Aamby Valley auction said to attract just two bidders
Only two potential bidders are believed to have shown initial interest for embattled Sahara group’s super luxurious Aamby Valley resort town, which has been put up for a Supreme Court ordered auction by the official liquidator at a reserve price of Rs37,392 crore. While there is no official word as yet on the identity of the potential bidders as the entire exercise is being carried out under strict observation of the apex court and the observers appointed by it, officials privy to the information said just two interested parties have turned up and have submitted their know your clients (KYC) details as required for the initial steps of the auction process.
Railways cuts down sleeping hours for passengers by an hour
The Railways is trying to put an end to those tiresome quarrels that break out due to oversleeping passengers on the middle and lower berths by reducing official sleeping hours. According to a circular issued by the railway board, the passengers in the reserved coaches can only sleep between 10 pm and 6 am to allow others to sit on the seats for the rest of the time.
Protesters set to rally against Australia’s biggest coal project
Environmental activists are due to start a week of protests on Sunday against a major coal mining project they say will damage Australia’s Great Barrier Reef and contribute to global warming. The A$16.5 billion ($13.20 billion) project has been delayed for more than five years by court challenges from environmentalists and indigenous groups concerned about reef damage, climate change, and the impact on native land and water supply. The challenges failed and a workers’ camp opened in August to begin building the project’s $3.2 billion first stage.
40 new hotels, 5,000 rooms: ITC strategy to strengthen hospitality business
Diversified firm ITC plans to open 40 new hotels, adding around 5,000 rooms over a period of time, as part of the strategy to strengthen its hospitality business, according to a senior company official. It is working on opening 10 new hotels in the next three- and-half years under its ongoing expansion programme across different verticals entailing overall investment of Rs 25,000 crore, ITC CEO & Executive Director Sanjiv Puri said.
Tata Sons seeks shareholders’ nod to amend voting rights
Tata Sons has sought shareholders’ approval to amend its articles of association to give voting rights to holders of the company’s preference shares if it didn’t pay dividend for two years or more. The move is to make the company align with specifications of the New Companies Act, a Tata Sons spokesperson said. According to legal experts, giving voting rights to holders of preference shares may also dilute the hold of former chairman Cyrus Mistry’s family on the Tata Group holding company.
Vodafone, TCS, L&T, TechM in fray for smart meter tender
Leading Indian and foreign companies including Vodafone, TCS, Larsen & Toubro, Tech Mahindra, Tata Power and France’s EDF are eyeing government’s purchase of 50 lakh smart meters, which will give them access to big data on power consumption and create a market for 50 lakh SIM cards for connecting the devices.
Kerala schools, colleges to remain shut on Monday as torrential rains hit state
At least one person was killed in heavy rains lashing Kerala since Saturday and gates of five dams in various parts of the state have been opened, officials said on Sunday. An eight-year girl died in Palakkad when she fell into a water-filled pit near her house. Chief minister Pinarayi Vijayan said district collectors and other officials have been put on alert and directed to take necessary precautionary steps to meet any eventuality. In a Facebook post on Sunday, he also announced all educational institutes in the state, including professional colleges, will be remain shut on Monday in view of the heavy rains.
Vijay Mallya assets: Rs 100-crore shares transferred to central govt
The Enforcement Directorate (ED) has started the process of confiscating the assets of Vijay Mallya, chairman of the now-defunct Kingfisher Airlines Ltd, which were attached by the agency under the Prevention of Money Laundering Act (PMLA), according to sources familiar with the development. Sources said that the Stock Holding Corporation of India Ltd (SHCIL) has transferred the title and rights of shares worth Rs 100 crore of United Breweries Ltd (UBL), held directly and indirectly by Mallya, to the central government.
Maharashtra 1st state to form RERA arbitration panel
Maharashtra will be the first state in India to form a conciliation committee under the new Real Estate (Regulation and Development) Act (RERA), comprising a panel representing builders and consumer groups to arbitrate complaints. It will mediate between two parties and help resolve their issues so that they can avoid taking the dispute before the housing regulator. Only in case the dispute is not settled can the party challenge it and lodge a complaint with the state regulator. “The panel should start functioning in the next three months,” said state RERA chairman Gautam Chatterjee, adding that it would help build trust between purchasers and developers. Last week, leading developers and consumer activists met state RERA officials to iron out how the new committee will operate.
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