Companies & Sectors
Court grants bail to Unitech officials
New Delhi  : A magisterial court here on Monday sent Unitech chairman, two managing directors and a director to 14 days judicial custody in alleged cheating cases filed by two investors but the sessions court later granted the three interim bail.
 
Additional Chief Metropolitan Magistrate Gaurav Rao denied bail to Unitech chairman Ramesh Chandra, MDs Sanjay Chandra and Ajay Chandra and group director Minoti Bahri after they appeared before him on pursuance of non-bailable warrant issued against them, and ordered they be sent to judicial custody till January 25. 
 
Later they moved a bail application before Additional Sessions Judge Vimal Kumar Yadav, who granted them interim bail till January 14.
 
The sessions judge asked them to furnish a personal bond of Rs. one lakh and a surety of like amount each.
 
A complaint was filed by chartered accountant Sanjay Kalra and his business partner Deepak Wadhwa, claiming they had booked a property in Habitat Apartments in Greater Noida developed by Unitech Ltd but were not given possession.
 
Despite the court's earlier order, Unitech has not refunded them the complete payment, they said in the complaint.
 
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.
 

 

User

Rs.11,000 crore fund for fixing accident prone areas
New Delhi : Union Road Transport and Highways Minister Nitin Gadkari on Monday announced a Rs.11,000 crore to fix accident prone areas across the country in the next five years.
 
Announced as part of the "Road Safety Week" launched by union Home Minister Rajnath Singh, safety measures also included a website being launched to identify black spots where accidents occur frequently.
 
"People can send information about such spots to the ministry of road transport and highways which will further take up the issue with the authorities concerned," said Gadkari, according to an official statement.
 
In Delhi, work on fixing ten black spots has already begun.
 
Noting that a Road Safety Authority will be constituted and a Road Transport and Safety Bill will be placed shortly before parliament, he asked all to take a resolve on road safety and bring down road accidents by 50 percent in (the) next five years.
 
Rajnath Singh, expressing concern on nearly five lakh road accidents that occur in India evet year, said all stakeholders (have) to play effective role in ensuring safety on roads.
 
"There is a need for proper training of drivers before they are issued driving licenses," he said. 
 
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.

 

User

India market outlook depends on demand, earnings: Moody's
Mumbai : The markets outlook for India this year is contingent on consumption demands, corporate earnings and inflation trends, American ratings agency Moody's said on Monday.
 
"India enters 2016 on the cusp of a cyclical growth recovery, with inflation under control and the economy benefiting from lower commodity prices," Moody's associate managing director Atsi Sheth said in a note.
 
"Market trends will depend on whether inflation remains under control and corporate profits revive," she said.
 
Citing a projection of a boost in demand post-implementation of the recommended pay revision for central government employees and pensioners, and a potential upturn in agriculture, Moody's said a broad-based pick-up in investment will only unfold with a timelag.
 
"We believe that these advantages will only yield sustainable growth acceleration once corporate and bank balance sheets are repaired, and if the private sector remains internationally competitive," Sheth said.
 
She said inflation and corporate profit trends will offer clues as to whether these efforts have created conditions for growth that are sustainable over the next 3-4 years.
 
Sheth's report also said low inflation may indicate a greater balance between domestic demand and supply conditions, and would help private sector remain globally competitive.
 
Consumer price-indexed (CPI) -- or retail -- inflation rose in October to 5 percent, which was a four-month high. Inflation, in September, was at 4.41 percent.
 
Though wholesale inflation has been in the negative for the last 13 months, the rate has been rising for three months in succession and was minus 1.99 percent in November.
 
The government's total outlay for paying salaries to its staff will rise by Rs.102,000 crore, which, if the Seventh Pay Commission recommendations are accepted in totality, will put pressure on its fiscal deficit control efforts.
 
Rabi crop output has been lower than expected, while prices of pulses have been rising, which are bound to put pressure on food inflation.
 
The Reserve Bank of India recently lowered its growth forecast for the country's current fiscal to 7.4 percent, from the 7.6 percent it had projected earlier.
 
The CPI inflation has moderated to 5 percent in October 2015 compared to 5.4 percent in February 2015. Similarly, the WPI has been in the negative territory since November 2014 and was pegged in October 2015 at minus 3.8 percent
 
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.

 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)