Banking ombudsmen see surge in plaints

Mumbai: There has been a surge in customer complaints received by banking ombudsmen across India relating to deposit accounts. Central bankers feel that this is largely related to know your customer (KYC) norms and non-transparency on the part of banks with regards to their deposit schemes.

According to the annual report of the Banking Ombudsman Scheme for 2012 published by Reserve Bank of India (RBI), the number of complaints pertaining to deposit accounts has jumped more than five times to 8,713.

“Though no reason can be ascribed for this trend, issues related to KYC norms is one of the major components of these complaints. Further, the banks are not properly and fully disclosing the different risks associated with their liability products,” the annual report said. The surge in complaints regarding deposit accounts is significant considering that banks have embarked on a move to scale up number of accounts to achieve the government objective of one account per household scheme, which will be implemented in 2013 to enable direct transfer of benefits.

Until 2011, complaints relating to deposits accounts were only 2% of all complaints. They now account for 12% of all petitions to the ombudsman offices.

Complaints about failure of a bank to meet the fair practices code was the biggest ground for petitions made to the Ombudsmen with 18,365 complaints under this category constituting 25% of total complaints.

Out of total 14,492 complaints relating to cards, 9,348 complaints were those pertaining to ATM and debit cards. Broadly, the complaints are on account of issue of unsolicited cards, unsolicited insurance policies and recovery of premium, charging of annual fee in spite of being offered as ‘free’ cards, authorization of loans over phone, wrong billing, settlement offers conveyed telephonically, non-settlement of insurance claims after the demise of the card holder, excessive charges, wrong debits to account, nondispensation of money from ATM, and skimming of cards.

The banking ombudsman scheme was first introduced in 1995, it was amended twice in 2005 and again in 2009. Over the years the scheme has been changed to include issues such as internet banking and other issues that have arisen as a result of development in banking technology. The scheme is in for a major overhaul with RBI appointing a committee under the chairmanship of Suma Varma, chief general manager, customer service department, to review the scheme.

The committee was constituted after changes to the banking ombudsman scheme were recommended by various panels. The Damodaran committee on customer service in 2010 had suggested that banks have an in-house authority to adjudicate on customer complaints and that the ombudsman should be more of an appellate authority. The Rajya Sabha Committee on Subordinate Legislation in its 183rd report had also made some suggestions on the banking ombudsman scheme.
Courtesy:
Mayur Shetty TNN
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Night shelter scam: As homeless died, Delhi babus grew fat

20Cr Meant For Freezing Poor’s Night Shelters Siphoned Off, Accused Shielded: Probe
New Delhi: Callousness and corruption in the Delhi government couldn’t have emerged in a more chilling manner this freezing winter.

For over 20 years, almost Rs 20 crore earmarked for building night shelters and providing other welfare assistance to the national Capital’s poor and homeless was siphoned off with impunity. And, when the scam was busted, there seems to have been an organized bid to shelter the guilty.

In an order issued during one of the coldest days here in living memory, the Central Vigilance Commission (CVC) has asked the CBI to begin an investigation into the racket that has deprived the city’s poor of several night shelters. It has also recommended major penalty proceedings, including possible dismissal from service, against 28 Delhi Urban Shelter Improvement Board (DUSIB) officials.

Delhi has only 150 night shelters, providing respite to just 7,500 homeless people. The city has more than three lakh homeless poor, and a heated shelter could well determine whether they get to live for another day.

When the first details of the scam emerged in September, 2010, the Delhi government’s Anti Corruption Branch (ACB) stepped in to pre-empt the CBI from taking over the case. And the ACB has been sitting on it ever since, forcing the CVC to step in.

The appalling fraud has been in the works for almost 20 years. According to sources, between 1990 and 2010 Rs 19.44 crore earmarked for the DUSIB was siphoned off. Initially, it was blamed on Purushottam Kumar, who rose through the ranks to become an assistant director.

The initial inquiry had blamed Kumar, saying he didn’t deposit cheques and cash meant for DUSIB into its account. It was also found that transactions were shown in the cash books and the account statements were prepared on the basis of cash book entries. Strangely, bank statements were never reconciled for almost two decades until September, 2010. “That raises the question if he single-handedly indulged in malpractices,” said a source who has investigated the case.

An audit done after the fraud found wrong entry in cash books along with missing entries and misappropriation of funds. During the time of the fraud, Kumar had several officials senior to him, but strangely none of them ever scrutinized the account books for reasons best known to them. “Their connivance cannot be ruled out,” the source said. Some of the senior officials were on deputation from the DDA, and others were DUSIB employees.
Courtesy:
Josy Joseph TNN
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Night shelter scam: 10 babus suspended

New Delhi: The Delhi government on Monday said it had asked the CBI in October, 2010, itself to investigate the large scale corruption in the Delhi Urban Shelter Improvement Board (DUSIB), even as it shifted blame for the fraud on the erstwhile Municipal Corporation of Delhi (MCD).

Reacting to TOI’s report “Rs 20 crore meant for night shelters in Delhi siphoned off”, the government also claimed that it had suspended 10 officials involved in the embezzlement of funds. The TOI report had spoken about how over two decades the money earmarked for sheltering the poor and other assistance programmes was siphoned off, and when it was detected in September, 2010, there was a concerted bid to cover it up.

The report had also said that Delhi government’s Anti Corruption Branch had taken over the case, pre-empting the CBI which was getting ready in 2010 to start investigations.

The Delhi government’s statement did not explain why the CBI did not finally probe the fraud, and what happened to the investigations by its own ACB. The statement also did not explain if they have found anybody guilty and punished them for stealing money meant for night shelters.

“The Delhi government on Monday stated that it had addressed a communication to the Director, CBI, as early as 29th October, 2010, requesting to investigate a matter of embezzlement of cash detected while going through the records after taking over the Slum & JJ Department of MCD by the city government to convert it into the Delhi Urban Shelter Improvement Board (DUSIB),” the statement said.

The city government claimed that DUSIB “was constituted to streamline the functioning of the activities of Slum & JJ Department under MCD as it was marred with rampant corruption and nothing moved during the period when controlled by the MCD.”

The Congress-controlled state government said the “condition of Slums & JJ colonies was becoming bad to worse and the government was flooded with large number of complaints from the residents.”

Once DUSIB was constituted, the city government “started looking into the records and decided to approach the Delhi police to seek proper investigation by an Assistant Director in connivance with other staff members.”
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Hiding Scams : RBI cites law to stonewall RTI info

Central bank has moved courts 9 times against CIC orders to share info

AS cases of denial of information under the Right to Information Act pile up, the Reserve Bank of India approached various courts as many as nine times against the Central Information Commission’s (CIC) orders directing it to provide information. Seven of these cases are now pending in the Delhi High Court while two are in the Bombay High Court.

Not only has the RBI preferred litigation against providing information, the central bank earlier this year also refused to give information on expenses it has incurred on such litigation against CIC orders.

Besides these nine cases, there are three others cases in which the RBI sought to become a petitioner to block information against the CIC’s decisions. In these cases, National Bank for Agriculture and Rural Development (NABARD) and ICICI Bank are currently petitioners. The RBI wants to defend them by becoming a petitioner too.

While these are extreme cases where applicants are fighting RBI in court order to get information, several other applicants simply get disheartened by the bank’s refusal and do not pursue it. Asked about the bank’s repeated rejections of RTI applications, RBI’s official spokesperson said, “The RBI approached the court of law as it was aggrieved by the CIC’s decisions.”
A common reason cited by the RBI to refuse information is “fiduciary capacity”, an exemption clause in the RTI Act.

Activist SS Vohra who sought copies of advisory notes issued by RBI to ICICI Bank and other nine banks says this clause was clearly misused in his case. The advisory notes are issued if bank/s have not complied with RBI guidelines/directives/ statutory provisions. After years of appeals against the refusal to give information, the CIC on December 6, 2010 gave an order in Vohra’s favour. The judgment directed the central public information officer (CPIO), RBI, to provide the appellant photocopies of the advisory notes issued by RBI to ICICI Bank during the preceding two years for contravention of the Foreign Exchange Management Act and the Prevention of Money Laundering Act. The CIC ordered that information be given within 10 working days.

According to records in RBI’s outward register, the advisory notes were sent to Vohra’s Chembur address on December 24, 2010, about 18 days after the CIC order. However, the applicant never received the information. Incredibly, when Vohra tried to find out why, RBI replied that ICICI bank had expressed reservations to the information being provided. RBI’s note-sheets accessed by DNA say, “The ICICI Bank officials expressed anxiety about the serious repercussions it may have because they believe that the letters and contents may be selectively used to publicize the issue in press…” So, going against the CIC’s order, the RBI withdrew the information from the post office.

ICICI Bank later went to court. The case is still on.

This correspondent’s RTI application was similarly rejected too. Despite several requests and long correspondence, an application seeking inspection of RTI applications received by RBI was eventually denied on the grounds of “fiduciary capacity”.

There are several complaints about RBI denying simple information too.

“I have filed more than 20 RTIs (with RBI) but in none of them have I got a satisfactory reply. Even if I get a favourable order from the commission, RBI doesn’t give proper information,” says Girish Mittal, a Mumbai-based RTI activist and engineer.

The RBI spokesperson said all complaints that RBI rejects genuine applications are baseless. “RBI claims exemption in accordance with law and in economic interest with respect to information held by it in fiduciary capacity,” the spokesperson said.
Courtesy:
Sandeep Pai l Mumbai
Published Date:  Jan 08, 2013
http://epaper.dnaindia.com/story.aspx?id=36160&boxid=16992&ed_date=2013-01-08&ed_code=820009&ed_page=9

FSI Scam : State scraps prime mill land ‘largesse’ to builder

Former CM Ashok Chavan Had Given 7.6 FSI For Hotel

Mumbai: The state government has cancelled an abnormally high floor space index (FSI) of 7.6 sanctioned by former chief minister Ashok Chavan for a hotel project on the defunct Hindoostan Mills property at Prabhadevi. The government’s decision is a major setback for the developer, Hubtown (formerly known as Ackruti), which purchased this six-acre land jointly with construction giant DLF
for Rs 350 crore in 2007. It had planned to build a 60-storey hotel.

Chief minister Prithviraj Chavan is believed to have overturned his predecessor’s controversial decision last month. “He was livid when told that the National Textiles Corporation (NTC) had valued its own Indu Mills property at a phenomenal Rs 6,000 crore based on the largesse given to Hindoostan Mills,’’ said sources.

The state government was at that time negotiating with NTC to take over the 13.5-acre Indu Mills for an Ambedkar memorial. “The CM was intrigued at the reckless valuation done by NTC. There was no way the state government could pay such a large amount to NTC. It was then that the urban development department decided to revoke the high FSI sanctioned by Ashok Chavan,’’ said a senior bureaucrat.

The developer is now left with a much-reduced FSI of 1.33, which will allow only 3.5 lakh sq ft of permissible built-up area compared to the 15 lakh sq ft it had envisaged earlier. FSI defines how much can be built on a plot. For instance, a 7.6 FSI would allow a developer to build 7,600 sq m on a 1,000 sq m plot.

Other builders too sought higher FSI
Mumbai: Hubtown MD Vimal Shah was unavailable for comment, but sources said the developer will now set up a residential building on the Hindoostan Mill land. However, the plot falls under the coastal regulation zone 1 and is reserved only for industrial purposes.

Last year, TOI had reported that NRI tycoon C Sivasankaran had sold his 50% stake in Hindoostan Mills for almost Rs 450 crore. Hubtown and financial investor Red Fort Capital, who had the remaining stake, purchased Sivasankaran’s share. Sivasankaran had picked up DLF’s 50% stake in the property for Rs 310 crore in 2009.

Government sources said another reason why the Hindoostan Mills FSI had to be rejected was because other developers demanded similar concessions. “The owner of SoBo Central mall at Tardeo wanted more FSI to build a hotel, citing the Hindoostan Mills case,’’ said officials.

Officials said that some developers cunningly procured high FSI for hotels permitted under the 1967 development control rules (DCR), but simultaneously demanded building concessions allowed under the 1991 rules. Real estate sources said several developers procured much higher FSI under the garb of building a hotel and then slyly convert it into a “service apartment facility’’. “They then surreptitiously sell these apartments on long lease,’’ they said.

Meanwhile, the controversy over grant of hotel FSI has also stalled the redevelopment of the erstwhile Sea Rock Hotel at Bandra Bandstand. Last year, the 5.5 FSI project did not receive environmental clearance or approval under the Coastal Regulation Zone (CRZ) notification. The Maharashtra Coastal Zone Management Authority (MCZMA) raised queries about the project and refused to endorse it. The BMC too did not grant the project a commencement certificate. The Bombay high court too is hearing a PIL against the grant of such a high FSI to this project.

The Sea Rock project was earlier sanctioned an FSI of 2.5. However, in 2009, the then chief minister Ashok Chavan permitted additional FSI of 3.

THE PLOT 
In mid-2007, the Hindoostan Spinning and Weaving Mills (above), located near Siddhivinayak temple at Prabhadevi, was sold by its owner, the Thackerseys, for Rs 350 crore to Ackruti Nirman (now renamed Hubtown) and DLF. In 2009, NRI entrepreneur Sivasankaran picked up DLF’s 50% stake in the property for Rs 310 crore. Last year, he sold his stake for Rs 450 crore to Hubtown and financial investor Red Fort Capital.
Courtesy:
Nauzer K Bharucha TNN
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Irrigation Scam : File reply to PIL against SIT: High court to govt

The Bombay high court on Monday directed the state government to file a reply on a public interest litigation, challenging the state-appointed Special Investigation Team (SIT) to probe the multi-crore irrigation scam.

The PIL filed by social worker Uttamrao Ghatule has sought appointment of a judicial commission to probe the scam or hand over investigations to the Central Bureau of Investigations (CBI).

Advocate Machindra Patil, appearing for the petitioner, argued that the SIT, led by water expert Dr Madhav Chitale, comprises several IAS officers. It will not be able to conduct an impartial inquiry against its own officers. Hence, a judicial commission needs to be set up or the probe should be handed over to CBI.

Division bench of Chief Justice Mohit Shah and Justice AV Mohta adjourned the hearing and directed the state government to file its affidavit within four weeks.

According to the PIL, it needs to be found out the exact cost of dam projects, expenditure incurred by state departments and how much fund was misused.

“Since 2000- 2001, around Rs70,000 crore was spent by the state irrigation department on various projects. However till date, the irrigation department has deliberately and intentionally not completed the projects,” the PIL alleges.
DNA Correspondent
Published Date:  Jan 08, 2013
http://epaper.dnaindia.com/story.aspx?id=36158&boxid=15154&ed_date=2013-01-08&ed_code=820009&ed_page=2

Medical Scam : Prices double as private vaccines flood market

NEW DELHI: The Universal Immunisation Programme (UIP) seems to have slipped almost entirely into the grip of the private sector as the government's vaccine institutes that were reopened in February 2010 after being shut down two years ago are yet to contribute in any significant way. In the process, the cost of most vaccines has more than doubled since 2006-07.

Barring oral polio vaccine, the cost of other routine vaccines that added up to a little over a quarter of the annual routine immunization budget has increased to account for more than 50% of the entire budget, shows the response to an RTI application filed with the Vaccine Procurement Cell in the health ministry by Dr K V Babu, central council member of the Indian Medical Association.

In 2006-07, over 90% of the DPT (diphtheria, pertussis, tetanus) vaccine doses and over 80% of the tetanus toxoid vaccine used for UIP were supplied by the Pasteur Institute of India (PII) in Coonoor and the Central Research Institute (CRI) in Kasauli. In 2012-13, the two institutes together barely produced 36% of the DPT vaccines used and 23% of the TT vaccine used for the UIP.

The price of DPT vaccine has more than doubled between 2006-07 and 2012, going up from Rs 12 to Rs 28 per vial of ten doses. Similarly, the price of TT vaccine has gone up from Rs 6 to Rs 15.

The BCG Vaccine Laboratory in Guindy, Chennai was the sole supplier of BCG vaccine for the UIP. The government is now entirely dependent on the private sector as no other government institute produces BCG vaccine. The two other manufacturers of BCG vaccine, Serum Institute of India (SII) in Pune and Green Signal Bio-Pharma Ltd in Chennia, are private companies. Since 2008, the price of BCG has gone up from Rs 13 to Rs 30 per vial of ten doses.

Interestingly, the least increase in cost has been in the case of measles, where prices have risen by less than 25% despite the demand for doses in 2012-13 being five times what it was in 2006-07. Perhaps it is no coincidence that the measles vaccine was the one that already had a private monopoly even in 2006-07.

The three government institutes, which produced the bulk of the vaccines required for the basic immunisation programme against six diseases, were shut down in 2008 reportedly for not being compliant with good manufacturing practices (GMP) by then health minister Anbumani Ramadoss. This move was sharply criticised by the parliamentary standing committee on health and family welfare which observed that it was the government's responsibility to invest in its own institutes to ensure they were GMP complaint instead of using that as an excuse to shut them down leaving the UIP at the mercy of the private sector.

Though all three institutes were reopened in February 2010, so far, the BCG Vaccine Laboratory has not produced a single dose of vaccine for the immunisation programme and PII Coonoor and CRI Kasauli have been producing a fraction of what they used to supply earlier.

The two other vaccines in the basic UIP are OPV and measles vaccine. For the measles vaccine, the RTI reply of the vaccine procurement unit of the ministry lists only one supplier, the Serum Institute of India in Pune, though the Central Bureau of Health Intelligence (CBHI) lists Indian Immunological Ltd and Human Biologicals Institute, two government units, as suppliers too. However, they do not seem to produce any significant amount. A measles vaccine dose currently costs the government over Rs 10.

In the case of OPV vaccine, the biggest suppliers seem to be two private companies Panacea Biotech Ltd and Bharat Biotech International Ltd in Hyderabad, which seem to meet the bulk of the demand. Though BIBCOl Bulandshahr, a government institute, and Haffkine Biopharmaceutical Ltd in Mumbai, a public sector unit (PSU), are listed as producers of OPV, their contribution seems negligible, going by the data of the CBHI.

The government units which made an insignificant contribution to the UIP were not chosen for being closed down. It is the units which contributed to a large share of the immunisation programme's demand that were shut down, resulting in the entire market for the vaccines produced by these units being turned over to the private companies.
Courtesy: 
By Rema Nagarajan, TNN | Jan 6, 2013, 05.52 AM IST
http://timesofindia.indiatimes.com/india/Prices-double-as-private-vaccines-flood-market/articleshow/17907688.cms

Stop Public Loot : NBFC norms due to global action: RBI

Mumbai: The Reserve Bank of India (RBI) has indicated that its new norms on nonbanking finance companies (NBFCs) have been developed under pressure from association of regulators worldwide and part of a concerted global move to reign in ‘shadow’ banking activities. The regulator, however, clarified that small NBFCs that fail to receive a registration can continue to be in business and avail bank finance.

“This is part of an international agenda and all responsible countries have to abide,” said Anand Sinha, deputy governor, RBI, said on Monday while addressing NBFC representatives in a meeting organized by the Finance Industry Development Council at the Indian Merchants Chamber here. Stating that RBI has to align with what is happening internationally, Sinha said that after the global financial crisis of 2008 the focus has been on institutions that engage in ‘shadow’ banking — financial entities that conduct banking like functions but do not have a banking licence. “Banks are being subject to very restrictive regulations. If regulations for banks are tightened, risks will flow to lightly regulated entities,” said Sinha.

Representatives of the finance industry, however, said that the move by RBI to increase capital requirement and tighten bad loan norms for finance companies would force several companies out of business.

“If it is the intention of the RBI to remove regulatory arbitrage, then it should remove the arbitrage on both sides of the balance sheet,” said T T Srinivasaraghavan, MD, Sundaram Finance. According to Srinivasaraghavan, finance companies have to hold higher capital than banks even if the assets held by them are of identical quality. Also, banks get tax breaks on bad loans which finance companies do not, he said.
Courtesy:
TIMES NEWS NETWORK
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Sahara Scam : SC refuses to restrain Sebi from action in Sahara case

The Supreme Court on Monday refused to pass any urgent order on restraining market regulator Securities and Exchange Board of India (Sebi) from taking any coercive action against the Sahara group, which has reportedly failed to pay its first instalment of Rs 10,000 crore last week.

Appearing for the group and its two companies — Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL), senior advocate Ram Jethmalani urged a Bench led by Justice K S Radhakrishnan to restrain, in the interim, Sebi from resorting to coercive actions against them for breaching the court’s directives on payment.

Justice Radhakrishnan however refused to pass any such order at this juncture. “Please don’t make such submissions. We cannot pass any interim order today to restrain Sebi. Moreover, it is not the appropriate Bench for hearing your plea. The combination of judges is different for the Bench that had passed the final order,” said the judge.

The court also refused to take up Sahara’s application on an urgent basis and told Jethmalani that their plea would come in due course after the registry lists it and places it before the appropriate Bench, which comprises Justice Radhakrishnan and Justice K S Khehar.

It however allowed Sahara’s request to file an additional affidavit for consideration of the court, which will on Tuesday adjudicate its review against the August-judgement that had ordered the firms to refund the money collected through debentures and submit the related documents before Sebi for verification.

Last week, the apex court had refused early hearing of its plea that sought modification of December 5 order giving the conglomerate time till February to refund Rs 24,000 crore raised from around three crore investors. The two firms sought stay on the direction on refund till its review plea is decided, saying the Rs 5,120 crore deposited with Sebi was in excess of the amount needed.
Courtesy: 
Utkarsh Anand : New Delhi, Tue Jan 08 2013, 00:43 hrs
http://www.indianexpress.com/news/sc-refuses-to-restrain-sebi-from-action-in-sahara-case/1055911/

सहारा इंडिया का नया घोटाला - क्यू शॉप के जरिए फ्राड

क्यू शाप के जरिए फ्राड (1) : सहारा इंडिया रियल एस्टेट के विरुद्ध कंपनी रजिस्ट्रार की जांच शुरू
कंपनी रजिस्ट्रार, कानपुर द्वारा सहारा इंडिया रियल एस्टेट कोर्पोरेशन लिमिटेड के खिलाफ आईपीएस अधिकारी अमिताभ ठाकुर, सामाजिक कार्यकर्ता नूतन ठाकुर तथा एक भुक्तभोगी आशीष वर्मा की तरफ से दायर शिकायत में जांच शुरू कर दी गयी है. अमिताभ और नूतन को यह ज्ञात हुआ था कि सहारा इंडिया एक कथित उपभोक्ता सामग्री नेटवर्क सहारा क्यू के नाम पर सेबी के नियंत्रण से बच कर पैसे एकत्र कर रहा है. अतः इन दोनों ने एक-एक हज़ार रुपये के दो बांड ख़रीदे.

बांड खरीदते समय उन्हें यह बताया गया कि यह एक निवेश योजना है जिसमे छह साल बाद 1000 रुपये पर 2335 रुपये दिये जायेंगे. इस तरह जहाँ बाह्य तौर पर सहारा क्यू अपने आप को उपभोक्ता सामग्री नेटवर्क बताता है, यह वास्तव में एक निवेश योजना के रूप में संचालित किया जा रहा है.  तीसरे शिकायतकर्ता, एक बेरोजगार युवा आशीष के अनुसार उसके रुपये 58,000 के चार एडोबे बांड अर्थात रुपये 2, 32,000 उसे वापस नहीं दिये जा रहे हैं और उन्हें एकपक्षीय रूप से सहारा क्यू शॉप में परिवर्तित किये जाने की बात कही गयी है.

इन शिकायतों के आधार पर कंपनी रजिस्ट्रार, कानपुर ने सहारा रियल एस्टेट को इन सभी आरोपों पर साक्ष्य सहित प्रस्तरवार स्पष्टीकरण देने को कहा है. उन्होंने इसके अलावा पांच प्रश्न भी पूछे हैं- क्या  सहारा रियल एस्टेट बांड को सहारा क्यू शॉप में परिवर्तित करने हेतु धारा 297 कंपनी अधिनियम में कोई अनुमति ली गयी है, सहारा रियल एस्टेट के बांड में पैसा लौटने की जगह सहारा क्यू शॉप से सामान ख़रीदे जाने सम्बंधित शर्तें, क्या सहारा रियल एस्टेट के प्रोस्पेक्टस में सहारा क्यू शॉप के सामन खरीदने की बात कही गयी है, क्या सुप्रीम कोर्ट आदेश में पैसा लौटने की जगह बांड परिवर्तन की व्यवस्था है और अब तक कैश/बैंक के माध्यम से वापस किये गए तथा शेयरों के माध्यम से परिवर्तित किये गए धन का प्रतिशत, उनके पूर्ण विवरण के साथ. कंपनी रजिस्ट्रार ने कहा है कि यदि दस दिनों के अंदर उत्तर नहीं मिलता तो कंपनी तथा उसके निदेशकों के खिलाफ कंपनी अधिनियम में दंडात्मक कार्यवाही की जायेगी.

क्यू शाप के जरिए फ्राड (2) : सहारा के खिलाफ सेबी को भेजे गए आईपीएस अमिताभ के पत्र को पढ़ें
अपने जाल में सहारा लगातार फंसता जा रहा है. अपने फ्राड के कारण ढेर सारे जांचों में घिरे सहारा समूह को अब लपेटा है एक आईपीएस अधिकारी ने. यूपी कैडर के अमिताभ ठाकुर ने सेबी के चेयरमैन को पत्र लिखकर सहारा के एक नए फ्राड का खुलासा किया है और इसकी जांच कराने की मांग की है. अमिताभ ने अपने पत्र की प्रति कई सरकारी विभागों-मंत्रालयों के पास भी फारवर्ड किया. उनकी शिकायत को संज्ञान में लेकर जांच शुरू हो चुकी है. ये वो पत्र है जिसमें अमिताभ ने सहारा समूह द्वारा क्यू शाप के जरिए किए जा रहे गोलमाल के बारे में लिखकर सेबी चेयरमैन समेत कइयों को भेजा है...

To,
The Chairman,
Securities and Exchange Board of India (SEBI),
Plot No.C4-A, 'G' Block, Bandra Kurla Complex,
Bandra (East), Mumbai 400051

Subject- Enquiry and necessary action as regards certain improprieties related to Sahara Q Shop Unique Products Range limited, Lucknow

Dear Sir,
1. We, petitioners No 1,  2 and 3, Amitabh Thakur, Dr Nutan Thakur and Ashish Verma respectively through our representation No-NRF/Sahara/01 Dated- 06/11/2012 had presented a serious matter associated with Sahara Q Shop Unique Products Range limited. 

2. That the representation discussed the implications of the order of the Hon’ble Supreme Court in Sahara India Real Estate Company vs Securities & Exchange Board Of India (SEBI, for short) & others dated 31/08 2012 in Civil Appeal No. 9833 of 2011 was announced which ordered the Sahara conglomerate to refund more than $3 billion it had raised from millions of small investors through Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited

3. That the representation also discussed about another new venture of Sahara India Parivar where it was being alleged that just like Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited, money was being raised by Sahara India the so-called Consumer products network, called the Sahara Q Shop in contravention of the various provisions of the Companies Act, DIP Guidelines, ICDR Regulations, SCR Act etc and that Sahara India was preferring this circuitous and round-about way to raise and collect public money in the garb of getting advance from the customers for buying a complete range of goods of this company chosen from their brochures.

4. That the two petitioners No 1 and 2 brought two “bonds” (investment receipts) with receipt no 071034485933 (in the name of petitioner No 1) and 071034485933 (in the name of petitioner No 2) from the Sahara Q shop which the Sahara Q shop staff backdated to 22/10/2012.

5. That the representation also dealt with the case of petitioner No 3 who had invested a total sum of Rs. 2, 32,000/ in four Adobe bonds of Rs. 58,000/ each which he had bought on 26/02/2011 through control Nos 17024001018-17024001021 (4 adobe bonds of Rs. 58,000 each) and in whose case, instead of complying with the order of the Hon’ble Supreme Court, the Branch Manager told the petitioner No 3 that his “Bonds” had been converted into Sahara Q shop “bonds”.

6. That it is for the above mentioned reasons that the three petitioners had approached all the appropriate suitable forums, viz. the SEBI, the Ministry of Corporate Affairs, Government of India, the Registrar of Companies, Mumbai, the Ministry of Consumer Affairs and the Reserve Bank of India along with the Prime Minister’s office, presenting all the above-mentioned facts to take all the appropriate and necessary actions in this case, related with the following two facets of the so-called Sahara Q shop-

(a) Orally saying and assuring a return of Rs. 2335 on every investment/bond/purchase of Rs. 1000 bond/coupon/customer copy while saying in the “General Terms and Conditions” of its customer copy-“ Global Advance of minimum of Rs. 10900 for buying complete range of goods but there will be no interest ever on advance amount” and thus trying to bye-pass the authority of various regulatory authorities, including SEBI, the RBI, the Ministry of Corporate Affairs and whosoever else is concerned

(b) Forcibly and unilaterally converting the bonds/shares/scrips/investments etc in Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited to Sahara Q shop without any consent of the investor, in defiance of the orders of the Hon’ble Supreme Court

7. That so far no action seems to have been taken in this matter. Hence, we present this representation in our individual capacity once again to take all possible necessary actions as per the provisions of law to stop this situation of making mockery of law and to bring regulation and order in the financial market, thus saving the innocent investors.

Lt No-NRF/Sahara/01        

Dated- 12/12/2012

Yours,
1. Amitabh Thakur
2.Nutan Thakur
3. Ashish Verma

Correspondence Address-
 Amitabh Thakur,
5/426, Viram Khand,
Gomti Nagar, 
Lucknow- 226010
# 94155-34526, 94155-34525
email-

Copy to-
1. The Principal Secretary, Office of the Prime Minister of India, New Delhi
2. The Governor, Reserve Bank of India
3. The Secretary, Ministry of Corporate Affairs, Government of India, New Delhi
4. The Secretary, Ministry of Consumer Affairs, Government of India, New Delhi
5. Registrar of Companies (ROC), Mumbai

क्यू शाप के जरिए फ्राड (3) : चालबाज सहारा समूह इन पांच सवालों का क्या देगा जवाब
आईपीएस अधिकारी अमिताभ ठाकुर व अन्य की शिकायत पर कंपनी रजिस्ट्रार, कानपुर ने सहारा रियल एस्टेट से पांच प्रश्न पूछे हैं. ये पांच सवाल क्या है, उसे नीचे प्रकाशित किए गए उस पत्र में पढ़ा जा सकता है जिसे कंपनी रजिस्ट्रार की तरफ से पूरे मामले पर जवाब देने के लिए सहारा को भेजा गया है. माना जा रहा है कि अपने फ्राड में खुद फंसते जा रहे और संकटों से घिरे सहारा समूह के लिए यह मामला तगड़ा झटका देने वाला साबित होगा. फिलहाल वह पत्र पढ़ें जिसका जवाब देना सहारा को काफी भारी पड़ेगा...

साभार
क्यू शाप के जरिए फ्राड (1) :
Created on Monday, 24 December 2012
Written by B4M
http://bhadas4media.com/print/7449-2012-12-24-11-58-49.html

क्यू शाप के जरिए फ्राड (2) :
Created on Monday, 24 December 2012 21:05
Written by B4M
http://bhadas4media.com/vividh/7450-2012-12-24-12-05-22.html

क्यू शाप के जरिए फ्राड (3) :
Created on Monday, 24 December 2012 21:35
Written by B4M
http://bhadas4media.com/vividh/7451-2012-12-24-12-35-46.html

DAMNED BY THE IRRIGATION SCAM : AAP Black Paper Highlights

1.    The Black Paper illustrates what a genuine White Paper on Irrigation should have ideally been like. The White Paper of the Irrigation Department is a farcical ‘Status Paper’ made to cover up the gross illegalities committed. In fact it is a joke that the White Paper is being prepared by the WRD itself! Hence, AAP has brought out the true picture through a Black Paper.

2.    It illustrates that figures relating to area brought under irrigation, as claimed in the White Paper, are misleading. We have learned that the WRD’s White Paper states that the land under irrigation has increased by 12.47 lakh hectares since 2001, that is 6 to 9%.  Assuming these figures are correct we have to understand that any increase mentioned is a result of irrigation due to wells, bore wells, drip irrigation, lift irrigation and not just due to dams and canals for which the WRD has made huge expenditure. We have also heard that the White Paper claims that the land under irrigation area has increased from 17.8% since 2001 to 28% but this is misleading as it pertain to the increase in the percentage of gross irrigated area to the gross cropped area.

3.    It has been prepared after analyzing data from sources and the findings show that the WRD’s tall claims about the area brought under irrigation are contradictory. As per WRD’s own data during 08-09 to 09-10, irrigation potential increased by only 0.148 Mha (Million Hectares) i.e. by a mere 3% year on year and irrigation on canals has actually decreased by 0.169 Mha. The ultimate irrigation potential stated by NABARD is 8.4 Mha while the CWC has stated it as 8.952 Mha, nowhere close to WRD claim of 12.6 Mha. DES data states that Irrigation Potential created by completed projects was a mere 2.95 Mha as agasint the WRD claim of 4.486 Mha.

4.    The Black Paper shows how Maharashtra, despite having the highest number of large dams has lesser increase in irrigated area vis-à-vis other States in the Country. As per CWC the Net Irrigated Area has actually decreased between the years 2000 and 2008!

Net Irrigated Area in Thousand Hectares
Period		Maharashtra	Madhya Pradesh	Gujrat	Orissa
2000	2001	3,249	4,135	2,806	1,334
2007	2008	3,181	6,418	3,528	2,158
Increase (%)		-2.09%	55.21%	25.73%	61.77%

           

          There is no other State in India or even Country in the world which has such shameful achievements

           

5.    The Black Paper proves how the cost per hectare for bringing land under irrigation in Maharashtra is the highest in the Country and probably in the World. The gross irrigated area has increased by a mere 8.9 % in spite of an annual expenditure of Rs. 7,000 crores amounting to a staggering Rs. 70,000 crores. That means Rs. 21.67 lacs per hectare which is in gross violation as the limit mandated by the Central Water Commission of Rs. 1.5 lakh to Rs. 2.5 lakh per hectare.

6.    The Black Paper exposes the modus operandi of the Irrigation Scam and the politician-bureaucrat-contractor nexus.

7.    The Black Paper also exposes that the main reason of such dismal performance of the WRD is largely due to the illegal diversion of water from Irrigation Projects for non-irrigation purposes. Water reserved for non-irrigation use (i.e. domestic and industrial) should be within the 15% to 25% spectrum but this ratio is cruelly reversed. At least 398.87 million cubic metres of water per year was diverted from irrigation to thermal power plants in Vidarbha between 2003 and 2011. This water could irrigate approximately 79,774 hectares of farmland. Coal-based thermal power is an extremely water-intensive way to generate energy.

8.    The Black Paper exposes the Laws, Acts, G.R.s and guidelines that have been violated by the WRD in almost all irrigation projects.

·       Violations of various Acts of the State and Central Govt.

·       Violations of the Hon’ble Governor’s Directives’

·       Violations of Govt.’s norms

·       Violations of IDC’s norms

·       Violations of CVC norms

·       By-passing the MWRRA

·       Creating Regional imbalances

·       Creating financial burden on the State

·       Partisanship to select contractors

·       Cartelization of bidders in tenders

·       Increasing the scope of work after tendering

·       Allotting dis-proportionately large number of projects to a few select contractors

9.    This Back Paper therefore demands the following actions from the Govt. of Maharashtra:

·      Immediate resignation of Sunil Tatkare, Minister WRD;

·      Set up an SIT probe to investigate into the Irrigation Scam;

·      Halt all dam projects in the State where there are violations and where Rehabilitation and Resettlement of PAPs has not been completed

·      Initiate disciplinary & punitive action against the Ministers and Officers of the WRD found guilty and implicated by the SIT probe and recover the funds siphoned off by them;

·      Black-list the contractors found guilty and implicated by the SIT probe and recover the funds siphoned off by them;

·      Initiate disciplinary & punitive action against the contractors found guilty and implicated by the SIT probe.

SEZ SCAM: SEZs not state’s best ind’l policy

Mumbai: At least 7,500 hectares of land, acquired originally for setting up special economic zones (SEZs), could be utilized for commercial and residential activity. The area is equivalent to nearly six Aarey Milk colonies.

A day after the state cabinet cleared the state’s new industrial policy, controversy surrounding an exit clause meant for denotified SEZs continues to cloud other new initiatives. The exit clause was introduced as quite a few SEZs in the state have already notified or withdrawn and there is a possibility of many others opting out following the central government’s move to levy new taxes in SEZ areas.

Only 17 of the 146 SEZs originally notified in the state have taken off so far. The exit clause has attracted controversy for allowing commercial and residential development on 40% of land acquired for the SEZ in cases where these were privately acquired, or are jointly promoted by CIDCO and MIDC with a private partner.

EXIT CLAUSE ROW
• The state will allow commercial/residential development of 40% of privately acquired land for denotified SEZs
• Exit clause introduced in view of high drop-out of SEZs; only 17 of 146 SEZs have taken off so far
• NCP privately criticizes policy. CM defends it, says condition now more stringent

CM defends exit clause, concerns over misuse
Mumbai: While chief minister Prithiviraj Chavan and industries minister Narayan Rane defended the exit clause for SEZs in the industrial policy and termed it a “path-breaking initiative”, concerns over its misuse are being raised even in government circles.

About 55% land acquired in the state for SEZs that have not taken off (16,000 out of 29,000 hectares) has been privately acquired, said the state officials. Besides, another 2,797 hectares have been acquired by MIDC for Bharat Forge SEZ in Khed and India Bulls SEZ in Sinnar, where it enjoys sweat equity of 26%. Cidco has a similar role in the Reliance-led Navi Mumbai SEZ.

The Confederation of Indian Industry (CII) has welcomed the new policy.

Senior ministers from the NCP camp had reportedly objected to the commercial and residential development clause at the cabinet meeting. Even as Rane denied it on Thursday, a senior NCP minister confirmed this. Talks of a rift in the Congress and NCP over the clause gained ground with deputy chief minister Ajit Pawar skipping a news meet on Thursday. But Rane clarified Pawar could not make it to the event as he was meeting a foreign delegation.

Chavan said the government had only imposed a more stringent condition on the SEZ developer. “The SEZ rules, 2006, stipulate that a developer must undertake industrial development on 50% of the acquired land. We have now increased it to 60%,” he said. He added the exit clause allowed conversion of the SEZs into integrated industrial areas, which would make the “walk to work” concept feasible.

The policy states about 10% land could be used for commercial development, while 30% could be used for apartments and facilities like schools, colleges, recreation grounds. CM said the IIAs would facilitate development of “self contained industrial townships.”

But the policy is silent on the nature of residential and allied development. “Special DCRs will be formed,” an official said. Separate cabinet approval will have to be taken for the conversion of the Navi Mumbai SEZ to IIA, Rane clarified on Thursday.

Both Rane and Chavan invited the media’s wrath when they accused it of running a misinformation campaign. Chavan even accused the press of “motivated” reportage of the cabinet meet. Sources said their veiled target was the Congress’s ally, the NCP. Spokesperson fpr NCP Nawab Malik said on Thursday the party was not opposed to the policy and that the views of some party ministers were “personal” in nature. The policy will come into force from April 1. The announcement comes days before “Vibrant Gujarat” investment summit.

NEW POLICY PROMISES
• Denotified SEZs to be converted into integrated industrial areas
• Additional 0.5 FSI for industries in MIDC areas on payment of a premium
• Accelerate growth in the manufacturing sector, bring Rs 5L crore investment and 20 lakh new jobs in 5 years
• Customized incentive packages for investments of over Rs 1,500 cr
• Increased fiscal incentives for investment in lesser developed areas
• Increased fiscal incentives and support to medium, small and micro enterprises
• Special cell to be set up for investor facilitation
• Single-window clearance system to be adopted

Courtesy:
Sandeep Ashar TNN
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/01/04&PageLabel=1&EntityId=Ar00105&ViewMode=HTML

IRRIGATION SCAM: Govt saves face, names irrigation SIT members at the 11th hour

Mumbai: In a last-ditch effort to save itself from major embarrassment, the state government announced late on Monday the terms of references as well as the names of members of the special investigation team (SIT) to probe the alleged multi-crore irrigation scam.

The announcement came at 11.40pm, just 20 minutes before the expiry of the government’s self-imposed December 31 deadline.

According to a release put out by the CM’s office, the SIT, headed by water management expert Madhavrao Chitale, will have three former bureaucrats—retired additional chief secretary (finance) A K D Jadhav, retired irrigation secretary V M Ranade and retired agriculture commissioner Krishna Lavekar— as its members. The SIT, which will be headquartered in Aurangabad, will have to submit its report within six months.

The government also announced the SIT’s terms of reference, which include reasons for lesser irrigated area, cost escalation in projects and the delay in execution and implementation of the projects. The SIT will also probe if administrative procedures were followed while approving the cost escalations. The government has asked the SIT to recommend measures it needs to take to complete irrigation projects within deadlines.

Water resources minister Sunil Tatkare had announced the formation of the SIT in the state legislative assembly on December 17. “The SIT probe will certainly go beyond what the white paper has already established,” he had said.

“The government took its own sweet time to make the announcement. Fearing criticism from the Opposition in case the government missed the deadline, Chavan made the announcement at the eleventh hour,” a Mantralaya official said. “The difference of opinion among the coalition partners on the SIT’s terms of reference led to the delay.”

For the past few months, the Congress and the NCP have been at loggerhead over the irrigation issue. The NCP’s Ajit Pawar had to resign following allegations of irregularities in irrigation projects. After the government’s white paper practically gave Pawar a clean chit, he was re-inducted into the state cabinet. The Opposition condemned Pawar’s re-induction, following which the CM agreed to an SIT probe.

STORY SO FAR

• Following allegations by opposition parties over the irrigation scam worth Rs 70,000 crore, the CM announced an SIT probe
• The white paper tabled by the government in November claimed 28% rise in the irrigation potential in the past 10 years
• The state economic survey cited .01% rise in irrigated area in Maharashtra while the white paper tabled by the government claims 5.17% rise

Courtesy:
Sanjeev Shivadekar TNN
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/01/01&PageLabel=8&EntityId=Ar00800&ViewMode=HTML

SCAMSTERS ON THE RUN: ACB sets up two new cells to nail graft accused

Mumbai: To enhance the conviction rates and bring a strict discipline in various departments, the state anti-corruption bureau (ACB) has set up a technical analysis wing (TAW) and a recommendation cell.

While TAW will help the ACB collect technical evidences like data from computer hard disks/motherboards, mirror images, CCTV footages and other evidences, the recommendation cell will suggest punishments for officials caught in the corruption cases. The two cells, which came into effect recently, are the brainchild additional commissioner of police (ACB) Rajesh More.

Sources said that when a public servant is arrested in corruption and disproportionate assets cases , the ACB carries searches of their houses and offices, and seizes computers, laptops, cellphones, etc, as evidence.

“Many-a times, the accused are let off due to lack of evidence or when an investigating officer fails to present technical evidences before the court of law. Some cases are too technical for a layperson to understand. In such cases, TAW will explain the charges,” said More, adding that these cells will reduce the burden on Forensic Science Laboratory (FSL), which is short-staffed.

More said that it was not feasible to transport the entire computer or other electronic devices, hence TAW will retrieve data into hard copies, make mirror images of the motherboard and will help the IO in presenting his case accurately and precisely before the court of law.

About the recommendation cell, an officer said, “It has been seen in the past that court trials go on for years, during which the IO changes and senior officials too get transferred. In such cases, the arrested corrupt officials get acquitted due to lack of evidence or lapses. The recommendation cell will hence suggest to the departments concerned on punishments, stoppage of increments, promotions, etc,” said an ACB officer. In many cases, several accused officers are reinstated at key posts even before their cases are settled in the court, the officer added.

“This cell will see that the accused’s act is brought on record in his Annual Confidential Report (ACR). The cell, after going through court orders, will recommend suitable punishment to the departments concerned,” said the officer.
Courtesy:
S Ahmed Ali TNN
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/01/01&PageLabel=10&EntityId=Ar01001&ViewMode=HTML

OCTROI SCAM: BMC crackdown on car owners earns them 20L

There’s bad news for hundreds of thousands of Mumbaikars who have registered their cars outside the city to escape the octroi charges: the civic body officials will cover the entire city to bring the octroi evaders to book, and their deadline is March 31.

Around two weeks ago, the civic body officials visited at least 10 housing societies in south Mumbai and found 35 cars which were registered outside the city, for which octroi was not paid. The drive was part of BMC’s door to door initiative to track cases of octroi evasion by the vehicle owners, and earned them Rs20 lakh in penalties.

Identifying vehicles registered in Mumbai is easy: all such vehicles have registration numbers beginning with MH 01 (Mumbai Central RTO), MH 02 (Andheri) and MH 03 (Wadala-Worli). Those who register their vehicles in Mumbai are required to pay the octroi of 4.5per cent of the vehicle’s cost. Many car owners prefer to register their vehicles in Navi Mumbai, where instead of octroi, just oneper cent cess is levied. For instance, if your car costs Rs 10 lakh and you get it registered in Navi Mumbai, you end up saving Rs 35,000.

However, if you are a resident of Mumbai driving a vehicle registered elsewhere, the civic body can charge 10 times the actual octroi for non-payment of octroi as per Section 192 (1) of the BMC Act. This works out to a penalty of Rs 4.5 lakh for a vehicle costing Rs 10 lakh.

Ramesh Arote, deputy assessor and collector, BMC said the civic body officials found around 100 cars registered outside Mumbai in the south Mumbai drive, but most of them were able to prove their residence/business operations in the areas of registration.

“The drive will continue,” Arote said, “It’s a common ploy by the vehicle owners to save money, but such tactics result in huge losses to BMC.” He added that all vehicle owners in the BMC-controlled areas have been asked to furnish details of their vehicles.

The citizens were not worried. While one of them said it was “impossible” for BMC to launch a door-to-door check, a resident of Andheri added, “I got my car registered on my office address in Airoli. What can BMC do about it?”
Courtesy:
Pandurang.Mhaske@timesgroup.com
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HOUSING SCAM: Builder - neta nexus behind realty rise, say experts

The nexus between politicians and developers is what is causing property prices to skyrocket and burdening genuine consumers. According to property experts, many developers are politicians and vice versa.

“Almost all housing policies are tweaked to favour the builders. As a result, today the real estate sector is a complete mess. There is no transparency. The use of black money has increased manifold. Politicians feel that the real estate is best sector to direct their ill-gotten money to. Therefore, the property market never runs on real demand and supply, but on the wishes of politicians and developers,” said Ramesh Prabhu, chairman of Maharashtra Societies Welfare Association.

Another housing activist said that to put an end to this malpractice, the government should create a transparent real estate portal. “We have been demanding this exchange portal for a long time. It will record all real estate transactions. One copy will submitted to the income tax department, so the government can keep a tab on builders, as well as earn revenue. But sadly, no one is interested in such a law,” he said, requesting anonymity.

Prabhu said, “The time has come for the common man to awaken from his slumber and start demanding good policies. Otherwise, he will continue to suffer.”
Courtesy:
DNA Correspondent
Published Date:  Jan 02, 2013
http://epaper.dnaindia.com/story.aspx?id=35692&boxid=14149&ed_date=2013-01-02&ed_code=820009&ed_page=7