Regulations
FMC asks NSEL to file recovery suits against all defaulters

NSEL has recovered about Rs356.39 crore of dues from defaulting members out of the total outstanding amount of Rs5,689 crore. So far only two members out of 24 defaulters have paid their dues

Commodities market regulator Forward Markets Commission (FMC) has asked crisis-hit National Spot Exchange Ltd (NSEL) to strengthen its recovery team and file suits in this regard against all defaulting members. FMC is concerned with the slow pace of recovery of money from NSEL defaulters as out of 24 defaulters, only two members have paid fully, while the rest 22 members are still defaulting on payments.

 

NSEL, a subsidiary of the Jignesh Shah-led Financial Technologies India Ltd (FTIL), has recovered about Rs356.39 crore of dues from defaulting members out of the total outstanding amount of Rs5,689 crore so far.

 

At a recent meeting with NSEL management and Monitoring and Auction Committee, the commodities regulator reviewed recovery of dues from defaulters and asked NSEL to fasten the process and file the suits for realisation of money.

 

FMC said: "NSEL assured that they would take steps such as strengthening the recovery team at NSEL, filing of FIR and recovery suits against all defaulting members."

 

The exchange also said it will initiate proceedings under section 138 of Negotiable Instruments Act against defaulters and pursue the matters relating to realisation of funds from cooperative federation, National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) and value-added tax (VAT) related issues, the regulator said in a statement.

 

NSEL has been grappling with a payment crisis since suspending trade in July last year following a government order. Multiple agencies are probing the NSEL's activities and assets of defaulters have also been attached.

 

The exchange has also sought the intervention of state governments to recover the dues from defaulters.

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Gadkari seeks three more months to review Motor Vehicle Act

Repeated violations of traffic rules resulting in cancellation of driving license is likely to be one of the major amendments to the Bill

The amendment to the Motor Vehicle Act is likely to be delayed by a couple of months as the Ministry of Road Transport and Highways has said it needs three months to review the current Act and thereafter will introduce it afresh in Parliament.

 

The Motor Vehicles (Amendment) Bill, which could be passed only in the Rajya Sabha in May 2012, proposes hefty penalties for traffic rule violations and drunken driving.

 

Union Transport Minister Nitin Gadkari said, "We need three months to study the (Motor Vehicle) Act in its totality and then we will try and bring it in Parliament in its next session."

 

He added that the Act should be as per international standards.

 

Gadkari, on 5th June, had said that the government in a month's time will re-draft the Motor Vehicle amendment bill, which will be in sync with six advanced nations - US, Canada, Singapore, Japan, Germany and the UK, and thereafter will introduce it in Parliament.

 

Repeated violations of traffic rules resulting in cancellation of driving license is likely to be one of the major amendments to the Bill.

 

"If anyone violates the road rules more than three times, his driving licence will be suspended for six months and if he continues to violate after that, then the driving licence will be cancelled. These are some of the considerations as part of redrafting the Motor Vehicles bill," the Minister had said.

 

Several provisions of the Motor Vehicles Act of 1988, especially those related to penalties for violations, have not been found to be effective in checking road accidents. The last time the Act was amended was in 2001.

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COMMENTS

Gopalakrishnan T V

2 years ago

The amendment should address the issue of interstate movement of vehicles involving payment of Life Tax in different states. With the liberalisation of the economy and invasion of IT, the interstate movement of professionals has been on the rapid increase and they are being harassed by the state RTOs for payment of Life tax although the vehicle has a life tax paid in the state from where the vehicle is purchased. Repeated payment of life tax is a nuisance and does not carry any conviction.

Israel launches ground operation inside northern Gaza

Israel carried out overnight air strikes against Gaza’s security headquarters and police stations, in the heaviest bombardment since operations began on 8th July

For the first time, Israel has launched a ground operation inside northern Gaza to silence Hamas rocket fire while thousands of Palestinians fled their homes after the Israeli military threatened to widen its assault that has killed nearly 170 people in six days.

 

Ignoring global calls for a ceasefire, Israeli troops — thought to be naval commandos — briefly entered Gaza early Sunday and raided a missile launching site. This is the first time Israeli forces have acknowledged they’ve entered Gaza in what appeared to be the ground assault.

 

Israel has been building up its troops along the border with northern Gaza, fuelling speculation of a possible ground invasion.

 

During the incursion, which lasted about half-an-hour, both sides exchanged gunfire at the launch site, an Israeli military source said.

 

Four Israeli troops suffered light injuries, but all the soldiers returned home safely, the source said.

 

The Israeli jets later dropped leaflets at Beit Lahiya, home to about 100,000 people, warning residents to evacuate their homes ahead of their “short and temporary” campaign to begin.

 

“The Israeli Defense Forces intend to attack terrorists and terror infrastructures ...” the leaflets said, mentioning a list of areas that will be targeted.

 

“Israel is currently attacking, and will continue to attack, every area from which rockets are being launched at its territory.”

 

The Palestinian death toll from the Israeli air strikes hit 168 with another 1,120 people wounded, the emergency services said.

 

About 17,000 people, fearing for their lives, have taken shelter in installations of the UN agency for Palestinian refugees, UNRWA, its spokesman Chris Gunness said in a statement.

 

Meanwhile, around 800 Palestinians holding dual citizenship have reportedly begun leaving Gaza via Israel’s Erez Crossing.

 

Israel carried out overnight air strikes against Gaza’s security headquarters and police stations, in the heaviest bombardment since operations began on 8th July.

 

A senior security official has said the operation in northern Gaza is necessary because the area accounts for far more rocket attacks than other areas.  

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