MCC bonds: No decision taken in meeting

The first meeting on floating municipal bonds, held at MCC, ended without a decision being taken.

MCC Commissioner Mohammed Nazeer said that as MCC had been upgraded to ‘A’ status, it was eligible to float bonds. “In the next six months a decision should be taken on floating bonds,’’ he told corporators, who had turned up for the meeting on floating municipal bonds.

An expert from ICICI explained the different types of municipal bonds. “However, the expert passed on the buck to MCC, when questions were raised on who will market the bonds, monitor and ensure good returns to investors,” sources told DH.

As the handful corporators did not get answers, it was decided to conduct another meeting to discuss the issue. Some corporators also favoured the appointment of a consultant to guide them on floating bonds.