Regulations
SC nod for Make in India function at Chowpatty beach
New Delhi : The Supreme Court on Wednesday gave its nod for the holding of the Make in India function at Mumbai's Chowpatty beach on February 13 that will be attended by Prime Minister Narendra Modi and the prime ministers of four other countries.
 
The apex court bench comprising Justice M.Y.Eqbal and Justice Arun Mishra gave the go ahead after Attorney General Mukul Rohatgi told the court that functions would show case India and it culture.
 
He said that function was a matter of country's pride as it would be attended by delegates from 56 countries.
 
Attorney General Rohatgi told the court that if stopping the holding of the function at Chowpatty by the High Court was correct, then why hold Republic Day parade at India Gate.
 
As the counsel for the high court appointed committee urged the court that functions should be held under its gaze as it would impact the movement of the traffic, the attorney general said that the function was being organised by the Maharashtra government and the Centre and they will take care of everything.
 
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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Samir Bhujbal sent to ED custody till February 8
Mumbai : A special court here on Tuesday sent Nationalist Congress Party leader Samir Bhujbal to the custody of Enforcement Directorate till February 8.
 
The ED had arrested Samir - the nephew of former deputy chief minister Chhagan Bhujbal - late on Monday on various charges under the Prevention of Money Laundering Act.
 
Special Judge P.R. Bhavke sent him to six days ED custody after the agency said that he had failed to appear despite three summons served on him.
 
The ED further said that it had scrutinized various records, bank documents and learnt about certain hawala transactions involving certain officials of the Mumbai Education Trust, controlled by the Bhujbals.
 
Earlier on Tuesday, NCP president Sharad Pawar sharply criticized the state government for what he termed "targetting" of the NCP leaders, specifically the Bhujbal family.
 
Samir's arrest followed a day of searches at nine premises owned by the Bhujbals in Mumbai, following complaints by BJP MP Kirit Somaiya who has been actively seeking to expose their alleged corrupt activities.
 
Last month, the ED had attached two properties worth Rs.1.10 billion in the Mumbai suburbs, preceded by two cases filed under Economic Case Information Reports against Chhagan Bhujbal, son Pankaj and nephew Samir, last June.
 
Besides, the Anti-Corruption Bureau has lodged three FIRs against the Bhujbals and other officials in the Maharashtra Sadan (New Delhi) building scam and a plot of land in Kalina, western suburbs of Mumbai, by a SIT under the orders of the Bombay High Court.
 
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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Panel under ex-CJI to sell PACL assets to refund investors: SC
New Delhi : The Supreme Court on Tuesday set-up a committee headed by its former chief justice R.M.Lodha to sell the assets of the PACL Ltd to refund the investors Rs.49,000 crore collected through collective investment scheme held illegal by market regulator SEBI.
 
Having set up the committee, a bench of Justice Anil. R. Dave and Justice Adarsh Kumar Goel directed the Central Bureau of Investigation (CBI) to hand over the title deeds of PACL properties to the Securities and Exchange Board of India (SEBI).
 
Indicating that the sale of PACL assets could be through auction route, the bench, however, said that Justice Lodha Committee would take a call on the modalities of sale of assets. The refund of money involves more than five crore investors.
 
Directing that no court in the country would entertain any plea in respect of the sale of PACL assets, the bench also restrained the PACL from going for any more investments from the public.
 
The court directed the committee to appoint experts to assists in the sale of land and directed the SEBI to appoint a nodal officer to for investor grievances.
 
The money to be refunded to the investors was allegedly collected by PACL and Pearls Golden Forest Limited - two companies belonging to Nirmal Singh Bhangoo-managed group - in the name of sale and development of agricultural land. 
 
The Pearls Group chairman-cum-managing and its three directors were arrested on January 8, following an apex court ordered probe in connection with the alleged cheating of Rs.45,000 crore.
 
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

peter v fernandes

7 months ago

i am an invester of this company, how to apply for the refund.

Vaibhav Dhoka

10 months ago

It must be time bound process,say 6 months to a year max then only it will have deterrent effect on scammers.Failing which investors ordeal will not end as in CRB scam.

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