Citizens' Issues
Pankaja Munde tops list of ministers absent from cabinet meetings
Pankaja Munde, Eknath Shinde, Dr Deepak Sawant, Sudhir Mungantiwar and Rajkumar Badole are the top five ministers, who have not attended all cabinet meetings in the Fadnavis government
 
Pankaja Munde, the controversial Minister of Women and Child Welfare Department from Maharashtra has attended least number of cabinet meetings, reveals a reply received under the Right to Information (RTI) Act.
 
According to the reply received by RTI activist Anil Galgali, ministers like Eknath Shinde, Dr Deepak Sawant, Sudhir Mungantiwar and Rajkumar Badole also skipped cabinet meetings most of the time. Munde tops the list of absentee minsters. Only Chief Minister Devendra Fadnavis and Babanrao Lonikar, the Minister for Water Supply, have attended all the cabinet meetings.
 
Replying to the RTI query, Public Information Officer (PIO) of the Chief Secretary's Office, said during 11 December 2014 and 23 June 2015, 28 cabinet meetings were held. Before that, there were few ministers in the Fadnavis cabinet. Pankaja Munde was absent in nine out of 28 meetings, while Shinde, the PWD Minister was absent in seven meetings. 
 
Health minister Dr Deepak Sawant was absent in six meetings followed by Finance minister Sudhir Mungantiwar and Minister for Social Justice Rajkumar Badole in five meetings, Housing Minister Prakash Mehta and Environment Minister Ramdas Kadam in four meetings, and Higher and Technical Education Minister Vinod Tawde, Revenue Minister Eknath Khadse and Energy Minister Chandrashekhar Bawankule were absent in three cabinet meetings each, the RTI reply reveals.
 
 

User

SEBI impounds Rs14.7 crore from 16, including Sharekhan in a front-running scam
SEBI has asked these 15 persons or entities to provide, within seven days of this order, a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares or securities
 
Market regulator Securities and Exchange Board of India (SEBI) has ordered impounding of Rs14.70 crore as unlawful gains from 16 entities, including domestic retail brokerage Sharekhan Ltd for front-running activities. Just few days back, BNP Paribas SA announced that it is buying 100% stake in Sharekhan for an undisclosed sum.
 
In a 42-page order, Prashant Saran, Whole Time Member of SEBI, directed to "Impound unlawful gains of Rs13.54 crore (alleged gain of Rs8.42 crore + interest of Rs5.12 crore) jointly and severally from Manish Chaturvedi, Laxmi Chaturvedi, Manohar Chaturvedi, Viraj Mercantile Pvt Ltd, Josh Trading Pvt Ltd, Abhinandan Ranka, Pinky Auto Finance Ltd, E Ally Consulting India Pvt Ltd, Sandeep Maloo, Shree Jaisal Electronics and Industries Ltd, Neeta Maloo and Bhavesh Gadhavi. 
 
“Impound unlawful gains of Rs65.15 lakh (alleged gain of Rs40.3 lakh + interest of Rs24.87 lakh) from Madhu Chanda, Anandilal Chanda and Anandilal Chanda HUF. From Sharekhan, the SEBI directed to impound unlawful gains of Rs50.93 lakh (alleged gain of Rs30.83 lakh + interest of Rs20.10 lakh), " the order says.
 
Front running refers to a market activity wherein the broker buys or sells shares or takes a similar position in the stocks ahead of large orders given by his institutional clients. 
 
According to SEBI, the alleged gains were made between March 2009 and March 2011, and it levied an interest of 12% per annum from the date on which such profits were earned.
 
 
The SEBI order says, "Considering that the front-runners and the entities involved in the case are connected to each other directly or indirectly and collaborated with each other in engaging in the unfair practice of front-running and thereby deriving undue profits through their trades, it is pertinent to make these 12 persons or entities jointly and severally, liable for deriving undue profits from such alleged fraudulent and unfair conduct and trades. As discussed above, Madhu Chanda has used/passed information of the orders placed by clients of Sharekhan. The two dealers (Madhu and Anandilal) of Sharekhan are husband and wife and therefore the unfair gains made by them, by collaborating with each other, in the accounts of Anandilal and Chanda HUF by front-running the clients of Sharekhan also needs to be impounded jointly and severally from Madhu, Anandilal and Chanda HUF. Further, Sharekhan Ltd is also liable for the undue gains made in its Proprietary Account through trades carried out through dealer, Anandilal."
 
In addition, Sharekhan is asked to deposit Rs50.94 lakh in an escrow account within seven days.
 
SEBI has asked these 15 persons or entities to provide, within seven days of this order, a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares or securities, if held in physical form and details of companies in which they hold substantial or controlling interest.
 
According to SEBI release, Sharekhan and other front running entities used orders from the Sterling Group from South India for their operations. Sterling Group consists Abhi Ambi Financial Services Ltd (Abhi Ambi), Sterling Futures & Holidays Ltd (Sterling Futures), Ratha Infrastructure Pvt Ltd (Ratha), Baghmar Finlease Ltd (Baghmar), Shanmuga Home Makers Pvt Ltd, Siva Trade Consultancy Pvt Ltd, Saravana Enterprises (Saravana), Shanmuga Real Estate & Promoters Pvt Ltd, VS Net Ltd and Siva Projects Engineering & Enterprises Ltd.

User

Is Indian real estate heading towards a tectonic shift?
Over the past few years, average apartment sizes are falling across all major cities, while consumers are demanding more lifestyle amenities; and entry of branded apartments is changing the real estate market in India, says a JLL India report
 
The past 10 years has been quire dynamic for Indian real estate as each of the fundamental 4Ps of real estate – players, processes, product and places, witnessed plethora of changes. Especially, for homebuyers, the recent changes and future transition will bring about a more transparent market that is not just sensitive to their needs, but also sensitive towards the ecology at large, says JLL India in a report. 
 
JLL said, "The on-going transition within the real estate sector offers us a foretaste of what the near future beholds. We foresee sweeping changes in the way real estate developers conduct their business, particularly looking at the innovative practices and agility of certain new breed of developers. Corporate real estate teams will have to become more adept and skilful in order to make the most of the upcoming transition, and bring to light a rewarding portfolio for their companies."
 
Talking about residential sector, the report says, recent years have seen few transitions – falling apartment sizes, more lifestyle amenities, entry of branded apartments, and introduction of new concepts such as senior living and serviced apartments.
 
"Unable to sell expensive homes in a sluggish market, builders across India are making smaller apartments without lowering the price per square feet and compromising on the quality of product. In the last five years, we have seen that average apartment sizes are falling across all major cities of India," JLL said. 
 
 
According to the report, Mumbai Metropolitan Region (MMR) witnessed the maximum fall in apartment sizes on annualised basis, along with Bangalore, Chennai and Kolkata. Other cities also witnessed varying degree of fall in median apartment sizes. The dynamics of apartment sizes have a tale to tell – that developers are paying conscious attention to consumers’ requirements.
 
"The fall in average apartment sizes across all top seven cities is a clear indication that developers intend to make houses affordable for buyers by reducing average apartment size instead of reducing the capital values. While property prices are not purely a product of developer’s discretion, the decision to alter apartment sizes as per the needs and spending power of buyers is definitely within their ambit," the report added.
 
Senior living is a new category of residential real estate that is emerging in India, JLL said, adding that at present, there are about 30-35 senior living projects at various stages of construction in the country. Since the concept is new, its contribution relative to the global senior living sector is minimal. As opposed to that, senior living homes accommodate 10% of the senior citizens in the United States and 4% in Australia. There is a huge demand-supply gap within the sector, which suggests the growth potential is immense, it added.
 
As India narrows its gap with real estate trends and practices of more advanced nations in the West and APAC, everyone from local developers, government, institutional investors and occupiers / homebuyers have got things to look up to. The relationship between developers and investors is poised to become more synchronised, enabling transition from family-driven real estate business towards a more institutionalised set-up. This will be a big positive for market transparency, as domestic real estate sectors will criss-cross to new heights. On the other hand, occupiers and consumers will have a variety of options of choose from, given the market segregation and growth of niche segments, which will enable choice on the basis of corporate and individual profile. Domestic and international stakeholders will keenly watch the government’s role as an enabler for smooth sailing through this new course of transition, the report says.
 
How Safe is Your Building? 
Do you know if your building is structurally safe in case of an earthquake, landslide, fire, deluge or internal design alterations by members? There are some things that you need to know to protect your most valuable investment - your home.
 
Attend a seminar organised by Moneylife Foundation on 22 August 2015 in Mumbai at Savarkar Rashtriya Smarak Hall, 252, Veer Savarkar Road, Shivaji Park, Dadar (West), Mumbai 400028. Or click this link  to register online.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)