Regulations
SC declines farmers plea seeking restoration of their lands
The Supreme Court Thursday declined a batch of petitions by farmers of villages located in Noida, Greater Noida and Noida Extension, neighbouring the national capital, seeking restoration of their lands which were held to be wrongly acquired by NOIDA authority by invoking the urgency clause.
 
A bench headed by Chief Justice H.L.Dattu declined the plea by the farmers who had challenged the Allahabad High Court's October 21, 2011 verdict, which, while quashing the acquisition of land by invoking the urgency clause, had instead of restoring it, enhanced compensation by 64.7 percent.
 
The high court had also directed that the farmers whose lands have been acquired would get 10 percent of developed land in proportion to their acquired land.
 
Since most of the farmers had accepted the compensation, the apex court questioned the farmers plea for the return of their acquired lands even after they had accepted compensation.
 
The court had earlier declined the Noida authority's plea challenging the Allahabad High Court's order enhancing the compensation and giving 10 percent of the acquired land to the farmers after development. 
 
Nearly 100 real estate projects by various developers are coming up on the acquired lands and nearly 1.5 lakh people have registered flats in these projects.

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DLF business conduct again found 'unfair, abusive'
Realty major DLF has been found to have indulged in "unfair and unjust" business practice again by the country's anti-trust body that, nevertheless, said it was not imposing any fine due to a Rs.630 crore penalty that had already been slapped on the company in a similar case.
 
In a 49-page order delivered on Wednesday but made available a day later, the Competition Commission of India directed DLF and its group companies to "cease and desist from indulging in the conduct which is found to be unfair and abusive" in terms of the provisions of prevailing anti-trust laws.
 
It also said that since a penalty of Rs.630 crore had already been imposed on DLF in what is referred to as the Belair's case -- as also for the same period for which the contraventions in the present cases were made -- no financial penalty was required.
 
"In view of the totality and peculiarity of the facts and circumstances, the commission does not deem it necessary to impose any penalty on the Opposite Party in these cases," said the order of the Competition Commission, chaired by Ashok Chawla.
 
Earlier, the Competition Appellate Tribunal (COMPAT) had dismissed DLF's appeal against the Rs.630 crore penalty levied by the Competition Commission, finding merit in what the resident welfare association had said -- that company had abused its dominant position in the Gurgaon market.
 
As per the case filed, the two original appellants had booked an apartment each in "DLF New Town Heights" in 2008 since they had found the rates, as mentioned in the scheme's pre-launch, attractive. They were allotted one apartment each.
 
Subsequently they received reminders for payments. But they alleged it was clear that the construction work had not started and DLF was only collecting huge amounts from the allotees and buyers who had booked the apartments with them.
 
The appellants also sought cancellation of the allotments and a refund. But they were told that the only option before them was to sell the apartments. Subsequently, two years after the booking, they were told by the builder that the foundation work had been completed and that they should pay up.
 
In view of what they thought were unfair and onerous terms, the appellants sought an inquiry.
 
A third complainant had also approached the anti-trust commission alleging that DLF abused its dominant position with practices like allotment of back-to-back parking on compulsory payment of Rs.150,000, non-transparent calculation of advance payment rebate and payments toward external development charges.

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Nifty, Bank Nifty trying to push higher – Thursday closing report
Nifty has to stay above 8,100 and Bank Nifty above 17,800
 
We had mentioned in Wednesday’s closing report NSE’s Nifty may try to recover as long as its stays above 8,100. The 50-stock index opened Thursday sharply lower and traded in the red for the entire session but there was continued effort to recover during the day, to rise higher. It even edged into the green for a few minutes near the end of the day.
 
The S&P BSE Sensex opened at 27,290 and moved from the low of 26,949 to the high of 27,294 and closed at 27,206 (down 45 points or 0.17%) while Nifty opened at 8,232 and reached 8,236 after hitting a low of 8,137. Nifty closed at 8,224 (down 11 points or 0.14%). Bank Nifty too traded in the red for the most of the session but managed to close marginally in the green. It opened at 18,071 and moved from the low of 17,806 to the high of 18,157 and closed at 18,116 (up 19 points or 0.10%). NSE recorded a volume of 73.85 crore shares. India VIX rose 0.07% to close at 20.7000.
 
The WPI inflation stood at negative 2.65% in April 2015, data released by the government on Thursday showed. WPI inflation was minus 2.33% in March 2015. Meanwhile, WPI inflation for February 2015 was revised downwards to negative 2.17% from negative 2.06% reported earlier.
 
Rating agency Moody's Investors Service said that of the non-financial and infrastructure corporates that it rates in India, the vast majority carry either positive or stable outlooks.
 
India's gold demand increased by 22% to 150.8 tonnes in the March quarter. This was accompanied by a 6% fall in investment-related gold demand, which was at 40.9 tonnes, according to data released by the World Gold Council in its demand trend report for the quarter ended 31 March 2015.
 
India's banking system may not yet have seen the peak in bad loans, the Reserve Bank of India (RBI) Governor Raghuram Rajan said on Thursday though this had little impact on bank stocks.
 
The Supreme Court Thursday dismissed a batch of petitions filed by various telecom companies, including Vodafone and Bharti Airtel, seeking extension of their spectrum licences. Telecom companies have argued that the terms and conditions of their 20-year licences state that they were extendable by another 10 years, the government has argued that the norms say it "may" extend the licence, and hence the matter was at its discretion.
 
Indian economy is likely to clock 8.1% growth in the current financial year, spurred by strong consumer spending amid low inflation, infrastructure projects and government's reform measures, says a UN report.
 
National Buildings Construction Corp (NBCC) is betting on the redevelopment of millions of square feet of vacant government property as it plans to grow its $3.4 billion order book by 25% a year to 2020. The stock was almost unchanged. 
 
India has been ranked at a lowly 100 position on the global Human Capital Index, which measures countries on development and deployment of human capital. India is ranked lower than all its BRICS peers -- Russia, China, Brazil and South Africa -- and smaller neighbours like Sri Lanka, Bhutan and Bangladesh.
 
Coming back to Indian stock market, Oriental Bank of Commerce (9.89%) was the top gainer in ‘A’ group on the BSE. It hit its 52-week low last week. It reported growth in its top line but it reported net loss for the March 2015 quarter.
 
Lupin (3.42%) was the top loser in ‘A’ group on the BSE. It has acquired 100%equity stake in Brazil’s Medquimica Industria Farmaceutica subject to certain closing conditions. It is expected to have muted June quarter.
 
Hindalco (2.92%) was the top gainer in the Sensex 30 pack while Vedanta (1.65%) was the top loser.
 
US indices closed Wednesday flat after opening high. US retail sales were unchanged in April as households cut back on purchases of cars and other big-ticket items and import prices fell for a 10th straight month in April and business inventories barely rose in March.
 
Asian indices showed mixed performance. Seoul Composite (0.29%) was the top gainer while Taiwan Weighted (1.16%) was the top loser.
 
European indices were trading in the green. US Futures were trading sharply higher. 
 
Greek Finance Minister Yanis Varoufakis reportedly said that the country's debt repayments to the European Central Bank should be pushed back to the distant future.
 

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