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Quaid Najmi

4 January 2025 at 3:26:24 pm

Thackerays’ ‘Taandav’ for trees, tigers

AI generated image Mumbai: Maharashtra Navnirman Sena (MNS) President Raj Thackeray launched a sharp attack on the government for the systematic degradation of the state’s environment under the garb of development, even as the climate change poses a direct threat to the environment, economy, agriculture, public health and the future of both rural and urban centres. Questioning the state government’s claims of having planted millions of trees, he rued how the World Environment Day has been...

Thackerays’ ‘Taandav’ for trees, tigers

AI generated image Mumbai: Maharashtra Navnirman Sena (MNS) President Raj Thackeray launched a sharp attack on the government for the systematic degradation of the state’s environment under the garb of development, even as the climate change poses a direct threat to the environment, economy, agriculture, public health and the future of both rural and urban centres. Questioning the state government’s claims of having planted millions of trees, he rued how the World Environment Day has been reduced to an annual ritual of tree-planting drives and clicking selfies for social media, though 90 pc of the saplings don’t survive even a day. “Only the government knows where those trees really are,” said Raj sternly. He recalled a "Blueprint of Maharashtra’s Development" he had proposed in 2015, in which he advocated how development without environmental sensitivity is hollow. Justifying, he said that the consequences are visible where roads, bridges and infrastructure projects are hailed as achievements, but even a short spell of rainfall can paralyze entire cities. Referring to recent reports on farmers returning from the fields after 10 am due to the scorching heat, Raj said that the worsening climate crisis has become an everyday reality. Citing official statistics, Raj claimed that extreme heat has caused productivity losses of nearly USD 159 billion and slashing of 160 billion work-hours annually in recent years. He mentioned the World Bank estimates that India’s GDP could plummet by 2.5-4.5 pc while 57 pc of the country’s districts sheltering 76 pc of the population stare at serious climate-related crises. Taking a swipe, he said while the governments boast about growth figures and economical rankings, they are silent on the staggering costs of environmental destruction. He questioned the development model “whether flooded cities, washed-away crops and unbearable summers” genuinely indicate progress. Claiming that Maharashtra was increasingly becoming unliveable for upto 8 months in a year, he said excessive monsoon rains disrupt rural life and urban floods cripple cities, while extreme heat make normal life a torture in summers in both urban-rural areas. Targeting the Centre, Raj alleged that nearly 173,984 hectares of forest lands were diverted in the past 11 years for mining and infrastructure projects to benefit the PM’s single favourite Adani Group. He said that these lands amount to 1,730 sqkm, or equivalent to the area of 16 Sanjay Gandhi National Park (SGNP) that is spread over barely 104 sqkm. Dissolve state wildlife board: Aaditya Shiv Sena (UBT) leader Aditya Thackeray has accused the Maharashtra government for issuing a permit to carry out mining activity in the sensitive tiger corridor between the Tadoba-Andhari and Indravati sanctuaries housing the big striped cats. In a strongly-worded letter to the National Tiger Conservation Authority (NTCA) Member-Secretary Sanjay Kumar, Thackeray sought his immediate personal intervention, sacking the Maharashtra State Board for Wild-Life (SBWL), revoking the permit, and probe against the Chief Wildlife Warden & Principal Chief Conservator of Forests (PCCF) M. Srinivasa Reddy for the alleged lacunae. Aditya’s two-pager says the permit has been granted for “scientific exploration and excavation/systematic recovery of low-grade iron ore in existing mines in villages Hedri, Bande, Parsalgondi and Round Parsalgondi, in the Etapalli taluka of Gadchiroli district”. Last January, Aditya – MLA from Worli – had first raised the issue saying that the proposed mine would create only 120 jobs, including 32 permanent, and the estimated output is pegged at 1.1 million tons in a year. Referring to two letters of Reddy – on April 28 and May 21 – the SS (UBT) leader claimed that in communications to the state government, the PCCF had changed his stance on the issue. Aditya said that in the first letter, Reddy had effectively opposed the government plans for mining activity but in the second letter, he took a somersault, ostensibly due to government pressures or some commercial interests, “the U-turn is disgraceful and detrimental to India’s national interest” – and this abrupt shift in stance must be investigated thoroughly. In view of the contrary stance of the PCCF Reddy, entrusted with protecting the wildlife but failing to defend the NTCA and NBWL, point to serious malfunctioning of the SBWL, and hence it must be dissolved, besides reviewing all its decisions in the past three years, particularly those pertaining to hazardous activities in sensitive areas, demanded Aditya. 444 tigers roam in 11,000 sq.km As per the Status of Tiger Report (2002), and the Maharashtra Economic Survey 2025-2026, the state boasts of 444 tigers prowling in the wild along with other menacing creatures. The state’s total protected wildlife network of 88 Notified Areas of National Parks, Sanctuaries, and Conservation Reserves - including 6 dedicated to the striped big cats – is spread over 11,092 sq. kms as per current data.

Lateral upgrade to ailing annihilation

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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