Stood up for certain values; nothing personal: Justice Chelameswar
New Delhi, May 19 : Supreme Court judge Justice Jasti Chelameswar, who retired on Friday, has said that he stood up for certain "issues and values" wherever he perceived things were going wrong and had nothing personal against anyone in the system.
"I stood up for certain issues and values. Wherever I perceived that things were going wrong, I stood up, I raised questions... If something is good, it is to be preserved. If something is doubtful, it is to be checked and rectified, I had nothing personal against anyone in the system," Justice Chelameswar said in a farewell event on Friday.
He also said the younger generation of lawyers has supported him in "democratising the institution", but acknowledged constitutional lawyers and jurists attacked him from every side.
"What is the law or the scripture which says judges cannot hold press conferences? They shouldn't hold a press conference to defend their judgments, I knew that when I opened my mouth I would have to go through all this and I was willing to take it...," he added.
Justice Chelameswar had turned down the Supreme Court Bar Association (SCBA)'s request to participate in a farewell function it wanted to arrange for him, saying he wanted his retirement to be a "private affair". However, later in the evening on Friday, he attended a reception organised by Lawyers Collective.
On his last working day on Friday, he shared a bench with Chief Justice Dipak Misra, a custom and practice of the Supreme Court.
The 65-year-old judge has been at loggerheads with Justice Misra over the functioning of the apex court including the allocation of sensitive cases and on recommendation of judges for appointment to higher judiciary.
He was at the forefront of the unprecedented press conference on January 12 saying "all was not well" on the administrative side of the court.
At the gathering of Lawyer Collective, an advocacy NGO founded by activist senior lawyers Indira Jaising and Anand Grover, on Friday, Justice Chelameswar said in the last six months, wherever he went in the country, people have come up to him and said: "We are glad you did it".
He said he was willing to face the consequences of his actions, whether it be his abstention from collegium meetings after the NJAC judgment or the press conference he held.
He told the younger generation present at the gathering that they required to have courage and determination to fight the system if they want to bring a good change.
"But if you are convinced on principle that the fight is to be carried on for good change, please go ahead. If you have an opinion, speak up," he added.
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Investors become poorer by Rs 12 lakh cr in three days of market fall
New Delhi, Jan 10: Investors' wealth tumbled Rs 12 lakh crore in three days of market slump due to uninterrupted foreign fund outflows and concerns over quarterly earnings.
Also, rising crude oil prices and a strengthening dollar index added to investors' pessimism.
In three days, the BSE benchmark Sensex tanked 820.2 points or 1.04 per cent.
On Friday, the 30-share BSE benchmark declined 241.30 points or 0.31 per cent to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the day's high of 77,919.70 and low of 77,099.55.
The NSE Nifty dropped 95 points or 0.40 per cent to 23,431.50.
The market capitalisation of BSE-listed firms diminished by Rs 12,07,314.99 crore to Rs 4,29,67,835.05 crore (USD 5 trillion) in the three days.
From the 30-share blue-chip pack on Friday, IndusInd Bank, NTPC, UltraTech Cement, State Bank of India, Sun Pharma, Axis Bank, Tata Steel and Power Grid were among the major laggards.
Tata Consultancy Services jumped nearly 6 per cent after the IT services company reported an 11.95 per cent surge in the December quarter net profit to Rs 12,380 crore.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "Strong quarterly earnings from TCS drove the IT index up 3.4 per cent, helping the market withstand a sharp sell-off."
However, despite broad gains across IT stocks, the Nifty fell for the third consecutive session, Vakil added.
Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,170.87 crore on Thursday, according to exchange data.
"Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector's resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations.
"Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance," Vinod Nair, Head of Research at Geojit Financial Services, said.
The BSE smallcap gauge dropped 2.40 per cent and midcap index declined 2.13 per cent.
Among BSE sectoral indices, power tanked 3.07 per cent, utilities (2.86 per cent), realty (2.64 per cent), industrials (2.08 per cent), commodities (2.05 per cent) and consumer durables (1.98 per cent).
BSE Focused IT jumped 3.17 per cent, IT (2.65 per cent) and teck (2.24 per cent) were the biggest gainers.
As many as 3,167 stocks declined while 827 advanced and 84 remained unchanged on the BSE.
"Markets continued its downward trajectory as the rupee dropping to new lows against the strengthening dollar has further dampened investors' sentiment. Amid concerns of subdued economic growth and expectations of a slowdown in the quarterly earnings, investors cut their bet on banking and mid & small cap stocks.
"With expensive valuations of Indian markets at large still a concern, investors would mostly resort to stock-specific activities," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
