Virtual court to deal with traffic challan to be launched today

first_imgDoing away with the need for the litigant to be present in the court and facilitate adjudication of the case online, the Punjab and Haryana High Court will launch its first virtual court on Saturday at Faridabad through videoconferencing.A Punjab and Haryana High Court spokesperson said the court would deal with traffic challan cases from across the State. The project will be launched under the guidance of e-Committee of the Supreme Court of India. The processUnder this project, the cases received in the virtual court can be viewed by the judge along with automatic computation of fines on the screen. After the summon is generated and the accused gets information on email or through a text message, the accused can visit the virtual court website and search the case by CNR Number, his/her name or even with the driving license number. Once the accused pleads guilty online, fine amount will be displayed and accused might proceed to pay the fine. On successful payment and realisation of the fine amount, the case would be automatically disposed of.The spokesperson said if the accused did not plead guilty, such cases would be remanded to the regular courts with the respective territorial jurisdiction. The Chief Justice of Punjab and Haryana High Court, Justice Krishna Murarihas shown keen interest in launching the project at the earliest for the benefit of all the stakeholders in the justice delivery system.To reduce burden The virtual court will reduce the burden on regular courts. The entire process of disposal will happen online in a few hours. Footfalls in the courts will reduce as the accused need not visit the court to plead guilty.last_img read more

Grindrod Shipping Strengthens Liquidity through IVS Bulk

first_imgzoomIllustration. Source: Pixabay under CC0 Creative Commons license Singapore-based Grindrod Shipping has unveiled a number of transactions with the aim of modernizing its fleet and increasing its financial flexibility and liquidity.In early June, the company took delivery of a Japanese-built eco Ultramax, the IVS Phoenix. The drybulk carrier newbuilding has been chartered-in for a minimum period of three years. Grindrod Shipping has options to extend the contract for up to two additional years.The month also saw Grindrod Shipping and its joint venture partners agree to a further extension of the termination date of the IVS Bulk joint venture from June 30, 2019 to September 30, 2019. The company said it remained in discussions with the JV partners regarding strategic alternatives for IVS Bulk.On June 20, 2019, Grindrod Shipping sold a portion of the loan it had provided to one of its joint ventures. The sale was at par and provided approximately USD 7.5 million of cash to the company.The ship owner and operator recently entered into a sale and leaseback transaction with a Japanese company related to the 2010-built handysize drybulk carrier, IVS Knot, for a cash amount of USD 13 million.Grindrod Shipping will bareboat charter the vessel back for a period of up to 11 years and has the right, but not the obligation, to acquire the vessel from the end of the second year of the charter, with the new owner having the right to sell the vessel to the company at the end of the 11-year charter period.The company explained that the IVS Knot previously constituted part of the security package for its USD 100 million senior secured credit facility and was released from the security package in connection with the closing of the sale and leaseback transaction. At closing, the sale generated around USD 6.3 million of cash after settling the debt associated with the vessel. The transaction closed on June 26, 2019.The previously announced sale of the IVS Kawana was concluded, with the vessel delivering to the new owner on April 30, 2019. Grindrod Shipping added that it expects the Umgeni to deliver to the new owner by June 30, 2019.“Through the IVS Knot and the sale of the joint venture loan Grindrod Shipping has strengthened its liquidity by approximately USD 13.8 million without divesting control of any core assets,” Martyn Wade, the Company’s Chief Executive Officer, said.last_img read more