HDFC Mutual Fund floats 370 days fixed maturity plan

HDFC Mutual Fund new issue closes on 7th June

HDFC Mutual Fund has launched HDFC FMP 370D June 2011 (1), a close-ended income scheme.

The investment objective of the plans under the scheme is to generate income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s). The tenor of the scheme is 370 days.

The new issue closes on 7th June. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Miten Lathia is the fund manager.


2G scam: Court rejects plea against Ambani, Tata, Radia, Dayalu

Dismisses private complaints seeking to name the individuals as accused; says applications are devoid of substance and contrary to law

New Delhi: A Delhi court today dismissed petitions for a direction to the Central Bureau of Investigation (CBI) to also list Reliance ADAG chairman Anil Ambani, Tata group chief Ratan Tata, corporate lobbyist Niira Radia and DMK chief M Karunanidhi's wife Dayalu Ammal, as accused in the 2G licences and spectrum allocation scandal.

Special CBI Judge OP Saini also imposed a cost of Rs10,000 each on Delhi-based journalist M Furquan and Ghaziabad scrap dealer Dharmender Pandey for filing these complaints.

"The applications are not only devoid of any substance, but are also contrary to law and deserve to be dismissed with heavy cost as application after application of this nature are being filed by third parties, resulting in loss of precious time of the court. However, I am inclined to take a little lenient view as far as cost is concerned. Accordingly, both applications are dismissed, subject to nominal cost of Rs10,000 each," the judge said.

The court also directed both the complainants to deposit the cost within three days from today, failing which warrants shall be issued against them, PTI reports.
The complainants had earlier told the court that the CBI was "deliberately" suppressing facts against Mr Ambani and "overlooking" the role of Mr Tata and Ms Radia in the case.

Mr Furquan and Mr Pandey also alleged in their separate complaints that the CBI was not looking into the matter and trying to protect these individuals.
The court had on 25th May also slapped a fine of Rs10,000 on a journalist seeking a direction to the CBI to list telecom companies Datacom, S-tel, Aircel and Maxis as accused in the case.


Govt launches ambitious low-cost housing scheme for slum dwellers

The plan covers about 32 million people across 250 cities in the country. The highlight is that property rights would be conferred on the residents of the houses

New Delhi: In a move aimed at checking the proliferation of slums, the government today decided to launch an ambitious low-cost housing scheme that could benefit about 32 million slum dwellers in 250 cities, roping in state governments and private developers.

The highlight is property rights would be conferred on the residents of the houses that are constructed under this scheme, PTI reports.

The Cabinet Committee on Economic Affairs, chaired by prime minister Dr Manmohan Singh, approved the launch of the first phase of Rajiv Awas Yojana to facilitate affordable housing for slum dwellers, home minister P Chidambaram announced after the meeting. The aim of the scheme is to encourage low-cost housing, as well as re-develop the slums, he said.

The Centre would bear half the cost of slum redevelopment which could be used by the states and cities towards viability gap funding, in order to encourage private sector participation.

The government also decided to establish a mortgage risk guarantee fund to facilitate lending to the urban poor for housing purposes, with an initial corpus of Rs1,000 crore.

Central assistance would be conditional to reforms undertaken by states, including conferring property rights to the owners, Mr Chidambaram said.

"They (slum dwellers) will benefit by way of property rights and access to a decent shelter, basic amenities and a dignified life," the home minister said. He said the government believed that the initiative would also prevent mushrooming of slums.

Asked whether slums would be legalised, Mr Chidambaram said, "Yes, if property rights are conferred on a dweller. At the moment, they lead a very precarious existence."


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