Supreme Court responsible for economic slowdown in country: Harish Salve's claim

Senior advocate also angry over 17-year call block allocation canceled by Supreme Court in 2014

(PTI) New Delhi, September 17, 2019, Tuesday

The Supreme Court is responsible for the current economic downturn in India, and India's leading lawyer, Harish Salve, has claimed that the economic downturn began with the Supreme Court's decision to cancel the allocation of the 2nd spectrum case in 2012 and coal block in 2014.

Harish Salve, who is one of India's leading lawyers, said that the current recession of India began in 2012 with a Supreme Court ruling in the 2nd spectrum case. In February 2012, the Supreme Court revoked 122 spectrum and licenses of eight companies.

This entire process was illegal. Salve appeared as a lawyer from 11 companies in the case of 2G spectrum. Salve recently appeared in the News to fight the case of Kulbhushan Jadhav, imprisoned in Pakistan at the International Court of Justice (ICJ) for a fee of only one rupee.

The Comptroller and Auditor General (CAG) estimated the loss of Rs 1.76 lakh crore to the government treasury in the allocation of 2nd spectrum licenses granted to private companies in 2010 to 2009.

"I firmly hold the Supreme Court responsible for the current economic downturn," Salve said. I understand the need to hold people accountable for the wrong distribution of licenses in 2G. But the process of canceling all licenses, where foreigners had invested, was 'illegal'.

If a foreigner wants to invest in a country, we have a rule that he should have an Indian investor. The foreigner has no idea how to get an Indian partner's license. Foreigners invest billions of dollars and the Supreme Court eliminates all investment in a single instant. Since then the economic downturn has begun. '

Salve said on the issue of notation that it was not a bad thing, but his improper execution did not produce the desired result. It could be said that its implementation was inappropriate rather than a decision on notation. However, I cannot say much more about it. There is no doubt that this decision has a negative impact on the economy in the short run.

But the good thing about this decision was that it opened up hundreds of bogus companies and the work of cleaning these companies was going on. Salvey added that the Supreme Court has been 'completely irregular' in regard to professional cases. The Supreme Court has seriously impacted the psyche of investors.

In this regard, he also mentioned the coal mines verdict. The apex court upheld the allocation of all 218 call blocks allocated between 1993 and 2011 in August 2014 as illegal and arbitrary. You dismissed all call mines from a single ruling without verifying the merits of each case.

Many honest foreign investors have invested in the coal industry during this time, what happens to them? Coal mines in India are in a state of decline after the Supreme Court's order and millions of people have lost their jobs. On the other hand we are forced to import coal.