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Godrej Properties acquires land for a residential project
Sep 21,2016

Godrej Properties announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. The Company plans to develop a residential housing project of approximately 92,900 sq. mtrs.

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Mangal Credit & Fincorp gets allotted shares of Mangal Extrusion
Sep 21,2016

Mangal Credit & Fincorp announced that Mangal Extrusion has allotted 2,37,500 shares of Rs. 10/- each to the Company.

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NCL Industries announces resignation of director
Sep 21,2016

NCL Industries announced that M. Kanna Reddy, Independent Director of the Company has resigned from the Board of Directors of the Company w.e.f. 21 September 2016.

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TCS wins Gold rating certificate for CSR practices
Sep 21,2016

Tata Consultancy Services has been awarded the Gold rating certificate by EcoVadis, a world leading independent CST Advisory firm. This is the third year in a row that TCS has received the top accolades and a reflection of the firms holistic approach to CSR across environmental sustainability, labour practice, business operations and responsible and sustainable procurement and supply chain process.

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Cabinet approves merger of rail budget with general budget
Sep 21,2016

The Union Cabinet has approved the proposals of Ministry of Finance on certain landmark budgetary reforms relating to (i) the merger of Railway budget with the General budget, (ii) the advancement of the date of Budget presentation from the last day of February to the 1st of February and (iii) the merger of the Plan and the Non-Plan classification in the Budget and Accounts. All these changes will be put into effect simultaneously from the Budget 2017-18.

Merger of Railway Budget with the General Budget:

The arrangements for merger of Railway budget with the General budget have been approved by the Cabinet with the following administrative and financial arrangements-

(i) The Railways will continue to maintain its distinct entity -as a departmentally run commercial undertaking as at present;

(ii) Railways will retain their functional autonomy and delegation of financial powers etc. as per the existing guidelines;

(iii)The existing financial arrangements will continue wherein Railways will meet all their revenue expenditure, including ordinary working expenses, pay and allowances and pensions etc. from their revenue receipts;

(iv)The Capital at charge of the Railways estimated at Rs.2.27 lakh crore on which annual dividend is paid by the Railways will be wiped off. Consequently, there will be no dividend liability for Railways from 2017-18 and Ministry of Railways will get Gross Budgetary support. This will also save Railways from the liability of payment of approximately Rs.9,700 crore annual dividend to the Government of India;

The presentation of separate Railway budget started in the year 1924, and has continued after independence as a convention rather than under Constitutional provisions.

The merger would help in the following ways:

n++ The presentation of a unified budget will bring the affairs of the Railways to centre stage and present a holistic picture of the financial position of the Government.

n++ The merger is also expected to reduce the procedural requirements and instead bring into focus, the aspects of delivery and good governance.

n++ Consequent to the merger, the appropriations for Railways will form part of the main Appropriation Bill.

Advancement of the Budget presentation:

The Cabinet has also approved, in principle, another reform relating to budgetary process, for advancement of the date of Budget presentation from the last day of February to a suitable date. The exact date of presentation of Budget for 2017-18 would be decided keeping in view the date of assembly elections to be held in States.

This would help in following ways:

n++ The advancement of budget presentation by a month and completion of Budget related legislative business before 31st March would pave the way for early completion of Budget cycle and enable Ministries and Departments to ensure better planning and execution of schemes from the beginning of the financial year and utilization of the full working seasons including the first quarter.

n++ This will also preclude the need for seeking appropriation through Vote on Account and enable implementation of the legislative changes in tax; laws for new taxation measures from the beginning of the financial year.

Merger of Plan and Non Plan classification in Budget and Accounts:

The third proposal approved by the Cabinet relates to the merger of Plan and Non Plan classification in Budget and Accounts from 2017-18, with continuance of earmarking of funds for Scheduled Castes Sub-Plan/Tribal Sub-Plan. Similarly, the allocations for North Eastern States will also continue.

This would help in resolving the following issues:

n++ The Plan/Non-Plan bifurcation of expenditure has led to a fragmented view of resource allocation to various schemes, making it difficult not only to ascertain cost of delivering a service but also to link outlays to outcomes.

n++ The bias in favour of Plan expenditure by Centre as well as the State Governments has led to a neglect of essential expenditures on maintenance of assets and other establishment related expenditures for providing essential social services.

n++ The merger of plan and non-plan in the budget is expected to provide appropriate budgetary framework having focus on the revenue, and capital expenditure.

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Syngene International announces completion of deal with Strand Life Sciences
Sep 21,2016

Syngene International announced that the Company has completed a deal through which Syngene has purchased assets of Strand LifeSciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team. Financial details of the deal were not disclosed.

This deal gives Syngene access to Strands patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratory based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualization tools fornext-generation sequencing data.

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India Infraspace fixes record date for scheme of demerger
Sep 21,2016

India Infraspace has fixed 30 September 2016 as the Record Date for allotment of shares, pursuant to the Scheme of demerger of the Company as sanctioned by the Honble High Court of Gujarat vide its order dated 16 June 2016.

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Cabinet approves the River Ganga (Rejuvenation, Protection and Management) Authorities Order, 2016
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approval the River Ganga (Rejuvenation, Protection and Management) Authorities Order, 2016. The Order lays down a new institutional structure for policy and implementation in fast track manner and empowers National Mission for Clean Ganga to discharge its functions in an independent and accountable manner. It has been decided to grant a Mission status to the Authority with corresponding powers under Environment (Protection) Act, 1986 to take cognizance of the provision of the said Act and follow up thereon. Similarly, there is adequate delegation of financial and administrative powers which will distinctly establish NMCG as both responsibility and accountability centre and effectively accelerate the process of project implementation for Ganga Rejuvenation.

Salient Features:

Briefly, the Order envisages:

1. Creation of the National Council for River Ganga (Rejuvenation, Protection and Management), as an Authority under the Chairperson of Honble Prime Minister, in place of the existing NGRBA for overall responsibility for superintendence of pollution prevention and rejuvenation of river Ganga Basin.

2. Setting up of an Empowered Task Force chaired by Honble Minister of Water Resources, River Development and Ganga Rejuvenation to ensure that the Ministries, Departments and State Governments concerned have:

An action plan with specific activities, milestones, and timeliness for achievement of the objective of rejuvenation and protection of River Ganga.

A mechanism for monitoring implementation of its action plans.

It will also ensure co-ordination amongst the Ministries and Departments and State Governments concerned for implementation of its action plans in a time bound manner.

3. Declaration of National Mission for Clean Ganga (NMCG) as an Authority with powers to issue directions and also to exercise the powers under the Environment (Protection) Act, 1986 to enable it to carry out efficiently its mandate. The NMCG will have a two-tier management structure with a Governing Council (GC), to be chaired by DG, NMCG. Below the GC, there will be an Executive Committee (EC) constituted out of the GC, to be chaired by the DG, NMCG.

NMCG will comply with the decisions and directions of the National Ganga Council and implement the Ganga Basin Management Plan approved by it; co-ordinate and carry out all activities necessary for rejuvenation and protection of River Ganga and its tributaries.

4. At the State level, it is proposed to create the State Ganga Committees in each of the defined States as Authority, to function as Authorities in respect of each State and perform the superintendence, direction and control over the District Ganga Protection Committees under their jurisdiction.

5. Similarly, the District Ganga Committees in each of the Ganga Bank Districts will carry out the assigned tasks as an Authority at the district level, to take cognizance of local threats and needs of river Ganga and conceptualise such measures as necessary to ensure overall quality of water in river Ganga and monitor various projects being implemented.

The proposed structure is to be implemented through the subordinate legislation route by issue of an Order invoking the provisions under Section 3 of Environment (Protection) Act, 1986 (29 of 1986) relating to creation of authorities to achieve its objectives.

The other main features of the proposal are as follows:

This will give more teeth to the NMCG for Clean Ganga for the environmental protection/rejuvenation of River Ganga. It will also ensure proper co-ordination with the local bodies and compliance with the directions of NMCG for pollution abatement of the river Ganga.

NMCG will, however, take action only in the event when required action is not taken by CPCB. CPCB shall also take action jointly with NMCG under the provisions of said Act.

A special focus of the revamped structure would be to maintain required ecological flows in the river Ganga with the aim of ensuring water quality and environmentally sustainable development.

For taking up fast track creation of sewerage treatment infrastructure in Ganga basin, an innovative model based on Hybrid Annuity has also been approved. This will ensure that the infrastructure created under the project is operational on a sustainable basis.

In order to ensure transparency and cost effectiveness, a provision for concurrent audit, safety audits, research institutions and financial framework has been made.

Background:

The Ganga Action Plan (GAP) Phase-I was launched in 1985 and later GAP Phase-II was initiated in 1993 with the objective of improving the water quality of river Ganga and was later expanded to include some of its tributaries also. In May, 2015, the Government approved the Namami Gange programme as a comprehensive mechanism to take up initiatives for rejuvenation of river Ganga and its tributaries as a Central Sector Scheme with hundred per cent funding by the Union Government. The programme, despite making moderate gains in arresting the declines in water quality, had certain limitations in implementation.

Although, the NMCG has been functional as a registered Society since 2012 its role has been largely limited to fund the projects to implementing organisations. It neither had the mandate to take cognizance of various threats to river Ganga nor the powers to issue directions to the concerned authorities/polluters. While the organisation has been made responsible as custodian of river Ganga in both public eye as well as various courts, the mission is grossly ill-equipped to handle such expectations.

It is expected that the move will ensure effective abatement of pollution and rejuvenation of the River Ganga; maintain ecological flows in the River; impose restrictions on polluting industries; and carry out inspections to ensure compliance. In addition, it is proposed to maintain and disseminate data and carry out research on the condition of the river.

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Cabinet approves USOF support to BSNL for Rural Wire-line connections installed prior to 1.4.2002
Sep 21,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal to extend subsidy support of Rs. 1,250 crore to Bharat Sanchar Nigam Limited (BSNL) from Universal Service Obligation Fund (USOF), as compensation for deficit incurred by BSNL in operating the Rural Wire-line connections installed prior to 1st April, 2002. The eligible rural wire-line connections installed prior to 1.4.2002 is 32.32 lakh, across India as on 31.3.2014.

The Cabinet also approved that the above subsidy support would be the last and final payment and no further request from BSNL for financial/subsidy support from USOF on this count shall be considered.

In order to make Bharat Sanchar Nigam Limited (BSNL) eligible for subsidy funding on nomination basis from USOF, amendment will be required in Rule 526 of the Indian Telegraph Rules (ITRs), 1951. It stipulates that the criteria for selection of Universal Service Providers shall be made by bidding process from amongst eligible entities for implementation of USOF schemes. Corresponding Amendment in Rule 525 will also be required.

Full/lump-sum amount of Rs. 1,250 Crore shall be disbursed, consequent to necessary amendment of the ITRs and signing of USOF agreement with BSNL. Utilization certificate of the USOF subsidy disbursed towards operation and maintenance of the rural wire-line connections would be submitted by BSNL.

Background:

USOF since its inception in 2002 has been providing subsidy for BSNL for the rural wire line connections installed prior to 1.4.2002. A total of Rs. 8,692 crore has been extended as USOF subsidy support till date, for the rural wire-line connections, installed by BSNL prior to 1.4.2002. The details are as follows:

USOF Scheme

 

Basis

 

Amount (Rs. crore)

 

Period of support

 

RDEL-D

 

Difference between regulated rental and actual rental

 

1192

 

1st April 2002 to

31st January 2004

 

RDEL-P

 

TRAI recommendations dated 27.03.2008

 

6000

 

18th July 2008 to 17th July 2011

 

RDEL-P

 

TRAI recommendations dated 14.05.2012

 

1500

 

18th July 2011 to 17th July 2012

The TRAI in its report dated 14.05.2012 had recommended amount of subsidy support-of Rs. 1,500 crore for the period 18th July 2011 to 17th July 2012 and Rs. 1,250 crore for the 18th July 2012 to 17th July 2013.

Telecom Commission, in its meeting dated 11.12.2012, considered the views of the TRAI and USOF and directed that an assessment be carried out of the current status of the infrastructure.

Telecom Commission/EFC in its meeting dated 14th July 2015 considered the findings of the evaluation/assessment study conducted by National Institute of Communication Finance and recommended the subsidy support of Rs. 1250 crore to BSNL from USOF, as compensation for deficit incurred by BSNL in operating the Rural Wire-line connections installed prior to 1st April 2002 Telecom Commission also recommended that the subsidy support of Rs. 1250 crore would be the last and final payment and no further request from BSNL for financial/subsidy support from USOF on this count shall be considered.

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Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes.

The Agreement will stimulate the flow of exchange of information between India and Samoa for tax purposes which will help curb tax evasion and tax avoidance.

There is no financial implications at present. Only in the event of extraordinary costs exceeding USD 500, the same will be borne by India. India has similar provisions in other such tax information exchange agreement.

Salient features of the Agreement:

1. The Agreement enables the competent authorities of India and Samoa to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this Agreement.

2. The information received under the Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the Agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country.

3. The Agreement also provides for Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the Agreement.

4. The Agreement shall enter into force on the date of notification of completion of the procedures required by the respective laws of the two countries for entry into force of the Agreement.

Background:

The Central Government is authorized under section 90 of the Income Tax Act, 1961 to enter into an Agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under the Income-tax Act, 1961. Negotiations for entering into an Agreement for the exchange of information with respect to Taxes were finalized between India and Samoa in June, 2016 and both countries have agreed on the text of the Agreement.

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Cabinet gives ex-post facto approval to enhancement of Pension for Freedom Fighters
Sep 21,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to enhancement of Pension for Freedom Fighters and for the spouses (widows/widowers), eligible daughters and dependent parents of deceased Freedom Fighters, under the Swatantrata Sainik Samman Pension Scheme (SSSPS), 1980.

The existing pension scheme for Central freedom fighter pensioners and their eligible dependents has been restructured as follows:-

Sl.
No.Category of Freedom FightersPresent amount of pension (per month)Enhanced amount of pension (per month)1.Ex-Andaman Political Prisoners/ spousesRs. 24,775Rs. 30,000/-2.Freedom fighters who suffered outside British India/spousesRs. 23,085/-Rs. 28,000/-3.Other Freedom Fighters / spouses including INARs. 21,395/-Rs. 26,000/-4.Dependent parents/eligible daughters (maximum 3 daughters at any point of time)Rs. 3,380/-50% of the sum that would have been admissible to the Freedom Fighter i.e. in the range of Rs. 13,000/- to Rs. 15,000/-

(i)                    The revised scale of pension has taken effect from 15.O8.2016. Further, the revised total amount of pension will be taken as basic pension for the respective categories of Freedom Fighter pensioners for calculating Dearness Relief.

(ii)                  The existing Dearness Relief system based on All India Consumer Price Index for Industrial workers, which was so far applicable to freedom fighter pensioners on annual basis, is being discontinued and replaced by the Dearness Allowance system applicable to Central Government employees twice a year. This will be termed as Dearness Relief, the appropriate term in case of pensioners.

All freedom fighters and spouses and dependent parents/eligible daughter pensioners of deceased freedom fighters drawing pension under the Swatantrata Sainik Samman Pension Scheme, 1980 would be benefitted by the decision.

Background

.                        Government of India introduced in 1969, the Ex-Andaman Political Prisoners Pension Scheme to honour the freedom fighters who had been incarcerated in the Cellular Jail at Port Blair. In order to commemorate the 25th Anniversary of Independence in 1972, a regular scheme for grant of freedom fighters pension was introduced. Thereafter, with effect from 1.8.1980, a liberalized scheme, the Swatantrata Sainik Samman Pension Scheme is being implemented. Besides the freedom fighters, spouses (widows.widowers), unmarried and unemployed daughters (up to maximum three at any point of time) and parents of deceased freedom fighters are eligible for pension under the Scheme. Till 2016, a total of 1,71,605 freedom fighters and their eligible dependents have been sanctioned pension under the scheme. At present, 37,981 freedom fighters and their eligible dependent pensioners are covered under the scheme. Out of these, 11,690 are freedom fighters themselves, 24,792 are spouses (widows/ widowers) and 1,490 are daughter pensioners. Instructions have been issued to all the authorized banks for ensuring Aadhar linked disbursement of Freedom Fighter pension as early as possible.

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SM Energy Teknik & Electronics to hold AGM
Sep 21,2016

SM Energy Teknik & Electronics announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2016.

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Bloom Industries to hold AGM
Sep 21,2016

Bloom Industries announced that the Annual General Meeting (AGM) of the company will be held on 19 September 2016.

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Varanasi seeks to become Suramya, Samunnat, Sanyojit Kashi under Smart City Plan
Sep 21,2016

One of the ancient cities of the world, Varanasi seeks to acquire smart city features through retrofitting of an area of 1,389 acres in the iconic old city area along the Ganga River besides enabling e-governance for the benefit of the people of the entire city. Based on the Rs.2,520 cr Smart City Plan submitted by the city government, Varanasi was yesterday declared by the Minister of Urban Development Shri M.Venkaiah Naidu as one of the new batch of 27 cities selected for financing smart city development plans.

The Smart City Plan of Varanasi aims at turning the city into a Suramya, Samunnat, Surakshit, Sanyojit, Nirmal and Ekikrit Kashi by addressing the present bottlenecks in infrastructure and city governance.

After considering nine locations of the city and based on voting by over four lakh citizens n++old city with Ganga as its pivot and Kashi Vishwanath Temple defining the awe, ethos, beliefs and the preferences of the masses, emerged as the forerunner for Area Based Developmentn++ said the city government in the smart city proposal. E-governance and integrated traffic management were prioritized for technology based Pan-city solutions.

The old city area chosen for area based development accounts for 7% of citys geographical area, 31% of population and 38% of citys GDP. Rs.1,659 cr will be spent on area development and Rs.618 cr on Pan-city solutions. The rest includes technical and administrative expenses and other contingencies.

With about 65 lakh tourists visiting the city every year, the proposal for Varanasi seeks to leverage the citys rich cultural heritage by enhancing the citys presentation and appeal (Suramya) to take full advantage of tourism potential and ensure socio-economic growth (Samunnat) for increased employment opportunities, ensuring security (Surakshit), enabling hassle free movement (Sanyojit), cleanliness (Nirmal) and integrated, technology based governance (Ekikrit) for Simple, Modern, Accountable, Responsive and Transparent services.

Under retrofitting of the area chosen for development through necessary interventions, works proposed to be taken relate to rejuvenation of ghats and temples, ensuring assured supply of power and water, waste management, improvement of waterways, development of 11 parks, smart multi-level parking spaces, cultural-cum-convention centre, Kahsi Kala Dham, Town Hall, Silpi Haat, Centre of Excellence with Hall of Fame, Light and Sound Show, Night Bazar, rejuvenation of water bodies, pedestrian pathways, Non-motorised transport, Energy Efficient Street Lighting etc, underground cabling, improved sign boards etc.

With citizens voting for improving of city governance and quick urban mobility as the two priorities for technology based Pan-city Solutions, the Varanasi Municipal Corporation has proposed Optic Fibre Connectivity across the city, online payment of utility bills and service delivery, intelligent traffic management systems including GPS on buses, e-booking of boats, guides, taxis etc, CCTV based monitoring and surveillance, e-Suvidha centres, information delivery on Mobile Apps, Smart Card for all services etc.

Public-Private Partnership (PPP) model has been proposed for smart multi-level parking spaces, upgradation of stadium, Internet Modal Hubs, battery operated buses, e-auto for last mile connectivity etc.

The Smart City Plan of Varanasi aims at increasing tourist inflow by over 25% and increase in revenue generation from international tourists and pilgrims by over 30%.

In addition to the support from central and state government, costs of Varanasis smart city proposal are to be met with resources of Rs.1,290 cr through convergence of various schemes, Rs.505 cr from the Corporations own resources and Rs.140 cr from PPP.

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Stampede Capital advances after bulk deal
Sep 21,2016

Meanwhile, the S&P BSE Sensex was down 13.41 points, or 0.05%, to 28,509.79

Bulk deal boosted volume on the scrip. On BSE, so far 15.04 lakh shares were traded in the counter, compared with an average volume of 7.10 lakh shares in the past one quarter. The stock hit a high of Rs 41.40 hit a low of Rs 38.50 so far during the day. The stock hit a 52-week high of Rs 51.40 on 3 December 2015. The stock hit a 52-week low of Rs 32.50 on 20 January 2016. The stock had underperformed the market over the past 30 days till 20 September 2016, falling 4.64% compared with 1.92% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 14.88% as against Sensexs 6.57% rise.

The small-cap firm has an equity capital of Rs 22.90 crore. Face value per share is Re 1.

Stampede Capitals consolidated net profit rose 42.73% to Rs 18.17 crore on 121.9% rise in total income to Rs 71.34 crore in Q1 June 2016 over Q1 June 2015.

Stampede Capital provides securities trading and broking services.

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