Environment ministry stops construction work at Lavasa

New Delhi: Pune’s Lavasa Lake City has run into rough weather with the environment ministry slapping a show-cause notice on Lavasa Corporation for carrying out construction activities without its approval in 25,000 hectares, reports PTI.

The ministry has given 15 days time to the Corporation asking why unauthorised structures erected by it without any environmental clearance between March 2003 to September 2006 in Mulshi and Velhe talukas in Pune should not be demolished in its entirety.

The constructions, it said, were in violation of the Environment Impact Assessment Notification, 2006.

The notice issued on Thursday has also asked the project proponent not to carry out any construction and development activities till its reply in the matter.

Besides, the Corporation has been asked to give the details of the project, clearances obtained, status of the project with photographs/satellite and Google maps indicating the constructions as on 18th March and 7 July 2004 and 14 June 2006.



Shadi Katyal

7 years ago

It is evident that India will continue to suffer on one or other excuses. One wonders what are we talking about environmental rules. This Ministry should be abolished as it will destroy any development of India. Yes it will destroy India. When one looks what has happened to USA due to such kind of rules one wonders if we are now on same road.
What is environmental rules of India where the animals roam freely on raods and leave cow dung and mountains of flies or are we talking of millions of people have no toilets and thus utilise railway tracks and populate water.
What about burning of Gobbar and thus have smoke hovering all over Delhi etc.
Are we sure this power is not being used to show who is the CZAR

Personal finance Friday

Principal MF unveils Smart Equity Fund; Religare MF launches Fixed Maturity Plan-Series IV-Plan D (13 Months); SBI Mutual Fund floats Debt Fund Series-18 Months Fund-4; One97 Communications to launch IPO on 1st December

Principal MF unveils Smart Equity Fund

Principal Mutual Fund has launched Principal Smart Equity Fund, an open-ended growth fund.

The primary objective of the scheme is to generate long term capital appreciation with relatively lower volatility through systematic allocation of fund into equity and in debt/money market instrument for defensive purpose. The scheme has two options viz. dividend and growth option.

The scheme opens on 26th November and closes on 10th December. The minimum investment amount is Rs5,000. An exit load of 2% will be applicable if the units are redeemed within one year. If the units are redeemed within two years, then an exit load of 1% will be applicable.

The Scheme will be benchmarked against CRISIL Balanced Fund Index. The scheme will be managed by Rajat Jain.

Religare MF launches Fixed Maturity Plan-Series IV-Plan D (13 Months)

Religare Mutual Fund has launched Religare Fixed Maturity Plan-Series IV-Plan A to F-Plan D (13 Months), a close-ended income scheme.

The investment objective of the Plan D is to generate income by investing in debt and money market instruments normally maturing in line with the duration of the scheme. The plan has two options viz. dividend (payout) and growth option The scheme opens on 26th November and closes on 9th December. The exit load is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.

Plan D will be benchmarked against CRISIL Short-Term Bond Fund Index.

SBI Mutual Fund floats Debt Fund Series-18 Months Fund-4

SBI Mutual Fund has unveiled SBI Debt Fund Series-18 Months Fund-4. The new issue opens on 30th November and closes on the same day.

The investment objective to the scheme is to provide regular income, liquidity and return to the investors through investment in a portfolio comprising debt instrument.

The minimum investment would be Rs5,000. The units of the scheme will be listed on National Stock Exchange of India.

One97 Communications to launch IPO on 1st December

One97 Communications is set to enter capital markets with an initial public offering of Rs120 crore on 1st December.

One97 is a provider of telecommunications value added services to telecom service providers, consumers and enterprises in India. Issue will close for subscription on 3rd December for qualified institutional buyers and will be opened till 6th December for retail and non-institutional investors.

Issue proceeds will be used for procuring telecom equipment and software for installation at office as well as various sites of customers. IDFC Capital Ltd and Avendus Capital Pvt Ltd are the book running lead managers to the issue.


SC permits Vodafone wire transfer funds worth Rs2,500 cr

New Delhi: The Supreme Court (SC) today allowed the request of British telecom giant Vodafone to deposit Rs2,500 crore, as directed by it earlier, through banking wire transfer instead of bank draft, reports PTI.

The apex has court also postponed the date of hearing to 19 July 2011, from the previously scheduled hearing on 5th February.

Wire transfer or credit transfer is a method of electronic funds transfer from one person or institution (entity) to another.

A bench headed by the Chief Justice S H Kapadia allowed the Vodafone plea after the company counsel and senior advocate Harish Salve submitted that the money would come through international transactions.

"We need to transfer this amount (Rs2,500 crore) directly from bank to the Supreme Court registry. It would save us a lot of money. If we get a bank draft it would be price over for us," Mr Salve said.

Accepting it, the court said that Vodafone will deposit Rs2,500 crore and a bank guarantee, issued by any nationalised bank, within three and eight weeks, respectively.

The bench also made it clear that the time period would start from 15th November when it had directed the company to deposit the sum.


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