Citizens' Issues
Monsoon expected over Kerala around June 5, says IMD
Weather conditions are becoming favourable for the onset of southwest monsoon over Kerala around June 5, an India Meteorological Department (IMD) said on Tuesday.
 
The IMD's bulletin forecast heavy rainfall at isolated places in Kerala and the Lakshadweep from June 5 morning till the morning of June 6.
 
The IMD earlier forecast the southwest monsoon would set over Kerala on May 30, with a model error of plus or minus four days. If one were to go by this calculation, June 3 would be the last date for the onset of monsoon in the southern state.
 
Meanwhile, scattered rain was reported on Tuesday at a few places in the state, but most parts of the capital district and other places in Kerala witnessed a rise in day temperature, as the sun shone brightly. With high humidity levels, this made the day difficult for people.
 
In the past three years, monsoon set in in the first week of June, while from 2006 till 2011, the onset was in the last week of May.
 
Weather officials are analysing the data recorded at 14 weather stations located at the Lakshadweep, Kerala and Mangalore in Karnataka.
 
The onset of monsoon is declared on the basis of amount of rain received at these 14 stations. Besides, wind and cloud formations are other indicators. 

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COMMENTS

MOHAN

2 years ago

Check

http://www.accuweather.com/en/in/india-w...

we will get all information

SEBI bars Susk India from collecting money from investors
According to SEBI investigation as on March 2011 Susk India had collected Rs1.29 crore from investors as advance booking for plots, however, the company acquired land worth only Rs15.19 lakh
 
Market regulator SEBI in an interim order cum show cause notice has asked Susk India Ltd and its directors and promoters not to collect any fresh moneys from investors from its existing scheme, not to launch any new scheme or plan and not to float any new companies or firm to raise fresh money from investors.
 
The company was prima facie found to be engaged in fund mobilising activity from the public, by floating, sponsoring and launching collective investment scheme (CIS) as defined in Section 11AA of the SEBI Act without obtaining a certificate of registration from SEBI as required under Section 12(1B) of the SEBI Act and the CIS Regulations.
 
SEBI received a complaint on 20 December 2013, alleging fund mobilisation by Susk India from the public, towards their scheme of selling of plots. The complainant also forwarded the brochure of Susk India, "Certificate" issued by it in favour of an investor,  "Acknowledgment slip",  blank "Application form",  "Deposit Slip",   etc.  It was also alleged that Susk India does not own any land/property. SEBI immediately started its investigation of Susk India.
 
Based on its investigation SEBI observes, “It  is  apparent  from  the  scheme  offered  by  Susk  as  noted  from  the  brochure,  Application Form,  Agreement,  and  the  Certificate  that  the  company  is  collecting  funds  from  general public  towards  its  scheme  for  the  sale/purchase,  development  and  maintenance  of  land  through various plans (lump sum and instalment plans). Various clauses of the Application Form state that the funds are utilized for land purchase and land development expenses.  As per the terms and conditions mentioned in the certificate and application, the land shall be allotted (by way of an allotment letter) in the name of the applicant in case of lump sum payment after 180 days of receipt of full payment but in case of instalment payment plans land shall be allotted after 60 days of receiving of 60% of consideration amount.  It  is  however  observed  that  none  of  the  aforesaid  documents  of  the company specify any time period within which the land/plot is to be actually transferred to the applicant/investor by way of a sale deed. It is further noted from the Certificate issued by the company (provided by the complainant) which acknowledges the receipt the 1st instalment does not contain any details of the location of the plot.  The company in its replies admitted that  they  have  mobilised  money  from  general  public  for  provisional  allotment  of  plot  by soliciting advance payments under its schemes of instalment payment plans and allotted the plots.  It is relevant to note that the company was soliciting money without having any land in its possession.  The company acquired land at Abhanpur (CG) on  22 November 2010 whereas it started pooling money  from  general  public  from  May  2010  onwards.  From  the  balance  sheet  for  the  year ending  on  31 March 2011,  it  can  be  seen  that  the  company  had  collected  a  sum  of Rs1.29 crore  for advance booking of plots.  At that point in time, the company acquired land worth only Rs15.19 lakh.  All  these  factors  mentioned  above,  clearly  indicate  that  Susk  India  was  pooling money in the form of  advance consideration for selling of plots to general public and utilising the same for the purposes of such schemes. Therefore,  it  is  clear  that  the  payments  or  the  contributions  collected  from  the applicant/investor  are  pooled  and  utilized  by  Susk  India  for  the  purpose  of  scheme.  The instant  'scheme',  therefore  satisfies  the  first  condition of  pooling  of  contribution  or  payments, stipulated in Section 11AA(2)(i) of the SEBI Act.”
 
At this point, the SEBI Order points out the contravention of law on the part of Susk India by saying, “I note that in terms of Section 12(1B) of the SEBI Act, no person shall sponsor or cause to be sponsored or  cause to be carried on a 'collective investment scheme' unless he obtains certificate of  registration  from  the  Board  in  accordance  with  the  regulations.  Regulation  3  of  the  SEBI (Collective  Investment  Schemes)  Regulations,  1999  provides  that  no  person  other  than  a  Collective  Investment  Management  Company which has obtained a certificate under the said regulations shall carry on or sponsor or launch a  'collective investment scheme'.  Therefore, a person can launch or sponsor or cause to sponsor  a  'collective  investment  scheme'  only  if  it  is  registered  with  SEBI  as  a  Collective Investment Management Company. In view of this, the launching/floating/ sponsoring/causing to sponsor any  'collective  investment scheme'  by any  'person'  without obtaining the certificate of registration  in  terms  of  the  provisions  of  the  CIS  Regulations  is  in  contravention  of  Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations.”
 
Hence the SEBI Order barring the company from collecting money from investors and its further restrictions: “not to dispose of any of the properties or alienate the assets of the existing scheme;   not to divert any funds raised from public at large, kept in bank account(s) and/or in the custody of the company; to immediately submit the full inventory of the assets owned by  Susk India out of the amounts collected from the "customers"/investors under its existing schemes; and  to furnish all the information sought by SEBI.”
 
The SEBI Order concludes with the words, “This  Order  shall  also  be  treated  as  a  show  cause  notice.  Susk  India  and  its  Promoters/Directors may show cause as to why appropriate directions under the SEBI Act and CIS  Regulations  including  directions  for  winding  up  of  such  plans/ schemes  in  terms  of Regulations 65 and 73 of the CIS Regulations should not be issued against them.”
 

User

COMMENTS

integrity

2 years ago

Every other day we get the news of SEBI barring one entity or other from collecting fund, but could not bar Sahara from collecting fund disguised as new "schemes" but very much the same for all practical purposes.

FIFA secretary general Valcke dragged into bribery row

SAFA requested FIFA to deduct $10 millions from the $423 millions due to the organisers of the 2010 World Cup

 

FIFA secretary general Jerome Valcke was on Tuesday dragged into the bribery controversy that has engulfed world football's governing body after being linked to a $10 million payment.
 
America's domestic intelligence and security service, Federal Bureau of Investigation (FBI), which is looking into the multi-million-dollar monetary scandal, believes the amount was made as a bribe by the South African Football Association (SAFA) via FIFA's bank account in Zurich to former FIFA vice president Jack Warner, also the head of the Caribbean Football Union.
 
SAFA requested FIFA to deduct $10 millions from the $423 millions due to the organisers of the 2010 World Cup.
 
The payment followed a letter from South Africa FA president Molefi Oliphant to Valcke, asking for the payment to be withheld from World Cup funds and paid instead to Warner to support football in the Caribbean.
 
American prosecutors allege that the South African government paid $10 million in bribes to Warner and other football officials in order to secure their votes for South Africa to host the 2010 World Cup.
 
The FBI believes Valcke authorised the payment, the New York Times reported on Monday. The payments were allegedly disguised as money to "support the African diaspora".
 
A FIFA statement said Valcke was not involved, but that the payment was made at the request of the South African government and SAFA.
 
"The letter is consistent to our statement where we underlined that the FIFA Finance Committee made the final approval," the FIFA statement said on Tuesday.
 
Valcke has denied to the New York Times that he was the "high ranking official" and said he did not have the authority to order the payments.
 
"The payments totalling $10m were authorised by the then chairman of the Finance Committee and executed in accordance with the Organisation Regulations of FIFA," the statement said.
 
"Neither the Secretary General Jerome Valcke nor any other member of FIFA's senior management were involved in the initiation, approval and implementation of the above project."
 
Valcke has not been charged with any crime nor has the US made any public allegations against him.

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