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Railway Minister Piyush Goyal reviews Bengaluru suburban service project

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Piyush Goyal. (File Photo: IANS)

Railway Minister Piyush Goyal on Monday reviewed the status of the Bengaluru suburban service project in a virtual meeting from New Delhi, an official said.

“Reviewing the project status, Goyal said the suburban rail service should be built keeping in view the growing needs of Bengaluru and should be based on Make in India policy to boost the ‘Aatmanirbhar Bharat’ mission,” a South Western Railway official told IANS here.

The Union Cabinet had on October 21, 2020 approved the 148 km suburban rail project, which has been pending over the years, to provide an efficient commuting network to the tech city of 1.3 crore denizens.

The project to be completed by 2026 is estimated to cost Rs 15,767 crore, which is being shared by the Indian Railways and the Karnataka government on equity and debt basis.

“The Railways will contribute 20 per cent of the equity and guarantee external borrowing up to 60 per cent of the project cost, while the state government will share the remaining 20 per cent equity,” the official said.

The project will have four corridors, connecting Bengaluru with Devanahalli near the international airport (41.4 km and 15 stations), Baiyappanahalli with Chikkabanavara (25 km and 14 stations), Kengeri with Whitefield (35.52 km and 14 stations) and Heelalige with Rajanakunte (46.24 km and 19 stations).

The state government had on November 12, 2020 decided to borrow Rs 7,438 crore through a special purpose vehicle (SPV) as part of its share for the project.

Officials of the Railway Board and the state government participated in the virtual meet held through video conferencing.

The dedicated project is being implemented by the Rail Infrastructure Development Company (Karnataka) Ltd (KRIDE), a joint venture firm set up by the Railways and the state government, to provide a safe, accessible and comfortable mode of public transport.

“The project will ease vehicular traffic congestion across the city, enhance rural-urban connectivity and provide a cleaner mobility solution to lakhs of commuters,” noted the official.

The suburban service will connect the city with the international airport at Devanahalli, IT hubs in eastern and southern suburbs and commercial and residential areas in a seamless network to reduce travel time and enhance productivity.

“The project is envisaged to integrate multiple modes of transport like the metro rail and the state-run bus service with inter-changing hubs,” added the official.

Business

Odisha gets over Rs 1.25 lakh cr investment despite Covid

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Naveen-Patnaik

Chief Minister Naveen Patnaik on Friday said Odisha has received an investment of over Rs 1.25 crore since February 2020 despite Covid-19 pandemic.

“We have received an investment of over 1.25 lakh crore rupees since February 2020 despite the wrath of coronavirus. Our Start-Up policy is also one of the best in the country,” said the Chief Minister while addressing an event here.

He said the state government is working with commitment to improve the business climate of Odisha.

“Industry friendly policies, quick clearances and grounding of projects have helped us to make us one of the most attractive investment destinations in India,” he added.

The Chief Minister said young people from the state must take a plunge into business and industry, create global brands and generate wealth for themselves and the nation.

“I wish more and more people, especially the young people, from our state come forward to take the opportunities in various sectors. The younger generation is bubbling with ideas. They must take the plunge into business and industry, create global brands, and generate wealth for themselves and the nation,” he added.

He said that branding and promotion are essential components of business and industry and the ultimate aim is to bring prosperity, serve people and create a niche for a company, its product or service.

Any branding programme that has a solution to address people’s needs will definitely succeed, said the Chief Minister.

Union Petroleum Minister Dharmendra Pradhan said that Lord Jagannath is the brand of world for Odia people.

Odisha has all the potential to reach the pinnacle of progress. The vast beaches, forest resources, abundant mineral resources, the potential for tourism, as well as the intelligent and hardworking human resources of Odisha are unique identities, said Pradhan.

The Minister also highlighted various challenges of society including malnutrition of children in the state.

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Indian Railways allows e-catering facility at selected stations

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The Indian Railways on Friday allowed e-catering services to resume at selected railway stations.

In a statement, the Railway Ministry said that it will be subject to compliance of all the guidelines on health and safety matters issued by Central and state governments and other authorised agencies under them.

The ministry said that it may noted that IRCTC had written to the Railway Board for the resumption of e catering at selected railway stations.

“IRCTC will have to review the situation now and permit theA resumption of e-catering services depending upon the feasibility, availability of staff and local restrictions etc,” it said.

The e-catering services had been suspended as a measure to prevent the spread of Covid-19.

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NCLT admits petition alleging mismanagement, fraud by Omaxe

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Fraud. (IANS Infographics)

The Chandigarh-bench of National Company Law Tribunal (NCLT) has admitted a petition filed against Omaxe Ltd over alleged acts of oppression and mismanagement claiming by the company and its management.

The petition filed by Sunil Goel, the former Joint Managing Director of the company levels allegations against Rohtas Goel, the Chairman and Managing Director of Omaxe for indulging in financial fraud, siphoning of funds, insider trading and inflation of turnover of the company.

The petition said that, in June 2017 Omaxe took a loan of Rs 250 crore from Indiabulls Housing Finance Limited as per the minutes of the Executive Committee’s meeting. It said that though Sunil Goel was a part of the Executive Committee, he did not receive any notice of the meeting wherein resolution for borrowing of loan of Rs 250 crores was approved.

“It is also stated that Sunil Goel has been repeatedly appointed as Joint Managing Director of Omaxe Limited till 27.09.2017 on which date he was illegally ousted in the 28th Annual General Meeting of the company where several resolutions, declaring dividend only to non-promoter shareholders and appointment of Seema Prasad as Director of Omaxe Limited, were passed,” it said.

The respondents, including Rohtas Goel illegally restrained the petitioners from participating in the Annual General Meeting by using force and threats, claimed Sunil Goel in his petition.

Further, as per the plea, Rohtas was also involved in exclusion of the petitioners from the affairs of the company to “gain control over the company and all its subsidiaries in order to financially disable the petitioners”.

Rohtas allegedly conducted the affairs of the company in an oppressive manner towards the petitioners and also towards the interest of the company.

“It is stated that owing to such financial mismanagement and fraudulent transactions the financial debts have increased and profits have dipped down. Various letters have been issued on behalf of the petitioners, objecting to the illegal and oppressive acts of respondents, but in vain,” said the petition.

Founded in 1989, the company has its presence in eight states across 27 cities. Rohtas Goel is the Chairman and Managing Director of Omaxe Limited and represents the largest promoter shareholder group of the company. Sunil Goel, younger brother of Rohtas Goel represents the second largest promoter shareholder group having 22 per cent shareholding in the company.

Primarily, the shareholding of the promoter and promoter group is through Guild Builders Private Limited, which holds around 68.45 per cent shares of Omaxe Limited and is a holding company of Omaxe Limited.

In 2017, differences arose between the brothers with regard to functioning of the company, following which Sunil Goel was removed from the company in September 2017, which he claims as an illegal removal.

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