Regulations
SAT to hear Subrata Roy’s appeal against SEBI on 11th March

Sahara group chief Subrata Roy has approached the tribunal against a SEBI direction ordering attachment of his personal assets, along with some other top officials of Sahara India Real Estate Corp and Sahara Housing Investment Corp

 
The Securities Appellate Tribunal (SAT) today posted for 11th March its hearing of a plea by Sahara Group chief Subrata Roy, whose group is entangled in a long-running case with the Securities and Exchange Board of India (SEBI) in connection with refund of money raised from public through issuance of bonds.
 
The SAT had listed the appeal for ‘admission’ today, but decided to post the matter for 11th March before the tribunal’s presiding officer.
 
Sahara group chief Subrata Roy has approached the tribunal against a SEBI direction ordering attachment of his personal assets, along with some other top officials of Sahara India Real Estate Corp and Sahara Housing Investment Corp, which have been asked by the Supreme Court to refund to investors an amount totalling over Rs24,000 crore.
 
After the expiry of a deadline set by the court, the market regulator had last month said the companies have not complied with the orders and issued attachment orders against the bank accounts and other assets of the two firms and their top officials, including Roy.
 

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COMMENTS

sneha

4 years ago

Sahara has stood strong for the past 3 decades,and faced everything that has come its way bravely. I see the current situation as a malicious intent to malign the image and position of the company.

Vaibhav Dhoka

4 years ago

Has SAT jurisdiction to hear the appeal which is fallout of Supreme court order?

RBI to clarify new banking licence norms shortly

 

The RBI had posted the final guidelines after almost three years of the then finance minister Pranab Mukherjee making an announcement in the Budget to allow new private banks
 
The Reserve Bank of India (RBI) on Thursday said it will issue clarifications on the final guidelines for new bank licences shortly, in order to address the concerns of intending applicants.
 
The regulator said many entities and groups interested in joining the banking fray have been posting queries ever since the guidelines were made public on 22nd February.
 
Assuring that the identity of those seeking clarifications will be protected, the banking regulator invited them to write in by 10th April. However, RBI has not mentioned when it would come out with the clarifications.
 
“Considering that the clarifications sought would be of wider interest and use for all intending applicants, the RBI has decided to post the clarifications on its website,” it said.
 
The RBI had posted the final guidelines after almost three years of the then finance minister Pranab Mukherjee making an announcement in the Budget to allow new private banks. RBI last gave bank licences around a decade back.
 
Many business houses, including the Tatas, Birlas, Mahindras, Anil Ambani-led Reliance Capital, asset financier Shriram Capital, LIC and India Post among others have shown interest or are tipped to contemplate an entry into the banking fray.
 
The interested parties have been given time till 1st July to apply.
 
Among other things, the guidelines have allowed any entity—be it a private or government owned—having its roots in any sector, including brokerages and realty, to apply for banking licence.
 
The RBI, however, said it will go by “fit and proper” criteria, which will include having a past record of sound credentials, integrity and financial soundness with a successful track record of 10 years, while giving licences.
 
Other requirements include an initial capital of Rs500 crore to be brought in by the promoter. 
 

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COMMENTS

M G WARRIER

4 years ago

This is a welcome gesture. Perhaps, beyond the routine re-statement of 'level playing field', obligation to comply with priority sector lending targets, 25% rural branches and so on, RBI could consider giving preference to applicants who can meet national priorities faster. Even the announcement of 'All Woman Bank' did not carry any accompanying assurance to support priority sector, financial inclusion or 'weaker section' beyond what is being done by existing public sector banks. Surprisiongly, while earlier 'New Gen Private Sector' banks had a reason to enter, namely infusing competetion, increased use of technology and absence of the burden of 'past performance', the present effort is to 'satisfy' certain categories of intending promoters of new banks rather than meeting the banking needs of the country.

Cabinet clears right to time-bound services bill

The bill envisages penalty of up to Rs50,000 against a government official failing to provide his or her duties

The government on Thursday gave its assent to a bill aimed at providing time-bound delivery of services like passports, pensions and birth and death certificates, among others, to citizens.

 

The Right of Citizens for Time-Bound Delivery of Goods and Services and Redressal of their Grievances Bill, 2011, was approved by Union Cabinet at a meeting chaired by prime minister Manmohan Singh.

 

The bill envisages penalty of up to Rs50,000 against a government official failing to provide his or her duties, official sources said.

 

It lays down an obligation upon every public authority to publish citizen’s charter, stating therein the time within which specified goods shall be supplied and services be rendered and provides for a grievance redressal mechanism for non-compliance of its provisions.

 

The sources said the issue of inclusion of NRIs in the ambit of the bill to access time-bound delivery of services will be dealt with separately by the ministry of personnel, public grievances and pensions and the law ministry.

 

The proposed legislation, spearheaded by Department of Administrative Reforms and Public Grievances, also mandates a public authority to establish a call centre, customer care centre, help desk and people’s support system to ensure time-bound delivery of services.

 

It also seeks establishment of public grievance redressal commission at the Centre and every state.

 

According to its provisions, a person aggrieved by the decision of the commission may prefer an appeal before the Lokpal at the Centre (in case of decision by the Centre’s public grievances redressal commission) and the Lokayuktas in the states.

 

All services provided by both the Centre and the state governments will be extended to citizens in a time-bound manner under the bill.

 

Addressing a joint sitting of Parliament last month, president Pranab Mukherjee had said that his government attaches priority to the enactment of the legislation proposed in this regard.

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COMMENTS

Vaibhav Dhoka

4 years ago

A long awaited legislation will give some relief to citizens.

REPLY

TD Sharma

In Reply to Vaibhav Dhoka 4 years ago

It is an eyewash only, rest assured. I have known honest and dedicated civil servants who spent decades in the govt. protecting the interests of the govt and trying to serve people and then kicked on retirement while money-making and corrupt people have been and are still being rewarded with post-retirement sojourns. Nothing will really come out of this election stunt, and at the most only a few low rung clerks will be hanged to save the top IAS,. IPS, IFS, CSS bureaucrats, etc. The common man shall stand and be kicked!

MK Gupta

In Reply to TD Sharma 4 years ago

Very true-men may come and men may go, but the IAS (and CSS, its cohort, and the IPS, apart from the smaller players in the civil services) shall go on for ever.

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