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CRISIL posts lower net profit in first quarter

The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said

 

Credit-rating company CRISIL Ltd. closed the first quarter ended on March 31 with a lower top and bottomline, the company said on Friday.
 
The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said.
 
In a regulatory filing in BSE, the company said its consolidated income from operations was Rs307.62 crore for the quarter ended March 31, as against Rs309.23 crore logged during the corresponding period of the previous year.
 
According to CRISIL, the consolidated after-tax-profit for the first quarter this year was Rs56.32 crore -- down from Rs68.71 crore posted during the corresponding period of the previous year.
 
The company said rating revenues were mainly impacted by reduced budgetary support from the government for the NSIC-Performance and Credit Rating Scheme for small and medium enterprises.
 

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Land for failed projects hampering Goa's growth: Minister
The Congress-led coalition government in Goa had scrapped the Special Economic Zone policy in the state in 2008, after a string of protests by civil society, which was critical of mass acquisition of land for the projects
 
Vast tracts of land allotted for the failed Special Economic Zone (SEZ) projects is hampering Goa's industrial growth, state Industries Minister Mahadev Naik said on Friday.
 
Speaking to reporters, Naik said the state was unable to act on several investment proposals from private business houses as a result of the land crunch, and this was hitting Goa's industrial growth.
 
"The Goa Industries Promotion Board has received 21 proposals, but we could clear only 11 because in many cases there was no land available to clear the projects," Naik said.
 
The Congress-led coalition government in Goa had scrapped the Special Economic Zone policy in the state in 2008, after a string of protests by civil society, which was critical of mass acquisition of land for the projects.
 
SEZ promoters in question - namely Meditab Specialities Pvt. Ltd., Cipla group, Peninsular Pharma Research Ltd., Paradigm Logistic & Distributors, Planetview Mercantile Pvt. Ltd., Inox Mercantile Pvt. Ltd. and M/s Maxgrow - who were allotted 32 lakh square metres of land, were asked to halt all work in their allotted areas within a year. 
 
The companies have now approached the court to appeal against the Goa government scrapping the SEZ policy.
 
Naik said with the case filed by the SEZ promoters now in the Supreme Court, there was little the Goa government could do as far as the already allotted land was concerned.
 
"The case is in the Supreme Court, I cannot say anything. The matter is sub-judice. But because of the land problem, Goa's industrial growth is suffering," Naik said, even as the Investment Promotion Board earlier this week cleared 11 projects worth Rs.1,137 crore, dealing with agro, tourism and hospitality projects.

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Panvel resident fights diktat against the use of RTI
An RTI application to the forest department about land under it in Bandewadi and Tara villages had the Khaap Panchayat penalise Laxman Thakur but he successfully fought it. Here’s how
 
When it comes to the unreasonable diktats of Khaap Panchayats across the country, the village residents tend to live in fear and give in to them. Laxman Thakur, a resident of Panvel in Raigad District of Maharashtra, however, fought it by bravely amplifying the issue through media and by filing a police complaint, resulting in the Panchayat of Bandewadi and Tara villages of Panvel retreating from penalising him for his use of RTI and even principally agreeing to return his cultivated land.
 
About five months back, on 4 December 2014, Thakur, filed a RTI application to the local forest department of Panvel seeking information on land that was under it in the villages of Bandewadi and Tara. While no applicant needs to give a reason for filing RTI, Thakur told Moneylife, when contacted that, ``our family has been tilling small farmland of about 7,000 sq ft since the last five decades and cultivating vegetables but suddenly on July 2014 the Panchayat Committee declared it was the public land, broke down our compound and did not allow us to continue cultivation.’’ Despite his pleas to the Gram Panchayat to show proof that the land belongs to it, the latter did not relent. 
 
 
 
Hence, he filed the RTI application on 4th December to understand who is the legal custodian of his ancestral land and was shocked to note that ``the forest officer actually told the Sarpanch that I have sought information under RTI against the village and that I should be asked to withdraw.’’ This triggered off a series of pressure tactics from the Gram Panchayat says Thakur.
 
Thakur was immediately summoned for the village meeting and asked to withdraw the RTI application. Thakur told them the least he can do is not file First Appeal in case the PIO does not reply to his query in 30 days. This was not taken kindly and Thakur was slammed a penalty of Rs500 for filing RTI and Rs2,000 for not agreeing to withdraw it. Thakur states, ``the meeting was very intimidating. There were 150 villagers including the Panch committee members. All of them were hurling abuses at me for filing RTI and pressurizing me through foul language to withdraw the RTI application.’’ Thakur did not relent saying it is his right to use RTI as he was not getting information from the Gram Panchayat. Then they asked him to come for two subsequent meetings but he did not attend.
 
Thereafter, on 5th April, 2015, he was summoned to come before the `jury’ wherein one representative of noted families of the villages gather to take decision on any controversial issue, particularly that which might damage the reputation of the village. They again reiterated that since the last 200 years, no one had dared to ask such information and again asked him to withdraw the application. When he declined, they got hostile, says Thakur, increased the penalty to Rs5,000 and Rs2,000 respectively – one for having filed RTI and two for not withdrawing it. ``One of them picked up a brick to hit me. They also threatened to ostracise my family.’’ 
 
Even then Thakur refused to give in and instead filed a police complaint at the Panvel Police Station on 14th April. This resulted in the local media carrying his story.
 
On 16th April, Assistant Commissioner of Police, Panvel, summoned the village chiefs and questioned them about the incident. It is to the credit of the police and to Thakur who stood for his rights, that, the Gram Panchayat has withdrawn the condition of penalty on him and have principally agreed to return the land to Thakur. Says Thakur, ``I am waiting to see it happen,’’
 
There’s a lot for village residents to learn from Thakur, when it comes to their rights.

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COMMENTS

CR KRISHNAMURTHY

2 years ago

Congrats Mr. Thakur. you have fought against heavy odds and very nearly won the case. For all the hard work you have put in, you should get that piece of land restored to him. Good luck. Money life readers should take a leaf out of Thakur's book. Nice to see Police working in a righteous way by not being on the side of the 'powerfuls'

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