Latest news with #OTS
The Hindu
a day ago
- Business
- The Hindu
L&T Metro Rail Hyderabad records 25% growth in ridership; revenue drops by 21%
L&T Metro Rail Hyderabad (L&TMRH) — which has built and runs the phase one of the Hyderabad Metro Rail (HMR) for 69.2 km — has recorded the highest ever [daily] ridership of 5.63 lakh with more than five lakh ridership for about 70 days during the year (2024-25), recording a growth rate of 25% over the previous year (2023-24). Yet, it has declared a 21% decrease in revenue - which is ₹1,108.54 crore in the financial year of 2024-25 up to March 31st [2025] as against revenue earned of ₹1,399.31 crore in the previous financial year of 2023-24. The annual loss too has increased by 13% or ₹625.88 crore, which is up from ₹555.04 crore loss registered in the previous financial year. ₹627 crore through fare collection The company earned ₹627.11 crore in revenue from fare collection through the metro rail system and (₹485.55 crore) from Transit Oriented Development (TOD) assets, advertising, retail activities at stations, rentals of optic fibre cables, right of way for telecom towers, etc. The annual report of the company for the year (2024-25) has stated that the next level upgrade of its ticketing system or Open-loop Ticketing System (OTS) will be introduced in the current financial year of 2025-26 to enhance commuter convenience by aiding digital payments. 50 crore passenger journeys The report, finalised at the annual general body meeting held recently, stated that about 50 crore passenger journeys have been commemorated since its inception with the operating ratio ranking one of the best amongst all metros in India due to control over operating costs and optimum utilization of rolling stock. The Ministry of Housing & Urban Affairs (MoHUA) accredited 'I-Metro' , which publishes a comparison of Key Performance Indicators (KPIs) every year, has ranked L&TMRH as the the top performer for 2024-25. The Periodic Overhauling (POH) for 14 of the 57 seats trains was completed during the year and is in progress for remaining trains. 12% energy requirements met with solar power L&TMRH has replaced 12% of its grid power requirements for metro operations with captive solar power of 11.0 Mwp and solar panels were installed over the rooftop of stations and in the depot areas. Another 1 MWp of solar capacity is expected to be commissioned during this financial year. About 155 rainwater harvesting pits were constructed at various stations and depots to harvest about 60 million litres of water per year. The aim is to attain 'Carbon Neutrality' by 2040 and 'Water Neutrality' by 2035. Worth of assets The gross fixed assets comprising of property, plant and equipment, investment property and including assets under development was at ₹17,355.19 crore and the net fixed assets at ₹15,620.46 crore.
Time of India
5 days ago
- Business
- Time of India
Mohali dist earns Rs 11.43 cr in property tax in just 19 days under OTS scheme
Mohali: In a major boost to the Punjab government's efforts to recover outstanding property taxes, the urban local bodies (ULBs) of Mohali district have collected a record Rs 11.43 crore in just 19 days under the one-time settlement (OTS) scheme. Lauding the citizens' overwhelming response, Mohali deputy commissioner Komal Mittal said the unprecedented recovery between July 1 and July 19 reflects the success of the scheme introduced by chief minister Bhagwant Singh Mann, aimed at offering substantial relief on long-pending property tax dues. According to official data, Zirakpur topped the charts with collections of Rs 7.53 crore, followed by Kharar at Rs 2.09 crore, and Derabassi at Rs 96.45 lakh. The breakdown of collections from other municipal councils is as follows: Kurali – Rs 22.25 lakh, Nayagaon – Rs 32.50 lakh, Banur – Rs 17.02 lakh, and Lalru – Rs 12.39 lakh. The DC explained that under the OTS scheme, residents with unpaid or partially paid property tax dues up to March 31, 2025, are eligible for a full waiver on penalty and interest if they clear the principal amount by July 31, 2025. Those who pay between Aug 1 and Oct 31 will get a 50% waiver on the penalty and interest. After this period, the full penalty and interest will apply as per existing laws. To further facilitate taxpayers, the district administration has decided to keep municipal council offices open on weekends until July 31. "This will help working citizens who are unable to visit during weekdays," the DC added. In a bid to encourage the public and assess the implementation, additional deputy commissioner (urban development) Anmol Singh Dhaliwal inspected Zirakpur and Kharar municipal councils on Friday. He expressed satisfaction with the strong response from residents and lauded the efforts of the municipal teams. Urging citizens to take advantage of the scheme, DC Komal Mittal appealed to residents to visit their respective municipal councils and clear their dues within the stipulated timeframe to avoid penalties. MSID:: 122783767 413 |
Time of India
09-07-2025
- Business
- Time of India
Pre-bypoll push falls flat: LIT's dues settlement schemes see lukewarm response
Ludhiana: In a bid to woo voters ahead of the Ludhiana West bypoll, the administration rolled out two special policies under the Ludhiana Improvement Trust (LIT) — one for settling long-pending non-construction fees and another one-time settlement (OTS) scheme for allottees who failed to pay instalments for their allotted properties. But despite the seemingly generous offer, the public response has been underwhelming. With just 20 days left before the July 31 deadline, the response remains muted — only 155 applications have come in under the non-construction fee (NCF) policy and 100 under the OTS scheme. Officials had hoped for a better turnout but blame poor recordkeeping and lack of awareness for the disinterest. The policies were notified on April 17, but LIT officials now pin their hopes on a last-minute rush, saying beneficiaries often tend to settle dues closer to the deadline. In 2016, a one-time settlement policy had been notified for six months, during which 372 applications were received — a higher response compared to the current policy, which was open for a shorter period. Sources revealed that LIT officials lack accurate data on the number of defaulters for non-construction fees (NCF) or pending instalments. This is largely because records are not maintained plot-wise. Further, officials often don't know whether a plot is still with the original allottee or has been sold further — unless someone approaches the clerks in the sale branch directly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo Sources added that this lack of proper recordkeeping has left LIT dependent entirely on defaulters to come forward on their own. In some cases, localities developed by LIT were later transferred to the municipal corporation (MC), resulting in incomplete or lost records. Ludhiana Improvement Trust (LIT) chairperson Tarsem Bhinder admitted that they received fewer applications for the two policies, however, he claimed that he has asked the concerned staff to start contacting the defaulters to reap the benefit of the schemes. He highlighted that the LIT had lesser staff to handle additional tasks. Under the one-time settlement policy for the Non-Construction Fee (NCF), a 50% discount is offered on the total amount due (principal + interest) to allottees of properties under LIT development schemes — whether less than or more than 15 years have passed since the allotment letter was issued. For cases older than 15 years, the NCF is fixed at 5% of the applicable reserve rate. Additionally, senior citizens, women, and legal heirs of Armed or Paramilitary Forces personnel killed in action are eligible for an extra 25% discount on the already reduced NCF amount. After getting an exemption from the govt under the One-Time Relaxation Policy on the NCF, the allottee will be bound to deposit the amount and construct his property by getting the plan approved by Dec 31. Similarly, under the one-time settlement for pending dues where allottees have made some kind of payment, this exemption is applicable only in those cases in which the allottees have deposited 1/4th part of the amount after the allotment of the concerned property. According to this, the allottees will be able to regularise their property by depositing the remaining amount at the applicable rate (at simple interest) and restoration charges at the rate of 2.5 percent at the reserve rate for the year 2025-26 as per the rules issued from time to time. Complete exemption was given on penalty/penal interest.
India Today
09-07-2025
- Business
- India Today
Ex-CEO of New India Cooperative Bank gets pre-arrest bail in loan waiver case
The Mumbai Sessions Court has granted anticipatory bail to Abhimanyu Surinder Kumar Bhoan, former CEO of New India Co-operative Bank, in connection with an FIR alleging wrongful waiver of loans amounting to Rs 18.56 secured the relief despite currently being in judicial custody in a separate case being probed by the Economic Offences Wing (EOW), which involves the alleged embezzlement of Rs 122 crore from the bank's cash granting bail, Additional Sessions Judge N G Shukla observed that the Investigating Officer could have interrogated Bhoan while he was in custody in the EOW case. 'It seems that, investigating officer does not really require custodial interrogation of applicant,' the judge noted. According to the prosecution, the Percept Group of Companies had availed four types of loans from the bank between 2019 and 2022. The loan accounts turned non-performing assets (NPAs), with an outstanding amount of Rs 79.90 crore. It is alleged that Bhoan and other co-accused accepted a One-Time Settlement (OTS) offer of Rs 61.34 crore from the group, thereby causing a wrongful loss of Rs 18.56 crore to the FIR further alleges that Bhoan and co-accused Hiren Bhanu and Suket Kumar Patel received Rs 6.37 crore in their bank accounts from the Percept Group, thereby gaining lawyers, Wesley Moneza, Ruben Mascerahnas, and Waqar Pathan, argued that the Reserve Bank of India (RBI) had issued a circular on January 6, 2020, revising the Supervisory Action Framework (SAF) for all Urban Co-operative Banks. As per the circular, an RBI officer was appointed in every such bank and attended all board meetings. Therefore, they contended that the Board could not have accepted the OTS without the RBI officer's also referred to RBI guidelines dated June 8, 2023, regarding OTS procedures, stating that the settlement was in accordance with these guidelines and that the decision was made by the Board of Directors, where Bhoan was present only in his capacity as prosecution opposed the plea. However, after hearing both sides, the judge noted that Bhoan was not the decision-making authority and that the approval for the settlement was granted by the Board of court also found that the prosecution's claim of alleged kickbacks lacked specific details regarding the amount and timing of money transfers to Bhoan's this year, in February, panic gripped account holders across branches in Mumbai, Thane, and other parts of Maharashtra after the RBI imposed transaction restrictions on the bank in light of these allegations.- EndsTune InMust Watch
Time of India
08-07-2025
- Business
- Time of India
Mumbai court grants pre-arrest bail to New India Co-operative Bank's former CEO in cheating case
Mumbai: A court on Tuesday granted pre-arrest bail to former CEO of New India Co-operative Bank Abhimany Bhoan in a cheating and criminal breach of trust case, saying prima facie there was no material to show his role in the alleged crime. His anticipatory bail plea was allowed by additional sessions judge N G Shukla on July 5. The detailed order was made available on Tuesday. Bhoan is in judicial custody since Feb following his arrest in a related case probed by the Economic Offences Wing (EOW) of Mumbai Police. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai In the case at hand, the prosecution alleged that while serving as the bank's CEO, Bhoan, along with bank chairman Ranjit Bhanu (deceased) and vice-chairman Gauri Ranjit Bhanu, accepted a one-time settlement (OTS) proposal from Percept Group of Companies of Rs 61.3 crore for the company's outstanding loan amount of Rs 79.9 crore. The settlement allegedly caused the bank a wrongful loss of Rs 18.56 crore, it said. The police further alleged that Bhoan and the co-accused received nearly Rs 6.4 crore in their bank accounts from the company in exchange for accepting the OTS proposal. Hence, the FIR came to be lodged against Bhoan and other accused under relevant provisions of the Indian Penal Code (IPC) for cheating, criminal breach of trust and criminal conspiracy. Bhoan's advocate, Wesley Moneza, contended that he was appointed as the CEO in 2019 and had no role in accepting the OTS proposal. He highlighted that the previous OTS applications by Percept Group were rejected by the board of directors and Bhoan himself. The OTS in contention was accepted on Oct 19, 2023, as per the RBI guidelines issued on June 8, 2023, the advocate submitted. He further contended that there was no chance of recovering the loan by auctioning mortgage property, and hence, the OTS was accepted by the board of directors. There was no cheating and wrongful loss to the bank, Moneza said. The court noted the investigating officer had not sought Bhoan's custodial interrogation despite him being in judicial custody in another crime. Hence, it seems that the police do not really require Bhoan's custodial interrogation, the court said. The judge held that in the case, Bhoan as the bank CEO had placed the OTS proposal given by Percept Group Companies before the board meeting. "Prima facie, there is no material showing role of applicant in taking decision of according approval to said proposal," the court ruled, while allowing his plea. Earlier this year, New India Cooperative Bank was hit by an alleged Rs 122 crore embezzlement of funds by top management, and has been under an RBI-appointed administrator since then.
