Citizens' Issues
HPC says vehicles in Mumbai are landing up on parking space in alarming manner

MCGM  has  invited  an  Expression  of  Interest  (EOI)  for implementation  of  “Web  Based  Paring”  for  on-street  parking,  which  involves electronic  hand -held  devices  capable  of  issuing  the  e-challans  of  parking  fees and storing   data  to  the central  server  of  MCGM

In Mumbai the proportion of free parking on roads is ample while the parking cost is low, between Rs5 and Rs20 per hour (Source: Municipal Corporation of Greater Mumbai— MCGM). Mumbai is at the lower end in terms of pricing for parking. And with the annual addition of more than 50,000  cars  (Source:  TCO) excluding  a  larger  number  in  two -wheelers,  as  well  as  substantial increase in  water tankers, school buses and commercial vehicles, there will be a high requirement of new parking spaces per year. The effect is clear and visible, most of these vehicles land up on the roads for parking in an unregulated manner. The situation is getting alarming.

 

A Public Interest Litigation PIL-18/2010 was filed in the Bombay High Court,  by the Bombay Bar Association, dated 29th January 2010. This PIL primarily addresses various issues of traffic management in the city of Mumbai. The petition is regarding improper regulation of traffic, several issues related to traffic operations, technology, enforcement, manpower, road markings, etc. In 17 hearings held by the HC, several issues related to enforcement and infrastructure was raised. This article covers aspects of parking from the HPC (High Power Committee) Report of the Bombay High Court.

 

According to the HPC report, excessive  vehicles  and  consequential  parking  beyond  available  space  has increased  traffic  congestion  severely.  Narrow roads and random parking on both sides  of  the  roads  has  been  causing  inconvenience  for  the  commuters  and  pose safety concerns for commuters and pedestrians. A large number of vehicles are parked on the roads, in many cases on both sides of a narrow and high volume road. On some of the arterials, out of four lanes only two lanes are available for an effective carriageway leading to considerable slowing of  traffic  and  additionally  resulting into  stop -start  operation,  leading  to  very  high exhaust emissions. 

 

Devising  Strong  and  Effective  Parking  Policy: A  strong  and  effective  parking  policy  needs  to  be  formulated  and  implemented, recommends the HPC report.  The  policy  and enforcement  needs  to  ensure  restricted  on-street  parking  along  major  corridors. Parking should be allowed at designated locations only. Strict  enforcement  of provisioning  of  mandatory  parking  spaces  by  the  establishments  is  required.  No “change of use” permission should be given unless provision of mandatory parking requirements is followed.

 

Action  proposed:  The MCGM will appoint the consultants/ transport planners to prepare the Parking Policy for Greater Mumbai in consultation with Traffic Police Department.  Necessary assistance for hardware required by Traffic Police

Department  for  effective  enforcement  of  no-parking  zones  will  be  provided  by the MCGM. This must be completed in two years.

 

Establishing  Comprehensive  Parking  Unit: A  comprehensive parking  unit  (CPU)  for  Mumbai  should  be  established  that  will  look  after  all  on road/off  road  and  vertical  parking,  management,  personnel  management  for operation, marking, metering as well as use of smart cards, other electronic devices for  information  and  effective  controls.  It can work towards a regime of close to market driven prices (over a period of time) and develop compliance mechanism. 

 

Action  proposed:  According to the HPC report, MCGM  has  invited  an  Expression  of  Interest  (EOI)  for implementation  of  “Web  Based  Parking”  for  on-street  parking,  which  involves electronic  hand -held  devices  capable  of  issuing  the  e-challans  of  parking  fees, taking photograph of vehicles, noting registration numbers of vehicles and transferring and storing  all  data  to  the central  server  of  MCGM.  These devices will also have extendibility to use smart cards, etc. in future. The system can be extended to include private parking in malls, large commercial establishments etc. This must be completed in three years.

 

Pay and Park policy for old and congested areas as well as night time

on-street  parking  in  residential  areas: CPU  should  also  work  towards establishing area  pay and  park for night time  with preference for local residents.

Parking needs of local residents in old buildings should be considered where there is very little parking inside the premises but that need not be free.

 

Action proposed: In the near future, MCGM will have many off street parking lots under the provisions of Development Control Regulation and work must be completed in two years, concludes the HPC Report.

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Lehman Bros offers to surrender NSE membership

Lehman Brothers filed for Chapter 11 bankruptcy protection on 15 September 2008. The filing remains the largest bankruptcy filing in the US history, with Lehman holding over $600 billion in assets

More than four years after it went bankrupt, US-based Lehman Brothers has offered to surrender its brokerage membership of the National Stock Exchange (NSE).

 

Once an iconic financial services major, Lehman went bust in September 2008 and became synonymous with one of the worst financial crisis to ever hit the US and global markets.

 

In a public notice, the NSE (National Stock Exchange) said that Lehman Brothers Securities Pvt Ltd has requested for the surrender of its trading membership of the bourse.

 

The exchange said that any complaints against Lehman Brothers need to be lodged within 15 days after which no complaints would be entertained.

 

“The constituents of Lehman Brothers Securities Pvt Ltd are hereby advised to lodge immediately complaints, if any, against it within 15 days from the date of this notification and no such complaints filed beyond that period will be entertained by the exchange...” NSE said today.

 

Lehman Brothers last traded on 24 September 2008.

 

Financial services firm Lehman Brothers filed for Chapter 11 bankruptcy protection on 15 September 2008. The filing remains the largest bankruptcy filing in the US history, with Lehman holding over $600 billion in assets.

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Unquoted: Kelvin Fincap (Rs63)

Stories of price manipulation

 

Kelvin Fincap (Rs63)

 

If you look up Kelvin Fincap’s website, nothing is mentioned about who its promoters are and what it does. It is categorised as ‘other financial services’ on the BSE’s website. There’s no annual report for FY10-11 and FY11-12 on either website. It was suspended by the BSE for non-compliance of listing agreement, on 30 November 2007. It also failed to disclose its shareholding pattern on 30 June 2011.  BSE revoked the suspension on 30 November 2011. The company employed the oldest trick in the book, to hide away its past transgressions, by changing its name from Dahyabhai Sons Ltd, on 6 July 2012, to Kelvin Fincap. Its financials are strange. The company recorded a 180% jump in revenues, from Rs5 lakh in March 2012 to Rs14 lakh in December 2012, in just four quarters. Yet, its net profits barely budged and stood at just Rs1 lakh in December 2012, roughly the same as in March 2012. The result? Its share price rocketed from Rs8.97 to Rs58.20 in the past one year, a rise of 549%. Is there a regulator in the country?

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