Justice Yashwant Varma may be asked to resign after cash controversy
New Delhi: Justice Yashwant Varma, a former Delhi High Court judge, may be asked to resign following allegations linked to cash reportedly found at his official residence. A three-judge in-house committee, constituted by Chief Justice of India Sanjiv Khanna under the 1999 in-house procedure, is said to have found the allegations against him credible.
The panel, comprising Chief Justices Sheel Nagu (Punjab & Haryana), G.S. Sandhawalia (Himachal Pradesh), and Judge Anu Sivaram (Karnataka), submitted its report to CJI Khanna, who is retiring on May 13. According to sources, the CJI has held discussions with senior judges of the Supreme Court and may advise Justice Varma to step down.
The controversy emerged after burnt currency was allegedly discovered in a storehouse on the premises of Justice Varma’s official bungalow following a fire incident. The Delhi High Court Chief Justice D.K. Upadhyaya’s report on the matter, which also includes Justice Varma’s response, is expected to be made public.
Shortly after the committee was set up on March 22, Justice Varma was transferred back to his parent High Court in Allahabad and has not been assigned any judicial work since.
Whether he chooses to resign or contest the findings is not yet known. However, sources said his continuation as a judge has become “untenable.” If he refuses to resign, the CJI could recommend further action to the President and Prime Minister, potentially leading to impeachment proceedings.
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
