top of page

By:

Rajendra Joshi

3 December 2024 at 3:50:26 am

Controversy over shifting plot

Questions over corporation’s plan to abandon self-owned piece of land    Ruparani Nikam Kolhapur: A fresh controversy has surfaced over the proposed construction of the Kolhapur Municipal Corporation’s (KMC) new administrative building, with questions being raised over the apparent shift from a prime, self-owned plot at Nirmal Chowk to an alternative site at Shendapark.   The civic body, which has been functioning out of the historic Gandhi Market building since its days as a nagarpalika...

Controversy over shifting plot

Questions over corporation’s plan to abandon self-owned piece of land    Ruparani Nikam Kolhapur: A fresh controversy has surfaced over the proposed construction of the Kolhapur Municipal Corporation’s (KMC) new administrative building, with questions being raised over the apparent shift from a prime, self-owned plot at Nirmal Chowk to an alternative site at Shendapark.   The civic body, which has been functioning out of the historic Gandhi Market building since its days as a nagarpalika during the princely era, was upgraded to a municipal corporation in 1972. However, despite a significant expansion in its administrative scope over the decades, the KMC has yet to acquire a modern, purpose-built headquarters. At the centre of the present debate is a 9-acre-36-guntha plot at Nirmal Chowk considerably larger than the five-acre Shendapark site now being proposed.   The Nirmal Chowk land has long been in the corporation’s possession, and even a property card had been issued following the resolution of disputes by the district administration. Despite this, the civic body has now indicated that the new headquarters will be constructed at Shendapark, prompting questions over the rationale behind abandoning a larger, strategically located plot.   Complicating matters further is a prolonged legal dispute over the Nirmal Chowk land. While the preparation of a property card typically nullifies the relevance of the 7/12 extract under Maharashtra land records, claims based on the latter continued to surface, with some parties asserting ownership and keeping the dispute alive.   Critics allege that the civic administration failed to pursue the case with due diligence, at times remaining absent during key hearings. It was only after an intervention through a separate petition filed by Dilip Desai of a local civic group that the matter regained traction. The case is now slated for hearing before the Kolhapur circuit bench of the Bombay High Court in June.   Observers argue that instead of strengthening its legal position and securing the valuable land estimated to be worth around Rs 40 crore the KMC appears to have shifted focus to the Shendapark site. This, they say, raises concerns about the intent behind the change in location.   Notably, as far back as December 2003, the corporation had organised an architectural design competition for constructing a modern headquarters at Nirmal Chowk. A contemporary design was finalised, but the project has seen little progress in over two decades.   In contrast, several municipal corporations across Maharashtra have since developed modern administrative complexes, while Kolhapur continues to operate out of cramped premises in Gandhi Market, with even council proceedings often conducted under space constraints. Civic activists contend that had the KMC pursued the Nirmal Chowk project with consistency and resolved legal hurdles in time, the city would not have risked losing control over a high-value public asset.   With the shift to Shendapark now underway, concerns are also being voiced about the future of other public spaces in the city. Activists warn that if such decisions go unchallenged, it could set a precedent affecting open spaces in urban layouts.   The controversy has triggered demands for greater transparency and accountability in the civic body’s land-use decisions, with residents seeking clear answers on why the original site was sidelined and who stands to benefit from the change.

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.

Comments

bottom of page