Top Stories[Interest Free Loans For Lawyers] SC Asks Association To File Affidavit Detailing Credentials Sanya Talwar24 Sep 2020 9:23 AMShare This – xThe Supreme Court on Thursday asked the Supreme Court Arguing Counsel Association seeking interest free loans for lawyer of upto 20 lacs, to file a detailed affidavit regarding its credentials.A bench of Chief Justice SA Bobde, Justices AS Bopanna & V. Ramasubramaniun asked the Association’s counsel, how old the Association was and what its credentials were.The plea states that…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 Thursday asked the Supreme Court Arguing Counsel Association seeking interest free loans for lawyer of upto 20 lacs, to file a detailed affidavit regarding its credentials.A bench of Chief Justice SA Bobde, Justices AS Bopanna & V. Ramasubramaniun asked the Association’s counsel, how old the Association was and what its credentials were.The plea states that the Association consists of legal practitioners from across the country who are facing financial crisis in light of the pandemic situation.”The Petitioners are the real brief holder of the cases in this Hon’ble Court. They are coming from across the country and started practice, after purchasing his office and house. They are taken loan for own office and houses. In the present pandemic situation normal work of the courts are suspended from the last 6 month and further there is no chances to start the work smoothly, Consequently, Petitioners are unable to pay the monthly instalment of the loan amount of their office and housing loan, therefore petitioner seeks indulgent of this Hon’ble Court for Mandamus direction against the Respondent to give relaxation in payment of monthly instalment as well as for the direction to the respondent to give interest free loan upto 20 Lacs” – Excerpt of PleaAdditionally, the instant plea has sought directions against the Respondent to waive off the interest on the loan taken by the members of petitioner-association.Further to this, the petitioner has stated that in lights of “Speedy Trial” and “Fair Trail”, it is necessary to keep trained advocates in the profession, so that speedy trial has been recognised as an inherent and implicit aspect in the spectrum of Article 21 of the Constitution.The plea states,”The whole purpose of speedy trial is intended to avoid oppression and prevent delay. It is a sacrosanct obligation of all concerned with the justice dispensation system to see that the administration of justice delivery system becomes effective, vibrant and meaningful and trained Advocates are the strength of this speedy trial” Apropos this, the plea states that the petitioners are advocates and are an essential part of the justice delivery system and if they are unable to survive during the pandemic, then rights of the Litigant Under article 22(1) of the Constitution of India also violated. Plea has been filed by Advocate Varinder Kumar Sharma.Advocate Pareena Swarup appeared before top court today.Read the Order HereNext Story
The templates currently apply only to listed assets, but Roger Phillips, chair of the advisory board, said it was working with the IA and other parties to adapt them for use with unlisted assets such as private equity.Phillips said: “The important thing to recognise is that this is a voluntary code. But in 12 months, you’ll want an extremely good reason why your manager hasn’t signed up to it.”The LGPS plans to develop a similar transparency code for alternative asset classes such as private equity, Phillips added.He warned that the push for transparency was likely to lead to increased explicit levels of costs as reporting standards improve, and urged LPGS staff to be prepared to explain and contextualise the figures they report.Chris Sier, professor at Newcastle University who helped develop the models, said with the backing of the LGPS the models could have a significant impact on the asset management industry.Sier told the conference: “The LGPS is a £217bn asset pool that is thinking collectively. This pool has the opportunity to do something for the entire UK market; every consumer that has a pension fund. What you adopt, the chances are it will be adopted market-wide.“The call I want to present to you is that if you get this right, it turns over the entire marketplace in the UK and makes it transparent. That’s not £217bn, that’s £3.5trn. You would have a significant impact on the lives of all consumers in the UK that have pension funds.”Sier said he was working with an unnamed provider to establish an independent body to oversee the data and keep it at a high standard. The body would be non-profit and funded by both asset managers and asset owners, he added.IPE’s Special Report into fees and costs is available here. The UK’s local government pension scheme (LGPS) has launched a cost transparency code for asset managers.The £217bn (€253bn) system – which includes 89 pension funds for local authorities in England and Wales – announced the code at a Pensions and Lifetime Savings Association (PLSA) conference today.It is based on templates introduced by the Investment Association (IA), the UK’s asset management trade body, earlier this year, and has been backed by the LGPS advisory board and the Local Government Association.Managers that sign up to the transparency code would agree to supply information using the IA’s templates in a timely manner, the advisory board said on its website. An independent third party would then be responsible for checking and collating the data.