Reliance MediaWorks to delist at Rs61 per share

Reliance MediaWorks to delist from BSE & NSE at the exit price of Rs61 a piece, with 25.39% premium over its floor price

Reliance MediaWorks Ltd (RMW), an ADA Group company, fixed the final exit price for its delisting at Rs61 per share. This is at a premium of 25.39% over the floor price of RMW.

Reliance Land Pvt Ltd and Reliance Capital Ltd, the promoters of RMW, has invited shareholders of the company to submit bids pursuant to a reverse book-building process through the electronic system of BSE and arrived at the exit price.
 
“The final price determined through reverse book-building process for accepting the equity shares successfully tendered in the delisting offer is Rs61 per share of Rs5 each, which is at a premium of 25.39%over the floor price of Rs48.65,” the company said in a regulatory filing.
 
“All shares shall be acquired validly tendered at or below the exit price and Reliance MediaWorks shareholders who have validly tendered shares will be paid consideration at the exit price,” it added.
 

On 20th January, RMW board approved a delisting offer, which was later cleared by the shareholders. Earlier Moneylife wrote; Reliance MediaWorks to delist from BSE, NSE mentioning about the two promoters’ offer to buyback additional 26.7% stake and to delist RMW.
 

On 11th March, Reliance MediaWorks hits its 52-week high on the BSE at Rs59.75.

On Thursday, Reliance MediaWorks closed 1.72% higher at Rs59.05 on the BSE while the 30-share benchmark closed marginally up at 22,214.

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What Indian Railways need to move ahead?

India need to have extra professional help in restructuring the railways, by laying extra tracks, getting bigger capacity wagons and locomotives to move them, and make the freight attractive enough

It may be recalled that, in the interim budget, Railway Minister, Mallikarjun Kharge outlined plans to start 72 new train services, which include 17 premium and 38 express trains. In a year from now, a Railway Tariff Authority is also expected to be set up, which will advise the government on fixing fares and freight rates. It will also have a say in development matters relating to this huge enterprise, which has, at the moment, 35,000 Kms rails, which also carries a substantial quantum of cargo within the country.

 

Recent development plans to upgrade the railway network has been projected to cost Rs2,000 crore and the target for 2014-15 has been fixed at 1,101 million tonnes of freight. The share of rail in freight is reported to be about 25% compared to 50% in the case of both China and USA. This, one can see, is insufficient utilisation of the cheapest form of transportation available in the country, for which, thankfully, the main fuel element of coal is available in the country, except that, it needs to be mined and evacuated rapidly from pit heads!

 

Among the many plans that Railway ministry has had, they now plan to push through three crucial railway link projects by 2016 that will facilitate evacuation and delivery of 300 million tonnes of coal annually from mines in Jharkhand, Chhatisgarh and Odisha. These projects were actually started in 1999, and the corridors covered are: Tori-Shivpuri-Kathotia in Jharkhand; Bhudeopur-Korichhaapar in Chhatisgarh and Barpali-Jharasaguda in Odisha.
 

The new Railway minister, on taking over responsibility, needs to expedite these pending projects rather than spend time to apportion blame for the delays.

 

Although Japan has been a pioneer in building high speed rail lines, it is China, in a short space of time, laid 13,000 Kms of high speed rail network, laying new tracks on elevated rails, thus avoiding and or by use of minim farm land. In fact, China has been keen to get involved in India in setting up high speed rails. but for a number of reasons, India has not shown keen interest, at this point of time. They would rather secure Chinese expertise in raising the speed in selected corridors. Chinese experts have claimed that they would be able to raise the speed from current 130 Kms per hour to 160 Kms or up 200 Kms, if an opportunity was given to them.

 

It may be recalled that both India and China have been carrying on a dialogue under the Strategic Economic Dialogue (SED) to discuss and formulate plans for economic development. The third such meeting was held recently, when Planning Commission Vice Chairman, Montek Singh Ahluwalia met the Chinese Premier Li Kiqiang. It is reported that India would seek their expertise in heavy haul and raising the speed on its existing rail network which would possibly require realigning track and strengthening of bridges. At the moment, India is not keen to get the Chinese high speed rails!

 

Recently, the Chairman of Japan Railway Central, Yoshiyuki Kasai was in the country He has been keen watching the developments in India, particularly the contract that Japan was awarded to carry out a detailed project report into the feasibility of a Mumbai-Vadodara high speed rail line.

 

He is reported to have indicated that JRC was not looking to invest in high speed rail systems in India, because, first, it needs the Indian government to fund a large part of the infrastructure required before such a scheme can become a reality.

 

The Chairman of Indian Railways, Arunendra Kumar, appears to have stated that the cost of high speed track would be in the region of Rs120 crore, possibly hinting that it would be an expensive proposition, at least for the time being, to think of building such tracks. Unlike China, which has no serious problems in acquiring the needed land, land acquisition in India is a laborious process, where a disgruntled or a greedy politician can start an agitation to stop the process in no time. We have hundreds of cases where work could not proceed due to these "instigated" public protests and agitations.

 

Chairman Kasai has observed, while meeting the press persons, that it would be good idea for the Railways to actually use the existing tracks for movement of freight and then, simultaneously, start planning and laying high speed rails to move passengers This suggestion, by him, is worth not only noting but the

Ministry must try to act on the same.

 

We need to have extra professional help in restructuring our railways, by laying extra tracks, getting bigger capacity wagons and locomotives to move them, and make the freight attractive enough so that the freight from road transport, which guzzles millions of litres of fossil fuel, is reduced.

 

So far, the captive coal mines have been given to power plants so as to ensure continuity of generation and supply; why have captive coal mines not been allocated for exclusive use by Railways?

 

(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)

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COMMENTS

Dr Anantha K Ramdas

3 years ago

Mr Shadi Katyal: My statistical data is based on available information for the public; besides please do not make a sweeping statement if the writer has been to the countries concerned or not.

One does not have to go to Seattle to see the Boeing plant; you can still experience the Boeing in Bangalore or in Bangkok by travelling in them.

If TTE are corrupt, unfortunately, you and I who do not make reservations start the bribery part to get what we want. We tempt them; we are just as guilty as they are if they accept the bribe and give us the accommodation. This practice has to stop and it must emnate from those who want to get the job done by bribing.

I have lived long enough in the US and travelled extensively to know how the system works there too. Simply because the "gas" is available, and the roads are a pleasant enough to drive, as much as 25% of the cargo (mostly by branded and corporate kind) moves by road. The rest is by air. Private transport is to be clubbed along with cargo movement because separate figures are not readily available - but these are rough estimates.

By simply improving our railway system, we can save a lot of fuel by getting the goods off the trucks and have them carried by rail. Our tracks are underutilised.

In fact, it would be fair to think that a good management of our rail tracks by professionals would enable us to have greater movement of both goods and passanger traffic. This simple thing one can notice if you are living close to a railway station and watch the actual number of trains that use them.

As for bureaucracy, again, it is in the hands of people who have to utilize their services. If charity begins at home, so does corruption.

shadi katyal

3 years ago

We see such articles often but where is the advise or suggestions how to change and get into new century. The figures for US freight on railways are not correct as writer maybe talking of trucks/containers shipped on railways and later transported by road as method of transportation has changed.,
India first has to correct her bureaucracy as lot of revenue is lost with free travelers or money pocketed by TT. So how can a nation even think of speed trains when she is run so poorly.
Has the writer seen the trains and seating in China or Japan?Can India ever reach to such standard.

Aadhaar: Once allotted, you can never cancel it, reveals RTI

While Nandan Nilekani, former chairman of UIDAI, is busy fighting his election, he has left behind a dubious record of keeping the Aadhaar holders in the dark regarding access to their biometrics and other personal details by any private or public agency

Now, it is from the horse’s mouth.  The office of the Unique Identification Authority of India (UIDAI) has admitted that information regarding biometrics and other personal details of Aadhaar, the 12-digit unique identification (UID) number, to any outside agency cannot be revealed to the holder unless it is requested by the government. In addition, once you have been allocated the UID number, there is no way to delete or cancel it, which means you cannot opt out of it. More shocking is that Aadhaar was never used to authenticate subsidies for the LPG cylinder. It was just used as an identifier for the bank.

 

The second appeal was heard In a Central Information Commission (CIC) Sharat Sabharwal’s office on 13 March, 2014, wherein he stated that although the RTI applicant, CJ Karira had filed a requisition under Section 7 of the RTI Act, which requires the PIO to give information within 48 hours; the requisition does not specifically come under this section. However, his order stated: “…we took this appeal up for consideration out of turn as the answers of the public authority to the queries of the Appellant in the instant case may be of interest to a large number of UID card holders, who may have similar apprehensions as the Appellant regarding sharing of the data provided by them to the UIDAI for obtaining a UID card.”

 

Karira, co-convener of India Against Corruption (IAC) filed a RTI application on 27 September 2013 seeking information regarding sharing of his Aadhaar data to outside agencies. He also asked for certified copies of the agencies with whom the data has been shared and procedure to delete one’s name from the UID register.

 

Not having received a reply from the CPIO, he filed an appeal to the First Appellate Authority (FAA) on 13 November, 2013. The FAA did not conduct any hearing or pass any order. On 23 December 2013, the CPIO gave him partial and wrong information, particularly regarding the query of whether details of his UID number was shared with any agency.  

Karira stated to the FAA that the “information provided by the CPIO vide his letter dated 23 December 2013, was ‘incomplete and incorrect’, because HPCL and the State Bank of Mysore had his UID number and got the same authenticated through UIDAI, while the CPIO had stated in his reply that his data had not been shared with any entity outside the UIDAI.”

 

Karira again asked for “complete and correct information free of charge; imposition of penalty on the CPIO under section 20(1) of the RTI Act for the delay in provision of information; a warning to the FAA to dispose of appeals to him within the stipulated time limits under the RTI Act; departmental action against the CPIO and the FAA under the relevant rules and regulations and; a direction to the public authority to arrange training on RTI matters for its concerned officials.”

 

Having failed to get the required information and to request action against delay of information, Karira went in second appeal with the CIC on 15 January 2014.

 

The CIC order observes during the hearing on 13 March, 2014, “… it is seen that three of his queries related to the requests… for authentication/ confirmation/ matching of any of his data held by the UIDAI, the details of the persons or entities asking for such authentication etc. and certified copies of requests for such authentication and replies by the UIDAI..”

 

“The CPIO had stated in his reply dated 23 December 2013 that Karira’s data had not been shared with any entity outside the UIDAI. Karira has submitted that this information was misleading, because he had given his UID number to his gas agency and bank in connection with provision of subsidy on supply of cooking gas cylinders.”

 

“UIDAI stated that the use of the UID number, provided by the Appellant to his gas agency and bank, was for the limited purpose of ensuring that the person being provided the gas cylinders and subsidy was the same. It did not involve authentication/ matching by those agencies with the data held by them.”

 

The shocker is about the procedure to surrender one’s Aadhaar number. The order observes: “Two of the queries related to the procedure by which a UID number holder could surrender his UID number and card and get his data erased from the data base of the UIDAI. The CPIO informed the Appellant vide his letter dated 13th and 16 January 2014 that as on date, there was no such procedure adopted by the UIDAI to delete the UID number from the UID database.

 

The last query in the RTI application sought information regarding the non-UIDAI entities/ persons, who have access to his personal/ demographic/ biometric data held by UIDAI or with whom UIDAI has shared such data.

 

“…The CPIO stated that data would be shared only on a formal request by the State concerned through the Nodal Departments for the delivery of welfare and public services and schemes of the Government. Karira submitted during the hearing that a declaration in the application for UID number obtains the consent of the applicant for such sharing of data. The Respondents stated that such consent is not mandatory, but optional.’’

 

The CIC also ordered that UIDAI should have adequate number of CPIOs and FAAs to ensure that all applications are disposed off within the relevant time frame. According to CIC, “…there had been a surge in the RTI applications to the UIDAI through the online RTI portal since August-September 2013, and as many as 480 applications were received between August & November 2013…We are surprised that a public authority such as the UIDAI, with widespread public dealings, should have thought it fit to have only one CPIO until recently.”

 

Reacting on the CIC order, RTI activist Maj Gen SCN Jatar (retd) said, “It is shocking to note that Aadhaar is not used to authenticate LPG gas subsidies. It is only an identifier for a bank and the OMC to ‘match’ the number; there is no way to delete an UID number once allocated; there is no way to delete the biometric and other details of a citizen who wants to "opt out" of Aadhaar; there is no record maintained of who Aadhaar data is shared with and; there is no record maintained of who Aadhaar data is shared with!’’

 

Here is the order from the CIC…

 

 

(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)

User

COMMENTS

Pravin Ladde

2 months ago

This is really shameful.. Before collecting our personal data and biometric you should clear all these things.. Many of us may never use this service.. This is perfectly against our personal rights.. This is violation of our rights.. If by mistake I got strong enough politically in future, I must fight against it.. Those who generate aadhar card at small villages dont even cares about any documentation, even I saw many of them exchanged the fingure prints, name etc.. As they just have to earn more intensive by generating more aadhar card on daly basis..
Everything is fraud..

NAGARAJ Tirumani Vemula

3 years ago

08-04-2014
Where is the necessity for opting out from aadhar? Adhaar number is like PAN number.
Adhaar is a necessity. It is not a burden.

sohan modak

3 years ago

Like Anupam Saraph, i have felt that AAdhar is a sham exercise and a fraud by way of personal data theft at the cost of government exchequer and that ishow Nilekani wants to cover up his incompetence in design, applicability of Aadhar data.

REPLY

NAGARAJ Tirumani Vemula

In Reply to sohan modak 3 years ago

08-04-2014

Inefficiencies can be rectified.
Every problem has a solution.
The problem can be solved as under:-
Part A: Terms of reference of aadhar scheme. (Purpose)
Part B: Components of population
(demography)
Part C: Proper flow chart with
software solution (modular form).
In the present aadhar system
there is bottleneck in UDAI
agency; not with people.
A little change in software can solve this problem and adhaar number can be instantly given.
I aim at perfection in work.
If the Adai agency responds, I can give details.


NAGARAJ Tirumani Vemula

In Reply to sohan modak 3 years ago

08-04-2014

Inefficiencies can be rectified.
Every problem has a solution.
The problem can be solved as under:-
Part A: Terms of reference of aadhar scheme. (Purpose)
Part B: Components of population
(demography)
Part C: Proper flow chart with
software solution (modular form).
In the present aadhar system
there is bottleneck in UDAI
agency; not with people.
A little change in software can solve this problem and adhaar number can be instantly given.
I aim at perfection in work.
If the Adai agency responds, I can give details.


NAGARAJ Tirumani Vemula

In Reply to sohan modak 3 years ago

08-04-2014

Inefficiencies can be rectified.
Every problem has a solution.
The problem can be solved as under:-
Part A: Terms of reference of aadhar scheme. (Purpose)
Part B: Components of population
(demography)
Part C: Proper flow chart with
software solution (modular form).
In the present aadhar system
there is bottleneck in UDAI
agency; not with people.
A little change in software can solve this problem and adhaar number can be instantly given.
I aim at perfection in work.
If the Adai agency responds, I can give details.


Radhakrishnan

3 years ago

What is the reporter trying to state? There is no clarity in any of the statements. The second sentence in the first para seems to be incomplete, with some words missing. Reading this article was a waste of time.

In any case what has gone wrong. Why should anybody have any objection about UID ?

NAGARAJ Tirumani Vemula

3 years ago

one small correction:
wrong:computer capabilities has to be...
Correct:computer capabilities have
to be...

NAGARAJ Tirumani Vemula

3 years ago

Sir, 01-04-2014

Adhaar is a good scheme.Computer
capabilities has to be harnessed
to meet our purposes.
People have so many apprehensions
which are true and well founded.
Privacy is important.
Every problem has a solution.
If any forum is there for this adhaar scheme, tell me.
I will try to give workable solutions and make the system strong.
I AIM AIM AT PERFECTION IN WORK
WITHOUT COMPROMISING ON PRIVACY OF INFORMATION.

REPLY

MOHAN

In Reply to NAGARAJ Tirumani Vemula 3 years ago

the best forum is NIMHANS!!

NAGARAJ Tirumani Vemula

In Reply to MOHAN 3 years ago

Sir, 01-04-2014
Do not lose heart so easily.
Try to give a workable solution
and strength the scheme since crores of tax payers' money is spent on it.

Mukesh kamath

3 years ago

Anyone who has done engineering and knows technology will not oppose aadhaar. It is only the ignorant and the cynics who don't know about its efficacy. Aadhaar is a brilliant scheme. A large part of women are uncomfortable delivering babies in hospitals so many births go unregistered. This document less ness of people has led to bogus documents like ration and pan cards. If all people are enrolled in a biometric database then an electronic record of their existence can be created. Once all people get registered with aadhaar and once 100% births start getting documented then there wont be any need of aadhaar(ML please note, we the supporters of aadhaar don't have any special attachment or love for biometrics, when you say biometrics is bad for privacy we do understand your point but helpless since it may be necessary now but not after about 20-30 years when institutional deliveries become the norm). The aadhaar can then be alloted based on birth certificate. So the biometric database can be destroyed.

S K Nataraj

3 years ago

Aadhaar Cards are despatched by ordinary post and not even by Certificate of Posting. While framing the Rules, should it not have been laid down that the Cards should be sent by Registered Post like in the case of Passports. If it was supposed to be such an important document as envisaged by Govt and UIDAI, clearly proper ground rules should have been framed for the issue of such cards as well, which would also among other things stipulate the purposes for which the card could be used, with whom the information could be shared etc.With a set of loose procedures, improperly written and not carefully planed, the whole scheme seems to have been conceived.
Myself and my wife were the first applicants for the Aadhaar cards in the Bank's Zonal Office which I headed, where the bio- metric enumeration took place in 2010. And the most horrible part is that the cards have till date not been delivered to me, thanks to the process of dispatching them through" ordinary post. "
I have been witness to the melees for getting the Aadhaar Card bio- metric enumeration, when the Petroleum ministry had widely publicised that LPG subsidy would be credited to Bank Accounts through Aadhaar linkage. These melees only underscore the fact of poor organisation and shoddy planning that was the way in which the whole scheme of Aadhaar was "managed and run".
We must thank the Supreme Court for laying down that this card shall not be mandatory for availing any government service or subsidy. After several hundred crores have been spent/wasted on this ill-conceived scheme, it now deserves a quiet burial, which decision , the new government which would come to power in May 2014,I hope, would take to dump the scheme . So much for a scheme which was much- touted as going to be a game- changer ahead of the 2014 polls, by Rahul Gandhi.

REPLY

MOHAN

In Reply to S K Nataraj 3 years ago

GOVERNMENT MUST IMMEDIATELY WITHDRAW ALL 'AADHAR' CARDS ISSUED.

IF TERRORISTS MISUSE 'AADHAAR' CARD ISSUED TO AN INNOCENT CITIZEN WHO WILL TAKE THE RESPONSIBILITY?

TIHARwale

3 years ago

As a former Banker i can confirm that once a person opens a Bank Account the A/c opening papers are available with the Bank and Bank is bound by law to provide certified copies to law enforcing agencies and in certain cases even original documents need to be safe guarded even beyond 8 eight years from the closure of account.

At times i also feel MLD is unnecessarily targeting Aaadhar

REPLY

MDT

In Reply to TIHARwale 3 years ago

Dear Sir,
Thanks for your comment.
Moneylife is just reporting the facts revealed by RTI, the Supreme Court. The revealations are based on reply provided by UIDAI, the mother and father of Aadhaar.
Also in banking, there is a regulator, the RBI that operates under a structure sanctioned by Law. Can you tell us about who regulates or controls Aadhaar or what is the legal ssupport for this UID?
So who is targetting whom? Is it Moneylife, the RTI, the Supreme Court, the UIDAI or the common people who are being kept in the dark on Aadhaar?

Regards,
MDT

Ram Das

3 years ago

What happens when you open a bank account and then later close it? The account data remains with the bank.

Aadhaar is not different. There is no way to erase it but it is possible to make the number inactive, just like closed bank account.

REPLY

MOHAN

In Reply to Ram Das 3 years ago

Can anyone close Aadhar "account"?

MOHAN

3 years ago

A large number of Aadhar applicants have not received their Aadhar Cards. What happened to these cards?

Mr. Nandan Nilekani owes an explanation on 'Vansihing Aadhar Cards"

Hemlata Mohan

3 years ago

Never expected a respected person of Nilekani's caliber to be so "loose" about other people's identity. Where is his Infosys motto- "Powered by trust,driven by intelligence,"?
He has betrayed all of our trust ! Very sad

Atul Bhide

3 years ago

My mother is now worried since she has filed for Aadhar and not received it for many months now. She was asking if some Bangladeshi is now using it. Moreover, after Aadhar, her name has disappeared from the electoral rolls - that too after having voted in every election for Lok Sabha and Assembly for the past 50 years. She asked if this is due to aadhar, not sure what answer to give; but looks like it. She saw the cobrapost expose, now she is asking neighbours not to do the same mistake...

REPLY

Sandeep

In Reply to Atul Bhide 3 years ago

go online at UIDAI website and download the PDF copy, as good as paper copy sent by UIDAI.

MOHAN

In Reply to Atul Bhide 3 years ago

You are absolutely right. A large number of Aadhar applicants have not received their Aadhar Cards. What happened to these cards?

Government must immediately order a probe about the vanishing Aadhar cards?

Sanjay Choubey

3 years ago

Hi Vinitha,

What are the real/perceived dangers of getting enrolled in AADHAR? Can you provide some links regarding the same?

Thanks.
Sanjay

REPLY

Sandeep

In Reply to Sanjay Choubey 3 years ago

There is no danger unless you're planning to do something illegal.... boon for common man, curse for corrupt, ghost, duplicate, middlemen beneficiaries.

MDT

In Reply to Sanjay Choubey 3 years ago

Dear Sir,
Request you to read our special coverage on UID/Aadhaar. http://www.moneylife.in/life/uid/aadhaar

Thanks,
MDT

Mithun

In Reply to MDT 3 years ago

Dear Moneylife,

What interest do u get get by maligning Aadhar / Mr Nandan Nilekani ???
What such critical details do u share while making Aadhar Card (it is the same details u share in a Shopping mall, while filling feedback form.
As a literate person, all knows the long term benefit the Aadhar card can deliver rather than the criticisms labelled.
Aadhar is empowerment to citizens who doesn't have the power & luxury to fight against the corrupted political & economic system. Because wherever in India there is scope of political / bureacratic intervention, there have been opportunities created for selfish needs. So don't u think that Aadhar is the punch on the faces of all these manipulations.
But by seeing Moneylife efforts to malign Aadhar / Mr Nandan Nilekani, I am sorry to say that u are also working against the interest of common public and behaving like a media parrot.

Best Wishes .... Mithun Roy

MDT

In Reply to Mithun 3 years ago

Dear Mithun Roy,
Thanks for posting your comment.
First kindly understand, Aadhaar is not a CARD. It is just a 12-digit number based in biometric profile of an individual "resident" of India.
This also means, you cannot replace your 'biometric' Aadhaar 'Card' just like chaning ATM or credit card or getting replacement for your PAN Card.
Also manipulation cannot be stopped by just using a UID. Otherwise, the PAN card or the voter ID card would have already done it.
The Supreme Court even raised questions on the privacy and data sharing with any entities not related with social welfare of govt. Read it, understand the issue and then comment. Here is something that you can refer to http://www.moneylife.in/life/uid/aadhaar

All the BEST

Regards,
MDT

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