. On April 12, 2019, after several sessions of hearing held during the run up to the 2019 Lok Sabha polls, a three judges bench of the SC comprising the then CJI Ranjan Gogoi, Justice Deepak Gupta and Sanjiv Khanna had directed the political parties to submit the details of donations received to the ECI in sealed cover by May 30. The Election Commission of India has already filed a counter-affidavit in the case expressing its concerns about the anonymous nature of bonds. The ECI has described this a “retrograde step as far as transparency of donations is concerned” and called for its withdrawal.By virtue of the 2017 amendment made to Section 29C of the Representation of Peoples Act 1951(RPA), political parties need not report to ECI the donations received through electoral bonds. The ECI has described this a “retrograde step as far as transparency of donations is concerned” and called for withdrawal of the amendment.The ECI said that if contributions are not reported, it will not be possible to ascertain if political parties have taken donations from government companies and foreign sources, which is prohibited under Section 29B of RPA.The amendments made to Companies Act 2013 were also flagged by the ECI. The amendment to Section 182 of the Act took away the restriction that contribution can be made only to the extent of 7.5% of net average profit of three preceding financial years, enabling even newly incorporated companies to donate via electoral bonds. “This opens up the possibility of shell companies being set up for the sole purpose of making donations to political parties, with no other business consequence of having disbursable profits”, said the ECI. Also, the amendment to Section 182(3) abolished the provision that companies should declare their political contributions in their profit and loss accounts. Now, this requirement is diluted to only showing the total expenditure under the head. This would “compromise transparency” and could lead to the “increased use of black money for political funding through shell companies” expressed the ECI. ECI had urged the Ministry to ensure that only profitable companies with proven track record should be permitted to make political donations. The ECI had informed the Ministry that these amendments will have “serious repercussions/impact on the transparency aspect of political finance/funding of political parties”. It has also taken a stand against the amendment to Foreign Contributions Regulation Act with permitted acceptance of donations from foreign companies with retrospective effect. “This would allow unchecked foreign funding of political parties in India which could lead to Indian policies being influenced by foreign companies”, said the ECI. The ECI added that it had suggested amendments to RPA Act to make reporting compulsory even for cash donations less than the existing limit of Rs.20,000, if the total cash contributions exceeds 20 crores or 20 percentage of total contributions, whichever is lesser. It further suggested that reports of contributions of political parties should be uploaded in the website of ECI. It had also suggested that anonymous contributions above or equal to Rs.2000 should be prohibited, instead of the present limit of Rs.20,000. But the scheme was implemented without paying any heed to the concerns expressed by the poll body. The petitions also raise the contention that the scheme was made into effect through amendments made to RP Act, IT Act and RBI Act through a money bill – the Finance Act. This is alleged to be a colourable exercise of the money bill provision in order to circumvent scrutiny by the Rajya Sabha. The bonds can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore. The name of the donor will not be there in the bond. The bond will be valid for 15 days from the date of issue, within which it has to be encashed by the payee-political party. The face value of the bonds shall be counted as income by way of voluntary contributions received by an eligible political party, for the purpose of exemption from Income-tax under Section 13A of the Income Tax Act, 1961. The Centre claims that the schemes will bring in more transparency in political funding. The anonymity of the scheme was intended to protect the privacy of the donor, stated the centre.Case Title : Association for Democratic Reforms vs Union of India and othersCoram : Chief Justice of India SA Bobde, Justices AS Bopanna and V RamasubramaniamCitation : LL 2021 SC 183Click here to read/download the orderSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Story
Kelvin Sterling Scott/iStockBy KIARA BRANTLEY-JONES, ABC News(NEW YORK) — Six historically Black colleges and universities received eight-figure donations all thanks to philanthropist Mackenzie Scott.Scott, the ex-wife of Amazon’s Jeff Bezos, granted millions of dollars to several HBCUs. Howard University, Xavier University of Louisiana, Hampton University, Morehouse College, Spelman College and Tuskegee University are all recipients of the generous donation.Last year, Scott pledged to give the majority of her wealth back to society and on Tuesday, she kept that promise by publishing a list of 116 organizations that she selected for transformative work. To date, she has collectively donated a massive $1.7 billion.“Like many, I watched the first half of 2020 with a mixture of heartbreak and horror,” wrote Scott in a Medium post on Tuesday. “Life will never stop finding fresh ways to expose inequities in our systems; or waking us up to the fact that a civilization this imbalanced is not only unjust, but also unstable. What fills me with hope is the thought of what will come if each of us reflects on what we can offer.”On Tuesday, four HBCUs announced that the generous donations they received were given by Scott. According to each respective university’s released statement, Howard University received $40 million, Hampton University, $30 million, Tuskegee University, $20 million and Spelman College, an undisclosed amount.Morehouse College also revealed in a statement on Wednesday that they received an “eight-figure gift” from Scott.Xavier University released a statement on Tuesday revealing that they received a massive $20 million gift from a donor who wished to remain anonymous. However, the university is listed as one of the 116 organizations in a published list on medium.com that received a donation from Scott.The executive board members from each university shared their excitement and gratitude for the record-breaking donations.Howard’s statement revealed that Scott, a former pupil of alumna Toni Morrison, gave “the largest gift from a single donor in school history.”“I would like to thank Ms. Mackenzie Scott for her investment into Howard University and our 153-year mission of serving a diverse community of dynamic scholars who come here for an education and leave here with purpose to serve the world,” said President Wayne A. I. Frederick, M.D., MBA in a statement on Tuesday. “We plan to immediately put this eight-figure gift to good use to support components of our 5-year strategic plan to help students graduate on time, retain our talented faculty, enhance our campus infrastructure and support academic innovation and entrepreneurship.”“This pure act of benevolence is clearly a game changer and it could not have come at a better time,” said Hampton University President Dr. William R. Harvey in a statement Tuesday. “I speak for the entire Hampton University community when I say we are grateful to Ms. MacKenzie Scott, who has chosen to support us during this unprecedented period of uncertainty.”Lily D. McNair, president of Tuskegee University, said in a statement Tuesday that Scott’s donation is “the largest single gift in the university’s history,” and it will be allocated to “focus on student scholarships, faculty and curriculum development, interdisciplinary programs and campus infrastructure improvements.”“The gift will allow us to become the Tuskegee of the 21st century: a university that integrates knowledge, leadership and service to solve the problems of a global, modern society,” said McNair.Spelman College officials described Scott’s donation as a “magnanimous gift” that will bolster their educational plans for students.“These significant new resources will enable Spelman to continue to graduate Black women with a competitive edge to become successful global leaders and social justice change agents in whatever they choose as their life’s work. We are so very grateful,” said Mary Schmidt Campbell, Ph.D., president of Spelman.“MacKenzie Scott’s beneficent gift to Morehouse and several of our companion institutions in the HBCU network is an investment into the future of Black excellence,” said David A. Thomas, the president of Morehouse College, in a statement on Wednesday.“This gift will help Morehouse to lay the foundation for the campus of the 21st century and continue the important work we do to produce graduates who effect positive change in their communities, the nation, and the world,” Thomas stated.Xavier University released a statement on Tuesday saying that the gift is “the largest donation in its 95 years of excellence.”“This gift is a pivotal development, ensuring that students have access to the exceptional education offered at Xavier,” university officials said.In addition to the six HBCUs, Scott also donated to various organizations including the Jackie Robinson Foundation, NAACP Legal Defense and Educational Fund, Black Girls CODE and the Obama Foundation.According to Scott’s blog post on Medium, she pledges to continue her philanthropic efforts and says doing so offers “an opportunity to invest our good fortune in change, no matter what form our good fortune has taken.”Copyright © 2020, ABC Audio. 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