Both Mumbai Metro Transport, a unit of R-Infra and Maharashtra government agreed to terminate concession agreement for Charkop-Bandra-Mankhurd Metro at no cost or claim to either party
Reliance Infrastructure on Thursday announced the cancellation of Mumbai's Metro Line 2 project citing non-fulfilment of certain obligations by the Maharashtra government.
In a statement, the company part of Reliance-Anil Dhirubhai Ambani (ADA) group, said, "Mumbai Metro Transport Pvt Ltd wherein Reliance Infrastructure holds 48% of the equity and government of Maharashtra have terminated the concession agreement for the Mumbai Metro Line 2 Project (Charkop -Bandra-Mankhurd corridor)".
In 2009, the state government awarded the project to Reliance Infrastructure-led consortium through international competitive bidding. The estimated cost of the project was about Rs12,000 crore.
"Due to non-fulfilment of various critical obligations, by GOM/ Mumbai Metropolitan Region Development Authority (MMRDA), the project could not take off. Even after four years, despite the best efforts of the Maharashtra government, various project impediments could not be resolved," Reliance Infrastructure said.
Both parties agreed to terminate the concession agreement at no cost or claim to either party. The government of Maharashtra will return the bank guarantee (of Rs160 crore) to Mumbai Metro Transport Pvt Ltd.
With the termination of the agreement, all commitments or liabilities of Reliance Infrastructure towards the project including the commitments towards funding the project have been annulled with immediate effect.
According to Care Ratings, the recent RBI measures to regulate NBFCs more will impact profitability and asset quality in the short term, though they will bring in more transparency and improve NBFCs ability to withstand asset quality shocks in the long run
Earlier this week, the Reserve Bank of India (RBI) released the ‘Revised Regulatory Framework for NBFC’ in line with its desire to strengthen financial system and reduce the regulatory arbitrage between banks and non-banking finance companies (NBFCs).
"In the short term, these measures will impact the profitability and asset quality of the NBFCs; however, these measures will bring in more transparency and improve NBFCs ability to withstand asset quality shocks in the long run," says Care Ratings in a research report.
It said, "The new regulatory framework will lead to strengthening of NBFCs balance sheet, with increase in loss absorbing Tier I capital requirement for systemically important NBFCs and deposit accepting NBFCs and restricting leverage for smaller NBFCs in line with higher core Tier I requirement for banks under Basel III guidelines. On NPA recognition norms and provisioning on standard assets also, banks and NBFC will be at par. The increase in disclosure requirement and corporate governance norms will improve the transparency and increase the accountability of management and the board and improve the investor awareness."
Here are the key changes and its likely impact on NBFCs...
Over the years, the NBFC sector has become systemically important with rise in assets under management from around 11% of bank assets in 2009 to 13% of bank assets in 2013. The rising importance of NBFCs and their growing interconnectedness with banks as well as issues like risk management framework for the sector, regulatory gaps and arbitrages, compliance and governance issues have led to the RBI making certain regulatory changes.
RBI had set up various Working Groups to study these dimensions of the sector and the important recommendations of the Usha Thorat Committee (August 2011) and Nachiket Mor Committee (January 2014) have been drawn upon in the revised regulatory framework.
According to reports, Mamta and her drug kingpin husband Vicky Goswami were arrested following an investigation by the US DEA and Mombasa Police department for drug trafficking
Mamta Kulkarni, who was part of several Bollywood films in the 1990s and her husband Vijay aka Vicky Goswami are reportedly arrested in Kenya for drug trafficking. According to reports, the couple was arrested following an investigation by the US Drug Enforcement Agency (DEA) and the Mombasa Police department.
Earlier reports about Mamta suggested that she had shifted to Dubai with her boyfriend and international drug kingpin 'Vicky' Goswami. In 1997, Vicky was arrested in Dubai for trafficking 11.5 tonne of mandrax and was sentenced for life for 25 years, as per Dubai laws. The 52-year-old kingpin's sentence was reduced to 15 years owing to his good conduct, and Vicky was released 15 November 2013. The couple then shifted to Nairobi.
Mamta Kulkarni made her debut through the Tamil film Nanbargal which was directed by Shoba Chandrasekar. She made her Bollywood debut with the 1992 movie Tirangaa. In 1993 she starred in Aashiq Awara, which won her a Filmfare Lux New Face Award. She went on to appear in many popular films such as Waqt Hamara Hai (1993), Krantiveer (1994), Karan Arjun (1995), Sabse Bada Khiladi (1995) and Baazi (1995).
In the blockbuster 'Karan Arjun' (1995), directed by Rakesh Roshan, Mamta Kulkarni starred alongside Shah Rukh Khan and Salman Khan. She had a 'knack' of landing into controversies, which started with her posing topless for the cover of Indian magazine Stardust in 1993. She quit Bollywood after her appearance in the film Kabhie Tum Kabhie Hum. Indian TV show Bigg Boss approached Mamta to be a contestant in its Season 7 but Mamta refused.