NBCC

nbcc-settles-the-succession-issue-sharma-to-head-amrapali-projects-

NBCC settles the succession issue: Sharma to head Amrapali Projects?

The NBCC top management responded to the pressure groups deftly and announced that A K Sharma (CGM, Engineering) will take charge from Aggarwal on his retirement on 30 November 2020. 

Yet the order does not mention whether Sharma will be heading the Amrapali projects. Yet a section of the insiders believes that the order clearly states Aggarwal will hand over the charge to Sharma which is a clear indication of management's intent. Amid differing views, there appearss a unanimity in the opinions that the continuity in the Amrapali flats construction is not going to be disrupted or broken and they may be delivered to buyers within the timeline promised by the NBCC.

According to the orders issued, Sharma will continue to look after Office Block East Kidwai Nagar (EKN) and works of Archaeological Survey of India including Jalianwala Bagh Maintenance works. Further, Sharma would report to Director (Commercial) Rajendra Chaudhary.

The extension/reappointment issue of Aggarwal had assumed significance primarily due to the SC’s decision on the Amrapali project where the interest of thousands of homebuyers is at stake. In addition to complying with RERA provisions, the completion of Amrapali's stalled projects may restore the badly-shaken faith of homebuyers in the government, NBCC, and the real-estate sector in general.

It may be underlined that the NBCC has guaranteed that 44,000 stalled Amrapali flats will be completed and delivered between January 2021 and 2023.

ALSO READ:

NBCC: Amrapali Project head may get extension post-retirement

NBCC caught in a quagmire: SC, Amrapali, and a curious extension case of ED


3 hours ago
nbcc-caught-in-a-quagmire-sc-amrapali-and-a-curious-extension-case-of-ed

NBCC caught in a quagmire: SC, Amrapali and a curious extension case of ED

NBCC India Limited, a state-owned construction giant, is a house divided on the issue of extending the services of its Executive Director (Engineering) R K Aggarwal beyond his scheduled retirement on 30 November 2020.  

While a section of the top management team favors the idea of Aggarwal's extension on the plea that such a move may help uninterrupted and expeditious implementation of the Supreme Court direction on completing the 44,000 stalled flats under Amrapali housing projects where a huge amount of investors' money is locked, a large number of officers are opposed to the idea and they have made their angst and reservation known to the management in a letter from their union. 

Officers have argued that the SC has in no way mandated the continuation of services of Aggarwal even after retirement, that its direction was limited to entrusting the NBCC with the task to complete the pending and stalled projects and so, the NBCC was free to appoint a successor to Aggarwal on retirement by sticking to the due process of selection and by notifying the SC about its succession plan.

 It is pointed out that the policy of extension or reappointment is bad in principle and worst in execution. It's bad in principle because it is based on the premise that the person being given extension or reappointment is irreplaceable. In real life, this is an untenable proposition. The execution of this fallacious principle leads to favoritism and denial of the well-deserved opportunities to competent persons down the hierarchical ladder. It also degrades work culture and demoralization.

NBCC officers say the extant government guidelines on the extension/reappointment issue are crystal clear and don't support this pernicious practice except in critical and exigent situations.

Yet Aggarwal's extension/reappointment is being pushed by influence peddlers for the last couple of months as reported in this section on September 07, 2020. 

In any case; SC judgment and NBCC's involvement has sparked off rays of hope for poor Amrapali homebuyers and that should achieve its goal.  

(By Rakesh Ranjan)

26 Oct 2020
nbcc-settles-the-succession-issue-sharma-to-head-amrapali-projects-

NBCC settles the succession issue: Sharma to head Amrapali Projects?

By Rakesh Ranjan 3 hours ago

The NBCC top management responded to the pressure groups deftly and announced that A K Sharma (CGM, Engineering) will take charge from Aggarwal on his retirement on 30 November 2020. 

Yet the order does not mention whether Sharma will be heading the Amrapali projects. Yet a section of the insiders believes that the order clearly states Aggarwal will hand over the charge to Sharma which is a clear indication of management's intent. Amid differing views, there appearss a unanimity in the opinions that the continuity in the Amrapali flats construction is not going to be disrupted or broken and they may be delivered to buyers within the timeline promised by the NBCC.

According to the orders issued, Sharma will continue to look after Office Block East Kidwai Nagar (EKN) and works of Archaeological Survey of India including Jalianwala Bagh Maintenance works. Further, Sharma would report to Director (Commercial) Rajendra Chaudhary.

The extension/reappointment issue of Aggarwal had assumed significance primarily due to the SC’s decision on the Amrapali project where the interest of thousands of homebuyers is at stake. In addition to complying with RERA provisions, the completion of Amrapali's stalled projects may restore the badly-shaken faith of homebuyers in the government, NBCC, and the real-estate sector in general.

It may be underlined that the NBCC has guaranteed that 44,000 stalled Amrapali flats will be completed and delivered between January 2021 and 2023.

ALSO READ:

NBCC: Amrapali Project head may get extension post-retirement

NBCC caught in a quagmire: SC, Amrapali, and a curious extension case of ED


nbcc-caught-in-a-quagmire-sc-amrapali-and-a-curious-extension-case-of-ed

NBCC caught in a quagmire: SC, Amrapali and a curious extension case of ED

By Rakesh Ranjan 26 Oct 2020

NBCC India Limited, a state-owned construction giant, is a house divided on the issue of extending the services of its Executive Director (Engineering) R K Aggarwal beyond his scheduled retirement on 30 November 2020.  

While a section of the top management team favors the idea of Aggarwal's extension on the plea that such a move may help uninterrupted and expeditious implementation of the Supreme Court direction on completing the 44,000 stalled flats under Amrapali housing projects where a huge amount of investors' money is locked, a large number of officers are opposed to the idea and they have made their angst and reservation known to the management in a letter from their union. 

Officers have argued that the SC has in no way mandated the continuation of services of Aggarwal even after retirement, that its direction was limited to entrusting the NBCC with the task to complete the pending and stalled projects and so, the NBCC was free to appoint a successor to Aggarwal on retirement by sticking to the due process of selection and by notifying the SC about its succession plan.

 It is pointed out that the policy of extension or reappointment is bad in principle and worst in execution. It's bad in principle because it is based on the premise that the person being given extension or reappointment is irreplaceable. In real life, this is an untenable proposition. The execution of this fallacious principle leads to favoritism and denial of the well-deserved opportunities to competent persons down the hierarchical ladder. It also degrades work culture and demoralization.

NBCC officers say the extant government guidelines on the extension/reappointment issue are crystal clear and don't support this pernicious practice except in critical and exigent situations.

Yet Aggarwal's extension/reappointment is being pushed by influence peddlers for the last couple of months as reported in this section on September 07, 2020. 

In any case; SC judgment and NBCC's involvement has sparked off rays of hope for poor Amrapali homebuyers and that should achieve its goal.  

(By Rakesh Ranjan)

cag-questions-the-strategic-sale-of-one-psu-to-another

CAG questions the strategic sale of one PSU to another

By IndianMandarins 27 Sep 2020

The Comptroller and Auditor General (CAG) has questioned the rationality of the “strategic sale” of one state-owned PSU to another state-owned entity.

During FY 2018-2019, there were four transactions involving the sale of National Projects Construction Company (NPCC) to WAPCOS Corporation, Rural Electrification Corporation (REC) to Power Finance Corporation (PFC), Dredging Corporation (DCIL) to port trusts, and HSCC (India) to NBCC. Similarly, CAG red-flagged the sale of shares held by SUUTI that was treated as disinvestment receipts. SUUTI was carved out to take over shares held by the erstwhile UTI.

Union Cabinet’s objective of ‘strategic sale’ was to minimize the burden of the bulk of ailing companies. Instead of disposing off such burdens, DIPAM resorted to selling one PSU to another. For example, the government had sold HPCL to ONGC.

The auditor in its report, tabled in Parliament, categorically underlined that  “such disinvestments only resulted in the transfer of resources already with the public sector to the government and did not lead to any change in stake of the public sector/government in disinvested PSUs”.

pm-modi-mauritian-pm-jointly-e-inaugurated-new-supreme-court-building-in-port-louis

PM Modi & Mauritian PM Jointly e-Inaugurated New Supreme Court building in Port-Louis

By IndianMandarins 04 Aug 2020

On July 30' 2020, Prime Minister Narendra Modi and Prime Minister of Mauritius P K Jugnauth jointly E-inaugurated the New Supreme Court Building in Port-Louis (Mauritius); a construction project executed by NBCC (India) Limited.

The 3-story state-of-art building, implemented under the Government of India Grant Assistance, flaunts a modern design and green features with a focus on thermal & sound insulation and high energy efficiency.

Built at a cost of 30 million USD, NBCC completed the project within a scheduled time of 24 months.

justice-rafiq-laid-the-foundation-stone-of-admin-block-of-madhusudan-law-college

Justice Rafiq laid the foundation stone of Admin Block of Madhusudan Law College

By IndianMandarins 09 Jun 2020

Justice Mohd Rafiq, Chief Justice of Odisha High Court, recently laid the foundation stone for the administrative block of Madhusudan Law College, Cuttack,

to be built by NBCC. Dignitaries of High Court and Bar Council; officials of Law College and NBCC were also present on the occasion.

nbcc-observes-anti-terrorism-day

NBCC observes Anti-Terrorism Day

By IndianMandarins 22 May 2020

NBCC India Ltd, a Navratna CPSE, has observed Anti-Terrorism Day on May 21, 2020 at its Delhi office by administering a pledge against terrorism. P K Gupta, CMD; Rajendra Chaudhari, Director (Commercial); Neelesh Shah, Director (Projects) accompanied by other senior executives of NBCC administered the Anti-Terrorism Pledge at its Corporate Office, New Delhi.

further-relief-to-amrapali-homebuyers-sc-nbcc-in-action-even-during-lockdown

Further relief to Amrapali homebuyers: SC & NBCC in action even during lockdown

By IndianMandarins 14 Apr 2020

Supreme Court constituted a committee under the Chairmanship of Ld. Court Receiver, R Venkataramani, on 09.04.2020, gives go-ahead asking NBCC to call tenders for the execution of three more Amrapali Stalled Projects of Noida-Greater Noida namely; Leisure Park Phase I & II; Leisure Park- River View and Kingswood in Smart City comprising 4489 units in all valued at Rs. 1046 cars. 

Earlier on 18 March and 20 March the Court Receiver gave nod to NBCC for tendering and execution of 9 projects of Amrapali in Noida-Greater Noida assuring timely release of funds. These projects included 08 projects in Greater Noida namely; Leisure Valley Villas, Verona, Adarsh Awas Yojna, Golf Homes, Dream Valley Ph 1 Villas and Phase II; Enchante, Terrace Homes and Tropical Garden in Centurian and Project Crystal Homes in Silicon at Noida- all comprising 27223 housing units worth Rs. 5769 Cr.

NBCC has started the process of tendering for all these projects even during the lockdown period with tenders for 07 Projects namely; Golf Homes, Centurian Park, Leisure Valley Villas, Crystal Homes, Dream Valley Phase-1 (Villas), Dream Valley – Enchante and Leisure Valley- Adarsh Awas Yojana, already floated. Tenders for further projects are in the process of floating and will be invited shortly irrespective of lockdown.  

This apart, execution work of 08 Stalled Amrapali Noida-Gr. Noida projects tendered and awarded earlier (7 at Noida and 1 at Greater Noida), comprising a total of 12169 Units and valuing Rs.634 crore, which has been started by the Company and scheduled to be completed in stages in another 12-24 months.

It may be underlined that Supreme Court, about a year ago, asked NBCC to execute two stalled projects, to begin with namely; Eden Park in Noida and Castle in Greater Noida comprising 618 Houses, which NBCC has already completed and handed over as well.

Thus action has been initiated for construction of a total of 44500 houses (including 618 houses already completed) out of about 46500 houses in Amrapali Project providing huge relief to stressed Homebuyers.

While expeditiously acting upon the issue of resolving the homebuyers’ crisis, the learned Court Receiver on behalf of Supreme Court, however, has also called upon the affected homebuyers to promptly deposit all their pending payments with the designated bank account provided by the SC for successful completion of the housing projects.

nbcc-donates-rs-06.04-crores-to-pm-cadres-fund

NBCC donates Rs 06.04 Crores to PM Cadres Fund

By IndianMandarins 03 Apr 2020

State owned NBCC (India) Limited and its subsidiaries have contributed Rs. 06.04 Crore from CSR Fund to the “Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund” (PM-CARES Fund) to support the fight against COVID-19.

free stat counter