Business standard
| Patil panel details 22 benami transactions |
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Mumbai, 1 January The inquiry report into the Adarsh housing scam here, that has already resulted in more than one political upheaval, is like the script of aBollywood movie, with politicians and bureaucrats playing star roles. Among other things, you have a driver in Nagpur whod never been to this city and a roadside vegetable vendor both suddenly buying a flat in the now infamous 31- storey Adarsh cooperative housing society ( CHS). A two- member commission headed by aretired judge of the high court here, J A Patil, and also comprising former bureaucrat PSubrahamaniam, has given a 670- page report. This has 36 pages exposing 22 benami transactions of sales and purchases, such as the two instances mentioned earlier. The commission says such members were almost fully financed by third parties and by advancing huge amounts of loan without security or interest. The commission has referred to seven court cases to substantiate its scathing observation that 22 of 103 cases of purchases of flats were found to be benami, prohibited under the relevant law of 1988. Of these 22 flats, as many as eight are associated with Abhay Sancheti, brother of Ajay Sancheti, a Rajya Sabha member of the Bharatiya Janata Party. The latter is considered a confidant of the BJPs former national president, Nitin Gadkari. The commission says Abhay Sancheti and the Nagpur- based San Finance Corporation were the proxy owner of all eight flats. Abhay is a director of San Finance Corporation and of SMS Infrastructure, a sister concern. The panel has named Suresh Atram, Sudhakar Madke, Rajesh Bora, Jagdishprasad Sharma, Parmanand Hinduja, Manilal Thakur, Paramhans Ram, Amarjit Singh and Kiran Bhadange as benami holders financed by Sancheti's firm. Here's a closer look at these findings: Suresh Gulabrao Atram ( flat no 904, B wing) works as a peon with SMS Infrastructure and was given a loan of ₹ 59,50,000 by San Finance. Sudhar Laxman Madke ( flat no 902, B wing), a driver with San Finance Corporation, was given a loan of ₹ 60 lakh by the company for buying a flat. Rajesh Bora ( flat no 1004, B wing), brother- in- law of Abhay Sancheti, took a loan of ₹ 60 lakh from the compamy. The flat allotted to Bora is adjoining the flat of Madke. Kiran Bhadange's ( flat no 1503, B wing) stated monthly income is ₹ 500. The commission said it was obvious that with this income, he would not have ventured to buy a flat in the Cuffe Parade area by spending ₹ 63 lakh. He is close to the Gidwani family. The late Kanhaiyalal Gidwani was co- promoter of the Adarsh CHS. Vishal K Kedari ( flat no 802, A wing), a vegetable vendor, purchased a flat for ₹ 59,10,768. He raised the amount by borrowing ₹ 3,40,000 from Sevakram Nayyar and ₹ 28 lakh from Parveen Nayyar, ₹ 20 lakh from Amit Thepade and ₹ 10 lakh from Sunil Advani. All these loans are interest- free. He has not made repayment of any loan to the persons from whom he borrowed. Rupali Raorane ( flat no 1703 B wing) is believed to be close to a senior minister in the states council of ministers. She paid ₹ 65,05,768. She obtained a loan from Superline Constructions, at 10 per cent annual interest. However, given with no security and without ascertaining the repayment capacity. " It is not a charitable company to advance loans from needy persons. There is nothing in the evidence of Rupali as to for what purpose she wanted to buy a flat in Mumbai," notes the panel. Probably benami, too, it has said. Forward In view of Cogress VicePresident Rahul Gandhis directive to review the state cabinets decision to reject the commissions report, the government is expected to initiate an CID inquiry against these 22 transactions. Opposition parties have already made a strong demand in this regard. Additionally, the Central Bureau of Investigation, which is currently probing the Adarsh scam, might look into these. The enforcement directorate and income tax departments are also likely to step in. Peons, street vendors given loans to buy flats with no means of payment; political links also clear
Times of India Lokpal Bill gets President's nod PTI | Jan 1, 2014, 07.07 PM IST NEW DELHI: The much-awaited Lokpal Bill on Wednesday got the assent from President Pranab Mukherjee, providing for creation of an anti-graft watchdog which will bring under its purview even the Prime Minister with certain safeguards. Don't panic, banks will accept scribbled notes: RBI HYDERABAD: The apex bank of the country, Reserve Bank of India, has clarified that banks will not turn away people who come with scribbled notes to its doors. RBI has further clarified that it had issued instructions on August 14, 2013 only to banks advising them to instruct their staff not to scribble or write on the body of the bank notes since it was observed that the bank officials themselves were in the habit of writing on bank notes which went against the Reserve Bank's clean note policy. |
Govt may soon permit FDI in high-speed trains, other projects
The move will help in attracting more and more FDI besides development of infrastructure for industrial purposes. Indian Railways are facing a cash problem.
PTI | Jan 1, 2014, 03.03PM IST
NEW DELHI: The government is likely to allow foreign direct investment in high-speed trains and other projects including development of rail lines between project sites and existing network.
"The commerce and industry ministry has sent the Cabinet note on the matter and a decision is likely to be taken this this month only," a government official said.
Besides, proposing 100 per cent FDI through automatic route in the cash-starved railway sector, the Department of Industrial Policy and Promotion (DIPP) has also proposed to de-license and de-reserve few areas of the sector.
However, FDI will not be allowed in train operations and safety.
At present, there is a complete ban on any kind of foreign direct investment (FDI) in the railways sector except mass rapid transport systems.
According to the proposal, foreign investment would also be allowed in "sub-urban corridor, high-speed train systems and dedicated freight line projects implemented in PPP mode " the official said.
It has also suggested widening the definition of 'infrastructure' by including railway line and railway sidings.
As per the proposal, foreign companies would be allowed to pick up 100 per cent stake in the special purpose vehicle (SPV) that will construct and maintain rail lines connecting ports, mines and industrial hubs with the existing rail network.
"It will be first-to-last mile connectivity between ports and things like coal mines to the existing railway freight stations," the official said.
First-to-last mile connectivity would mean smooth movement of raw materials from mines to ports.
The move will help in attracting more and more FDI besides development of infrastructure for industrial purposes. Indian Railways are facing a cash problem.
Industrial development and exports have been suffering on account of poor infrastructure which hampers output and raises the cost of production.
It is felt railways can play a role in providing a reliable transport facility necessary for promoting industrial growth.
Players setting up sea ports and large mines need efficient railway connectivity.
Welcoming the development, experts said the government should come out with clear rules for public-private-partnership (PPP) projects.
"A clarity is required on scope and terms of PPP projects," head of tax department in corporate law firm Amarchand & Mangaldas, Krishan Malhotra said.
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