Sikkim-Bhutan route study trip in Sept
90 km route to start from Rongli, route through Bhutan and end at Chalsa in WB
GANGTOK, August 28: Officials from Centre and Sikkim governments are slated to undertake a recee of a potential alternative highway for the State through its Himalayan neighbour of Bhutan this September.
Chief Minister Pawan Chamling had earlier made a proposal for the trans-nation alternative highway to Union Ministry of Transport to ease out the landlocked State from its sole dependability on the its lifeline NH 31 A.
The proposal was an alternative highway either through Nepal or Bhutan for Sikkim bypassing the politically and naturally troublesome areas of Darjeeling hills.
Out of this, the Bhutan alignment was found feasible by the Union Ministry through Eastern Sikkim.
The frequent blockades of NH 31 A had prompted Sikkim to propose to the Centre for an alternative highway route from Bhutan.
NH 31 A, a tenuous 5-meter wide highway is the only connectivity link of Sikkim with the rest of the country. The highway often remains closed to traffic either due to bandhs called by protestors of various groups or landslides. The most recent instance was the blockade imposed by the Gorkha Janmukti Morcha (GJM) in July.
With no railhead or airport, the state’s infrastructure is heavily hemmed in by the 41-km NH 31A from Siliguri to Gangtok. Sikkim shares a sensitive international border with China, making connectivity a critical concern.
Now, the Union Ministry has outlined the preliminary plans and a tour of the potential route for Sikkim via Bhutan is set on the first week of Bhutan.
According to reports, the State government has confirmed that various alternative routes were being studied and the West Bengal Government’s concurrence was also being sought to ensure that the state’s essential supplies are not affected by protests or landslides.
The proposal tentatively places the length of the new route from Gangtok to Chalsa in West Bengal, via Bhutan, is expected to be around 90 km.
Of this around 40 km will fall in Bhutan.
State Roads Secretary Govind Prasad Sharma who is presently in New Delhi has been quoted by national media as: “The idea is to create an alternative route starting from Sikkim’s eastern part near Rongli into Bhutan’s Pangola range-that separates Sikkim from Bhutan-and on to Phuentsholing before it re-enters Indian territory at Chalsa in the Dooars region. An aerial survey will be conducted for the route from the first week of September. Soon after, the route feasibility will be studied on foot which is likely to take a month”.
Mr. Sharma said the proposal was put before Union Transport Secretary Brahm Dutt when he visited the state last month.
“The Secretary appreciated our view that the only solution to Sikkim’s accessibility problems lies in an alternative route. He suggested that we go ahead with a feasibility after which the ministry would approach the Ministry of External Affairs (MEA) to further take up the issue with Bhutan,” added Sharma.
The state had been toying with Nepal and Bhutan as options for the alternative route, before finally deciding on Bhutan. The Nepal route, say officials, would be too long and complicated as western Sikkim would then have to be connected to east Nepal. Moreover, the security situation in Nepal was not found ideal for such a move.
While the Centre had recently given its go-ahead to an 80-km alternative highway parallel to NH 31A, connecting Sevoke to Ranipool along the other side of the Teesta river, the recent closure of the highway due to political disturbances in Darjeeling made the Sikkim Government and the Centre realise that this new highway alone would not help as NH31-A was held hostage in Darjeeling itself. Marathon meetings followed, with proposals ranging from prosecution of protestors to alternative routes.
According to reports, the Transport Ministry and the Home Ministry confirmed that there was a move for an alternative route to Sikkim.
“A proposal for routing this access through Bhutan or Nepal and into Bangladesh was considered at a meeting. While no final decision was taken at our end, it is understood that Sikkim does need an alternative to NH 31A,” said R R Jha, MHA’s Director Border Management to national media.
( sOURCE: sIKKIM eXPRESS)
Saturday, August 30, 2008
UNION CABINET APPROVES COMPANIES BILL 2008
The Union Cabinet today gave its approval for introduction of the Companies Bill, 2008 in the Parliament to replace the Companies Act, 1956, the existing statute for regulation of companies in the country and considered to be in need of comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally.
Sub: The Companies Bill, 2008
The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously entering into and bringing new activities into the fold of the Indian economy. In doing so, they were emerging internationally as efficient providers of a wide range of goods and services while increasing employment opportunities at home. At the same time, the increasing number of options and avenues for international business, trade and capital flows had imposed a requirement not only for harnessing entrepreneurial and economic resources efficiently but also to be competitive in attracting investment for growth. These developments necessitated modernization of the regulatory structure for the corporate sector in a comprehensive manner.
2. Earlier, a Bill called Companies (Amendment) Bill, 2003 had been introduced by M/o Corporate Affairs (MCA) (then Department of Company Affairs) in the Rajya Sabha on 7.5.2003. Later on, a large number of changes were found to be necessary in the Bill. A decision was, therefore, taken to carry out a comprehensive review of the Companies Act, 1956 and to introduce a new Companies Bill for the consideration of the Parliament.
3. The review and redrafting of the Companies Act, 1956 was taken up by the Ministry of Corporate Affairs on the basis of a detailed consultative process. A `Concept Paper on new Company Law’ was placed on the website of the Ministry on 4th August, 2004. The inputs received were put to a detailed examination in the Ministry. The Government also constituted an Expert Committee on Company Law under the Chairmanship of Dr. J.J. Irani on 2nd December 2004 to advise on new Companies Bill. The Committee submitted its report to the Government on 31st May 2005. Detailed consultations were also taken up with various Ministries, Departments and Government Regulators. The Bill was thereafter drafted in consultation with the Legislative Department of the Central Government.
4. The Companies Bill, 2008 seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices that fosters entrepreneurship, investment and growth and provides for :-
(i) The basic principles for all aspects of internal governance of corporate entities and a framework for their regulation, irrespective of their area of operation, from incorporation to liquidation and winding up, in a single, comprehensive, legal framework administered by the Central Government. In doing so, the Bill also harmonizes the Company law framework with the imperative of specialized sectoral regulation
(ii) Articulation of shareholders democracy with protection of the rights of minority stakeholders, responsible self-regulation with disclosures and accountability, substitution of government control over internal corporate processes and decisions by shareholder control. It also provides for shares with differential voting rights to be done away with and valuation of non-cash considerations for allotment of shares through independent valuers.
(iii) Easy transition of companies operating under the Companies Act, 1956, to the new framework as also from one type of company to another.
(iv) A new entity in the form of One-Person Company (OPC) while empowering Government to provide a simpler compliance regime for small companies. Retains the concept of Producer Companies, while providing a more stringent regime for not-for–profit companies to check misuse. No restriction proposed on the number of subsidiary companies that a company may have, subject to disclosure in respect of their relationship and transactions/dealings between them.
(iv) Application of the successful e-Governance initiative of the Ministry of Corporate Affairs (MCA-21) to all the processes involved in meeting compliance obligations. Company processes, also to be enabled to be carried out through electronic mode. The proposed e-Governance regime is intended to provide for ease of operation for filing and access to corporate data over the internet to all stakeholders, on round the clock basis.
(v) Speedy incorporation process, with detailed declarations/ disclosures about the promoters, directors etc. at the time of incorporation itself. Every company director would be required to acquire a unique Directors identification number.
(vi) Facilitates joint ventures and relaxes restrictions limiting the number of partners in entities such as partnership firms, banking companies etc. to a maximum 100 with no ceiling as to professions regulated by Special Acts.
(vii) Duties and liabilities of the directors and for every company to have at least one director resident in India. The Bill also provides for independent directors to be appointed on the Boards of such companies as may be prescribed, along with attributes determining independence. The requirement to appoint independent directors, where applicable, is a minimum of 33% of the total number of directors.
(ix) Statutory recognition to audit, remuneration and stakeholders grievances committees of the Board and recognizes the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) and the Company Secretary as Key Managerial Personnel (KMP).
(x) Companies not to be allowed to raise deposits from the public except on the basis of permission available to them through other Special Acts. The Bill recognizes insider trading by company directors/KMPs as an offence with criminal liability.
(xi) Recognition of both accounting and auditing standards. The role, rights and duties of the auditors defined as to maintain integrity and independence of the audit process. Consolidation of financial statements of subsidiaries with those of holding companies is proposed to be made mandatory.
(xii) A single forum for approval of mergers and acquisitions, along with concept of deemed approval in certain situations.
(xiii) A separate framework for enabling fair valuations in companies for various purposes. Appointment of valuers is proposed to be made by audit committees.
(xiii) Claim of an investor over a dividend or a security not claimed for more than a period of seven years not being extinguished, and Investor Education and Protection Fund (IEPF) to be administered by a statutory Authority.
(xv) Shareholders Associations/Group of Shareholders to be enabled to take legal action in case of any fraudulent action on the part of company and to take part in investor protection activities and ‘Class Action Suits’. (xvi) A revised framework for regulation of insolvency, including rehabilitation, winding up and liquidation of companies with the process to be completed in a time bound manner. Incorporates international best practices based on the models suggested by the United Nations Commission on International Trade Law (UNCITRAL).
(xvii) Consolidation of fora for dealing with rehabilitation of companies, their liquidation and winding up in the single forum of National Company Law Tribunal with appeal to National Company Law Appellate Tribunal. The nature of the Rehabilitation and Revival Fund proposed in the Companies (Second Amendment) Act, 2002 to be replaced by Insolvency Fund with voluntary contributions linked to entitlements to draw money in a situation of insolvency.
(xviii) A more effective regime for inspections and investigations of companies while laying down the maximum as well as minimum quantum of penalty for each offence with suitable deterrence for repeat offences. Company is identified as a separate entity for imposition of monetary penalties from the officers in default. In case of fraudulent activities/actions, provisions for recovery and disgorgement have been included.
(xix) Levy of additional fee in a non-discretionary manner for procedural offences, such as late filing of statutory documents, to be enabled through rules. Defaults of procedural nature to be penalized by levy of monetary penalties by the Registrars of Companies. The appeals against such orders of Registrars of Companies to lie with suitably designated higher authorities.
(xx) Special Courts to deal with offences under the Bill. Company matters such as mergers and amalgamations, reduction of capital, insolvency including rehabilitation, liquidations and winding up are proposed to be addressed by the National Company Law Tribunal/ National Company Law Appellate Tribunal.
* * * * * * * *
( SOURCE: PIB)
Sub: The Companies Bill, 2008
The Ministry of Corporate Affairs took up a comprehensive revision of the Companies Act, 1956 (the Act) in 2004 keeping in view that not only had the number of companies in India expanded from about 30,000 in 1956 to nearly 7 lakhs, Indian companies were also mobilizing resources at a scale unimaginable even a decade ago, continuously entering into and bringing new activities into the fold of the Indian economy. In doing so, they were emerging internationally as efficient providers of a wide range of goods and services while increasing employment opportunities at home. At the same time, the increasing number of options and avenues for international business, trade and capital flows had imposed a requirement not only for harnessing entrepreneurial and economic resources efficiently but also to be competitive in attracting investment for growth. These developments necessitated modernization of the regulatory structure for the corporate sector in a comprehensive manner.
2. Earlier, a Bill called Companies (Amendment) Bill, 2003 had been introduced by M/o Corporate Affairs (MCA) (then Department of Company Affairs) in the Rajya Sabha on 7.5.2003. Later on, a large number of changes were found to be necessary in the Bill. A decision was, therefore, taken to carry out a comprehensive review of the Companies Act, 1956 and to introduce a new Companies Bill for the consideration of the Parliament.
3. The review and redrafting of the Companies Act, 1956 was taken up by the Ministry of Corporate Affairs on the basis of a detailed consultative process. A `Concept Paper on new Company Law’ was placed on the website of the Ministry on 4th August, 2004. The inputs received were put to a detailed examination in the Ministry. The Government also constituted an Expert Committee on Company Law under the Chairmanship of Dr. J.J. Irani on 2nd December 2004 to advise on new Companies Bill. The Committee submitted its report to the Government on 31st May 2005. Detailed consultations were also taken up with various Ministries, Departments and Government Regulators. The Bill was thereafter drafted in consultation with the Legislative Department of the Central Government.
4. The Companies Bill, 2008 seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices that fosters entrepreneurship, investment and growth and provides for :-
(i) The basic principles for all aspects of internal governance of corporate entities and a framework for their regulation, irrespective of their area of operation, from incorporation to liquidation and winding up, in a single, comprehensive, legal framework administered by the Central Government. In doing so, the Bill also harmonizes the Company law framework with the imperative of specialized sectoral regulation
(ii) Articulation of shareholders democracy with protection of the rights of minority stakeholders, responsible self-regulation with disclosures and accountability, substitution of government control over internal corporate processes and decisions by shareholder control. It also provides for shares with differential voting rights to be done away with and valuation of non-cash considerations for allotment of shares through independent valuers.
(iii) Easy transition of companies operating under the Companies Act, 1956, to the new framework as also from one type of company to another.
(iv) A new entity in the form of One-Person Company (OPC) while empowering Government to provide a simpler compliance regime for small companies. Retains the concept of Producer Companies, while providing a more stringent regime for not-for–profit companies to check misuse. No restriction proposed on the number of subsidiary companies that a company may have, subject to disclosure in respect of their relationship and transactions/dealings between them.
(iv) Application of the successful e-Governance initiative of the Ministry of Corporate Affairs (MCA-21) to all the processes involved in meeting compliance obligations. Company processes, also to be enabled to be carried out through electronic mode. The proposed e-Governance regime is intended to provide for ease of operation for filing and access to corporate data over the internet to all stakeholders, on round the clock basis.
(v) Speedy incorporation process, with detailed declarations/ disclosures about the promoters, directors etc. at the time of incorporation itself. Every company director would be required to acquire a unique Directors identification number.
(vi) Facilitates joint ventures and relaxes restrictions limiting the number of partners in entities such as partnership firms, banking companies etc. to a maximum 100 with no ceiling as to professions regulated by Special Acts.
(vii) Duties and liabilities of the directors and for every company to have at least one director resident in India. The Bill also provides for independent directors to be appointed on the Boards of such companies as may be prescribed, along with attributes determining independence. The requirement to appoint independent directors, where applicable, is a minimum of 33% of the total number of directors.
(ix) Statutory recognition to audit, remuneration and stakeholders grievances committees of the Board and recognizes the Chief Executive Officer (CEO), the Chief Financial Officer (CFO) and the Company Secretary as Key Managerial Personnel (KMP).
(x) Companies not to be allowed to raise deposits from the public except on the basis of permission available to them through other Special Acts. The Bill recognizes insider trading by company directors/KMPs as an offence with criminal liability.
(xi) Recognition of both accounting and auditing standards. The role, rights and duties of the auditors defined as to maintain integrity and independence of the audit process. Consolidation of financial statements of subsidiaries with those of holding companies is proposed to be made mandatory.
(xii) A single forum for approval of mergers and acquisitions, along with concept of deemed approval in certain situations.
(xiii) A separate framework for enabling fair valuations in companies for various purposes. Appointment of valuers is proposed to be made by audit committees.
(xiii) Claim of an investor over a dividend or a security not claimed for more than a period of seven years not being extinguished, and Investor Education and Protection Fund (IEPF) to be administered by a statutory Authority.
(xv) Shareholders Associations/Group of Shareholders to be enabled to take legal action in case of any fraudulent action on the part of company and to take part in investor protection activities and ‘Class Action Suits’. (xvi) A revised framework for regulation of insolvency, including rehabilitation, winding up and liquidation of companies with the process to be completed in a time bound manner. Incorporates international best practices based on the models suggested by the United Nations Commission on International Trade Law (UNCITRAL).
(xvii) Consolidation of fora for dealing with rehabilitation of companies, their liquidation and winding up in the single forum of National Company Law Tribunal with appeal to National Company Law Appellate Tribunal. The nature of the Rehabilitation and Revival Fund proposed in the Companies (Second Amendment) Act, 2002 to be replaced by Insolvency Fund with voluntary contributions linked to entitlements to draw money in a situation of insolvency.
(xviii) A more effective regime for inspections and investigations of companies while laying down the maximum as well as minimum quantum of penalty for each offence with suitable deterrence for repeat offences. Company is identified as a separate entity for imposition of monetary penalties from the officers in default. In case of fraudulent activities/actions, provisions for recovery and disgorgement have been included.
(xix) Levy of additional fee in a non-discretionary manner for procedural offences, such as late filing of statutory documents, to be enabled through rules. Defaults of procedural nature to be penalized by levy of monetary penalties by the Registrars of Companies. The appeals against such orders of Registrars of Companies to lie with suitably designated higher authorities.
(xx) Special Courts to deal with offences under the Bill. Company matters such as mergers and amalgamations, reduction of capital, insolvency including rehabilitation, liquidations and winding up are proposed to be addressed by the National Company Law Tribunal/ National Company Law Appellate Tribunal.
* * * * * * * *
( SOURCE: PIB)
THINK SHOP ON NEXT GRN MCA 21
Secretary, Information Technology, Inaugurates 'Thinkshop on Next Gen MCA21'
THIS FUTURISTIC PROJECT BEING DESIGNED TO MEET EMERGING BUSINESS NEEDS
--------------------------------------------------------------------------------
11:24 IST
Shri Jainder Singh, Union IT Secretary, inaugurated a half-day ‘Thinkshop on next Gen MCA21’ here today at India Habitat Centre. The Thinkshop was organized by the Ministry of Corporate Affairs with a view to further evolve its flagship e-Governance project, theMCA21 into Next Gen MCA21 so that it is able to meet the needs of the future. Ministry of Corporate Affairs' MCA21 was the first project launched under National e-Governance Plan (NeGP) and has proved to be a major step forward and catalyst for promoting citizen centric service delivery mechanism and has created easily accessible interfaces, devoid of harassment and corruption, minimizing the waste of time and inconvenience of the public. As a result of MCA21, the procedures like approval of name, registration of a company, change of name of the company, issue of certified documents, annual filings, inspection of public documents which earlier used to take several days are being delivered quickly. Popularity of the project can be judged from the fact that the MCA portal receives 1.7 million hits a day. The project has ushered a new era in corporate governance interaction.
In his inaugural speech the Secretary IT said that MCA21 is an excellent example of the kind of initiatives that are needed to meet with the challenges of our growing economy. Our rapid pace of growth is putting immense work pressure on current institutional structures, current ways of functioning, and current ways of managing information and current regulatory practices, he said. Mr. Jainder Singh said that this coupled with heightened expectations of the stakeholders on account of success of MCA21 has created an urgent need to evolve further to meet the pressure and expectations. He hoped the Next Gen MCA21 will be able to achieve this goal.
Secretary IT referred to the “Ease of Doing Business” rankings 2008, released by the World Bank in which India has been ranked 120th out of 178 countries. He said this is an indication of the hurdles the entrepreneurs are facing in setting up and doing business in India. Addressing this problem requires multi-pronged strategy, which should include improving the quality of regulation, improving policy formulation processes and creating a healthy business environment by streamlining the interaction and improving interface between government and business, cutting out the redundancies in procedures and emphasizing immediate and efficient delivery of services. He hoped that Next Gen MCA21 will help India climb high on the future “Ease of Doing Business” rankings.
The Thinkshop was originally to be inaugurated by Shri K. M. Chandrashekar, Union Cabinet Secretary, but he couldn't attend the function due to his preoccupation with the Cabinet meeting held in the morning today.
Secretary, Ministry of Corporate Affairs, Shri Anurag Goel highlighted the thought process that has gone into conceptualizing the Next Gen MCA21 and said it is being designed to meet the needs of the future. He said his Ministry considers partnership between the Government and corporates most essential for economic growth and good corporate governance. He invited top level corporates, professionals, IT experts etc. to partner with his Ministry in the series of e-Governance initiatives that are being planned. Shri Goel said that initiative for embarking upon Next Gen MCA is not for an incremental improvement in MCA21, but under it the Ministry would like to achieve a Quantum jump by bringing in concepts and elements which do not exist in MCA21 today. The architecture of Next Generation MCA21 should make it possible to take up effective regulation and enforcement through at all stages, including inspections, investigations and prosecutions. Secretary said the Next Gen MCA21 should be able to provide a single regulatory portal for business. It should be linked internally to various regulatory Ministries, individual regulators etc., so that a single B2G&R (Business to Government & Regulation) window is available to the business, capable of dealing with tomorrow’ business requirements, accounting systems, reporting systems etc, like multiple balance sheet, CSR reports etc.
Shri Kiran Karnik, former President NASSCOM in his Address said that MCA21 has brought in lot of transparency in the sphere of corporate affairs and has helped all the stakeholders; not only private sector and the government but also the public at large. He said that Next Gen efforts should concentrate on something totally new, which is not just mere extension of the present programme but leads to a total change in the very thought process. Shri Karnik said this will also help in compliance of rules and regulations too. He said MCA21 project of the Ministry of Corporate Affairs is an example of how public- private partnership should be implemented.
Sh Karnik also chaired the deliberation session. The Thinkshop was attended by leading corporate personalities and experts in e-Governance.
( Source:PIB)
THIS FUTURISTIC PROJECT BEING DESIGNED TO MEET EMERGING BUSINESS NEEDS
--------------------------------------------------------------------------------
11:24 IST
Shri Jainder Singh, Union IT Secretary, inaugurated a half-day ‘Thinkshop on next Gen MCA21’ here today at India Habitat Centre. The Thinkshop was organized by the Ministry of Corporate Affairs with a view to further evolve its flagship e-Governance project, theMCA21 into Next Gen MCA21 so that it is able to meet the needs of the future. Ministry of Corporate Affairs' MCA21 was the first project launched under National e-Governance Plan (NeGP) and has proved to be a major step forward and catalyst for promoting citizen centric service delivery mechanism and has created easily accessible interfaces, devoid of harassment and corruption, minimizing the waste of time and inconvenience of the public. As a result of MCA21, the procedures like approval of name, registration of a company, change of name of the company, issue of certified documents, annual filings, inspection of public documents which earlier used to take several days are being delivered quickly. Popularity of the project can be judged from the fact that the MCA portal receives 1.7 million hits a day. The project has ushered a new era in corporate governance interaction.
In his inaugural speech the Secretary IT said that MCA21 is an excellent example of the kind of initiatives that are needed to meet with the challenges of our growing economy. Our rapid pace of growth is putting immense work pressure on current institutional structures, current ways of functioning, and current ways of managing information and current regulatory practices, he said. Mr. Jainder Singh said that this coupled with heightened expectations of the stakeholders on account of success of MCA21 has created an urgent need to evolve further to meet the pressure and expectations. He hoped the Next Gen MCA21 will be able to achieve this goal.
Secretary IT referred to the “Ease of Doing Business” rankings 2008, released by the World Bank in which India has been ranked 120th out of 178 countries. He said this is an indication of the hurdles the entrepreneurs are facing in setting up and doing business in India. Addressing this problem requires multi-pronged strategy, which should include improving the quality of regulation, improving policy formulation processes and creating a healthy business environment by streamlining the interaction and improving interface between government and business, cutting out the redundancies in procedures and emphasizing immediate and efficient delivery of services. He hoped that Next Gen MCA21 will help India climb high on the future “Ease of Doing Business” rankings.
The Thinkshop was originally to be inaugurated by Shri K. M. Chandrashekar, Union Cabinet Secretary, but he couldn't attend the function due to his preoccupation with the Cabinet meeting held in the morning today.
Secretary, Ministry of Corporate Affairs, Shri Anurag Goel highlighted the thought process that has gone into conceptualizing the Next Gen MCA21 and said it is being designed to meet the needs of the future. He said his Ministry considers partnership between the Government and corporates most essential for economic growth and good corporate governance. He invited top level corporates, professionals, IT experts etc. to partner with his Ministry in the series of e-Governance initiatives that are being planned. Shri Goel said that initiative for embarking upon Next Gen MCA is not for an incremental improvement in MCA21, but under it the Ministry would like to achieve a Quantum jump by bringing in concepts and elements which do not exist in MCA21 today. The architecture of Next Generation MCA21 should make it possible to take up effective regulation and enforcement through at all stages, including inspections, investigations and prosecutions. Secretary said the Next Gen MCA21 should be able to provide a single regulatory portal for business. It should be linked internally to various regulatory Ministries, individual regulators etc., so that a single B2G&R (Business to Government & Regulation) window is available to the business, capable of dealing with tomorrow’ business requirements, accounting systems, reporting systems etc, like multiple balance sheet, CSR reports etc.
Shri Kiran Karnik, former President NASSCOM in his Address said that MCA21 has brought in lot of transparency in the sphere of corporate affairs and has helped all the stakeholders; not only private sector and the government but also the public at large. He said that Next Gen efforts should concentrate on something totally new, which is not just mere extension of the present programme but leads to a total change in the very thought process. Shri Karnik said this will also help in compliance of rules and regulations too. He said MCA21 project of the Ministry of Corporate Affairs is an example of how public- private partnership should be implemented.
Sh Karnik also chaired the deliberation session. The Thinkshop was attended by leading corporate personalities and experts in e-Governance.
( Source:PIB)
Thursday, August 28, 2008
CUMPULSORY VERIFICATION OF TENENTS -PUBLIC VIEW ASKED FOR
Gangtok,27th August 2008
In order to ensure continued peace and security in the State, the State Government has proposed to enact a law for the compulsory verification of all tenants and domestic and professional helps except in respect of those falling under the exempted category.
2. Draft of The Sikkim Tenants and Domestic and Professional Helps (Compulsory Verification) Act, 2008 has been placed on the State Government website www.sikkim.gov.in for general information.
3. The State Government has deemed it appropriate to have the views of the
members of the general public before the proposed law is enacted.
4. All those whishing to make any comments or suggestions in respect of the proposed legislation are requested to address the same to the “Home Secretary, Government of Sikkim, Tashiling Secretariat, Gangtok” or email at “home-sik@nic.in” within one month form the date of publication of this notice.
IPR RELEASE
In order to ensure continued peace and security in the State, the State Government has proposed to enact a law for the compulsory verification of all tenants and domestic and professional helps except in respect of those falling under the exempted category.
2. Draft of The Sikkim Tenants and Domestic and Professional Helps (Compulsory Verification) Act, 2008 has been placed on the State Government website www.sikkim.gov.in for general information.
3. The State Government has deemed it appropriate to have the views of the
members of the general public before the proposed law is enacted.
4. All those whishing to make any comments or suggestions in respect of the proposed legislation are requested to address the same to the “Home Secretary, Government of Sikkim, Tashiling Secretariat, Gangtok” or email at “home-sik@nic.in” within one month form the date of publication of this notice.
IPR RELEASE
GANDHIAN MOVEMENT FOR TAX RELIEF BEGINS
Gandhian movement for tax relief begins
Exemption at par with Sikkim subject holders: Old Business community
Cause extends to prospective implementation of Income Tax Act, 1961
GANGTOK, August 27: Peeved at the ‘discriminatory’ attitude of the Centre on Income Tax exemption issue, the business community of Sikkim launched its ‘Gandhian’ movement from today in the State with two demands- exemption from Direct Income Tax at par with Sikkim subject holders for old business community and implementation of Income Tax Act, 1961 to Sikkim on a future date for the leftouts.
The ball was set rolling by the Sikkim Chamber of Commerce who is spearheading the movement for those not under the exempted lot in Sikkim by placing a memorandum today to the Income Tax office (Sikkim division) addressed to the Union Finance Minister.
The old business community who have settled in Sikkim for generations before April 26, 1975 (the day when Sikkim merged with India) should be given Income Tax exemption at par with Sikkimese subject holders under the Ladakh model, SK Sarda said while submitting the memorandum to the Income Tax office representative.
Mr. Sarda was leading a large contingent of business community of Sikkim who have been left out in the Income Tax exemption by the Centre.
Earlier this year, the Centre had exempted Sikkim subject holders from paying Direct Income Tax by passing an amendment in the Finance Bill of 2008.
People of Sikkimese origin having Sikkim subjects have been exempted from Direct Taxes as per the 26AAA clause paving way for the Act to be enforced in the State.
The era of Direct Taxes began in Sikkim with the Central Income Tax office starting its operations from August 6 earlier this month.
Old business community numbering to 400 families living pre-merger in Sikkim and other people working in the State post-merger represents a huge chunk of those people who do not have Sikkimese subjects and thus have to cough up taxes now as per Income Tax Act 1961.
This has triggered strong resentment among the local business community who do not have the Sikkim Subjects though they have been living in Sikkim for generations. The community have already placed their demands for Income Tax exemption with the Governor and Chief Minister.
“Today is the beginning of our Gandhian movement to seek Income Tax exemption at par with Sikkimese subject holders”, said Mr. Sarda. “Yesterday we submitted our memorandum to the Governor, Chief Minister, Chief Secretary and Finance Secretary seeking their intervention,” he said.
Mr. Sarda asserted that the old business community will continue its movement till they get exemption.
“We have stressed that the Chief Minister has been repeatedly been assuring that the old settlers residing in Sikkim before the merger date have been left out of exemption from Income Tax and that they too would now be given the same benefits under Ladakh model in consultation with the Union Government,” said Mr. Sarda.
The business community further demanded the Income Tax Act 1961 to be implemented on a later date for those people who have settled in Sikkim after the merger date.
“We have drawn the attention of the Union Finance Minster to the difficulties that would be faced in compliance of Direct taxes in Sikkim if made applicable retrospectively from April 1, 2007,” said Suresh Agarwal, the General Secretary of the Chamber.
The Union Finance Minister had stated in his Budget speech that the Act will be implemented only prospectively and no date had been given for the implementation, said Mr. Agarwal.
“Hence the Act should not be implemented at once and proper time period should be given to those settled after merger date to be fully prepared. The Act should be made applicable prospectively from a later date after an extensive awareness campaign is conducted to prepare the people mentally for a smooth and meaningful implementation”, added Mr. Sarda.
According to Mr. Agarwal, the Sikkim Income Tax Manual 1948 ceased to operate only on June 16 this year after which the Central Income Tax Act, 1961 was enforced.
And also in light of the assurances of the Finance minister in the Parliament for prospective implementation, the Central Board of Direct Taxes instructions for assessing the non Sikkimese individuals from the accounting year 2007-08 was ‘not just and had created much anguish and confusion leading to a state of helplessness to cooperate in such unpractical situation’.
Despite the request of the State Government for sufficient time to be given before the Act is implemented, the Centre’s order for assessing the non Sikkimese individuals from the accounting year 2007-08 is not just and has created much anguish and confusion, said Mr. Sarda.
The prospective implementation demand stems from the belief among the business people here that the Income Tax Act 1961 will be difficult to understand.
We are accustomed to the simple ten pages Sikkim Income Tax Manual 1948 and quite understandably the prospective assesses of Sikkim would require at least a few years of study of the new, complicated and voluminous Indian Income Act, Mr. Sarda said.
We are confident that Union Finance Ministry will take our cause with due importance, he said.
LD Lepcha, the Income Tax officer posted in Sikkim received the memorandum on behalf of his department and assured to present the grievances of the business community before his superior officials, Chief Commissioner and the Commissioner. He informed that the Commissioner would be here in the next couple of days and also hold consultations with the state government in this regard.
( Source: Sikkim Express)
Exemption at par with Sikkim subject holders: Old Business community
Cause extends to prospective implementation of Income Tax Act, 1961
GANGTOK, August 27: Peeved at the ‘discriminatory’ attitude of the Centre on Income Tax exemption issue, the business community of Sikkim launched its ‘Gandhian’ movement from today in the State with two demands- exemption from Direct Income Tax at par with Sikkim subject holders for old business community and implementation of Income Tax Act, 1961 to Sikkim on a future date for the leftouts.
The ball was set rolling by the Sikkim Chamber of Commerce who is spearheading the movement for those not under the exempted lot in Sikkim by placing a memorandum today to the Income Tax office (Sikkim division) addressed to the Union Finance Minister.
The old business community who have settled in Sikkim for generations before April 26, 1975 (the day when Sikkim merged with India) should be given Income Tax exemption at par with Sikkimese subject holders under the Ladakh model, SK Sarda said while submitting the memorandum to the Income Tax office representative.
Mr. Sarda was leading a large contingent of business community of Sikkim who have been left out in the Income Tax exemption by the Centre.
Earlier this year, the Centre had exempted Sikkim subject holders from paying Direct Income Tax by passing an amendment in the Finance Bill of 2008.
People of Sikkimese origin having Sikkim subjects have been exempted from Direct Taxes as per the 26AAA clause paving way for the Act to be enforced in the State.
The era of Direct Taxes began in Sikkim with the Central Income Tax office starting its operations from August 6 earlier this month.
Old business community numbering to 400 families living pre-merger in Sikkim and other people working in the State post-merger represents a huge chunk of those people who do not have Sikkimese subjects and thus have to cough up taxes now as per Income Tax Act 1961.
This has triggered strong resentment among the local business community who do not have the Sikkim Subjects though they have been living in Sikkim for generations. The community have already placed their demands for Income Tax exemption with the Governor and Chief Minister.
“Today is the beginning of our Gandhian movement to seek Income Tax exemption at par with Sikkimese subject holders”, said Mr. Sarda. “Yesterday we submitted our memorandum to the Governor, Chief Minister, Chief Secretary and Finance Secretary seeking their intervention,” he said.
Mr. Sarda asserted that the old business community will continue its movement till they get exemption.
“We have stressed that the Chief Minister has been repeatedly been assuring that the old settlers residing in Sikkim before the merger date have been left out of exemption from Income Tax and that they too would now be given the same benefits under Ladakh model in consultation with the Union Government,” said Mr. Sarda.
The business community further demanded the Income Tax Act 1961 to be implemented on a later date for those people who have settled in Sikkim after the merger date.
“We have drawn the attention of the Union Finance Minster to the difficulties that would be faced in compliance of Direct taxes in Sikkim if made applicable retrospectively from April 1, 2007,” said Suresh Agarwal, the General Secretary of the Chamber.
The Union Finance Minister had stated in his Budget speech that the Act will be implemented only prospectively and no date had been given for the implementation, said Mr. Agarwal.
“Hence the Act should not be implemented at once and proper time period should be given to those settled after merger date to be fully prepared. The Act should be made applicable prospectively from a later date after an extensive awareness campaign is conducted to prepare the people mentally for a smooth and meaningful implementation”, added Mr. Sarda.
According to Mr. Agarwal, the Sikkim Income Tax Manual 1948 ceased to operate only on June 16 this year after which the Central Income Tax Act, 1961 was enforced.
And also in light of the assurances of the Finance minister in the Parliament for prospective implementation, the Central Board of Direct Taxes instructions for assessing the non Sikkimese individuals from the accounting year 2007-08 was ‘not just and had created much anguish and confusion leading to a state of helplessness to cooperate in such unpractical situation’.
Despite the request of the State Government for sufficient time to be given before the Act is implemented, the Centre’s order for assessing the non Sikkimese individuals from the accounting year 2007-08 is not just and has created much anguish and confusion, said Mr. Sarda.
The prospective implementation demand stems from the belief among the business people here that the Income Tax Act 1961 will be difficult to understand.
We are accustomed to the simple ten pages Sikkim Income Tax Manual 1948 and quite understandably the prospective assesses of Sikkim would require at least a few years of study of the new, complicated and voluminous Indian Income Act, Mr. Sarda said.
We are confident that Union Finance Ministry will take our cause with due importance, he said.
LD Lepcha, the Income Tax officer posted in Sikkim received the memorandum on behalf of his department and assured to present the grievances of the business community before his superior officials, Chief Commissioner and the Commissioner. He informed that the Commissioner would be here in the next couple of days and also hold consultations with the state government in this regard.
( Source: Sikkim Express)
700 DELEGATES FROM ALL OVER SIKKIM SUBMITS MEMORANDUM TO ITO, SIKKIM
Sikkim traders for delay in tax assessment
Gangtok, Aug. 27: About 700 businessmen of Sikkim today demanded postponement of the date of their income tax assessment. They said they would face problems if assessed from the announced date of April 1, 2007.
The traders, who gathered in front of the income tax office at Bhanu Path and submitted a memorandum to income tax officer L.D. Lepcha that was addressed to Union finance minister P. Chidambaram, want to be assessed from April 1, 2009.
The deputation was organised by the Sikkim Chamber of Commerce.
The Central Board of Direct Taxes (CBDT) had ordered on July 28 that all non-Sikkimese residents of the state would be assessed for the 2007-2008 fiscal. This is the first time that the central act has been implemented in Sikkim. However, holders of Sikkim Subject Certificates and Certificates of Identification have been exempt from paying tax.
Suresh Agarwal, the general secretary of the chamber of commerce, said the Sikkim Income Tax Manual, which governs tax collection of Sikkimese people, ceased to exist from June 16 after which the central tax was enforced. “The CBDT directive has created anguish and confusion among the people.”
The president of the traders’ body, S.K. Sarda, said the Assembly had earlier released a white paper requesting the Union finance ministry that sufficient time be given to create awareness among the people before implementing the act.
“We have to educate the tax-payers and prepare them mentally about the new system of taxation,” Sarda said. “We have requested the finance minister for arranging seminars in the state for the tax-payers. The tax should be assessed from April 1, 2009.”
An income tax commissioner will arrive here in the next couple of days to meet the state finance secretary, Lepcha said.
Sarda said about 400 business families who had come to Sikkim prior to its merger with India on April 26, 1975, did not possess the Sikkim Subjects Certificates. “We demand that these families be exempted from paying taxes like their Sikkimese brethren — an assurance that the chief minister has given us several times.”
( SOURCE: TELEGRAPH)
Gangtok, Aug. 27: About 700 businessmen of Sikkim today demanded postponement of the date of their income tax assessment. They said they would face problems if assessed from the announced date of April 1, 2007.
The traders, who gathered in front of the income tax office at Bhanu Path and submitted a memorandum to income tax officer L.D. Lepcha that was addressed to Union finance minister P. Chidambaram, want to be assessed from April 1, 2009.
The deputation was organised by the Sikkim Chamber of Commerce.
The Central Board of Direct Taxes (CBDT) had ordered on July 28 that all non-Sikkimese residents of the state would be assessed for the 2007-2008 fiscal. This is the first time that the central act has been implemented in Sikkim. However, holders of Sikkim Subject Certificates and Certificates of Identification have been exempt from paying tax.
Suresh Agarwal, the general secretary of the chamber of commerce, said the Sikkim Income Tax Manual, which governs tax collection of Sikkimese people, ceased to exist from June 16 after which the central tax was enforced. “The CBDT directive has created anguish and confusion among the people.”
The president of the traders’ body, S.K. Sarda, said the Assembly had earlier released a white paper requesting the Union finance ministry that sufficient time be given to create awareness among the people before implementing the act.
“We have to educate the tax-payers and prepare them mentally about the new system of taxation,” Sarda said. “We have requested the finance minister for arranging seminars in the state for the tax-payers. The tax should be assessed from April 1, 2009.”
An income tax commissioner will arrive here in the next couple of days to meet the state finance secretary, Lepcha said.
Sarda said about 400 business families who had come to Sikkim prior to its merger with India on April 26, 1975, did not possess the Sikkim Subjects Certificates. “We demand that these families be exempted from paying taxes like their Sikkimese brethren — an assurance that the chief minister has given us several times.”
( SOURCE: TELEGRAPH)
ON LINE WEATHER INFORMATION
Gangtok Meteorological starts 24 hour online weather service
GANGTOK, August 25: A new toll free weather service has been started at Meteorological Centre, Gangtok with effect from August 20.
All users can access local weather information and also weather information of other cities by availing the toll free number 1800 1800 1717 and also through paid calls to 03592 - 202079 and 03592 - 205040.
The weather information is played through Interactive Voice Response System (IVRS) installed in the premises of MC Gangtok, which will remain online 24 hours. The weather information is available in three languages namely English, Hindi and Nepali.
The information can be accessed from BSNL / MTNL Land line or from BSNL / MTNL mobile connection. (PIB)
GANGTOK, August 25: A new toll free weather service has been started at Meteorological Centre, Gangtok with effect from August 20.
All users can access local weather information and also weather information of other cities by availing the toll free number 1800 1800 1717 and also through paid calls to 03592 - 202079 and 03592 - 205040.
The weather information is played through Interactive Voice Response System (IVRS) installed in the premises of MC Gangtok, which will remain online 24 hours. The weather information is available in three languages namely English, Hindi and Nepali.
The information can be accessed from BSNL / MTNL Land line or from BSNL / MTNL mobile connection. (PIB)
Monday, August 25, 2008
MAKE CONSUMER A PART OF THE VALUE CHAIN-HUL VP
Make consumer a part of the value chain: HUL VP
The market segment at the bottom of the pyramid provides a huge opportunity for business, said Hindustan Unilever Ltd Vice-President (Home Care) Sudhanshu Vats. He was speaking at the session on 'The stressful economic challenge of the Bottom of the Pyramid' at the Ninth CII Marketing Summit here today.
Mr Vats offered insights into the stressful economic challenges posed by the bottom of the pyramid segment by first dividing the segment into two broad sections, urban and rural. He defined the urban bottom of pyramid consumer as one " who lives mostly in slums in one-room houses." He said that this urban consumer is "efficient, thrifty and smart as also optimistic and balanced in his approach." Educating his children is an important consideration for him, Mr Vats added.
"The rural consumer has little more space than his urban counterpart," he said, "but has less amenities." The rural consumer too has education for his children high on his priority, Mr Vats pointed out saying that there is a visible change in opportunities for him in the last two decades.
Mr Vats then enumerated what he called three As and an R to reach the segment at the bottom of the pyramid - Awareness about products; Access to the products; Affordability of the product; and lastly, Relevance of the product. He stressed on looking at the segment from the consumer's perspective: "We must think as they do and not as we do."
"The way at looking at pricing for products targeted to this segment needs to be different," he said. "Here pricing means," Mr Vats said, "target price minus margins is equal to costs." He said that there is no room for slackness while reaching out to this market segment. "The product has to be efficient as well as affordable at the same time," Mr Vats pointed out. He said superior technology is needed to reach the bottom of the pyramid, more so than the other segments of the market. For this, he said, even the market leader needs to have a challenger's mindset.
Mr. Vats said that the way of moving to the market is important with regards to keeping a check on pricing. "The same goes for distribution networks," he said adding that geographical and specific needs of the consumer have to be kept in mind for this. "As this is a high volume-low margin market, it is necessary to have marketing innovations," Mr Vats stressed.
He cited experiences of his company to illustrate his point that consumer is not only a customer but can also be a part of the company's value chain. This involves the consumer with company's products and this helps in reaching out to more people.
Mr. Vats stresses upon looking at the Public Private Partnership model, whose time, he said has come. Looking outside the organization is important, he said, and interdependence on outside agencies is useful to unlock value for the company and welfare of the people. "Do well by doing good," Mr Vats said was the mantra that needs to be followed.
The market segment at the bottom of the pyramid provides a huge opportunity for business, said Hindustan Unilever Ltd Vice-President (Home Care) Sudhanshu Vats. He was speaking at the session on 'The stressful economic challenge of the Bottom of the Pyramid' at the Ninth CII Marketing Summit here today.
Mr Vats offered insights into the stressful economic challenges posed by the bottom of the pyramid segment by first dividing the segment into two broad sections, urban and rural. He defined the urban bottom of pyramid consumer as one " who lives mostly in slums in one-room houses." He said that this urban consumer is "efficient, thrifty and smart as also optimistic and balanced in his approach." Educating his children is an important consideration for him, Mr Vats added.
"The rural consumer has little more space than his urban counterpart," he said, "but has less amenities." The rural consumer too has education for his children high on his priority, Mr Vats pointed out saying that there is a visible change in opportunities for him in the last two decades.
Mr Vats then enumerated what he called three As and an R to reach the segment at the bottom of the pyramid - Awareness about products; Access to the products; Affordability of the product; and lastly, Relevance of the product. He stressed on looking at the segment from the consumer's perspective: "We must think as they do and not as we do."
"The way at looking at pricing for products targeted to this segment needs to be different," he said. "Here pricing means," Mr Vats said, "target price minus margins is equal to costs." He said that there is no room for slackness while reaching out to this market segment. "The product has to be efficient as well as affordable at the same time," Mr Vats pointed out. He said superior technology is needed to reach the bottom of the pyramid, more so than the other segments of the market. For this, he said, even the market leader needs to have a challenger's mindset.
Mr. Vats said that the way of moving to the market is important with regards to keeping a check on pricing. "The same goes for distribution networks," he said adding that geographical and specific needs of the consumer have to be kept in mind for this. "As this is a high volume-low margin market, it is necessary to have marketing innovations," Mr Vats stressed.
He cited experiences of his company to illustrate his point that consumer is not only a customer but can also be a part of the company's value chain. This involves the consumer with company's products and this helps in reaching out to more people.
Mr. Vats stresses upon looking at the Public Private Partnership model, whose time, he said has come. Looking outside the organization is important, he said, and interdependence on outside agencies is useful to unlock value for the company and welfare of the people. "Do well by doing good," Mr Vats said was the mantra that needs to be followed.
DR C K PRAHALAD ON DEMOCRATISING COMMERCE
New Delhi, 20 August,2008] "If the 20th century was all about gaining political freedom, 21st century is about democratising commerce, about how to reach and enable access to all to the global economy." Dr C K Prahalad said this at a special session via video conferencing at the Ninth CII Marketing Summit here today. Reaching the bottom of the pyramid, he said, meant providing world-class products at an affordable price to each and every human being.
"Globalisation is a reality today and cannot be wished away," Dr Prahalad said adding, "there are 4 billion underserved persons in the world and there's a need to provide this emerging market the benefits of globalisation." He stressed on the need to "create micro-consumers and micro-producers along with micro-investors and micro-innovators if we are to achieve this goal."
Dr Prahalad said that there is no single business model to cater to the bottom of the pyramid as it is not one homogenous segment and spending models differ from country to country, region to region and district to district. "The underlying aim is to provide products with global standards and locally responsive solutions," he pointed out.
Dr Prahalad cited the example of cellphone industry in India to buttress his point that it is possible to successfully cater to market segments straddling the pyramid. "If we can do this in the field of connectivity, why should not we able to be successful in other core fields like health, energy, education, water and micro-finance," he said.
The biggest impediment in achieving this, he said, was the "managerial mindset". "We always think of going into a market where money is, not where we can create a market and this has to change," he stressed.
Dr Prahalad stressed that there could be no alternative to providing hi-tech hybrid solutions if we have to reach the bottom of the pyramid. "If people cannot afford, we have to reduce costs," he said, adding, "We have to think away from the traditional business strategy of cost plus profit is equal to price. The new way to reach out is to think in terms of target price minus target profit is equal to cost." This, he said, is economically justified as the scales are huge and important.
"We must also learn to co-create," he said. "The public, private and NGO sectors have to work together to achieve this goal," he pointed out. This is important to create inclusion and take the benefits of globalisation to all.
Dr Prahalad concluded by saying that all this is possible "only if we have the imagination and deep belief that every Indian has the right to quality services at affordable prices."
Earlier, welcoming the participants to the special session, Mr Suhel Seth, Chairman, CII Marketing Summit 2008 & Managing Partner, Counselage India, congratulated Dr Prahlad for his belief in the Indian growth story and said that attention must be paid to those at the 'bottom of the pyramid' a term coined by the noted thought guru.
"Globalisation is a reality today and cannot be wished away," Dr Prahalad said adding, "there are 4 billion underserved persons in the world and there's a need to provide this emerging market the benefits of globalisation." He stressed on the need to "create micro-consumers and micro-producers along with micro-investors and micro-innovators if we are to achieve this goal."
Dr Prahalad said that there is no single business model to cater to the bottom of the pyramid as it is not one homogenous segment and spending models differ from country to country, region to region and district to district. "The underlying aim is to provide products with global standards and locally responsive solutions," he pointed out.
Dr Prahalad cited the example of cellphone industry in India to buttress his point that it is possible to successfully cater to market segments straddling the pyramid. "If we can do this in the field of connectivity, why should not we able to be successful in other core fields like health, energy, education, water and micro-finance," he said.
The biggest impediment in achieving this, he said, was the "managerial mindset". "We always think of going into a market where money is, not where we can create a market and this has to change," he stressed.
Dr Prahalad stressed that there could be no alternative to providing hi-tech hybrid solutions if we have to reach the bottom of the pyramid. "If people cannot afford, we have to reduce costs," he said, adding, "We have to think away from the traditional business strategy of cost plus profit is equal to price. The new way to reach out is to think in terms of target price minus target profit is equal to cost." This, he said, is economically justified as the scales are huge and important.
"We must also learn to co-create," he said. "The public, private and NGO sectors have to work together to achieve this goal," he pointed out. This is important to create inclusion and take the benefits of globalisation to all.
Dr Prahalad concluded by saying that all this is possible "only if we have the imagination and deep belief that every Indian has the right to quality services at affordable prices."
Earlier, welcoming the participants to the special session, Mr Suhel Seth, Chairman, CII Marketing Summit 2008 & Managing Partner, Counselage India, congratulated Dr Prahlad for his belief in the Indian growth story and said that attention must be paid to those at the 'bottom of the pyramid' a term coined by the noted thought guru.
CII NOT HAPPY IN WEST BENGAL
CII expresses deep concern over developments in West Bengal
[New Delhi, 22 August,2008] Confederation of Indian Industry (CII) today expressed deep concern about the situation in West Bengal. Any adverse development with regard to the upcoming Tata Motors Nano Plant in Singur, will irreversibly hamper the future industrialisation in the State of West Bengal and could take the state back to an age of industrial vacuum. Industrialisation is critical for the development of social infrastrucuture as also rural development. This was stated by Mr Chandrajit Banerjee, Director General, CII. The development of the state and the country cannot suffer due to any political differences.
CII Statement also said that an immediate solution through dialogue was the most urgent need of the day.
Peace, Law & Order and stability are all pre-requisites for Industrial Investments which would take the State's economy ahead. Therefore a proces of dialogue ensuring peace was an imperative , added Chandrajit Banerjee, Director General, CII.
[New Delhi, 22 August,2008] Confederation of Indian Industry (CII) today expressed deep concern about the situation in West Bengal. Any adverse development with regard to the upcoming Tata Motors Nano Plant in Singur, will irreversibly hamper the future industrialisation in the State of West Bengal and could take the state back to an age of industrial vacuum. Industrialisation is critical for the development of social infrastrucuture as also rural development. This was stated by Mr Chandrajit Banerjee, Director General, CII. The development of the state and the country cannot suffer due to any political differences.
CII Statement also said that an immediate solution through dialogue was the most urgent need of the day.
Peace, Law & Order and stability are all pre-requisites for Industrial Investments which would take the State's economy ahead. Therefore a proces of dialogue ensuring peace was an imperative , added Chandrajit Banerjee, Director General, CII.
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