Companies & Sectors
MCX appoints former CIC Satyanand Mishra as its chairman

MCX appointed Satyananda Mishra, former chief information commissioner & IAS officer as the Chairman of the Board on FMC approval

Multi Commodity Exchange of India Ltd (MCX) said it appointed Satyanand Mishra, the former chief information commissioner as its new chairman.
 

In a release, MCX said, following approval from Forward Markets Commission (FMC) it appointed Mishra as its independent director till 31 March 2016.


MCX also recommended to FMC the appointment of Miten Mehta as a shareholder director of its promoter Financial Technologies India Ltd (FTIL) on its board.
 

On 31st October, Jignesh Shah had resigned as non-executive vice-chairman of MCX after sector regulator FMC issued a notice to him and FTIL. MCX fiasco was due to the imposition of commodity transaction tax (CTT) applied in July and recent payment crisis at NSEL.
 

Earlier this month, Paras Ajmera, the last nominee of promoter FTIL and Shreekant Javalgekar, managing director and chief executive officer of MCX have also resigned from the commodity exchange's board due to Rs5,600 crore payment crisis at the FTIL-promoted National Spot Exchange Ltd (NSEL).

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SEBI rejects five consent pleas filed for settlement of charges

SEBI rejected consent pleas of G Ramakrishnan, the former independent director of Pyramid Saimira Theatre, Khandwala Securities, IQMS Software, Genesis Developers & Holdings and one Kailash S Choudhari, that were seeking settlement of charges

Market regulator Securities and Exchange Board of India (SEBI) has rejected filve consent applications, including that of G Ramakrishnan, the former independent director of Pyramid Saimira Theatre. All the applicants were seeking settlement of proceedings regarding alleged violations of SEBI norms.

 

Ramakrishnan has been charged with violation of SEBI’s ‘Prohibition of Fraudulent and Unfair Trade Practices’ regulations.

 

With this, the total number of rejected applications for settlement by the SEBI has touched 228, ever since the revised rules for consent framework came into effect on 25 May 2012.

 

In its latest update, for 22nd October to 25 November 2013, SEBI has also rejected consent pleas of Khandwala Securities, IQMS Software, Genesis Developers & Holdings and one Kailash S Choudhari.

 

While Khandwala Securities is charged with fraudulent trading activities and violation of stock broker norms in matter of Shree Rama Multi Tec, IQMS Software has been accused of violating SEBI’s guidelines on ‘Disclosure and Investor Protection’

 

Besides, Genesis Developers & Holdings and Kailash S Choudhari are facing proceedings for violations of takeover norms.

 

The market regulator said that the five applications have been rejected “as they are not found to be in consonance” with it norms on consent mechanism which were issued in May, 2012. “The pending proceedings in these cases will continue in accordance with law,” it added.

 

In May last year, SEBI had tightened its regulations for settlement through consent framework, while the regulator has been making public the names of the rejected applications since January this year.

 

Under SEBI’s consent mechanism, firms and individuals can seek to settle the cases with the market regulator after the payment of certain charges, without admission or denial of any wrongdoings.

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Western Railway collected Rs30.87 crore as fine in 2011-12, reveals RTI

An RTI reply in response to an application filed by Samir Zaveri, reveals that despite having unimpressive checking system, Western Railway collected fine of Rs30.87 crore from commuters found travelling without valid ticket

Railway activist Samir Zaveri’s application under the Right to Information (RTI) Act, revealed that during the year 2011-12, Western Railway has earned total revenues of Rs1,824.99 crore and fines of Rs30.87 crore from commuters who were found travelling without valid tickets.  Even after slow process of ticket checking, where thousands of people travel without ticket everyday, Western Railway managed to collect fine of Rs30.87 crore from ticket checking activities in the year 2011- 12.
 

Railway activist Samir Zaveri filed an RTI application on 22 March 2013, to get information about annual income, expenses, profit and loss pertains to ‘Western Railway Mumbai Suburban Train Network’.
 

Western Railway gross income stood at Rs1,824.99 crore. Western Railway earned total of Rs1,664.54 from travel fare from which, it earned Rs587.55 crore through suburban fare and Rs1,077.03 crore through non-suburban fare. Western Railway’s other earnings stood at Rs112 crore and earnings from goods stood at Rs48.41 crore. 
 

Western Railway earned huge income from the other incomes sources like advertisement in trains, hoarding on station, fine collection, rental income of stalls and ATMs on railway premises. Western Railway sells space for advertisements inside as well as out side trains and on the stations, it earned Rs1.77 crore from train advertisements and Rs22.26 crore from hoardings in 2011-12.  
 

Western Railway in 2011- 12 has collected Rs4.45 crore from rentals of suburban section ATMs situated in railway premises, Rs3.87 crore as license fees from catering units and also collected fine of Rs1,61,000 from catering units. However from book stall Western Railway collected only Rs57,023 as Rs4 crore worth of collection is pending and overdue.

Western Railway’s 2011-12 expenditure on salaries & wages stood at Rs916.77 crore, non salary & wages expenditure stood at Rs707.87 crore. Western Railway spent Rs1.04 in buying new equipments for stations.
 

Following table shows complete details of income and expenditure of the Western Railway Mumbai Suburban Train Network during the year 2011-12:
 

Income & expenditure for 2011 - 2012 of Western Railway – Mumbai division (as per RTI-reply shows)

SNo.

Particulars

Income (Rs)

Expenditure (Rs)

1

Passengers earning (suburban)

587.55 crore

NIL

2

Passengers earning     (Non-Sub)

1077.03 crore

NIL

3

OCH

112 crore

NIL

4

Goods

48.41 crore

NIL

5

Salary & Wages

NIL

917.77 crore

6

Non Salary & wages

NIL

707.87 crore

7

Ticket checking fine collection

30.87 crore

NIL

8

License fee from Bank ATMs

4.46 crore

NIL

9

License fee from caterings units

3.87 crore

NIL

10

License fee from book stalls

57,023

(total collection of Rs4 crore is pending & overdue)

NIL

11

Fine imposed on caterings units.

1,61,000

NIL

12

Advt. in local trains + Hoardings on station

1.77 crore +

22.26 crore

NIL

13

Equipments purchased for stations

NIL

1.04 crore

 

You can access the Samir Zaveri Railway Helpline here:

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