According to the complaint, IFC, the transaction advisor of the project failed to undertake a thorough review of documentation on the Vizhinjam port project's environmental, social and economic impact assessments
New Delhi: The World Bank Group's independent unit Compliance Advisor Ombudsman (CAO) is assessing complaint that the proposed multi-purpose sea port at Vizhinjam in Kerala could adversely impact environment as well as many livelihoods, reports PTI.
The International Finance Corp (IFC), part of the World Bank Group, has been hired as the transaction advisor to assist Vizhinjam International Seaport Ltd (VISL) in structuring and implementing the project. IFC is also managing about $1.6 million in trust funds for the project.
VISL, a special purpose company fully owned by the Kerala government, is developing the sea port near Trivandrum.
According to the CAO, it has started an "assessment" of the issues raised in the complaint.
"The complainants raise concerns about detrimental impact of the port project on tourism and 11 fishing communities situated along the coast of the area. The impacts cited in the complaint include, but are not limited to, water scarcity, loss of livelihood, loss of land and inadequate compensation," as per CAO website.
Further, they have questioned IFC's due diligence work related to the project and contended that it "failed to undertake a thorough review of documentation on the project's environmental, social and economic impact assessments".
The complaint was filed in August by local fishing communities, tourism workers/businesses and other local residents. They were supported by the Kerala branch of Exnora International, the Kerala Hotels and Restaurants Association, and the People's Resistance Committee in Vizhinjam.
The three-phased Vizhinjam International Seaport project is estimated to cost Rs7,800 crore.
CAO reviews complaints from communities in which World Bank's two private sector lending arms, IFC and Multilateral Investment Guarantee Agency (MIGA) are involved.
State Bank of Mysore has reduced its base rate for lending by 25 bps to 10.25% from 10.5% from Wednesday
New Delhi: State Bank of Mysore (SBM), a subsidiary of State Bank of India has decided to reduce lending rate by 0.25% effective from Wednesday, reports PTI.
The base rate has been reduced to 10.25% from 10.50%, State Bank of Mysore said in a statement.
Base rate is the minimum lending rate below which a bank cannot lend.
Loans linked to base rate of the bank will become cheaper by at least 0.25%.
Last month, SBI slashed lending rate by 0.25% to to 9.75%, the lowest base rate in the banking sector.
The decision by the country's largest bank comes a day after the Reserve Bank of India (RBI) cut CRR by 0.25% to 4.5% injecting Rs17,000 crore into the system.
SBI also reduced the benchmark prime lending rate (BPLR) by 0.25% to 14.50% last week. The rate cut would benefit those who availed of loans before July, 2010.
The base rate mechanism came into effect in July 2010 as a new transparent alternative to the earlier benchmark prime lending rate.
United Breweries produces its Kingfisher and London Pilsner brand beers in Maharashtra for which water is used as raw material. However, the Vijay Mallya company was refusing to pay water charges to its supplier, the MIDC
Mumbai: In a jolt to Vijay Mallya-owned United Breweries Ltd, the Bombay High Court has directed the beer manufacturing company to pay water bills pending since 2001 to till date to the Maharashtra Industrial Development Corporation (MIDC), reports PTI.
A division bench of Justices AM Khanwilkar and PD Kode was hearing a petition filed by United Breweries challenging a circular issued by MIDC in October last year along with water bills raised by the corporation against the company.
MIDC had issued the circular along with the increased water bills pursuant to a notification issued by the Maharashtra government in 2001 raising water rates by 1000% for industries that are classified as "industries using water as raw material".
The court today, however, refused to grant any relief and directed the company to pay water bills at the revised rate from 2001 till date.
According to the petition, United Breweries, engaged in manufacturing beer under brand names such as Kingfisher and London Pilsner, had set up three manufacturing units in Taloja and Nerul in Navi Mumbai.
MIDC and the company had entered into water supply agreements, by which, the corporation can fix charges for water from time to time at its discretion. "However, any change in water rate will have to be informed to the company one month in advance. MIDC did not give any notice regarding change in water rates," the petition states.
The court, however, did not find any merit in the argument and dismissed the petition. The bench has stayed its order for four weeks to permit the company to approach the apex court. It has however directed the company to deposit 50% of the due amount as security.