Citizens' Issues
Express trains run late even as India goes for bullet trains
According to former railway minister Dinesh Trivedi of Trinamool Congress, unless a dedicated freight corridor is started, there wouldn't be enough money available to invest in running passenger trains on time
 
Even as India signed a Rs. 98,000-crore pact with Japan for a high-speed bullet train linking Mumbai and Ahmedabad, the on-time performance of the country's express trains remains a challenge, especially during winters.
 
A shortage of dedicated tracks for goods and passenger trains in the country, withering infrastructure and inbuilt inefficiencies in the railways are leading to regular delays of its express trains, including its most prestigious ones. The winter fog does not help. Experts say that unless more money is pumped to improve tracks, lighting systems and signalling infrastructure, running trains on time, even during good weather, would be difficult.
 
According to former railway minister Dinesh Trivedi of Trinamool Congress, unless a dedicated freight corridor is started, there wouldn't be enough money available to invest in running passenger trains on time.
 
"Our railway is in a financial crisis and the operating ratio (company's operating expenses as a percentage of revenue) is 110 percent. We don't have enough money to even replace the old assets like the tracks, signals or locomotives," Trivedi told IANS.
 
He said he was not against bullet trains, but the railways were falling short of Rs 25,000 crore every year. "Had I been the minister I would have given more money to the dedicated freight corridor. This would have helped the economy. The bullet trains will only help the Japanese economy," Trivedi said.
 
A quick survey by IANS showed that express trains were running late between 14 minutes and seven hours. The Mumbai-Central-New Delhi Rajdhani Express was late by 15 minutes on December 20, by 20 minutes on December 21 and by 25 minutes on December 22, while the Karnataka Express (Bengaluru City to New Delhi) was late by 2:25 hours on December 20, 2:30 hours on December 21 and 2:41 hours on December 22.
 
Among the other trains, the Saraighat Express (Guwahati to Howrah) was 14 minutes late on December 20, 14 minutes late on December 21 and 40 minutes late on December 22. The Lucknow Swarna Shatabdi Express (New Delhi to Lucknow) was late by 1:03 hours on December 21, by one hour on December 22, 15 minutes on December 23 and 55 minutes on December 24. 
 
The Garib Rath running from Saharsa to Amritsar was late by 6:40 hours on December 20 and by 25 minutes on December 21. The Kerala Express (Trivandrum to New Delhi) was late by 2:05 hours on December 20, by 1:05 hours on December 21 and by 1:45 hours on December 22. Even Duronto Express (Sealdah to New Delhi), which doesn't stop at any of the stations, was late by 1:28 hours on December 21 and by 3:10 hours on December 23.
 
The Tatanagar-Jammu Tawi Express was also late by 3:00 hours on both December 20 and 21 and it was late by 7:00 hours on December 22.
 
Several trains were also cancelled due to fog.
 
The Minister of State in the Ministry of Railways, Manoj Sinha, in reply to a question in the Lok Sabha on December 2 stated that the punctuality of mail/express trains has reduced from 83 percent in 2013-2014 to 78 percent in 2015-16 (up to October 2015). In 2014-15 the punctuality was 79 percent.
 
The various factors highlighted by the minister for late running of trains included line capacity constraints on account of increasing passenger and freight traffic, adverse weather conditions, intermittent natural calamities, heavy road traffic at level crossing gates, multi-faceted law and order problems, including public agitations and bandh calls in the left-wing extremism affected areas, miscreant activities such as theft of railway assets and mid-section runover cases involving cattle and humans.
 
Other experts say that two initiatives -- improving existing railway infrastructure and setting up bullet trains -- can happen simultaneously. Former railway board chairman Arunendra Kumar said that for the bullet train project, a dedicated high-speed standard track would be laid and the existing tracks would not be used.
 
"Japan will fund 82 percent of the bullet train project. India's investment will be minimal with an interest of just one percent," he told IANS, adding that there was no contradiction in moving on two fronts.
 
The railways were also in the process of laying new tracks across the country, Kumar said, adding that new high-beam lights were being installed to avoid delays due to fog. "When there is heavy fog, though, no light can penetrate it. In such cases, the trains have to wait or go slow till the fog clears. Risks cannot be taken in such situations," he said.
 
Former railway board member Rajendra Choudhary said the percentage of trains running late was small, as India had the second largest rail service in the world in terms of number of trains. He said efforts were on to renew tracks and upgrade equipment so that delays due to fog could be avoided. He said this was being done in phases.
 
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.

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COMMENTS

Subramani P K

11 months ago

Most of our trains run late mainly because of inefficiency. Detention of trains at various stations beyond permissible time, to attend to passenger complaints, unmanned level crossings, signal failures and poor maintenance of track and resultant caution orders, poor maintenance of compartments & so on add to the delays. If the administration can be tightened up to work efficiently delays can be minimized if not totally eliminated. Shelling of bullet train project as acceptance of our in efficiency to improve our system of working it will be disastrous for our development as the whole world is moving towards total technology up-gradation to ensure efficiency at all walks of life & we will be left behind as under developed for ever. Let us learn lessons from countries like China who were worse than us & now where they are.

Narendra Doshi

11 months ago

It is interesting to get views from BOTH the ends. I think , as suggested, we should move on BOTH fronts, simultaneously. Hopefully, the separate freight becomes operational even before the bullet one.

PACL investors to take out morcha to SEBI next month to submit claims
Around one lakh investors are set to take out a morcha to SEBI office in Mumbai for handing out claims, says All India PACL (Pearls) Investors Association
 
All India PACL (Pearls) Investors Association (AIPIA) has decided to take out a massive morcha of around one lakh investors to market regulator Securities and Exchange Board of India (SEBI) and hand out claims of investors to the market regulator.
 
In a release, Vishwas Utagi, Convener of AIPIA, said, "We want SEBI to create an infrastructure in all the cities and districts in India to receive such claims or complaints with a view to refund the money of claimants and investors."
 
The Association is also requesting investors to submit filled forms for claims at its offices. Here is the address of its Mumbai office... 
All India PACL (Pearls) Investors Association 
C/O Maharashtra State Bank Employees Federation, 
Dadyseth House, 1st Floor, (Rear), Nanabhai Lane, 
Fort, Mumbai- 400 023
 
PACL (earlier Pearls) is a Delhi-based company, proclaiming itself as a real estate company which has collected huge money for the last 13 years from almost six crore people from all the states in India. "Out of six crore investors in the country more than one crore are from Maharashtra! What is shocking is that on one side, poor peasantry is committing suicide in Vidharbha and Marathwada and on other side, the situation is that poor and middle class people in this area have lost money in PACL. Their number is about five lakh in Marathwada alone," Mr Utagi added. 
 
On 15th December, the Association has organised a full day meeting of investors duped by PACL. During the meeting it was decided to ask SEBI to take control of all bank accounts, properties, assets of PACL and refund depositors' money. 
 
Earlier, SEBI, as part of its recovery proceedings, attached all bank and demat accounts, mutual fund portfolios of PACL and it eight directors and promoters. In a release, SEBI said, the recovery proceedings have been initiated for their failure to comply with its order issued on 22 August 2014 directing, PACL and its directors and promoters to wind up the schemes, and refund Rs49,100 crore to the investors within three months from the date of the order. This amount is excluding further interest and all costs, charges and expenses incurred in the recovery proceedings.
 
According to SEBI, the amount due to investors of PACL would be over Rs55,000 crore. This  includes promised returns, further interest, all costs, charges and expenses incurred in respect of all the proceedings taken for recovery of Rs49,100 crore from PACL. 
 
 The mobilisation of funds by PACL traces back prior to 1997. Upon receipt of a complaint, SEBI on 30 November 1999 and 10 December 1999 issued letters asking PACL to comply with the provisions of the collective investment scheme (CIS) Regulations. 
 
PACL challenged these letters before the High Court of Rajasthan in December 1999, claiming that its scheme does not fall under the definition of CIS as defined under the CIS Regulation and SEBI Act. PACL also challenged the constitutional validity of the CIS Regulations. 
 
The Rajasthan High Court on 28 November 2003, held that PACL's schemes were not CIS as defined under Section 11AA of the SEBI Act. The HC also quashed SEBI's letters issued to PACL. 
 
SEBI filed an appeal before the Supreme Court against the order of Rajasthan HC. The SC on 25 February 2013, while allowing the appeal upheld the constitutional validity of CIS Regulations, and directed SEBI to investigate the matter and take appropriate actions. 
 
After conducting an inquiry, SEBI on 22 August 2014, issued an order directing PACL, its promoters and directors to wind up all the existing CIS and refund the monies collected by the company to investors as per the terms of offer within a period of three months from the date of the Order. 
 
PACL filed an appeal before the Securities Appellate Tribunal (SAT), which was dismissed on 12 August 2015. The SAT directed PACL and its promoters-directors to refund the money within three months. Since the company and its promoters-directors failed to refund the money to the investors as per the directions of SEBI and SAT, the market regulator said it has initiated the recovery proceedings.
 

 

User

COMMENTS

Faujdar Ojha

10 months ago

Sir/madam
I am a normal citizen and hence I was having a very little sum of money present at that time when I invested in PACL
On 3 August 2009 by the mean of agent. At that time when I invested in the bond I was thinking of some interest, but now I am not hoping so as the PACL is under CBI probe.
I was told that my bond is maturing in 2019 but right now I need my money urgently due to some family reasons and right now they are ignoring me.
I humbly request you to do something that they return my money with suitable interest.
Thanking you
Faujdar ojha, 9311452004

sarang

11 months ago

how to submit the claim

Rahul Singh

11 months ago

we can submit claim from only after maturity or without maturity also .

and also request you to share Client form formate

Sreepathid

11 months ago

when SEBI filed a case in supreme court?

Nilesh KAMERKAR

12 months ago

Morcha will come & go.

However, If you really want to curb Ponzi schemes, then apply mutual funds sales and distribution norms.

For e.g. Agents mobilisation commission must be restricted to 0.84% or less.



Nifty, Sensex may remain listless – Weekly closing report
Nifty will head higher if it closes above 7,900
 
We had mentioned in last week’s closing report that Indian benchmark, the National Stock Exchange (NSE)’s Nifty, and BSE Sensex may head higher and that as long as the 50-stock Nifty stays above 7,650, the uptrend may continue. The major indices in the Indian stock markets ended higher the week ended on 24th December 2015. During the week, major indices have made small gains. The trends of the indices over the week’s trading are given in the table below:
 
 
The bellwether indices of the Indian equity markets opened Monday on a weak note in sync with their Asian peers and last Friday's slump. However, both Nifty and Sensex soon rose and closed with small gains. Finance Minister Arun Jaitley on Monday tabled in the Lok Sabha the Insolvency and Bankruptcy Bill, 2015, proposing to enact a single bankruptcy code setting deadlines for processing insolvency cases. Jaitley had announced this on previous Saturday, saying the government intends to bring important legislative measures on structural reforms during the remaining three days left of parliament's winter session, notwithstanding the setback on the GST Bill. The proposed law aims to reduce delays in resolution of insolvency cases and improve recoveries of amount lent to companies. The draft bill has proposed a timeline of 180 days, extendable by another 90 days, to resolve cases of bankruptcy. The new bankruptcy code will help India in the World Bank's Ease of Doing Business ranking. Shares of Sun Pharma slumped over 7% intraday on Monday as investors grow cautious about a warning letter for its Halol manufacturing unit. The stock closed at Rs754.45, down 4.55%.
 
The Indian equity markets were subdued on Tuesday mainly because of political turmoil and the major indices closed lower by upto 0.62%. The indices opened on a flat note. However, after 2pm they soon ceded their gains, as profit bookings, parliamentary logjam and upcoming US macro-data subdued sentiments. Industrialist Anil Ambani-led Reliance Communications (RCOM) on Tuesday said it had initiated talks with the promoters of Aircel to combine the wireless business of the two companies, with synergies in investments and returns. A pact for 90-day exclusive talks has been initiated with Aircel's majority owner, Malaysia's Maxis Communications, and Sindya Securities and Investments for the potential merger, RCOM said in a statement. Last month, RCOM entered into a pact to acquire the Indian business of Russia's Sistema, which operates under the 'MTS' brand, in a unique stock-cum-spectrum-fee payment deal. RCOM shares closed at Rs85.70, up 2.39% on the BSE.
 
Due to optimism in global stock markets and improvement in the political situation in India, the major indices in the Indian stock markets closed in the green on Wednesday with gains of just over 1% over Tuesday’s close. Positive global cues, coupled with the government's efforts to build consensus on the bankruptcy bill, cheered the Indian equity markets. Shares of Tata Steel gained 3% intraday on Wednesday after the company’s subsidiary entered fresh negotiations to sell long products division in Europe. The move will allow partial deleveraging of the balance sheet and enhance profitability. Shares of Sun Pharma rallied for a second day on Wednesday, after it lost almost 7% on Monday following a warning letter by US Food and Drug Administration (FDA) on Halol manufacturing unit. The drug major rose on Wednesday after analysts found no serious compliance breach in the warning letter. On 22nd December, the USFDA made public the warning letter, which states that inspection 483 mentioned 23 observations. Out of the 23 observations, 10 were related to the injectables facility, 4 were on the oral solids facility, 8 were related to quality control labs and 1 was on warehousing. In its letter, the drug regulator said that Sun Pharma failed to establish and follow appropriate written procedures and all lapses are examples of serious current good manufacturing practice (cGMP) violations. It also added that the company's responsibility to ensure third party audit includes full evaluation of systems, operations and procedures. Sun Pharma shares closed at Rs791.05, up 3.52% on the BSE on Wednesday.
 
The Indian insurance regulator has the power to direct any general/health/reinsurer to get listed in a stock exchange if the situation warrants, as per the IRDAI (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance Business) Regulations, 2015. The regulations gazetted on December 15, 2015 were uploaded on Insurance Regulatory and Development Authority of India's (IRDAI) website on Wednesday.
 
Latest data with the stock exchanges showed that the volumes in cash markets across key bellwether indices eased to the Rs16,000 crore in the last couple of trading sessions from a robust Rs20,000 crore levels seen last week. Profit booking, coupled with the ongoing political turmoil and delay in the passage of a key economic legislation subdued Indian equity markets on Thursday. Thursday’s trading fell into the pattern of alternate uptrend and downtrend in the major indices ending in small gains over the week’s trading. Thursday’s trading, in particular, was range-bound with the indices closing with marginal losses. The government's inability to get the crucial GST (Goods and Services Tax) bill passed during the winter session of parliament continued to eroded investors' confidence. Besides, investors were cautious regarding the third quarter earnings season. The listless trading is likely to improve from 4th January onwards after the holidays end and the foreign institutional investors come back to the market.

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