News Updates”Custodial Interrogation Of Arnab Goswami Not Necessary”: Alibaug Court [Here Is A Summary Of What Happened In The Court] Press Trust of India4 Nov 2020 11:42 PMShare This – xA court at Alibaug in Maharashtra’s Raigad district on Wednesday evening remanded Republic TV Editor-in-Chief Arnab Goswami and two other accused in judicial custody till November 18 in a 2018 abetment to suicide case.The police had sought Goswami’s custody for 14 days, but the court held that custodial interrogation was not required.After the court remanded Goswami in judicial custody,…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginA court at Alibaug in Maharashtra’s Raigad district on Wednesday evening remanded Republic TV Editor-in-Chief Arnab Goswami and two other accused in judicial custody till November 18 in a 2018 abetment to suicide case.The police had sought Goswami’s custody for 14 days, but the court held that custodial interrogation was not required.After the court remanded Goswami in judicial custody, his lawyers Aabad Ponda and Gaurav Parkar filed an application seeking bail. “The court asked the police to file their reply and posted it for hearing tomorrow,” advocate Ponda said.Goswami would be kept at a police station for the night as the proceedings went on till late, he added.Goswami was arrested this morning from his Lower Parel residence in Mumbai and taken to Alibaug police station.He has been booked under section 306 (abetment of suicide) and 34 (common intention) of the IPC in connection with the suicide of architect-interior designer Anvay Naik and Naik’s mother over alleged non-payment of dues by Republic TV in 2018.Goswami was produced in the afternoon before the Alibaug Magistrate’s court, where he and his lawyer Gaurav Parkar alleged that Goswami was assaulted by the police.The court then directed Goswami to be taken for medical check-up at the civil hospital. He was brought back to court later in the evening.The court, after perusing the medical report, noted in the order that the allegations of physical assault were incorrect and there were only minor scratches on the accused’s hand.The Alibaug police sought 14 days’ custody of Goswami for interrogation.Besides Goswami, the other two arrested accused in the case are Feroze Mohammed Shaikh and Nitesh Sarda. They were also produced in court and remanded to judicial custody till November 18.”The probe in the case after it was reopened began on October 15 during which the statements of the deceased person Anvay Naik’s wife and daughter were recorded before a magistrate,” the police said in its remand application.Notices were issued to 28 persons, and statements of 17 of them, including Naik’s accountant and employees of his firm, have been recorded by the police, it said.”We have received fresh and positive information from these statements which warrants further probe,” the police said.Naik, in his purported suicide note, specifically mentioned the names of Goswami and the other two accused, the police said, adding that the note had been sent to handwriting experts in Pune and a report was awaited.Advocate Ponda opposed the remand plea and said there is a vendetta against Goswami.”The entire arrest is illegal. He (Goswami) has been arrested based on an investigation which is completely illegal. This is not a case where he should have been picked up in this manner as if he is a hardened criminal,”Ponda argued.A closure report had been filed in this case and hence the delayed police action smacks of malafide, he said.The prosecution argued that Goswami and the other two accused did not cooperate with the probe.”Goswami is the editor of a television news channel and can influence common people. The statements of employees of the company owned by Goswami that runs the channel need to be recorded. If the accused is released then there is a chance of him influencing these witnesses,” the police said.”Custodial interrogation of the arrested accused persons is required to verify his and his company’s bank statements, communication between his company and the deceased person,” the police said.The earlier probe had several missing links, they argued.But the court did not grant the request for police remand.Advocate Sushil Patil, lawyer of co-accused Sarda, told reporters that the court observed in its order that the police had not taken the court’s permission before reopening the case.Goswami, on November 2, filed a petition in the Bombay High Court seeking to quash the FIR in the case. It will be heard by a division bench of Justices S S Shinde and M S Karnik on Thursday.Next Story
Top StoriesTata Sons v. Cyrus Mistry: Supreme Court Reserves Judgemnt LIVELAW NEWS NETWORK17 Dec 2020 8:45 AMShare This – xThe courtroom battle in the matter of Tata Sons v. Cyrus Mistry reached day 7 of continuous hearings by the parties. A three judge bench headed by Chief Justice of India SA Bobde heard the arguments advanced by Mr. Shyam Divan, who argued on behalf of Mr. Cyrus Mistry for second day in a row. The arguments were also advanced by Sr. Adv. Janak Dwarkadas, another counsel representing the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe courtroom battle in the matter of Tata Sons v. Cyrus Mistry reached day 7 of continuous hearings by the parties. A three judge bench headed by Chief Justice of India SA Bobde heard the arguments advanced by Mr. Shyam Divan, who argued on behalf of Mr. Cyrus Mistry for second day in a row. The arguments were also advanced by Sr. Adv. Janak Dwarkadas, another counsel representing the Mr. Mistry. The hearing concluded after the submissions were made by Mr. Harish Salve on behalf of Tata Sons. Mr. Divan argued on two main broad aspects. First, on arbitrary removal of Cyrus Mistry on meeting dated 24 October 2016 and second, how the principles of corporate governance are compromised by the Tata Group specifically those which relate to probity and good faith in corporate dealings. Mr. Divan presented the following series of events which points out the arbitrary removal of Mr. Mistry which was primarily influenced by external interference of Mr. Ratan Tata in the capacity of a shareholder: 13 December 2012: Mr. Ratan Tata attended the last board meeting.28 June 2016: The Nomination Remuneration Committee (NRC) including 50 independent directors lauded the performance of Cyrus Mistry as Executive Chairman.21 July 2016: Mr. Mistry wrote a letter to Mr. Tata mentioning practical difficulties in Articles of Association. 28 July 2016: Mr. Tata informed Mr. Mistry that while he disagrees to his complaint, Mistry must comply with principles of shareholders and AoA. 8 August 2016: Mr. Tata sent 2 letters in his capacity as shareholder influencing the board meetings. Mr. Subedar informed the board about the same and discussed the minutes so received.24 October 2016: Mr. Ratan Tata as Chairman Emeritus attended the meeting for the first time after 2012. The meeting was convened with Mr. Mistry, Directors, Nominees of Tata Sons, Independent Directors and 2 personal nominees namely Mr. Piramal and Mr. Shrinivasa who were nominated on Mr. Tata’s personal nomination and voted for his removal. It was Mr. Divan’s argument that it was agreed in the meeting that Mr. Mistry must be removed from the post of Executive Chairman as the trust lost confidence in him due to some reason. “While there were different agendas for the meeting to be convened, the voting was done on agendas over which no prior information was given to anyone. Article 105A and Article 118 requires that before the removal of a Chairperson, removal has to be considered by a selection committee and a notice of removal as to be furnished. These conditions were not fulfilled in this case. This is violation of AoA.” he argued. He further went ahead on how the principles of corporate governance were compromised by Tata Sons due to the breach of statutory provision of Companies Act, 2013. He argued that there has been a complete breach of provisions including Sec. 166 which provides that every director has a duty to act as per his independent judgment and in welfare for the company affairs and of Sec. 118(10) as no mandatory notice or period in board minutes was given under Companies Act, 2013. “The affairs of minutes in Board meetings is not a blood-sport. This is not an ambush. Companies Act rejects such illegal actions. This is not decency or fair play especially when there is good faith and fiduciary relationship between parties.” He submitted. At this stage, CJI SA Bobde asked Mr. Divan whether its true that Mr. Mistry knew about his removal from the post of Executive Chairman. Divan: This is the most basic thing. When you talk about probity and integrity, we are talking about years of relationship. The essence is you are fair with people you are dealing with. Look at the decency, you may have a difference but you cannot expel a person like this. This is a court of conscience would not accept this conduct at all. And therefore, this is wrongful, burdensome and highly illegal. Mr. Divan summarized his arguments by mooting the point of arbitrary removal and non compliance of Article 105 of AoA which regulates conduct of managing directors or joint managing directors. “The only way of doing it (removal) was by conducting a general meeting. Article provides that the same process of removal must be followed as that of appointment. you cannot do this Where 4 months prior the committee praised and applauded him for his contribution.” He argued. According to Mr. Divan, the General Body is the highest body. On 1 August 2012, a resolution was passed by General Body appointing Mr. Mistry as Executive Chairman. He suggested that if one wants to go against the appointment of chairperson, the appropriate way is to approach the General Body which is supported by requirement of Article 105. He also suggested that no prior information or notice was accorded to Mr. Mistry on his removal which goes against the statutory requirement of both AoA and Companies Act, 2013. Mr. Divan while referring on the importance of a prior notice of removal and non compliance of secretarial standards relied on the Delhi HC judgment in the case of New India Assurance Co. Ltd. V. Union of India & Ors. (2009) wherein the court was of the view that a minimum 7 days of prior notice has to be furnished in cases of removal and if there is any requirement of prior notice under AoA, such prescribed period should be followed. He also relied on the principles of secretarial standards evolved in Parmeshwari Prasad Gupta v. Union of India (1973) and M.I. Builders Pvt. Ltd. V. Radhey Shyam Sahu & Ors. (1999). “What we have here is ambush, a situation where a main principle of corporate law is not followed. In corporate law, standards are prescribed on the basis of statutes. A minimum requirement of prior notice was not followed. The court will have to way the pros and cons.” he argued. After the conclusion of Mr. Divan’s arguments, Adv. Janak Dwarkadas argued on behalf of Mr. Mistry. He argued on the following 6 broad propositions: Lack of financial probity is not the only ground on which just and equitable winding up of company can take place. The proprietary right of a member includes the right to be governed in accordance of AoA and Companies Act, 2014.What is the true legal scope and meaning of Articles 104B, 121, 121A and 121(b). Role and duties of nominated directors.NRC committee at its meeting expressed the need of clarity of functioning of the Board in reference to Tata Trust as well as its role vis-à-vis group companies. Finding of fact by NCLAT on Mistry’s attempt to place a governance structure before the meeting of the Board to be held on 24 October 2016 which was the cause for his removal. The main thrust of Mr. Dwarkadas’s argument was on how the probity would include both legal and proprietary rights and would include fair dealing in the conduct of majority shareholders. In arguing so, he relied upon the judgment of Lord Clyde decided by Scottish Supreme Court in Baird v. Lees (1924) which discussed the scope of just and equitable clause. He relied at page 102 of the judgment:”A shareholder puts his money into a company on certain conditions. The first of them is that the business in which he invests shall be limited to certain definite objects. The second is that it shall be carried on by certain persons elected in a specified way. And the third is that the business shall be conducted in accordance with certain principles of commercial administration defined in the statute, which provide some guarantee of commercial probity and efficiency. If shareholders find that these conditions or some of them are deliberately and consistently violated and set aside by the action of a member and official of the company who wields an overwhelming voting power, and if the result of that is that, for the extrication of their rights as shareholders, they are deprived of the ordinary facilities which compliance with the Companies Acts would provide them with, then there does arise, in my opinion, a situation in which it may be just and equitable for the court to wind up the company.”Mr. Salve began his argument on behalf of Tata Sons by referring to the arguments made on behalf of Cyrus Mistry as “A fiction based on false allegations”. His initial argument was based on the fact that there was not good faith or long lasting relationship between the two parties. In fact, the false narrative created by the opposite counsels was based on wrong facts. “In June 1965, Mr. Mistry, grandfather of Mr. Cyrus Mistry purchased shares in Tata Group with an objective of benefitting from it. SPG Mistry also made various investments in other major corporate houses in India. In fact, Tata Group was upset by the transactions. The whole argument of having a long, reliable and good faith relationship is false.” Salve argued.He further argued that Mistry never interfered in the operations and that he has only participated in public policy decisions of the Company. “This is humbug.” He remarked. He then referred to Article 118 of the AoA which provides for selection of new Chairman. “Article 118 refers to a point which was completely ignored by Mr. Divan that the board may appoint any person on the basis of recommendation subject to Article 121 which requires affirmative voting of all directors.” He mooted on the importance of affirmative vote and that there was no such need of selection committee in removal. CJI: You mean to say that affirmative vote was taken to remove Mr. mistry?Salve: Yes. It is a standard that if he has to be removed then somebody else will be appointed in his place.CJI: There is one point where none of the parties have clarified which is that how many times the NCLT has allowed the amendments via amendment application and how many times the same was allowed via affidavits or replies.At this stage the counsels agreed to assist the bench on the point of NCLT amendments. The Court granted liberty to the parties to assist the bench by way of submitting Written Submissions and Notes within a week. Read the Order HereSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Story
Back to overview,Home naval-today Sea Power 2015 Hosts Maritime Security Talks Sea Power 2015 Hosts Maritime Security Talks Fifteen member nations and one observer nation took on the topic of maritime security at the Indian Ocean Naval Symposium meeting of Chiefs, held during the Sea Power 2015 Conference.Participants discussed common maritime issues facing littoral nation-states of the Indian Ocean.Chief of Navy, Vice Admiral Tim Barrett, who is the current Chair of the Symposium said the forum is an important mechanism for regional dialogue:Maritime security architecture is shaped and reinforced by forums like Indian Ocean Naval Symposium, which build cooperation and agreement, security and stability. By having an open and inclusive forum of discussion, we strengthen our ability to respond quickly and effectively in a multilateral framework, to maritime issues that impact our region.The Indian Ocean Naval Symposium is a voluntary initiative that includes 22 nations that permanently hold territory that abuts or lies within the Indian Ocean, and four observer nations.Australia holds the Chairmanship until the next Conclave of Chiefs, being held in Dhaka, Bangladesh in January 2016.[mappress mapid=”17155″]Image: Australian Navy Authorities Share this article View post tag: Sea Power 2015 View post tag: Indian Ocean Naval Symposium View post tag: Australia October 12, 2015
Sharing is caring! Share Tweet 21 Views no discussions Share Share EntertainmentNewsRegional Brilliant performance by Dudamel and the Simon Bolivar Youth Orchestra by: – August 11, 2011 In photo: Gustavo Dumel. Photo credit: Venezuelanrepoprt.comThe concerts by the young Venezuelan conductor Gustavo Dudamel are always full of surprises. This is a reason why his London fan base, as well as the Simon Bolivar Youth Orchestra’s (SBYO), is always increasing.This time around, at the BBC Proms 2011, the musicians didn’t turn into their Venezuelan flag jumpers, but instead they thrilled the public with the superb coordination between the orchestra and the National Youth Choir of Great Britain, as well as the impeccable conduction of metals and other instruments by Dudamel, giving the impression at times that the sounds would come from various spots of the theatre, away from the stage of the Royal Albert Hall.In a sell-out concert, over 5,000 people rejoiced from the excellent musical performance given by more than 350 people among musicians from the orchestra, members of the choir, Dudamel and the leading soprano and mezzo-soprano Miah Persson and Anna Larsson. All of them combined to produce a brilliant execution of Mahler’s Symphony No. 2 in C minor, ‘Resurrection’.At the end of the concert, the public gave the musicians a standing ovation. They even went further and stomped their feet on the ground as a way to complement the performers. In fact, even Mr. Mike Brewer, chorus-master of the National Youth Choir Orchestra of Great Britain, went to the stage to receive, along with Dudamel and the rest of the group, a very long lasting round of applause.From here, Dudamel and the SBYO will go to Turkey to conclude their European tour, which began last week in Austria.Press ReleseEmbassy of the Bolivarian Republic of Venezuela in the Commonwealth of Dominica
Arandez wasrushed to the Roxas Memorial Provincial Hospital where the attending physiciandeclared him “dead on arrival.” “Gin hambalan ako nga indi ako mag-halinsa gina tindugan kag gin tupadan ako sang isa, kag nagpalupok saya sa atubangsang akon gina tindugan,” Tan told Panay News. Onel Arandez, councilman of Barangay Punta Tabuc, lies lifeless on the ground after two of the three unidentified suspects peppered him with bullets at a repair shop in Barangay Cagay, Roxas City, Capiz yesterday. GLENN BEUP/PN One of thewitnesses, repair shop technician Kelvin Tan said the assailants went insidehis shop and told him to stand still. ROXAS City – Avillage councilman was shot to death in Barangay Cagay. Arandez, a formerdrug surrenderer, was inside a repair shop when two of the three unidentifiedsuspects wearing bonnets shot him around 8 a.m. on Jan. 7, said Master SergeantRamil Arcangeles, spokesperson of the Roxas City police station. “Malapit lang si Arandez sa akon gina-tindugan,” he added. Armed with a.9mm-caliber pistol and a .45-caliber pistol, two suspects peppered Arandezwith bullets, Tan said. Crowds flock the area where Barangay Punta Tabuc councilman Onel Arandez was shot to death. GLENN BEUP/PN Onel Arandez ofBarangay Punta Tabuc in this city died of gunshot wounds on the head and body,police said. Arcangeles addedthree armed men alighted from a car while another suspect served as theirdriver. Arcangeles saidthey have yet to identify the suspects and the motive in the incident. Arandez was included in the drug watch-list,Arcangeles added. Drug charges were filed against Arandez a few years ago, butthe case was dismissed by the City Prosecutor’s Office due to technicality./PN
Advertisement s5gNBA Finals | Brooklyn Vsa2phgfWingsuit rodeo📽Sindre E8eq7( IG: @_aubreyfisher @imraino ) we34Would you ever consider trying this?😱sloCan your students do this? 🌚1fik5Roller skating! Powered by Firework You can take Shikhar Dhawan out of cricket, but you can’t take cricket out of him. On Tuesday, the left-handed batsman shared a video of him playing cricket on the terrace of his house with his relatives and wished all his fans a Happy Bhai Dooj. The Indian opener will be back in action for the upcoming T20I series against Bangladesh which starts November 3 onwards.Advertisement Image Courtesy: FB/ShikharDhawanOn the occasion of Bhai Dooj, Dhawan posted a picture with his family captioning,“Had a good time with the family today. Such days always make me so happy. Happy Bhai Dooj to everyone.”Advertisement He then uploaded a video in which he can be seen playing cricket on the terrace with his relatives. The Delhi batsman defended a couple of deliveries before getting out and he captioned the video as “Family waali cricket ka mazaa hi kuch aur hai” Since his injury in the group game against Australia at this year’s World Cup, Dhawan hasn’t been in the best form. During his comeback, he managed to score just 38 runs in two games. And in the T20I series against South Africa his slump continued as he scored 76 runs at an average of 38.However, the 33-year-old will look forward to regain his dangerous form in the T20I series against Bangladesh. Feroze Shah Kotla now renamed as the Arun Jaitley Stadium will host the first match on November 3, while the other two matches will be played in Rajkot and Nagpur on November 7 and 10, respectively. Advertisement
TINTON FALLS – A new generation of civic-minded young women got to spend a day last week with political veterans who want to show them how to start making an impact in the world.The event at Monmouth Regional High School was sponsored by the 12th annual Running and Winning conference sponsored by the American Association of University Women (AAUW) of Northern Monmouth County, the Junior League of Monmouth County, the Greater Red Bank League of Women Voters of New Jersey and the Red Bank Chapter of Hadassah.“Women are 51 percent of the population and their voices should be heard where decisions are made,” said Marian Wattenbarger of the AAUW, at the day-long, nonpartisan event that brought together about 60 female students from nine area high schools and female legislators and policy makers from the Two River area. “And I would say the events in the last few years have clearly raised interest.” By Jay Cook | The conference zeroed in on educating young women about their meaningful voices and how they can make differences in their communities, said Linda Bricker, a member of the Junior League of Monmouth County.“To really affect change, sometimes you need to reach a point of becoming elected to a position to change laws,” she said. The best way to educate the younger generation, Wattenbarger found, has been to create a pipeline with current legislators, showcasing how women can be successful in politics.About 15 different female elected and appointed officials took turns meeting with the small groups of students during the morning session. The conversations ranged from issues in their towns or districts to their specific roads to elected office.Assemblywoman Serena DiMaso (R-13) took one of those unique paths. After moving to Holmdel in the early 1990s, she joined her local parent-teacher association and volunteered to be what she called “the cupcake lady.” She eventually worked her way up to the Holmdel Township Committee, then the Monmouth County Board of Chosen Freeholders and most recently, the State Assembly. Wattenbarger and other members from the Running and Winning steering committee admitted they were expecting a trend, especially considering the Parkland, Florida school shooting on Feb. 14 and the 19th anniversary of the Columbine High School Shooting the day after the conference on April 20.“This is a time in which there is clearly polarization in the country,” said Wattenbarger, “but we come together and are all committed to helping women find their voices.”Women legislators from the Two River area spoke with high school students about their paths to elected office. Some of the officials who attended were, from left to right, Fair Haven Councilwoman Susan Sorensen, Hazlet Deputy Mayor Sue Kiley, Monmouth County Surrogate Rosemarie Peters and Atlantic Highlands Mayor Rhonda Le Grice. Photo by Jay CookNEW JERSEY AND WOMEN LEGISLATORSNew Jersey has been one of the more progressive states for women involvement in politics over the last decade. Data from the Center for American Women and Politics at Rutgers University indicates the Garden State ranked 16th for the most female legislators at the state level: 29.2 percent of the state Legislature and Assembly is female.Both of New Jersey’s first two lieutenant governors are women – Kim Guadagno and Sheila Oliver – and female officials comprise a third of Gov. Phil Murphy’s 24-member cabinet. Additionally, 82 of the 566 municipalities in New Jersey, or 14.5 percent, are led by female mayors.While figures may be increasing compared to years past, many involved in the Running and Winning steering committee hope more women in Monmouth County step up.“We are intelligent, compassionate, organized and innovative,” said Sue Flynn, also of the Junior League of Monmouth County. “Having more women in leadership positions can only make our country and the world a better place.” “They need to have a role model, somebody that has been there, done that, and is honest with them,” DiMaso said of her message to the young girls. “It’s not always easy. There are days the laundry doesn’t always get done or your dinner’s later than it should be and it’s OK. You’ll come out on the other end.”Involvement in the community is key, stressed Red Bank Borough Councilwoman Kathy Horgan. The longtime Democrat jumped right into volunteer work after moving there in 1999 and has not looked back.Horgan, the only female on Red Bank’s governing body, believes more women should take a chance and get involved in public policy.“What I want women to know is that they can make a difference,” said Horgan. “I know, that sounds trite, but it’s true. Women are nurturing, more willing to compromise and listen.”This article was first published in the April 26 – May 3, 2018 print edition of The Two River Times. High School Girls Encouraged To Consider Politics | And those young women got a taste of the action. After meeting female councilmembers, mayors and state assemblywomen, the girls broke off into 14 smaller groups to discuss changing specific policy important to them.They were tasked with petitioning a mock school board about an ongoing, concerning issue. The possible choices were about mental health issues in school, school safety, environmental issues and increasing inclusivity.The one topic that garnered the most attention – considering current national events – was mental health awareness in students. Eight groups focused on that issue.
The two Balfour golfers played for 15 hours on the Balfour Golf Course to to raise awareness and funds for ALS, which is a rapidly progressive neuromuscular disease that can affect anyone at any time.The Balfour duo played from 6 a.m. to 9 p.m. and golfed a total of 360 holes.Combined, the golf professionals got 72 birdies and 6 eagles. The pair raised around $1,800 and are still accepting donations for the PGA of BC Golfathon for ALS.”It was a great day,” Wilkinson said.Balfour Golf Course is one of 37 golf courses located across BC participating in the PGA of B.C. Golfathon for ALS. On the longest day of daylight of the year, Craig Wilkinson and Braden Chown gained a few blisters on their golfing hands.
Josh Phegley had trouble hearing the first question of his postgame media scrum late Friday night, the result of some sort of ear problem that’s been bugging him.Phegley isn’t alone in struggling to comprehend whatever the heck it was that transpired at PNC Park, as the Athletics crushed the Pirates, 14-1, and Phegley had a game for the ages.Oakland’s No. 8 hitter had seven RBIs by the fourth inning and finished with eight after he smacked a solo home run in the ninth inning. The 14 runs the …
26 June 2006(FNB) and the Gauteng Department of Housing are co-operating to close the gap that exists in South Africa’s affordable housing market.FNB, one of South Africa’s “big four” retail banks, launched a R800-million housing development last Thursday that will see more than 3 000 houses being built in a new Soweto suburb to be called Glen Ridge.Each housing unit will consist of three bedrooms, a bathroom, kitchen and lounge at the cost of R168 000 (all inclusive).Construction will begin in July, with the first batch of houses to be available from as early as October.The project is split into commercial property finance (to fund developers to build the houses) and end-user finance in home loans for potential buyers to address the challenge of access to credit.FNB has set aside approximately R500-million to provide finance for the buyers, and R300-million for established property developers to build the houses.The initiative is in line with an agreement the government signed last year with the country’s four major banks – FNB, Absa, Standard Bank and Nedbank – under which the institutions committed themselves to pouring R42-billion into the country’s low-cost housing market.Gauteng Housing MEC Nomvula Mokonyane commended the bank for helping ordinary South Africans to acquire homes through innovative home loan products.“Our role as provincial government will be to provide housing subsidies as equity to ensure affordability and quality houses for people in the middle to low income bracket,” Mokonyane said.Township development has in the past had limited appeal for developers because of difficulties involved in selling the properties.However, FNB chief executive officer Michael Jordaan said the collaboration between the banks and the government would make the provision of finance to buyers far smoother and the initiative an attractive one for developers.Last month, FNB unveiled a R368-million project to build more than 1 000 affordable houses at Cosmo City, north of Johannesburg. So far this year, the bank has ploughed approximately R1.7-billion into affordable housing developments.Jordaan emphasised that supporting South Africa’s previously under-serviced housing market was not merely about “ticking FSC [Financial Sector Charter] target boxes.”It was a business imperative, he said, for the country’s banks to contribute to the sustainable development and economic well-being of the communities they served.Source: BuaNews Want to use this article in your publication or on your website?See: Using SAinfo material