New Delhi: Clear water bodies dotted with 10,000 seaplanes, ‘floating cities’ in the form of ocean cruises and electric vehicles zipping on dedicated highway lanes — that’s the future as envisioned by Transport Minister Nitin Gadkari.
For the ‘go-getter’ minister at the helm of affairs to overhaul the country’s infrastructure, India has the potential to realise all this and much more.
“I have been talking about seaplanes. If it starts, in India we have the potential of starting 10,000 seaplanes. We have 3 to 4 lakh ponds in India, plenty of dams, 2,000 river ports, 200 small ports and 12 major ports. It will cost less,” Road Transport, Highways and Shipping Minister Gadkari told PTI.
The minster said he has asked his civil aviation counterpart Ashok Gajapathi Raju to explore a regulatory regime for single-engine seaplanes to facilitate introduction of such planes in the country as early as possible.
“Seaplanes can land in one foot water and require only 300 metre runway. It has a huge potential and runs at a speed of 400 km per hour. Our ministry and the aviation ministry will finalise its rules and regulations soon. There are different rules in America, Canada, Japan. We will study their laws in three months,” Gadkari said.
The minister, along with Raju, had participated in a seaplane trial run of budget carrier SpiceJet at the Girgaum Chowpatty off the Mumbai coast on December 9.
SpiceJet plans to buy more than 100 amphibian aircraft at an estimated cost of USD 400 million.
Describing cruises as “floating cities”, Gadkari said they have the potential to swell to more than 950 from about 90 at present.
Cruises from India could go to Singapore, the Philippines and Thailand and massive efforts are underway to boost this segment, including a Rs 1,000 crore terminal being built in Mumbai. A policy is also in the works.
MPC to meet six times during 2019-20: RBI
Mumbai: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said.
The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2019-20 will be held from April 2 to 4.
The policy will be announced on April 4. Headed by RBI Governor Shaktikanta Das, the committee also includes two representatives from the central bank and three external members.
The external members are Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics Director Pami Dua and Indian Institute of Management-Ahmedabad professor Ravindra H Dholakia.
According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 3, 4 and 6; third meeting (August 5-7); fourth meeting (October 1, 3 and 4); fifth meeting (December 3-5) and sixth meeting (February 4-6, 2020).
SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds
New Delhi: The country’s largest lender State Bank of India (SBI) said it has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds.
“The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel lll-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank…aggregating to Rs 1,251.30 crore,” SBI said in a regulatory filing.
The bonds with a face value of Rs 10 lakh each bears a coupon rate of 9.45 per cent per anum payable annually with call option after 5 years or any anniversary date thereafter, it said. The bonds were subscribed on Friday, it added.
State Bank of India (SBI) also said the central board of the bank at its meeting held has accorded its approval for extension of validity period for raising equity capital of up to Rs 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020.
Sebi fines 4 entities Rs 27 lakh for fraudulent trading in BSE stock options
New Delhi: Markets regulator Sebi imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.
Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.
fter observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.
Following the probe, the regulator found that the trades executed by the entities were not genuine as they were reversed within few seconds with same counter parties with significant difference in price, resulting in profit to the entities.
Securities and Exchange Board of India (Sebi) said it was a deliberate attempt to deal in such a fashion and not a mere coincidence.
The trades executed by the entities were not genuine and created an appearance of artificial trading volumes, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted.
Accordingly, a fine of Rs 8.7 lakh and Rs 8.4 lakh were imposed on Yudhbir Chhibbar and Vimladevi, respectively while a penalty of Rs 5 lakh each was levied on Umapati Oil Mill and Kasturbhai Mayabhai Pvt Ltd, totalling Rs 27.1 lakh.
In a separate order, Sebi imposed a total fine of Rs 6 lakh on four promoters of Artech Power Products for delayed disclosures to exchanges regarding their change in the shareholding in the company.
Ranjith Vijayan, I V Vijayan, Repsy Vijayan and Resmi Vijayan are the four promoters, according to Sebi’s order.
The promoters have deprived the vital information to the public by non-disclosure /delayed disclosure as mandated by the Takeover Regulations, Sebi noted.