Companies & Sectors
Deccan Chronicle vice chairman, PK Iyer held for fraud

Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said

 

PK Iyer, vice chairman of the Deccan Chronicle Holdings Ltd. (DCHL), was arrested from a hotel here on Saturday in connection with an alleged loan fraud.
 
Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said.
 
"The CBI was looking for Iyer in connection with an alleged fraud to the tune of Rs.357 crore from Canara Bank," said Deputy Commissioner of Police Satyabrat Bhoi.
 
He said Iyer was staying in the hotel in the name of Chitra Athwani for about two months and was planning to flee in the next two-three days.
 
"The accused had availed multiple short-term corporate loans by submitting false financial statements in 2009-11," the officer added.
 
Police sources said Iyer had stayed in Kolkata and Port Blair before coming to Bhubaneswar.
 
The CBI will take him on transit remand for interrogation.
 
The Canara Bank had lodged a complaint with the CBI against the company's promoters in 2013 after the company defaulted on a loan amounting to over Rs.350 crore.
 
A fraud case was registered against Iyer in Hyderabad. 
 
Earlier this year, the chairman of Deccan Chronicle, T. Venkattram Reddy, was arrested by the CBI in Hyderabad along with his brother and managing director T. Vinayak Ravi Reddy.
 
The DCHL, which publishes the English daily Deccan Chronicle, argued that the arrests were made in violation of Supreme Court orders.
 
The Canara Bank alleged that they availed loans and cash credit aggregating to Rs.1,230 crore by submitting false and fabricated financial statements and by suppressing the borrowings taken from other banks.
 
The bank claimed that the total loss caused to it was about Rs.357.77 crore.
 

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Another ‘Safe & Smart’ seminar for senior citizens
Following many requests, Moneylife Foundation conducted another session on “How to invest your money post-retirement”
 
Moneylife Foundation conducted another seminar on retirement planning and investing, where Sucheta Dalal, managing editor of Moneylife and founder trustee of Moneylife Foundation, spoke about ‘Safe Investing and how not to lose money' and Debashis Basu, editor and founder trustee of Moneylife Foundation, discussed about 'Smart Investing’.
 
First session was taken by Sucheta Dalal. She explained that they have to plan to care for their heart, knees or teeth in their old age. Savings should be enough to cover their expenses for another 20-30 years; however, income from savings fluctuates with interest rates. Senior citizens need to be prepared for medicare, insurance and cost-of-living. She made the audience aware about the five principles of safe and smart investments–
 
1. Avoid losses
2. Avoid Financial and emotional traps
3. Make safe and sensible investments
4. Strive for Financial independence
5. Plan for your loved ones.
 
In the second session, Mr Basu explained that retirement planning can be complicated. There are hundreds of financial products available. However, to plan with them is tough because of one critical unknown – how long is the money needed. Mr Basu made people aware of the pros and cons of different financial products such as immediate annuities, Senior Citizens Savings Scheme (SCSS) and MIP schemes, but emphasised that none of these are great choices. In the post-retirement period, it is important to choose safe assets, for which bank fixed deposits are among the best but one can also pick from other options such as corporate bonds, short-term debt schemes of mutual funds and fixed deposits. For those in 20% and especially 30% tax bracket, an excellent option is listed tax-free bonds from government companies. However, investing all the money in fixed income products for the very long term may turn out to be imprudent because they do not beat inflation. Retirees may like to invest some amount of money in equity mutual funds, especially at the earlier stage of their retirement. 
 
A more detailed report of the earlier seminar is available here: How to protect and grow your nest-egg post-retirement
 
 
 
 

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327 hilly areas in Mumbai are classified as dangerous, reveals RTI
There are 22,483 hutments in 327 hilly areas in Mumbai's 25 assembly constituencies that are located precariously and are vulnerable to landslides, especially during monsoon, reveals an RTI
 
About 327 hilly areas in Mumbai spread across 25 constituencies, accommodating over one lakh people, have been identified as dangerous and are vulnerable to landslides, reveals a reply received under the Right to Information (RTI) Act.
 
According to the reply received by Anil Galgali, who filed the RTI, the authorities have recommended to shift 9,657 huts on priority basis out of the 22,483 huts from these areas, while proposing to protect remaining huts by constructing retaining walls around the hills.
 
RTI activist Galgali has alerted the government about these 327 hilly areas that are vulnerable to landslides, especially during monsoon. The most dangerous assembly constituencies were Goregaon where 3,058 hutments are found dangerous and after that Chandivali recorded 2,684 hutments on the danger level. In 2000, about 78 people lost there life after a landslide in Ghatkopar West Azad Nagar. Similarly during 2005, around 73 people lost their lives in Sakinaka Khadi landslide.
 
Galgali, in an email sent to Maharashtra Chief Minister Devendra Fadnavis, Chief Secretary Swadhin Kshatriya and BMC Commissioner Ajoy Mehta, said, through his RTI queries about resettlement, he found out that in 25 assembly constituencies across Mumbai, there are 22,483 hutments in 327 hilly areas, which are located precariously and need to be shifted urgently.
 
"Instead of spending crores of rupees to construct retaining hills, I think that the Maharashtra government should shift these slum dwellers to 15,000 vacant Mumbai Metropolitan Region Development Authority (MMRDA) and BMC tenements across the city," Galgali said in his letter.
 
According to Galgali, it was revealed through an RTI query, that almost 260 people lost their lives, while more than 270 people were injured in landslides between 1992 and 2013.
 
"Deaths of those residing in hilly areas could have been prevented, had their hutments been shifted, as it was recommended by the Mumbai Slum Improvement Board which had carried out a comprehensive survey in 2010," 
 
"Acting on the Board's report, on 19 September 2011, the then Maharashtra Chief Minister Prithviraj Chavan had ordered preparation of an action plan. However, 45 months have passed since then but the Urban Development Department is yet to implement it, neither had it prepared any Action Taking Plan (ATP) as Chief Minister Chavan had ordered," Galgali concluded.
 

 

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