Mutual Funds
SBI Mutual Fund gets SEBI nod for merging two schemes

Concerned over non-performance of some schemes over a long period of time, the SEBI chairman had said fund houses need to look into the matter and consider the merger of some schemes

 

Mumbai: In its drive to give better returns to investors, SBI Mutual Fund will soon be merging two of its schemes as it has received approval from market regulator Securities and Exchange Board of India (SEBI), a top company official has said, reports PTI.

"We have received one merger approval for two schemes from the market regulator recently, for which, we have applied for quite some time," SBI MF managing director Deepak Chatterjee told PTI.

He, however, declined to name the schemes saying the fund house has to follow some processes like informing the investors after the approval.

SEBI Chairman UK Sinha last week said it would allow merger of schemes to avoid overlapping and ensuring better returns to investors.

Concerned over non-performance of some schemes over a long period of time, Sinha had said fund houses need to look into the matter and consider the merger of some schemes.

"Management (of mutual funds) should look into the areas of non-performance," Sinha

had said, adding he was in favour of merger of schemes on case to case basis.

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Singur Act unconstitutional, says Calcutta High Court

Giving its verdict on an appeal by Tata Motors, the division bench observed that the President's assent had not been taken for the Act and as such it was void and unconstitutional

 

Kolkata: In a setback to West Bengal government led by Mamata Banerjee, the Calcutta High Court on Friday held the Singur Land Rehabilitation and Development Act, 2011, under which the state had vested land leased to Tata Motors, as unconstitutional and void, reports PTI.

Giving its verdict on an appeal by Tata Motors Ltd, a division bench comprising Justices Pinaki Chandra Ghosh and Mrinal Kanti Chaudhury observed that the President's assent had not been taken for the Act and as such it was void and unconstitutional.

The implementation of the order was, however, stayed for two months by the division bench to allow the aggrieved party to appeal before a higher court.

The division bench set aside the order of Justice IP Mukerji who had held the Act to be constitutional. It observed that the single bench had no jurisdiction to fill up loopholes left by the legislature.

The court also observed that what was done in Singur was acquisition of land by the said Act and as such it was void.

Tata Motors had challenged the order of the single bench of the Calcutta High Court, which had upheld the Singur Land Rehabilitation and Development Act, 2011, by which the West Bengal government vested the land leased to the company at Singur, before the division bench of the court.

Tata Motors had appealed against the order of Justice Mukerji, which was passed on 28th September last year. Justice Mukerji had held the Singur Land Rehabilitation and Development Act 2011 to be constitutional.

The court had, however, ordered on 28th September an unconditional stay of the judgement till November two to allow any aggrieved party to file an appeal, if it so desired.

Tata Motors had been leased 997 acres at Singur in Hooghly district, about 40 km from Kolkata, by the previous Left Front government for its Nano car project, billed as the cheapest car.

Trinamool Congress, which was then the main opposition in West Bengal, had demanded return of 400 acres to farmers unwilling to give land for the project.

Tata Motors had moved its Nano small car factory to Sanand in Gujarat in 2008 citing law and order problems, but had kept possession of the leased land at Singur.

After coming to power in May 2011, Chief Minister Mamata Banerjee had the Singur Act passed in the Assembly as one of her government's first major legislations.

Counsel for the state government Kalyan Bandyopadhyay, who is also a Trinamool Congress MP, said that the state would appeal against the order in the Supreme Court.

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Compulsory digital cable TV has already come into effect says TRAI

TRAI said the tariff order and regulations issued for Digital Addressable Cable TV Systems have come into force from the date of its publication in the gazette

 

New Delhi: The Telecom Regulatory Authority of India (TRAI) said its regulations on compulsory digitisation of cable TV service in four metros have came into effect the day the same were notified in the gazette, reports PTI.

TRAI objected to a statement of the Information and Broadcasting Ministry which said the regulations for Digital Addressable Cable TV Systems (DAS) will take effect from 1st November.

"It is clarified that date of coming into effect of any Regulation/Tariff order of TRAI is as prescribed by TRAI and mentioned in the respective Regulation/Tariff order," TRAI said in a statement tonight.

It said the tariff order and regulations issued for DAS have come into force from the date of its publication in the gazette.

The statement said the Interconnection Regulations and Tariff Order (Amendment) and the Quality of Service Regulations, Consumer Complaint Redressal Regulations and Interconnection Regulation (amendment) were published in the gazette on 30 April 2012, and 14 May 2012, respectively.

"In fact, these regulations and tariff order have come into effect prior to the timelines prescribed by the Ministry of Information and Broadcasting for timely and effective implementation on DAS.

Yesterday, the Ministry of Information and Broadcasting had postponed the implementation of compulsory digitisation in Delhi, Mumbai, Kolkata and Chennai till 31st October.

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