DRDO hands over first batch of Airbrake Control Module for LCA Tejas Mk1A (See 'Corp Brief') Companies Act - Charges of professional misconduct in SCN are proved for which monetary penalty can be imposed : NFRA (See 'Legal Desk') PMLA - Application for anticipatory bail can be rejected as there is failure on part of applicant to appear before trial Court despite service of bailable warrant : HC (See 'Legal Desk') IBC - There is no scope of interference in writ petition since there is no arbitrariness, mala fides or palpably illegality in impugned order : HC (See 'Legal Desk') Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC (See 'Legal Desk') LODR Regulations - Stay can be granted on effect and operation of order pending disposal of appeal on condition that Appellant deposits 50% of interest amount determined to be payable to CUHL : SAT (See 'Legal Desk') SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC (See 'Legal Desk') CCI approves acquisition of stake in PAMP Technologies by PAMP Ventures SA (See 'Corp Brief') SARFAESI Act - Due to failure to repay outstanding amount despite interim order, present petition is dismissed : HC (See 'Legal Desk') Limitation Act - Sec 14 of Limitation Act is wide in its application, inasmuch as it is not confined in its applicability only to cases of defect of jurisdiction but applicable also to cases where prior proceedings have failed on account of other cause : HC (See 'Legal Desk') IBC - Application is deemed to be withdrawn as it is filed at time when amendments came into force and it is incumbent upon FC to comply with newly enforced statutory requirements : NCLT (See 'Legal Desk') Indian Economic Service calls on President Murmu (See 'Corp Brief') Companies Act - ROC's decision of rejecting application for conversion is not contrary to legislative intent of Section 18 : HC (See 'Legal Desk') PMLA - If criminal case against person is quashed then there can be no offence of money laundering against him : HC (See 'Legal Desk') SEBI Act - Violation of various SEBI circulars by noticee stands established for which penalty can be imposed : SEBI (See 'Legal Desk') Ambuja Cements signs agreement to acquire 1.5 MTPA Grinding Unit at Tuticorin (See 'Corp Brief') PMLA - Any person aggrieved by order, even if person is not party to order, can file appeal u/s 26 of PMLA, 2002 before Appellate Tribunal : HC (See 'Legal Desk') Copyright Act - Trustee only owe fiduciary duty to beneficiary with regards to trust property and Registrar of Copyright to rectify Register in that registration shall be in name of Trust : HC (See 'Legal Desk') SEBI Act - Though broker has failed to be vigilant in securities market by allowing and facilitating non-genuine transactions but has not personally gained from transactions : SAT (See 'Legal Desk') IREDA celebrates legacy: Past leaders share Vision for Future (See 'Corp Brief') SARFAESI Act - Confirmed auction sale can be interfered by High Court by entertaining writ petition only when there is fraud/collusion and present case is not case of fraud or collusion : SC (See 'Legal Desk')

Print

Cabinet approves transfer of RCF land to Mumbai Municipal Corporation

Published: Sep 12, 2018

By TIOLCORPLAWS News Service

NEW DELHI, SEPT 12, 2018: The Union Cabinet has given ex-post facto approval for

  1. transfer of land of M/s Rashtriya Chemicals & Fertilizers Ltd. (RCF) to Mumbai Metropolitan Regional Development Authority (MMRDA);
  2. proposal for approval for transfer of land of M/s Rashtriya Chemicals & Fertilizers Ltd. (RCF) to Municipal Corporation of Greater Mumbai (MCGM) and
  3. for selling of TransferableDevelopment Right (TDR) Certificate received/receivable against the transfer of land to MMRDA/MCGM.

RCF is a leading fertilizer and chemical manufacturing company in India in the Public Sector. It was established on 6 th March, 1978 on the reorganization of erstwhile Fertilizer Corporation of India Ltd. Presently, the authorized share capital of RCF is Rs.800 Crore and paid up capital of Rs. 551.69 Crore. Company has been accorded coveted "Miniratna" status in 1997. MMRDA acquired 48,849.74 sq.mtrs. (8265 sq. mtrs. unencumbered/free land and 40584.74 sq. mtrs. encumbered land) of land of RCF and completed the construction of Eastern Free Way - AnikPanjrapol Link Road (APLR) and open for public use in the year 2014. RCF received TDR certificate of 16530 sq. mtrs. on 1.11.2017 issued by MMRDA against 8265 sq. mlrs. ofunencitmbered/free land as an interim relief. The claim of RCF for TDR/compensation against encumbered land admeasuring 40584.74 sq. mtrs.is being decided by the Arbitrator.

RCF was demanding from MCGM to delete the internal roads of RCF colony from their Development Plan of Mumbai for a long time. Subsequently, RCF agreed to hand over about 16000 sq. meters of land (subject to actualmeasurement at site) for construction of 18.3 meter DP road in lieu of TDR as compensation  subject to mutually agreed terms & conditions.

MCGM in the development plan has shown reservation of 331.96 sq. meters of RCF land in front of the proposed township of RCF for public road widening. As per development control rules 1991 of MCGM, in case of reservation on the land it is mandatory to surrender the land, as road set back area to MCGM.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.