Citizens' Issues
NSEL Scam: Maharashtra to liquidate properties worth Rs6,500 crore

The state government is liquidating properties worth Rs6,500 crore of NSEL defaulters, including Jignesh Shah and others to settle claims of investors

 

The Maharashtra government is planning to liquidate properties worth Rs6,500 crore belonging to defaulters in the National Spot Exchange Ltd (NSEL) case to settle claims of the investors, says a report.
 
Ranjeet Patil, minister of home (urban), told DNA, "Until now, all such defaulters used to regain the hold of the assets. But we will ensure that property worth Rs6,500 crore, which was already attached from the defaulters, is liquidated. The auction on the property would be initiated soon to settle the claims of the investors."
 
The Economic Offences Wing (EOW) of Mumbai police had attached assets of the defaulting members, including MCX promoter Jignesh Shah and other NSEL officials under the Maharashtra Protection of Interests of Depositors (MPID) Act.
 
Last week, while speaking at Moneylife Foundation's 5th Anniversary, state chief minister Devendra Fadnavis had hinted on the action. “Soon, the state government is appointing a deputy collector to sell assets worth Rs5,000 crore seized from one of the biggest Ponzi operators in Maharashtra,” the CM had announced. 
 
Last year in August, the EOW had filed a charge sheet against Jignesh Shah, promoter of Financial Technologies India Ltd, in connection with the NSEL scam.
 

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Power Grid Q3 net profit up 18% to Rs1,228.91 crore

During the December quarter, Power Grid's net profit rose to Rs1,228.9 crore on increased income from operations

 

State-owned Power Grid Corp reported an 18% higher third quarter net profit on increased income from operations. 
 
For the quarter to end-December, the state run company said its net profit increased to Rs1,228.91 crore from Rs1,042.04 crore, same quarter a year ago.
 
Power Grid said, its central transmission utility's total income from operations rose to Rs4,353.62 crore in October-December quarter, from Rs3,684.55 crore in the same period last year.
 
The company's revenue from transmission business stood at Rs4,240.05 crore as against Rs3,527.02 crore in the same period, last fiscal.
 
Revenues from telecom segment stood at Rs77.66 crore as compared to Rs67.68 crore in the corresponding period, previous fiscal.
 
However, the company witnessed a drop in revenue from its consultancy business at Rs110.47 crore from Rs147.70 crore, it said.
 
PowerGrid closed Thursday 3.1% higher at Rs150 on the BSE, while the 30-share Sensex ended the day marginally higher at 28,805.
 

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Moneylife Foundation rejects proposed ‘anti-passenger’ amendments in Railways Bill
Samir Zaveri Railway Helpline of Moneylife Foundation has opposed the amendments related with redefining ‘accidental falling’, which aims to put entire blame on the commuter and ‘compensation’ paid to victims or her family, in Railways (Amendment) Bill, 2014 
 
An amendment has recently been proposed to the Railways [Amendment] Bill (no.91 of 2014) which would redefine what would be considered a case of “accidental falling” in Railway accidents, and also make changes to the eligibility criteria for passengers (or their dependents) to claim compensation in the aftermath of an accident. The Samir Zaveri Railway Helpline through Moneylife Foundation has opposed the amendment, for the simple reason that it goes against the interest of railway commuters, especially those who travel daily on Mumbai Suburban Rail Network (Mumbai locals). 
 
The amendment has proposed that cases where a passenger suffers an accident while trying to enter or exit a train in motion would be ineligible for demanding compensation. The amendment also proposes that passengers who have suffered injuries due to “negligence” or “carelessness” will not be provided any compensation. Perhaps they have forgotten that a massive 75 lakh commuters use the Mumbai locals on a daily basis in rather inhuman conditions, constantly battling with delays and overcrowding. Not just that, there are over 6,000 accidents reported every year in which there are over 3,300 deaths.
 
In the proposed amendment (Section 123 of the Principal Act), any case of “accident falling” would exclude - “a passenger falling from a train while entering or leaving or attempting to enter or leave any carriage while the train in in motion, or elsewhere that at the side of the carriage adjoining the platform, or other place appointed by the railway administration for passengers to enter or leave the carriage, or while standing near the door or opens the door of any carriage while the train is in motion...” 
 
In short, this clause simply excludes most of the passengers (especially those who travel during rush hours in Mumbai locals) from being eligible for receiving any compensation in case of an accident.
 
Furthermore, the amendment seeks to overturn a path-breaking judgement of the Bombay High Court that followed a 13-year long litigation by a gutsy woman whose husband passed away in a railway accident. In this case, the High Court order (First Appeal No 118 of 2010/Madhuri & others vs Union of India/GM-Western Railway) clarified the meaning of ‘untoward incident’ as “the accidental falling of any passenger from a train carrying passengers”
 
It must be noted that the Station Master on duty files the first report in Railway accident case, and what goes into the report is entirely up to him/her. While dependents of the victims have no say in what is being entered into the records, the situation is worse for passengers travelling alone, because there is no witness to prove their account of the incident. 
 
Next, according to the Section 124B of the proposed amendment, a passenger is not eligible for compensation under four circumstances – suicide or attempted suicide by him; self-inflicted injury; his own criminal act; and his own carelessness or negligence. 
 
In the first case (suicide or attempt to suicide), Moneylife Foundation is of the opinion that in the absence of a suicide note, accidents should not be declared as a case of suicide. 
 
In the second case (self-inflicted injury), it needs to be ensured that such cases are not passed off as incidents of trespassing. In fact, it is the Railways' responsibility to ensure proper fencing across railway tracks, proper platform heights, overhead bridges and walkways free of hawkers for people to walk on. 
 
In the third and fourth case (his own criminal act or his own carelessness or negligence), the onus of proof must lie on the Railways, and not the passenger. Since the contents of the accident report are entirely up to the railway officers, it is very easy to suggest that accidents were caused by negligence on part of the passengers, and then leave it up to them to fight the hard battle of proving themselves innocent while also suffering a huge personal and monetary loss. 
 
Rather than taking steps to ensure safety of passengers – some of which have been promised for many years, like increased frequency of trains during peak hours, efforts to reduce overcrowding in trains, additional tracks and closed doors in carriages – an amendment has been proposed. The amendment only serves to shift the blame for the several deaths in Railway accidents on to the hapless passengers and allow the Railways to go scot-free. 

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COMMENTS

Adi Daruwalla

2 years ago

The primary requirement is to be fulfilled by the government, i.e. provide increased and safe services. After collecting fares and taxes for 60 years, this is the basic requirement. Increased services will reduce the rush and incrase means increase not just in numbers or printing, but in reality. Tracks incrase has had no difference in the last 8 - 10 years. There is no genuine display of wanting to provide to the customer service or safety.

B. Yerram Raju

2 years ago

Perhaps it would be wise for the Railway Minister to add in the passenger fare a nominal insurance fees across all classes of passengers by tying up with the GIC and provide relief to the victims of any accident instantaneously. The terms of insurance should be publicly displayed. The responsibility shall not be on the passenger for raising the claim. It is more a cushion for the Railways.

Sanjeev

2 years ago

Agreed with Sameer Jhaveri views,

Need to take matter with Shri Suresh Prabhu our honorable Railway Minsiter

Sunil

2 years ago

Need to circulate this in all offices so that all commuters are aware of this. Will start by circulating this story on our office mail system

jossie

2 years ago

why in the first place do they want to amend the act. Is it because the insurance premium is rising or claim increasing

Samir Zaveri

2 years ago

Yes, Instead of preferring such anti=passengers amendment, Railway senior officers must ensure zero deaths and proper safety and security standards.

Bhaskar Raut

2 years ago

The proposed amendment should be opposed by all the daily commuters of Mumbai Suburban.




nocermathew

2 years ago

Hi Friends, Money Life Foundations foundings feels correct.No human being will make suicide to get money.The suicide mostly happens with a seconds thoght and will not never in Trains.
Railway must introduce more trains,Automatic Doors to clause before starting trains and strict observations in crossing rail Lines will reduce the cases of accidents.We can cooperate with railways to reduce accidents.
nocermathew Executive Director [email protected]

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