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We have about six to eight investment professionals at any given time on the private markets team which covers private equity, private debt, and real assets. GB: We are monitoring the impact of the co-investment programme — how much resources does that require from an in-house perspective, how much time is that demanding of us, given the amount of flow we have.

We are trying to get private equity to 9 percent of our portfolio, with about one-third of that being co-investments. The partnership with Grosvenor is very helpful in that regard. We are monitoring the workflow and if we think we need to staff up in order to bolster our capability to stay true to our vision, then we will. Get limited access to our industry news, analysis and data, plus regular email updates. A link has been emailed to you - check your inbox. Click here to register. Sign in.

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He says he wants more information about the fees that hedge funds and private equity firms are charging, and about the investments themselves. Many hedge funds, for instance, require confidentiality agreements that prevent public officials from disclosing details of investments, or even their performance. Loftis says private investment firms may have accounts almost anywhere.

The Caymans? He has decided to stop writing checks for most new alternative investments. Around the State House here, some wondered whether Mr. Loftis is trying to ride the pension issue — and the broader anger at Wall Street after the financial crisis — to higher office.

He waved aside suggestions that he might run for governor, saying he was focused on changing the way pension funds interact with Wall Street. For instance, Mr. Loftis said. THE South Carolina Retirement Systems fund manages money for , public employees, retirees and their beneficiaries.

Not long ago, this fund was about as boring as it gets. Before , it was largely invested in a mix of United States Treasuries and corporate bonds. The fund moved into equities just before the technology bubble burst in State laws were changed in early to let the fund put money in a broad mix of private investments. But to make that work, pension officials needed a money manager wise to the world of private investments.

Among them was the giant Bridgewater Associates , which buys and sells financial instruments all over the world — as varied as oil futures and Indian stocks. It also invested in D. Those investments carried an enormous price. Buoyed by a long-running bull market, state officials voted to give state employees a 2 percent cost-of-living adjustment in their pension benefits.

The adjustment was tied to a decision to raised the projections of future returns to an exuberant 8 percent a year. Mark Sanford. South Carolina piled into the stocks, as well as hedge funds, private equity and other alternative investments, at the top of the market. It raised its projected rate of return in July — just before the worst of the financial crisis hit. It would drop Borden flew out to California to accept the award. But as his star rose in the financial world, Mr.

Borden was raising eyebrows in Columbia. He was too flashy, people said — just look at that Lamborghini. He would eventually be making nearly half a million dollars a year — a pittance by Wall Street standards, but big money for a state employee. As the pension system dived deeper into alternative investments, its bill from Wall Street kept growing. So in the autumn of , the investment commission and Mr.

Borden, the investment commission suggested, should run the new firm. But some state leaders balked, viewing the proposal as a power grab. The commission abandoned the plan. Griswold said. IN the summer of , Mr. Loftis made what he thought was a simple request: he asked to see Mr. The two men had been cordial when Mr. Loftis became treasurer. Then, that summer, Mr. He thought it would help to have Mr.

Weeks passed, and no calendar arrived. Loftis filed a Freedom of Information Act request. The calendar he got was largely empty. Loftis recalled thinking. Commission officials say Mr. Borden was never required to keep a calendar. During an interview in April, Mr. Borden said his calendar represented less than 10 percent of his meetings and calls.

He memorized the rest, he said. What can I say? In the midst of all this, Mr.

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The Supreme Court saw its first woman judge when Justice M. Fathima Beevi was sworn into office in In , Justice K. Balakrishnan became the first judge from the dalit community. In he also became the first dalit Chief Justice of India. In , Justice S. Kapadia coming from a Parsi minority community became the Chief Justice of India.

Indu Malhotra is the first woman justice to be selected directly from the bar. The Constitution seeks to ensure the independence of supreme court judges in various ways. Per Article 50 of directive principles of state policy , the state shall take steps to separate the judiciary from the executive.

Independence of the judiciary, the supremacy of the constitution and rule of law are the features of the basic structure of the Constitution. The main purpose of Supreme Court is to decide constitutional issues. Ambedkar clarified as given below in the Constituent Assembly debates on Article 38 1 high lighting its inevitable implementation.

The word 'strive' which occurs in the Draft Constitution, in judgement, is very important. We have used it because our intention is even when there are circumstances which prevent the Government, or which stand in the way of the Government giving effect to these Directive Principles, they shall, even under hard and unpropitious circumstances, always strive in the fulfilment of these Directives.

That is why we have used the word 'strive'. Otherwise, it would be open for any Government to say that the circumstances are so bad, that the finances are so inadequate that we cannot even make an effort in the direction in which the Constitution asks us to go. Judges used to be appointed by the president on the advice of the union cabinet.

After the Second Judges' Case , no minister, or even the executive collectively, can suggest any names to the president, [31] [32] who ultimately decides on appointing them from a list of names recommended only by the collegium of the judiciary. Simultaneously, as held in that judgment, the executive was given the power to reject a recommended name. However, according to some, [ who? The collegium system has come under a fair amount of criticism. This was struck down as unconstitutional by the supreme court, in the Fourth Judges' Case , as the new system would undermine the independence of the judiciary.

Once, in , the recommendation for the appointment of a judge of a high court made by the collegium of that court, had come to be challenged in the supreme court. The court held that who could become a judge was a matter of fact, and any person had a right to question it. But who should become a judge was a matter of opinion and could not be questioned.

As long as an effective consultation took place within a collegium in arriving at that opinion, the content or material placed before it to form the opinion could not be called for scrutiny in court. Supreme court judges retire at the age of However, there have been suggestions from the judges of the Supreme Court of India to provide for a fixed term for the judges including the Chief Justice of India. Article of the Indian constitution leaves it to the Indian parliament to determine the salary, other allowances, leave of absence, pension, etc.

Article 4 of the constitution, President can remove a judge on proved misbehaviour or incapacity when parliament approves with a majority of the total membership of each house in favour of impeachment and not less than two thirds of the members of each house present. For initiating impeachment proceedings against a judge, at least 50 members of Rajya Sabha or members of Lok Sabha shall issue the notice per Judges Inquiry Act, When the judicial committee report finds the judge guilty of misbehaviour or incapacity, further removal proceedings would be taken up by the parliament if the judge is not resigning himself.

The judge upon proven guilty is also liable for punishment per applicable laws or for contempt of the constitution by breaching the oath under disrespecting constitution [47]. A Person who has retired as a judge of the supreme court is debarred from practicing in any court of law or before any other authority in India. However, Supreme Court and high court judges are appointed to various posts in tribunals and commissions, after their retirement.

Lawyer Ashish Goel in a recent article criticized this stating that post-retirement benefits for judges hampers judicial independence. Jaitley famously said:"There are two kinds of judges - those who know the law and those who know the Law Minister. We are the only country in the world where judges appoint judges. Even though there is a retirement age, judges are not willing to retire. Pre-retirement judgements are influenced by post-retirement jobs. Article of the Constitution of India lays down provision for the power of the supreme court to review its own judgements.

Per this Article, subject to the provisions of any law made by parliament or any rules made under Article , the supreme court shall have power to review any judgment pronounced or order made by it. Supreme court can nullify any decision of parliament and government on the basis of violation of basic features. It can overrule the impeachment process of the President and Judges which is passed by the parliament on the basis of constitutional validity or basic features.

Under Order XL of the supreme court Rules, that have been framed under its powers under Article of the constitution, the supreme court may review its judgment or order but no application for review is to be entertained in a civil proceeding except on the grounds mentioned in Order XLVII, Rule 1 of the Code of Civil Procedure. Under Articles and of the constitution the supreme court has been vested with power to punish anyone for contempt of any court in India including itself.

The supreme court performed an unprecedented action when it directed a sitting minister of state in Maharashtra government , Swaroop Singh Naik, [51] to be jailed for 1-month on a charge of contempt of court on 12 May Article of the Constitution of India empowers the Supreme Court to frame its own rules with Presidential approval for regulating court practice and procedures.

Three versions of the rules have been published: the first in , then in and The supreme court decided to follow a new roster system from 5 February for allocation of matters to judges. Under the new roster system, the CJI will hear all special leave petitions SLPs , and matters related to public interest, social justice, elections, arbitration, and criminal matters, among others.

Supreme Court Reports is the official journal of reportable supreme court decisions. In the year , the supreme court filed an appeal before itself challenging the judgement of the Delhi high court holding that the office of the chief justice of India came under the ambit of the RTI Act and was liable to reveal information under it.

Legal-aid , [60] [61] [62] court-fee vendors, first-aid post, dental clinic, physiotherapy unit and pathology lab; rail-reservation counter, canteen, post office and a branch and 3 ATMs of UCO Bank, supreme court Museum [63] can be availed by litigants and visitors. After some of the courts overturned state laws for redistributing land from zamindar landlord estates on the ground that the laws violated the zamindars' fundamental rights, the parliament passed the 1st amendment to the constitution in , followed by the 4th amendment in , to uphold its authority to redistribute land.

The supreme court countered these amendments in when it ruled in Golaknath v. State of Punjab [64] that the parliament did not have the power to abrogate fundamental rights, including the provisions on private property.

The 25th amendment to the constitution in curtailed the right of a citizen to property as a fundamental right and gave authority to the government to infringe private property, which led to a furor amongst the zamindars. The independence of the judiciary was severely curtailed [65] during the Indian Emergency — of Indira Gandhi. The constitutional rights of imprisoned persons were restricted under preventive detention laws passed by Parliament.

Shiv Kant Shukla , popularly known as the Habeas Corpus case , a bench of five senior-most judges of the supreme court ruled in favour of the state's right to unrestricted powers of detention during the emergency. Justices A. Ray , P. Bhagwati , Y. Chandrachud , and M. Beg , stated in the majority decision: [66]. The only dissenting opinion was from Justice H. Khanna , who stated:. It is believed that before delivering his dissenting opinion, Justice Khanna had mentioned to his sister: "I have prepared my judgment, which is going to cost me the Chief Justice-ship of India.

Justice Khanna remains a legendary figure among the legal fraternity in India for this decision. The New York Times , wrote of this opinion: "The submission of an independent judiciary to absolutist government is virtually the last step in the destruction of a democratic society; and the Indian supreme court's decision appears close to utter surrender.

During the emergency period, the government also passed the 39th amendment , which sought to limit judicial review for the election of the prime minister; only a body constituted by parliament could review this election. A few years after the emergency, however, the supreme court rejected the absoluteness of the 42nd amendment and reaffirmed its power of judicial review in Minerva Mills v. Union of India After Indira Gandhi lost elections in , the new government of Morarji Desai , and especially law minister Shanti Bhushan who had earlier argued for the detenues in the Habeas Corpus case , introduced a number of amendments making it more difficult to declare and sustain an emergency, and reinstated much of the power to the supreme court.

It is said that the basic structure doctrine , created in Kesavananda Bharati v. Union of India. The supreme court's creative and expansive interpretations of Article 21 Life and Personal Liberty , primarily after the Emergency period, have given rise to a new jurisprudence of public interest litigation that has vigorously promoted many important economic and social rights constitutionally protected but not enforceable including, but not restricted to, the rights to free education, livelihood, a clean environment, [70] food and many others.

Civil and political rights traditionally protected in the Fundamental Rights chapter of the Indian constitution have also been expanded and more fiercely protected. These new interpretations have opened the avenue for litigation on a number of important issues. Among the important pronouncements of the supreme court post is the Coelho case I. Coelho v. State of Tamil Nadu Judgment of 11 January A unanimous bench of 9 judges reaffirmed the basic structure doctrine.

It held that a constitutional amendment which entails violation of any fundamental rights which the court regards as forming part of the basic structure of the constitution can be struck down depending upon its impact and consequences. The judgment clearly imposes further limitations on the constituent power of Parliament with respect to the principles underlying certain fundamental rights.

The judgment in Coelho has in effect restored the decision in Golaknath case regarding non-amendability of the constitution on account of infraction of fundamental rights, contrary to the judgment in the Kesavananda Bharati case. Another important decision was of the five-judge bench in Ashoka Kumar Thakur v. Union of India ; where the constitutional validity of Central Educational Institutions Reservations in Admissions Act, was upheld, subject to the "creamy layer" criteria.

Importantly, the court refused to follow the ' strict scrutiny ' standards of review followed by the United States supreme court. At the same time, the court has applied the strict scrutiny standards in Anuj Garg v. Hotel Association of India [71] [3] a. The supreme court declared allotment of spectrum as "unconstitutional and arbitrary" and quashed all the licenses issued in during tenure of A. The court ordered Special investigation team SIT to probe the matter.

The supreme court upheld the Andhra Pradesh High Court judgement quashing 4. While hearing T. Subramanian vs Union of India , a division bench of the supreme court ruled that—. These rulings were received mostly positively, and were termed as 'major reform s '. In April , Justice K. Radhakrishnan declared transgender to be the ' third gender ' in Indian law, in the case, National Legal Services Authority v. Seldom, our society realises or cares to realise the trauma, agony and pain which the members of Transgender community undergo, nor appreciates the innate feelings of the members of the Transgender community, especially of those whose mind and body disown their biological sex.

Our society often ridicules and abuses the Transgender community and in public places like railway stations, bus stands, schools, workplaces, malls, theatres [and] hospitals; they are sidelined and treated as untouchables, forgetting the fact that the moral failure lies in the society's unwillingness to contain or embrace different gender identities and expressions, a mindset which we have to change.

Justice Radhakrishnan said that transgender people should be treated consistently with other minorities under the law, enabling them to access jobs, healthcare and education. Prabhakara Rao vs. State of A. They lost first round of litigation in the supreme court. Realizing the mistake, fresh legislation was brought restoring the original age of superannuation of 58 years but providing that the benefit of new legislation would not extend to those whose reduction of age of superannuation had been upheld.

In challenge to this law, Subodh Markandeya argued that all that was required was to strike down naughty "not" — which found favour with the supreme court bringing relief to over 35, public servants. On 6 September , a five-member constitutional bench decriminalised homosexuality by partially striking down Section of the Indian Penal Code in the case Navtej Singh Johar v.

The bench led by Dipak Misra unanimously declared that criminalisation of private consensual sex between adult persons of the same sex under Section of the Indian Penal Code was clearly unconstitutional. The court, however, held that the section would apply to bestiality, sex with minors and non consensual sexual acts.

A political, historical, and socio-religious debate, the Ayodhya dispute has been going on since when the first case was filed in court. The Supreme Court, after a marathon 40 day hearing which concluded on 16 October, reserved the decision and revealed it on 9 November stating that the disputed land will be given to Hindus and also ruled that the Muslim community will be given an alternative piece of 5 acre land for the construction of a mosque.

The year saw the supreme court embroiled in several controversies, from serious allegations of corruption at the highest level of the judiciary, [] expensive private holidays at the tax payers expense, [] refusal to divulge details of judges' assets to the public, [] secrecy in the appointments of judges', [] to refusal to make information public under the Right to Information Act.

Balakrishnan invited a lot of criticism for his comments on his post not being that of a public servant, but that of a constitutional authority. Abdul Kalam for failure in handling its duties. The Cabinet Secretary of India introduced the judges Inquiry Amendment Bill in parliament for setting up of a panel called the National Judicial Council, headed by the Chief Justice of India, that will probe into allegations of corruption and misconduct by High Court and supreme court judges.

According to supreme court newsletter, there are 58, cases pending in the supreme court, out of which 37, are pending for more than a year, at the end of Excluding connected cases, there are still 33, pending cases. Lodha , proposed to make Indian judiciary work throughout the year instead of the present system of having long vacations, specially in the higher courts in order to reduce pendency of cases in Indian courts; however, per this proposal there is not going to be any increase in the number of working days or working hours of any of the judges and it only meant that different judges would be going on vacation during different periods of the year per their choice; but, the Bar Council of India rejected this proposal mainly because it would have inconvenienced the advocates who would have to work throughout the year.

Supreme court has not taken up the trail of many pending cases, since April more than three years , challenging the validity of the Andhra Pradesh Reorganisation Act, which was enacted by the Parliament without following the stipulated procedure in the Constitution and is claimed detrimental to the basic foundation of the constitution on which the basic structure of the constitution is resting. Whereas the fair trial to examine the validity of the ninety-ninth constitutional amendment dated 31 December , to form National Judicial Appointments Commission for the purpose of appointing the judges of the supreme court and high courts, was conducted on utmost priority and supreme court delivered its judgement on 16 October within a year quashing the constitutional amendment as unconstitutional and ultra vires stating the said amendment is interfering with the independence of the judiciary.

Supreme court is also wasting its valuable time by not taking up the case in toto but conducted a piecemeal trail by delivering its judgement to dispose the petitions related with apportionment of assets between the newly formed states Telangana and Andhra Pradesh. On 12 January , four senior judges of the supreme court; Jasti Chelameswar , Ranjan Gogoi , Madan Lokur and Kurian Joseph addressed a press conference criticizing Chief Justice Dipak Misra 's style of administration and the manner in which he allocated cases among judges of the supreme court.

However, people close to Misra refuted the allegations that allocation of cases was unfair. The Supreme court works from 10 am to pm, but is closed during winter and summer for 2 weeks each. Some critics feel that this delays pending cases. However, in an interview in June with NDTV , Justice Chelameswar revealed that most Supreme court judges including him work around 14 hours per day, and continue to work for an average of 7 hours per day even during vacations.

He further reminded that the Supreme Court of United States delivers judgement on just cases in a year, while every judge in the Supreme court of India delivers judgements on cases. It has been pointed out that consensus within the Collegium is occasionally resolved through trade-offs, resulting in unreliable appointments with consequences for litigants There has also been growing sycophancy and "lobbying" within the system.

Justice Chelameswar gave evidence from existing records to argue this point. In one case, "a judge was blocked from elevation to the Madras High Court in , in what appeared to have been a joint venture in the subversion of the law governing the collegium system by both the executive and the judiciary. On 18 April an unnamed married woman employee of the Supreme court filed an affidavit stating that the Chief Justice Ranjan Gogoi had sexually harassed her on 10—11 October by pressing his body against hers against her will.

An in-house committee of the Court quickly cleared Gogoi of the sexual harassment charges, although the report of the committee was not provided to the complainant. The woman complainant stated that she was terrified by the systematic victimisation of her family members who were all dismissed from service following her protest against Gogoi's sexual advances.

In the sensational Unnao rape case , although the rape victim had written letters to the Chief Justice apprehending death threats, the letter was allegedly not placed before the Court. A few days later the victim's family was wiped out in a road accident reportedly staged by the now convicted rapist and former BJP member Kuldeep Sengar.

From Wikipedia, the free encyclopedia. Highest court of India. Civil courts. Criminal courts. Supreme Court of India Chief Justice of India Judges of the supreme court High courts of India Chief justices of high courts Judges of high courts Sessions courts Courts of judicial magistrate of first class Courts of judicial magistrate of second class.

Courts of executive magistrates. Courts of divisional commissioners Courts of district magistrates Courts of sub-divisional magistrates. Legal profession. Legal education. Main article: Advocates-on-Record. Kapadia , [19] [20]. Further information: Review petition. See also: Right to Information Act. See also: Judicial Activism In India. Further information: 2G spectrum case. Further information: Indian black money.

Main article: T. Subramanian vs Union of India. Main article: National Legal Services Authority v. Main article: Ayodhya dispute. Main article: Supreme Court of India crisis. Law portal. Supreme Court of India. Archived from the original on 25 October Retrieved 12 October Archived from the original on 29 April Retrieved 13 January The New York Times.

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Archived from the original on 17 August Retrieved 16 August The Indian Express. Archived from the original on 17 March Archived from the original on 26 April Economic Times. Archived from the original on 3 September Archived from the original on 5 December Retrieved 30 November The Hindustan Times.

Archived from the original on 13 October Archived from the original on 26 May Retrieved 12 May India Today. Archived from the original on 25 March Retrieved 25 March Archived from the original on 13 April Retrieved 11 April Archived from the original on 11 August Retrieved 31 August Supreme but not infallible: Essays in honour of the Supreme Court of India 6th impr. New Delhi : Oxford University Press. The Hindu.

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Beneficiaries First: Their Future. Our Mission. Investments. ABOUT RSIC. A high performing trust delivering strong investment returns on defined benefit plans. Purpose & Duties. The Retirement System Investment Commission (RSIC) has exclusive authority for investing and managing all assets held in trust for the. PRNewswire/ -- The South Carolina Retirement System Investment Commission (​"RSIC") has formed a strategic partnership with GCM.