Chandigarh, Sep 20 (IANS) Haryana Chief Minister Manohar Lal Khattar urged the Union Ministries of Home Affairs and Housing and Urban Affairs for the setting up of a statutory empowered board to facilitate development of regional infrastructure.
He said this would meet the growing aspirations of the residents of tri-city of Panchkula, Mohali and Chandigarh and also ensure effective coordination on the pattern of NCR Planning Board.
Khattar was speaking at 29th meeting of the Northern Zonal Council organised here. Haryana was the host for the meeting.
Union Home Minister Amit Shah, Jammu and Kashmir Governor Satya Pal Malik, Punjab Governor and Administrator of Chandigarh V.P. Singh Badnore, Punjab Chief Minister Amarinder Singh, Rajasthan Chief Minister Ashok Gehlot, Himachal Pradesh Chief Minister Jai Ram Thakur and Lt Governor of Delhi Anil Baijal, among others, were present at the meeting.
Khattar said there was a clear need for having an institutional arrangement for enhancing mutual coordination on various issues. The most critical of these was responding to the growing urban character and meeting the growing aspirations of the residents of the tri-city.
The Chief Minister said though Haryana is relatively a small state, it made significant contributions to the Indian economy.
On the construction of the crucial Sutlej Yamuna Link (SYL) canal, the lifeline of Haryana, Khattar said memorandum of understandings (MoUs) for Renuka and Lakhwar-Vyasi dams on the Yamuna river and its tributaries have been signed.
For this, he thanked the government of India and the state governments. He hoped that MoU for Kishau dam would also be entered into soon and added early construction of these projects would help ease the enormous water stress faced by Haryana.
Against the demand of 36 million acre feet (MAF) water, the availability is only 14.7 MAF.
He said despite this Haryana was giving extra water to Delhi in compliance of the apex court's orders from its share of Yamuna waters despite Punjab was not delivering Haryana's full share of the Ravi-Beas water.
The supplies of water from the Yamuna have been dwindling over the recent years and it was most unfortunate that more than a thousand villages in Haryana and millions of hectares of land are still bereft of water.
Emphasizing the need to jointly fight against the drug menace, he said it has been decided to set up an inter-state drug information secretariat in Panchkula town to which all participant states have since appointed their modal officers.
The Chief Minister said the deliberations in this meeting would help the states resolving all outstanding issues of the northern zone and help them towards building a modern, strong and prosperous India.
New Delhi, Oct 19 (IANS) Asset stripping is something that Indian promoters have perfected into an art form. For years, the Singh Bros - Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) have got away with the proverbial blue murder and finally their luck ran out with their recent arrest. The width and depth of the architecture of their fraud is gargantuan. The FIR against the duo along with erstwhile CEO Sunil Godhwani provides details of the modus operandi of the systematic asset stripping. Moreover, it once again throws into stark relief the fact that regulatory oversight failed and the company which saw an inspection as far back as 2010 managed to operate under the radar, continuing with innumerable irregularities without any fear.
Internal inquiries showed that the poor financial condition of Religare Finvest was, to a large extent, on account of wilful defaults of significant unsecured loans, defined for internal purposes as the Corporate Law Book by borrower entities, either related, controlled or associated with the promoters, all of whom had been provided the loans by Religare Finvest on a non arm's length basis, in violation of corporate governance norms and in contravention of policies and prudential behaviour expected of a NBFC registered with the RBI.
Red flags emerged but were disregarded as always. The construct of the scam is listed out in minutiae. In its inspection report of January 6, 2012 for the financial year ending March 2010, the RBI observed that Religare Finvest had a practice of parking a major chunk of surplus funds with fellow subsidiary/group companies/ other companies which were often used for taking positions in securities. This effectively means that punting or speculation was done with these surplus funds in contravention of all corporate governance norms.
The RBI, in its inspection report, further observed that appraisal, sanction, purpose of loans, disbursal report, periodic review, application from the borrowers requesting for limit enhancement, appraisal/rationale for limit enhancement and monitoring of such loans was not available on record.
It appears that over a period of 10 years, 115 entities were funded through this mechanism of the Corporate Loan Book with the total amount of Rs 47,968 crore. The exposure under the CLB peaked at approximately Rs 3,538 crore on March 20, 2012. To dodge the RBI bullet which had highlighted this as a risk area, the exposure around the time of the quarterly review reporting was managed but the disbursements were mischievously re-instated soon after. By doing this, they concealed material facts from RBI and public shareholders.
This way, Singh Brothers, in conspiracy with Sunil Godhwani, being in control of Religare Finvest, caused it to give unsecured, high value purported loans to shell companies and related entities of MMS and SMS. The quantum of these loans at the time of filing the FIR stands at Rs 2,397 crore as principal and Rs 415 crore as interest.
It is evident from the conduct of these entities that they never intended to repay these loans to RFL and defaulted on their obligations simultaneously with MMS and SMS's exit from Religare Enterprises. Clearly the CLB was used as a mechanism to fund promoter related companies. The funds were never paid back and actually whenever any payment was due in these loans, either the loans were renewed for further tenure or were replaced by loans to some other group companies to repay the loan of existing promoter group company - a circular movement of funds.
N.K. Ghoshal, a longtime stockbroker of the two brothers, was the principal, who through 19 of his companies - which have all defaulted since, moved all the money around.