Regulations
UP Stock Exchange to shut operations

The UP Stock Exchange, which was set up in 1982, has not seen trading on its platform since 2001 and does not meet the market regulator SEBI’s requirements

The board and shareholders of UP Stock Exchange have approved shutting down its operations as a bourse and the same is being conveyed to market regulator Securities and Exchange Board of India (SEBI).

 

According to KD Gupta, chairman of UP Stock Exchange the board of members and shareholders of the bourse on Monday decided to inform SEBI that it will stop operating as a stock exchange.

 

Gupta said a letter in this regard is being sent to the SEBI on Tuesday. The bourse would stop functioning as a stock exchange once directions are received from the market regulator, he added.

 

According to SEBI regulations, any bourse not having a minimum turnover of Rs1,000 crore and not having a net worth of Rs100 crore runs the risk of being de-recognised.

 

The exchange, which was set up in 1982, has not seen trading on its platform since 2001 and does not meet the market regulator’s requirements.

 

UP Stock Exchange’s Workers Union General Secretary Satya Narayan Tripathi, however, has raised concern that the 55 workers employed with the Exchange would lose their jobs if the bourse shuts operations. Facing an uncertain future, the workers and their families are holding protests.

 

“We have written to the government to save the stock exchange...but we have not received any satisfactory response,” Tripathi said.

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Building a Better India -Part14: Rural Development

Real and inclusive growth cannot take place until India's 6.25 lakh and more villages and hamlets are developed and well governed.

One block development officer (BDO) is absolutely inadequate to administer and develop around 35 to 60 villages normally under his jurisdiction. For instance South 24 Parganas District in West Bengal has a population of 80 lacs, has 2293 'Mouzas' besides a big portion of south Calcutta, but has only 29 block development officers, a ratio of 79:1

Changes in the district administrative structure:

Since British period, the administrative head of a district, an IAS officer, is called differently as district magistrate or district collector (DM/DC), assisted by sub-divisional magistrate or officer (SDM/SDO) who are followed by Block Development Officers (BDO) and sub-Registrars/ Tehsildars. The DM is also the head of the Zilla Parishad- a body of elected representatives under 3-tier panchayat systems.

The district head should be same and commonly designated as chief district administrator (CDA) who should be assisted by several officers in the field of agriculture, education, animal husbandry, health, revenue, irrigation, transport and general development all drawn from the state civil service.

For administrative convenience, the districts are sub divided into sub-divisions each headed by a SDM/SDO, again IAS officers, and work under and report to the DM/DC.

The head of police is an IPS officer, called differently as SP/DCP and coordinates with the DM in maintaining law and order. He should be called as the Chief district police officer (CDPO) to be assisted by an additional CDPO to head the sub-districts and they can be further supported by assistant CDPOs as per necessity and requirement, to supervise the various police stations under their jurisdiction. The number of police stations should be increased so that there is at least one police station for 5 to 7 villages.

There are 640 districts in the country, but all are of unequal size and not in proportion of population. The larger districts, therefore, should be divided into smaller districts for better, effective and convenient administration under the command of a single IAS officer. At present some districts are so large both in size and population, multiple IAS officers are required to be appointed as additional district magistrates to assist the district magistrate.

 The area of jurisdiction of existing sub-divisions/sub-districts can be further reduced and more number of SDOs appointed so that the post of BDO is eliminated to enable proposed village development officers to directly coordinate with and report to their respective SDO who in return will report to the Chief district Administrator.

For effective development and administration of villages; an additional post of village development officer (VDO) should be created under central civil service with a jurisdiction of a cluster of not more than 5 to7 villages, with his office located in the centre of this cluster; to provide govt related services to the villagers at their doorstep besides other important functions as under:

1. Keeping a record of all details like name, number of children, education level, nature and quantum of  land holding, income level,  bank a/c details,  voter card number, driving licence number,  details of tractors and vehicles owned and possessed, PAN number, Aadhar Card Number etc of each and every person and household under his jurisdiction.

2. Keeping a record of families eligible for subsidies and to ensure their fair and proper distribution and disbursement.

3. Keeping a record of people eligible for employment under NREGA schemes, ensure their registration, attendance on duty and monitoring and recording of work done by them and disbursement of their wages.

4. Keeping record of births, deaths and marriages and issue of certificates for the same, and informing the same to election commission office for updating their records.
5. Keeping records of cultivated land and crops sown season-wise in the villages under him/her and to pass this information to state agriculture department.

6. Issue of trade and commerce licences, and collection of fees for the same.

7. To sign as a confirming partym the consent/NOC granted by the gram sabha for establishment of factories on village land and to issue land use conversion certificates.

8. To ensure supervision and speedy implementation of development schemes by coordinating concerned agencies and panchayats and ensure grants are utilized properly.

9. To educate villagers on latest improvements in agriculture, animal husbandry and poultry farming technology; new kinds of high yielding seeds and fertilizers.

10. To make preparations and render all help and assistance to election commission for holding election for panchayats, state and central elections.  

11. To check the attendance of teachers in government schools by surprise visits.

Issuing new land ownership certificates:

This gigantic task once successfully completed over a period of 3/4 years will once for all straighten the land records with clear ownership and title, and will remove all doubts and disputes on land and property. This will considerably reduce future litigations and also remove the necessity of drafting lengthy conveyance deeds with full past ownership history of the properties each time there is a change of hand.

The major and top priority works in villages are provision of toilet in each home, provision of water  by boring a deep tube well, lifting the water to an overhead RCC Reservoir and distributing the same through a network of pipelines at different points, making the pucca roads, cleaning village ponds or digging new one on the panchayat land, street lights, provision of one govt appointed and paid medical practitioner for every 5 villages, and small library preferably in the local govt schools.

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IiAS advices voting against Coal India's proposal to amend MoA

According to the proxy advisory firm, amendment in memorandum of association will open the floodgates to further leverage cash flows of Coal India and harmful to rights of minority shareholders

State run Coal India Ltd (CIL), the country's largest coal producer. is reportedly planing to amend its current memorandum of association (MoA) to include manufacture of fertilizers and ammonium nitrate. However, according to Institutional Investor Advisory Services India Ltd (IiAS), allowing this alteration to the MoA will open the floodgates to further leverage cash flows of Coal India, a listed entity, and may harm interests of minority shareholders. The government needs to respect the rights of minority shareholders, the proxy advisory firm said.

 

Advising shareholders to vote against the resolution (to amend the MoA of Coal India), the proxy advisory firm, said, "IiAS recognizes that the investment requirement in the current joint ventures (estimated at Rs90 billion) is relatively small compared to the size of Coal India’s balance sheet: yet, the foray into chemical/ fertilizer manufacturing will unnecessarily distract Coal India from its core business, where the company has been unable to meet targets. IiAS recommends voting AGAINST the resolution."

 

Coal India is planning to enter into two joint ventures with Fertilizer Corporate of India (FCIL), Gas Authority of India Ltd (GAIL) and Rashtriya Chemicals & Fertilizers Limited (RCF) to revive FCIL’s Talcher unit. This is a sick unit and was shut down in 2000. The two joint ventures will, together, set up a coal gasification project for production of 1.2 MTPA urea and ammonium nitrate at Talcher. To be able to enter into the joint venture, Coal India plans to amend its current MoA to include the manufacture of fertilizers and ammonium nitrate.

 

The country's largest coal producer is seeking shareholders approval through postal ballot to amend its MoA on 16 July 2014. Here is the proposal by Coal India...

 

According to IiAS public sector undertakings (PSUs) in India have long been seen as tools through which the government implemented its agenda. Rightfully so, since this was the genesis of PSUs. "As agendas became complex and deficits grew, the government began leveraging cash flows of stronger PSUs to serve several different agendas. But listed PSUs must be looked at differently. In disinvesting from some of the PSUs, the GoI has created new owners – and the GoI needs to respect their rights. GoI directives to listed PSUs must create equitable returns for all shareholders. Listed PSUs must not be toyed with," it said in an advisory.

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COMMENTS

P K SINGH RATHOR

2 years ago

Coal India proposal to amend existing clause IIIA 1(g) of main object clause of Memorandum of Association as " to produce, process, store, distribute,sell,import,export or otherwise deal in gas and other products arising from coal gasification process in India and abroad and use products and by-products of gasification process to produce ammonium nitrate,fertiliser and related products and for this purpose install,operate and manage all necessary plants,mines,establishments and works in India and abroad will be highly welcome by share holders.India needs to increase its grain and horticulture products and for this fertilisers and manures will be needed. As of date the requirement is fulfilled by import which is csotly affiar and increase currednt accound deficit(CAD) .For fulfilling the govt objectives of self sufficiency in food production, Coal India's;s proposal for amending its existing MOA is the right step. Coal India must enter into joint ventures with Fertilizer Corporate of India (FCIL), Gas Authority of India Ltd (GAIL) and Rashtriya Chemicals & Fertilizers Limited (RCF) not only to revive FCIL’s Talcher unit but also Sindri (Jharkhand) and Gorakhpur(UP) units .This will at one hand will meet the manure requirement of the country and on the other hand create employment opportunity for unemployed youths.This is age of diversifiaction and .the collaboration with GAIL, RCF and FCI will benefit all the entities and net worth of CIL will increase due to synergy .All minority share holders(10%) must vote in favour of the resolution to amend the MoA of Coal India because the quantum of investment is small and the foray into chemical/ fertilizer manufacturing will see the optimum utilisation of its resources.

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