Regulations
Panel under ex-CJI to sell PACL assets to refund investors: SC
New Delhi : The Supreme Court on Tuesday set-up a committee headed by its former chief justice R.M.Lodha to sell the assets of the PACL Ltd to refund the investors Rs.49,000 crore collected through collective investment scheme held illegal by market regulator SEBI.
 
Having set up the committee, a bench of Justice Anil. R. Dave and Justice Adarsh Kumar Goel directed the Central Bureau of Investigation (CBI) to hand over the title deeds of PACL properties to the Securities and Exchange Board of India (SEBI).
 
Indicating that the sale of PACL assets could be through auction route, the bench, however, said that Justice Lodha Committee would take a call on the modalities of sale of assets. The refund of money involves more than five crore investors.
 
Directing that no court in the country would entertain any plea in respect of the sale of PACL assets, the bench also restrained the PACL from going for any more investments from the public.
 
The court directed the committee to appoint experts to assists in the sale of land and directed the SEBI to appoint a nodal officer to for investor grievances.
 
The money to be refunded to the investors was allegedly collected by PACL and Pearls Golden Forest Limited - two companies belonging to Nirmal Singh Bhangoo-managed group - in the name of sale and development of agricultural land. 
 
The Pearls Group chairman-cum-managing and its three directors were arrested on January 8, following an apex court ordered probe in connection with the alleged cheating of Rs.45,000 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

peter v fernandes

10 months ago

i am an invester of this company, how to apply for the refund.

Vaibhav Dhoka

1 year ago

It must be time bound process,say 6 months to a year max then only it will have deterrent effect on scammers.Failing which investors ordeal will not end as in CRB scam.

Punjab police probes 'sexual exploitation' against hockey skipper Sardar Singh
Ludhiana : The Punjab Police is investigating a complaint from a British national who has alleged that she was "sexually exploited" by her fiance and Indian hockey team captain Sardar Singh, police said on Wednesday.
 
The complaint has been made by the woman who hails from Leeds in England and was the first Sikh player in the Britain under-19 women's hockey team , said the police in Ludhiana.
 
Investigation of the case has been marked to the Koom Kalan police station in Ludhiana district. Police station in-charge S. S. Nagra confirmed that the matter was being probed following a complaint.
 
The woman had complained to Ludhiana Police Commissioner P. S. Umranangal who marked the enquiry into it.
 
The woman alleged that Sardar Singh had got engaged to her in 2014 and she became pregnant recently after both had a physical relationship. She said the hockey skipper forced her to go for abortion and after that he started avoiding her.
 
The complainant said that she met Sardar in 2012 after becoming friends through a social networking site.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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IIT-Bombay develops satellite-based fog monitoring system
Bengaluru : Scientists at the Indian Institute of Technology-Bombay (IIT-B) have developed a satellite-based fog monitoring system with the ultimate goal of integrating the fog information to air, rail and vehicular transportation management to ensure safe travel.
 
"The Indo-Gangetic Plains covering northern India, Pakistan, Nepal and Bangladesh is subjected to dense haze/fog during winter months severely impacting on air, rail and vehicular traffic," Ritesh Gautam, assistant professor at the IIT's Centres for Resources Engineering and Climate Studies, told IANS in an email.
 
"We have developed this system for monitoring and dissemination of fog information to government agencies and also to the general public."
 
Formerly a research scientist at the Climate and Radiation Laboratory of NASA's Goddard Space Flight Centre in the US, Gautam said the fog monitoring system was developed with the help of his students Reema Chourey, Dinesh Patil, Sarwar Rizvi and Manoj Singh.
 
According to Gautam, the system uses in-house developed software to automatically process data from the NASA satellites (Terra and Aqua MODIS) and produces daily maps of fog and low cloud regions for the Indo-Gangetic Plains at a moderately high resolution.
 
He said his team was presently testing retrievals and processing of fog-related parameters from geostationary satellites, such as India's own INSAT satellites, "for near-real time continuous monitoring of fog, water vapor and aerosols over south Asia".
 
"This satellite monitoring system is quite complex but I am glad that we have developed the capability and are moving forward," Gautam said. "It can also be used to monitor dust storms, biomass burning events, cyclones and monsoon clouds."
 
In addition to datasets obtained from both polar orbiting and geostationary satellites, the IIT team is also working on integrating surface-based meteorological and pollution related measurements, he said.
 
According to Gautam, his team has also analyzed spatial and temporal variation and trends of fog occurrence frequency over the entire Indo-Gangetic Plains along with trends in pollution for the winter season (December-January).
 
"We have found a highly interesting trend where the long-term satellite data analysis suggests a statistically-significant increasing fog frequency trend over the eastern parts of the Gangetic Plains (parts of Bihar and West Bengal)," Gautam said.
 
"This is in sharp contrast over the western regions of the Gangetic Plains (such as Delhi), where a decreasing trend in fog frequency is found."
 
The upward trend in fogginess over eastern Indo-Gangetic Plains is found to be strongly coincident with upward trend in pollution, suggesting that increasing winter-time pollution over this region could be linked to increasing fogginess.
 
While the focus of media is mostly centered over Delhi, Gautam said the increasing fog over eastern Indo-Gangetic Plains was not usually reported.
 
However, long term analysis of satellite data by the IIT team has found that "most of northern India is subjected to severe and persistent fog and pollution haze events during the winter months".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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