Latest news with #MPID
Time of India
18-07-2025
- Politics
- Time of India
Minister vows stricter law against people cheating farmers
1 2 3 Pune: Opposition targeted the state govt on the last day of the monsoon session over bogus seeds and fertilisers being sold to farmers and claimed that its action against the fraudsters was not effective, while agriculture minister Manikrao Kokate vowed to bring some stricter law to punish the unscrupulous people. Congress MLA Vijay Wadettiwar said, "It is quite a serious issue happening across the state. Even MLAs from Mahayuti have expressed concern over it. The state has responded to the problem by appointing flying squads, but it will not address this kind of issue. The state govt will have to take some serious steps." Calling for stricter laws to punish people involved in such crime, he said, "The farmer spends his hard-earned money to purchase seeds and fertilisers. S/he works hard to grow crops, but all efforts go in vain because of bogus seeds and fertilisers. We demand the govt to come up with stricter laws like MPID to award serious punishment to such fraudsters." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Responding to it, agriculture minister Kokate said, "The central govt is bringing in a new law to punish people involved in such crime. If needed, the state will also take initiative to introduce a stricter law."
Time of India
16-07-2025
- Business
- Time of India
CM: Dedicated Maha Agency Soon To Tackle Investor Fraud Cases
Nagpur: Maharashtra govt will create a specialized investigation mechanism to focus solely on investor fraud cases, announced chief minister Devendra Fadnavis on Tuesday while replying to a discussion in the assembly on the alleged fraud by Maitreya Group of Companies, a matter brought up by Sangamner MLA Amol Khatal. Highlighting the increasing number of financial scams affecting small and medium investors across the state, Fadnavis said the new unit will provide the police with technical, legal, and property valuation expertise to ensure timely and effective action. "These crimes are growing rapidly, and the police alone cannot manage the complexity of asset tracing and recovery. A specialized investigation wing will be established to support law enforcement," he said. The proposed agency will consist of financial analysts, legal experts, and property valuation professionals. Its main role will be to work with the police after FIRs are filed, assisting in tracing both movable and immovable assets, evaluating them, initiating seizure under MPID (Maharashtra Protection of Interest of Depositors) Act, and facilitating auction and recovery proceedings. "While we already have the MPID Act to protect depositors, its implementation has produced limited results," Fadnavis noted. "The new agency will ensure the law is enforced more effectively and that asset recovery processes aren't delayed due to lack of technical or legal support," he said. The CM also said that the govt is reviewing penal structure under the MPID Act to increase punishments and financial penalties for economic offences. "We are considering amendments to increase both the duration of imprisonment and the amount of fine imposed in such cases," he added. The announcement came in response to supplementary questions raised by legislators Prakash Solunke and senior BJP leader Sudhir Mungantiwar, who supported the need for a systemic crackdown on fraud targeting investors. Over the past few years, Maharashtra has witnessed a surge in deposit frauds, with several high-profile cases dragging on due to delays in identifying and liquidating assets. Officials say current systems lack the domain expertise and infrastructure to follow through complex financial investigations, leaving victims without relief for years. The proposed agency, expected to operate under home or finance department, will be empowered to provide end-to-end assistance in enforcement — from forensic financial audits to auction of seized assets.
India.com
07-07-2025
- Business
- India.com
Maharashtra Politics: Fresh Rift Expected In Mahayuti? CM Fadnavis Orders Probe Into Tender Process Involving Shiv Sena Minister's Son
MUMBAI: Maharashtra Chief Minister Devendra Fadnavis on Monday announced a high-level enquiry into the tender process for the sale of Hotel VITS at Chhatrapati Sambhajinagar which involved the company of state's Social Justice Minister and Shiv Sena leader, Sanjay Shirsat's son Siddhant. He made this announcement during a discussion on a Calling Attention Motion moved by Leader of the Opposition Ambadas Danve on the now cancelled tender process for the sale of the said hotel. Danve said, "A company formed in 2024 was allowed to participate in the bid. The hotel bid was fixed at the 2018 rate, which was severely undervalued. The cartelisation of the companies led to acceptance of a tender of a company which did not have three years of ITR as required. Will there be action against the officials and the company which had won the tender?" Revenue Minister Chandrashekhar Bawankule informed that the said tender process has now been cancelled. "We had previously issued six tenders since 2018, for which no company came forward. The hotel's value was fixed based on the special MPID court," he said. The VITS hotel was the property of Dhanada Corporation Limited, listed on the Bombay Stock Exchange. In 2016 and 2017, the properties of the company were seized including the said hotel. In a bid to return the money of shareholders, its auction was held. However, according to the minister, no company came forward for six tender processes held since 2018. Danve said that M/s Siddhant Material Procurement and Supply company won the tender at a small price of Rs 65 crore at a time when the current valuation of the hotel is around Rs 150 crore. He mentioned that the owner of the company that bid for the hotel is Siddhant Shirsat, the son of a minister and the minister's election affidavit for year 2024 shows no property belonging to his son. He was joined by Opposition MLCs Anil Parab, Bhai Jagtap and Shashikant Shinde seeking action from the government on officials as well as the company owner. As Bawankule maintained that the tender process had been cancelled and the new process would take all the precautions, the Opposition pressed for action and resignation of Minister Shirsat. Amid sloganeering, Minister Shirsat presented his side. "The entire process has run through court orders. Every tender has been issued after a court order and not by officials. Nobody came forward when the tender was issued six times," said Shirsat, adding that all the allegations were false and baseless. As the sloganeering continued, Chief Minister Fadnavis said that the Revenue Minister has clarified that the process has been cancelled. "It is important such cases should have transparency. Therefore, a high level enquiry will be conducted to probe as to whether any irregularity has taken place in the entire process," he added.
Hans India
07-07-2025
- Business
- Hans India
CM Fadnavis orders probe into tender process involving Shiv Sena Minister's son
Maharashtra Chief Minister Devendra Fadnavis on Monday announced a high-level enquiry into the tender process for the sale of Hotel VITS at Chhatrapati Sambhajinagar which involved the company of state's Social Justice Minister and Shiv Sena leader, Sanjay Shirsat's son Siddhant. He made this announcement during a discussion on a Calling Attention Motion moved by Leader of the Opposition Ambadas Danve on the now cancelled tender process for the sale of the said hotel. Danve said, "A company formed in 2024 was allowed to participate in the bid. The hotel bid was fixed at the 2018 rate, which was severely undervalued. The cartelisation of the companies led to acceptance of a tender of a company which did not have three years of ITR as required. Will there be action against the officials and the company which had won the tender?" Revenue Minister Chandrashekhar Bawankule informed that the said tender process has now been cancelled. "We had previously issued six tenders since 2018, for which no company came forward. The hotel's value was fixed based on the special MPID court," he said. The VITS hotel was the property of Dhanada Corporation Limited, listed on the Bombay Stock Exchange. In 2016 and 2017, the properties of the company were seized including the said hotel. In a bid to return the money of shareholders, its auction was held. However, according to the minister, no company came forward for six tender processes held since 2018. Danve said that M/s Siddhant Material Procurement and Supply company won the tender at a small price of Rs 65 crore at a time when the current valuation of the hotel is around Rs 150 crore. He mentioned that the owner of the company that bid for the hotel is Siddhant Shirsat, the son of a minister and the minister's election affidavit for year 2024 shows no property belonging to his son. He was joined by Opposition MLCs Anil Parab, Bhai Jagtap and Shashikant Shinde seeking action from the government on officials as well as the company owner. As Bawankule maintained that the tender process had been cancelled and the new process would take all the precautions, the Opposition pressed for action and resignation of Minister Shirsat. Amid sloganeering, Minister Shirsat presented his side. "The entire process has run through court orders. Every tender has been issued after a court order and not by officials. Nobody came forward when the tender was issued six times," said Shirsat, adding that all the allegations were false and baseless. As the sloganeering continued, Chief Minister Fadnavis said that the Revenue Minister has clarified that the process has been cancelled. "It is important such cases should have transparency. Therefore, a high level enquiry will be conducted to probe as to whether any irregularity has taken place in the entire process," he added.
Time of India
05-07-2025
- Time of India
Illegal building tilts and crashes in Vasai-Virar
Vasai: An illegal building came crashing down on Saturday evening after it developed a tilt on Friday night. No one was injured as 70 residents of the building, Sairaj, were evacuated the previous night. The reason for the building to tilt and crash was said to be renovation work on a ground floor shop, where two pillars were damaged. The police said that as of now no offence had been registered as no one from the society or the Vasai-Virar City Municipal Corporation (VVCMC) came to file a complaint. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai When the Sairaj building came down crashing, it damaged the adjacent building 'Kusum'. The VVCMC immediately vacated the building. The VVCMC demolition team arrived and started demolishing Kusum building. Both the buildings were load-bearing buildings. The two buildings and a couple more around these are illegal and were made with below-par construction material, said authorities. The buildings never got any legal approvals from the VVCMC and are said to be around 13 to 14 years old. Shiv Sena district vice-president Anil Chavan said the VVCMC is responsible for the situation as it allowed construction of these illegal buildings. He said the VVCMC should now identify the developers and book them under MPID, seize their properties and distribute money among the victims. The residents have nowhere to go and cannot afford high rentals, said an activist.
