Shield for investors
A meeting of the state-level coordination committee on non-banking companies chaired by Rajbala Verma, state chief secretary, decided on May 12 to implement the Jharkhand Protection of Interest of Depositors (in Financial Establishments) Act, 2011 (PID Act). It also decided to set up designated courts in the state in consultation with Jharkhand High Court to protect people from being cheated by non-banking finance companies (NBFCs), better known as chit fund firms. The PID Act will protect investors. Under it, in the event of default, the NBFC will repay deposits and interest on maturity while promoters, directors and others responsible for the business of the NBFC will be punished with imprisonment up to 10 years, fine and asset seizure. Manoj Kumar Verma, regional director (Jharkhand and Bihar), Reserve Bank of India (RBI), said they were developing a website that would contain relevant matter on NBFCs
South Eastern Railway, in April 2016, the first month of the current financial year 2016-17, loaded 11.84 million tonnes of freight against 10.61 million tonnes loaded in the corresponding month of last fiscal year, clocking a growth of 1.23 million tonnes or 11.59 per cent. These figures were released on May 11. The major component of this remarkable loading performance in the first month of the 2016-17 fiscal is 6.99 million tonnes of iron ore. As a result of this, South Eastern Railway has generated freight earnings of Rs 893.24 crore in the month of April 2016. The figure is a whopping Rs 19 crore more than in April 2015
The Tata Group has doubled its number of patents in two years. Informing this, a news release issued by Tata Sons recently said the number of patents stood at nearly 7,000 at the end of 2015. The number of patents was 3,500 at the end of 2013. The group had applied for 2,000 patents before various national and international authorities, the news release added. The patents are all related to diverse fields such as computations, data processing, materials, coating, casting, fuel and communications, it further informed.
Power & precision in stunt biking
Pulsar, India’s leading sports bike, and well-known stunt riding team GhostRyderz teamed up to showcase stunts that left the crowd baying for more on May 9 in Jamshedpur. The Pulsar Mania stunt show was held at a parking lot at N Road, Bistupur. GhostRyderz utilised the power and agility of Pulsar to showcase freestyle stunts in perfect sync before hundreds. With the launch of RS200 and AS series, Pulsar has created a high benchmark for biking