Consumer Issues
Flat-buyers can insist that builder meet OC conditions

Thane District Consumer Forum ruled that builder has to fulfil conditions laid by the civic authority while granting OC, even if such conditions are not mentioned in the sale agreement

Thane: The Thane District Consumer Forum has ruled that builder must abide by the conditions laid down by civic authority while granting the occupation certificate (OC), even if such conditions are not a part of the sale agreement with flat buyers, reports PTI.

 

President of the Forum RB Somani and Member Jyoti Iyer passed the ruling last week on a complaint filed by Sarvottam Co-operative Housing Society against city-based Radhakrishna Developers.

 

Accordingly, the construction of the 7-story building was completed in mid-2005, but it developed leakages in the first monsoon itself.

 

The builder did not do anything to fix the problem, nor did he get the society registered, the complaint said. Also, no rainwater harvesting facility and solar water heater unit were installed, despite the conditions laid down by the civic corporation while giving occupation certificate.

 

The society also said that builder had not returned one of the flats, which he had been using for his office.

 

The builder argued, among other things, that rainwater harvesting system and solar system were not promised in the sale agreement.

 

However, the Forum said that the builder was supposed to meet the conditions laid down by the corporation in the OC.

 

The Forum ruled that the builder must pay damages of Rs9.4 lakh to the society on various counts.

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Twisting of the forest laws to cover up Jindal’s irregularities in Orissa?

EAS Sarma, former secretary to the Government of India, in his letter to the prime minister said political clout of an individual (Jindal) cannot and should not be allowed to cover up criminality of this kind


EAS Sarma, former secretary to the Government of India, has called for an independent investigation in to the alleged manipulation of laws by Jindal Steel and Power (Jindal) in Orissa.

 

Citing a newspaper report, Mr Sarma, in a letter written to prime minister Dr Manmohan Singh, said it shows how the ministry of environment & forests (MoEF) twisted environment laws to accommodate a blatant irregularity committed by Jindal, a company that is perhaps promoted by the family of the Congress MP, Navin Jindal.

 

“...the action taken by MoEF, then headed by Jairam Ramesh, was clearly a coloured one, aimed at ‘regularising’ an offence committed by Jindal in Orissa in violation of the forest laws as well as the Environment (Protection) Act, 1986. Not only MoEF had committed an impropriety of a serious nature but the ministry had also set a bad and unethical precedent that was against the public interest,” the former secretary said.

 

He added, “Apparently, Mr Ramesh was not alone in this impropriety. His ministry must have been pressurised by the Prime Minister’s Office (PMO) which seems to be omnipresent these days in the scandals that permeate the government, whether it is POSCO, Vedanta, Coalgate, 2G Spectrum, S-Band spectrum, and so on.”

 

Incidentally, this is not the first time that the MoEF had manipulated the laws and notifications to accommodate the interests of the private companies. “When the ministry found that the draft Wetland Rules notified at its website came in the way of clearing two private power projects in Srikakulam district in Andhra Pradesh, the MoEF surreptitiously withdrew the draft temporarily to overcome the legal hurdles. I registered my complaint before the ministry at that time but the private companies’ hold over the ministry was far too strong for me to succeed,” Mr Sarma alleged in the letter.

 

Mr Sarma, who also was secretary in the power and finance ministries, asked the prime minister to carry out an independent investigation into the incident of manipulation of the laws to suit the Jindal company. “Incidentally, the same group is involved in other projects elsewhere in the country in which serious human rights violations have taken place. The political clout of an individual cannot and should not be allowed to cover up criminality of this kind,” he said in his letter.

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COMMENTS

hari dang

4 years ago

Good for you.....and us all..........that you have finally got to what we discussed twenty years ago ! Balanced exploitation and sensible conservation of our BioDiversity, Water, Forest, Natural Resources and the Environment and EQUITABLE yet rapid and 'necessary' Sustainable Development, DEMAND, and have needed for Decades, INTEGRITY at Central and State Government Levels and at the Administrative Steel Frame Levels.........I mentioned to you that we needed you [and a thousand, ten thousand, others like you !] to overcome THE EVIL EMPIRE of cant, humbug, Hypocrisy, Sychophancy and 'loot'........even good Indians [and Jairam Ramesh was one of the BEST ! Like nearly 50,000 OTHER beneficiaries of THE EVIL EMPIRE !] are forced/tempted to BECOME EVIL in this 65-Year-decline of what was the finest personal and human 'character-peoples'..........BUT, the generations I taught, and others who grew up with just a whiff [[[NOT ALL were Brother[s] Morrissey/Pinto/Fitzpatrick/et al]], the ambiance of integrity in our Conventing and Jesuit intellect was enough to make a nbew GENERAYTION which WILL transform India !..........NOT the GOP ! or others of their ilk..........Regards, Hari Dang

ashok sen

4 years ago

Is it possible for Moneylife to take this case further, to its rightful conclsion,though i understand that you are not an institute, or body for such tasks.

ashok sen

ashok sen

4 years ago

why is it that when learned people like Mr. Sarma inform the authorities of blatant misuse of powers by politicians,no action is taken
A) to rectify the situation, immaterial of the cost to the dishonest businessman
B)no politician,who are not above the law, are sent to prison?

Do the people of this country have no recourse,and are helpless to rectify the situation.

ashok sen

A Kumar

4 years ago

The unfortunate part of such acts is that it is the Investors who are the ultimate sufferers. Such illegal activities on behalf of promoters create minefields in companies.Due to any adverse situation, it blows up in investors face causing large losses in portfolios. There are examples galore. The Lavasa imbroglio led to Hind constructions price falling by 60%, The Sesa Goa illegal mining scam had a similar impact.
While the role of the Governemnts and Ministries is what it is, I am more concerned at the role of the boards of the companies and the Corporate Governance, particularly when they are listed.
Wise investors are increasingly looing at Corporate governance and are categorizing managements carefully so that their portfolios do not implode due to such sudden events.

MK Gupta

4 years ago

What was Mr. Sarma doing while in service?

REPLY

Sucheta Dalal

In Reply to MK Gupta 4 years ago

Mr Gupta
Cynicism is good, but it is also useful to have some background.
Mr Sarma did a lot while he was in service. And he is among the rarest of rare IAS officers who quit while at the top, because he didnt want to be pushed around by the government. He has also not sought any government assignment as a post-retirement sinecure.
Thoughtless comments can be very hurtful for persons who are doing an incredible amount to help society, that too at their own risk and cost.

Dayananda Kamath k

In Reply to Sucheta Dalal 4 years ago

would u take pains to publish my open appeal to chief justice of india. if taken note of by the people and the supreme court it will change the way the politician as well as beaurocrates function. it is only tip of iceberg. if proper investigation is done so many big scams will come up from the material underneath in my audit reports.

Retirement Fund: Reliance MF plans to launch a pension scheme

When launched, it would be just the third mutual fund scheme to be notified as a pension fund

Reliance Mutual Fund recently filed an offer document with the Securities and Exchange Board of India (SEBI) to launch a notified tax savings-cum-pension scheme—Reliance Retirement Fund. The scheme will get tax benefit (up to Rs1 lakh) as a Notified Pension Fund U/S 80C of the Income Tax Act, 1961, subject to the fund being notified by the central government under Section 80C(2)(xiiic) of the Income Tax Act, 1961. The two other mutual fund schemes notified as pension funds are Templeton India Pension Plan and UTI Retirement Benefit Pension Fund.
 

An initial lock-in period of five years would be applicable in the scheme from the date of allotment of units. The exit load would be 1% if redeemed/switched out before attainment of 60 years of age. Compared to the other two pension schemes, the Templeton India Pension Plan has a three-year lock-in period and an exit load of 3% before 58 years of age and UTI Retirement Benefit Pension Fund has no lock in period and after three years no exit load is charged.
 

The scheme will have two plans: Wealth Creation Plan and Income Generation Plan. The Wealth Creation Plan, having the BSE 100 index as the benchmark, will invest 65% to 100% in equity and equity related instruments and the rest in debt and money market instruments. The Income Generation Plan, as the name suggest will invest 70% to 95% in debt and money market instruments and 5% to 30% in equity instruments. The performance of this plan will be benchmarked against the Crisil MIP Blended Index. The aggressive plan of the scheme provides higher allocation towards equity compared to UTI Retirement Benefit Pension Fund and Templeton India Pension Plan which put in not more than 40% in equities. Those investing for a term of 10-15 years should benefit with the higher allocation towards equity.
 

There would be no long-term capital gain tax in the Wealth Creation Plan, as it would invest 65% or more in equity. The other plan would be subject to long-term capital gain tax.

The scheme would also provide an Auto Transfer Facility from the Wealth Creation Plan to the Income Generation Plan (without any exit load) upon completion of 50 years of age or as specified by the investor. This is an optional facility wherein investors’ entire investment (Lump sum/SIP) shall be switched automatically from the Wealth Creation Plan to the Income Generation Plan.
 

Investors can also opt for an Auto SWP (Systematic Withdrawal Plan) facility by automatic redemption of units (monthly/quarterly/annual) on or after 60 years of age or age after completion of the five-year lock in period, whichever is later.
 

Though the scheme looks ideal for investors saving for their retirement, from a tax saving point of view, the performance of the scheme is crucial. The annual scheme recurring expenses is the upper limit of that charged for equity and non-equity schemes. In terms of liquidity, this scheme scores better than the NPS (New Pension System), where the lock-in period is till the age of 60. It is also interesting to note that Reliance Capital Pension Fund is one of the pension fund manager for NPS.
 

The scheme will be managed by three fund managers—Sanjay Parekh, Senior Fund Manager–Equity Investments who has over 17 years of experience in capital market; Anju Chajjer, Fund Manager-Debt Investments, with over 11 years of experience; and Jahnvee Shah, Fund Manager-Overseas Investments, having six years experience in the capital market.
 

Reliance as a fund house has done well in the past. Most of their equity schemes have beaten their benchmarks in all of the last 12 five-year rolling periods with a monthly frequency. Few of the schemes have been top performers in their category in the past, as well. It would be interesting to see how this scheme performs.
 

Additional Details
 

For Lump sum: Rs5, 000 and in multiples of Rs500 thereafter
 

For SIP:
 

i. Monthly Frequency: Rs500 and in multiples of Rs500 thereafter
 

ii. Quarterly Frequency: Rs1,500 and in multiples of Rs500 thereafter
 

iii. Annual Frequency: Rs.5, 000 and in multiples of Re. 500 thereafter
 

Entry load: Nil
 

Exit Load: 1% if redeemed/switched out (other than Auto Transfer) before attainment of 60 years of age

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