Investors Forum Seeks Maharashtra CM Fadnavis's Support For Rs 1,950 Cr Settlement Plan
In a major step toward resolving the long-standing NSEL payment crisis, the NSEL Investors Forum has reached out to Maharashtra Chief Minister Devendra Fadnavis, seeking the state's support for a proposed Rs. 1,950 crore One-Time Settlement (OTS) between the National Spot Exchange Limited and its investors.
The forum, which represents a significant number of affected investors, has emphasised the importance of government cooperation in facilitating the scheme, cautioning against any intervention from state agencies that could impede its progress.
According to the Forum, the settlement—nearly twelve years in the making—promises a recovery rate of approximately 48%, far surpassing the recovery benchmarks seen in typical insolvency proceedings. Investors have agreed to assign their claims to 63moons in return for the settlement amount, even as enforcement actions under MPID and PMLA Acts continue against defaulters.
Earlier this year, NSEL initiated a formal Scheme of Arrangement under the Companies Act, 2013. Following NCLT's direction, a month-long postal ballot process was conducted, where over 92% of participating investors, by number and value, voted in favor of the proposal.
The final hearing at the NCLT is slated for July 11, 2025. In the lead-up, the Forum has urged the Chief Minister to issue appropriate guidance to relevant state bodies, emphasizing the importance of a unified approach to avoid delays or disruptions.
The forum also suggested appointing an expert in company law to represent the state's interests effectively before the tribunal.
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Indian Express
an hour ago
- Indian Express
Ten years, just two projects: Where does Delhi's slum rehabilitation policy stand?
In 2015, Delhi introduced a rehabilitation policy that prioritised in-situ housing for slum dwellers, with relocation permitted only in 'exceptional circumstances.' However, a recent surge in demolitions has run contrary to the policy's intent, with many residents being shifted to far-flung locations. Major demolitions that have taken place after the BJP came to power are in Madrasi Camp (340 structures demolished), Bhoomiheen Camp (344 structures demolished), Jailerwala Bagh Camp (300 structures demolished) and Taimoor Nagar (100 structures demolished). Eligible residents of Madrasi Camp have been offered housing in Narela, 50-odd km away. According to a list compiled by Basti Suraksha Manch, an organisation advocating for housing rights of slum dwellers in Delhi, many more demolitions have been taking place at an accelerated pace in recent months. 'Since coming to power, the BJP government demolished around 30-40 slums. Currently, there are 5-10 settlements under threat of demolition. The government had given a slogan of 'Jahaan Jhuggi Wahin Makaan', but, instead, the poor are being removed from their homes,' said Neelesh Kumar, a social activist and member of the group. The Indian Express examines the current status of the policy and speaks to experts who propose alternative models for more effective and inclusive housing. The rehabilitation of slums is governed by the Delhi Slum & Jhuggi Jhopri Rehabilitation and Relocation Policy, 2015, which was approved by the Cabinet in 2016. It prioritises in-situ rehabilitation — alternate accommodation has to be provided to a slum dweller on the same land or within a radius of 5 km. But under exceptional circumstances, in-situ rehabilitation need not be undertaken and relocation is considered. Such circumstances include a court order; if the slum encroaches on a street, road, footpath, railway safety zone, or a park; and if the encroached land is required by the land-owning agency for a public project that is urgent. Not all slums or slum residents qualify for this support. Eligibility requires that the slum must have existed before January 1, 2006, and the specific dwelling unit must have been present before January 1, 2015. Additionally, the occupant must have received a voter ID between 2012 and 2015 (before January 1), be listed in the Delhi Urban Shelter Improvement Board (DUSIB) survey, and possess at least one of 12 accepted ID documents, such as a ration card or electricity bill. The applicant must also not own a house in Delhi. Any slum that came up after January 1, 2015, is excluded from the scope of this policy. A slum dweller has to pay a sum ranging between Rs 1.12 lakh to Rs 1.41 lakh to get a house having an area of 25 sq m, as well as Rs 30,000 as maintenance cost for five years. The policy of in-situ rehabilitation has progressed at an excruciatingly slow pace. In the decade since the policy has come into existence, only two in-situ slum rehabilitation projects have been completed where slum dwellers have been allotted flats and have started living in them. One is in Kalkaji, which was inaugurated by Prime Minister Narendra Modi in 2022. The Economically Weaker Section (EWS) apartment complex has 3,024 flats out of which 1,896 households of Bhoomiheen Camp have been allotted units already. The second project, in Northwest Delhi's Ashok Vihar, named Swabhiman Apartments, was also inaugurated by Modi in January. The complex has 1,675 flats, out of which 1,405 flats have been allotted to slum dwellers of three nearby slums: Jailer Wala Bagh, Golden Park Rampura, and a cluster opposite Mata Jai Kaur Public School. Another project to house residents of Kathputli Colony, which was conceived way back in 2008 and is being built by Raheja Developers, has not yet been completed. It has a capacity of 2,800 flats. According to DDA officials, its next in-situ slum rehabilitation projects are planned in Shalimar Bagh and Dilshad Garden, as well as newer phases of the Kalkaji project. The Delhi government, through DUSIB and Delhi State Industrial and Infrastructural Development Corporation, is constructing 52,584 flats on the city's outskirts in Dwarka, Sultanpuri, Bhalswa-Jahangirpuri, Savda Ghevra, Pooth Khurd and Tikri Kalan for rehabilitating slum dwellers. While construction of 24,524 flats has been completed, construction of 28,060 flats is underway, according to Delhi's Economic Survey 2023-24. Of these, 4,833 flats have been allotted — only 2,153 to slum dwellers, according to DUSIB's Annual Report 2020-21. A lot of these flats are in a dilapidated state and lie in deserted areas. The Economic Survey also notes that 'the issues and problems for low occupancy are very low eligibility rate qualifying for getting the dwelling unit, non-availability of required peripheral infrastructure facilities, apprehension of allottees of losing livelihood after shifting, etc.' The DDA refused to respond to multiple queries sent by The Indian Express about future projects and demolition. Gautam Bhan, an urban researcher, said the heart of the problem is the lack of legal low-income housing. 'In Delhi, you can only get housing which is legal, but will not be affordable, or you will get housing which is affordable, but not legal,' he said. According to the Delhi Master Plan 2021, a quarter of the houses supplied over the next two decades should be Economically Weaker Section (EWS) or Low Income Group (LIG) units for slums and jhuggi-jhopdi (JJ) dwellers through in-situ rehabilitation. Past records, however, pointed to a different outcome. A Centre for Policy Research project, 'Cities of Delhi' — directed by Partha Mukophayay and Patrick Heller — found that of the 33,052 houses completed between 2004 and 2013 by DDA, fewer than 10% were designated for the EWS category. Bhan proposed that a variety of models should be worked out for different slums, depending on their size and location. 'You cannot build your way out of this situation,' he said. Therefore, until there are enough houses, the government should at least not demolish houses that people have built for themselves. 'The second model is that the state should give people some kind of tenure rights to slum dwellers. This can be a lease for 30 years. Once people have an assurance that their houses will not be demolished, they will invest and upgrade their housing. The government doesn't necessarily need to provide houses in these areas, but it should provide the basic provisions of roads, electricity and water,' Bhan said. One of the key alternatives to costly and disruptive slum rehabilitation projects is retrofitting — a method where existing slum structures are upgraded with basic infrastructure such as water lines, toilets, sewage disposal, and street lighting without displacing residents. A related approach, reblocking, involves rearranging homes within a slum to create more regular layouts that facilitate access roads and public services. A 2018 policy report prepared by Swetha Balachandran and others for DUSIB underscores the value of these approaches, stating: 'Retrofit and reblocking upgrades build on and extend private infrastructure investments that JJ residents have already made into their homes… They are cheaper than rebuilding or near-site relocations and allow residents to implement upgrades themselves, which fosters ownership and long-term maintenance.' DUSIB has already provided 20,956 toilet seats, 630 community toilets and 525 community halls in its slums, according to DUSIB's 2022-23 Housing Plan. Lastly, the government has to make land available for affordable housing. 'Open up land through affordable housing zones (AHZs) so you can create a low-income housing market,' Bhan said. The Pradhan Mantri Awas Yojana (Urban) 2.0 mandates the 'inclusion of AHZs in the Master Plans/Town Planning Schemes,' which Bhan points out has not been done in Delhi yet. 'The best way to go about this is to declare some of the already existing slums as AHZs, along with finding new parcels of land,' he said. DUSIB's website states that 30 lakh people, equal to 15% of the city's population, live in Delhi's slums. The 'Cities of Delhi' project points out that slums house 34% of the population. Research by Bhan and others, meanwhile, has found that slums only occupy 0.5% of the land in Delhi. 'You won't even give more than 15% of the city's population 0.5% of the land?' he asked. Devansh Mittal is a trainee correspondent with The Indian Express. He studied political science at Ashoka University. He can be reached at ... Read More
Time of India
an hour ago
- Time of India
Bengal jute industry frets over import ban through land ports
1 2 Kolkata: The ban imposed on the import of raw jute through land ports by the Union commerce ministry will cripple the sector in Bengal, leaders of the jute industry said on Saturday. Around 90% of jute-related manufacturing occurs in Bengal. The Indian Jute Manufacturers' Association (IJMA), the umbrella body representing the industry, plans to reach out to the ministry urgently, seeking a modification in the notification so that raw jute and yarn can continue to be imported through Petrapole in North 24 Parganas. "India annually imports around Rs 2,000 crore of jute and jute products from Bangladesh. Value addition is done in Bengal and finished jute products are then re-exported. The govt should ban the import of finished products from Bangladesh as the govt there provides a huge subsidy to the industry. But the ban on raw materials will hurt the industry here. Importing jute bales and yarns through the Nhava Sheva sea port in Navi Mumbai will increase the cost and drive away the relative price advantage that companies manufacturing jute products enjoy in this region," said Hemant Bangur, chairman of Gloster Ltd, one of the leading jute companies in India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Kartik Chakraborty, secretary of Customs Clearing Agent Association, Petrapole, said jute items comprised 60% of the trucks that crossed the border into India from Bangladesh. "After the Bangladeshi garment import ban through land ports was announced on May 17, the number of trucks that entered India reduced from 150-200 a day to 70-80 daily. Now, with the ban on jute products, only 15-20 trucks will arrive. Around 50 trucks, loaded with jute-related items and were about to cross the border on Friday when the notification came, turned back on Saturday," Chakraborty recounted. A ban has been imposed on imports of certain jute products and woven fabrics through all land routes, citing strained relations between the two countries. The goods under these curbs include jute products, flax tow and waste, jute and other bast fibres, jute, single flax yarn, single yarn of jute, multiple folded, woven fabrics or flex and unbleached woven fabrics of jute. Ghanshyam Sarda, chairman of Sarda Group, which owns Agarpara Jute Mill, said the circular requires further clarification. "While it states that the import of jute and other textile-based fabrics is restricted, it does not explicitly specify whether hessian and sacking bags fall within the scope of this restriction. It is a matter of serious concern that the import of hessian fabric and jute bags continues to remain unrestricted, whereas the import of raw jute from Bangladesh — an essential input for domestic manufacturing and vital to addressing the raw jute shortage in India — has been placed under restriction. We are hopeful the Centre will revisit the matter and take appropriate corrective action in due course," he said.
Time of India
an hour ago
- Time of India
2,536 new buses to be inducted into RTC fleet for women's free travel scheme in Andhra Pradesh
Vijayawada: As many as 2,536 additional buses would be inducted into the existing fleet of Andhra Pradesh State Road Transport Corporation (APSRTC) to implement the free bus travel scheme for women. Officials of the state-run corporation submitted the estimates on the scheme to chief minister N Chandrababu Naidu on Saturday. APSRTC has not included new buses in its fleet for a long time, and there will be an additional requirement of buses as the passenger rush is likely to increase once the scheme is implemented. Officials estimate that an amount of Rs 996 crore is required to induct new buses. They also explained the need to improve other facilities like drinking water, sanitation, bus information systems, and other amenities at bus stations. In a review meeting on the free bus scheme with the CM, officials said they estimate the number of journeys by women is likely to increase by about 78% after the scheme is rolled out. The total number of trips by women is likely to increase from 49.91 crore to 88.90 crore trips annually. Naidu suggested officials to go for new buses or take buses on rental basis if required. He said all new buses to be inducted into APSRTC fleet henceforth should be electric-AC buses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo He also suggested exploring the possibility of converting existing diesel buses into electric ones. He also wanted GPS installation in every bus to be made mandatory, while stressing on the cleanliness of bus stations and buses. The chief minister made it clear that the scheme will be rolled out from Aug 15 despite financial difficulties. "In view of the challenges being faced by the state, public money should be utilised efficiently," he said, and suggested looking for additional revenue sources focusing on cost reduction. Even in the procurement of new buses, he asked officials to explore all options to ease the financial burden on the govt. He suggested officials to study the best implementation models, explore options to generate own power for EV buses, hand over maintenance to private players, and explore battery swapping options.
