Tania Constructions Fined Rs5 lakh

The Thane District Consumer Redressal Forum fined Tania Constructions Rs5 lakh for deficiency in service to Tania Kadamb Co-operative Housing Society Ltd. The Society had filed a complaint with the Forum that Tania Constructions, and its managing director Peter Fernandes, had failed to provide amenities as per the sale agreement with the Society.

 

Forum president Umesh Jhavalikar and member ND Kadam dismissed the builder’s submission and observed that he had failed in his legally bound duty of providing the land rights, the completion certificate and the transfer of rights to the Society. The builder was deficient in his services and violated the provisions of the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963.

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CCI imposes penalty on Chemist and Druggists Association in Goa

Competition Commission of India imposed a penalty of Rs10,62,062/- on Chemist and Druggists Association, Goa for indulging in anti-competitive practices

 

The Competition Commission of India (‘the Commission’) has found the Chemist and Druggists Association, Goa (CDAG) to be in continued contravention of the provisions of the Competition Act, 2002 (‘the Act’). Observing that the case involved continued contravention and utmost disrespect to the Commission’s earlier order, the Commission imposed a penalty calculated at the rate of 10% of the average receipts of CDAG amounting to Rs10,62,062/- (Rupees ten lakhs sixty two thousand and sixty two rupees only). The penalty is to be deposited within 60 days of receipt of the order.

 

In an earlier case [MRTP-C-127/2009/DGIR (4/28)], the Commission found CDAG to be in contravention of the Act and thereafter passed an order under section 27 of the Act on 11 June 2012 imposing a penalty of Rs2 lakh on CDAG. In a subsequent complaint filed by M/s Xcel Healthcare, it was brought to the notice of the Commission that CDAG was restraining pharmaceutical companies such as M/s Glenmark Pharmaceuticals Limited and M/s Wockhardt Limited from doing business with non-authorised stockists and thereby not complying with the order of the Commission. The Commission took suo-moto cognizance and ordered the Director General to investigate the matter.

 

Following detailed investigation, the Commission found that CDAG was indulging in anti-competitive practices in complete disregard to the Commission order dated 11 June 2012. It was found that CDAG was continuing to exercise control on the supply chain through which drugs and medicines are made available in the market through the practice of requirement of LOC/NOC prior to appointment of stockists by pharmaceutical companies without having any legal or statutory authority in this respect.

 

Further the Commission also found that CDAG forced pharmaceutical companies to follow its mandate by threatening the other stockists in Goa to stop taking supplies or suspend receiving supplies from them till such time they stopped supplies to the unauthorised stockists such as M/s Xcel Healthcare.

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9 names for public sector bank CMD posts scrapped

The government has scrapped all the nine names in two panels headed by RBI Governor Raghuram Rajan have been scrapped, a new appointment process to be drafted.

 

The Ministry of Finance (MoF), announced yesterday, that 9 prospective appointtees to CMDs that were put together to head various public sector banks, have been scrapped. This was done following a report by a committee the Government constituted, consisting of the Secretary (Expenditure), Secretary (School Education) and Governor, Reserve Bank of India (RBI), among others.

 

These appointees were sent for clearance to the MoF, to head Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank and Vijaya Bank.

 

“After receipt of the report of the Committee, the Government has decided to cancel the current selection process of CMDs/EDs of Public Sector Banks (PSBs). As a result, eight posts of CMDs and fourteen posts of EDs would require to be filled-up de novo,” the MoF's release said.

 

The issue of corruption at the head of public sector banks has come up time and again, most notably when the Syndicate Bank chairman and managing directo, SK Jain was arrested on charges of corruption. Again, rising NPAs and indiscriminate lending has not inspired confidence in bank heads.

 

The MoF is looking at this action with the objective of restoring confidence in the banks and their functioning. “The Government has decided that a fresh process for selection would have to be implemented for filling-up these existing vacancies wherein the Governor, RBI or his nominee of the rank of Deputy Governor should be a part of the selection process. The Government would fill-up all these vacancies expeditiously. The Government has also decided to finalise a new process for selection of CMDs/EDs for all future vacancies,” the MoF statement said.

 

CMD posts have been lying vacant for a long time now and the government has promised to fill up these posts, of 8 CMDs and 14 Executive Directors, expeditiously.

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