Right to Information
How BMC earned Rs60 lakh from the now discarded development plan
BMC should refund the Rs60 lakh it collected, while supplying information on the Mumbai DP, which was scrapped by the state government, demands RTI activist Anil Galgali
 
The Mumbai Development Plan (DP) 2015-2034 that was scrapped by the Maharashtra government following a hue and cry from all quarters, had helped the city corporation to earn Rs60 lakh, reveals a reply received under the Right to Information (RTI) Act.
 
The reply received by RTI activist Anil Galgali reveals that around 6,839 citizens paid Rs60 lakh to BrihanMumbai Municipal Corporation (BMC) as fees for obtaining documents and copies of the DP plan through RTI. "Since, the state government has decided to scrap the Mumbai DP, the BMC should refund the Rs60 lakh it earned, while supplying information to citizens," Galgali said. 
 
He also sent a letter to Maharashtra Chief Minister Devendra Fadnavis, Chief Secretary Swadheen Kshatriya and BMC commissioner Ajoy Mehta.
 
In the reply, the Administrative Officer of the DP department at BrihanMumbai Municipal Corporation (BMC) revealed that, citizens sought information like the DCR Booklet, DP Report, DP Sheet and DP Remarks.  In the process, revenue of Rs59,48,087 was generated. Of these, Rs39.05 lakh was earned by providing DP Remarks, to about 2,220 applicants. Almost 4,130 citizens sought DP Sheets, which earned over Rs13 lakh to the municipal corporation. The BMC sold about 312 DCR Booklets earning Rs4.25 lakh. About 177 citizens applied for DP Report bringing in a revenue of Rs3,15, 945.
 
Till 27 April 2015, the BMC received 64,867 suggestions and objections on the DP, the reply received by Galgali to another question shows.

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Nifty, Sensex, Bank Nifty may give up some gains – Thursday closing report
Nifty will decline a bit, if it closes below 8,350
 
We had mentioned in Thursday’s closing report the uptrend on the NSE’s CNX Nifty would continue but a close below 8,375 may mean a short-term reversal. The 50-stock index hit 8,382 Thursday and recovered to end the day flat after trading mostly in the red.
 
The S&P BSE Sensex opened at 27,885 while Nifty opened at 8,435. The 30-stock Sensex moved in the range of 27,713 and 27,911 and closed at 27,809 (down 28 points or 0.10%). Nifty moved between 8,383 and 8,446 and closed at 8,421 (down 2 points or 0.03%). Bank Nifty opened at 18,594 and moved from the high of 18,604 to the low of 18,399 and closed at 18,513 (down 42 points or 0.23%). NSE recorded a volume of 63.59 crore shares. India VIX fell 1.72% to close at 17.4125.
 
The finance ministry has constituted a three-member committee headed Justice AP Shah to look into the issue of Minimum Alternate Tax (MAT) on foreign institutional investors (FIIs).
 
Light sweet crude oil price rose Thursday, after the latest official US crude stockpiles report, rebounding from sharp falls a day earlier on worries about excess supply and a rise in the dollar.
 
“India needs to privatise and change the character of its state-owned banks which have massive level of bad loans. This has adversely affected the economic growth,” said head of Emerging Markets at Morgan Stanley Investment Management.
 
Rating agency Moody's said that Vedanta will have to strengthen its balance sheet in FY16 to avoid further pressure on its ratings.
 
Coming back to Indian stock market, Strides Arcolab (8.56%) was the top gainer in ‘A’ group on the BSE. It has entered into agreements to acquire a generic pharmaceutical business in Australia and related assets from Aspen for approximately A$380 million.
 
AIA Engineering (6.09%) was the top loser in ‘A’ group on the BSE.
 
Bajaj Auto rose 6.94% to close at Rs2,299.75 on the BSE. The stock gained up momentum even though it posted weak results for the March quarter. For the year ended March 2015, Bajaj Auto’s revenues were Rs21,612.01 crore (Rs20,149.51 crore in previous year) and its net profit was Rs2,813.74 crore (Rs3,243.32 crore in previous year). It was the top gainer in the Sensex 30 pack. 
 
Weaker result of Tata Steel pulled it lower again today. It fell 5.11% to close at Rs342.90. For the year ended March 2015, its revenues were Rs41,785.00 crore (Rs41,711.03 crore in previous year) and its net profit was Rs6,439.12 crore (Rs6,412.19 crore in previous year). It was the top loser in the Sensex 30 pack. 
 
US indices closed Wednesday flat. Minutes from last month's Federal Reserve meeting showed that officials were unlikely to raise interest rates in June amid a slowdown in economic growth.
 
Asian indices showed mixed performance. Shanghai Composite (1.87%) was the top gainer while KLSE Composite (0.83%) was the top loser.
 
The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, edged up to 49.1 in May, compared with a final reading of 48.9 in April, HSBC Holdings PLC said today.
 
China's State Council has unveiled a 10-year plan for upgrading the nation's manufacturing capacity so it can catch up with production powerhouses like Germany and fend off competition from other developing countries.
 
European indices were showing mixed performance. US Futures were trading lower.
 
Manufacturing activity in Germany grew at the slowest pace in three months in May, dampening optimism over the health of the euro zone's largest economy, preliminary data showed today. Markit said that its preliminary German manufacturing purchasing managers' index declined to a seasonally adjusted 51.4 this month from a final reading of 52.1 in April. Separately, the preliminary services purchasing managers' index fell to a seasonally adjusted 52.9 this month from 54 in April.
 
In France, data compiler Markit said its preliminary composite purchasing manager’s index, surveying firms across the private sector, rose to 51 in May from 50.6 in April, moving further above the 50-point threshold between an expansion and contraction.
 

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Mahindra to acquire 33 percent stake in Mitsubishi Agricultural Machinery
India-based conglomerate Mahindra and Mahindra (M&M) on Thursday said it will acquire 33 percent voting stake in Mitsubishi Heavy Industries's subsidiary -- Mitsubishi Agricultural Machinery (MAM).
 
Under an agreement, Mahindra will invest three billion yen or $25 million for the acquisition.
 
According to the company, the transaction will come through fresh issuance of common shares and class A (non-voting) shares of MAM. 
 
The deal is expected to close by October 1, 2015, with the new funding to be used to increase MAM's capital base.
 
The company said this alliance will help it become a significant player in the global agriculture machinery industry.
 
"We have had a decade-long association with Mitsubishi in the US where their products have played a significant role in Mahindra USA's success," Pawan Goenka, executive director with Mahindra was quoted in a statement.
 
MAM has been supplying OEM (orginal equipment manufacturer) tractors to Mahindra USA, as well as providing technical licence to Mahindra for walk-behind rice planters and new tractor in India.
 
The company added that the new partnership will allow both sides to jointly develop products to address global opportunities in the tractor and agri-machinery space. 
 
"In addition, the partnership will enable MAM and Mahindra to improve cost competitiveness though joint procurement and optimize the supply chain," the statement said.
 
Currently, Mahindra is the world's largest tractor manufacturer by volume with a very strong leadership presence in India. 
 
MAM, on the other hand, provides a full range of agri-machinery, including tractors, combine harvesters and rice transplanters, among others.
 

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