Nation
SC asks Karnataka to release 12,000 cusecs per day to TN
The Supreme Court on Monday directed the Karnataka government to release 12,000 cusecs of Cauvery river water to Tamil Nadu everyday till September 20, modifying its earlier order of 15,000 cusecs water.
 
The apex court bench of Justice Dipak Misra and Justice Uday Umesh Lalit gave the direction while modifying its September 5 order by which it had asked Karnataka to release 15,000 cusecs of water for the next ten days. 
 
The court rejected Karnataka's plea to keep the September 5 order in abeyance.
 
Taking exception to Karnataka, citing law and order situation as a ground for keeping suspension of the September 5 order, the court said it was the obligation of Karnataka government and people to ensure compliance of the top court's order.
 
The court also asked the Karnataka and Tamil Nadu governments to ensure that observance of law and order situation by people in both states.
 
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

SRINIVAS SHENOY

5 months ago

What do you think?... Write your comments. Water should be available to all Indians. Like our armed forces, we should set aside our petty thoughts like regionalism etc. so that our country progresses and also in the interest of unity of all our states in the Union.

Cabinet nod to setting up Higher Education Financing Agency
To give a major push for creation of high quality infrastructure in premier educational institutions, the Union Cabinet on Monday approved the establishment of a Higher Education Financing Agency (HEFA).
 
"The HEFA would be jointly promoted by the identified promoter and the Ministry of Human Resource Development (MHRD) with an authorised capital of Rs 2,000 crore. The Government equity would be Rs 1,000 crore," an official statement said, after the meeting of the union Cabinet, chaired by Prime Minister Narendra Modi.
 
The HEFA would be formed as a SPV within a PSU Bank or Government-owned-NBFC (Promoter).
 
"It would leverage the equity to raise up to Rs 20,000 crore for funding projects for infrastructure and development of world class Labs in IITs/IIMs/NITs and such other institutions," the statement added.
 
The HEFA would also mobilise CSR funds from PSUs or corporates, which would in turn be released for promoting research and innovation in these institutions on grant basis.
 
The HEFA would finance the civil and lab infrastructure projects through a 10-year loan. The principal portion of the loan will be repaid through the 'internal accruals' (earned through the fee receipts, research earnings etc) of the institutions. The government would service the interest portion through the regular Plan assistance.
 
All the centrally funded higher educational institutions would be eligible for joining as members of the HEFA.
 
For joining as members, the institution should agree to escrow a specific amount from their internal accruals to HEFA for a period of 10 years. 
 
This secured future flows would be securitised by the HEFA for mobilising the funds from the market. Each member institution would be eligible for a credit limit as decided by HEFA based on the amount agreed to be escrowed from the internal accruals, the statement said.
 
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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Shareholders approve hiving off Reliance Commercial Finance
In a move that paves the way for a stake sale or induction of a partner for its commercial finance business, Reliance Capital Ltd's shareholders have approved the transfer of the division into a wholly owned subsidiary, the company said on Monday.
 
In a statement issued here, Reliance Capital said the transfer of Reliance Commercial Finance into a separate wholly owned subsidiary was approved by 99.99 per cent of the company shareholders at the court convened meting held on Saturday.
 
Thanking the shareholders for their approval Sam Ghosh, Executive Director and Group CEO, Reliance Capital said: "The proposal will enhance management focus and also provide flexibility to the company to unlock value through stake sale."
 
According to Ghosh, the transfer will align Reliance Commercial Finance with overall operating strurcture of Reliance Capital where all operating businesses are held in its wholly or majority owned subsidiaries.
 
As per the scheme, the commercial finance division of Reliance Capital was proposed to be merged into Reliance Gilts Limited, a wholly owned subsidiary of Reliance Capital.
 
"This merged entity was to be renamed Reliance Commercial Finance Limited. Reliance Gilts Limited has now been renamed as Reliance Commercial Finance Limited," the statement added.
 
The transfer, which has been approved by the shareholders, will be effective from April 1 and will now be filed for requisite court and regulatory approvals.
 
Reliance Commercial Finance is amongst the leading small and medium enterprises lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation.
 
The company has an aggregate asset under management (including securitised portfolio) portfolio of Rs 16,451 crore ($2.5 billion) as of June 30.
 
The transfer will also enhance employee engagement and retention through ability to grant Employee Stock Ownership Plan (ESOP) in the business.
 
Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner - Nippon Life Insurance - with 49 per cent stake.
 
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

SRINIVAS SHENOY

5 months ago

What do you think?... Write your comments. Reliance Commercial Finance Ltd., I believe will also be looking for a suitable strategic partner for both finance and growth.

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