Latest news with #ROR
Time of India
4 days ago
- Business
- Time of India
Odisha HC junks plea against LIC over public auction of cancelled flat allotments
CUTTACK : Orissa high court has given a clean chit to Life Insurance Corporation of India (LIC) for reinitiating, through public auction, the sale of flats which were first allotted to policyholders through a draw of lots, and subsequently cancelled in 2014. A petition was filed by a policyholder who had deposited Rs 1 lakh and was among the successful applicants in the draw of lots, before the allotments were cancelled. The petition sought HC's intervention, alleging that LIC is now attempting to profit from the same flats by hiking its cost to Rs 80.54 lakh from the earlier Rs 58.10 lakh, which amounts to arbitrary and exploitative conduct unbecoming of a state entity. While dismissing the plea, Justice S K Panigrahi said the court cannot ignore the practical realities of urban development, land classification, and escalating construction costs. "It is not open to a writ court (HC) to freeze pricing or enforce historic transactions when the statutory and legal framework has significantly changed over a decade," Justice Panigrahi stated in the judgment uploaded on May 29. He pointed out that LIC, being a public authority, is entitled to re-value and dispose of its assets in a lawful, transparent manner, and "no mala fide can be imputed to its decision to conduct an e-auction in 2025." According to case records, in early 2014, LIC had launched a housing scheme for the allotment of 75 flats at Jeevan Bima Nagar, Phase-II, Chandrasekharpur in Bhubaneswar . Policyholders could submit applications depositing Rs 1 Lakh. LIC, on its part, submitted that the cancellation of allotment was compelled by the govt's instruction not to register flats without Record of Rights (RoR). The ROR was unavailable in 2014 and was only obtained in 2024, after due mutation and reclassification of land. After obtaining legal possession and clearances, LIC reinitiated the sale through public auction as required for fair disposal. Given the time lapse and cost escalation, the current pricing reflects present-day market and construction realities, it stated. While dismissing the petition, Justice Panigrahi also ruled that without a sale agreement, registration, or part-performance beyond a token application fee, no enforceable legal right is vested in the petitioner. Justice Panigrahi further clarified that the HC does not sit to enforce broken promises, expectations, or incomplete transactions between private parties and state instrumentalities unless a public duty, statutory violation, or glaring arbitrariness is demonstrably shown.
Time of India
4 days ago
- Business
- Time of India
HC junks plea against LIC over public auction of cancelled flat allotments
Cuttack: Orissa high court has given a clean chit to Life Insurance Corporation of India (LIC) for reinitiating, through public auction, the sale of flats which were first allotted to policyholders through a draw of lots, and subsequently cancelled in 2014. A petition was filed by a policyholder who had deposited Rs 1 lakh and was among the successful applicants in the draw of lots, before the allotments were cancelled. The petition sought HC's intervention, alleging that LIC is now attempting to profit from the same flats by hiking its cost to Rs 80.54 lakh from the earlier Rs 58.10 lakh, which amounts to arbitrary and exploitative conduct unbecoming of a state entity. While dismissing the plea, Justice S K Panigrahi said the court cannot ignore the practical realities of urban development, land classification, and escalating construction costs. "It is not open to a writ court (HC) to freeze pricing or enforce historic transactions when the statutory and legal framework has significantly changed over a decade," Justice Panigrahi stated in the judgment uploaded on May 29. He pointed out that LIC, being a public authority, is entitled to re-value and dispose of its assets in a lawful, transparent manner, and "no mala fide can be imputed to its decision to conduct an e-auction in 2025." According to case records, in early 2014, LIC had launched a housing scheme for the allotment of 75 flats at Jeevan Bima Nagar, Phase-II, Chandrasekharpur in Bhubaneswar. Policyholders could submit applications depositing Rs 1 Lakh. LIC, on its part, submitted that the cancellation of allotment was compelled by the govt's instruction not to register flats without Record of Rights (RoR). The ROR was unavailable in 2014 and was only obtained in 2024, after due mutation and reclassification of land. After obtaining legal possession and clearances, LIC reinitiated the sale through public auction as required for fair disposal. Given the time lapse and cost escalation, the current pricing reflects present-day market and construction realities, it stated. While dismissing the petition, Justice Panigrahi also ruled that without a sale agreement, registration, or part-performance beyond a token application fee, no enforceable legal right is vested in the petitioner. Justice Panigrahi further clarified that the HC does not sit to enforce broken promises, expectations, or incomplete transactions between private parties and state instrumentalities unless a public duty, statutory violation, or glaring arbitrariness is demonstrably shown.
Hans India
30-05-2025
- Politics
- Hans India
District Collector Orders Full-Scale Preparations for Bhoo Bharati Revenue Conferences from June 3 to 20
Gadwal: District Collector B.M. Santosh has directed officials to be thoroughly prepared for the upcoming Bhoo Bharati revenue conferences scheduled from June 3 to June 20, emphasizing the need for systematic and effective implementation. On Friday, an orientation session on Bhoo Bharati was conducted at the IDOC Conference Hall for Tahsildars, Deputy Tahsildars (DTs), and Revenue Inspectors (RIs). Speaking at the session, the Collector said the government's main goal is to resolve all land-related issues efficiently. He stated that the new Bhoo Bharati Act is being implemented in place of the previous Dharani system. Through this new legislation, services such as land registration, mutation, prohibited lands, ROR (Record of Rights) changes, inheritance issues, unregistered agreements (Sada Bainamas), and ORC services will become more accessible and streamlined for citizens. The Collector mentioned that the pilot project in Itikyala Mandal has been successfully completed, with applications accepted and issues being resolved under the new system. He further stated that the revenue conferences would be held in all village panchayats across the district between June 3 and June 20. He emphasized that all officials participating in the Bhoo Bharati program must have complete understanding of the relevant laws, rules, and schedules. Tahsildars were instructed to prepare and submit village-wise schedules for the revenue meetings. Each mandal must form two teams, which will visit one village per day and conduct the conference from morning to evening. Officials were asked to stay in the villages during the program and accept grievances and applications related to land issues directly from the public, ensuring prompt redressal. In cases of assigned lands, officials must identify and immediately report them to higher authorities, with the intention of forwarding them to the CCLA (Chief Commissioner of Land Administration). Applications must be accepted until June 20 and all issues should be resolved by August 14, the Collector said. He instructed that the public should be informed a day in advance of the scheduled date of the conference in their village and that application forms be distributed beforehand. At the end of each day's conference, the received applications must be digitally recorded by data entry operators. A detailed report of the day's activities and public responses must be submitted to the district center after every session. The Collector noted that under the new Bhoo Bharati Act, land disputes can be appealed from the Tahsildar level itself, enabling faster resolution of land-related issues. He called on farmers to utilize this opportunity to resolve their land problems effectively. Following the Collector's address, several officials' queries and doubts were clarified. The program was attended by Additional Collector Revenue Lakshmi Narayana, RDO Srinivas Rao, Tahsildars, Deputy Tahsildars, Revenue Inspectors, and others.
Hans India
25-05-2025
- Business
- Hans India
Low-Interest Long-Term Agricultural Loans Now Available Through Aija Single Window: Relief for Marginal Farmers
Gadwal: Farmers in the region now have an opportunity to access long-term agricultural loans, including for tractors, harvesters, and other equipment, through the local Primary Agricultural Cooperative Society (PACS) under the District Cooperative Central Bank (DCCB). This was announced by Single Window President Mr. Pothula Madhusudhan Reddy during a press meet held at the Single Window office on Sunday. Addressing the media, he highlighted that farmers often face difficulties securing loans from commercial banks. As a result, they are forced to turn to private moneylenders, who charge exorbitant interest rates. In several cases, farmers have even mortgaged or transferred ownership of their lands to moneylenders when they fail to repay loans, especially during years when crops fail or yields are low. To address this pressing issue, Mr. Reddy revealed a supportive initiative where small and marginal farmers can mortgage up to three acres of their land to the Single Window and avail a maximum of Rs. 10 lakh loan at just one rupee interest. The loan is structured to be repaid in 14 installments over seven years, with each installment amounting to Rs. 1,10,000 every six months. At the end of the term, the total repayment (principal and interest) will amount to Rs. 15.4 lakhs. For a farmer to be eligible, they must first obtain a CIBIL credit report from DCCB Bank with a minimum score of 650. Additionally, farmers should not have any existing crop or long-term loans from other banks. If they do, those loans must be cleared before applying for this scheme through DCCB. The required documents include: Pattadar Passbook (Title Deed) If the land was purchased from others, a registered document and revenue proceedings In case of inherited lands, legal heir records and updated proceedings from revenue authorities Old title documents and passbooks, and Revenue records such as Khata, Pahani, old ROR (Record of Rights), and Pahani records from 2008–09. These documents will be thoroughly verified, and if all are in order, the application will be sent to DCCB Bank for approval. Mr. Reddy assured that loans would be sanctioned and credited to the farmer's account within a month. He also elaborated that loans for agricultural equipment like tractors and harvesters can be availed under the Agriculture Infrastructure Scheme at a 9% interest rate. However, farmers who make their repayments on time are eligible for a 3% interest subsidy from the Central Government, effectively reducing their interest burden to just 6%—equivalent to 50 paise per month per Rs. 100. This initiative, under the guidance of Mahabubnagar District DCCB Bank Chairman Mr. Mamilapalli Vishnuvardhan Reddy, is expected to significantly benefit the farming community by curbing their dependency on private moneylenders and offering a structured, government-supported loan system. Mr. Madhusudhan Reddy urged farmers to make the most of this opportunity and approach the Single Window office for further details and assistance in the application process.
Business Insider
04-05-2025
- Business
- Business Insider
Rotork plc (ROR) Receives a Buy from Kepler Capital
Kepler Capital analyst Dylan Jones maintained a Buy rating on Rotork plc (ROR – Research Report) on May 2 and set a price target of p395.00. The company's shares closed last Friday at p306.00. Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. According to TipRanks, Jones is ranked #415 out of 9371 analysts. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rotork plc with a p391.67 average price target, implying a 28.00% upside from current levels. In a report released on May 2, Jefferies also maintained a Buy rating on the stock with a p440.00 price target. ROR market cap is currently £2.57B and has a P/E ratio of 25.23. Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ROR in relation to earlier this year.
