Richemont in sales boost led by China

first_img Show Comments ▼ whatsapp KCS-content Richemont in sales boost led by China whatsapp SWISS luxury goods group Richemont saw healthy sales growth in all business areas in its third quarter as wealthy Chinese customers continued to splash out on Cartier jewellery and timepieces.Overall sales for the three months to 31 December were up 33 per cent, beating analysts’ forecasts.Sales in the Asia-Pacific region rose 42 per cent in local currencies, the world’s second largest luxury goods group behind French rival LVMH, Richemont said.The luxury goods industry has recovered strongly from its worst slump in decades thanks to buoyant demand in Asia.Richemont chief executive Johann Rupert said yesterday the group’s brands, such as Cartier, Montblanc and Jaeger-LeCoultre, “performed well and saw good sales growth, particularly at the retail level”.Its sales in the period – which include the key Christmas period sales – rose to €2.12bn (£1.7bn) from €1.56bn a year earlier. However Richemont warned in a statement: “Higher comparative figures will make the final quarter of the financial year ending 31 March 2011 more challenging.“Gross margin is anticipated to be negatively affected by a stronger Swiss franc given the group’s Swiss manufacturing base.”Richemont in November reported an 87 per cent jump in its first half net profit to €664m.CHINA | A LOVE AFFAIR WITH LUXURYBurberry completed the acquisition of 50 stores in China last year and its trading updates point to the country as its best up-and-coming marketRolls Royce sales surged 800% last year – beating all expectationsChina and Hong Kong imported 3.8bn Swiss francs (£2.4bn) of Swiss timepieces in the first 11 months of 2010, accounting for a quarter of the European country’s watch exportsShipment volumes of Cognac to China grew by 54% in 2010 Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap Monday 17 January 2011 8:35 pm Tags: NULLlast_img read more

GambleAware increases funding for GamCare

first_imgLegal & compliance 12th June 2018 | By contenteditor Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Regions: UK & Irelandcenter_img Topics: Legal & compliance GambleAware, the gambling industry-backed UK charity, will help to fund the National Gambling Helpline after announcing an increase in its support for GamCare in a new three-year agreement that will run until 2021.The £14m (€16.0m/$18.7m) pledged to the organisation that supports problem gamblers will help to fund the National Gambling Helpline and a national network of treatment services for adults experiencing gambling-related harms.According to a statement, the funding agreement is designed to enable GamCare to continue to develop its delivery capabilities, efficiency and effectiveness of treatment across a broad range of interventions.Sir Ian Prosser, chair of GamCare, said: “GamCare is delighted to have signed a new Grant Agreement with GambleAware.“The extra money will enable us to help more people to recover from problem gambling, and to help those who are affected by the gambling of a family member or friend. We will use the grant to develop further our range of services and to deliver a new model of care, so that individuals get help which is tailored to their needs.“The assurance of a three-year agreement gives us the certainty about funding which means that we can push forward with our plans to develop and deliver an integrated treatment system, which people rightly expect.” GambleAware said it intends to commission new aftercare services to prevent relapse, as well as services that offer help for the families of problem gamblers, including bereavement counselling.The two organisations said an estimated 430,000 people are gambling problematically, with approximately two million at risk of developing gambling problems.Kate Lampard, chair of GambleAware, said: “GambleAware is pleased to make this renewed three-year commitment to GamCare. The fact that less than 2% of problem gamblers were receiving treatment represents a significant gap in the provision of specialist services.“Our goal is to close the gap between the number of those getting treatment and those who need it by increasing the range, quality and quantity of early interventions and treatment while helping people to avoid gambling problems in the first place.”Related article: GambleAware seeks partner for £7m campaign GambleAware increases funding for GamCare GambleAware, the industry-backed charity, is to increase its financial support for GamCare in a new three-year agreement that will run until 2021last_img read more

NY appeals court rules DFS contests unconstitutional

first_img A New York State appeals court has struck down a law allowing for daily fantasy sports in the state, ruling the games to be illegal gambling. Regions: US New York AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter A New York State appeals court has struck down a law allowing for daily fantasy sports in the state, ruling the games to be illegal gambling.The ruling came as part of a lawsuit from four plaintiffs – Jennifer White, Katherine West, Charlotte Wellins and Anne Remington, who said they had been harmed by gambling – against a law passed by the New York State Legislature in 2016.The law stated that Interactive Fantasy Sports (IFS) such as those provided by FanDuel and DraftKings would not be considered gambling, which is currently illegal in New York outside of casinos, permitted state lotteries and charitable contests.Although Justice Gerald W. Connolly of Albany County Supreme Court upheld that these games were indeed gambling, he ruled that the State of New York was within its powers to decriminalize the offering of these games in the state Penal Code. However, the plaintiffs appealed this ruling, sending the case to The Supreme Court Appellate Division’s Third Judicial Department.The Supreme Court ruled that although the games do involve a degree of skill, the level of chance involved was significant enough to be considered gambling.Read more on iGB North America. Tags: Fantasy Sports Online Gambling NY appeals court rules DFS contests unconstitutional Topics: Legal & compliance Sports betting DFS Subscribe to the iGaming newsletter DFS 10th February 2020 | By Daniel O’Boyle Email Addresslast_img read more

Tesco is one of the worst FTSE 100 performers of the decade. Of course I’d buy it

Enter Your Email Address I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Image source: Getty Images Tesco is one of the worst FTSE 100 performers of the decade. Of course I’d buy it I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Our 6 ‘Best Buys Now’ Shares Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Harvey Jones | Tuesday, 31st December, 2019 | More on: TSCO center_img Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK has recommended Tesco. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Harvey Jones Simply click below to discover how you can take advantage of this. “This Stock Could Be Like Buying Amazon in 1997” Well the decade is over, and it’s been a great one for investors. We’ve had 10 years without a recession, and markets have flown as a result.They say a rising tide floats all boats, but the longest bull run in history has left behind a number of top stocks, as every bull run does. Can this FTSE 100 flop continue to claw its way back? I’m optimistic that it can.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Oh, no, it’s TescoIf you bought grocery superhero Tesco (LSE: TSCO) on 27 December 2009 you would have paid around 427p. Today, the Tesco share price trades at roughly half that, 255p, which means you will have lost around 40% of your moneyYou would have recouped some of this from dividends, but not so much, given that Tesco scrapped its payout for three years from 2014 and is only slowly rebuilding it. Currently, the stock yields just 2.29%.Then just imagine the opportunity cost of what you could have put your money into instead.Former boss Philip Clarke left Tesco in 2014 after issuing another profit warning, blamed variously on tough trading conditions in the UK, the challenge from German discounters, failed global expansion plans and a frightening £22bn debt pile.Dave did itDave Lewis, who joined from Unilever that same year, got off on the right foot and stayed there. Happily, he wasn’t to blame for the accounting scandal soon after his appointment, but instead won kudos for taking swift action to expose it. Nor was he blamed for the £6.4bn loss in his first year, which included the one-off £7bn cost of a head office job cull and write-downs on store values.Lewis dumped unprofitable electricals, closed its separate clothing and homeware website Tesco Direct, sold the Dobbies garden centre chain, made a string of asset disposals including South Korean chain Homeplus for £4bn, and snapped up cash-and-carry giant Booker for £3.7bn. He also fought and survived a brutal supermarket price war.Shore Capital analyst Clive Black even described him as the “bloke that saved Tesco”, and I wouldn’t argue with that.Downs and upsIt’s a sign of how bad things got at Tesco that it is still the worst FTSE 100 performer over the last decade despite rising 43% in the past five years. However, at today’s price of around 250p, it is still well below its £4 peak.Would I buy it today? To my surprise, I would. I say surprise, because the grocery sector is tough. Aldi and Lidl keep coming. Tesco’s market share keeps getting nibbled away. Operating margins are just 3.4%, and expected to fall to 3.1% next year. Lewis is leaving.Earnings growth looks set to slow, from a bumper 65% in 2017 and 82% in 2018, to 13%, 9% and 9% over the next three years. However, that is still pretty steady.The forward valuation of 14.88 times earnings is not too demanding, below the FTSE 100 average of 18 times. The forecast yield is below average at 3.2%, but it is covered 2.1 times and forecast to climb to 3.6% and beyond over the next few years.Tesco has a fight on its hands, but will hopefully perform much better over the next 10 years, than the last 10. read more

Get in the FLOW Apopka to renew a Driver’s License

first_img Save my name, email, and website in this browser for the next time I comment. Gov. DeSantis says new moment-of-silence law in public schools protects religious freedom UF/IFAS in Apopka will temporarily house District staff; saves almost $400,000 Share on Facebook Tweet on Twitter Please enter your name here From The City of ApopkaCheck out the new FLOW mobile at Apopka City Hall today.The new mobile licensing office will alternate with the older vehicle to double visits from twice a month to four times a month. The new model has more space for seating and is equipped with more modern office amenities.Increased demand in Apopka prompted the Florida Department of Highway Safety and Motor Vehicles to offer FLOW (Florida Licensing on Wheels) from 9:30 a.m. to 2 p.m. each Thursday with the exception of the fifth Thursday in certain months.The new schedule begins this week at City Hall, 120 E. Main St.The vehicle is a convenient, local option to renew a driver license, obtain a replacement driver license, change a name or address on a driver license, get an identification card, renew a vehicle registration and purchase a specialty license plate.Florida operates 13 of the buses to provide all the services of a typical driver and vehicle license office except for testing.Florida has more than 15 million licensed drivers and 18 million registered vehicles. Orange County includes nearly 1.3 million of those vehicles. TAGSCity of ApopkaFLOW Mobile Previous articleResearch Study Offers Guide to the Effective ApologyNext articleBattling mosquitos? Eliminate standing water to deprive bugs of breeding spots Denise Connell RELATED ARTICLESMORE FROM AUTHOR Please enter your comment! Florida gas prices jump 12 cents; most expensive since 2014 You have entered an incorrect email address! Please enter your email address here LEAVE A REPLY Cancel replylast_img read more

Newly released journalist sentenced

first_imgNews Follow the news on Tunisia December 26, 2019 Find out more November 11, 2020 Find out more RSF_en Receive email alerts to go further TunisiaMiddle East – North Africa August 25, 2002 – Updated on January 20, 2016 Newly released journalist sentenced News Reporters Without Borders has voiced its outrage over the eight-month prison sentence imposed on 23 August on newly-freed journalist Abdallah Zouari (see picture) for refusing to comply with an order banishing him to the south of the country. A former contributor to the banned weekly Al Fajr, Zouari has returned to jail just 10 weeks after his release upon completing nearly 11 years in prison. “This disgraceful sentence is clearly part of an offensive against freedom of expression and its defenders”, said Reporters Without Borders secretary-general Robert Ménard, citing the recent sentences imposed on Hamma Hammami and Zouhair Yahyaoui. “President Ben Ali seems to think he can act with total impunity since 11 September 2001 and all the more since the 26 May 2002 referendum that allows him to seek a fourth term”, Ménard said. “It is simply inhuman to impose an additional jail sentence on a man whose life has already been destroyed by 11 years in prison”, he added, calling for Zouari’s immediate release.The eight-month jail sentence was imposed on Zouari by the district court in Zarzis for “refusal to comply with an administrative decision”. This refers to an interior ministry letter of 15 July notifying Zouari that he had to live in Zarzis, in the southern governorate of Mednin, although he has been residing in Tunis since his release on 6 June. Zouari had not complied, calling the order “arbitrary”, and had filed an appeal against it with an administrative court which has not yet issued a decision.After arresting Zouari on 19 August in Tunis, the police had taken him to Harboub prison in the Mednin governorate. There, the judge in Zarzis turned down his lawyer’s request for a postponement of the hearing. One of Zouari’s lawyers said there was no justification for the order banishing him to Zarzis inasmuch as he had taken up residence in the outskirts of Tunis and only part of his family resides in Zarzis. His lawyers have decided to appeal against the jail sentence.A contributor to Al Fajr, the official mouthpiece of the Islamic movement Ennahda, Zouari was arrested on 12 April 1991 and sentenced to 11 years imprisonment for “belonging to an illegal organisation”. He was also sentenced to a further five years of administrative control on completion of the jail sentence, which meant he must present himself regularly to the police station nearest his home.Al Fajr’s editor, Hamadi Jebali, has been imprisoned since 1991. After completing a one-year sentence for an article criticizing the system of military courts, he was sentenced by the Tunis military court to 16 years imprisonment for “aggressive intention to change the nature of the state” and “belonging to an illegal organisation”. November 12, 2019 Find out more Organisation TunisiaMiddle East – North Africa News Newly freed journalist Abdallah Zouari (see picture) was sentenced on 23 August to eight months in prison for refusing to comply with an order banishing him to the south of the country, which he considered “arbitrary”. A former contributor to the banned weekly Al Fajr, he had just completed an 11-year jailsentence. Help by sharing this information Tunisia : RSF asks Tunisian president’s office to respect journalists Forum on Information and Democracy 250 recommendations on how to stop “infodemics” Eleven organizations from civil society create the Forum on Information & Democracy, a structural response to information disorder Newslast_img read more

CFPB Proposes to Publish Complaint Narratives against Banks, Servicers

first_img Share Save  Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fannie and Freddie Take on Riskier Portfolios Next: Two Biggest Colorado Foreclosure Firms Charged with Fraud In the wake of the financial crisis, the trust level between the banks who are seen by many as a culprit in the downturn and consumers who are, in many cases, still attempting to fully recover is tenuous at best. In the middle, you’ve got the referee: a federal government, charged with ensuring that the circumstances seen in the latter part of the previous decade do not repeat themselves.To that end, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to allow consumers that post complaints to the option to opine on the details of their complaint made on the bureau’s public facing complaint database.The CFPB argues that allowing consumers to expand on the circumstances surrounding their complaints allows for greater transparency in the system.“The consumer experience shared in the narrative is the heart and soul of the complaint,” said CFPB Director Richard Cordray. “By publicly voicing their complaint, consumers can stand up for themselves and others who have experienced the same problem. There is power in their stories, and that power can be put in service to strengthen the foundation for consumers, responsible providers, and our economy as a whole.”The banking and servicing community is, perhaps understandably, concerned.“Publishing narratives of every unverified complaint will give only the illusion of disclosure. Banks have an obligation to their customers to maintain the confidentiality of their information, making it virtually impossible for a bank to offer a complete response to these narratives,” said Richard Hunt, President and CEO of the Consumer Bankers Association. “It is the role of the CFPB as the traffic cop to distinguish violations of law from unfounded complaints. Instead, they want to let others figure it out from one-sided and unverified narrative information.”The CFPB began receiving complaints from consumers when it opened its doors in 2011. It currently houses the nation’s largest public collection of consumer complaints, with more than 400,000 grievances and growing.Consumers already have the option of posting a short synopsis of the basic facts of their complaint in an attached small text box. This rule proposal, published for 30 days of comment will allow full narratives.The bureau argues that the process safeguards the banks reputations by allowing them to answer to the complaint with a concurrently posted response.Hunt is not convinced.“This action will ultimately add to consumer confusion, harm industry reputations, and undermine any hope the CFPB may have to be viewed as a fair and honest broker. For an agency which prides itself on being driven by ‘accurate’ data, this is very disappointing.” July 17, 2014 1,037 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Derek Templeton CFPB Complaints Consumer Bankers Association 2014-07-17 Derek Templeton Servicers Navigate the Post-Pandemic World 2 days ago Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. Tagged with: CFPB Complaints Consumer Bankers Association Home / Daily Dose / CFPB Proposes to Publish Complaint Narratives against Banks, Servicerscenter_img CFPB Proposes to Publish Complaint Narratives against Banks, Servicers in Daily Dose, Featured, Government, Headlines, News The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days agolast_img read more

Moody’s Rates Wells Fargo’s First RMBS in 10 Years

first_imgSign up for DS News Daily Home / Daily Dose / Moody’s Rates Wells Fargo’s First RMBS in 10 Years Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe default Delinquency Moody’s RMBS mortgage Securities Wells Fargo 2018-10-11 Radhika Ojha Rating agency, Moody’s Investor Services, has assigned a provisional rating to the 24 classes of Wells Fargo’s first residential mortgage-backed securities (RMBS). The bank has reentered the RMBS market after a decade with the Wells Fargo Mortgage Backed Securities 2018-1 Trust (“WFMBS 2018-1”).The WFMBS 2018-1 transaction consists of the securitization of 660 primarily 30-year, fixed rate, prime residential mortgage loans with an unpaid principal balance of approximately $441 million, Moody’s indicated.Giving the securitizations a rating range from (P)Aaa (sf) to (P)Ba1 (sf), Moody’s said, “The pool has strong credit quality and consists of borrowers with high FICO scores, significant equity in their properties and liquid cash reserves. The pool has clean pay history and is seasoned for almost 18 months.”According to Moody’s the mortgage loans for this transaction are originated by Wells Fargo Bank in accordance with the non-conforming underwriting guidelines. All of the loans are designated as qualified mortgages (QM) under the QM safe harbor rules, the rating agency said.Speaking to DS News, a spokesperson for Wells Fargo had recently said that the offering would include recently originated non-conforming, prime loans that were “consistent with those we have been putting on our balance sheet for the past several years.”The rating also gave insights into how Wells Fargo planned to service the loans. It indicated that the bank would be the master servicer for this transaction.Wells Fargo will service all the loans and will also be the master servicer for the transaction. who will be primarily responsible for funding certain services advances and delinquent scheduled interest and principal payments for the mortgage loans, unless they determined that such amounts would not be recoverable.”In the event a servicer event of default has occurred and the Trustee terminates the servicer as a result thereof, the master servicer shall fund any advances that would otherwise be required to be made by the terminated servicer (to the extent the terminated Servicer has failed to fund such advances until such time as a successor servicer is appointed and commences servicing the mortgage loans,” Moody’s said. “The master servicer and servicer will be entitled to be reimbursed for any such monthly advances from future payments and collections (including insurance and liquidation proceeds) with respect to those mortgage loans.”The bank couldn’t have picked a better time to enter this market with the issuance of private-label RMBS hitting a post-crisis high of $75 billion in 2018, according to a recent Bloomberg report, due to heavy investor demand for non-qualified mortgage transactionsWells Fargo had been one of the top RMBS lenders before the crisis with more than $1 trillion worth of mortgages sold in 2005 and 2006, the Bloomberg report said.Read the details of Wells Fargo’s entry into the RMBS market:Wells Fargo to Re-enter the RMBS Bond Market Tagged with: default Delinquency Moody’s RMBS mortgage Securities Wells Fargo  Print This Post in Daily Dose, Featured, News, Secondary Market About Author: Radhika Ojha Moody’s Rates Wells Fargo’s First RMBS in 10 Years The Best Markets For Residential Property Investors 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Previous: The Mortgage Industry Braces for Hurricane Michael Next: Delving Into Consumers’ Minds October 11, 2018 2,032 Views last_img read more

Improvements to go ahead at Carndonagh Community Hospital

first_img Man arrested on suspicion of drugs and criminal property offences in Derry 365 additional cases of Covid-19 in Republic Further drop in people receiving PUP in Donegal The Department of Health has confirmed that work is to be carried out at Carndonagh Community Hospital to ensure it is HIQA compliant.The works will include an extension to the dining and sitting room facilities, and improvements to residential bedrooms, including en-suite facilities.The works are due to begin early next year.Donegal North East Deputy Charlie McConalogue says the upgrades are much needed:Audio Player Up/Down Arrow keys to increase or decrease volume. By admin – June 18, 2015 75 positive cases of Covid confirmed in North Facebook RELATED ARTICLESMORE FROM AUTHOR Improvements to go ahead at Carndonagh Community Hospital Pinterest Twitter Google+center_img Twitter Previous articleSecurity alert ongoing in DerryNext articleGavin Cullen takes over as Cockhill Celtic Manager admin Gardai continue to investigate Kilmacrennan fire WhatsApp Google+ Facebook Main Evening News, Sport and Obituaries Tuesday May 25th Pinterest WhatsApp Homepage BannerNewslast_img read more

Land Acquisition Act 1894: Title Of Land Owner Ceases Once State Takes Possession Of Land: Supreme Court

first_imgNews UpdatesLand Acquisition Act 1894: Title Of Land Owner Ceases Once State Takes Possession Of Land: Supreme Court LIVELAW NEWS NETWORK28 Jan 2021 7:21 AMShare This – xThe Supreme Court reiterated that once possession is taken by the State, the land vests absolutely with the State and the title of the landowner ceases.The bench comprising Justices allowed the appeal filed by Assam Industrial Development Corporation Limited against a Gauhati High Court judgment nullifying the award passed under Land Acquisition Act, 1894. The award pertained to…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 reiterated that once possession is taken by the State, the land vests absolutely with the State and the title of the landowner ceases.The bench comprising Justices allowed the appeal filed by Assam Industrial Development Corporation Limited against a Gauhati High Court judgment nullifying the award passed under  Land Acquisition Act, 1894. The award pertained to land acquisition notification issued with respect to a land belonging to Gillapukri Tea Company Ltd.The court noted that, in this case, award amount was made available to the Deputy Commissioner and the awarded sum was duly paid to and received by the Land owner.Once the award has been approved, compensation has been paid thereunder and possession of the land has been handed over to the Government, acquisition proceedings could not have been reopened, including by way of re-notification of the already acquired land under Section 4 of 12 the L.A. Act by the Government, the bench said. Allowing the appeal, it observed:”The recent decision of the Constitution Bench of this Court in Indore Development Authority v. Manoharlal and Ors. has also affirmed that once possession is taken by the State, the land vests absolutely with the State and the title of the landowner ceases. We find no reason to deviate from this settled position of law and thus are unable to agree with the High Court’s reliance on the letters dated 21.07.2012 and 06.01.2014 to nullify the original award and allow fresh acquisition proceedings in respect of the first respondent’s land which had already been acquired and has been under the possession of the appellant since 11.06.2010.”In Para 256 of the Indore Development Authority judgment, the Constitution Bench had observed thus:Thus, it is apparent that vesting is with possession and the statute has provided under Sections 16 and 17 of the Act of 1894 that once possession is taken, absolute vesting occurred. It is an indefeasible right and vesting is with possession thereafter. The vesting specified under section 16, takes place after various steps, such as, notification under section 4, declaration under section 6, notice under section 9, award under section 11 and then possession. The statutory provision of vesting of property absolutely free from all encumbrances has to be accorded full effect. Not only the possession vests in the State but all other encumbrances are also removed forthwith. The title of the landholder ceases and the state becomes the absolute owner and in possession of the property. Thereafter there is no control of the landowner over the property. He cannot have any animus to take the property and to control it. Even if he has retained the possession or otherwise trespassed upon it after possession has been taken by the State, he is a trespasser and such possession of trespasser enures for his benefit and on behalf of the owner.. After the land has vested in the State, the total control is of the State. Only the State has a right to deal with the sameCASE: ASSAM INDUSTRIAL DEVELOPMENT CORPORATION LTD.  vs GILLAPUKRI TEA COMPANY LIMITEDCORAM: Justices S. Abdul Nazeer and Sanjiv KhannaCITATION:  LL 2021 SC 45Click here to Read/Download JudgmentRead Judgment Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more