Companies & Sectors
MCX-SX joins United Nation's SSE initiative

MCX-SX has joined the global league of six other exchanges that have committed to the UN's Sustainable Stock Exchanges initiative

 
Mumbai: MCX Stock Exchange (MCX-SX) has signed the voluntary commitment to the UN's Sustainable Stock Exchanges (SSE) initiative to promote long-term investment and improved environmental, social and corporate governance disclosure and performance among listed companies, reports PTI.
 
With this, MCX-SX has joined the global league of six other exchanges that have committed to the UN SSE initiative, a statement issued here said.
 
"We are committed to market-based approaches to sustainable development. We intend to achieve inclusive and enhanced market access through knowledge and empowerment. I am sure our commitment to the SSE initiative will enhance sustainability reporting standards in India," MCX-SX Managing Director and Chief Executive Joseph Massey said.
 
The other six exchanges that have so far publicly committed to the SSE initiative are NASDAQ OMX, the Brazilian stock exchange BM & FBOVESPA, Johannesburg Stock Exchange (JSE), Bombay Stock Exchange (BSE), Egyptian Exchange (EGX), and Istanbul Stock Exchange (ISE).
 

User

Diversion of funds, ineligible beneficiaries in JNNURM: CAG

The CAG pointed out that there were eight cases of diversion of funds in Urban Infrastructure projects in Andhra Pradesh, Chhattisgarh, Haryana, Jharkhand, West Bengal and Himachal Pradesh

 
New Delhi: Diversion of funds totalling nearly Rs115 crore and ineligible beneficiaries getting benefits were among the several lapses found by Comptroller and Auditor General (CAG) in implementation of Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the Centre's flagship urban infrastructure development scheme, reports PTI.
 
Government auditor CAG also said that a few cases of unauthorised and irregular expenditure and even instances of undue favours to contractors have come to light.
 
The CAG in its report on "Performance Audit of Jawaharlal Nehru National Urban Renewal Mission(JNNURM)" tabled in Parliament on Thursday said only 22 of the 1,517 housing projects approved under the scheme were completed by the due date of March 2011.
 
Noting that the Union ministries were "not equipped" to monitor a project of this magnitude, the CAG said the Centre must identify the deficiencies in monitoring the scheme both at the central and state level and address them during the next two years.
 
The 103-page report with annexure observed that a crucial objective of bringing about reforms in the governance of Urban Local Bodies (ULBs) could not be achieved through the scheme.
 
"We observed that a total of 1,517 and 1,998 housing and infrastructure projects respectively were approved for implementation between 2005 and 2011. However, as on 31 March 2011, in respect of the housing projects, only 22 of the 1517 approved projects were completed," the CAG report said.
 
"The status of dwelling units within these housing projects was only marginally better but remained low as only 26% of approved dwelling units had been completed. In respect of urban infrastructure projects, we observed that out of the 1,298 projects approved, only 231 projects (18%) were completed," the report stated.
 
The report pointed out that there were eight cases of diversion of funds in Urban Infrastructure projects in Andhra Pradesh, Chhattisgarh, Haryana, Jharkhand, West Bengal and Himachal Pradesh. The amount diverted was Rs114.68 crore, it said.
 
The diversion was for purposes other than those admissible under JNNURM and in some cases even for non-JNNURM purposes. In one instance, funds were utilised for payment of salary to the municipal staff.
 

User

Supreme Court seeks AG's help in deciding plea to amend IT Act

While agreeing to hear the case, the apex court said it was considering to take suo motu cognisance of recent incidents of arrest of people and wondered why nobody had so far challenged the particular provision of the IT Act

 
New Delhi: Concerned over recent incidents of arrest of people allegedly for posting offensive messages on social networking sites, the Supreme Court on Thursday agreed to hear a plea to amend the Information Technology (IT) Act and sought Attorney General GE Vahanvati's help in deciding it, reports PTI.
 
A bench headed by Chief Justice Altamas Kabir, however, refused the petitioner's plea that no coercive action should be taken by the government authorities against people for posting such messages on websites during pendency of the case.
 
The court posted the matter for further hearing tomorrow.
 
While agreeing to hear the case, the bench said it was considering to take suo motu cognisance of recent incidents of arrest of people and wondered why nobody had so far challenged the particular provision of the IT Act.
 
The court was hearing a public interest litigation petition filed by Delhi student Shreya Singhal, who contended that "the phraseology of Section 66A of the IT Act, 2000 is so wide and vague and incapable of being judged on objective standards, that it is susceptible to wanton abuse and hence falls foul of Article 14, 19 (1)(a) and Article 21 of the Constitution." 
 
She submitted that "unless there is judicial sanction as a prerequisite to the setting into motion the criminal law with respect to freedom of speech and expression, the law as it stands, is highly susceptible to abuse and for muzzling free speech in the country." 
 
The arrests which have been referred to by Shreya in her petition include that of a 21-year-old girl for questioning on Facebook the shutdown in Mumbai after Shiv Sena leader Bal Thackeray's death, which was 'liked' and shared by her friend, who was also arrested.
 
Meanwhile, the government today issued guidelines that state approval from an officer of DCP level at rural areas and IG level in metros will have to be sought before registering complaints under section 66A of the IT Act.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)