Senior citizens in Mumbai will now be able to find referral assistance by dialling a simple four-digit number. The helpline will provide round the clock referral service for legal, financial and health issues for senior citizens
With the launch of the ‘1298’ helpline for the service of senior citizens, the word ‘help’ will have a new spelling for senior citizens. The helpline, which was launched on Monday, will extend 24/7 service-for-referral guidance in legal, medical and financial problems.
The helpline will have two counsellors available round the clock to help senior citizens with their various problems. The four-digit number was formally launched by famous film actress Asha Parekh.
Demonstrating how the helpline worked, Ms Parekh dialled the number and asked for help on how to attend to a senior citizen suffering from dementia. In response, the counsellor on the other side of the line provided her with some basic knowledge on dementia and also the nearest centres dealing with such health issues.
The four-digit helpline can be accessed by anyone in the Mumbai metropolitan region including Virar, Navi Mumbai and Thane. The number is toll-free for all Tata Indicom connection users. For those in nearby cities like Pune, the same referral service can be availed on the number 022-39571298. The 1298 helpline can also be reached through email at [email protected].
The helpline has been formed by major non-governmental organisations (NGOs) working for the senior citizens’ cause, including Silver Innings, HelpAge India, Harmony for Silvers Foundation and FESSCOM. The helpline infrastructure is being provided by 1298 helpline, which already provides assistance to women and ambulance services. The helpline has been funded by the Nargis Dutt Memorial Trust.
“This is a very important helpline. There are already a number of helplines in the city, but I think to have a helpline with everything under one roof, is what is important. When a senior citizen has a problem, he does not necessarily only have to deal with the police, it could be a property or tax issue. This will be just one number, where a counsellor will listen to him, understand what the issue is and assist him and then direct or connect him with the NGO concerned,” said Priya Dutt, member of Parliament, who now looks after the affairs of the Nargis Dutt Memorial Trust.
D Sivanandan, Mumbai police commissioner, was also present at the launch. The Mumbai police already has a helpline for senior citizens which provides assistance only on police-related issues and is restricted to city limits.
Markets seem to have factored in the EU crisis. Expect flat trading from here on
The market was down today on concerns over Greece’s ability to control its fiscal deficit. The Sensex ended at 17,141, down 189 points (1%) and the Nifty ended at 5,136, down 57 points (1%). The bourses plunged during the early trading session, taking cues from Asian markets, which were down as the looming concerns over the effectiveness of the eurozone bailout plans spooked investors. The market was range-bound for the rest of the day.
Asian equities slid on Tuesday on concerns over how Greece and other debt-laden eurozone countries will combat their budget deficit, ending the impressive rally in global stocks on Monday. Key benchmark indices in Hong Kong, China, Indonesia, Singapore, Japan, South Korea and Taiwan fell by 0.44% to 1.90%. US stocks racked up their biggest one-day gain in over a year on Monday as the $1-trillion emergency rescue package from the EU stemmed concerns over a new possible European credit crisis. The Dow gained 404.7 points (3.9%) to 10,785. The S&P 500 rose 49 points (4.4%) to 1,159. The Nasdaq was up 109 points (4.8%) to 2,374.
The International Monetary Fund (IMF) said that Greece's public debt is sustainable over the medium-term; however, low growth could be a setback for the country. The IMF has approved €30 billion of bailout money, along with a three-year economic program for Greece that envisages controlled spending and increase in revenue. US market regulators and six major exchanges accepted the need for new safeguards to curb trading in plunging markets, an effort to address last Thursday’s mysterious market freefall.
Regulators are still in the dark over the exact cause for last week’s 20-minute market plunge when many stocks dropped for several minutes before recovering most of their losses.
India’s exports during March 2010 were valued at $19,908 million (Rs90,573 crore), which was 54.1% higher in dollar terms (36.9% in rupee terms) over the year-ago period. Imports during March were valued at $27,733 million (Rs126,175 crore), a growth of 67.1% in dollar terms (48.4% in rupee terms) over the year-ago period.
Foreign Institutional Investors (FIIs) were net buyers yesterday of Rs263 crore. Domestic Institutional Investors (DIIs) also bought stocks worth Rs30 crore. The rupee was down due to the weak equity markets and the dollar’s gain over other currencies.
Elecon Engineering (down 1.8%) has received orders worth Rs188 crore from various companies. It will supply coal-handling equipment to GMR Energy & design and manufacture equipment for Zuberi Engineering.
Pratibha Industries (up 2.3%) has received three orders. One of the orders, valued at Rs525.97 crore, is from National Automotive Testing and R&D Infrastructure Project (NATRIP), New Delhi for construction of automotive test tracks at Pithampur, Madhya Pradesh and at Chennai, Tamil Nadu. The second order, worth Rs234.71 crore, is from the Drinking Water & Sanitation Department, Jharkhand for construction of intake well-cum-raw water pump house. The third order, valued at Rs62.13 crore, is from Indian Oil Corporation (IOC) for construction of a township project at Paradip, Orissa.
Jaihind Projects (up 3%) has received three orders. The first one is from Bangalore Water Supply & Sewerage Board for providing sewerage systems and is valued at Rs51.09 crore. The second order worth Rs7.91 crore is from GAIL (India) for laying gas pipelines at Firozabad, Uttar Pradesh. The third order worth Rs2.29 crore is from Gujarat State Petronet (GSPL) for laying natural gas pipelines.
GVK Power and Infrastructure (down 0.8%) has acquired the entire equity stake of GVK Transportation.
Shareholders of CHI Investments Ltd are unhappy over the RPG Group’s decision to merge four companies with a subsidiary. They feel that the valuations done under the proposed merger are unfair
Last year, the RPG Group decided to merge four companies—Summit Securities Ltd, Brabourne Enterprises Ltd, Octav Investments Ltd and CHI Investments Ltd—with RPG Itochu Finance Ltd (RIFL), a 100% subsidiary of RPG Enterprises. However, minority shareholders of CHI Investments Ltd are not happy with the proposed merger and are raising questions over the rationale of valuations done under the proposed amalgamation.
RIFL is an unlisted firm. The new entity will be rechristened Summit Securities Ltd, which would be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Summit Securities Ltd (earlier known as KEC Infrastructures Ltd) was incorporated in 1945. The company is involved in design, manufacture, supply and construction of power transmission lines. Shares of CHI Investments Ltd have been suspended from trading since 3rd February due to the proposed merger.
“I am holding some shares of CHI Investments. The company is proposed to be merged with RIFL and prima facie (the move) does not appear to be fair with minority investors. I think there will be significant erosion in the value of investments in CHI Investments if the merger ratio is not changed,” said an investor, preferring anonymity.
The valuations were carried out by auditing firm Grant Thornton.
The Board of directors gave their approval for a share-exchange ratio of one equity share of RIFL of Rs10 each for six equity shares of CHI of Rs10 on 10 July 2009.
In the case of Summit, one share of RIFL will be issued for every 16 shares held in Summit, while one share of RIFL will be issued for every 28 shares held in Brabourne. Reportedly, a number of minority investors believe that the valuations are unfair.
Maintaining that the company is not considering revising swap value ratio, RPG group in an email said, “The scheme has already been implemented. The question of revising swap ratio does not arise for the simple reason they are determined by independent reputed valuers and approved by the Stock Exchanges and the High Court before being implemented.”
The company feels that the merger would benefit the companies by reducing overall administration costs and bring in more efficiency.
Incorporated in 1997, RIFL is engaged in hire-purchase, car leasing, commercial vehicles, construction equipment and textile machinery.
Post merger, RIFL’s authorised share capital will increase to Rs180 crore from Rs30 crore.An email query sent to CHI Investments remained unanswered till the time of writing.