The High Court said such committees should be formed to clear proposals, where existing old properties are to be redeveloped on small parcels of land in Coastal Regulation Zone or CRZ
Mumbai: Taking a serious note of the delay in clearing redevelopment projects, the Bombay High Court has directed Maharashtra Coastal Zone Management Authority (MCZMA) and the state government to forthwith form committees to clear such proposals, reports PTI.
Hearing a petition filed by a developer, a bench of the High Court, on 14th June, said such committees should be formed to clear proposals, where existing old properties are to be redeveloped on small parcels of land in Coastal Regulation Zone (CRZ) II area.
The bench of Chief Justice Mohit Shah and Justice Nitin Jamdar further directed that such committees should meet at least once a week and their recommendations may be placed before MCZMA at its immediate next meeting.
The judges directed that the committees should consider such applications expeditiously and preferably within two months from the date of receipt thereof.
Deferring the matter to 2nd July, the bench further directed the Courts in Mumbai to give priority to cases involving redevelopment of existing old buildings.
BH Mehta, Counsel for the state government, urged that a copy of this order be sent to MCZMA Chairman and prayed for time to seek instructions.
Thereupon, the judges directed that a copy of the order be sent to Chief Secretary to the state government and to the Municipal Commissioner, Brihanmumbai Municipal Corporation (BMC).
The bench was hearing a petition filed by Rajendra Godshalwar, who had applied to MCZMA seeking permission to redevelop an old dilapidated building Ramakrishna Niketan at Mahim in Shivaji Park, Central Mumbai.
The building was constructed prior to 1940 and is located within 500 metres from the High Tide line.
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The equity fund scheme will be opened for subscription till 25 June 2012 and people can invest through monthly instalments of Rs1,000 or a one-time investment of Rs5,000
Mumbai: Axis Asset Management Company today launched the 'Axis Focused 25 Fund' that will focus on select 25 best companies with a majority of these being drawn from the top 200 domestic companies, reports PTI.
The equity fund offer will be opened for subscription till 25 June 2012 and people can invest through monthly instalments of Rs1,000 or a one-time investment of Rs5,000, the company said.
“The key feature of the fund is that we will attempt to nurture these companies over their business cycle without being unduly concerned by short term market volatility. It is thus ideal for patient and long term equity investors with an investment time horizon of more than five years,” managing director and CEO of Axis AMC, Rajiv Anand said.
The new scheme, which is based on the premises that quality companies tend to maintain their growth trajectory despite downturn will have strict internal risk management limits for the Axis Focused 25 Fund to ensure that the portfolio is well-diversified across sectors and is not illiquid.
Axis AMC is a wholly owned subsidiary of Axis Bank and manages assets of over Rs9,000 crore in over 410,000 investor accounts.