Buses plying to Andhra Pradesh and further north have now been moved to the newly opened satellite bus terminus at Madhavaram. Construction of the 8-acres terminus, whose capacity is 90 buses, cost Rs. 95 crore to the exchequer.
CM Edappadi Palaniswami declared the terminus open through video-conferencing, While the move would save 90 minutes of commute to residents of North Chennai, 37 MTC buses will ply from Madhavaram to other parts of Chennai to facilitate smoother connectivity within the city. About 100 buses have already started operating from Madhavaram and 377 more are expected to be shifted out of CMBT.
Chennai companies bear NCLT heat
Share price of Gemini Communication Ltd, a listed IT Company which operates out of Alwarpet, has been on the decline since February 2010. Following Punjab National Bank’s move to NCLT, a resolution professional has now been appointed. The group’s consolidated operating loss was Rs. 60 crore during the year ended March 2018 and it’s consolidated net worth stood at Rs. 396 crore as at March 2017.
Resolution plan for the revival of the twenty-six-year-old Orchid Pharma at Nungambakkam which owes Rs 3200 crore to a consortium of 24 banks, has been approved by NCLT. The resolution plan was drafted by US-based alternate asset manager, Ingen Capital Group. As at March 2018, Orchid Pharma’s networth was on the negative side at Rs. 792 crore. While operating profit for the year ended March 2018 stood at Rs. 15.7 crore, interest of Rs. 302 crore, along with depreciation and tax resulted in a net loss of Rs. 353 crore.
Amongst private companies, the iconic kitchenware chain, Rathna Stores Pvt. Ltd., which owes Rs. 106 crore to its creditors, could not find bidders during it’s insolvency proceedings. NCLT has ordered liquidation of the famed outlet. Established in 1957, Ratna Stores, had become a landmark in Pondy Bazaar and South Usman Road over the years.
With revenue of Rs. 4.35 crore in the last six months, Annamalai Foods, which has in its rolls 91 employees and currently operates eight outlets, could not pay Rs 16.83 lakh to its creditor, Sree Provisions Stores. The chain which runs Nalas Appa Kadai in the city has consequently been ordered to liquidate.
Two real estate builders have also been chastised by NCLT. Construction of Hallmark Emerald, a residential project in GST Road, for which Bank of India had lent Rs 61 crore, has dragged Hallmark Living Space Pvt Ltd into financial distress. While claim of buyers amounted to Rs 8 crore, unpaid dues of Rs 25 crore to Larsen & Toubro had the giant construction company initiate liquidation proceedings. NCLT has now ordered liquidation of the company.
Builders of Ajanta Flats in Anna Nagar, Green Peace Construction Private Ltd, had left substantial work on gensets, lift, gas connections, external paintings and gym equipments undone. The owners completed the work themselves and the builder agreed to reimburse the expense which amounted to Rs. 1.15 crore. As the amount was not reimbursed, the owners’ association reached out to NCLT as operational creditors and insolvency proceedings has been initiated.
Urban obesity hits Chennai
In a survey conducted by Saffola, Chennai was found to be one of the worst salad eaters in the country. Such unhealthy eating habits along with cultural lax and sedentary lifestyle have placed Chennai atop the national urban obesity charts! While people with BMI between 23 and 24.9 are considered overweight, ones with Body Mass Index of more than 25 are considered obese. Lack of common spaces to workout and climatic conditions that culturally foster fear of tanning are also contributors. Largely being a preventable condition, increased attention to wellness would reduce obesity-related diseases like diabetes and hypertension.
