According to the CAG report, which is yet to be tabled in the legislature, 11 Maharashtra legislators had declared their monthly income ranging from Rs2,500 to Rs12,500 to acquire large flats under the government quota in Ashirwad Co-operative Housing Society in suburban Mumbai
Mumbai: Eleven Maharashtra legislators indicted in the yet-to-be-released CAG (Comptroller and Auditor General) report, had declared their monthly income ranging from Rs2,500 to Rs12,500 to acquire large flats under the government quota in Ashirwad Co-operative Housing Society in suburban Mumbai, reports PTI.
According to the CAG report, which is yet to be tabled in the legislature, the legislators include deputy speaker Vasant Purke, EGS minister Nitin Raut, water resources (Krishna Valley) minister Ramraje Naik Nimbalkar and culture minister Sanjay Deotale.
Mr Purke, who was the EGS minister at the time of allotment, had declared a total monthly family income from all sources of Rs2,500.
Mr Nimbalkar had declared an income of Rs5,500, while Mr Deotale had shown his income as Rs12,500. Both were MLAs at the time of the allotment.
Mr Raut showed his family monthly income of Rs12,500.
The other MLAs include Anilkumar Kher (Rs5,300), Jayant Sasane (Rs 5,400), Sudarshan Nimkar (Rs 4,000), Naresh Thakre (Rs 8,000), Ajit Ghorpade (Rs 10,000) and Sanjay Deshmukh (Rs 6,600).
The report says, minister of state Ranjit Kamble and former MLA Chandrakant Chhajed own flats both in Rajyog and Ashirwad Co-operative Housing Societies.
Bhagyashree Patil, wife of co-operative minister Harshvardhan Patil, had declared her income as Rs6,000 per month. The report says that while she was entitled to 41.82 sq meter of carpet area, she got 99.67 sq meter carpet area.
“Husband of the same member is the chief promoter and member of Rajyog CHS,” the report said. However, Mr Patil told reporters that he was only the promoter of Rajyog and not a member.
The report said, as per the monthly income declared by the legislators, they were entitled to 27.87 to 60.40 sq meters carpet area only. However, flats of carpet area of 99.67 sq meters were allotted to them.
After making the same mistakes as his predecessors, Madhu Kannan has quit BSE, saddling it with an expensive and inexperienced management team
On Tuesday, Madhu Kannan, Managing Director and CEO of the Bombay Stock Exchange (BSE) announced plans to quit and join the Tata Group. This was just a day after the Securities and Exchange Board of India (SEBI) announced the new policy framework for stock exchanges, depositories and clearing corporations. It may be a coincidence, but the timing of Kannan’s decision seems to suggest he is throwing in the towel when his attempt to shake the National Stock Exchange’s monopoly had clearly failed.
Mr Kannan, the hotshot imported from New York (he had worked at Merrill Lynch which imploded in 2008 and New York Stock Exchange before that) to turn around a sinking BSE has left it much weaker and more dangerously poised. BSE is saddled with a lop-sided pay structure and a deep divide between a tiny and extremely expensive top management team which has little expertise in running markets (far from turning around sinking bourses) and the rest of the staff. Mr Kannan has repeated the same mistakes of his predecessors, who quit under controversial circumstances and that too, by inflicting a much higher cost to the exchange.
BSE’s shareholders, who are mainly brokers, watched silently in the hope that he would manage to list the exchange at a good valuation and give them a good exit price. Mr Kannan’s expensive management team, comprising a number of US citizens (some of Indian origin), were expected to attract foreign institutional investors to invest. However, SEBI’s new rule of pre-empting 25% of the profit every year is a big damper and worried shareholders and staff are beginning to ask questions. Interestingly, the BSE’s average daily turnover was around Rs6,400 when Mr Kannan took over in 2009 and has shrunk to just Rs2,800 crore. Profits are also down, although the salaries of its top brass have sky-rocketed. This is probably something that Mr Kannan brought from the New York Stock Exchange (NYSE) and Merrill Lynch. Consider the messy trail Mr Kannan leaves behind:
This is BSE’s third failed experiment with a SEBI-supervised / chosen professional management team. Strangely enough, this does not seem affect its “public interest directors” or its board. While there are many angry and unhappy shareholders and employees at the bourse, the exchange’s board of directors seems to be unconcerned. BSE is set to sink further unless its true owners – the stock brokers who hold most of the shares – wake up and act collectively.
Around 42% of respondents in India surfed online to look for jobs in the last three months
A majority of Indians prefer to use the Internet for banking and other financial services than shopping online, shows a new survey. Almost 57% of Indian respondents using the Internet prefer to bank online and use other financial services due to hassle-free easy access and time-saving features of online banking, according to the survey conducted by research firm Ipsos.
Checking information on products and services online comes a close second at 53%, while 50% shop for products online. Around 42% of respondents in India surfed online to look for jobs in the last three months, the survey said.
"Online banking has made things much easier for the people and it saves a lot of time. It has eliminated the hassle of the traditional way of banking where one had to stand in the queue and fill up several forms," Ipsos India head (marketing communication) Biswarup Banerjee said.
Most of the banks in India have introduced customer-friendly online banking facility with advanced security features to protect customers against cybercrime.
"The easy registration process for net banking has improved customers' access to several banking products, increased customer loyalty, facilitated money transfer to any banks across India and has helped banks to attract new customers," he added.
The Indian results closely track the global trends as well. Conducted among 19,216 people from 24 countries, the survey showed banking and keeping track of finances, shopping and searching for jobs are the main tasks of Internet users around the globe.
Overall, 60% of people surveyed used the Web to check their bank account and other financial assets in the past 90 days, making it the most popular use of the internet, Ipsos said.
Globally, shopping was not too far behind at 48%, the survey showed, and 41% went online in search of a job. In terms of country preferences, almost 90% of the respondents in Sweden use e-banking. Online banking has also caught on in a big way in nations like France, Canada, Australia, Poland, South Africa and Belgium, the survey showed.
The Germans and British come on top for using online shopping with 74% of respondents in both countries having bought something online in the past three months. They are followed by 68% of respondents in Sweden, 65% in the US and 62% in South Korea.