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Old November 3rd, 2006, 07:46 AM   #2121
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Old November 3rd, 2006, 07:58 AM   #2122
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expect wider roads soon......

Quote:
MCH to go on razing spree

Hyderabad: The Municipal Corporation of Hyderabad (MCH) will bulldoze 2,008 properties on 61 roads, including Banjara Hills Road No. 1, in the next one year.

Till date, the civic body has taken over land worth Rs 200 crore from residents of the twin cities for roadwidening. It claims to have taken over 17,240 sq yds from 2,980 properties in eight months. MCH town planning officials submitted these details, in the form of a note, to the AP Legislature Assembly Committee on Estimates on October 16.

Massive road-widening was taken up in the last one and half years. Nearly 300 properties got affected on the Charminar-Falaknuma road and about 270 on Road No 2 and 3, Banjara Hills, Road No 36, Jubilee Hills, it said. Massive road-widening works on SP Road, Punjagutta-Erragadda road, Balkampet road were taken up, while in a couple of days road would be widened on Road No 1, Banjara Hills, the note added.

Most of the land victims are being given transferable development rights (TDR) to construct buildings with additional builtup area and a few affected owners were being given land and structural compensation if they insist.
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Old November 3rd, 2006, 09:34 AM   #2123
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Latest Projects from Vasudeva Realtors

Bloomfield Elation, Nanakramguda,Hyderabad










Bloomfield Ecstasy,Gopanpally area,Hyderabad






For more Info/Pictures/Videos please visit

Source: http://www.vasudevarealtors.com/default.html

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Old November 4th, 2006, 02:16 AM   #2124
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http://www.newindpress.com/NewsItems...rabad&Topic=0&
KBR Park, Langer Houz roads are the deadliest
Friday November 3 2006 09:25 IST

Quote:
HYDERABAD: Accidents occur everyday across the twin cities but have you ever wondered which are the accident-prone roads? In an effort to curb the number of accidents, the traffic police of Hyderabad have just concluded a study, which reveals startling facts about city’s roads in terms of accidents.

From the statistics available with the department, the traffic police carried out a study of accidents and their fatal nature. The study has helped them identify such road stretches with a brief history of accidents, casualties and injured people. The study apart from focussing on total number of accidents and the number of fatalities has also categorised accidents under various police station limits.

In terms of total number of accidents, the road from NFCL Island to KBR Park is way ahead of other roads, as it has accounted for 198 mishaps in which 21 people died and 227 were injured in the past three years.

Speaking to this website’s newspaper, Additional Commissioner of Police (Traffic) A K Khan said the accidents occurred at three junctions – Srinagar Colony, Majid and NFCL junctions. ‘‘Some youths who live in posh localities ride trendy vehicles in a drunken state. No wonder accidents occur,’’ he said.

On the other hand, the road from Langer Houz to Golkonda has topped the list in terms of number of casualties. About 51 lives were lost and 161 were injured in not less than 143 accidents that occurred in the past three years.

Interestingly, the road from Langer Houz to Tolichowki too had been accident-prone with 44 casualties in 174 accidents. ‘‘This is due to heavy movement of trucks and tankers on this route and we hope this rate will come down once the ring road is opened for vehicles,’’ Khan said.

Among the traffic police stations in the city, Asif Nagar and Trimulgherry accounted for more accidents. Accidents that occurred on the outskirts like Langer Houz, Tolichowki and Golkonda came under Asif Nagar police station limits. A large number of heavy vehicles from Vijayawada, Mumbai and Karimnagar highways pass through the Trimulgherry police station limits, which explains the high accident rate there. These two peripheral police stations accounted for 300 deaths amongst themselves in the past one-year.

Armed with the study findings, the traffic police are now working on measures to prevent accidents. ‘‘Based on the study, instructions have been given to teams that patrol these roads and areas,’’ Khan said.
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Old November 4th, 2006, 03:35 AM   #2125
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Motorola to make sub-2 k handsets

[ FRIDAY, NOVEMBER 03, 2006 12:26:44 PM] Economic Times

Quote:
HYDERABAD: Motorola, one of the leading telecom technology and handset manufacturers in the world, is gearing up to trigger a price war of sorts in the basic mobile handset market.

This time, the company is targeting the mass market segment and will launch a handset — in its Motofone series — for less than Rs 2,000 per handset. The launch is slated to be in the next few months in India
.
“This is a mass market product. It will have basic phone features and FM radio,” Motorola’s executive VP and chief technology officer Padmasree Warrior said. Motorola has been working on developing and launching sub-$40 handsets specifically targeted at developing markets including India. “These handsets are meant to give us volumes,” she said.

However, officials said, the final pricing of the product to be launched in India would be decided after considering the price patterns in the competitors’ product range.

Motorola is also planning to make its Hyderabad facility a centre of excellence for handset technology. “The Hyderabad centre plays an important role in all the handset models by contributing key handset applications,” he said.
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Old November 4th, 2006, 05:01 AM   #2126
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One of the reasons for the high fatality rate on KBR Park Rd. is poorly-designed Jn. with B. Hills Rd. #3. Also, one of the carriageways on the hilly section next to KBR Park is in bad shape and lacks a sidewalk for pedestrians on the same side. The same sidewalk issue holds as the road goes into Film Nagar towards Little Italy, where the side facing the restaurant lacks any sort of sidewalk (this is a pedestrian safety issue). The Jn. towards Whisper Valley could also use an upgrade.
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Old November 4th, 2006, 08:20 AM   #2127
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source : http://epaper.timesofindia.com/Defau...=TOI&AppName=1

Quote:
LEGAL WRANGLES
Huda raises red flag on its own townships

Hyderabad: Close on the heels of the Growth Corridor project along both sides of the Outer Ring Road being put on the back burner, the Hyderabad Urban Development Authority (Huda) has decided to put the townships project on hold, apparently perturbed over the court battle on land acquisitions. In fact, there seems to have no indication that any of the proposed 13 integrated townships would be materialised this year.

Huda, which initially proposed 22 townships to develop the outskirts of the city, reduced the number to 13 following the realty boom.

However, the urban body had announced that the twin projects—ORR and satellite townships—would be taken up simultaneously. But as soon as it notified land for the project, the locals approached the court and secured stay over land acquisition.

Now, Tellapur where Huda has 400 acres of its own is the only place left for developing a township without any resistance. “We would like to go ahead with the project starting from Tellapur this year,” ORR project director Piyush Kumar told TOI.

Besides the urban body has notified private land in surrounding areas which include about 42 acres in Adibatla, 89 acres in Almasguda, 461 acres in Nadargul, 251 acres in Raikunta, 191 acres in Mankhal, 42 acres in Kismatpur, 35 acres in Dargah Khaleej Khan, 175 acres in Injapur, 151 acres in Turkayamjal, 633 acres in Antaipally, 551 acres in Srinagar, 93 acres in Tellapur and 830 acres in Uppal.

But it is facing strong resistance from residents in Nadargul, Mankhal, Srinagar and Uppal areas. In Srinagar, where most of the notified land belongs to the family members and relatives of former home minister T Devender Goud, the owners approached the court to secure a stay. It is learnt that land owners at many place are demanding huge compensation for their land.

“We are not able to acquire land even after notifying them. As the ORR package has not been finalised yet, we cannot go ahead with the townships project,” said a senior Huda official.

“The urban development authority would file a counter in the court against stay in Nadargul, Mankhal, Srinagar and Uppal to vacate the stay,” he added.
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Old November 5th, 2006, 12:10 AM   #2128
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http://www.deccan.com/home/homedetai...20Rs%203,000cr

Poppalguda land to fetch Rs 3,000cr

Quote:
Hyderabad, Nov. 4: The State government has decided to auction off the controversial evacuee lands in Poppalguda. The lands will be handed over to the Hyderabad Urban Development Authority (Huda), which will auction them. It is expected that the lands will fetch a price of Rs 3,000 crore. A controversy arose over the evacuee lands after former revenue secretary D.C. Rosaiah issued orders in favour of some private claimants in his capacity as chief settlement commissioner.

The Telugu Desam had then alleged that Chief Minister Y.S. Rajasekhar Reddy had a role in this. To rebut the allegation, the government approached the High Court and got Mr Rosaiah’s order suspended. The High Court also allowed the government to dispose of the lands “in a transparent manner through public auction.”
Armed with the court order, the Chief Minister has ordered that 180 acres be handed over to Huda for auction. Sources close to the Chief Minister told this correspondent that the move was also meant to give a fitting reply to the TD. “After seeing the successful marketing of Golden Mile in Kokapet we realised that Huda is the best agency to take up this auction,” a senior official said.

Of course, the auction would be subject to the final outcome of the writ petition in the court. Huda officials have prepared a tentative plan, according to which half of the land would be sold in one piece while the remaining half would be auctioned as five-acre plots. “The individual plots will be sold first and their price will be used to fix the rate for the 90-acre plot,” said an official.

Huda would then seek proposals from the top developers and would give the land to whoever quotes the highest price. “We are confident that the average price in Poppalguda would be Rs 15 crore per acre,” said the official. “It is close to the city and it is not covered by GO 111, which will give more freedom to promoters.”

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Old November 5th, 2006, 12:37 AM   #2129
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http://www.newindpress.com/NewsItems...rabad&Topic=0&
Beautified Mir Alam tank set to offer a visual treat
Saturday November 4 2006 09:29 IST
HYDERABAD: Works relating to beautification and conservation of Mir Alam Tank are expected to be completed and the lake will be thrown open to public shortly.

The HUDA has completed the construction of a 30-feet wide peripheral bund stretched about seven kms including the stone revetment to the slide slopes as well as the chain line fencing to the peripheral bund on habitation side. Greenery and plantations have also been developed besides a nursery.

Presently, works are in progress for developing about five acre part situated on the western shore of the tank along with some other works pertaining to the sewage inflow along the peripheral bund.

Mir Alam is the only lake in the old city, which used to attract a large number of visitors including the tourists from outside. Hyderabad Urban Development Authority (HUDA) is spending Rs 25 crores for the conversation and beautification of the tank. The 10-MLD Sewerage Treatment Plant (STP) costing about Rs 20 crores has been completed and trial run is going on.

Chairman D Sudheer Reddy, along with Hyderabad MP, Asaddudin Owaisi, Charminar MLA Ahmed Pasha Quadri, Vice-Chairman Jayesh Ranjan and Executive Director K S Reddy inspected the works at the tank. Sudheer Reddy said that the tank, which was the source of drinking water to the Hyderabad till 1958, got polluted due to the large inflow of sewerage generated from the residential areas in the catchments area into the lake. To restore the polluted tank to its original form, HUDA has taken up works under Green Hyderabad Environment Programme (GHEP) a few years ago.

In pursuance of the request of Asaddudin Owaisi, HUDA has agreed to redevelop the drainage system at Hassan Nagar at a cost of Rs 1 crores. Owaisi informed HUDA chairman that due to lack of drainage line in the said locality, the sewerage was being directly let into the tank leading to pollution.

LAND DISPUTE: A four-acre land adjoining the highway near tank and can be described as a gateway the old city is in dispute. The MP requested the HUDA authorities to initiate steps to settle the dispute.

Sudheer Reddy assured the MP that he would take up the issue with Chief Minister YS Rajasekhara Reddy personally and convene a meeting with the private parties who stake a claim the land, HUDA officials, MP and MLA concerned to sort out the issue amicably. If HUDA gets the land, it proposes to construct a under-water park on the lines of a similar park in Singapore.

Later, Chairman, VC and Charminar MLA visited the dilapidated Qursheed Jha Devidi in Hussaini Alam, a notified heritage building where Government College for women is being run. HUDA has agreed to spend Rs 1 crores to renovate the heritage building. It was built by Paigah family in 1890.
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Old November 5th, 2006, 12:47 AM   #2130
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Kukatpally-BHEL stretch turning shopping hub
Saturday November 4 2006 09:10 IST
Quote:
HYDERABAD: It may pain realtors to admit it, but going by the potent silent business boom the Kukatpally-BHEL stretch on the other end of the city is witnessing recently, it may eclipse the projected development in and around Shamshabad, and of course the trade fortunes too.

Big names in the retail segment from jewellery, garments, furniture to pubs and restaurants are soon going to not only liven up the entire business scene in Kukatpally, Hydernagar, Miyapur and the seemingly lost lands adjoining the highway but also drag it further to areas beyond.

As in western movies, recently the cavalry has just appeared over the hill in the shape of the garment and jewellery major RS Brothers, which opened an outlet in the Housing Board. And to boot it, grapevine has it that the early bird is reportedly making a fast buck at this place compared to their other outlets elsewhere in the city.

The household garments brand in city, Chermas also joined the race by launching its fourth outlet in Hydernagar while yet another major brand is busy constructing its own premises near the JNTU. ‘‘There is a lot of retail potential here which remains unexplored,’’ says Damodar of Khazana Furniture, which is soon opening shop in Miyapur.

Major hospitality and entertainment players have also taken note of the trend and the huge prospects here. On the highway from Kukatpally to BHEL, four double theatres are nearing completion. According to informed sources, three trendy pubs have also been lined up for opening soon.

Many reasons for this retail interest in the region. ‘‘This is a spin-off of the IT development in Madhapur. Most of the IT professionals are staying in and around Kukatpally - Miyapur belt and their spending levels are very high,’’ says one of the managing partners of a leading hotel chain in city.

After showing its impact on the construction industry, the positive effects of IT industry growth are now percolating to other areas and this a welcome sign,’’ adds HM Sharma, a senior executive at Ness Technologies. The fact that the Malaysian Township will be ready for occupation soon, is also factoring in the business boom in the region.

Though a mall and a multiplex are in the offing there, the large-scale residential township alone is sufficient to generate a good business in a vast spread, according to analysts. The increasing traffic snarls in the city are also helping the business boom in different clusters.

‘‘After a full day’s work, it is an uphill task for us to go to the centre of the city either for recreation or for shopping,’’ says M Raja, a software professional working for Computer Associates. ‘‘Earlier, the Kukatpally-Miyapur region only meant education and travels. But now many things are happening and we are happy about it,’’ adds Raja, who resides at Miyapur.
http://www.newindpress.com/NewsItems...rabad&Topic=0&
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Old November 5th, 2006, 05:48 AM   #2131
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Is this road set for widening like the bit of NH9 from Sanathnagar through Punjagutta? If so, it's good. If not, they may have to do so soon, and IMO they should build an elevated expwy on top of the median if they widen it. That way, traffic heading towards ICRISAT won't have to be obstructed by shopping traffic, esp. since widening the road would require the acquisition of parking space.
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Old November 5th, 2006, 04:52 PM   #2132
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Originally Posted by Naga_Solidus View Post
...they should build an elevated expwy on top of the median if they widen it...
thats a good idea. that way the local business traffic and thru traffic will not have to compete with each other.
however, inner city roads are of high priority at this time.
esp, all the city roads connecting NH7 should be widened as an alternate route plan for HIAL.
just in case of traffic delays on ORR and EEwy ...
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Old November 5th, 2006, 06:32 PM   #2133
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Originally Posted by p.raghavendra6 View Post
expect wider roads soon......
Quote:
Hyderabad: The Municipal Corporation of Hyderabad (MCH) will bulldoze 2,008 properties on 61 roads, including Banjara Hills Road No. 1, in the next one year...

Massive road-widening was taken up in the last one and half years. Nearly 300 properties got affected on the Charminar-Falaknuma road and about 270 on Road No 2 and 3, Banjara Hills, Road No 36, Jubilee Hills, it said. Massive road-widening works on SP Road, Punjagutta-Erragadda road, Balkampet road were taken up, while in a couple of days road would be widened on Road No 1, Banjara Hills, the note added.
this is a good news.
Taj Hotel Banjara and Taj Krishna could expect more company in terms of new star hotels.

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Old November 5th, 2006, 08:59 PM   #2134
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http://www.business-standard.com/eco...eft=1&leftnm=3
Semiconductor policy before Cabinet soon

Quote:
BS Reporter / Bangalore November 06, 2006
A draft version of the much-delayed semiconductor policy will be placed before the Union Cabinet for approval soon.

“I cannot specify the deadline. All I can say is that the semiconductor policy will be out soon. A Cabinet note on the policy is being prepared,” Union IT Minister Dayanidhi Maran told reporters here today.

According to him, all “hurdles” in the way of the policy had been overcome...
He said the policy aimed at creating a perfect ecosystem for growth of all aspects of the semiconductor industry.
URL: http://www.thehindubusinessline.com/...0601150200.htm
Semiconductor policy soon: Maran
Quote:
Bangalore Nov. 5
, The Union Government would soon announce its policy on the semiconductor industry, said the Union Minister for Communication and IT, Mr Dayanidhi Maran, on Sunday.

The Ministries of Communication and IT and Finance were working together to formulate the policy, Mr Maran told presspersons in Bangalore after a function where leading semiconductor company SemIndia and Belgium-based IMEC, Europe's leading independent nanoelectronics and nanotechnology research institute, signed an MoU for research and development collaboration.

"We will try to do it as fast as possible," Mr Maran said adding, "a cabinet note on the proposed policy is on its way". About the reported differences between the two ministries on incentives to be given for the semiconductor industry, Mr Maran said, "We are in a democratic set up. But at the end of the day, we are batting on the same side."

The SemIndia founder, Chairman and CEO, Mr Vinod Agarwal, said there were concerned over the delay in announcement of the policy, which was ``disturbing'' and would send a ``wrong signal''. But, Mr Agarwal noted, the Government was trying to work out a consensus on the proposed policy and the Prime Minister was fully committed to it.

SemIndia, which intends to build a semiconductor fab in Hyderabad by 2007 with production ramp-up beginning 2009, intends to take up research with IMEC on the next generations of semiconductor process technologies.

"This collaboration would focus on developing foundry-compatible 130 nano metre and 90 nano metre CMOS (complementary metal-oxide-semiconductor) processes for logic and mixed signal products," Mr Vinod Agarwal said.

SemIndia will rely on IMEC's expertise in developing and transferring advanced CMOS processes. "In second phase, SemIndia plans to collaborate with IEMC on advanced semiconductor processes of 65 nano metre and 45 nano metre," he said.

The IMEC Vice-President for Strategic Relations, Mr Roger de Keersmaecker, said IMEC acknowledged the fact that India is fast emerging in the nanoelectronic, R&D and manufacturing segments. "India's booming economy and microelectronics market, large and educated workforce and a sound legal framework for intellectual property protection form the basic ingredients for successful R&D collaborations," he said.
cool. this looks like another step forward for FAB City project.

Last edited by Babji; November 6th, 2006 at 02:24 AM.
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Old November 5th, 2006, 11:03 PM   #2135
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AC buses for IT pros
(Deccan Chronicle)

Quote:
Hyderabad, Nov. 5: APSRTC city region has come out with a new plan to entice IT professionals to travel in city buses and expects more revenues to earn. Most of the corporate staff and IT professionals in the city have been using 4,500 cars to attend office and return home.

This led to traffic congestion of late in the city particularly during peak hours. The Railway officials tried to convince the IT professionals to travel in MMTS services but most of them could not make use of the trains because of limited routes and services. RTC city region felt that the buses can fulfill their needs with its accessibility into nook and corner in Hyderabad.

“As many as 100 air conditioned buses will be allocated exclusively to cater the needs of corporate employees,” said K. Sanjeeva Reddy, chairman of RTC Hyderabad region. RTC has ordered 250 modern buses with all facilities and among them 100 will be AC buses. The buses will run in long distance routes like Hitec City-Kukatpally and Dilsukh Nagar-Hitec City.
this would help decongest the roads to a certain extent... but would it become popular?

Last edited by Babji; November 6th, 2006 at 02:26 AM.
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Old November 7th, 2006, 12:55 AM   #2136
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New look for footpath
http://www.hindu.com/2006/11/07/stor...0716020300.htm

Now that it has restored the footpath at Koti, the Municipal Corporation of Hyderabad is ready with a plan to give the entire road stretch a new look.

The 80-ft wide road will be given a fresh bitumen coat with central median modern lighting and 10-12 ft wide footpaths on either side.

The road divider may be altered after studying the traffic flows, says Additional Commissioner (Planning & Projects) K. Dhananjaya Reddy.

Encroachments on the sides too will be removed and parking streamlined.

Permission has been given to Andhra Bank to convert their ground floor into complete parking zone for its staff.

Mr. Reddy has pointed out that as per court order, 134 and odd booksellers were accommodated inside the subway (60-odd) and in the new commercial complex at Sultan Bazar (70-odd).

`Hotel Basher' sealed


The MCH on Monday sealed `Hotel Basher' on the Punjagutta crossroads and sent the seized non-vegetarian food items for analysis following a raid.

The raid was led by Commissioner Sanjay Jaju himself who was accompanied by Additional Commissioners Anuradha (West Zone) and Ram Mohan Rao (Health & Sanitation).
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Old November 7th, 2006, 01:41 AM   #2137
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http://www.deccan.com/home/homedetai...20chit%20fraud
15,000cr worth forest land is grabbed

Quote:
Hyderabad, Nov. 6: Encroa-chers have occupied forest land worth thousands of crores of rupees around the city. A survey conducted by the forest department at the Tumkunta forest block revealed that 300 hectares of the total 478 hectares were under illegal occupation. Forest officials were shocked to discover that a fly ash factory and a poultry feed unit had been constructed in the protected forest area without permission.

On conducting further inspections, they came across farm houses, small scale units and layouts in the protected forest. Boundary stones had been removed in many areas. Hyderabad north and south ranges together have 26,589 hectares (66,500 acres) of protected forest land. Forest officials estimate that 5,300 acres of this land may have been encroached upon. The land is valued at Rs 15,000 crore.
Realtors have been making a beeline for the villages that fall under these ranges for obvious reasons. These villages include Shamirpet, Sahebnagar, Gurramguda, Turkayamjal, Maheswaram, Upperapally, Kuntluru, Lalgadi, Malakpet, Keesara, Dharmaram, Peerzadiguda, Medchal and others. Authorities are pretty certain that the encroachments occurred with the connivance of the forest and revenue officials.

Additional Principal Chief Conservator of Forest (Vigilance) Sunil Kumar said that all steps would be taken to evict encroachers from protected forest lands. A senior forest officer lamented that no survey had been conducted in the forest land for the last 20 years. “We failed to protect the valuable property,” he said. This time too, there was heavy pressure from some lobbies not to continue with the survey, he added.

“Only if the empowered committee of the Supreme Court intervenes will there be any change in the scenario,” the officer felt. Hyderabad DFO Mohammed Akbar refused to divulge the extent of land under illegal occupation but admitted that officials had noticed some illegal structures. “We will not spare anyone who encroaches upon protected forest lands,” he said. It is estimated that 3.50-lakh hectares of forest land are under encroachment in the whole of the State.
Koti book bazaar is razed

Quote:
Hyderabad, Nov. 6: South India’s biggest second-hand book market in Koti was reduced to rubble by officials of the Municipal Corporation of Hyderabad on Monday. Armed with a High Court order, MCH officials, along with the police, enthusiastically pulled down 104 shops in the area...

Some shop owners started shifting their books on Sunday night itself to the alternate spots provided in the MCH commercial complex in Sultan Bazaar and the Koti subway.

MCH officials said that the shop owners had been given enough time.

MCH Additional Commissioner Dhanunjaya Reddy said that a pavement would be constructed in the vacated area for pedestrians. “Similar demolition works will be taken up in other areas of the city after serving notices to encroachers,” he added.
URL: http://www.thehindu.com/2006/11/07/s...0716020300.htm

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Old November 7th, 2006, 01:57 AM   #2138
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IMG deal: Centre sends ordinance back to govt
Ganesh S Lakshman
[ 7 Nov, 2006 0257hrs ISTTIMES NEWS NETWORK ]

Quote:
HYDERABAD: In a setback to the state government's move to cancel the memorandum of understanding (MoU) regarding the IMG-Bharata Academies' sports project inked between the Florida-based sports management group and the previous N Chandrababu Naidu government, the Union law ministry is understood to have returned the draft ordinance seeking to cancel the deal. This is on the grounds that it has not been properly worded in legal terms.

While the department of youth advancement and sports affairs officials refused to comment on the development, a top official confirmed to TOI that the ordinance has been sent back. "The Centre has returned the ordinance. They told us that some amendments have to be made in the ordinance. Our legal department is at the job and will send it to the Centre soon," the official said.
While the state is insistent on cancelling it, the issue is generating a lot of political and legal heat. The ordinance to cancel the deal was drafted despite the contract signed between the Naidu government and IMG-B precluding the possibility of any legislation cancelling it and also mentioning that any arbitration could be made only at the International Court of Arbitration in London.

The state cabinet had recommended issuance of an ordinance in October on the grounds that the deal was signed by a caretaker government; that land was given at a cheap rate; and that there was no connection between IMG-B Academies and IMG Florida. Both IMG Florida and IMG-B officials had dismissed the three charges as false and baseless.

The Naidu government had entered into an MoU with IMG-B, a subsidiary of International Management Group East, which is a subsidiary of IMG Academies, Florida, in 2003 to establish a Rs 700-crore sports academy spread over 400 acres in Gachibowli, including seven stadiums which promised to promote world-class sporting activities and churn out Olympians and world class sports personnel.

However, soon after the Y S Rajasekhara Reddy government took over in May 2004, it decided to examine afresh 61 land allotments made by the previous regime of five acres and above, including the IMG-B project. A committee of ministers examined the matter and suggested that IMG-B should enter into a fresh sale deed with the new government failing which the existing deed should be cancelled.

Last edited by Babji; November 7th, 2006 at 03:39 AM.
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Old November 7th, 2006, 01:59 AM   #2139
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http://www.deccan.com/home/homedetai...20chit%20fraud
AP media baron is accused of chit fraud

[QUOTE]New Delhi, Nov. 6: Margadarsi Financiers, a company owned by an Andhra Pradesh media magnate, has been accused of fraud running into crores of rupees by a Congress member of Parliament. Margadarsi Financiers is owned Mr Ramoji Rao, the owner of the Eenadu group of newspapers and TV channels, Congress MP from Rajahmundry (Andhra Pradesh) Aruna Kumar Vundavalli said.

The Congress MP has made a written representation to Union finance minister P. Chidambaram to “thoroughly enquire” into the activities of the Hyderabad-based firm, which he claims is operating in contravention of the Reserve Bank of India Act of 1934. Mr Aruna Kumar, who met Mr Chidambaram on Monday, later held a press conference to release the letter, which was accompanied by a detailed balance sheet of Margadarsi Financiers.

In his letter to Mr Chidambaram, the Rajahmundry MP has stated that “Margadarsi Financiers, a Hyderabad-based Hindu Undivided Family, has been engaged in the business of non-banking financial activities, that is, accepting deposits and unsecured loans from the general public and deploying the same as investments in the group companies against the Rules and Regulations of the Provisions of Sec. 45-S of the RBI Act, 1934.”

“You are kindly aware that with a view to safeguarding and protecting the interests of the depositors, Parliament has introduced Chapter 3-C in the RBI Act, 1934 and brought in Sec. 45-S into the said legislation expressly prohibiting Individuals, partnership firms or an Unincorporated Association of Individuals from accepting any deposits from the public unless it is from relatives, as defined under Sub-sec (3) of Sec 45-S,” Mr Kumar’s letter read.

“The said sub-section under its explanation provides that ‘for the purposes of this section a person shall be deemed to be a relative of another if and only if they are members of a Hindu Undivided Family, clearly covering the activities of HUF also within the scope of the Unincorporated Association of Individuals....,’” the letter read.

The Rajahmundry MP alleged in his letter: “As against this mandate, Margadarsi Financiers, a HUF by status, has raised as on 31.3.05 a sum of Rs 2,201 crores as deposits from the public and reported an accumulated loss of Rs 1,100 crores as on that day...” “Another very important issue is that whereas Margadarsi Financiers is incurring losses every year upwards of Rs 200 crores, the total profits of all the group companies in which the investments are made out of the deposits collected by Margadarsi Financiers, as per our information, is not more than Rs 100 crores per annum, and this clearly means that there is no way that the existing depositors can be serviced,” the letter claimed.

“This clearly means that for reasons best known to RBI, they have not been exercising their supervisory and regulatory control over Margadarsi Financiers, which is why they are able to carry on their activities with impunity. Interestingly, even the income-tax department, where the financial statements are filed year after year for assessments, has also kept quiet without enquiring into whether annual accretions to the deposits are from the members of the general public or the amounts recycled clandestinely and against the provisions of the Money Laundering Act,” Mr Aruna Kumar alleged.

Along with the letter, Mr Aruna Kumar has also released portions of the act that mention the list of 22 relatives considered as part of the HUF. They are the father, mother (including step-mother), son (including stepson), son’s wife, daughter (including stepdaughter), father’s father, father’s mother, mother’s mother, mother’s father, son’s son, son’s daughter, son’s daughter’s husband, daughter’s son, daughter’s son’s wife, daughter’s daughter, daughter’s daughter’s husband, brother (including step-brother), sister (including step-sister), brother’s wife and sister’s husband.

The balance sheet of Margadarsi Financiers that accompanied Mr Kumar’s letter shows investments of Rs 6,714,234,839.79 in intra units and similarly Rs 992,500 in Ushodaya News Agencies and Rs 110,000,000.00 in Ushodaya News Agencies A/C-II.[/QUOTE]

Last edited by Babji; November 7th, 2006 at 05:24 AM.
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Old November 7th, 2006, 02:05 AM   #2140
Babji
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Forest Officials find: 15,000cr worth forest land is grabbed

AP media baron is accused of chit fraud

IMG Deal: "The Centre has returned the ordinance. They told us that some amendments have to be made in the ordinance. Our legal department is at the job and will send it to the Centre soon," the official said.

Is there a storm brewing up in AP politics?
will it benefit the people of the state??
will it hamper the dev projects???
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