Citizens' Issues
Bullet train fare 1.5 times higher than AC 1st Class
New Delhi : The Ministry of Railways has proposed a tariff for the upcoming bullet train service between Mumbai and Ahmedabad that will be 1.5 times more than the first class AC fare prevailing now, parliament was informed on Wednesday.
 
In Duronto Express, for example, the current AC 1st Class fare between Mumbai and Ahmedabad, is Rs.2,200. This means, for the 508-km run between the two cities -- via a dedicated, high-speed corridor -- the fare will be around Rs.3,300. 
 
In Japan, a similar, 550-km run between Tokyo and Osaka on the Shinkansen, as the bullet train network there is called -- and on which the Indian service is being modelled -- costs around Rs.8,500.
 
In a written reply in the Lok Sabha, Minister of State for Railways Manoj Sinha said the first phase of the Indian network will have a maximum design speed of 350 km per hour and an operating speed of 320 km per hour.
 
The ministry expects around 36,000 daily users per day both ways by 2023, going up to 186,000 by 2053. "The total journey time of the fast train will be 2.07 hours and of trains stopping at each station will be 2.58 hrs," Sinha said.
 
The ministry has planned a total of 12 stations for the train -- Mumbai, Thane, Virar, Boisar, Vapi, Bilimora, Surat, Bharuch, Vadodara, Anand, Ahmedabad and Sabarmati. "The total completion cost will be approximately Rs.97,636 crore," the minister said.
 
"Further, it has been decided to undertake a feasibility study between Delhi-Nagpur as part of the New Delhi-Chennai corridor through government-to-government cooperation with China," he said in his answer to the question posed by G. Hari of the All India Anna Dravida Munnetra Kazhagam.
 
In a debate in the Lok Sabha last week, Railway Minister Suresh Prabhu had brushed aside criticism of bullet trains being an expensive proposition for the country, saying the government had managed to secure a soft loan of Rs.1 lakh crore from Japan at a mere 0.1 percent interest.
 
"The technology to be used for bullet trains will help improve the services of normal trains and the integration of signalling system," said Prabhu, wondering if a "deliberate misinformation" campaign was going on against the introduction of such trains.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SEBI directs Tribhuvan Agro to refund money collected from investors

Market regulator Securities and Exchange Board of India (SEBI) has asked Tribhuvan Agro Project Ltd and the company promoters and directors to refund money collected from investors through redeemable preference shares and secured redeemable non-convertible debentures (NCDs). The refunds should include the money collected from investors, till date, pending allotment of NCD, with interest at the rate of 15% per annum compounded at half yearly intervals.

According to the SEBI Order, the company and its promoters and directors are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market. They are also restrained from issuing prospectus, offer document or advertisement soliciting money from the public and associating themselves with any listed public company and any public company which intends to raise money from the public, or any intermediary registered with SEBI. The restrictions shall continue to be in force till the expiry of four years from the date of completion of refunds to investors.

According to the SEBI Order, the Debenture Trustee viz. Tribhuvan Agro Debenture Trust (represented by its Trustees, viz. Sukumar Mondal, Sanjay Nayak, Sujit Kumar Goswami, Rajib Das and Mohammed Sunwas Ali) is prohibited from acting as an intermediary, accessing the securities market and further restrained from buying, selling or dealing in securities, for a period of 4 years.

The company was engaged in fund mobilising activity through issuance of Redeemable Preference Shares and Secured Redeemable Non – Convertible Debentures, to more than 49 persons, without complying with the relevant provisions of the Companies Act, 1956 the SEBI (Disclosure and Investor Protection) Guidelines 2003 read with the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 and the relevant provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008.

SEBI directed the company and its directors to issue public notice, in all editions of two National Dailies (one English and one Hindi) and in one local daily with wide circulation, detailing the modalities for refund, including details of contact persons including names, addresses and contact details, within fifteen days of its Order.

On 24 February 2015, SEBI had directed the company and its directors not to collect any more money from investors.

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Ethics panel recommends Mallya expulsion from Rajya Sabha
New Delhi : The Rajya Sabha ethics panel has recommended the expulsion of Vijay Mallya "with immediate effect" from the house after his resignation was rejected by Chairman Hamid Ansari.
 
"Having considered the whole matter, including Mallya's (resignation) letter, the Committee of Ethics unanimously decided at its meeting on May 3, 2016, to recommend to the house that Vijay Mallya be expelled with immediate effect," the panel said in its recommendation to the upper house.
 
The report was tabled in the house on Wednesday by panel chairman Karan Singh.
 
"The committee hopes that by taking such stern action, a message would reach the general public that parliament is committed to take such steps as are necessary against erring members to uphold the dignity and prestige of this great institution."
 
The house will now take a call on the recommendation before adopting or rejecting the committee report.
 
Mallya is accused of defaulting on more than Rs.9,000 crore in loans he had taken from a consortium of banks. He left India on March 2 and is believed to be in the United Kingdom. His passport has been revoked after he failed to appear for three consecutive summons by the Enforcement Directorate.
 
In an apparent attempt to pre-empt his expulsion, Mallya wrote to Chairman Ansari on Tuesday seeking to resign from the house because he did not want his "name and reputation to be further dragged in mud".
 
However, Ansari turned down the resignation on procedural grounds.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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