All,
I feel the Independent Directors should have Ombudsman system for all the issues related Independent Directors - Corporate issues.
If such a RICH and well connected, Established man only can't escape.. think of Poor Independent Directors.
I would like all to formally send an request to Govt & MCA to work towards this Ombudsman System for Independent Directors ( ID) and Directors.
This is perhaps right time to set the Stage for the good Frame work and Governing body for ID's.
Lastly we need to put this request Sri. Madhav Mehra to consider and actively Pursue at his level.
Many Thanks for your time and response
Balaji K
++++++++++++++++++++++++++++++++
SC quashes plea, Nimesh Kampani likely to be arrested:
http://ibnlive.in.com/news/sc-quashes-plea-nimesh-kampani-likely-to-be-arrested/90152-7.html
New Delhi: Dalal Street whiz Nimesh Kampani is facing arrest after the Supreme Court on Monday refused to stop criminal proceedings against him in the Nagarjuna Finance scam case.
The bench headed by Justice Altamas Kabir, however, allowed Kampani to seek anticipatory bail.
The Mumbai-based investment banker and other executives of the Hyderabad-based non-banking financial company are under investigation for the firm's alleged failure to return around Rs 98.3 crore collected from 85,160 depositors in 1997-98.
They are wanted by the Andhra Pradesh Police in the Nagarjuna Finance scam case.
Kampani was an independent director of the company from 1989 to 1999. Kampani was reportedly hiding in Dubai for a while and moved the Supreme Court in March.
Kampani's personal wealth is valued at $1.3 billion according to
Forbes Magazine. According to same magazine, he is the 42nd richest Indian and 897th richest man in the world.
+++++++++++++++++
Tuesday, April 14, 2009
Thursday, April 9, 2009
Post Election : How to check out MLA/MP's with fake credentials
One of the way to check out MLA/MP's after the elections is file a PIL to investigate all the MLA/MP's affidavit submitted during the elections and find thier original income...
An autonomous investigative body should be set up and should allow this Organization to conduct investigation.. those MLA/MP's assets are not as per orginal income should be debarred from the Elections for the next 10 years.
As per the declarations most of them disclosed their income improper to thier Atual income or Assets.
People should use RTI act and PIL ( Public Interest Litigations ) to knock out all the bad elements in the Assembly and Parliament.
Let us build right, honest and powerful india for the right people in the right direction.
Jai ho..
An autonomous investigative body should be set up and should allow this Organization to conduct investigation.. those MLA/MP's assets are not as per orginal income should be debarred from the Elections for the next 10 years.
As per the declarations most of them disclosed their income improper to thier Atual income or Assets.
People should use RTI act and PIL ( Public Interest Litigations ) to knock out all the bad elements in the Assembly and Parliament.
Let us build right, honest and powerful india for the right people in the right direction.
Jai ho..
PRP - Chiru needs to Justify to AP People and to his FANS before he asks for Support and Chance
With this flash news.. I felt so sad and decided to think and analyze what's happening and probably advise what PRP needs to do quickly.
This is not what is expected from PRP. Chiru needs to justify and revisit once again before he asks for FANS and People's support.
Chiru Its time you keep ALLU ARAVIND Away from the decision making process..Other wise people will never trust any CINEMA Actor coming into Politics !! Hope it reaches CHIRU Loudly.
ACT FAST IS THE MEDICINE for this toxic culture.
Ref: http://election.rediff.com/report/2009/apr/09/loksabhapoll-top-prp-leader-quits-calls-party-a-poisonous-tree.htm
Top PRP leader quits, calls Chiranjeevi's party a 'poisonous tree'
April 09, 2009 15:07 IST
In a major setback to actor-turned-politician Chiranjeevi's party Praja Rajyam, party general secretary Prakala Prabhakar on Thursday resigned from the party and lashed out at its top leadership over the selection of candidates and style of functioning.
Prabhakar, a former Bharatiya Janata Party leader, was one of the first leaders to join the megastar's party. His resignation came after days of speculations that Prabhakar, the only Brahmin leader of the party, had decided to quit after he was denied a party ticket. He was also reportedly upset about the PRP leadership denying tickets to several candidates recommended by him, amid allegations that Chiranjeevi's brother in law Allu Arvind had sold the tickets for crores of rupees.
Prabhakar is among several top leaders of the party who have resigned in the last few days. Former state intelligence chief and retired Indian Police Service officer C Anjaneya Reddy, who was the founder vice president of the party, has also resigned. Speculations are rife that P Mitra, party general secretary and Chiranjeevi's advisor, is also planning to quit.
After the media started playing up the news of Prabhakar's resignation, a shaken Allu Arvind rushed to his residence to placate him. But Prabhakar refused to meet Arvind.
"PRP has turned into a poisonous tree and I have don't have the strength to uproot this tree. This tree is poisoning the state politics," the disgruntled leaders told reporters.
In a stinging attack on Chiranjeevi and the coterie around him, Prakala Prabhakar said that PRP had become a business house and he can not be part of the 'PRP company'.
"I have not taken this decision out of anger or rage but with a lot of pain and agony. There are inherent flaws in the party and no body can correct it," he added.
Continuing his attack, Prabhakar claimed that he failed to understand why the "PRP had been launched."
"The promise of change the party had made remains unfulfilled. The objective of the party seems to be completely different,"
Lashing out at Prabhakar, PRP's official spokesperson P Upendra said that he had quit the party because he had been denied a ticket. "We regret his resignation because he was a senior leader in the party. But we don't think it will weaken the party," he stated.
---------------
This is not what is expected from PRP. Chiru needs to justify and revisit once again before he asks for FANS and People's support.
Chiru Its time you keep ALLU ARAVIND Away from the decision making process..Other wise people will never trust any CINEMA Actor coming into Politics !! Hope it reaches CHIRU Loudly.
ACT FAST IS THE MEDICINE for this toxic culture.
Ref: http://election.rediff.com/report/2009/apr/09/loksabhapoll-top-prp-leader-quits-calls-party-a-poisonous-tree.htm
Top PRP leader quits, calls Chiranjeevi's party a 'poisonous tree'
April 09, 2009 15:07 IST
In a major setback to actor-turned-politician Chiranjeevi's party Praja Rajyam, party general secretary Prakala Prabhakar on Thursday resigned from the party and lashed out at its top leadership over the selection of candidates and style of functioning.
Prabhakar, a former Bharatiya Janata Party leader, was one of the first leaders to join the megastar's party. His resignation came after days of speculations that Prabhakar, the only Brahmin leader of the party, had decided to quit after he was denied a party ticket. He was also reportedly upset about the PRP leadership denying tickets to several candidates recommended by him, amid allegations that Chiranjeevi's brother in law Allu Arvind had sold the tickets for crores of rupees.
Prabhakar is among several top leaders of the party who have resigned in the last few days. Former state intelligence chief and retired Indian Police Service officer C Anjaneya Reddy, who was the founder vice president of the party, has also resigned. Speculations are rife that P Mitra, party general secretary and Chiranjeevi's advisor, is also planning to quit.
After the media started playing up the news of Prabhakar's resignation, a shaken Allu Arvind rushed to his residence to placate him. But Prabhakar refused to meet Arvind.
"PRP has turned into a poisonous tree and I have don't have the strength to uproot this tree. This tree is poisoning the state politics," the disgruntled leaders told reporters.
In a stinging attack on Chiranjeevi and the coterie around him, Prakala Prabhakar said that PRP had become a business house and he can not be part of the 'PRP company'.
"I have not taken this decision out of anger or rage but with a lot of pain and agony. There are inherent flaws in the party and no body can correct it," he added.
Continuing his attack, Prabhakar claimed that he failed to understand why the "PRP had been launched."
"The promise of change the party had made remains unfulfilled. The objective of the party seems to be completely different,"
Lashing out at Prabhakar, PRP's official spokesperson P Upendra said that he had quit the party because he had been denied a ticket. "We regret his resignation because he was a senior leader in the party. But we don't think it will weaken the party," he stated.
---------------
Wednesday, April 8, 2009
Ref : Time and Importance for United IT Associates in IT Industry - India
Here is an article in Economictimes.com news parer published dated on 8th Apr,09.
It has proved that IT Associates forming a Union to protect themselves from exploitation by companies in various forms will prove to be very successful..
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IT workers’ union wants EC to freeze Satyam sale
Our Bureau HYDERABAD
A UNION of information technology workers, Unites, has asked India’s Election Commission to intervene and shelve Satyam’s sale process until a new government takes over and current investigations by the CBI reaches a conclusion. The union has cited the scandal-hit company’s legal liabilities and other ambiguities as deterrents for any potential bidder to carry an effective due diligence functions. The government-appointed board is expected to announce a new Satyam owner by this month. Unites has also alleged that the authorities are in a ‘hurry’ to sell Satyam. “We feel the EC has every right to examine the whole move to get competitive bidding to buy Satyam’s 51% share, as the whole liability running into billions of dollars will eventually fall on the taxpayers of India,” Karthik Shekhar, Unite’s general secretary said in his letter to N Gopalaswami, the chief election commissioner of India. Over 2,000 Satyam employees have registered with Unites India ever since the Satyam scandal was reported few months ago. “On the liability front at least 13 class action lawsuits are already in US Courts, and the liability could easily exceed $900 million,” Unite said in its letter to Mr Gopalaswami, a copy of which was shown to ET on Tuesday. Satyam’s fixed assets are valued by the government appointed board at around Rs 1,800 crore.
Our Bureau HYDERABAD
A UNION of information technology workers, Unites, has asked India’s Election Commission to intervene and shelve Satyam’s sale process until a new government takes over and current investigations by the CBI reaches a conclusion. The union has cited the scandal-hit company’s legal liabilities and other ambiguities as deterrents for any potential bidder to carry an effective due diligence functions. The government-appointed board is expected to announce a new Satyam owner by this month. Unites has also alleged that the authorities are in a ‘hurry’ to sell Satyam. “We feel the EC has every right to examine the whole move to get competitive bidding to buy Satyam’s 51% share, as the whole liability running into billions of dollars will eventually fall on the taxpayers of India,” Karthik Shekhar, Unite’s general secretary said in his letter to N Gopalaswami, the chief election commissioner of India. Over 2,000 Satyam employees have registered with Unites India ever since the Satyam scandal was reported few months ago. “On the liability front at least 13 class action lawsuits are already in US Courts, and the liability could easily exceed $900 million,” Unite said in its letter to Mr Gopalaswami, a copy of which was shown to ET on Tuesday. Satyam’s fixed assets are valued by the government appointed board at around Rs 1,800 crore.
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Ombudsman Mechanism for Company Independent Directors ( ID's)
With the recent Satyam scandal..the role of Independent Directors ( ID ) and thier value addition to Company and also justification of thier existance to protect the retail / minority stake holder interests.. are not so clear. The following are my thoughts what the Corporate World and also Min. of Company Affairs should start think and work with SEBI also to put a better frame work on the ROLES & RESPONSIBILITIES of the Independent Directors.
- Govt should restrict the Max number of Boards / Companys Independent Director Can represent to around 4-5 only instead 12.
- They should also modify the existing Corporate laws to increase the Min. No of days and also Min no of hours the ID on Single Board to 1000 hours or 3 months ( 90 to 100 working days). If the ID is not able to spend reasonable efforts in the company then HE does not add value to the company and also to the minority share holders. It is better not to have the ID in the board.
- Govt of India should create law to introduce the Ombudsman mechanism to resolve any Issues related to the ID's and thier Corporate Goverence responsibilities. So any share holder / stock holder to approach the Ombudsman and get proper support and help or information from them. Perhaps its time to create "India Corporate Directors Federation". An apex body to guide the directors.
- Also Govt should enact strong company laws to penalize the ID/Directors for thier faults, voilations and thier failures. probably debaring them 5 years to sit on any board in India.
- Govt should not decide the Independent Directors payement based on the number of sittings.. but perhaps based on the MEASURABLE Value he brings in to the company, No of hours and No of days he was involved in the Company operations.
- Govt also should consider minimum qualifications for the ID's and also should provide exceptions based on their track record and credentials.
- I feel Govt. should Propose a Management Audit Review on the ID's decision making and thier response etc in the Company Annual reports.
I think these things will happen over a period of time..
Let's help in shaping the better corporate world.
India needs..
Jai Ho
Tuesday, April 7, 2009
Journalist throws shoe at Chidambaram.. Who is Next ?
Ref : http://ibnlive.in.com/news/journalist-throws-shoe-at-chidambaram/89666-3.html
- Soon I predict this will become a habit / symbol to show frustration, to give fitting reply to those whose actions are irresponsible, meaning less, exploted weakness of people / employees / markets / cast / creed etc...
- Worse could come from employees who are fired / layed off in the IT industry.. People will throw Shoe at thier managers, business heads, HR manager, country heads, Directors, Boar members and CEO's etc.
Comments..?
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