Page 17 - BANKING FINANCE JUNE 2016
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HOUSING
HOUSING
LIC Housing Finance Q4 Implementation of scheme dismissed by Madras HC
net rises 18.5% The Madras high court Madurai bench He said, "The Tamil Nadu Housing Board
has dismissed a petition filed against authorities have implemented so many
LIC Housing Finance has reported an the implementation of scheme at housing projects across the state and ul-
18.5 per cent in- Uchapatti village in
crease in its Madurai district. timately several crores
standalone net worth of housing flats, con-
profit at Rs 448 M V Radhakrishnan filed a structed by them, had not
crore for the case seeking the court's in- been sold because of various
fourth quarter tervention restraining the reasons. The housing board
superintendent engineer is in possession of vast ex-
ended March 31, against Rs 378 (SE) of Tamil Nadu Housing Board tent of lands, buildings and plots to the
crore in the year-ago period. Accord- (TNHB) from implementing the scheme tune of Rs 1,441 crore and that the
ing to a regulatory filing for FY16, at Uttchapatti village. He also sought secretary of housing and urban devel-
the housing finance company logged a direction to the SE not to permit the opment department has not come for-
a 20 per cent growth in standalone successful bidder to carry out works, as ward to take steps to rectify the defects
net profit at Rs 1,661 crore. per the tender notification dated No- pointed out in the auditor general's
vember 5, 2014. report."
The board recommended a dividend
of Rs 5.50 per equity share of Rs. 2 EPFO plans to provide low-cost housing to its subscribers
each for financial year 2015-16. The
dividend will be paid on or after Au- The retirement fund body Employees' where they will be allowed to give
gust 20. Provident Fund Organisation (EPFO) is advance from their Provident Fund (PF)
working on plans to pro-
In the reporting quarter, the vide low-cost housing to its accumulation also pledge
company's revenue from operations five crore subscribers. their future PF contribu-
and other operating income in- tion as EMI (equated
creased by 14.5 per cent and 28 per The Central Board of monthly instalment) pay-
cent (year-on-year) to Rs 3,206 crore Trustees (CBT), EPFO's ments.
and Rs 41 crore, respectively. highest decision making
body, will consider the report of the To build low-cost houses, the govern-
Sunita Sharma, MD and CEO of LIC expert committee on the same in a ment will collaborate with public sec-
Housing Finance, said the company meeting later. tor banks, housing finance companies,
has seen around 19 per cent growth state-owned construction firms and
in the retail portfolio and around 25 A committee set up by the EPFO last there will be a tripartite agreement
per cent growth in developers' port- year had recommended a scheme to with member, bank/housing agency,
folio. facilitate subscribers to buy houses and EPFO.
BANKING FINANCE | JUNE | 2016 | 17
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