Citizens' Issues
Delhi HC sets aside rejection of Uber's licence plea
The Delhi High Court on Wednesday set aside the state government's order rejecting an application of the US-based Uber taxi service for a licence to ply in the national capital.
 
Justice Manmohan also asked the Delhi government to decide the application within 10 days and inform the company about the requirements that need to be met.
 
The court also told the Delhi transport department to impose any condition on Uber in accordance with the law if it was inclined to grant licence to the company and ask the firm that it will have to comply with the laid-down condition.
 
"There cannot be a blanket ban... you (Delhi government) can impose some conditions which they have to fulfill," the court said.
 
Uber India Technology Pvt. Ltd. approached the court against a June 3 order of the Delhi government to deny extension of its licence to operate radio cabs in the national capital.
 
Delhi's transport authority on June 3 rejected the licence application of Uber for not complying with the provisions of the recently amended Radio Taxi Scheme of 2006.
 
Last December, the Delhi government banned Uber taxi service after a 27-year-old MNC executive was raped in a taxi operated by an Uber driver.
 
Thereafter, an amendment was made in the scheme, imposing mandatory requirements like prefixed calibrated meters, GPS device and CNG fuel on the companies for grant of licence.
 
The Uber counsel told the court that in a similar case filed by Apra Cabs India Pvt. Ltd. and Serendipity Infolabs Pvt. Ltd. (Taxi for Sure), whose applications for licence were also rejected by the Delhi government on June 3, another bench had quashed the rejection of their applications in June.

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Pensions linked through Aadhaar card: Haryana CM
Haryana Chief Minister Manohar Lal Khattar on Wednesday said most of the pension-disbursals in the state have been linked through Aadhaar card thus enhancing the level of transparency.
 
Speaking at a public rally here, he asked the people to make the best use of information technology.
 
"Now the beneficiaries of the old-age allowance scheme would not face any difficulty in availing benefits of the social security pension," he said.
 
As the administration has been made more efficient, the pace of development has been accelerated, the chief minister said.
 
"Soon 50,000 employees would be recruited for which applications are being sought," he said.
 
He assured that recruitment would be done in a transparent manner and only the eligible candidates would get jobs.
 
Khattar also urged the people to support the Digital India initiative of Prime Minister Narendra Modi.
 
"The state government is also taking steps to make the best of digital technology," he said. The government has also started use of digital technology for e-disha, e-registration, C-form and 24 other services.
 
This will check corruption and ensure time-bound delivery of services, the chief minister said. 
  

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Stock manipulation: Gajra Bevel Gears
The stock price of GBG rallied 399% unhindered, in three months, despite no business activities
 
Gajra Bevel Gears (GBG) is a dud company. Over the years, accumulated losses have eroded its entire net worth and made the company financially sick. The company stopped all manufacturing after 31 October 2006. In 2010, the Board for Industrial and Financial Reconstruction declared GBG a ‘sick industrial company.’ Over the past few years, GBG made a one-time settlement of the loan accounts of State Bank of India, IFCI, IDBI, etc. The premises of GBG are under the seizure of the provident fund authorities, for recovery of their dues. The PF authorities have now granted GBG an instalment facility for payment. 
 
Despite no business activity over the past nine years, suddenly, the price of GBG rallied unhindered from 2 March 2015 to 15 June 2015. In these three months, the stock rose 399% from Rs1.17 to Rs5.84, closing at the upper circuit on every single day.
 

However, this humongous rally was short-lived; the 15 days that followed, from 15 June 2015 to 30 June 2015, the stock price declined 19% to Rs4.72. This time, it closed at the lower circuit in each trading session. From a trading turnover averaging Rs10,000, for the year ended February 2015, the turnover shot up to average Rs1.11 lakh for the four-month period ended 30 June 2015. Who were the investors in GBG during this four-month period and why a sudden interest in a dud company? Seems like another pump & dump operation to launder money. Will the regulator investigate?

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COMMENTS

Dharmesh Bhuta

2 years ago

investors have bought from IFCI as per following source.

http://rakesh-jhunjhunwala.in/check-out-...

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