SC issues notices to RPower and Centre on coal issue

New Delhi: The Supreme Court today issued notices to Anil Dhirubhai Ambani (ADA) group company Reliance Power (RPower) and the Centre over Tata Power's plea opposing government's approval to the ADA group firm for diverting coal meant for its Sasan ultra mega power project to other projects, reports PTI.

The bench also issued notices to other respondents including ministry of coal, ministry of power and Power Finance Corporation (PFC).

The bench headed by Justice G S Singhvi directed all the parties to file replies within 12 weeks and posted the matter for next hearing in January.

The apex court's direction came after senior advocate Harish Salve, appearing for Tata Power, submitted that the notice has still not been issued by the court to the respondents including RPower, Centre and some other bidders who had participated in the bidding process for ultra mega power projects.

Meanwhile, senior advocate Soli Sorabjee, appearing for RPower, submitted the press statement issued by Tata Power after the last hearing and said that the company should refrain from issuing such statements.

On this the bench told Mr Salve, "Please advice your client not to issue such press statement."

Tata Power had challenged a decision by an Empowered Group of Ministers to allow Reliance Power to use coal from the captive mines for Sasan project in Madhya Pradesh for other projects.
 

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Personal finance Monday

DSP BlackRock MF unveils DSP BlackRock FMP-12M-Series 9; L&T Mutual Fund introduces L&T FMP-II (November91D A); SBI Mutual Fund launches SBI Debt Fund Series-370 Days-8; Taurus MF files offer document with SEBI to launch Taurus Fixed Maturity Plan Series A to E

DSP BlackRock MF unveils DSP BlackRock FMP-12M-Series 9

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP-12M-Series 9, a close-ended income scheme.
The primary investment objective of the plan is to seek capital appreciation by investing in debt and money-market securities. The plan may also use fixed-income derivatives for hedging and portfolio balancing. The plan will invest only in securities which mature on or before the date of maturity of the plan. It will invest in securities having medium to low risk profile. The plan has a tenor of 12 months.
The plan offers two options-growth and dividend (payout). The exit load for the plan is nil. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 8th November and closes on 9th November. The minimum investment amount is Rs10,000.
CRISIL Liquid Fund Index is the benchmark index. The plan shall be managed by Dhawal Dalal.

L&T Mutual Fund introduces L&T FMP-II (November91D A)

L&T Mutual Fund has launched L&T FMP-II (November91D A), a close-ended income scheme. The investment objective of the plan would be to achieve growth of capital through investments made in debt/fixed-income securities maturing on or before the maturity of the scheme. It will invest in securities having low to medium risk profile.

The tenor of the scheme is 91 days. The plan offers two options-growth and dividend (payout). Since the plan will be listed on the stock exchange, no exit load will be charged. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 8th November and closes on 11th November. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.

CRISIL Liquid Fund Index is the benchmark index. Bekxy Kuriakose is the fund manager. 

SBI Mutual Fund launches SBI Debt Fund Series-370 Days-8

SBI Mutual Fund has launched SBI Debt Fund Series-370 Days-8, a close-ended income scheme. The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, PSU & corporate bonds and money-market instruments maturing on or before the maturity of the scheme. It will invest in securities having low to medium risk profile.

The tenor of the scheme is 370 days. Since the scheme will be listed on stock exchange there will not be any exit load. The plan offers two options-growth and dividend (payout). During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 8th November and closes on 15th November. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.

CRISIL Short Term Bond Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.

Taurus MF files offer document with SEBI to launch Taurus Fixed Maturity Plan Series A to E

Taurus Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Taurus Fixed Maturity Plan Series A to E, a close-ended debt scheme.

The investment objective of the scheme is to generate income with minimum volatility through investments in debt and money-market instruments maturing on or before the maturity of the scheme.

The scheme shall invest up to 100% in debt and money-market instruments. The new fund offer price is Rs10 per unit. The minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore.

The benchmark index for schemes with maturity up to 91 days will be CRISIL Liquid Fund Index and the benchmark index for schemes with maturity between 92 days up to 400 days will be CRISIL Short Term Bond Fund Index. Rahul Pal and Pankaj Jain are the fund managers.

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Finally, it’s the festival of lights, not cacophony: Diwali less noisy in Mumbai this year

Though denizens of the metropolis seem to have become more aware about the noise pollution norms, much more needs to be done to reduce decibel levels and instil the civic spirit in various areas of Mumbai

Fireworks during Diwali this year were less noisy this year as compared to the earlier years. While the police were on the lookout for people who flouted the 10pm deadline, fireworks went on well past midnight in most areas. Although the cops managed to persuade revellers in south Mumbai to stop lighting crackers after 11pm, the noise continued in places like Bandra (a western suburb) and Mazagaon (at central Mumbai).

Noise and air pollution levels of firecrackers monitored jointly by the Maharashtra Pollution Control Board (MPCB) and Awaaz Foundation, a non-governmental organisation (NGO) working towards this end, showed that there was some awareness among citizens of the metropolis as bursting of firecrackers was seen mostly on 5th November, the last day of Diwali.

While the two organisations have welcomed the move, a lot still needs to be done.

Sumaira Abdulali, convener of the Awaaz Foundation told Moneylife, "All the effort, court rulings and public campaigns to reduce noise levels are proving to be useless.  Far from worrying about the environment and not bursting noisy crackers, statistics collated around the city show that in most places the decibel levels were shattering."

Sudhir Badami, an activist working for the betterment of transportation in Mumbai and a resident of Babulnath (central Mumbai), said that bursting of firecrackers in this area begins only after 10pm. Awareness by the media, especially print and television, in advance, could have helped in curbing the noise menace to some extent, according to him.

Mr Badami added, "While I have seen advertisements of Haryana State and Punjab State Pollution Control Boards and Diu-Daman, Dadra-Nagar-Haveli Pollution Control Committee bringing out advertisements in the Indian Express, the state's Maharashtra State Pollution Control Board and Central Pollution Control Board's advertisements are nowhere to be seen, despite the decision that was taken in a stakeholder's meeting organised by state environment secretary Valsa Nair Singh on 16 October 2010 to carry out an awareness programme."

As per the MPCB notification under the Environmental (Protection) Act dated 5 October 1999, sale or use of firecrackers generating noise levels exceeding 125 decibels (dB) or 145 dB at the peak are prohibited for individual firecrackers. For firecrackers in series, these noise limits have been made more stringent depending upon the number of crackers in the series.

Noise readings monitored by MPCB and Awaaz Foundation (on 5th November) showed the following:

(Please click to see table)

Looking at the above details, isn't it time revellers learnt to put a lid on proceedings next Diwali? Or should the government ignite some draconian measures?

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