SEBI to auction 30 properties belonging to non-compliant companies
Author : PNT Bureau
The Securities and Exchange Board of India (SEBI) is set to auction 30 properties on February 13, targeting six companies that illegally collected funds from investors. The move aims to recover money from entities that violated regulatory norms. The companies facing auction include Mangalam Agro Products, Bishal Group, Purusattam Infotech Industries, NVD Solar Ltd, Sun Plant Business, and Jivan Sathi Dream Projects. SEBI has set a reserve price of nearly Rs 30 crore for properties, including land parcels and flats in West Bengal and Odisha. This proactive effort by SEBI not only emphasizes financial recovery but also underscores the importance of regulatory compliance to safeguard investors in the financial market....
BIS introduces Standardized Development And Building Regulations 2023, applicable across India
Author : PNT Bureau
The Bureau of Indian Standards (BIS) has introduced the Standardized Development and Building Regulations 2023, aiming to unify and simplify building norms across India. The 350-page model building regulation, a result of studying the National Building Code 2016 and international standards, covers areas like fire safety and plumbing. The regulations provide flexibility for states to align their norms with the model, addressing variations across regions. Designed for clarity, the document includes visual aids and standardized numbering for multilingual understanding. Particularly beneficial for tier II and III cities, the model regulation addresses potential oversights in the extensive NBC-2016, emphasizing the need for nationwide adoption for enhanced safety and modern concepts integration....
Bombay High Court grants CIDCO permission to clear mangroves for Ulwe Coastal Road
Author : PNT Bureau
The Bombay High Court has granted permission for the City and Industrial Development Corporation (CIDCO) to clear 3,728 mangroves, enabling the construction of the 5.8 km Ulwe Coastal Road connecting the Mumbai Trans Harbour Link (MTHL) to Navi Mumbai and the upcoming Navi Mumbai International Airport. The decision followed CIDCO's adherence to environmental clearances, including compensatory plantations. While acknowledging the importance of the project, the court urged expeditious compensation processes for affected parties under the 2013 Act....
PM Modi launches Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan with Rs 24,104 crore budget
Author : PNT Bureau
Prime Minister Narendra Modi is set to release the first installment of the Pradhan Mantri Awas Yojana - Gramin scheme under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN). Launched in November, this initiative focuses on holistic development for 75 particularly vulnerable tribal groups with a budget of Rs 24,104 crore. Over Rs 4,700 crore worth of projects, spanning housing, roads, anganwadis, hostels, and electrification, have been approved within two months. The outreach, ahead of the 2024 Lok Sabha polls, aims to address the socio-economic needs of these tribal communities through 11 critical interventions across nine ministries....
Bombay High Court rejects MHADA's bid for height relaxation near the International Airport
Author : PNT Bureau
The Bombay High Court has dismissed Maharashtra Housing and Area Development Authority's (MHADA) plea for relaxed height restrictions on a proposed 40-storey building near Mumbai's International Airport. Citing the paramount importance of civil aviation safety, Justices Gautam Patel and Kamal Khata emphasized concerns raised by the civil aviation ministry's appellate authority regarding the building's height. MHADA sought to construct 560 low-cost housing units at Kopri village, Powai, within the airport's 4km radius. The court upheld the reduced height of 96.68m AMSL, rejecting MHADA's challenge and emphasizing universal civil aviation safety standards. The decision sets a precedent for responsible urban development near airports....
Bombay High Court paves the way for plot development stalled since 1968
Author : PNT Bureau
The Bombay High Court has overturned a 1995 ruling, allowing construction above seven feet on a historic Altamount Road property in Malabar Hill. The property, initially a 38,000-square-yard plot conveyed in 1890, had restrictions imposed by Dady Manekji Limji, preventing structures above seven feet on the land. Despite subsequent conveyances and divisions in 1957, a 1995 city civil court order mandated the demolition of constructed columns above the said height. The recent High Court decision, citing evidence of high-rises in the vicinity, deems the restriction as outdated, paving the way for the property's long-delayed development....
Government planning to sell 2.91 lakh 'enemy property' shares in 84 companies
Author : PNT Bureau
The Indian government has initiated the sale of over 2.91 lakh shares in 84 companies categorized as "enemy property" to individuals and corporations, marking a significant step in its asset disposal efforts. In the first tranche, about 1.88 lakh shares in 20 selected companies are open for bids from a diverse range of buyers until February 8, including individuals, NRIs, corporations, trusts, and more. The move aligns with the government's broader strategy to divest assets associated with individuals who migrated to Pakistan and China between 1947 and 1962, emphasizing wider participation and strategic financial planning....
NMC and police collaborate to remove 15 obstructive constructions in Gopal Nagar, Nashik
Author : PNT Bureau
The Nagpur Municipal Corporation (NMC) has demolished 15 illegal constructions obstructing a drain in Gopal Nagar. Hindered by a lack of police protection, the NMC faced multiple unsuccessful attempts before a High Court petition by locals led to a December 2023 directive for police assistance. The demolitions aimed to address recurrent flooding and health hazards caused by unchecked encroachments. The operation, conducted under heavy police presence, successfully removed all unauthorized structures impeding the drain's flow, marking the resolution of a longstanding issue affecting residents in the Laxmi Nagar zone....
Andhra Pradesh Land Titling Act faces legal hurdles as Government admits delay in appointing officials
Author : PNT Bureau
The Andhra Pradesh state government has informed the High Court that it has not yet appointed land titling officers and appellate authorities as required for the implementation of the AP Land Titling Act. This revelation came during a hearing on multiple petitions challenging the constitutional validity of the Act. The state government has sought the High Court's directions to lower courts, urging them not to reject land dispute petitions due to the delayed enforcement of the new legislation. The Act has faced opposition from various bar associations, with concerns about its impact on the judiciary's powers and potential issues such as corruption and political influence....
Thane Municipal Corporation intensifies its crackdown on illegal constructions
Author : PNT Bureau
Thane Municipal Corporation, led by Commissioner Abhijit Bangar, announced a stringent month-long demolition drive against illegal constructions starting January 10. This action, backed by Chief Minister Eknath Shinde's directive, targets notorious areas like Kalwa, Mumbra, and Diva. The operation, under the Maharashtra Prevention of Dangerous Activities Act, includes demolishing unauthorized structures and penalizing landlords for reconstruction. The drive aims to dismantle illegal buildings completely, with significant police and civic force deployment. This initiative, amid past corruption concerns, marks a determined effort to eradicate the city's long standing illegal construction issues....
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