Bombay HC Junks CM’s Discretionary Housing Quota

The Bombay High Court has scrapped the Maharashtra chief minister’s (CM) discretionary housing quota and restrained the state government from making further allotments. The Court observed that allotment of flats under such a quota was ‘illegal’ and state policies giving the CM such discretion to create a quota were ‘bad in law’.

Under these policies, 2% of the flats built by the Maharashtra Housing and Area Development Authority and 5% of flats built on private land under the Urban Ceiling Land Act were designated as part of the CM’s quota. The Court, however, allowed the state to frame a ‘fair’ fresh policy. The High Court also said allotments made under the quota prior to its decision would be determined in another criminal PIL filed by activist Ketan Tirodkar.

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SEBI Tightens Disclosure Norms for Mutual Funds

SEBI has asked mutual fund (MF) houses to make monthly disclosures about assets managed by them and explain the rationale for exercising their voting rights. This is the part of a long-term policy issued by SEBI for mutual funds effective
1 April 2014.

The long-term policy for the over Rs9 lakh crore MF industry aims to make MFs an attractive investment proposition for retail investors and to bolster distribution channels. It has suggested selling of mutual funds through public sector banks and online, to increase their penetration.

In the circular, SEBI also said that fund houses have to place the consolidated data on the website of Association of Mutual Funds of India (AMFI) within seven working days of the month.

Also, MFs should disclose the rationale while exercising their voting rights in investee companies. “Asset management companies (AMCs) shall be required to record and disclose specific rationale supporting their voting decision (for, against or abstain) with respect to each vote proposal,” according to the SEBI circular.
 

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Bank, ATM Services May Be Hit with Windows XP Support Ending on 8th April

Banking operations, including ATM services, may be hit, with Microsoft support for Windows XP operating system ending on 8th April. RBI asked banks to take immediate steps to implement appropriate systems and controls to meet the challenge of increased probability of attacks on such a system that may affect ATM operations. Microsoft will stop issuing updates and patches for bugs in its Windows XP operating systems, which was released in 2001.

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