General Affairs
Armed Forces Personnel To Now Get E-Postal Ballots
-
NEW DELHI: Accepting a long-pending demand, government has amended electoral rules to allow service voters, including Armed Forces personnel, to get their postal ballot through electronic means to save valuable time.
This would mean that service voters, including personnel from armed forces, can now download the blank post ballot sent to them electronically, mark their preference and post the filled-up ballot back to their respective returning officers.
This would cut short the delay experienced in the present system of two-way transmission of ballot paper by the postal services, official sources said.
Two-way electronic transmission has not been recommended by the Election Commission for security and secrecy reasons, the sources pointed out.
The armed forces personnel serving in remote and border areas would be greatly benefited since the present system of two-way transmission of ballot paper by the postal services has not been able to meet the expectations of the service voters, they said.
"The government has issued notification on October 21, amending rule 23 of the Conduct of Elections Rules, 1961 enabling service voters, including armed forces personnel, to cast their vote in elections through e-postal ballot," a source said.
The issue had also come up before the Supreme Court where it was pleaded that an effective mechanism be created for armed forces personnel and their families to exercise their right to vote easily and effectively.
The government had approached the Election Commission to help mitigate the difficulties faced by service voters while exercising their franchise.
The technical team of the Election Commission has developed a system whereby a blank postal ballot could be electronically transmitted to the voter.
Voters entitled to postal ballot, such as service voters, can download the postal ballot and print the blank postal ballot. After marking his vote in the blank postal ballot, the same would be returned to the concerned Returning Officer by post as in the present system of postal ballot.
The commission had proposed that more categories of voters be made eligible for e-postal ballot system.
However, on a pilot basis, e-postal ballot system has been introduced for service voters consisting of armed police forces of the central government, other forces subject to the provisions of the Army Act, armed forces of a state serving outside that state, and those employed under the government of India in a post outside India.
One-way electronic transmission of blank postal ballot would considerably cut short the delay in receipt of the marked postal ballot by the Returning Officers on or before the date fixed for counting of votes, the sources said.
This would mean that service voters, including personnel from armed forces, can now download the blank post ballot sent to them electronically, mark their preference and post the filled-up ballot back to their respective returning officers.
This would cut short the delay experienced in the present system of two-way transmission of ballot paper by the postal services, official sources said.
Two-way electronic transmission has not been recommended by the Election Commission for security and secrecy reasons, the sources pointed out.
The armed forces personnel serving in remote and border areas would be greatly benefited since the present system of two-way transmission of ballot paper by the postal services has not been able to meet the expectations of the service voters, they said.
"The government has issued notification on October 21, amending rule 23 of the Conduct of Elections Rules, 1961 enabling service voters, including armed forces personnel, to cast their vote in elections through e-postal ballot," a source said.
The issue had also come up before the Supreme Court where it was pleaded that an effective mechanism be created for armed forces personnel and their families to exercise their right to vote easily and effectively.
The government had approached the Election Commission to help mitigate the difficulties faced by service voters while exercising their franchise.
The technical team of the Election Commission has developed a system whereby a blank postal ballot could be electronically transmitted to the voter.
Voters entitled to postal ballot, such as service voters, can download the postal ballot and print the blank postal ballot. After marking his vote in the blank postal ballot, the same would be returned to the concerned Returning Officer by post as in the present system of postal ballot.
The commission had proposed that more categories of voters be made eligible for e-postal ballot system.
However, on a pilot basis, e-postal ballot system has been introduced for service voters consisting of armed police forces of the central government, other forces subject to the provisions of the Army Act, armed forces of a state serving outside that state, and those employed under the government of India in a post outside India.
One-way electronic transmission of blank postal ballot would considerably cut short the delay in receipt of the marked postal ballot by the Returning Officers on or before the date fixed for counting of votes, the sources said.
Home Minister Rajnath Singh Meets Bahrain King, Crown Prince
-
MANAMA, BAHRAIN: Home Minister Rajnath Singh today called on Bahrain King Hamad bin Isa bin Salman Al Khalifa and Crown Prince Salman bin Hamad Al Khalifa and shared with them India's concern over terrorism.
While Mr Singh met the King at Al-Safriya palace, he met the Crown Prince at Gudaibiya Palace.
"We shared concern over terrorism and human trafficking," Mr Singh tweeted after the meeting.
The Home Minister also met Bahrain's Deputy Prime Minister Shaikh Ali Bin Khalifa Al Khalifa and Foreign Minister Shaikh Khalid Bin Ahmed Al Khalifa separately.
Earlier, in his meeting with Bahrain Interior Minister Rashid bin Abdullah Al Khalifa, Mr Singh conveyed to him that terrorism emanating from Pakistan remains its most important concern and support from across the border has incited the current unrest in Jammu and Kashmir.
Mr Singh, who is on a three-day visit to the Gulf country, apprised Mr Abdullah about Islamabad's open support and participation to glorify slain Hizbul Mujahideen militant Burhan Wani in Pakistan, saying it indicates continued free movement that terrorists and their supporters enjoy there.
While Mr Singh met the King at Al-Safriya palace, he met the Crown Prince at Gudaibiya Palace.
"We shared concern over terrorism and human trafficking," Mr Singh tweeted after the meeting.
Earlier, in his meeting with Bahrain Interior Minister Rashid bin Abdullah Al Khalifa, Mr Singh conveyed to him that terrorism emanating from Pakistan remains its most important concern and support from across the border has incited the current unrest in Jammu and Kashmir.
Mr Singh, who is on a three-day visit to the Gulf country, apprised Mr Abdullah about Islamabad's open support and participation to glorify slain Hizbul Mujahideen militant Burhan Wani in Pakistan, saying it indicates continued free movement that terrorists and their supporters enjoy there.
PM Modi To Inaugurate First National Tribal Carnival
-
NEW DELHI: BJP lawmaker Varun Gandhi, who is under scanner for allegedly leaking defence secrets to controversial arms dealer Abhishek Verma, today rejected the charges against him as false and frivolous and said he will take legal action against those who deliberately sought to tarnish his reputation.
The Sultanpur lawmaker issued a detailed statement addressed to "my fellow countrymen," in which he made point by point rebuttal to the allegations levelled against him as he insisted that there is "no one grain of truth or one shred of evidence" in them.
While he was a member of both the Defence Standing Committee and the Defence Consultative Committee from 2009, he said he never attended a meeting of the Consultative Committee and very few of the Standing Committee.
"Clearly, I was neither actively seeking out nor passing on any information. Had there been any hidden agenda or motivation as alleged in the letter it would have been reflected in my attendance...
"I would like to point out the false and frivolous nature of its (letter) charges, and the impossibility of these allegations." Mr Gandhi said.
Swaraj Abhiyan leaders Prashant Bhushan and Yogendra Yadav on Thursday had released a letter written by Edmonds Allen, a New York-based lawyer, to the PMO last month that Varun was honey trapped and compromised by Mr Verma.
He alleged that Mr Verma "blackmailed" Mr Gandhi, a member of the Defence Consultative Committee, into sharing sensitive information on crucial arms matters.
Mr Allen, who was a partner of Mr Verma, fell out with him in 2012. Mr Verma is facing trial in the 2006 Naval War Room leak case.
"I have never met Edmonds Allen, who has written this letter containing these allegation. Nor do I have any details of who he is, not what he does except as has been reported in the press of him being a former associate of Abhishek Verma," Mr Gandhi said in the statement.
"I first made acquaintance with (Abhishek) Verma when I was a college student in England. He was introduced as the son of late Veena and Shrikant Verma, both Members of Parliament from a reputed family. We met socially over a short period of time. It has been many years since we last met. At no point did we ever discussed work, neither his nor mine," he said.
Mr Bhushan alleged that despite having all the details, BJP government did not blacklist Thales, the company that sold scam-tainted Scorpene submarines, as Dassault acquired it.
The Sultanpur lawmaker issued a detailed statement addressed to "my fellow countrymen," in which he made point by point rebuttal to the allegations levelled against him as he insisted that there is "no one grain of truth or one shred of evidence" in them.
"Clearly, I was neither actively seeking out nor passing on any information. Had there been any hidden agenda or motivation as alleged in the letter it would have been reflected in my attendance...
"I would like to point out the false and frivolous nature of its (letter) charges, and the impossibility of these allegations." Mr Gandhi said.
Swaraj Abhiyan leaders Prashant Bhushan and Yogendra Yadav on Thursday had released a letter written by Edmonds Allen, a New York-based lawyer, to the PMO last month that Varun was honey trapped and compromised by Mr Verma.
He alleged that Mr Verma "blackmailed" Mr Gandhi, a member of the Defence Consultative Committee, into sharing sensitive information on crucial arms matters.
Mr Allen, who was a partner of Mr Verma, fell out with him in 2012. Mr Verma is facing trial in the 2006 Naval War Room leak case.
"I have never met Edmonds Allen, who has written this letter containing these allegation. Nor do I have any details of who he is, not what he does except as has been reported in the press of him being a former associate of Abhishek Verma," Mr Gandhi said in the statement.
"I first made acquaintance with (Abhishek) Verma when I was a college student in England. He was introduced as the son of late Veena and Shrikant Verma, both Members of Parliament from a reputed family. We met socially over a short period of time. It has been many years since we last met. At no point did we ever discussed work, neither his nor mine," he said.
Mr Bhushan alleged that despite having all the details, BJP government did not blacklist Thales, the company that sold scam-tainted Scorpene submarines, as Dassault acquired it.
Indo-Tibetan Border Police Deploys Women Personnel At China Border For First Time
-
GREATER NOIDA: At least 100 women Indo-Tibetan Border Police or ITBP personnel have been deployed at 15 border posts along the arduous Sino-India frontier, making it the first such posting of 'mahila' combatants in a forward area.
The force has recently completed the full process for deployment of the women personnel at select forward posts, ITBP Director General Krishna Chaudhary said.
The women contingent, trained in war craft and and weapon firing, have been posted after the Border out Posts (BoPs) were made "gender neutral" and other facilities were created for them, he said.
Officials said while the maximum of these women have been sent to Indo-Tibetan Border Police BoPs in the Ladakh frontier of Jammu and Kashmir, few have been posted at other locations in Himachal Pradesh, Uttarakhand, Sikkim and Arunachal Pradesh.
The total numbers of the women personnel, who have been posted at BoPs, is about 100, they said, adding few more BoPs will have women personnel in the coming days.
The force earlier this year commissioned 500 women troops for deployment at India-China border in its constabulary ranks after training them for 44-weeks in in battle craft and mountain survival.
The posts where these women have been deployed are situated at heights of between 8,000 and 14,000 feet, including the 'Mana pass' border post.
The force plans to have women personnel make up at least 40 per cent of its strength at these forward posts.
This is the first time India has deployed women troops right at the front, at least on the one which is considered to be the most arduous and tricky given the harsh climatic conditions and extreme mountainous terrain along the India-China border.
ITBP, which marks its 55th Raising Day today, was raised in the aftermath of the 1962 Chinese aggression.
These women, who were recruited in the force in February last year, hail from various states with 97 of them, the highest, coming from the hill state of Uttarakhand.
Women constables were first inducted in this 80,000 personnel strong force in 2008, but they were until now only deployed for rendering law and order duties in troubled areas and in a few instances at the Nathu La pass to facilitate traders and for frisking women.
ITBP has a total of 1,661 women personnel in its various ranks and branches of work with the maximum number of 1,033 being in the constabulary ranks.
The force has recently completed the full process for deployment of the women personnel at select forward posts, ITBP Director General Krishna Chaudhary said.
The women contingent, trained in war craft and and weapon firing, have been posted after the Border out Posts (BoPs) were made "gender neutral" and other facilities were created for them, he said.
Officials said while the maximum of these women have been sent to Indo-Tibetan Border Police BoPs in the Ladakh frontier of Jammu and Kashmir, few have been posted at other locations in Himachal Pradesh, Uttarakhand, Sikkim and Arunachal Pradesh.
The total numbers of the women personnel, who have been posted at BoPs, is about 100, they said, adding few more BoPs will have women personnel in the coming days.
The force earlier this year commissioned 500 women troops for deployment at India-China border in its constabulary ranks after training them for 44-weeks in in battle craft and mountain survival.
The posts where these women have been deployed are situated at heights of between 8,000 and 14,000 feet, including the 'Mana pass' border post.
The force plans to have women personnel make up at least 40 per cent of its strength at these forward posts.
This is the first time India has deployed women troops right at the front, at least on the one which is considered to be the most arduous and tricky given the harsh climatic conditions and extreme mountainous terrain along the India-China border.
ITBP, which marks its 55th Raising Day today, was raised in the aftermath of the 1962 Chinese aggression.
These women, who were recruited in the force in February last year, hail from various states with 97 of them, the highest, coming from the hill state of Uttarakhand.
Women constables were first inducted in this 80,000 personnel strong force in 2008, but they were until now only deployed for rendering law and order duties in troubled areas and in a few instances at the Nathu La pass to facilitate traders and for frisking women.
ITBP has a total of 1,661 women personnel in its various ranks and branches of work with the maximum number of 1,033 being in the constabulary ranks.
Congress Has Joined Hands With SAD-BJP To Stop AAP In Punjab: Arvind Kejriwal
-
BATHINDA, PUNJAB: Aam Aadmi Party (AAP) national convener and Delhi Chief Minister Arvind Kejriwal today alleged that SAD-BJP and Congress had joined hands to stop AAP from winning the Punjab assembly elections, slated to be held early next year.
"It is an open secret now that both Akalis and Congress have come together to keep AAP away from Punjab," Mr Kejriwal alleged while addressing the members of trading community and industry in Bathinda.
He also accused Punjab Congress chief Captain Amarinder Singh of being the "joint candidate" of SAD-BJP alliance and Congress.
"That's why Chief Minister Parkash Singh Badal has withdrawn a corruption case against Amarinder just three months before the Punjab polls which has been going on for nearly 10 years," Mr Kejriwal alleged.
He said Mr Badal was only returning a "favour" to Amarinder by doing so as the latter opposed CBI probe against his son's brother-in-law and Punjab Revenue Minister Bikram Singh Majithia about two years ago.
Mr Kejriwal alleged said at that time, Mr Amarinder ensured after speaking to Congress president Sonia Gandhi that no CBI probe be initiated against Mr Majithia even though PPCC president and lawmaker Partap Singh Bajwa strongly demanded it.
"People of Punjab would want to know from Deputy Chief Minister Sukhbir Badal what kind of a deal the Akalis and the Congress have struck for a complete collusion between them. After all such favours are not exchanged just for nothing," alleged Mr Kejriwal who is on Punjab tour.
Mr Kejriwal said there were thousands of "false" cases registered against people of Punjab which Mr Badal never considered withdrawing.
"So everything being done by both Akalis and Congress is to politically benefit each other," he further alleged.
Mr Kejriwal alleged that every single penny that SAD-BJP alliance or Congress would use in the Punjab polls would directly or otherwise come from the drug trade in Punjab.
"Voting for SAD-BJP alliance or Congress would mean voting for drug trade. Whereas vote for AAP would mean electing an honest, clean and transparent government in Punjab," Mr Kejriwal said.
He alleged that Akalis and Congress are spreading rumours that if AAP comes to power in Punjab it would not get any financial help from the NDA government at Centre.
"I would like to ask the people of Punjab what financial help SAD-BJP alliance has been able to get from Modi government in last two years by indulging in his sycophancy," said Mr Kejriwal.
Mr Kejriwal said he was ready to even bend before PM Modi for the sake of Punjab and its people but if he tried to ignore the demands of Punjab he also knew how to grab it from him through democratic means.
Meanwhile, Mr Kejriwal today visited the residence of a journalist, who was allegedly shot dead by a Akali Councillor few days back, to express condolence.
"Law and order situation in Punjab has stooped to a new low, which could be evident of the spree of murders by liquor mafia and murder of Kewal Krishan, a journalist by Akali Councillor," Mr Kejriwal said and alleged that the situation has become so "worse" that even journalists are not safe in Punjab.
When the family of the killed journalist apprised the visiting Delhi Chief Minister that marriage of his daughter was fixed for November 26, Mr Kejriwal said "Punjab Government should provide adequate compensation to the family to enable them to solemnise marriage of the victim's daughter apart from delivering justice".
Once voted to power, it would be a challenge for AAP Government to bring back the deteriorated law and order on the track by restoring people's faith on the police, which is at present "working like Akali Jathedars," Mr Kejriwal said.
"It is an open secret now that both Akalis and Congress have come together to keep AAP away from Punjab," Mr Kejriwal alleged while addressing the members of trading community and industry in Bathinda.
He also accused Punjab Congress chief Captain Amarinder Singh of being the "joint candidate" of SAD-BJP alliance and Congress.
"That's why Chief Minister Parkash Singh Badal has withdrawn a corruption case against Amarinder just three months before the Punjab polls which has been going on for nearly 10 years," Mr Kejriwal alleged.
He said Mr Badal was only returning a "favour" to Amarinder by doing so as the latter opposed CBI probe against his son's brother-in-law and Punjab Revenue Minister Bikram Singh Majithia about two years ago.
Mr Kejriwal alleged said at that time, Mr Amarinder ensured after speaking to Congress president Sonia Gandhi that no CBI probe be initiated against Mr Majithia even though PPCC president and lawmaker Partap Singh Bajwa strongly demanded it.
"People of Punjab would want to know from Deputy Chief Minister Sukhbir Badal what kind of a deal the Akalis and the Congress have struck for a complete collusion between them. After all such favours are not exchanged just for nothing," alleged Mr Kejriwal who is on Punjab tour.
Mr Kejriwal said there were thousands of "false" cases registered against people of Punjab which Mr Badal never considered withdrawing.
"So everything being done by both Akalis and Congress is to politically benefit each other," he further alleged.
"Voting for SAD-BJP alliance or Congress would mean voting for drug trade. Whereas vote for AAP would mean electing an honest, clean and transparent government in Punjab," Mr Kejriwal said.
He alleged that Akalis and Congress are spreading rumours that if AAP comes to power in Punjab it would not get any financial help from the NDA government at Centre.
"I would like to ask the people of Punjab what financial help SAD-BJP alliance has been able to get from Modi government in last two years by indulging in his sycophancy," said Mr Kejriwal.
Mr Kejriwal said he was ready to even bend before PM Modi for the sake of Punjab and its people but if he tried to ignore the demands of Punjab he also knew how to grab it from him through democratic means.
Meanwhile, Mr Kejriwal today visited the residence of a journalist, who was allegedly shot dead by a Akali Councillor few days back, to express condolence.
"Law and order situation in Punjab has stooped to a new low, which could be evident of the spree of murders by liquor mafia and murder of Kewal Krishan, a journalist by Akali Councillor," Mr Kejriwal said and alleged that the situation has become so "worse" that even journalists are not safe in Punjab.
When the family of the killed journalist apprised the visiting Delhi Chief Minister that marriage of his daughter was fixed for November 26, Mr Kejriwal said "Punjab Government should provide adequate compensation to the family to enable them to solemnise marriage of the victim's daughter apart from delivering justice".
Once voted to power, it would be a challenge for AAP Government to bring back the deteriorated law and order on the track by restoring people's faith on the police, which is at present "working like Akali Jathedars," Mr Kejriwal said.
Business Affairs
This is what Cyrus Mistry said a month before he was removed as Tata Sons Chairman
-
Tata Sons Chairman Cyrus P Mistry, who was replaced as the Tata Son Chairman today, gave an extensive interview to the company's in-house magazine a month ago.
There was no indication of any trouble as Mistry even though the company to be ready for some tough decisions.
While it is too early to tell what is the real reason behind Mistry's removal as the chairman, let's take a quick look at what he had said.
Mistry had talked about the need of taking some bolder steps. Among other things, he had said the Tata group was building the capabilities that would allow them to succeed for the next 150 years.
Cyrus P Mistry was the sixth Group Chairman. He was appointed as the Chairman of the Tata Sons board in December 2012. He has been a director of the company since 2006.
Here are the top 5 statements Cyrus P Mystry had made just a month before his removal:
On 'Vision 2025'
"We will continue to invest in our strong business-to-business enterprises, where we have powerful drivers for long-term value creation. In all our businesses, we are emphasising the importance of corporate foresight and customer insight. Companies that are able to understand longer-term trends and anticipate evolving customer needs will be well placed to make the most of these changes - Former Tata Sons Chairman Cyrus P Mistry
On Digital wave
"A vital opportunity defining our times is the digital wave that is transforming all industries...We are incubating three companies in the digital space at this point in time...I am delighted to see many Tata companies adopt different elements of digital in their operations, and our people using digital in the consumer and marketing side of their businesses. While we have had early successes within our companies, the more important aspect is that they are learning to use digital in a manner that brings value to customers - Former Tata Sons Chairman Cyrus P Mistry
"Fundamentally, Tata companies need to have robust strategies to deliver sustainable, profitable growth. In this light, at the 2014 AGLC, I had emphasised putting value creation for the customer at the heart of our strategy. Further, harnessing innovation and technology as differentiators will drive growth, even in the face of change. The best companies future-proof their strategies by exploiting industry trends, and stress-test these strategies for sudden environmental changes- Former Tata Sons Chairman Cyrus P Mistry
On innovation and technology
"The world has moved away from large industrial innovation labs to more distributed innovation at multiple locations. A lot can be done in a distributed manner in the digital space, in terms of virtual collaboration platforms for innovation. We may in the future also look at bringing together in a physical space some of our group companies to work on joint projects -Former Tata Sons Chairman Cyrus P Mistry
On promoting innovation
"I think we have done a significant amount of work through Tata Innovista, the collaborative platform created by the group to promote innovation. The Innovista model has, over the years, evolved into something quite fantastic. While some of the innovations are incremental, the 'dare to try' concept in Innovista does make us bold. At the recent forum of Tata Chief Technology Officers, I underlined the need to be bolder. We have to start taking bolder steps because true value in today's environment will not only be created from incremental innovation, but the bolder and bigger strides - Former Tata Sons Chairman Cyrus P Mistry
On corporate governance
"In keeping with the Tata ethos, we are fully committed to maintaining the highest standards of ethics and governance in the conduct of business by our enterprises. This includes emphasis at the group level on certain standards and longer-term aspirations; providing sufficient and needed autonomy to group companies and their boards to independently focus on creating value for all their stakeholders; and a variety of parenting styles that meet the needs of individual companies at their individual stage of growth and maturity - Former Tata Sons Chairman Cyrus P Mistry
On serious structural challenges
"There will always be external influencers and so-called experts, who may be motivated by immediate transactional gains, goading us on to churn our portfolio. It is important that we develop our own prognosis based on knowledge and context, keeping all stakeholders in mind. We should not be afraid of taking tough decisions for the right reasons, with compassion - Former Tata Sons Chairman Cyrus P Mistry
"A vital opportunity defining our times is the digital wave that is transforming all industries - Former Tata Sons Chairman Cyrus P Mistry
"Enlisting customer loyalty and building strong brands help companies weather many storms- Former Tata Sons Chairman Cyrus P Mistry
"If there is one thing that I have absolute clarity on it is that the course of action selected should not undermine the 'moral contract'- Former Tata Sons Chairman Cyrus P Mistry
"The Tata brand, the Tata culture and the Tata ethos are dependent on the value system of the group. This is our biggest asset- Former Tata Sons Chairman Cyrus P Mistry
Tata Sons Chairman Cyrus P Mistry, who was replaced as the Tata Son Chairman today, gave an extensive interview to the company's in-house magazine a month ago.
There was no indication of any trouble as Mistry even though the company to be ready for some tough decisions.
While it is too early to tell what is the real reason behind Mistry's removal as the chairman, let's take a quick look at what he had said.
Mistry had talked about the need of taking some bolder steps. Among other things, he had said the Tata group was building the capabilities that would allow them to succeed for the next 150 years.
Cyrus P Mistry was the sixth Group Chairman. He was appointed as the Chairman of the Tata Sons board in December 2012. He has been a director of the company since 2006.
Here are the top 5 statements Cyrus P Mystry had made just a month before his removal:
On 'Vision 2025'
"We will continue to invest in our strong business-to-business enterprises, where we have powerful drivers for long-term value creation. In all our businesses, we are emphasising the importance of corporate foresight and customer insight. Companies that are able to understand longer-term trends and anticipate evolving customer needs will be well placed to make the most of these changes - Former Tata Sons Chairman Cyrus P Mistry
"We will continue to invest in our strong business-to-business enterprises, where we have powerful drivers for long-term value creation. In all our businesses, we are emphasising the importance of corporate foresight and customer insight. Companies that are able to understand longer-term trends and anticipate evolving customer needs will be well placed to make the most of these changes - Former Tata Sons Chairman Cyrus P Mistry
On Digital wave
"A vital opportunity defining our times is the digital wave that is transforming all industries...We are incubating three companies in the digital space at this point in time...I am delighted to see many Tata companies adopt different elements of digital in their operations, and our people using digital in the consumer and marketing side of their businesses. While we have had early successes within our companies, the more important aspect is that they are learning to use digital in a manner that brings value to customers - Former Tata Sons Chairman Cyrus P Mistry
"Fundamentally, Tata companies need to have robust strategies to deliver sustainable, profitable growth. In this light, at the 2014 AGLC, I had emphasised putting value creation for the customer at the heart of our strategy. Further, harnessing innovation and technology as differentiators will drive growth, even in the face of change. The best companies future-proof their strategies by exploiting industry trends, and stress-test these strategies for sudden environmental changes- Former Tata Sons Chairman Cyrus P Mistry
On innovation and technology
"The world has moved away from large industrial innovation labs to more distributed innovation at multiple locations. A lot can be done in a distributed manner in the digital space, in terms of virtual collaboration platforms for innovation. We may in the future also look at bringing together in a physical space some of our group companies to work on joint projects -Former Tata Sons Chairman Cyrus P Mistry
"The world has moved away from large industrial innovation labs to more distributed innovation at multiple locations. A lot can be done in a distributed manner in the digital space, in terms of virtual collaboration platforms for innovation. We may in the future also look at bringing together in a physical space some of our group companies to work on joint projects -Former Tata Sons Chairman Cyrus P Mistry
On promoting innovation
"I think we have done a significant amount of work through Tata Innovista, the collaborative platform created by the group to promote innovation. The Innovista model has, over the years, evolved into something quite fantastic. While some of the innovations are incremental, the 'dare to try' concept in Innovista does make us bold. At the recent forum of Tata Chief Technology Officers, I underlined the need to be bolder. We have to start taking bolder steps because true value in today's environment will not only be created from incremental innovation, but the bolder and bigger strides - Former Tata Sons Chairman Cyrus P Mistry
On corporate governance
"In keeping with the Tata ethos, we are fully committed to maintaining the highest standards of ethics and governance in the conduct of business by our enterprises. This includes emphasis at the group level on certain standards and longer-term aspirations; providing sufficient and needed autonomy to group companies and their boards to independently focus on creating value for all their stakeholders; and a variety of parenting styles that meet the needs of individual companies at their individual stage of growth and maturity - Former Tata Sons Chairman Cyrus P Mistry
On serious structural challenges
"There will always be external influencers and so-called experts, who may be motivated by immediate transactional gains, goading us on to churn our portfolio. It is important that we develop our own prognosis based on knowledge and context, keeping all stakeholders in mind. We should not be afraid of taking tough decisions for the right reasons, with compassion - Former Tata Sons Chairman Cyrus P Mistry
"A vital opportunity defining our times is the digital wave that is transforming all industries - Former Tata Sons Chairman Cyrus P Mistry
"Enlisting customer loyalty and building strong brands help companies weather many storms- Former Tata Sons Chairman Cyrus P Mistry
"If there is one thing that I have absolute clarity on it is that the course of action selected should not undermine the 'moral contract'- Former Tata Sons Chairman Cyrus P Mistry
"The Tata brand, the Tata culture and the Tata ethos are dependent on the value system of the group. This is our biggest asset- Former Tata Sons Chairman Cyrus P Mistry
On serious structural challenges
"There will always be external influencers and so-called experts, who may be motivated by immediate transactional gains, goading us on to churn our portfolio. It is important that we develop our own prognosis based on knowledge and context, keeping all stakeholders in mind. We should not be afraid of taking tough decisions for the right reasons, with compassion - Former Tata Sons Chairman Cyrus P Mistry
"A vital opportunity defining our times is the digital wave that is transforming all industries - Former Tata Sons Chairman Cyrus P Mistry
"Enlisting customer loyalty and building strong brands help companies weather many storms- Former Tata Sons Chairman Cyrus P Mistry
"If there is one thing that I have absolute clarity on it is that the course of action selected should not undermine the 'moral contract'- Former Tata Sons Chairman Cyrus P Mistry
"The Tata brand, the Tata culture and the Tata ethos are dependent on the value system of the group. This is our biggest asset- Former Tata Sons Chairman Cyrus P Mistry
Multiple rate GST will be disastrous: P Chidambaram
-
The proposed multiple rate GST structure will be "disastrous" and nothing more than same old VAT rates in a "new shape", former finance minister P Chidambaram said on Monday.
"We sincerely hope that we do not misinterpret the design of standard, standard minus and plus rates of GST. We can have 20 rates. It will be disastrous and that cannot be GST, it will be fooling the country," Chidambaram told an interactive session with IIM Calcutta students on economic reforms.
"A well designed GST is expected to have standard rate, plus and minus standard rate. That latitude interpreted to me as multiple rate - zero to 100 - that's not GST. That is simply existing VAT rates in a new shape, old wine in a new bottle," he said.
He said he hoped better counsel would prevail which would reduce the number of rates to "three or so".
The new Goods and Services Tax (GST) will subsume a number of indirect taxes at the state as well as central level and is targeted for rollout from April 1, 2017.
About states disagreeing and joining the second wave of GST reform, Chidambaram said that even when UPA had implemented VAT, some had not joined initially and they had joined later, and so eventually all states will fall in line.
"Whatever, be the standard rates it will raise service tax," he said.
At the GST Council meeting last week, there was virtual consensus among states on imposing of the cess, which tax experts and industry have opposed vehemently, saying it defeats the very concept of one-nation, one-tax.
Besides, a four-slab tax structure of 6, 12, 18 and 26 per cent with lower tariff for essential items and the highest bracket for luxury and sin goods also found favour with them but a decision was put off to the next meeting on November 3-4.
The proposed multiple rate GST structure will be "disastrous" and nothing more than same old VAT rates in a "new shape", former finance minister P Chidambaram said on Monday.
"We sincerely hope that we do not misinterpret the design of standard, standard minus and plus rates of GST. We can have 20 rates. It will be disastrous and that cannot be GST, it will be fooling the country," Chidambaram told an interactive session with IIM Calcutta students on economic reforms.
"A well designed GST is expected to have standard rate, plus and minus standard rate. That latitude interpreted to me as multiple rate - zero to 100 - that's not GST. That is simply existing VAT rates in a new shape, old wine in a new bottle," he said.
He said he hoped better counsel would prevail which would reduce the number of rates to "three or so".
The new Goods and Services Tax (GST) will subsume a number of indirect taxes at the state as well as central level and is targeted for rollout from April 1, 2017.
About states disagreeing and joining the second wave of GST reform, Chidambaram said that even when UPA had implemented VAT, some had not joined initially and they had joined later, and so eventually all states will fall in line.
"Whatever, be the standard rates it will raise service tax," he said.
At the GST Council meeting last week, there was virtual consensus among states on imposing of the cess, which tax experts and industry have opposed vehemently, saying it defeats the very concept of one-nation, one-tax.
Besides, a four-slab tax structure of 6, 12, 18 and 26 per cent with lower tariff for essential items and the highest bracket for luxury and sin goods also found favour with them but a decision was put off to the next meeting on November 3-4.
SoftBank may pump in up to Rs 2,000 crore in Ola
-
Japan's SoftBank Corp is likely to invest up to Rs 2,000 crore in Ola, a funding that will help India's largest taxi-hailing service compete with US-based rival Uber.
According to sources close to the deal, ANI Technologies Pvt's Ola may raise $250-300 million in a new round of funding led by the Japanese telecom and Internet major, and other existing investors may also participate.
They added that the announcement is expected to be made in the next few weeks.
When contacted, both Ola and SoftBank declined to comment on the matter.
Recently, SoftBank Group International President Alok Sama had said the company was focussed on consolidating its position in the Indian market and aggressively backing its investment here. Its two largest investments in India include Ola and e-commerce major Snapdeal.
Ola's fund-raising comes at a time when Uber is stepping up its investment in the country. Uber has said it will aggressively ramp up its operations in India after it exited China in July.
The Bengaluru-based firm has raised over $1.3 billion (roughly Rs 8,600 crore) from investors, including SoftBank Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge.
With over 4.5 lakh vehicles registered on its platform, Ola offers services across more than 100 cities in India.
Ola has been aggressively on-boarding driver partners on its platform and has also expanded to new categories like luxury car rentals and subscription services to attract premium customers. It had launched its leasing business to strengthen supply of drivers.
Japan's SoftBank Corp is likely to invest up to Rs 2,000 crore in Ola, a funding that will help India's largest taxi-hailing service compete with US-based rival Uber.
According to sources close to the deal, ANI Technologies Pvt's Ola may raise $250-300 million in a new round of funding led by the Japanese telecom and Internet major, and other existing investors may also participate.
They added that the announcement is expected to be made in the next few weeks.
When contacted, both Ola and SoftBank declined to comment on the matter.
Recently, SoftBank Group International President Alok Sama had said the company was focussed on consolidating its position in the Indian market and aggressively backing its investment here. Its two largest investments in India include Ola and e-commerce major Snapdeal.
Ola's fund-raising comes at a time when Uber is stepping up its investment in the country. Uber has said it will aggressively ramp up its operations in India after it exited China in July.
The Bengaluru-based firm has raised over $1.3 billion (roughly Rs 8,600 crore) from investors, including SoftBank Group, Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge.
With over 4.5 lakh vehicles registered on its platform, Ola offers services across more than 100 cities in India.
Ola has been aggressively on-boarding driver partners on its platform and has also expanded to new categories like luxury car rentals and subscription services to attract premium customers. It had launched its leasing business to strengthen supply of drivers.
Why you should exit following six sectors before Samvat 2073 begins
-
The benchmark indices Sensex and Nifty are all set to bid adieu to Samvat 2072 with gains of over 11 per cent fighting high volatility throughout the year. This year, the Muhurat Trading is scheduled to take place on October 30 and, as always, all trades held during the Muhurat session will result in settlement obligations.
As you gear up to rehash your portfolio on the auspicious occasion of Diwali, in consultation with the experts, we have compiled six sectors where you should book profits and exit before Samvat 2073 begins.
"We recommend investors to carefully select the companies in which they invest and exit only when the companies, which they are invested in, show signs of weakness either in business model implying lower returns on invested capital or in the management quality," said Amit Nigam, Head - Equities, Peerless Funds Management Company.
- IT sector: IT sector has been underperforming for a couple of quarters now. Rohit Gadia, CEO, CapitalVia Global Research believes the sector is in strong downtrend. Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments also advised investors to exit IT sector for short to medium term as prevailing global uncertainties such as Brexit will result in holdbacks in discretionary spending.
- Private Banking: Off-late, the stock prices of private lenders have been surging against the PSU banks. Hence, prices have gained at the cost of PSU Banks. Sudhanshu of Amrapali Aadya Trading said: "now all the NPA issues will be gradually washed out and demand for the PSUs would be high compared to private, hence profit taking is bound to happen."
- Consumer goods: On the back of consumer driven themes, this sector has witnessed huge demand so as stocks. "The companies present in the FMCG sector have become rich in valuation which is not justifying the stock price. So we are expecting profit taking in this counter," said the expert.
- Metal: "We don't see any significant pick-up of demand in the metal sector in the short to medium term. With supply at the current level, chances of metal prices to rally has become quite less," said Gadia of CapitalVia Global Research.
- Tyre: Over the period of time, tyre companies have taken great advantages of declining rubber prices. Since a year, tyre companies' stock prices have been souring and now we are seeing rubber prices inching up gradually. Hence, this counter can witness profit taking.
- OEMs: Over the period of time, OEMs have remained beneficiary of falling crude prices but now experts expect fuel prices to either remain at the same level or move upwards. Further upside in the crude price does not paint a good picture for the stocks present in the same sector.
The benchmark indices Sensex and Nifty are all set to bid adieu to Samvat 2072 with gains of over 11 per cent fighting high volatility throughout the year. This year, the Muhurat Trading is scheduled to take place on October 30 and, as always, all trades held during the Muhurat session will result in settlement obligations.
As you gear up to rehash your portfolio on the auspicious occasion of Diwali, in consultation with the experts, we have compiled six sectors where you should book profits and exit before Samvat 2073 begins.
"We recommend investors to carefully select the companies in which they invest and exit only when the companies, which they are invested in, show signs of weakness either in business model implying lower returns on invested capital or in the management quality," said Amit Nigam, Head - Equities, Peerless Funds Management Company.
- IT sector: IT sector has been underperforming for a couple of quarters now. Rohit Gadia, CEO, CapitalVia Global Research believes the sector is in strong downtrend. Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments also advised investors to exit IT sector for short to medium term as prevailing global uncertainties such as Brexit will result in holdbacks in discretionary spending.
- Private Banking: Off-late, the stock prices of private lenders have been surging against the PSU banks. Hence, prices have gained at the cost of PSU Banks. Sudhanshu of Amrapali Aadya Trading said: "now all the NPA issues will be gradually washed out and demand for the PSUs would be high compared to private, hence profit taking is bound to happen."
- Consumer goods: On the back of consumer driven themes, this sector has witnessed huge demand so as stocks. "The companies present in the FMCG sector have become rich in valuation which is not justifying the stock price. So we are expecting profit taking in this counter," said the expert.
- Metal: "We don't see any significant pick-up of demand in the metal sector in the short to medium term. With supply at the current level, chances of metal prices to rally has become quite less," said Gadia of CapitalVia Global Research.
- Tyre: Over the period of time, tyre companies have taken great advantages of declining rubber prices. Since a year, tyre companies' stock prices have been souring and now we are seeing rubber prices inching up gradually. Hence, this counter can witness profit taking.
- OEMs: Over the period of time, OEMs have remained beneficiary of falling crude prices but now experts expect fuel prices to either remain at the same level or move upwards. Further upside in the crude price does not paint a good picture for the stocks present in the same sector.
SEBI's proposed algo trading rules cast pall over bourse IPOs
-
A proposed crackdown on algorithmic trading in India could hurt the earnings of the country's two main stock exchanges just as both bourses prepare to make their much-awaited stock market debuts.
The Securities and Exchange Board of India (SEBI) in August outlined new proposals aimed at curbing high frequency trading (HFT) in the country, amid fears that retail investors would be disadvantaged against such advanced and expensive systems.
The new rules - expected to be finalised in coming months - come at an awkward time for India's two main bourse operators, National Stock Exchange (NSE) and BSE Ltd, which are both drumming up investor interest for their respective planned listings.
Some market participants contend the regulations would hit market liquidity, which could hurt exchange operators' earnings and valuations, particularly those of NSE.
"Obviously, HFT regulations will have a bearing when the rules and impact are clear," said a senior banker involved in the NSE's IPO process.
The NSE, the larger of the two exchanges, has not disclosed how much money it would seek to raise via the listings. However, top lender State Bank of India in July sold a 5 percent stake in NSE for 9.11 billion rupees, valuing the bourse at 182 billion rupees ($2.7 billion).
As the vast majority of the so-called HFT being targeted by the regulations occurs on NSE, investors expect it would be hit hardest by new curbs.
The NSE, whose board approved its IPO plans earlier this month, is India's largest bourse with average daily volumes of about 3.6 trillion rupees ($54 billion) in equity derivatives and 214 billion rupees ($3.2 billion) in equities.
Its rival BSE Ltd is a base for mid- and small-cap stocks, typically less appealing to HFT firms. BSE averages 557 million rupees ($8.4 million) in equity derivatives and about 34 billion rupees ($506.5 million) in equities.
The head of the BSE - Asia's oldest exchange - has already downplayed concerns about SEBI's proposed regulations, in August saying the rules would boost market confidence.
In its prospectus filed last month, BSE flagged regulatory risks, but stopped short of highlighting proposed SEBI regulations.
NSE and BSE declined to comment for this article. SEBI did not respond to Reuters' requests for comment.
DIFFICULT TIMING
To be sure, there are few clear signs of what new rules, if any, SEBI will introduce and how these would affect exchange volumes. The curbs being considered range from randomising trade orders to random speed bumps on orders.
IPO bankers are reluctant to discuss how these rules will impact valuations, though one source familiar with NSE's IPO plans estimates uncertainty around the rules could knock tens of millions of dollars off its IPO valuation.
The threat of tougher regulations comes as exchanges benefit from a boom in listings, with India seeing the most IPOs in six years, and as rising inflows from retail and foreign investors bolster trading volumes.
NSE's operating profit rose 11.6 percent to 2 billion rupees from a year ago, while the BSE saw operating profit advance 45.4 percent to 610 million in the same period.
India's exchanges have also drawn backing from global institutions with BSE counting Deutsche Boerse and Singapore Exchange among its investors and Norwest Venture Partners and GTI Capital holding stakes in NSE.
BSE has yet to disclose how much it will raise from its IPO, but bankers say the sale should raise about $200 million for its investors, valuing the exchange at more than $700 million.
One overseas fund manager, whose firm owns stakes in a handful of exchanges globally, fears the rules could hurt foreign investor sentiment around Indian markets more generally.
"They are whistling past the graveyard if they think it is not going to hit the exchanges," he said.
A proposed crackdown on algorithmic trading in India could hurt the earnings of the country's two main stock exchanges just as both bourses prepare to make their much-awaited stock market debuts.
The Securities and Exchange Board of India (SEBI) in August outlined new proposals aimed at curbing high frequency trading (HFT) in the country, amid fears that retail investors would be disadvantaged against such advanced and expensive systems.
The new rules - expected to be finalised in coming months - come at an awkward time for India's two main bourse operators, National Stock Exchange (NSE) and BSE Ltd, which are both drumming up investor interest for their respective planned listings.
Some market participants contend the regulations would hit market liquidity, which could hurt exchange operators' earnings and valuations, particularly those of NSE.
"Obviously, HFT regulations will have a bearing when the rules and impact are clear," said a senior banker involved in the NSE's IPO process.
The NSE, the larger of the two exchanges, has not disclosed how much money it would seek to raise via the listings. However, top lender State Bank of India in July sold a 5 percent stake in NSE for 9.11 billion rupees, valuing the bourse at 182 billion rupees ($2.7 billion).
As the vast majority of the so-called HFT being targeted by the regulations occurs on NSE, investors expect it would be hit hardest by new curbs.
The NSE, whose board approved its IPO plans earlier this month, is India's largest bourse with average daily volumes of about 3.6 trillion rupees ($54 billion) in equity derivatives and 214 billion rupees ($3.2 billion) in equities.
Its rival BSE Ltd is a base for mid- and small-cap stocks, typically less appealing to HFT firms. BSE averages 557 million rupees ($8.4 million) in equity derivatives and about 34 billion rupees ($506.5 million) in equities.
The head of the BSE - Asia's oldest exchange - has already downplayed concerns about SEBI's proposed regulations, in August saying the rules would boost market confidence.
In its prospectus filed last month, BSE flagged regulatory risks, but stopped short of highlighting proposed SEBI regulations.
NSE and BSE declined to comment for this article. SEBI did not respond to Reuters' requests for comment.
DIFFICULT TIMING
To be sure, there are few clear signs of what new rules, if any, SEBI will introduce and how these would affect exchange volumes. The curbs being considered range from randomising trade orders to random speed bumps on orders.
IPO bankers are reluctant to discuss how these rules will impact valuations, though one source familiar with NSE's IPO plans estimates uncertainty around the rules could knock tens of millions of dollars off its IPO valuation.
The threat of tougher regulations comes as exchanges benefit from a boom in listings, with India seeing the most IPOs in six years, and as rising inflows from retail and foreign investors bolster trading volumes.
NSE's operating profit rose 11.6 percent to 2 billion rupees from a year ago, while the BSE saw operating profit advance 45.4 percent to 610 million in the same period.
India's exchanges have also drawn backing from global institutions with BSE counting Deutsche Boerse and Singapore Exchange among its investors and Norwest Venture Partners and GTI Capital holding stakes in NSE.
BSE has yet to disclose how much it will raise from its IPO, but bankers say the sale should raise about $200 million for its investors, valuing the exchange at more than $700 million.
One overseas fund manager, whose firm owns stakes in a handful of exchanges globally, fears the rules could hurt foreign investor sentiment around Indian markets more generally.
"They are whistling past the graveyard if they think it is not going to hit the exchanges," he said.
General Awareness
Three day long Global Conference to Make India the Centre for Arbitration held in New Delhi
-
The first ever Global Conference to Strengthen Arbitration and Enforcement in India held in New Delhi. The three day long conference titled, “National Initiative On Strengthening Arbitration And Enforcement In India” from October 21st to 23rd, 2016 is being launched by the Government and Judiciary as a major initiative to change the face of dispute resolution in India.
About Arbitration
Arbitration, a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts. The parties to a dispute refer it to arbitration by one or more persons and agree to be bound by the arbitration decision. A third party reviews the evidence in the case and imposes a decision that is legally binding on both sides and enforceable in the courts.
- Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In certain countries such as the United States, arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts.
- Arbitration can be either voluntary or mandatory although mandatory arbitration can only come from a statute or from a contract that is voluntarily entered into, where the parties agree to hold all existing or future disputes to arbitration, without necessarily knowing, specifically, what disputes will ever occur and can be either binding or non-binding.
- Non-binding arbitration is similar to mediation in that a decision cannot be imposed on the parties. However, the principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the (non-binding) arbitrator remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable. By one definition arbitration is binding and non-binding arbitration is therefore technically not arbitration.
About the Conference :
The three-day-long conference titled, “National Initiative On Strengthening Arbitration And Enforcement In India” is being launched by the government and judiciary as a major initiative to change the face of dispute resolution in India.
- NITI Aayog, Ministry of Law and Justice, DIPP, National Legal Services Authority, International Center for Alternative Dispute Resolution, National Institute of Labour Economics Research and Development have collaborated to make India the centre of arbitration.
- Also for the first time six leading international arbitral institutions (HKIAC, ICC, KLRCA, LCIA, PCA and SIAC) and all major industry associations (FICCI, PHD Chamber, CII and ASSOCHAM) have come together to drive this initiative.
- The conference seeks to provide impetus to commercial arbitration in India, which is fast gaining pace across the world, for faster, more efficient dispute resolution outside the court room.
- President Pranab Mukherjee inaugurated the conference while Prime Minister Narendra Modi delivered a valedictory address the conference had Chief Justice of India Justice T S Thakur as its patron-in-chief.
- Chief Justices of six countries are participating at the first ever Global Conference on Arbiration in India to share their Distinguished Jurist Fali Nariman and William Rowley, QC, Chairman, LCIA Board are amongst the keynote speakers.
- The best minds from Indian and international legal bodies, corporate houses and the legal fraternity are participating in the Conference.
- The Conference will serve as a platform for discussing critical issues, sharing experiences on the best international practices and creating a roadmap to strengthen arbitration and its enforcement in the country.
- The Conference have 7 intensive brainstorming technical sessions. These will dwell on different facets to strengthen institutional arbitration and ensure a facilitative judiciary to encourage Indian and foreign parties to arbitrate in India.
- More than 1000 experts and Government functionaries are expected to participate in the Conference besides 1200 students and faculty from various law colleges.
The first ever Global Conference to Strengthen Arbitration and Enforcement in India held in New Delhi. The three day long conference titled, “National Initiative On Strengthening Arbitration And Enforcement In India” from October 21st to 23rd, 2016 is being launched by the Government and Judiciary as a major initiative to change the face of dispute resolution in India.
About Arbitration
Arbitration, a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts. The parties to a dispute refer it to arbitration by one or more persons and agree to be bound by the arbitration decision. A third party reviews the evidence in the case and imposes a decision that is legally binding on both sides and enforceable in the courts.
- Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In certain countries such as the United States, arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts.
- Arbitration can be either voluntary or mandatory although mandatory arbitration can only come from a statute or from a contract that is voluntarily entered into, where the parties agree to hold all existing or future disputes to arbitration, without necessarily knowing, specifically, what disputes will ever occur and can be either binding or non-binding.
- Non-binding arbitration is similar to mediation in that a decision cannot be imposed on the parties. However, the principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the (non-binding) arbitrator remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable. By one definition arbitration is binding and non-binding arbitration is therefore technically not arbitration.
About the Conference :
The three-day-long conference titled, “National Initiative On Strengthening Arbitration And Enforcement In India” is being launched by the government and judiciary as a major initiative to change the face of dispute resolution in India.
- NITI Aayog, Ministry of Law and Justice, DIPP, National Legal Services Authority, International Center for Alternative Dispute Resolution, National Institute of Labour Economics Research and Development have collaborated to make India the centre of arbitration.
- Also for the first time six leading international arbitral institutions (HKIAC, ICC, KLRCA, LCIA, PCA and SIAC) and all major industry associations (FICCI, PHD Chamber, CII and ASSOCHAM) have come together to drive this initiative.
- The conference seeks to provide impetus to commercial arbitration in India, which is fast gaining pace across the world, for faster, more efficient dispute resolution outside the court room.
- President Pranab Mukherjee inaugurated the conference while Prime Minister Narendra Modi delivered a valedictory address the conference had Chief Justice of India Justice T S Thakur as its patron-in-chief.
- Chief Justices of six countries are participating at the first ever Global Conference on Arbiration in India to share their Distinguished Jurist Fali Nariman and William Rowley, QC, Chairman, LCIA Board are amongst the keynote speakers.
- The best minds from Indian and international legal bodies, corporate houses and the legal fraternity are participating in the Conference.
- The Conference will serve as a platform for discussing critical issues, sharing experiences on the best international practices and creating a roadmap to strengthen arbitration and its enforcement in the country.
- The Conference have 7 intensive brainstorming technical sessions. These will dwell on different facets to strengthen institutional arbitration and ensure a facilitative judiciary to encourage Indian and foreign parties to arbitrate in India.
- More than 1000 experts and Government functionaries are expected to participate in the Conference besides 1200 students and faculty from various law colleges.
No comments:
Post a Comment