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