Regulations
Cabinet okays Rs.2,142 cr National Watershed Management Project
The cabinet on Wednesday approved the National Watershed Management Project (NWMP) to ensure access to irrigation for every farm, union Shipping Minister Nitin Gadkari said.
 
The NWMP will be a component of the Pradhan Mantri Krishi Sinchayi Yojana (PMKSY) and will ensure access to irrigation for every farm and efficient use of water (Per Drop More Crop), he said following the cabinet meet.
 
"The total outlay of the project (Neeranchal National Watershed Project) which is done with the World Bank's assistance is Rs.2,142 crore," he said, adding, "The government's share is Rs.1,071.15 crore (50 percent) and the rest is the loan component from the bank."
 
"The project will be implemented in nine states of Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Rajasthan and Telangana," he said.
 
The decision taken at the cabinet meet, chaired by Prime Minister Narendra Modi, will bring about institutional changes in watershed and rain-fed agricultural management practices in the country, a government statement said.
 
The project will also build systems which will ensure watershed programmes and rain-fed irrigation management practices are better focussed, and more coordinated and have quantifiable results. 
 
These systems will also devise strategies for the sustainability of improved watershed management practices in the areas, even after the withdrawal of project support, the statement said.
 
"The programme will lead to reducing surface runoff of rainwater, increasing recharge of ground water and better availability of water in rain-fed areas resulting in incremental rain-fed agriculture productivity, enhanced milk yield and increased cropping intensity through better convergence related programmes in project areas," it said.
 
"The erstwhile 'Integrated Watershed Management Programme (IWMP)' was implemented since 2009-10 by the Department of Land Resources (DoLR), for supporting watershed development in 28 states. From 2015-16 onwards, the IWMP will be implemented as the Watershed Component of PMKSY," the statement added
 
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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Rs.1,030.02 crore bonus for non-gazetted railway employees
Ahead of the festive season, the union cabinet on Wednesday declared a productivity linked bonus for Indian Railways' employees to the tune of Rs.1,030.02 crore for the current year.
 
The bonus - equivalent to 78 days' wages - will be calculated according to the prescribed ceiling for the eligible non-gazetted railway employees at Rs. 3,500 per month.
 
The maximum amount payable per eligible railway employee is Rs.8,975 for 78 days.
 
In a statement, the government said the bonus has been declared considering the good financial performance of railways and is expected to motivate employees for working towards improving the same in future.
 
About 12.58 lakh non-gazetted railway employees are likely to benefit from the decision.
 
The highest such bonus amounting to 78 days wages was paid for the fiscal years 2010-11, 2011-12, 2012-13 and 2013-14.

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Elder Pharma fails to disclose information about arrest of MD, ED
Alok Saxena, along with two top officials of Elder Pharmaceutical, had allegedly tried to make a payment of Rs1.35 crore through five post-dated cheques from a deactivated account. But the company has not disclosed this information and the news of the arrest of the MD and ED to the stock exchanges
 
Alok Saxena, managing director (MD) and chief executive of Elder Pharmaceuticals Ltd as well as Yusuf Karim Khan, executive director (ED) have been arrested while Anuj Saxena, the chief operating officer (COO) of the company and television actor is absconding in a cheque fraud case, says a report from Mid-Day. However, the pharma company, which is listed on both BSE and National Stock Exchange (NSE) has not shared the information with the Exchanges as of 3pm Wednesday.
 
The last corporate filing from Elder Pharmaceutical on both BSE and NSE shows an outcome of its board meeting filed on 28 September 2015.
 

 

According to the news report, while Alok (CEO and MD) has been arrested, the police are still on the hunt for Chief Operations Officer (COO) Anuj, who is also a well-known TV actor after a complaint was filed against them in the Azad Maidan Police Station on 2 October 2015.

 

In the complaint, Directors of MAK Ampoules Pvt Ltd and Ankola Paper Mills Pvt Ltd, who have also been the suppliers for Elder Pharmaceuticals, alleged that the company issued them post dated cheques towards their intercorporate investments from a bank account, which was closed a year back.

 

Even after contacting Elder Pharma several times, there was no response from the company. This led MAK Ampoules and Ankola Paper Mills to file a first information report (FIR) under section 420 (Cheating and dishonestly inducing delivery of property) and 34 (common intention) against Elder Pharma's top brass.

 

According to information, the money (about Rs1.35 crore) was given to Elder Pharma by MAK Ampoules and Ankola Paper Mills as intercorporate deposit. This was an arrangement where the companies with surplus funds invested money in Elder Pharma for a period of maximum six months as source of short term financing. The arrangement was started in 2012 when both the companies gave Rs50 lakh as deposit. The arrangement continued till October 2014. During that month, Elder Pharmaceuticals gave five posted dated cheques amounting to Rs1.35 crore to directors of MAK Ampoules and Ankola Paper Mills. The cheques were supposed to be cleared on 31 March 2015.

 

However, when the cheques were deposited on 31 March 2015, the bank returned it. "Bank officials informed the companies that the cheques are dishonoured since the account from which they were issued was closed in November 2014. We appealed in the Court regarding the issue and eventually on 3 September 2015, we filed a police complaint with Azad Maidan Police Station," said a representative from the company.

 

Both Alok Saxena and Khan are now out on a bail while Anuj Saxena and Joginder Singh Juneja, the other accused are absconding.

 

Earlier the Company Law Board (CLB) twice directed the company to pay principal and interest due to depositors. On 29 March 2015, the CLB asked Elder Pharma to pay principal and interest by 30 April 2014 due to 12 depositors who have made an application under section 58A (9) of the Companies Act, 1956 and to file an affidavit of compliance of the same order with the CLB by 1 May 2014.

 

The CLB again vide its order on 11 July 2014, directed the Company to pay principal and/or interest to senior citizens by 10 August 2014 and to other depositors by 9 September 2014. The CLB has directed the Company to file an affidavit by 15 September 2014 for compliance of the said order.

 

Elder Pharma has been raising short term capital during 2013-2014. During the fiscal year that ended on 30 June 2014, the company's short term borrowing increased almost five times from Rs35.28 crore as on 30 June 2013. This information is revealed in the Auditor's Report.

 

Anuj Saxena is also a television actor and has acted in serials like ‘Kkusum’, ‘Kumkum’, 'Saara Akaash’, and ‘Risshton Ki Dor’. He also acted in a couple of Bollywood films ‘Chase’ and ‘Paranthe Wali Gali’.

 

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COMMENTS

Dipakkumar J Shah

1 year ago

Adding to this , there was a one case Dividend paid out of capital , illegal payment , out of mere book entry of profit , for two years one in 31.10.1992 and another in 31.03.1994 in the Accounts of Ratnamani Engineering Limited never reported by Company to Shareholders report , not even to Judiciary Courts any time till this date. All departments of M C A , High Courts of Gujarat , Judicial Authority had been purchased. No action is taken yet and so far , even in accounts and Prospectus Issued by Company in March 1994 all details are there and also on record of High Court of Gujarat !! What a Businessman can do and poor shareholders can do ?? Appeal , appeal , appeal till you die!!!! Dividend was paid only from mere book entry of profit which was never received in Cash???!! Auditors have also joined the hands of Management !!! Not qualified their report in Prospectus and also in accounts specifically with the amount of actual profit accrued and out of which Dividend was paid !!!, Not reported till this days in accounts from 1994 to till this date 2015 March Accounts. Also Stock Exchanges are not informed !!!! This can only happen in India for all these years?? Since Hon. Courts not specified the orders therefore no Report in Balance Sheet !!!!!!!!!

Dipakkumar J Shah

1 year ago

I had filed a Petition Before Company Law Board Northern Region some 5 years back against Jindal Steel And Power Limited U/s 58 A (9) for late payment of Deposit Interest. I was issued a notice for hearing of the petition. But so far No order is passed nor any further heari9ng of the case. How Businessman turned to a Politicians can do even in Judicial field !!!!

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