Citizens' Issues
Civil society, NGOs to be asked to help guard rail crossings

Railway Minister Prabhu said due to financial constraints, the Railways has not been able to guard each and every level crossing and efforts were on to gather resources for the purpose

 

Civil society, NGOs, socio- political organisations will be asked to provide volunteers to guard more than 11,000 unmanned railway crossings across the country to minimise death on tracks, Lok Sabha was told today .

 

Railway Minister Suresh Prabhu said during Question Hour that a decision has been taken to publish advertisements inviting civil society, NGOs, socio-political organisations to provide volunteers to guard the unmanned railway crossings.

 

Prabhu said 18,735 people have lost their lives in railway accidents this year till October of which 5,000 alone in areas falling under the Northern Railway zone.

 

Prabhu said that due to financial constraints, the Railways has not been able to guard each and every level crossing and efforts were on to gather resources for the purpose.

 

"We will also see whether home guards can be deployed in unmanned railway crossings," he said.

 

Replying to a supplementary, he said it was practically not possible to set up a hospital at each station but whenever an injured person is found, the guard of the concerned train informs the station superintendent of the nearest station, who arranges for medical assistance to the injured besides informing police.

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MVL Limited shall abstain from collecting any money from investors: SEBI

SEBI, has passed an order under the SEBI Act, 1992 read with Regulation 65 of the SEBI (Collective Investment Scheme) Regulations, 1999 in the matter of MVL Limited

 

“MVL Limited shall abstain from collecting any money from the investors or launch or carry out any Collective Investment Schemes including the schemes which have been identified as a Collective Investment Scheme in this Order,” Prashant Saran, Whole Time Member of SEBI, said in his order on 19 December 2014 on MVL Limited.

 

The order on MVL Limited is also binding on its directors viz., Prem Adip Rishi, Praveen Kumar, Rakesh Gupta, Vinod Malik, Vinod Kumar Khurana, Vijay Kumar Sood and Kalpana Gupta.

 

According to the SEBI order, the company should wind up the existing Collective Investment Schemes and refund the monies collected by it under the schemes with returns which are due to its investors as per the terms of offer within a period of three months from the date of this Order. Thereafter, the company should within a period of fifteen days, submit a winding up and repayment report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds.

 

The company should not alienate or dispose off or sell any of its assets, except for the purpose of making refunds to its investors. The directors of the company are also required to immediately submit the complete and detailed inventory of the assets owned by MVL Limited.

 

As per the SEBI Order, the company and its directors are restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four years.

 

SEBI, has passed the above order under the SEBI Act, 1992 read with Regulation 65 of the SEBI (Collective Investment Scheme) Regulations, 1999 in the matter of MVL Limited.

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COMMENTS

chetan aggarwal

1 year ago

Judgement against MVL from Apex consumer court
National Consumer commission judgment Case numbers CC/142/2012, CC/158/2014 and CC/356/2014

Background of cases
17 buyers filled three cases in NCDRC for fraudulent practices adopted by M/S MVL Limited in their project MVL Coral, Bhiwadi, Rajasthan . M/s MVL Limited floated a scheme in the year 2006 and aggressively marketed the said project promising high living luxury apartments, specially designed Swimming Pool, 24 hour power back up, Modular Kitchen, Covered Car Parking, Garden, Play Area, Security Club house, Rain Water Harvesting, Wifi Internet, Gymnasium etc. The project was planned with five towers namely Avenue-1,2,3,4 and 5. Out of 5 towers, only tower no. 5 has been constructed at site as per approved layout plan. The numbering and layout plans of all other towers were changed for unprecedented gains by the builder. 3 complainants had booked in tower-5 and all others in other towers. MVL Limited could not obtain mandatory occupancy certificate for the said project.
Court Orders
In its order, the NCDRC on 7-12-2015 said 3 buyers of tower-5 will take possession. MVL Limited is directed to furnish the occupation certificate, within 9 months from date of orders, as agreed, otherwise, it will carry additional penalty in the sum of Rs.2,000/ per day for each of the complainants, after the expiry of said 9 months. There was a delay in providing possession in the premises in dispute. Consequently, they be paid penalty of delayed possession @ 15% per year,
till the possession is given. MVL Limited is also directed to provide covered car parking, club membership, power backup, park facing flat, wherever applicable and corner flat, wherever is applicable, as mentioned in the agreement, within a period of 9 months, as already ordered, otherwise, it will return the entire amounts paid by the complainants, along with interest @15% p.a. from the date of receipt of the money, till realization.
For all other complainants commission noted MVL Ltd. had changed its original plans and increased the number of floors, flooring area, ratio and density per acre. It has caused inordinate delay in completion of said projects. It has changed zoning plans, usage pattern, super area, carpet area and alteration of structures. This is an indisputable fact that the MVL Limited, of its own accord, arbitrarily and despotically, without seeking the consent of the allottees, has changed the tower number. This is deficiency on its part. The consumers cannot be compelled to accept the flats according to the sweet choice of the builder. The choice of builder cannot be imposed upon the consumers. It would be worst kind of highhandedness on the part of the builder.

Consequently, all other complainants are entitled of refund of money. All the remaining complainants shall be refunded the money that they had paid with interest @15% p.a from the date they paid till realization.
All the complainants are entitled to costs in the sum of Rs.25,000/each complainant.

chetan aggarwal

1 year ago

Judgement against MVL from Apex consumer court
National Consumer commission judgment Case numbers CC/142/2012, CC/158/2014 and CC/356/2014

Background of cases
17 buyers filled three cases in NCDRC for fraudulent practices adopted by M/S MVL Limited in their project MVL Coral, Bhiwadi, Rajasthan . M/s MVL Limited floated a scheme in the year 2006 and aggressively marketed the said project promising high living luxury apartments, specially designed Swimming Pool, 24 hour power back up, Modular Kitchen, Covered Car Parking, Garden, Play Area, Security Club house, Rain Water Harvesting, Wifi Internet, Gymnasium etc. The project was planned with five towers namely Avenue-1,2,3,4 and 5. Out of 5 towers, only tower no. 5 has been constructed at site as per approved layout plan. The numbering and layout plans of all other towers were changed for unprecedented gains by the builder. 3 complainants had booked in tower-5 and all others in other towers. MVL Limited could not obtain mandatory occupancy certificate for the said project..

Court Orders
In its order, the NCDRC on 7-12-2015 said 3 buyers of tower-5 will take possession. MVL Limited is directed to furnish the occupation certificate, within 9 months from date of orders, as agreed, otherwise, it will carry additional penalty in the sum of Rs.2,000/ per day for each of the complainants, after the expiry of said 9 months. There was a delay in providing possession in the premises in dispute. Consequently, they be paid penalty of delayed possession @ 15% per year,
till the possession is given. MVL Limited is also directed to provide covered car parking, club membership, power backup, park facing flat, wherever applicable and corner flat, wherever is applicable, as mentioned in the agreement, within a period of 9 months, as already ordered, otherwise, it will return the entire amounts paid by the complainants, along with interest @15% p.a. from the date of receipt of the money, till realization.
For all other complainants commission noted MVL Ltd. had changed its original plans and increased the number of floors, flooring area, ratio and density per acre. It has caused inordinate delay in completion of said projects. It has changed zoning plans, usage pattern, super area, carpet area and alteration of structures. This is an indisputable fact that the MVL Limited, of its own accord, arbitrarily and despotically, without seeking the consent of the allottees, has changed the tower number. This is deficiency on its part. The consumers cannot be compelled to accept the flats according to the sweet choice of the builder. The choice of builder cannot be imposed upon the consumers. It would be worst kind of highhandedness on the part of the builder.

Consequently, all other complainants are entitled of refund of money. All the remaining complainants shall be refunded the money that they had paid with interest @15% p.a from the date they paid till realization.
All the complainants are entitled to costs in the sum of Rs.25,000/each complainant.

Mutual Fund equity folio count increased by 8.4 lakh in April-November 2014

The investor base reached its peak of 4.11 crore in March 2009, while it was 3.77 crore in March 2008

 

Equity mutual funds witnessed an addition of over 8.4 lakh investor accounts or folios in the first eight months of the current fiscal (2014-15) in view of the sharp rally in the stock market.

 

Folios are numbers designated to individual investor accounts, though one investor can have multiple folios.

 

According to Securities and Exchange Board of India data on investor accounts with 45 fund houses, number of equity folios rose to 3,0,024,747 at last month-end from 2,91,80,922 for the whole of last fiscal ending (March 31, 2014), registering a gain of 8,43,825 folios till November period of this fiscal.

 

The investor base reached its peak of 4.11 crore in March 2009, while it was 3.77 crore in March 2008.

 

Industry experts said that a strong rally in the equity market and the consequent rise in investors' interest led to a sharp increase in retail folios.

 

Assets under management (AUM) of equity mutual funds have also been on an upswing.

Total equity mutual funds AUM jumped to 24% of the total AUM in October, from 18% in the year-ago month. Over the 11-month period, from January 2014 to November 2014, equity mutual funds recorded a net inflow of Rs42,907 crore. In the same period last year, the equity funds reported a net outflow of Rs11,284 crore.

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