During January to March 2014, MMRDA paid Rs39.58 lakh to a private PR agency for its image building, reveals an RTI application
The Mumbai Metropolitan Region Development Authority (MMRDA) had paid Rs15.82 lakh per month to a public relations (PR) agency as part of its image building before the Lok Sabha election. This was revealed in a reply received by activist Anil Galgali under the Right to Information (RTI) Act.
In the reply, Dilip Kavatkar, joint project director of the Authority, said, "MMRDA appointed a PR Agency namely Ad Factors Pvt Ltd for a period of six months and paid them Rs39.58 lakh for a period from January 2014 to March 2014 and Rs7.86 lakh are in balance with MMRDA."
Maharashtra chief minister Prithivraj Chavan is the chairman of MMRDA. However, in his reply, Kavatkar claimed that there was no specific instruction from the chief minister on appointing the PR agency.
Between 2005 and 2011, MMRDA spent around Rs4 crore for its image building and appointed three PR agencies, Galgali said.
"MMRDA is a public authority and has its own PR department. Then why had it appointed a private agency and thereby wasting public funding? The PR agency was also provided an office in the MMRDA headquarters free of cost," Galgali alleged.
The RTI activist also filed a complaint with the chief minister, chief secretary and MMRDA commission requesting them not to use external and private PR agency.
Deloitte has recommended options like reforming Coal India and its nine subsidiaries through internal changes in structure, systems and roles
Consultancy firm Deloitte Touche Tohmatsu India Pvt Ltd, which was selected to study the restructuring of Coal India Ltd (CIL), has recommended options like reforming the coal producer and its nine subsidiaries through 'internal changes in structure, systems and roles.'
The consultancy firm also suggested to the coal ministry to set up independent mega regional companies, or to create independent entities in a phased manner, with the continuation of the holding company during the transition, according to a coal ministry document. (Read: Restructured Coal India may help increase production )
The coal ministry had appointed Deloitte on 16 September 2013, to study the need for restructuring Coal India. The mining company, which accounts for over 80% of domestic coal production, has repeatedly failed to achieve its output target.
Deloitte also made certain recommendations to be implemented throughout the organisation, irrespective of the restructuring exercise, according to the document.
These include greater use of private public participation in mine development and operations, and technology adaptation through joint ventures and collaborations with global companies, the document said.
Deloitte also suggested restructuring options for Central Mine Planning and Design Institute Ltd (CMPDIL), Coal India's consultancy unit.
Deloitte said CMPDIL should either become an autonomous body under the coal ministry or a Coal India subsidiary with a sector planning department.
CIL controls nine units, Eastern Coalfields Ltd (ECL) - Sanctoria, West Bengal, Bharat Coking Coal Ltd (BCCL), Dhanbad, Jharkhand, Central Coalfields Ltd (CCL), Ranchi, Jharkhand, South Eastern Coalfields Ltd (SECL), Bilaspur, Chhatisgarh, Western Coalfields Ltd (WCL), Nagpur, Maharashtra, Northern Coalfields Ltd (NCL) Singrauli, Madhya Pradesh and Mahanadi Coalfields Ltd (MCL), Sambalpur, Odisha.
Coal India produced 462 million tonnes of coal in 2013-14, missing its target of 482 million tonnes. In 2012-13, Coal India's output was 452.5 million tonnes, short of its target of 464 million tonnes.
Ajay Piramal-led Piramal Enterprises paid Rs1200 per share or Rs790 crore to buy 10% stake in Shriram City Union Finance, a unit of Shriram Group
Piramal Enterprises Ltd said it acquired 9.99% stake in Shriram City Union Finance Ltd for Rs790 crore. Shriram City Union Finance is the retail focused non-banking financial company (NBFC) of the Shriram Group.
The acquisition, by way of a preferential allotment of shares by Shriram City Union, was at a price of Rs1,200 per hare, taking the total capital paid at Rs790 crore, Piramal said in a regulatory filing.
"This capital infusion will support Shriram City Union's present business model and help further its growth plans over the next few years," Ajay Piramal, chief of Piramal Enterprises said.
In April, Piramal Enterprises had announced that it proposed to acquire 9.99% stake in NBFC firm Shriram City Union Finance for about Rs790 crore.
Shriram City Union Finance, a deposit-accepting NBFC specialises in retail finance, has assets under management (AUM) worth Rs15,800 crore. The lender offers multiple loan products to small business owners and for acquiring assets such as two wheelers, commercial vehicles, passenger vehicles, consumer durables, and homes.
Last year in May, Piramal also invested Rs1,636 crore to buy 9.9% equity in Shriram Transport Finance Company Ltd, one of the listed NBFCs of the Shriram Group.
Piramal Enterprises closed Thursday 1% higher at Rs709 on the BSE, while the 30-share benchmark ended the day marginally up at 25,019.