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Don’t yield to pressure from Saharas: SEBI tells investors
FCI to trade wheat in futures market: Thomas
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Airport Metro: DMRC rejects Reliance Infra’s offer to quit
aviation notes
investor guidance
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Don’t yield to pressure from Saharas: SEBI tells investors
New Delhi, October 27 In August, the Supreme Court had directed SIRECL and SHICL to refund investors' money worth Rs 24,000 crore within three months with 15 per cent interest per annum for violating norms in raising funds from the public. Noting that the Saharas have not submitted the relevant documents to it, SEBI in a public notice on Satturday said the regulator has been receiving complaints from investors of being forced by Saharas to switch to schemes in its other group companies. In the notice titled 'Don't be forced!!! Dont' be misguided', SEBI has asked investors "not to yield to any pressure from any person, including Saharas or their agents, for converting or switching over their existing investments in the bonds to any of their schemes..." The apex court had said that if Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) fail to refund the amount, then SEBI can attach properties and freeze bank accounts of these companies. "The Saharas have not submitted the relevant documents to SEBI, as per the order of the Supreme Court. SEBI has been receiving complaints from investors that they are being forced by Saharas/their agents/officials to switch over their investments to other schemes in Sahara Group Companies like Q Shop Unique Products Range Ltd, Sahara Credit Cooperative Society Ltd, etc. "Some investors have also complained that their investments have been switched over to said schemes of Sahara Group Companies without their consent," the notice said. The Supreme Court in August had said that SIRECL and SHICL should refund the amounts collected through RHPs dated March 13, 2008 and October 10, 2009 along with an interest rate of 15 per cent per annum to SEBI from the date of receipt of the subscription amount till the date of repayment. — PTI Apex Court Order
In August, the Supreme Court had directed Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) to refund investors' money worth Rs 24,000 crore within three months Saharas have not submitted the relevant documents to SEBI, as per the order of the Supreme Court |
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FCI to trade wheat in futures market: Thomas
New Delhi, October 27 The government has taken a decision in this regard and is taking requisite clearance from the Forward Market Commission (FMC), he said while inaugurating the second international convention organised by the Commodity Participants Association of India (CPAI) and FMC here. Seeking to remove misconceptions about FCI, the minister said while it may be a white elephant, “We have no option because it provides a minimum support price to the farmers and subsidised food grains.” He said FCI has brought down the damage from 2.5 per cent to 0.0065 per cent in the past one year. Lauding the growth of the commodity futures market in the country, he said “The growth is an indication of the increasing liquidity, depth and participation in the market Thomas, however, said the maturity and development of the market cannot be judged merely by the growth in volumes. “The market has to perform the economic function of price discovery and price risk management”, he said, adding one of the major challenges was to change its speculative image and ensure increased participation of the physical market players on the futures platform for hedging. Noting that at present farmers lack necessary skills to enter the futures market, the minister Thomas said the knowledge of future prices would help the farmers in taking pre-sowing and post-harvest decisions and increases their bargaining power vis-à-vis the traders.
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Airport Metro: DMRC rejects Reliance Infra’s offer to quit
New Delhi, October 27 Delhi Metro Rail Corporation managing director Mangu Singh said here at a press conference: "Most of the repair work on the Airport Metro Express line is over. We will now move on with acquiring safety clearances and finish all other related formalities. Most likely, the line will resume operations around Divali.” Singh also confirmed that Reliance Infrastructure-led concessionaire - Delhi Airport Metro Express Private Limited (DAMEPL)-- for the line had served a notice two weeks ago to terminate its agreement with DMRC but it was rejected on Friday and being referred to arbitration. “The issues raised by DAMEPL regarding financial non-viability of the country’s first Public-Private Partnership project and also their request of re-structuring have been rejected by the DMRC. On request of DAMEPL the dispute is now being referred to arbitration. Similarly, the issue of termination of the concession agreement has been disputed and the same has also been referred for resolution through arbitration proceedings. However, Reliance Infrastructure maintained it will run the airport line services pending resolution of the disputes through arbitration. Ever since the line was commissioned in February 2011, after several months of delay that too on reduced speed, the footfalls or number of people utilising the line did not cross an average of 20,000 per day. The concessionaire resorted to slashing the fare by 50 per cent as an introductory offer, brought in baggage check-in facility for Air India passengers at the New Delhi and Shivaji Stadium stations, a and extended the service till midnight and increasing the duration to once every 15 minutes instead of 20 each minutes.
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Auction of airport slots a difficult job
K.R.Wadhwaney The Minister of State for Civil Aviation, Ajit Singh, has expressed his desire to auction slots at Indian airports to generate revenue. Experts say it is a good idea but it will be difficult to implement it. A number of factors are bound to impede the progress, they say. In the US, the slot allotment issue has been pending with the Federal court. Similar situation will prevail here as the already users of the slots may claim their first right to buy them. "Why should they buy them when they have been using for years without any payment?" they questioned. There are several other complicated issues which need to be resolved before giving consent to an auction process. The situation of airports in India is very complex. More than half the airports and air spaces are in the control of the armed forces. It is difficult to accord permission from them for civil operations. On the other hand, wealthy developers controlling some of the important international airports may buy these slots without any reservations. Similar is the status of the Airports Authority of India, which has possession of several airports. Currently, the Directorate General of Civil Aviation (DGCA) allots slots at all airports. The International Air Transport Association (IATA) believes: "The current grandfather rights used by airlines and developers to allocate airport slots are anti-competitive". There are, however, wheels within wheels and it will be quite a cumbersome decision to organise auctioning of the airport slots. The UPA government has approved the policy to allow foreign airlines to invest up to 49 per cent in domestic Indian carriers, both scheduled and no-scheduled. The removal of restrictions is expected to help another round of boom in the Indian civil aviation sector.
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Gift to parents tax-free
A.N. Shanbhag I am a retired person with no other source of income except interest on some fixed deposits. Can my daughter give me a gift or an interest free loan? Explain its procedure in accordance with her employer and taxation point of view. — Mohit As per the Income Tax Act, ,any gift given by daughter (not a minor) to father would be fully tax-free. Note that there is no tax deduction on the gift per se. To put it differently, the gift given to you by your daughter from her post tax income will be tax-free for both of you. As far as the procedure is concerned, a simple note from your daughter stating that she is giving you this gift out of her natural love and affection and an acceptance note from your side would suffice. This note should be dated (as on the day of the gift) and kept on record. Her employer has no locus standi on how she applies her post tax income and hence their acceptance to the gift is irrelevant. I have just entered into a property sale transaction and intended to buy another property to save the capital gain tax. I understand one has two years’ time to buy that and in the meanwhile the money can be deposited in the capital gain account scheme (CGAS) deposit. Should entire sale proceeds be deposited into the CGAS or only the profit portion? — Khemji In the case of the sale of a residential property, it is only the capital gains that are required to be reinvested in the new property - hence it is only the capital gains amount that needs to be deposited in the CGAS. Now, in the case of any other asset than a residential property, it is the net sale proceeds that need to be reinvested in the new property, so the same will have to be deposited in the CGAS.
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GREATER NOIDA New Delhi
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SEBI today advised investors against yielding to any pressure from "Saharas or their agents" for switching over their investments in two Sahara companies — SIRECL and SHICL— to other group companies.
Four months after it was suddenly shut down, the Delhi Airport Metro Express is expected to transport passengers to and from the Indira Gandhi International Airport Terminal-3. Delhi Metro today said it has rejected an offer by Reliance Infrastructure to quit the showcase Airport Metro Express citing financial non-viability of the country’s first Public-Private Partnership project and indicated that the corridor might be thrown open to public by
Divali.
New Delhi