Latest news with #MCs
Time of India
02-08-2025
- Business
- Time of India
In redevelopment deals, Mumbai residents sweat over fears of managing committee-builder nexus
1 2 In a housing society in Khar, residents were shocked when they learnt managing committee members enjoyed an all-expense paid holiday in Bangkok, courtesy a builder. The son of a society chairman in the eastern suburbs, who owned a small software firm, got projects worth Rs 6.5 crore, while the daughter, a doctor, managed to get a top post in a hospital. The secretary of another society, who owned a small printing press, got a huge contract to print the annual reports of a construction firm. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai In a Vile Parle society, a woman member has filed a case in the consumer court against the managing committee for allotting her a flat on a lower floor instead of a higher floor, which she claimed she was to get. In Mumbai's real estate industry, redevelopment has become the most lucrative market not just for developers hunting for prime properties. A lesser-known secret is the role of the all-powerful managing committees (MCs) of housing societies; these are a small group of people who initiate redevelopment, meet developers and finally convince society members to select the best. TOI spoke to a cross-section of people in the redevelopment market, including builders, advocates, housing society members, architects, and activists, about the crucial role played by MCs and the influence they wield among competitive developers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This new air conditioner cools down a room in just seconds News of the Discovery Undo Advocate K K Ramani, who has many housing societies as his clients during redevelopment, said the MC has a lot to contribute and its members devote their time and effort. "Someone has to make a decision, good or bad. It is a thankless job. They cannot satisfy everyone,'' he said. Ramani believes residents are more aware of their rights and keep MCs on their toes, but people in the know told TOI underhand benefits for MC members continue from builders and are of varied nature. Ramani said the MCs he deals with are dedicated people and do not short-change other members. "It used to happen two decades ago when society members left everything to the MC to decide during redevelopment. Now, members are more aware of their rights,'' he added. However, people in the know told TOI underhand benefits for MC members continue. "Their chosen builder will give them preferential treatment like better amenities, more area than they are entitled to at a discounted price, or free interiors of the new flat. Or it could be giving a MC member his redeveloped flat on a higher, sea-facing side,'' they said. A developer, who spoke to TOI on the condition that his identity not be revealed, said his experience with MCs was that "25% are genuine while 75% have vested interests''. "Someone from the MC wants more area, others may demand money on the side,'' he said. This developer also claimed several "project management consultants" (PMCs) appointed by MCs to help societies in the redevelopment process, have become "glorified brokers" and are "super corrupt". "They knock out money from developers for selecting them for redevelopment,'' he said. Another developer with a slew of redevelopment projects in the prime Bandra-Khar belt, said some PMCs and MCs "rig tenders" so that the project goes to a selected builder. "These syndicates (nexus of PMC and MC) are known to get kickbacks ranging from Rs 5 crore to Rs 10 crore in prime localities. Redevelopment is their payday," he said. This developer further said what surprises him is that most of these shady MC members come from a wealthy background. Housing activist Chandrashekar Prabhu, who has been pushing for self-redevelopment, said some builders inflate numbers in feasibility reports for redevelopment. "These builders spent huge sums to pay office bearers to select PMCs on their payrolls so that they can manipulate the feasibility reports to make it appear that the builders would hardly earn any profits in the redevelopment schemes. In return for convincing members to agree to a PMC, the architect, structural engineer, liaison consultant, other consultants, select managing committee members and office bearers are paid off. Some builders offer upfront payment to office bearers to identify vulnerable families willing to sell their flats. Moreover, if all members can be convinced the deal offered is the best, proactive office bearers will be given free flats in another project. For every decision that results in an increase of profits for the builder, there is a good share of the spoils for office bearers,'' he said. Advocate Vinod Sampat said the positive aspect of MCs is they protect the interests of society members. ``Many of these committees are experts in various fields and are knowledgeable. Most decisions are taken transparently,'' he said. But Sampat said he has seen the dark side too, where an MC is hand-in-glove with the developer. "The rotten ones will deliberately leave loopholes in development agreements so that income tax and GST liability falls on the members instead of the developer,'' he said, adding arbitration with the builder in case of a dispute will financially ruin the society. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
New Straits Times
06-07-2025
- New Straits Times
Cops bust fake MC syndicate run by heart patient
SUNGAI PETANI: Three men, including a real heart patient, have been arrested for allegedly producing and selling fake medical certificates (MCs) following an internal investigation into a police officer who frequently took medical leave. Kuala Muda police chief Assistant Commissioner Hanyan Ramlan said the illegal operation came to light after suspicious government-issued MCs submitted by the officer were reviewed. Acting on the tip-off, police raided a premises in Taman Songket Indah here at 4.30am on June 26. "A man in his late 40s was arrested. Police also seized around 20 fake MCs, a tablet, laptop, printer, a doctor's name stamp and A4 paper believed to have been used to produce the fake documents," he said during a press conference at the Kuala Muda police headquarters today. Hanyan said preliminary investigations showed the suspect had been selling fake certificates for RM25 to RM30 per day of medical leave. He said the man is believed to have been running the operation for the past two years, using the names of doctors who had treated him and inventing fake job titles for the stamps. "Each time the suspect received treatment at a hospital, he would memorise the attending doctor's name to be used on the forged stamp. "Most of the names used were real, but the titles were inaccurate. His main targets were civil servants and police personnel. "Those caught submitting fake MCs are believed to have met the suspect at eateries near the hospital," he said. Following the initial arrest, two other men in their 30s were also detained for allegedly acting as middlemen to connect buyers with the suspect. The case is being investigated for cheating and forging documents. All three suspects have been released on police bail after their statements were recorded.
New Straits Times
06-07-2025
- New Straits Times
Cops bust fake MC syndicate run by heart patient after probing own officer with too many leave
SUNGAI PETANI: Three men, including a real heart patient, have been arrested for allegedly producing and selling fake medical certificates (MCs) following an internal investigation into a police officer who frequently took medical leave. Kuala Muda police chief Assistant Commissioner Hanyan Ramlan said the illegal operation came to light after suspicious government-issued MCs submitted by the officer were reviewed. Acting on the tip-off, police raided a premises in Taman Songket Indah here at 4.30am on June 26. "A man in his late 40s was arrested. Police also seized around 20 fake MCs, a tablet, laptop, printer, a doctor's name stamp and A4 paper believed to have been used to produce the fake documents," he said during a press conference at the Kuala Muda police headquarters today. Hanyan said preliminary investigations showed the suspect had been selling fake certificates for RM25 to RM30 per day of medical leave. He said the man is believed to have been running the operation for the past two years, using the names of doctors who had treated him and inventing fake job titles for the stamps. "Each time the suspect received treatment at a hospital, he would memorise the attending doctor's name to be used on the forged stamp. "Most of the names used were real, but the titles were inaccurate. His main targets were civil servants and police personnel. "Those caught submitting fake MCs are believed to have met the suspect at eateries near the hospital," he said. Following the initial arrest, two other men in their 30s were also detained for allegedly acting as middlemen to connect buyers with the suspect. The case is being investigated for cheating and forging documents. All three suspects have been released on police bail after their statements were recorded.
Borneo Post
15-05-2025
- Borneo Post
Sabah MACC moves to new HQ by October
Tun Musa (center) receiving a souvenir from Karunanithy. – Information Department photo KOTA KINABALU (May 15): The office of the Malaysian Anti-Corruption Commission (MACC) in Sabah will soon relocate to a new building, expected to be fully completed by October this year. Sabah MACC director Datuk S. Karunanithy a/l Y. Subbiah stated that the six-story building, constructed near the Customs Complex in Jalan Sepanggar, will accommodate over 100 staff, thereby improving the agency's operational efficiency. 'We have also applied for land allocations to build branch offices in other locations, including Sandakan and Tawau,' he said after paying a courtesy visit to the Sabah Governor, Tun Musa Aman, at Istana Seri Kinabalu today. Karunanithy explained that the visit also aimed to brief the Governor on the latest developments in Sabah MACC's operations, including short- and long-term plans, as well as infrastructure development for the state's main and branch offices. Meanwhile, he revealed that the most common offenses among public servants include false claims, abuse of power for bribes, and submission of fake documents such as forged medical certificates (MC). 'These offenses are investigated under Section 18 of the MACC Act. We consistently carry out prevention and awareness programs to educate both public and private sectors against unethical practices,' he said. So far, no action has been taken against any private clinics in Sabah regarding the issuance of fake MCs, but continuous monitoring is being conducted.
Fibre2Fashion
05-05-2025
- Business
- Fibre2Fashion
US reciprocal tariffs to exacerbate stress for Indian MSMEs: Ind-Ra
US reciprocal tariffs will exacerbate stress for Indian micro, small and medium enterprises (MSMEs) with moderate to high intensity, India Ratings and Research (Ind-Ra) recently cautioned. MSMEs with revenue below ₹2.5 billion (~$296.6 million) and investment in plant and machinery below ₹50 million as of March 31, 2024, are counted. US reciprocal tariffs will exacerbate stress for Indian MSMEs with moderate to high intensity, India Ratings and Research (Ind-Ra) recently cautioned. Ind-Ra expects Indian MSMEs to turn more vulnerable, especially entities in the sectors where the impact of tariff war is negative. It believes that any demand slowdown could impact MSMEs more than mid-sized corporations. The credit profile of these entities has reverted to pre-COVID level, but the improvement has lagged that of companies whose revenue ranges between ₹2.5-10 billion. With the worsening of operating conditions owing to the escalation of tariff war in April this year, Ind-Ra expects Indian MSMEs to turn more vulnerable, especially entities in the sectors where the impact of tariff war is negative. The rating's agency's analysis suggests that as on March 31, 2024, 23 per cent of the MSMEs remained stressed compared to 11 per cent for mid-size corporations (MCs), which are better positioned than pre-COVID levels to manage business cycles. Ind-Ra believes that any demand slowdown could impact MSMEs more than MCs, although a reduction in interest rates and an improvement in systemic liquidity could provide cushion. There is notable polarity in the operating and financial metrics of MCs and MSMEs, with the former's operating performance and return on equity (RoE) starkly improving during FY15-FY24 and little-to-no improvement for MSMEs. An increasing disparity in RoE profiles of MSMEs and MCs was observed and improvement in MSMEs' operating performance remains skewed, Ind-Ra said in a release. MSMEs' capital expenditure remains subdued in India, while MCs are better placed to withstand financial shocks than MSMEs, Ind-Ra added. On aggregate, 6 per cent of the 1,898 Indian MSMEs studied are in the high-risk category, holding the total debt outstanding of around ₹81 billion as of FY24, which comprises 16 per cent of the total debt of 1,898 MSMEs. Only 5 per cent of MCs are in the high-risk category, holding the total debt outstanding of around ₹137 billion as of FY24, which comprises 11 per cent of the total debt of 1,055 MCs. Fibre2Fashion News Desk (DS)
