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Maharashtra

Diamantaire Nirav Modi’s HCL House price slashed, DRT orders re-auction in Feb

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Finding no takers for fugitive diamantaire Nirav D. Modi’s one property, its price has been slashed and the DRT has ordered its re-auction, along with certain other prime assets, in one of the cases pertaining to the Punjab National Bank (PNB) scam.

Last week, the DRT-I Recovery Officer Ajeet Tripathi put up the HCL House in Marol for e-auction — plus three other lots of properties — to recover a portion of the outstanding of a staggering Rs 22,13,16,39,411.

When it went on the block in September 2022, the unsold HCL House, comprising the entire building with the land, carried a reserve price tag of Rs 52 crore, which has now been slashed to Rs 40 crore, as per the DRT-I announcement.

Besides, the DRT-I has put on the auction block other assets of Modi, including Offices No. 2001-2002 on the 20th floor of the posh Peninsula Park B in Lower Parel with a reserve price of Rs 66 crore, plus over Rs 1.72 crore outstanding maintenance dues till December 2021.

Another property of Modi, the 6th floor of the Mafatlal Centre in Nariman Point along with four parking slots will also go under the e-hammer with a reserve price of Rs 62 crore, besides unpaid maintenance charges for five years coming to over Rs 1.17 crore till May 2022.

Modi’s huge residential 4-BHK flat in Grosvenor House at Peddar Road is going up for auction sale with a reserve price of Rs 15.87 crore, further details of which are not available. Modi also has another address in the prestigious Al Shera Towers, Dubai.

The encumbrances or outstandings on HCL House and Grosvenor House are not known and all the properties shall be auctioned off on the basis of ‘as is where is’ and ‘as is what is’.

The e-auction is scheduled for February 10 — a week after the DRT-I ordered the sale of Modi’s two tony flats in the YOOPUNE housing scheme in Pune, valued at a total of Rs 18 crore, on February 3.

In the fresh auction list concerning PNB versus Firestar International Ltd, the names figuring are Modi and his group companies like Bentley Properties Pvt. Ltd., MAK Business Enterprises Pvt. Ltd., ANM Enterprises Pvt. Ltd., NDM Enterprises Pvt. Ltd., Neeshal Trading Pvt. Ltd. — all operating from a common address at Opera House.

The other companies are: Firestone Trading Pvt. Ltd., Paundra Enterprises Pvt. Ltd. and Radashir Jewellery Co. Ltd. — all registered in a single address at the Bharat Diamond Bourse (BDB) in Bandra Kurla Complex.

The February 3 and 10 e-auctions may help the PNB and a consortium of around 15 banks to recover a miniscule portion of massive dues, pending since the past five years after the country’s mega-banking scam was admitted by these banks in February 2018.

After the PNB’s complaint on the scam, estimated at over Rs 14,000 crore, the Central Bureau of Investigation (CBI) registered the first offence in January 2018 — but by then Modi, his wife Ami and other accused had already fled India.

Later, other probe agencies like Enforcement Directorate (ED) and Income Tax Department (ITD) entered the picture targeting the two prime accused — Modi and his maternal uncle Mehul C. Choksi — but both had flown the coop well before the scam erupted to shake the roots of the Indian banking sector.

Later it came to light that Modi was holed up in London and Choksi has cosily settled as a citizen of Antigua & Barbuda Isles, West Indies, and both are awaiting their extradition to India — expectedly soon.

In the past, the ED-ITD had auctioned off certain movable and immovable assets — like properties, expensive paintings, artefacts, high-end vehicles, etc., — to recover small amounts of its dues.

“Proclamation of Sale under Rules 38, 52(2) of the Second Schedule of the Income Tax Act, 1961, read with the Recovery of Debts Due to Bank and Financial Institutions Act, 1993,” said the latest DRT-I order of January 5.

Maharashtra

Mira Bhayandar: AI-Powered Drones Deployed For Surveillance Along Uttan Coastline To Curb Illegal Fishing

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Mira Bhayandar: In a significant stem having a dual-objective including- keeping a tab on illegal fishing activities and enhancing marine security, the state fisheries department has launched artificial intelligence (AI) powered drones along the state’s coastline in seven districts including Uttan in Thane district.

Nine drones were simultaneously launched by minister for fisheries and ports- Nitesh Rane from the office of the fisheries department in Mumbai on Thursday. While two units each have been deployed for jetties in Revdanda, Shrivardhan (Raigad), Mirkarwada, Sakhari-Nate (Ratnagiri) and a unit each for- Shirgaon (Palghar), Gorai (Mumbai Suburban), Sasoon Dock (Mumbai city), Uttan (Thane) and Devgad (Sindhudurg).

The respective offices of the fisheries department will house the digital data maintenance mechanism (control room) of the high-tech surveillance system.

The drones will map fishing boats to identify and report the presence of illegally operating ones while monitoring up to 12 nautical miles and a 720-km stretch of the coastline, providing real-time data for effective surveillance.

“The drones which will be connected to the fisheries department office at Velankani (Uttan) will conduct aerial monitoring around the coastline, collect real-time data and share it with security agencies for action against illegal activities.” said Pawan Kale an official who is attached to the license wing of the fisheries department in Uttan.

Appreciating, minister Nitesh Rane’s move, local fishing community leader- Leo Collaso said, “This was a much-needed step as the traditional fishermen were on the verge of losing their only livelihood owing to various types of destructive methods and apparatus like-purse seine nets, submerged light-emitting diode (LED) lights and bull trawling by illegally operating fishing vessels and trawlers. The drones have ignited hope that such fishing activities which harm the marine ecosystem will be spotted and taken to task.”

“Although authorities keep guard in patrolling vessels, manual inspection is a herculean task due to which unauthorised boats escape easily. The drone-based surveillance system will now help in preventing illegal fishing while effectively implementing the state’s Marine Fishing Regulation (Amendment) Act, 2021.” said Renold Bechari.

The respective offices of the fisheries department will house the digital data maintenance mechanism (control room) of the high-tech surveillance system. The drones will map fishing boats to identify and report the presence of illegally operating ones while monitoring up to 12 nautical miles and a 720-km stretch of the coastline, providing real-time data for effective surveillance.

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Crime

Kurla BEST Bus Tragedy: Court Denies Bail To Driver Sanjay More

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Mumbai: A Mumbai court on Friday denied bail to the driver of the BEST bus involved in the December 10 accident in Kurla East, which resulted in the deaths of seven persons and injured more than 40.

An electric bus of the civic-run Brihanmumbai Electric Supply and Transport undertaking had hit several vehicles late night that day on the arterial SG Barve Road, following which driver Sanjay More was arrested under provisions of the Bharatiya Nyaya Sanhita.

More’s bail plea was rejected by Additional Sessions Judge VM Pathade, though a detailed order has not been made available as yet.

In his plea filed through advocate Samadhan Sulane, More had claimed the accident was the result of a mechanical fault in the bus and that he had been unjustly arrested.

The prosecution, however, contended no technical fault was found in the ill-fated bus.

After hearing arguments from both sides, judge Pathade rejected More’s bail plea.

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Maharashtra

Maharashtra Government Form Committee To Explore Revenue Through Liquor, Cigarette Sales Amid Fund Issues

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State governments, when drowning in debt, have no option but to tweak the excise policy on sin goods like cigarettes and liguor. Maharashtra may be no exception to the norm.

With its income sources already stretched thin, the cash-strapped Mahayuti government has decided to pop open a bottle of opportunity—appointing a five-member committee to explore liquor production and sales as a new revenue stream.

The committee, chaired by the additional secretary for the housing department, Appoints Committee to Study Liquor Policies for Revenue e Generation brings together a medley of bureaucrats: the additional chief secretaries from finance and state excise, the commissioner of state GST, and the member secretary, the state excise commissioner.

Together, they’ll be tasked with reviewing policies on liquor production, sales licenses, excise duties, and, crucially, revenue-maximizing practices adopted by other states, Expect a menu of recommendations on how to spice up state coffers. The committee’s. main course? A proposal already served up by the state excise commissioner, aimed at increasing annual income through liquor production and sales.

The plan? Crack down on illegal liquor sales and serve up more licenses for retail outlets. If this proposal is uncorked, it could boost the state’s revenue while also tidying up the department’ existing operations. ‘Why the sudden thirst for extra revenue, you ask? Blame the evergrowing list of populist promises made ahead of the state elections, which now need to be fulfilled. Take the Ladki Bahin scheme, for example—it demands a whopping Rs 46,000 crore annually.

Add to that loan waivers for farmers and covering electricity bills for agriculture pump sets, and you’ve got a recipe for fiscal trouble. To top it off, the state needs an extra Rs 600 crore to hike the Ladki Bahin disbursement from Rs 1,500 to Rs 2,100. Then there’s the debt. With loans soon expected to touch Rs 8 lakh crore, the state needs a sugar rush of revenue to keep things running smoothly. Aside from GST, Maharashtra relies heavily on VAT from petrol and diesel, stamp duties, vehicle taxes, and—of course—excise revenues. And so, the state is eyeing liquor sales as a cash cow.

But here’s the rub: the state’s current policy freezes the number of retail liquor licenses, a decision made back in 1974. With Maharashtra’s population growing and new urban areas cropping up, the demand for wine shops and country liquor outlets is higher than ever. The state excise department believes it’s high time to revisit this policy. Currently, there are 1,720 licenses for Indian Made Foreign Liquor (IMFL) and 4,346 for country liquor, not including those granted to restaurants with permit rooms. As population booms and urbanization spreads, the excise department is suggesting that the state loosen its grip on liquor licenses and let more outlets sprout up, bringing in fresh revenue while reducing the black market’s grip.

So, is the state taking the path of least resistance, or is it simply opening a new bottle of opportunity? Only time (and the committee’s recommendations) will tell—but it seems like Maharashtra is preparing to raise a glass to new ways of keeping the state’s finances in the black.

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