#telecom law firms in mumbai

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CE Certification in the current Digital Age

 CE Certification in Mumbai is a representation of conformity and excellence. An organization's compliance with the stringent environmental, health, and safety laws established by the European Union is attested to by the distinctive CE mark. This analysis of the crucial role that CE certification plays in facilitating product development, market accessibility, and customer trust offers valuable insights for businesses that oversee regulatory environments. Join us on this journey to understand the significance and impact of CE Certification in the global marketplace.

Benefits of CE certification

Global Recognition: The European Community (ECE) mark is extensively recognized globally as a sign of compliance with European safety and quality requirements, hence enhancing the products' marketability on an international scale.

Customer confidence:  By certifying that a product has undergone extensive testing and complies with established safety and quality standards, the CE Certification in Chad instills consumer faith in the brand.

Legal Compliance: A product with the CE mark satisfies the legal requirements of the European Union since it attests to its conformity with fundamental safety, health, and environmental criteria.

Competitive Advantage: As a result of their distinctive appearance on the market, products bearing the CE mark increase customer confidence and may provide businesses an edge over uncertified competitors.

Reduced Trade Barriers: Reduced Trade Barriers: CE certification facilitates easier trade by streamlining the process and cutting expenses associated with obtaining additional certificates or approvals when exporting to EEA countries.

What types of businesses will benefit from CE certification?

Manufacturers: Any business that manufactures products subject to EU regulations, such as toys, building materials, machinery, electrical equipment, and medical equipment, can benefit from CE certification.

Importers: Companies need to ensure that any products they import into the European Economic Area (EEA) comply with CE regulations. CE certification gives importers the ability to demonstrate their compliance with EU regulations.

  Exporters: If companies plan to export goods to the European market, they might gain from    CE certification even if they are not based in the EU. By attesting to adherence to EU laws,

 CE Certification in Nigeria promotes market access.

Technology Companies: CE regulations must be followed by businesses that produce electrical and IT equipment. This group includes producers of telecom equipment, computers, and consumer electronics.

What is the cost of CE certification?

A number of factors, including industry, firm size, and preferred certifying organization, affect the cost of obtaining CE certification. Our specialty at B2BCert is creating unique certification programs that are exactly tailored to your company's requirements. Get in touch with us for tailored cost estimates and information on how B2BCert's CE Certification services may advance your company. We are prepared to help you through the process of complying with and proving that you are in conformity with EU standards.

How to get CE Consultants?

Our experienced consultants are available to assist you at every stage, helping you successfully navigate the challenges associated with CE Certification in Zimbabwe. It's easy to get in contact with us; just send us an email or use the website's contact form. If you're looking for professional guidance, a customized quotation, or have any questions concerning the certification procedure, our CE Certification Consultants  can help. Get in touch with us right now to easily improve your product compliance.

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Thursday, May 20, 2021

For Migrant Children in Federal Care, a ‘Sense of Desperation’ (NYT) In a federal shelter in Dallas, migrant children sleep in a windowless convention center room under fluorescent lights that never go dark. At a military base in El Paso, teenagers pile onto bunk cots, and some say they have gone days without bathing. And in Erie, Pa., problems began emerging within days of the shelter’s creation: “Fire safety system is a big concern,” an internal report noted. Some of the hot water heaters were not working, and lice was “a big issue and seems to be increasing.” Early this year, children crossing the southwestern border in record numbers were crammed into Customs and Border Protection’s cold-floored, jail-like detention facilities. They slept side by side on mats with foil blankets, almost always far longer than the legal limit of 72 hours. Republicans declared it a crisis. Democrats and immigration groups denounced the conditions, which erupted into an international embarrassment for President Biden, who had campaigned on a return to compassion in the immigration system. The administration responded by rapidly setting up temporary, emergency shelters, including some that could house thousands of children. But the next potential crisis is coming into view. “I know the administration wants to take a victory lap for moving children out of Border Patrol stations—and they deserve credit for doing that,” said Leecia Welch, a lawyer and the senior director of the legal advocacy and child welfare practice at the National Center for Youth Law, a nonprofit law firm focused on low-income children. “But the truth is, thousands of traumatized children are still lingering in massive detention sites on military bases or convention centers, and many have been relegated to unsafe and unsanitary conditions.”

Ceasefire calls and U.S. credibility (Foreign Policy) As the bombings [in Gaza] continue, the human toll is becoming clearer. More than 52,000 people in Gaza have been displaced by Israel’s aerial assault, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) said on Tuesday, with most seeking refuge in U.N.-run schools. The Norwegian Refugee Council (NRC) confirmed that 11 of the more than 60 children killed so far by Israeli airstrikes were participants in an NRC program helping children deal with trauma. Even if hostilities soon end, the Biden administration’s resistance to a U.N. Security Council resolution calling for a cease-fire has tested U.S. credibility. “They pledged to come back and support the U.N. system and multilateralism,” one council diplomat said in a report by Foreign Policy’s Colum Lynch and Robbie Gramer. “We don’t see that happening now in the Security Council.” The episode also encouraged China to carve out a leadership role at the Security Council on Middle East issues, a topic where it usually takes a back seat, while at the same time allowing it to dodge questions on its actions in Xinjiang. Multiple reports appeared on Tuesday, attempting to shine light on Biden’s approach not to call publicly for a cease-fire. They depict an administration wary of getting on the bad side of Israeli Prime Minister Benjamin Netanyahu. The tactic has been criticized as a misreading of U.S. leverage over an ally to which it provides significant military aid and political support. Shibley Telhami, writing in the Boston Globe, voiced some of that criticism on Tuesday. “If an American president cannot leverage this extraordinary and unprecedented support to advance core American values,” Telhami writes, “what hope is there for succeeding anywhere else?”

Spain Sends Troops to African Enclave After Migrant Crossings Jump (NYT) Spain deployed troops, military trucks and helicopters in its North African enclave of Ceuta on Tuesday after thousands of people crossed over from Morocco, one of the largest movements of migrants reported in the area in recent years. More than 8,000 migrants, including nearly 2,000 minors, arrived on the beaches of Ceuta on Monday and Tuesday, mostly swimming or aboard inflatable boats, according to the Spanish authorities, who said that Spain had already sent back 4,000 people. The sudden arrival of thousands of people in Ceuta—more than had attempted the crossing in all the rest of the year so far—comes amid a deepening diplomatic spat between Spain and Morocco over the hospitalization in Spain of the leader of a rebel group that has fought for the independence of Western Sahara from Morocco. Videos broadcast on Spanish television on Tuesday appeared to show Moroccan border guards opening fences to the Spanish enclave. While Morocco has warned of “consequences” for harboring the rebel leader, it was not immediately clear if the spike in migration was linked to the diplomatic dispute.

Grand day for the French: Cafe and bistro terraces reopen (AP) It’s a grand day for the French. Cafe and restaurant terraces reopened Wednesday after a six-month coronavirus shutdown deprived residents of the essence of French “joie de vivre”—sipping coffee and red wine with friends. The French government is lifting restrictions incrementally to stave off a resurgence of COVID-19 and to give citizens back some of their world famous lifestyle. As part of the plan’s first stage, France’s 7 p.m. nightly curfew was pushed back to 9 p.m. and museums, theaters and cinemas reopened along with outdoor cafe terraces. France is not the first European country to start getting back a semblance of social and cultural life. Italy, Belgium, Hungary and other nations already allow outdoor dining while drinking and eating indoors began Monday in Britain.

Indian navy searches for 78 missing from barge sunk by storm (AP) Indian navy ships and helicopters searched in rough weather and seas Wednesday for 78 people still missing from a barge that sank off Mumbai as a deadly cyclone blew ashore this week. Navy Cdr. Alok Anand said 183 people were rescued within 24 hours by three ships and helicopters engaged in the operation. Cyclone Tauktae, the most powerful storm to hit the region in more than two decades, packed sustained winds of up to 210 kilometers (130 miles) per hour when it came ashore in Gujarat state late Monday. The storm left at least 25 dead in Gujarat and Maharashtra states. The Hindu newspaper Wednesday tallied more than 16,000 houses damaged in Gujarat state and trees and power poles uprooted.

How Myanmar's military moved in on the telecoms sector to spy on citizens (Reuters) In the months before the Myanmar military's Feb. 1 coup, the country's telecom and internet service providers were ordered to install intercept spyware that would allow the army to eavesdrop on the communications of citizens, sources with direct knowledge of the plan told Reuters. The technology gives the military the power to listen in on calls, view text messages and web traffic including emails, and track the locations of users without the assistance of the telecom and internet firms, the sources said. The directives are part of a sweeping effort by the army to deploy electronic surveillance systems and exert control over the internet with the aim of keeping tabs on political opponents, squashing protests and cutting off channels for any future dissent, they added.

Restrictions reimposed as virus resurges in much of Asia (AP) Taxi drivers are starved for customers, weddings are suddenly canceled, schools are closed, and restaurant service is restricted across much of Asia as the coronavirus makes a resurgence in countries where it had seemed to be well under control. Sparsely populated Mongolia has seen its death toll soar from 15 to 233, while Taiwan, considered a major success in battling the virus, has recorded more than 1,000 cases since last week and placed over 600,000 people in two-week medical isolation. Hong Kong and Singapore have postponed a quarantine-free travel bubble for a second time after an outbreak in Singapore of uncertain origin. China, which has all but stamped out local infections, has seen new cases apparently linked to contact with people arriving from abroad. The resurgence hasn’t come close to the carnage wrought in India and parts of Europe, but it is a keen reminder that the virus remains resilient.

Immigration In Japan Under Pressure (NYT) For months Japanese jailers said they ‘thought’ the young migrant from Sri Lanka was faking her illness, even as she wasted away before their eyes before dying alone in her cell. Wishma Rathayake had a lifelong fascination with Japan. She entered the country in the summer of 2017 to study Japanese at a school in the Tokyo suburbs, hoping eventually to teach English. She met another Sri Lankan student in Japan who became her boyfriend. Sadly, after a series of unwise decisions, unfortunate events, and a now-expired residence permit, she found herself in a detention center a few hours south of Tokyo, awaiting deportation. It was August 2020. While in detention she was threatened by her ex-boyfriend, now back in Sri Lanka. She thought she’d be safer in Japan, and with the encouragement of advisers at START, a local nonprofit, she decided to try to stay. That move irritated officials at the detention center, who demanded she change her mind. In late December Wishma fell ill with a fever. Within weeks she was having trouble eating, standing, and speaking. In late January 2021 a doctor prescribed her vitamins and painkillers, but they made her even sicker, so she filed for a provisional release. Detention centers had already released hundreds of healthy detainees due to coronavirus concerns, but in mid-February Wishma’s request was denied without explanation. She submitted a second request on medical grounds; by this time she was so weak she could barely sign the form. Despite the severity of her symptoms, officials waited until March 4 to take her to a hospital. Two days later the 33-year-old was dead.      Japan has a long history of hostility toward immigration. Despite being the world’s third-largest economy, it settles less than 1% of asylum applicants—just 47 in 2020. Critics of the country’s immigration system say most decisions are made in secret; detainees who have overstayed their visas can be held indefinitely, with little access to courts. Detainees who apply for asylum, as Wishma did, are particularly unwelcome. Critics say Wishma was the victim of an opaque and capricious bureaucracy that has nearly unchecked power over foreigners who run afoul of it. And while there have been other instances of inhumane treatment of foreigners that ended in death, especially for people of color, the particularly egregious circumstances of Wishma’s death have driven national outrage to a whole new level. Protesters have gathered almost daily in front of Parliament, and objections by opposition lawmakers have been unusually fierce.

Experts warn shuttered Australia is becoming a ‘hermit nation’ (AFP) Prime Minister Scott Morrison defended his “Fortress Australia” Covid-19 restrictions Tuesday, as experts warned that plans to keep the borders closed for another year will create a “hermit nation”. Last March, Australia took the unprecedented step of closing its borders to foreign visitors and banning its globetrotting citizens from leaving. That prompted the first population decline since World War I, stranded tens of thousands of Australian citizens overseas and separated hundreds of thousands of residents from family members. But the country now has almost no community transmission and life for most is relatively normal. And the government’s recent suggestion that borders could remain closed for another year has sparked fierce debate. Australian Medical Association president Omar Khorshid on Tuesday warned: “Australia cannot keep its international borders closed indefinitely.” A University of Sydney task force examining how Australia can safely reopen this week went further, warning the country “cannot continue to lock itself off from the world as a hermit nation indefinitely”.

Powerless (NYT) Abeer Ghanem, like many Gazans, long struggled to work around the long blackouts that blighted the besieged Palestinian enclave along the Mediterranean Sea. But with the outbreak of hostilities a week ago between Israel and the Hamas militant group that governs the Gaza Strip, she said, she now gets at best four hours of electricity a day, intermittently. When it comes on, her family scrambles to charge their lights and batteries for the long, sleepless nights punctuated by outgoing Hamas rockets and the thunder of Israeli airstrikes. A combination of fuel shortages, damage to the electricity supply lines running from Israel and an aerial bombardment that has torn apart local power lines means that many families are receiving at most three to four hours of electricity a day, according to Gaza’s power company. “What we have now for fuel will last for two or three days,” said Mohammed Thabet, a spokesman for the Electricity Distribution Co. of Gaza. The power shortages are compounding the daily misery for Gazans and are also taking a toll on the provision of water, sewage treatment and the ability of hospitals, swamped with casualties, to function. Even if supplies resume, the crisis has caused millions of dollars in infrastructure damage.

Palestinians go on strike as Israel-Hamas fighting rages (AP) Palestinians across Israel and the occupied territories went on strike in a rare collective protest Tuesday as Israeli missiles toppled a building in Gaza and militants in the Hamas-ruled territory fired dozens of rockets that killed two people. The general strike was a sign that the war could widen again after a spasm of communal violence in Israel and protests across the occupied West Bank last week. Although the strike was peaceful in many places, with shops in Jerusalem’s usually bustling Old City markets shuttered, violence erupted in cities in the West Bank. Hundreds of Palestinians burned tires in Ramallah and hurled stones at an Israeli military checkpoint. Troops fired tear gas, and protesters picked up some of the canisters and threw them back. Three protesters were killed and more than 140 wounded in clashes with Israeli troops in Ramallah, Bethlehem, Hebron and other cities, according to the Palestinian Health Ministry. The Israeli army said two soldiers were wounded by gunshots to the leg. The general strike was an uncommon show of unity by Palestinian citizens of Israel, who make up 20% of its population.

[mba-projectreports]

One Sitting-Online-Distance MBA in Marketing Management

MBA Marketing Management is one of the oldest MBA programs and one of the most desired specialization among students. MBA in Marketing Management is a post-graduation executive program and it prepares students in sales, marketing areas, administrative and governance management skills, customer tendency, market policies, commodity management and market research in various industries. This course is designed to turn individuals into the experts to help the management of companies to achieve certain Marketing objectives.

 Degree: MBA/E-MBA

 Duration: Course Duration MBA inMarketing Management   is 1 year for E-MBA & 2 Years - MBA.

 Age Limit: No age limit

 Eligibility: A graduation degree. Work Experience can be an add-on

 Fees:  Fees range from approx. Rs.50,000/- to 1 lac depend on university (fees changes)  

 Salary/Income: With an MBA degree in MARKETING Management, student can get jobs in Corporate sector offers rewarding pay and has good job growth. Starting Salary for an MBA in Marketing Management Graduate is around Rs.  5 to 8 lacs yearly. The salary is possible to grow up to 15 lacs and more with the number of years of work experience achieved. Internationally, you can earn minimum around $100,000 annually.

 Recognition - MBA from UGC recognized Universities & applicable for Government Jobs, Jobs in Corporate companies, Overseas Jobs, Internationally recognized qualifications, applicable competitive exams like UPSC, MPSC, Govt Bank Jobs etc.

 Benefits of MBA in Marketing Management:  MBA in marketing has more opportunities in coming times since numerous jobs in the market are associated with marketing with lucrative salary packages. An MBA in Marketing Management is the next best thing in the industry. It centers around preparing individuals to manage customers, recruiting, managing payments, building up a decent connection between employer and employee and a host of other things, the principles of which help take an organization on another level.MBA in Marketing management is one of the highly paid specialization of Master of Business Administration. Multiple job and promotion opportunities are received by the aspirants after the completion of the course. A candidate with an MBA in marketing Management can have a career focused on the marketing aspects of a business at the highest level in the company, or they can operate as a marketing consultant to companies or the public. There is an enormous potential for career growth.

 Employment/Job/Roles/Post: Graduates in MBA in Marketing Management can get highly paid jobs in the public and private sectors. Some of the job profiles acquired are Marketing Executive, Sales Manager, Marketing Manager, Market Research Analyst, Public Relations Director, Brand Manager, Advertising Manager, Marketing Communications Manager, Product Manager, Public Relations Director, Sales Manager, Asset Manager, Corporate Sales, Head of Digital Marketing, Media Planner, etc. there are numerous job opportunities available industries such as IT industry, Financial Firms, Consultancies, Marketing Companies, E-Commerce, Hospitality Industry, etc.Renowned companies like McKinsey, P&G, PepsiCo, Google, Nike, Coca-Cola, American Express, Starbucks, Johnson & Johnson, Nestle, Tata Consultancy Services Limited, Airtel (Bharti Telecom), HDFC Bank, Reliance Communications, IDEA Cellular, ICICI Bank, Tata Teleservices, Vodafone Essar, Hindustan Unilever (HLL), ITC Limited, Tata Motors, IndiaMART, etc. hire MBA in MarketingManagement graduates.

 About MBA in MARKETING Management: MBA in Marketing Management is intended to create passionate managers who can present extensive knowledge of marketing standards and oversee more extensive business context like marketing, advertising, public relations etc. This program constructs your expertise of a wide range of showcasing marketing issues, for example, talent management, strategic marketing, integrated marketing and marketing communications. Students will be set up for a distinctive and difficult career with capacities to coordinate, execute and measure the viability of marketing activities to encourage business goals like market positioning, revenue growth and customer retention.

 Syllabus and Subjects for MBA in Marketing Management: MBA Marketing Management predominantly centers on executing ethics of management and business morals to advertise and trade products or services which in brief speaks about advertising, market research and planning.An MBA in Marketing Management degree prepares students with the skills and through syllabus combined with practical and theoretical studies. MBA Marketing Management have subjects for study in total that covers mainly topics like Modern Business Organization and Management, Global Business Environment & Economics, Accounting & Financial Management, HR & OB, Business & Corporate Law, Business Research Methodology, Modern Marketing Management, Information Technology for Business, Production , operations & SCM, Business Communication Skills, Business Policies & Strategic Management, Consumer Behavior, Entrepreneurship & Innovation Management, Fundamentals Of Advertising, Team Building And Leadership, Business Ethics & Corporate Governance, Strategic Marketing Management, International Marketing Strategy, Fundamentals Of Global Business Management, Project Work, etc.

 Who should do MBA In Marketing Management: An executive MBA Marketing degree is a great option for students and working professionals. Since the industry is quickly changing and requesting, the necessity of MBA In Marketing degree has gotten significance by the highest enlisted people.  As of now, talented Marketing Professionals are needed in all public and private sector organizations. A Distance MBA has an equal value as a full-time MBA has because ultimately both of these courses offer you a University recognized degree which is acceptable across all industry. Candidates who are corporate and working professionals who have completed BBA in Marketing Management or any other graduations and are looking to advance their skills and knowledge may also opt for this course can opt for this course.

Other Similar Courses: - After 12th BBA & other graduation, Diploma Courses also available. MBA (Digital Marketing), PhD in Marketing, MBA (Retail Management), etc.

 Candidate Support: - We provide academic support & guide to the candidates by preparing short notes, solving assignments, making project reports in MARKETING Management, thesis, dissertation etc. & make sure that candidate pass all semesters and gets MBA degree.

 Education Loan Assistance:  We can provide assistance for an educational loan to the candidates who are applying for the executive courses.

 Contact Us & Talk to our Counsellor for further details & admission process.

 WhatsApp/Phone: +91 80970 27355

Office Address: 450, Mastermind One - IT Park, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, India - 400065.

Visit our website:www.mbaprojectreports.com

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He might maintain the successful ticket in tech and Silicon Valley is aware of it The recipient of all these billions is Jio Platforms, a part of Ambani’s sprawling conglomerate Reliance Industries. Jio began as a cell community in 2016. Since then it has amassed round 400 million customers and launched a streaming service, a video conferencing app, a fiber broadband community and digital funds. Its super-cheap knowledge has helped carry a whole lot of hundreds of thousands of Indians on-line for the primary time. When Ambani launched Jio, India had fewer than 350 million web customers. Now, it has 750 million. Jio has turn into the gateway to India’s web, and Ambani holds the keys. “Numerous this variation, particularly by way of bringing individuals on-line, has occurred on the again of the constructive disruption that Jio triggered,” Ajit Mohan, Fb’s vp and managing director in India, advised CNN Enterprise. “Jio has been the hero in that story by way of offering that entry, and I feel that units the context for our funding and Jio and our partnership, as a result of… we noticed alignment of the imaginative and prescient.” Ambani’s imaginative and prescient retains getting greater. After elevating greater than $20 billion for Jio Platforms, Reliance went courting buyers for its retail enterprise. Between late September and early November, Reliance Retail raised round $6.4 billion, a lot of it coming from Jio buyers together with Silver Lake, Common Atlantic, TPG in addition to the sovereign wealth fund of Saudi Arabia. Ambani’s retail chain is the most important in India, with greater than 12,000 shops. And he has made no secret of his ambitions to mix his retail and tech empires to tackle two large US gamers. Amazon (AMZN) and Walmart’s (WMT) Flipkart dominate on-line procuring in India, controlling greater than 60% of the market between them. Ambani is making an aggressive play for a slice. He is doing that with JioMart, an initiative introduced in 2019 to carry on-line 1000’s of India’s mom-and-pop shops often called “kiranas.” And Reliance Retail not too long ago acquired one among its greatest Indian rivals, Future Retail, for $3.3 billion — a deal that has kicked off a protracted and sophisticated authorized battle with Amazon. Whilst he digests all of that, India’s richest man is already trying to the following large factor — bringing 5G to India within the second half of 2021. “It is going to be powered by an indigenous developed community, {hardware}, and know-how parts,” Ambani advised a digital viewers on the India Cellular Congress in November, in a potential nod to requires China’s Huawei to be excluded from constructing the nation’s 5G community. Any a kind of plans by itself can be an enormous enterprise and executing all of them collectively is a big ask even for one of many world’s high billionaires. His ambition is to essentially rework the best way greater than a billion individuals talk, do enterprise and make purchases. And the last word aim is to achieve billions extra. “We’re creating compelling homegrown options in training, well being care, agriculture, infrastructure, monetary companies and new commerce,” Ambani stated in his speech. “Every of those options, as soon as confirmed in India, will probably be supplied to the remainder of the world to handle world challenges.” Geography vs Expertise However the billionaire, who’s reportedly trying to take Jio public in america, might discover it difficult to parlay the corporate’s meteoric rise in India into success on the worldwide stage. “Reliance doesn’t have anyone space the place it has a technological edge and superiority like say Google’s search, Fb’s portfolio of social networks, Amazon’s e-commerce engine, Alibaba’s mixture of strengths in e-commerce and funds or Tencent’s tremendous app,” stated Ravi Shankar Chaturvedi, analysis director on the Institute for Enterprise within the International Context at Tufts College’s Fletcher Faculty. Relatively, Jio’s dominance has been largely geographical, helped by a regulatory regime that helps homegrown gamers. “One can be onerous pressed to give you a significant record of technological improvements and IP that Jio created that could possibly be the idea for its enlargement overseas,” Chaturvedi added. India is, after all, a large prize in itself that Jio has largely already captured. The nation’s on-line inhabitants of 750 million — second solely to China, which has shut out US corporations for many years — is the most important draw for world tech. Fb, Google, Amazon, Netflix (NFLX) and Uber (UBER), to call just a few, have already spent a number of years and billions of {dollars} to crack open the market. “For Silicon Valley, the Indian market alone is larger than the 5 subsequent greatest shopper markets — by inhabitants — on the planet mixed,” stated Chaturvedi. The place China has its “Nice Firewall” of on-line censorship that retains out US tech corporations en masse, Ambani has succeeded in making a “Nice Indian Paywall” that runs by means of Jio, Chaturvedi argues. International tech companies have been pressured to navigate a sequence of regulatory hurdles from an Indian authorities that has proven a higher willingness to clamp down on overseas gamers — whether or not blocking Fb’s efforts to offer free web, altering how corporations can retailer and gather knowledge or, extra not too long ago, shutting out Chinese language tech corporations over a border dispute. Ambani has been the most important beneficiary of lots of these laws, and the billionaire has been a vocal champion of Indian Prime Minister Narendra Modi and his marketing campaign for a “self-reliant” India. Just a few cracks — albeit small ones — have began to seem in Ambani’s dominance. Barely a day into 2021, the Securities and Trade Board of India ordered Reliance Industries and Ambani to pay a $5.5 million wonderful over what the regulator described as a “fraudulent and manipulative buying and selling scheme” over a former subsidiary in 2007. However that is unlikely to dent his tech ambitions. Ambani, who declined a number of requests to be interviewed for this text, is used to creating audacious bets and having them repay — often with huge sources at his disposal and a good political wind at his again. “In spite of everything he is India’s richest man, he has due to this fact the deepest pockets on this nation,” stated Paranjoy Guha Thakurta, journalist and co-author of Gasoline Wars: Crony Capitalism and the Ambanis. “I can say with none threat of contradiction that he has been supported by a positive political dispensation and a regulatory regime,” he added. From Oil to Jio The company empire that Ambani presides over in the present day appears to be like somewhat completely different to the one he inherited. His father, Dhirubhai, began a small yarn buying and selling agency in Mumbai in 1957 that he subsequently spun right into a thriving textile enterprise. Over many years, it grew into the sprawling conglomerate Reliance Industries spanning power, petrochemicals and telecommunications. Dhirubhai’s loss of life in 2002 kicked off an acrimonious succession battle that cut up the enterprise in two. Mukesh Ambani in the end took over the corporate’s predominant oil and petrochemicals belongings, whereas his youthful brother Anil assumed management of the newer ventures, together with telecom and digital companies. Then, in September 2016, Mukesh Ambani stormed onto his brother’s turf with a proposal that blew the lid off India’s telecom and web development. Jio gave each new buyer six months of free 4G web and Indians signed up by the hundreds of thousands, triggering a brutal value conflict. “You lure your customers by giving one thing free, and as soon as they have hooked onto it, you steadily begin growing the costs,” Thakurta stated. “It is the traditional approach all types of monopolies work throughout the globe.” One of many main casualties of the value conflict was Anil Ambani. His Reliance Communications firm introduced in late 2017 that it will promote most of its belongings and exit the cell enterprise. Two days later, Jio acquired Reliance Communications. And two years later, the elder Ambani underscored the divergence within the brothers’ fortunes by serving to repay an $80 million debt to Ericsson (ERIC), retaining Anil out of jail. Jio’s meteoric rise has helped offset a few of the volatility in oil that value Ambani billions final yr and arrange Reliance for a future that is additional faraway from its core enterprise. In actual fact, an organization spokesperson beforehand advised CNN Enterprise that the title Jio — which suggests “to dwell” in Hindi — was chosen partly as a result of it is a mirror picture of the world “oiL.” The daring try to remodel his $170 billion conglomerate faces a large check in 2021 as the Indian financial system recovers from its first recession in practically 1 / 4 of a century. Like different tech corporations world wide, Jio has strengthened throughout the pandemic, however the query is whether or not it may well proceed to develop quick sufficient for the corporate to meaningfully transition away from oil. Ambani charted his course years in the past. “Information is the brand new oil,” he stated in 2017, simply six months into his marketing campaign to disrupt India’s tech panorama. India first, then the world For American tech giants, having an enormous homegrown participant in your nook typically makes life simpler abroad, and Jio is by far the most important in India. “Why did Fb, why did Google…put of their cash in Jio at a time when the world financial system is in a large number, the Indian financial system is in recession, why would they do it? Clearly as a result of there may be greater than an financial angle,” stated Thakurta. “It is also I imagine, not directly… a political insurance coverage of kinds.” Mohan, Fb’s India head, denied that authorities regulation was a part of the dialog. “That did not have something to do with our funding in Jio or the partnership,” he stated. “It actually did come from recognizing that this was a particular firm that had finished fairly superb work in reworking the digital infrastructure of India in a brief time frame.” From Ambani’s perspective, a wide-ranging coalition of a few of the greatest names in tech is only a solution to additional Jio’s command over all facets of India’s web. The corporate already controls a lion’s share of the pipes by means of its huge cell community. By means of Fb, it’s working to combine JioMart with WhatsApp, the one platform in India with a person base akin to Jio’s. With Google, it is gunning for management of cell gadgets by collectively creating an “entry stage, inexpensive smartphone” for India’s big center class. And it is even acquired a watch on the chip know-how that underpins these networks and gadgets by means of companions reminiscent of Qualcomm. “As digitization of the Indian financial system and Indian society picks up velocity, the demand for digital {hardware} will develop enormously. We can’t depend on large-scale imports,” Ambani stated final month. “I clearly foresee India changing into a significant hub for a state-of-the-art semiconductor business.” Qualcomm, a longtime Jio companion, joined the funding bandwagon by spending round $97 million in July for a 0.15% stake. Jio’s dedication to constructing out its personal community whereas additionally creating a smartphone offered the chipmaker with a novel alternative to become involved on either side of Ambani’s web entry plan, in response to Quinn Li, senior vp and world head of the corporate’s funding arm Qualcomm Ventures. “For those who have a look at operators the world over, not many are that vertically built-in,” he advised CNN Enterprise. “Given we are the know-how provider to the business, we’re I feel finest outfitted to work with Jio each on the gadget entrance in addition to infrastructure.” Ambani seems able to leverage the worldwide backing for Jio and Reliance Retail into IPOs, saying in June that he would “transfer in the direction of itemizing of each these corporations throughout the subsequent 5 years.” An IPO for Jio Platforms on Nasdaq may come as quickly as 2021, in response to a number of media studies and business analysts. Reliance didn’t reply to a request for touch upon its IPO plans. “I would not be shocked within the least,” stated Thakurta. “When you’re on Nasdaq, you give all these buyers exit route.” Ambani appears assured he can get the world to purchase into India’s second, anchored in his firm. And given his monitor document to date, he has no purpose to not be. “Associates, we’re about to step into a wonderful decade of the India story,” he declared. “Nothing can cease India’s rise, not even Covid-19. That is our likelihood to create historical past.” Supply hyperlink #Hold #IndianbillionaireMukeshAmbanimayholdthewinningticketintechandSiliconValleyknowsit-CNN #Silicon #Tech #ticket #Valley #Winning

[vsplusonline]

Facebook-Reliance Jio deal to go to CCI, Trai may also step in

New Post has been published on https://apzweb.com/facebook-reliance-jio-deal-to-go-to-cci-trai-may-also-step-in/

Facebook-Reliance Jio deal to go to CCI, Trai may also step in

NEW DELHI | MUMBAI: The $5.7 bn Facebook-Reliance Jio deal needs to be scrutinised by the country’s competition watchdog, mainly from the point of view of data that the combined entity will control, top government officials and industry experts told ET.

The two companies are “data elephants” in terms of controlling private data of Indians, and together the combined reach of Reliance Jio, Facebook and its messaging app WhatsApp would provide undue advantage against rivals, be it other technology giants like Google and Amazon or even local startups, according to the people cited above.

Anshuman Thakur, strategy head at Reliance Jio, told ET that RIL would shortly approach the Competition Commission of India (CCI) for approval. As per company officials, CCI approval is the only regulatory clearance needed.

A top government official said that the two companies would control a lot of data of consumers.

“…we need the law to scrutinise the deal from the data advantage point of view and not just money or market share,” said the official who did not want to be named. “Data is becoming a factor to reckon competitiveness and therefore the data aspects of the competition law need to be sharpened and revisited,” the person said.

Analysts Seek More Transparency Analysts have sought more transparency in how Facebook and Jio will function.

“The government needs to look into the data-sharing agreement between these two parties and it should be made transparent to both consumers and the government,” said Neil Shah, vice president at Counterpoint Research. “One needs to look into intrusive advertising. Since they are using WhatsApp channels for digital commerce, it opens up transaction details of these SMEs to a foreign company. It needs to be clarified that once FB gets access to the millions of Jio users, how will it use (the information)?”

Another official said that India’s telecom regulator is looking at the implication of the deal for consumers as well as other telecom companies.

“Our legal and regulatory systems needs to grow in independence, strength and maturity to tackle the risks of concentration of market/network power,” said Apar Gupta of the Internet Freedom Foundation (IFF), which ran the Save The Internet Campaign against Facebook’s Free Basics programme.

“Today, competition law does not consider any privacy rights related harms which emanate from market concentration in information societies that are exaggerated by power and information asymmetries. These power asymmetries and lack of real consumer choice are spurred by network effects which characterise digital markets,” Gupta said.

Jio has emerged as India’s largest telecom player with over 388 million subscribers within three years of its launch. Facebook has over 328 million users in India accessing its social network every month, while WhatsApp is present on over 400 million smartphones and is the most used messaging platform in the country.

‘NO DATA SHARING’ “Access to data is an interesting aspect of this deal, these two companies are like two elephants and the combined entity may have an unfair data advantage,” said the government official cited above. “Once WhatsApp and Jio join (hands), they may end up killing all competition and distort fair market practices.”

Ajit Mohan, MD of Facebook India, however told ET that there would be no data sharing in this deal.

CCI approves investments and mergers and acquisitions (M&A) by examining the market share of the entities involved in a transaction. It can however take suo motu action if it sees cartelisation or if there is a complaint that a company or grouping has higher concentration of market power.

“There is a policy gap and CCI should address this gap—how can one (set of companies) have all the data… After that, who will be able to compete in the market with them,” pointed out one official who spoke to ET on the condition of anonymity. “Whether it is payments or retail, the combined entities will concentrate too much power in their hands, then how are we going to regulate that?”

Researcher IDC estimates India has around 450 million smartphone users, and over 600 million internet users which makes it the second largest online market in the world, ranked only behind China.

Facebook has been keen on a stronger foothold in India for nearly a decade despite setbacks. In 2016, India’s net neutrality laws forced it to abandon Freebasics – internet firms giving preference to select sites. Separately the Indian government has been pushing WhatsApp to allow traceability of messages on its platform to curb rumours. WhatsApp has also not been able to fully operationalise its payment app that runs on the open source UPI platform due to regulatory concerns over storing user data locally.

Interestingly, both firms have businesses that could compete each other. While WhatsApp Pay is awaiting government nod, Reliance already has JioMoney. On the ecommerce side too there are multiple overlaps, while Reliance operates in the online space through Ajio and is close to launching JioMart in partnership with kiranas, Facebook also has Marketplace – a platform for buyers and sellers. For its part, WhatsApp has also launched WhatsApp for Business which allows small sellers to host their catalogue on the app as well as integrate payments seamlessly.

Government officials will also watch out for any violation of net neutrality rules once the integration with Jio and Facebook products is completed.

“At present we don’t have any laws on OTT (over-the-top) regulation in the country and this deal will have to be analysed from a larger angle. Obviously there are concerns if Facebook products including WhatsApp tend to work better on a Jio network ? However, this possible violation of net neutrality can only be observed once the deal comes through,” said a senior Telecom Regulatory Authority of India official.

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KPL fixing: Plugging multiple gaps in state-run leagues - cricket

The match-fixing scandal of 2000 erupted when Delhi Police chanced upon telephone conversations between Sanjay Chawla, a bookmaker and businessman, and South Africa cricket captain Hansie Cronje while probing a low-profile extortion case.In September last year, investigations into the Karnataka Premier League (KPL) had a similar beginning.“We started with a small tip-off about betting,” says Sandeep Patil, Joint Commissioner of Police, Crime, Bengaluru City. Betting on cricket is illegal but rampant, and the police were chasing what they thought was a routine crime.Since then, the police have questioned more than 40 cricketers, coaches, administrators, franchise owners and bookies. They have arrested nine people (all out on bail), including two team owners and four players.“As we went further, we realised how big it is. It not only involves betting but also match-fixing, and a deadly combination of team owners betting on a very large scale,” says Patil, who heads the Special Investigation Team (SIT) probing the case.LEAGUE HALTEDCurrently on hold till investigations end, KPL began in 2009 and was the first of the IPL-style T20 state leagues that now take place across the country. A realtor company came in as a sponsor, committing ~11 crore over five years, and a local cable network company was roped in as broadcast partner.“(But) unlike IPL, there was no revenue model,” says a former administrator in the Karnataka State Cricket Association (KSCA) requesting anonymity.Also Read: Why Kohli and Co start as favourites in series decider against AustraliaIn November 2010, there was a change of guard at KSCA. Former India cricketer Brijesh Patel—now IPL chairman, he had launched KPL when at the helm of KSCA—was replaced by Anil Kumble. The former India captain accused Patel of conflict of interest in the matter of hiring the company that was conducting IPL. Patel denied the charge, but the Kumble-led KSCA decided to discontinue KPL from 2011. Kumble said KPL “gave a backdoor entry to people not passionate about cricket”. Another two years, another reversal. By the end of 2013, Patel was back, elected secretary of the association, and KPL resumed the following year. In the same year, a KPL franchise found out that a player was passing information to bookies. In the absence of formal anti-corruption measures, the league management, fearing they would be black-listed by sponsors, let him off.Soon, old problems resurfaced. Seeing insignificant returns on investment, realtors, politicians, telecom companies and sports management firms began to opt out of the league. Sports broadcast majors Sony, followed by Star Sports, came in as partners but brought little money. The production and up-linking costs had to be borne by KSCA and the promised revenue share from ad-spots was limited.“In Karnataka, it’s difficult to find investors in cricket. In the 1980s and early 90s, sponsorship used to come from the banking sector. Now, the state economy is largely driven by the IT sector. Their clientele is (the) US market. and to some degree, UK. They are not interested in investing in a local cricket league. So, you take whatever comes,” says the former KSCA administrator.That meant frequent changes in team owners and ownership patterns. Somewhere in that disruption, Ali Ashfaq Thara bought KPL team Belagavi Panthers, and Arvind Reddy, a real estate developer, acquired Bellari Tuskers.Thara, who also owned a T10 league team in the UAE, police discovered was heavily into betting. He was also the first to be arrested. Thara has been suspended from both leagues.“It’s (fixing) been going on for the past three years. It multiplied after the arrival of Ali. He took players to New Zealand and Dubai. We gather some players were honey-trapped. We are investigating further,” says a police official.“For 10-12 players, there were separate apartments booked. This, so that dealings could happen away from anti-corruption officials,” says another policeperson who too did not want to be named.“We still don’t know all those who are involved. They (KPL) have an anti-corruption unit. What were their reports? What action was taken on the reports such as these need to be looked into,” says Patil.KSCA president Roger Binny, the 1983 World Cup winner, refused to be interviewed for the story. Through a KSCA press release, Binny has said: “With the unfortunate turn of events during the past few weeks, with regard to the KPL, we have reaffirmed time and again that we are fully co-operating with the police authorities to ensure that if anyone has wronged the sport, they will be subject to due process of law.”Brijesh Patel too refused to comment.SHADY DEALSPlayers too had begun to realise something was amiss. In the 2017 season, a coach was found carrying a bag full of new iPhones to distribute among players. During a 2017 KPL tie, an India player had a public spat with two competing franchise owners because he felt the match was being rigged. Another captain, who did not wish to be named, says he would announce the team minutes before the toss because he didn’t trust his teammates to play fair.Also Read: Rohit Sharma four runs away from surpassing Sourav Ganguly in elite listThe same year, an India player and a Karnataka player who played in IPL reported suspicious activities to KSCA. The players say nothing was done. In 2019, a furious India player lashed out at teammates after he sensed more than one was not playing to win, a player requesting anonymity says. ESPNcricinfo reported of international betting firms suspending trading after observing unusual betting patterns in KPL.In 2018, when former ICC ACU head Ravi Sawani’s private security unit was tasked with anti-corruption duties in the league, multiple corrupt approaches came to light and were shared with KSCA.Last year, when BCCI’s ACU took over duties in all state leagues, they alerted the administration.“Before we took over this year, our zonal operations manager was asked to brief them because earlier too there were rumours of KPL being compromised,” says Ajit Singh, BCCI ACU head.CONFLICT RIFEAmong the arrested is KSCA managing committee member Sudhindra Shinde. His cricket club Socials was one of those which provided players to the league. Following Shinde’s arrest, police raided KSCA secretary Santosh Menon’s house.“What we (can) make out from our investigations so far is this (conflict) thing of administrators being selectors and also running cricket camps and coaching centres. We have seen when the officials are running these coaching camps, most of the players are coming from there. They push these players to various teams of KPL so that they start dancing to their tune. They make them do small things and later spot-fixing even in the final,” says Patil.Police say it’s easy to influence players; they can be honey-trapped— three actors from the Karnataka film industry too are under investigation—tempted with money, or blackmailed that failure to comply would mean exclusion.Runners-up in 2019, Bellari Tuskers owner Reddy, captain CM Gautam and Abrar Kazi have been charged with fixing. The police also nabbed M Viswanath, Nishant Shekhawat and coach Vinoo Prasad. They are currently out on bail (charged with cheating under Section 420 of the Indian Penal Code) and have been suspended by KSCA.The police has sent a notice with 18 questions to KSCA and KPL franchises seeking information around the franchise-ownership pattern and individual disclosures. Thara, according to the police, registered his team in his wife’s name.“They have only replied with half-baked information. We have asked them for more,” says Patil.“So far, we have reached only 25-30 per cent of our enquiry. We are going to take it to its logical conclusion. It requires lot of detailed investigation which is underway,” says Patil.“We have evidence to point to Belagavi team owner as well as Bellari team owner. There are question marks on teams like Bijapur (Bulls) and others which we are investigating.”With the reputation of Karnataka cricket, which has produced some of the greatest names in the game, at stake, there have been calls to stop KPL for good. Not everyone agrees such a drastic step should be taken.“The two leading white-ball teams in the country currently are Karnataka and Tamil Nadu. Have they not benefitted from KPL and TNPL? Have they not scouted talent for IPL? What’s needed is better governance mechanism in the league,” says a former cricketer who did not want to be named.HANDLING it: GangulyBCCI too is keeping a tab. It’s ACU is probing, but will rely heavily on the police. “Whatever evidence they quantify to file a chargesheet, we will require that to ascertain the violation of anti-corruption code,” Ajit Singh says.BCCI president Sourav Ganguly said the onus was on players to stay clean. “Players are approached, that is not the problem. What they do after is the problem. We’re dealing with it because nobody wants it.”Patil says: “If the owners and administrators are above board, such a thing cannot happen.”Other T20 state leagues aren’t immune to the problem. NPL recently expelled two co-owners of a franchise for links with bookies. A franchise owner of T20 Mumbai, the Mumbai Cricket Association (MCA) run league, is being investigated.The KPL investigations serve as a reminder that the lessons of 2013 IPL spot-fixing scandal have not been learnt well. Read the full article

[ashok-kumars-world]

BREAKING

Eco/Invest/Demography, Health, Non-Life, Pandemic : Fourth COVID wave: Infection spreading faster, high-grade fever, affecting younger population more

 

Eco/Invest/Demography, Life, Regulation : Life insures have to mandatorily launch standard term life product from Jan 21:IRDAI

 

Health, Life, Non-Life, Pandemic : Policyholders can now opt for renewal, migration and portability of their standard Covid covers:IRDAI 

 

Non-Life, Risk Management : Sitharaman may announce the merger of 3 PSU gen insurers in Budget 2020

 

Eco/Invest/Demography : Financial services to add 47,800 new jobs in April-September FY20

 

Indian carriers to induct over 900 planes in coming years

 

Wealth Management : Investors rush to mutual funds; asset base grows over Rs 6 lakh crore

 

Reinsurance : GIC Re receives “In principle” approval for Lloyd's Syndicate, will start business by Apr 18

 

IRDAI Panel suggests competitive returns for life insurance customers

 

Health : Private bill in RS proposes health to be made a fundamental right

 

Eco/Invest/Demography, Health, Non-Life, Pandemic : Fourth COVID wave: Infection spreading faster, high-grade fever, affecting younger population more

Eco/Invest/Demography, Life, Regulation : Life insures have to mandatorily launch standard term life product from Jan 21:IRDAI

Health, Life, Non-Life, Pandemic : Policyholders can now opt for renewal, migration and portability of their standard Covid covers:IRDAI 

Non-Life, Risk Management : Sitharaman may announce the merger of 3 PSU gen insurers in Budget 2020

Eco/Invest/Demography : Financial services to add 47,800 new jobs in April-September FY20

Indian carriers to induct over 900 planes in coming years

Wealth Management : Investors rush to mutual funds; asset base grows over Rs 6 lakh crore

Reinsurance : GIC Re receives “In principle” approval for Lloyd's Syndicate, will start business by Apr 18

IRDAI Panel suggests competitive returns for life insurance customers

Health : Private bill in RS proposes health to be made a fundamental right



   



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Indian general insurance industry misses Rs 2 trillion premium mark, New India shines in Fy 2020-21

The Health portfolio, propelled by Covid 19 Pandemic might have grown by almost 40 per cent but it has not been able to make up the shrinking of overall motor business, that has fallen by 5 per cent, for the industry in 2020-21. ``It was a hugely challenging year. I am happy that we could pull it off like this. As at the end of October 2020, though the business of general insurance industry on an average was down by some 10-12 per cent, we managed to just keep our head over water by showing some business growth in decimal points but then we went into a tizzy and in subsequent five months we managed to grow our business each month by 15 to 22% each month,’’ said Atul Sahai, CMD, NIA.  

Apr 12, 2021  Indian News >> Non-Life, Pandemic  Source: AIP News Bureau



Atul Sahai, CMD, New India Assurance

Mumbai:

Though, the Indian general insurance industry, at Rs 1,98,735 crore, has ended the FY 2020-21 with a positive year on year (y-o-y) growth of 5 per cent, once again, thanks to Covid 19 Pandemic. it has missed out the much cherished milestone of Rs 2 trillion of gross premium during the year narrowly, due to negative growth in moror insurance, the largest portfolio in the industry and crop business., . 

Analysts point out that the Health portfolio, expected to be propelled by Covid 19 Pandemic, has only grown by 11 per cent to Rs 58,584 crore there have been slow down in two large business segments-overall motor portfolio and crop business- of the industry during FY 2020-21.

Premiums in the overall motor portfolio has fallen by around two per cent to Rs 67,790 crore while th crop business have fallen by 3.5 per cent to 31184 crore during FY2020-21.  .

Among the main components of the motor portfolio, motor third party(TP) premium, which has not been hiked by the IRDAI in FY2020-21,has grown by 5 per cent to Rs 10,650 crore,motor (own damage) segment has surged by 138 per cent to Rs 4136 crorewhile the premium out of  motor package has  contarcted by seven per cent during the reporting period. 

The fact that premiums in Motor OD and Motor TP have gone up despite Covid-19 Pandemic, when long period of lock down has limited the use of all kind of vehicles,shows more people have bought automobiles and more uninsured vehicles have got insured, said analysts adding that the prediction, that Motor portfolio will be overtaken by Health Portfolio as the largest segement in the industry baecause of Covid-19 Pandemic, hasn't happened.       

In one of the distinct achievements in the industry, despite Covid-19 Pandemic, which disrupted the domestic insurance industry extensively, New India Assurance(NIA), powered by a global premium of around Rs 32,500 crore has further scaled up its domestic market share to 14.33 per cent during the year from 14.11 per cent in 2019-20.

The company has operations in 28 countries.

The largest listed non-life company in the country, uniquely, has maintained its positive and profitable growth consistently  through out 2020-21, and has ended year with a domestic premium of Rs 28,482 crore, showing a year on year (y-o-y) rise of 6.22 per cent. 

Analysts point out that among the top 10 general insurers that include three large PSUs and , NIA is the only company which has the distinct achievements of positive premium growth, profitability and higher market shares by expanding its core business organically in FY 2020-21.

``It was a hugely challenging year. I am happy that we could pull it off like this. As at the end of October 2020, though the business of general insurance industry on an average was down by some 10-12 per cent, we managed to just keep our head over water by showing some business growth in decimal points but then we went into a tizzy and in subsequent five months we managed to grow our business each month by 15 to 22 per cent each month,’’ said Atul Sahai, CMD, NIA.  

``And at the end, we managed to clock some 7 per cent upto the month growth, which given the large business base (the largest in the industry of course) and the circumstances we have been passing through as a nation, is a huge attainment,’’ felt Sahai. 

This growth for NIA has been most evenly distributed over different line of business like Motor, Misc, Marine, Health etc, he explained. 

``We hope to continue on this trajectory in coming months too. Repeating, the FY just gone by has been most challenging and rather emotionally and physically draining, given the spread of Covid. The way each member of team New India has responded to the challenges makes an amazing story of grit and determination,’’ observed Sahai.

The other PSU general insurers United India Insurance, National Insurance Company and Oriental Insurance Company have ended the year with negative growth and have lost their market shares during the period.

Led by Star Health & Allied Insurance,all the six stand health insurers, at Rs 15,720 crore, have together grown by 11 per cent y-o-y in 2020-21.

The largest private sector general insurer, ICICI Lombard general insurance, at Rs 14,003 crore, has grown its premium base by 5 per cent but its market share has almost remained flat 7.05 per cent during the year.

The company degrown its health portfolio by 6 per cent and grown its motor business marginally during the year.Earlier, it had exited crop business.

However, the company will soon emerge as the second largest domestic general insurer after it takes over Bharti Axa General Insurance.Together, the merged entity with a total  premium base of Rs 17,160 will displace Chennai based second largest general insurer UII that has ended the FY 2021-22 with Rs16, 710 crore of premium , recording a y-o-y de-growth of 5 per cent.

Similarly, Bajaj Allianz General Insurance, though, has seen a fall in its gross premium marginally to Rs 12,569, has outranked Delhi based OIC, with a premium of Rs 12,452 crore, as the fifth largest general insurere in the country in 2020-21.

With a  premium of Rs 12,295 crore, HDFC Ergo General Insurance, after integrating HDFC ERGO Health Insurance,HDFC’s health insurance arm with itself, has ended FY 2020-21 with a y-o-y growth of  28 per cent.

Another mid-sized general insurer, SBI General Insurance, which may be going for an IPO in FY 2021-22, has rapidly grown its premium base by 21.60 per cent y-o-y to Rs 8,264 crore in FY 2020-21.

Among the small ones, Raheja QBE General Insurance Company, which is being acquired by Indian payments firm Paytm, owned by One 97 Communications Ltd. along with its founder Vijay Shekhar Sharma, at Rs 272.22, has grown its premium by 72 per cent y-o-y, by mainly focusing on clinical trial covers provided for developing Covid-19 remedies.

While the PSU general insurers, except Agriculture Insurnace Company, have cut downn their exposures for crop business by almost 50 per cent, private sector insurers like Bajaja Allianz General, HDFC Ergo, Reliance General and Univeral Sampo have grown their crop premiums substantially during the year.  

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News in Brief



Apr 27

Madhu Malhotra appointed as CTO of Edelweiss General 

Edelweiss General Insurance has appointed  Madhu Malhotra as its chief technology officer

Madhu, with her two decades of rich experience across FinTech and Telecom domains.,  will spearhead the Technology function at EGI and drive digital innovation in line with the brand’s strategy of transforming the insurance landscape in India through tech driven solutions and offerings.

 SBIG sponsors vaccination cost for its agents and POSPs

SBI General Insurance has sponsored the cost of vaccination for its agents and POSPs. The vaccination is extended to all advisors who have remained active with SBI General since March Year 2020.Further, this option is also extended to the spouses and dependent parents or in-laws of the advisor, up to a maximum of four members.

PC Kandpal, MD and CEO SBI General Insurance said, “Through this initiative, we aim to honour our channel partners – agents & POSPs and encourage them to get vaccinated at the earliest to protect themselves and their families”.

Apr 12

Kalpana Sampat appointed as MD & CEO of Pramerica Life Insurance

Pramerica Life Insurance appoints Kalpana Sampat as MD, CEO

Private life insurer Pramerica Life Insurance Monday announced the appointment of Kalpana Sampat its managing director and CEO, effective April 9.

Prior to this appointment, she was the chief operating officer for the company, a release said.

Pramerica Life Insurance is a joint venture company of Prudential International Insurance Holdings, a fully-owned subsidiary of Prudential Financial, Inc., and DIL (DHFL Investments Limited) 

Apr 06

Charles Taylor Adjusting appoints Dan Yeo as MD for its Singapore P& team 

Charles Taylor Adjusting has appointed Dan Yeo as Managing Director for its Property & Casualty team in Singapore, highlighting the company’s commitment to strengthen its services and product offerings in Singapore and in Asia-Pacific region

Prior to joining Charles Taylor Adjusting, he was the Marine technical claims manager for APAC at Chubb Insurance.

In his new position, Dan will report directly to Wee Loon Yong, Chief Executive Officer of Asia Property and Casualty and will assist in overseeing business development and strengthening the P&C team of adjusters in Singapore.

Mar 29

Sedgwick appoints Linda Sim head of forensic advisory services for Asia

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced the appointment of Linda Sim as head of its forensic advisory services division in Asia.

Linda is a chartered accountant with more than 15 years of professional experience in the forensic advisory services arena. She has worked on numerous business interruption and fidelity losses of varying scope and size for both insurers and law firms across the Asia Pacific region.

Mar 25

Standard Club hires US Attorney for NY General Counsel Role

Leading mutual P&I insurer, the Standard Club, has appointed Gina Venezia as new General Counsel in their New York office.

The Standard Club has had a strong presence in the US long before the establishment of its New York office in 1998. The focus on the New York office as a claims service hub for the Americas demonstrates the club’s commitment to their existing clients.

Mar 11

Covers for ASHA and MGNREGA workers can be part of social sector quota:IRDA

The IRDA has clarified that the policies issued to persons under the occupations of ASHA workers and MGNREGA workers under regulations can be considered for complying their social sector quota. 

ICICI Gen settles 1 million  motor claims through 'InstaSpect'  

ICICI Lombard General Insurance, had launched a DIY (Do-it-yourself) feature called 'InstaSpect', as part of the ILTakeCare app. This feature eliminates the need for vehicle damage assessment through a physical survey. Instead, it introduced live streaming, allowing virtual assessment and bringing down the claim approval time to a mere few hours.

The insurer has approved more than 1 million+ motor insurance claim approvals since its launch. 

Feb 05

SBI Gen to donate Rs. 500 from its online biz  for cancer treatment of underprivileged kids

SBI General Insurance has pledged to donate Rs. 500 for every general insurance policy,issued through their digital assets,towards cause of the cancer treatment of underprivileged kids suffering with Acute Lymphoblastic Leukaemia..

PC Kandpal, MD & CEO, SBI General said, “According to World Health Organization (WHO) report, every year approximately 1.16 million new cancer cases are observed in India. It is estimated that one in 10 Indians will develop cancer during their lifetime and one in 15 will die of the disease. We have conceptualized and launched this initiative called #MakeHopeWin.''

FEB 01

Mohanty takes over as MD of LIC  

Siddhartha Mohanty has taken charge today as Managing Director of LIC of India and would serve LIC till June 2023..

Mohanty, who will be one of the front runners for the chairmanship of LIC after MR Kumar, chairman,LIC, retires in June 2021, started his career as a direct recruit officer with LIC of India in 1985 and has risen through the ranks to this senior position. 

In a career spanning over three decades in the Corporation,  Mohanty has made his mark in the areas of Marketing, HR, Investments and Legal. 

Jan 13

AICTE to partner with Cyberpeace to train 5 lakh students and faculty on cybersecurity

AICTE has joined hands with Cyberpeace to train 5 lakh students and faculty on cybersecurity and with Pupilfirst for the CoronaSafe internship programme.

According to a press release, the cybersecurity training programme designed to educate 5 lakh students and faculty was unveiled by AICTE Chairman Anil D Sahasrabudhe. 

Dec 27

AU Bank ties up with ICICI Prudential Life Insurance

AU Small Finance Bank (AU Bank), today, announced a partnership with ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions.

Through this corporate agency arrangement, over 18 lakh customers of AU Bank  can buy products of ICICI Prudential Life.

Max Life enhances contactless services for customers

Max Life Insurance Company has introduced a range of digital initiatives that are completely contactless and paperless, across most of its channels including the company’s branch offices. 

[karanaroamohali-blog]

Anil Ambani’s Reliance Communications files for insolvency – Businessman Karan Arora

Reliance Communications, controlled by the Anil Ambani group, Friday decided to opt for insolvency proceedings through the National Company Law Tribunal (NCLT) after failing to sell assets to pay up debt to the tune of around Rs 45,000 crore.

“RCom board of directors decides upon implementation of debt resolution plans through NCLT framework,” the company said in a statement. The board of directors of RCom on Friday reviewed the progress of the company’s debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.

RCom’s plan to sell spectrum to Reliance Jio, owned by Mukesh Ambani’s Reliance Industries, did not materialise. Swedish telecom firm Ericsson had earlier filed a petition before the NCLT to invoke insolvency proceedings against RCom.

The RCom board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.

“Accordingly, the board decided that the company will seek fast track resolution through NCLT, Mumbai. The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days,” said the statement.

According to RCom, this “unfortunate outcome is attributable to the unresolved challenges, including lack of 100 per cent approvals and consensus, as mandated by the RBI’s February 2018 circular, on all important issues among over 40 lenders despite the passage of 12 months and over 45 meetings”. It also cited pendency of numerous legal issues at high courts, TDSAT and Supreme Court impeding progress at various stages.

RCom and two of its subsidiaries, Reliance Telecom Ltd and Reliance Infratel Ltd, will take appropriate steps shortly to implement the board decision, it said. There will be no impact on the business and operations of other subsidiaries of the company, said RCom.

In September 2018, the company had said it will completely exit the telecom business to concentrate on real estate in the future. RCom then said it was confident of completing its asset monetisation programme of approximately Rs 25,000 crore “in the best interests of its secured lenders”.

Read more entertainment funny posts with Businessman Karan Arora

Source URL: https://indianexpress.com/article/business/companies/anil-ambanis-reliance-communications-files-for-insolvency-5565553/

[juudgeblog]

5 Law Firms In India With The Best Media Law Practice

This article is written by Mohona Thakur from Team iPleaders.

During a three-day Certificate Course on Media and Entertainment Law about 3 years ago at my alma mater, ILS Law College, Pune, I had the good fortune of being a part of an hour long session by Mr. Ameet Naik, the Founding Partner of Naik Naik & Co.

During this one hour of good fortune, Mr. Naik took us through his days of struggle as a young advocate and what led him to form his own law firm. He spoke about why he chose such a niche sector – media and entertainment – to focus his firms practice on, at a time when bollywood in itself was struggling to come of age.

Think about it. While we see so many law firms in India thriving and garnering success because they have a strong transactional or general corporate practice, how many law firms do you know of that are well-known for their practice in media and entertainment laws? How many of them took a chance and ventured out to build a career in this niche and upcoming field of law?

I took the liberty of doing a little bit of research to find out about firms, known names and cases they have to their credit in the media and entertainment sector. Here is what I could come up with:

  Naik Naik & Co.

  Established in 2004, the firm boasts of a large clientele with big names from the industry such as Mr. Amitabh Bachchan, Ms. Deepika Padukone, Ms. Sonam Kapoor amongst many others. It also represents productions houses such as T-Series, Viacom 18, Endemol and Tips Industries.

With major wins such as securing the stay on the ban notified by four states of India on the screening of Padmavat earlier in the year to the recent win in the Supreme Court for Madhur Bhandarkar and Bharat Shah on the release of their movie Indu Sarkar. Not only does the firm have major wins to their name, but also a number of crucial judgments in the media space are thanks to them. Be it the judgment passed by the Supreme Court in the Aarakshan Case in 2011 which is now considered a landmark, to securing John Doe orders from the high courts in India to fight the menace of piracy, the firm has a lot of golden hats in its kitty!

In addition, the firm believes in delivering results and relies heavily on the domain knowledge of its resources for the turnaround time. They don’t just understand the law, but also understand the business, which helps them deliver better results than their contemporaries in the market.

Ms. Madhu Goradia and Mr. Ravi Suryavanshi are the partners who deal with the Telecom Media and Technology (TMT) practice of this firm. Ms. Goradia alone has represented clients in over 500 cases!

With three office in Bombay and numerous accolades, I believe it is safe to say that Naik dominates the legal business in the media industry. In case you’d like to know more about the firm and their practice, you can visit their website here.

  DSK Legal

  The firm has a multi-disciplinary team with over a 100 lawyers spread across their offices in Mumbai, Pune and Delhi. If we are to look specifically at the team members that work in the IP Law and TMT sector, three names would have to be mentioned: Mr. Anand Desai (Managing Partner), Ms. Chandrima Mitra (Partner) and Mr. Tushar Ajinkya (Partner).

DSK Legal has been handling both disputes as well as transactions for its media clientele. This is the law firm that represented Salman Khan in the 2002 hit and run case and responsible for the speedy bail they received in the matter within 5 hours of the sentence being pronounced.

On the transaction side, Aamir Khan is an old client of Mr. Desai. The firm was responsible for structuring a finance-cum-distribution deal with PVR for Aamir Khan. Mr. Desai was also responsible for structuring the co-production between Sanjay Leela Bhansali and Sony Pictures for the movie Saawariya. Back then , it was one of the very first times that a major foreign company was co-producing a movie in India and it was absolutely important that the rights to exploitation of the film were negotiated well.

Being a full-service law firm, DSK also advices some of its media clients on tax issues. A number of producers in India look at the option of vesting their rights in the film in Mauritius to save up on tax, especially with the increasing revenue being generated from abroad. Hence, legal advisory on tax is also a service that this firm offers to its media clientele

  Saikrishna and Associates

  A pioneer in intellectual property laws, Saikrishna and Associates is a full-service law firm with over a 100 lawyers and 19 Partners and Associate Partners. The key names to note here are Mr. Saikrishna Rajagopal (Managing Partner), Mr. Ameet Datta (Partner, IP and TMT), and Ms. Monica Datta (Partner).

Established in 2001, the firm not only has a huge clientele that includes industry giants such as Star India and Amazon, but also has landmark judgments to its credit. The Doordarshan sports broadcast decision of the Delhi High Court wherein the High Court ruled that Prasar Bharti could only air the footage that other sports broadcasters share with it as mandated by law on terrestrial TV and not on Cable TV is one of the many.

More recently, Sai Krishna was also responsible for securing an order from the Competition Commission of India (CCI) approving the release of Avengers: The Age of Ultron after the commission found no anti-competitive behaviour by the Hollywood producers. The firm was acting on behalf of their client Walt Disney.

  Nishith Desai & Associates (NDA)

  NDA has been in the news for providing all-around services in the media and entertainment sector to a number of big names in the industry such as the Times Group, Wipro, Reliance Entertainment, Warner Brothers Entertainment Inc., Sahara, MTV, etc. Gowree Gokhale is the Partner concerned for Intellectual Property and TMT.

The firm specialises in advising the entertainment industry on 14 different aspects: Strategy, Structuring, Regulatory, Documentation and Advisory, IP Advisory, Due Diligence, Production Counsel, Talent Arrangements, Sports, Online Gaming and Casino Laws, Print Media, Joint Ventures and M&A, Capital Markets and Funds & Investments, and Litigation.

To mention a few of their important achievements, they have assisted clients in their proposed bids for the Indian Premiere League for the broadcasting rights and their proposed bids for acquiring Indian Premiere Leagues’ franchise teams. In addition, NDA acted as production counsel to the critically acclaimed Indian film “Black”. As production counsels for “Black”, they advised the client on a host of intellectual property issues arising out of the production of the film.

  Krishnamurthy and Co. (KLaw)

  Nikhil Krishnamurthy is the key person responsible for setting up the Entertainment and Media law practice at KLaw. A former partner at Anand and Anand, Nikhil moved to KLaw as Senior Partner in 2006.

Mr. Krishnamurthy works out of the Bangalore office and has experience of over 18 years. The firm specialises in cases on intellectual property law (IP Litigation), entertainment law, music law, content acquisition, licensing and information technology.

In an interview with indianlawyer250.com, he spoke about his role in India’s first case concerning compulsory licensing of music for radio broadcasting. He represented the FM Radio broadcaster (Music Broadcast) and filed the first application before the Copyright Board under the provisions for compulsory licensing for the purpose of radio broadcast in 2001. The provision had never been exercised in the 43 years that the Copyright Act 1957 had been in force. This very case spun a series of litigations that eventually led to amendment of the Copyright Act in 2012.

Are these the only law firms that specialise in Media and Entertainment Laws?

No. This is not an exhaustive list. There are a number of other law firms that have a legal team dedicated to the TMT sector such as Khaitan & Co. and Anand & Anand & Khimani. In addition, TMT Law, a boutique law firm dealing with specifically the TMT sector headed by NLS alumnus Abhishek Malhotra, recently merged with Bharucha & Partners and has a flourishing media litigation practice!

The question for many law students and aspiring media lawyers still remain the same: how do we make it to these law firms? What will it take to land a job here?

The first step is to know the basics of media and entertainment laws and as we can clearly see, with the sort of work these law firms do, a clear understanding of the media industry and the legal/business issues it faces is critical.

Unfortunately, most law schools in India do not teach media and entertainment laws as a course subject at all, and some of them now teach Intellectual Property Rights, although not at all adequately. There are two ways to go about this, either you land a job (somehow) and learn on the job; or you make a conscious decision of learning the law through the available resources at hand. You could keep a tab on the media and entertainment law columns on Legally India, Bar and Bench and Live Law. You could regularly keep reading blog posts and articles on the industry and watch the news! In addition, you can take up a media law course online that offers you industry insights and networking opportunities with lawyers working exclusively in this industry. And if you’re looking for easy information on the kind of work media lawyers do, there is always SuperLawyer for practical insights!

In my limited experience, the industry is tight-knitted and making it here is difficult to be absolutely honest. The sector is niche, the number of people rooting for a job at these law firms are in hundreds if not thousands, and the positions available are limited. You’ve got to be mentally prepared for a fight, however, with the right set of skills and domain-knowledge, you may be able to set yourself apart!

Don’t stop learning!

  The post 5 Law Firms In India With The Best Media Law Practice appeared first on iPleaders.

5 Law Firms In India With The Best Media Law Practice syndicated from https://namechangersmumbai.wordpress.com/

[loyallogic]

$34.8 Billion Opportunity for Indian M&E Lawyers

This article is written by Suman Chatterjee, Team LawSikho.

Netflix Inc. expanded by 700 percent due to local content and marketing endeavors that attracted a bigger active user base in 2018-19.

Twitter collaborated with 12 Indian video partners for live streaming of sports, news and entertainment events, including video highlights.

The Indian digital industry is expected to grow by 32% CAGR with market sizes of Rs 18,986 crores (or $2.93 billion) with higher internet penetration and more affordable data consumption rates.

And…

With a CAGR of 13.5%, the Indian media and entertainment (a.k.a M&E) industry is all set to grow to over 257,415 crores (or US$34.8 billion) by 2021 and Rs 307,000 crores (or, US$ 43.93 billion) by 2024. 

Let’s just say that the Indian M&E industry is HUGE!

So is the opportunity for media and entertainment lawyers.

But amidst all the glitz and glamour, the media and entertainment industry is also fraught with illegal gray zones, and one unwanted slip can lead to high-end legal complications.

When the filmmakers of ‘Judgmental Hai Kya’ are sued over copyright issues by some European artist, who makes money? Of course, the M&E lawyers!

When ‘Padmavaat’ is banned by 4 states and a plea is submitted to the Supreme Court, who gets the front role? Of course, the M&E lawyers!

When a YouTube influencer’s ex-boyfriend goes on to create a knockoff of her persona, starting from her mannerisms to her music, who gets to laugh the biggest laugh? You guessed it: the M&E lawyers, of course!

These are just a few examples but the M&E industry entails a plethora of legal tasks to be taken care of by legal professionals—whether it is obtaining CBFC certification, defending a client in sedition or obscenity cases or advising on how to contain fake news on social media. 

Whether: 

you join a top-notch law firm that is big on stringent paperwork that disposes of the need to go to courts; or 

you start up your own independent legal practice with sole focus on litigation (probably with Salman Khan and Sanjay Dutt being your biggest clients!); 

I would say that opportunities abound in media and entertainment law. In case you are wondering where exactly do those opportunities lie, here is where they are:

#1. Media and Entertainment law firms

While the number is few, a few big-scale nationalized law firms, which deal with media and entertainment law, exist in the hot and happening cities of Mumbai, Delhi, Bangalore and Chennai. 

If you are interested in media and entertainment laws, top-tier law firms like Nisith Desai Associates, DSK Legal and Cyril Amarchand Mangaldas that have separate departments handling media and entertainment cases (also known as TMT or Telecom, Media and Technology) might be of interest to you. 

Spanning from contract drafting to mergers and acquisitions in the media sector to data protection and cyber forensics, the scope of learning would be big nonetheless.

Also, the initial paycheck is often over one lakh per month for freshers—not a shabby amount, right?

You can also join boutique law firms that are focused on the M&E industry like Banana IP, Naik Naik & Co, Phoenix Legal, etc. New ones are cropping up every day. 

Your work will mostly revolve around either litigation or transactional practice. Joining a law firm might be the best way to dip your feet into a legal area, since you will be able to learn the tricks of the trade from your experienced seniors.

#2. Media & Entertainment Companies

Big video production companies like Viacom, Balaji Telefilms and Yashraj films need help with drafting celebrity contracts, promotional event agreements and dealing with local authorities for approvals for sets and shoots. 

Starting from IP protection and monetization to licensing and distribution of music to preventing piracy, a media and entertainment lawyer has got his hands full for sure.

Then there are music production companies like T-Series, Saregama, Tips Industries, Times Music, etc. which look for legal talent in the media and entertainment industry. If we are talking about the production companies, how can we keep the distribution companies out of the equation? 

Click Above

Eros International, Zee Entertainment, Star Group, PVR … the list goes on.

Add to them the print media companies like Bennet Coleman and HT Media, and you can see how there are literally thousands of organizations you can apply to as an in-house counsel right now. 

What’s more, we still haven’t considered the freelance content creators and small production houses—the market is worth over 30 billion dollars and is HUGE.  

Who said only engineers could have all the fun?!

All these companies have their own in-house legal departments to draft agreements and contracts, manage talents and staff, and protect the rights over a piece of content created. The in-house counsels are expected to understand business from a legal perspective and advise the company in their day-to-day functioning.

Do remember this though: it is a highly-demanding and niche area, and only those who not only excel in law but are also able to survive in a dynamic and fast working environment will be able to thrive.

#3. Independent Lawyers

You can always fly solo without attaching yourself to a law firm or media and entertainment company. (Do think long and hard enough before you take the jump though.)

You can be the next Harish Salve or Mukul Rohatgi fighting for the rights of the filmmakers of another ‘Padmaavat’ or you could be a Priyanka Khimani representing the likes of Lata Mangeshkar, Sonu Nigam, Shankar Ehsaan Loy, Shreya Ghoshal and Arijit Singh.

A substantial part of your waking hours would be spent in acquiring and maintaining clients. 

It’s YOU who would have to sift through case laws day in and day out.

It’s YOU who would have to draft one contract after another.

It’s YOU who would be attending conferences every other evening.

It’s YOU who would have to get on LinkedIn and hunt down prospects.

It’s YOU who would be looking after finances and taxation.

It’s not easy but it can be fun once you get the hang of it.

But . . .

What if we could make it a bit easier for you?

Interested in media and entertainment laws? 

We have the RIGHT course to help you acquire practical insights and actionable strategies that would help you break into and excel as an M&E lawyer.

Diploma in Intellectual Property, Media and Entertainment Laws

Here’s what you will learn (a sneak peek!):

How to handle prosecution for IP infringement for your clients;

How to develop an offensive and defensive patent portfolio strategy;

Structuring and drafting in-licensing and out-licensing deals;

Devising master strategies to prevent piracy and online leaks; 

Preparing franchise agreements for online and offline ventures;

Procuring compulsory license and appraising intellectual property;

How to deal with GST and entertainment tax issues for media production and distribution; 

and much more.

The course entitlements include:

Easy 24/7 online access to course material (printed hard copy included). 

2 practical drafting exercises per week, with personal feedback. 

One live online class per week, with doubt-clearing over WhatsApp, through a discussion board on the LMS and in live classes.

Free access to our paid members-only community.

CV enhancement and professional networking training. 

100% internship and job assistance.

With 30-days full money back guarantee, you can try this exclusive course risk-free today.

Interested?

Read on for full details.

To your success,

P. S. The enrolment for the following courses are ending in 5 days.

DIPLOMA

Diploma in M&A, Institutional Finance and Investment Laws (PE and VC transactions)

Diploma in Intellectual Property, Media and Entertainment Laws

Diploma in Companies Act, Corporate Governance and SEBI Regulations

Diploma in Business Laws for In-House Counsels

EXECUTIVE CERTIFICATE COURSES

Certificate Course in Legal Practice Development and Management

Certificate Course in Real Estate Laws

Certificate Course in Advanced Criminal Litigation & Trial Advocacy

Certificate Course in Media and Entertainment Law: Contracts, Licensing and Regulations

LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities. You can click on this link and join:

https://t.me/joinchat/J_0YrBa4IBSHdpuTfQO_sA

Follow us on Instagram and subscribe to our YouTube channel for more amazing legal content.

The post $34.8 Billion Opportunity for Indian M&E Lawyers appeared first on iPleaders.

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[vsplusonline]

Challenges keep Tata Sons’ N Chandrasekaran on his toes

New Post has been published on https://apzweb.com/challenges-keep-tata-sons-n-chandrasekaran-on-his-toes/

Challenges keep Tata Sons’ N Chandrasekaran on his toes

Mumbai: Tata Sons has infused Rs 20,000 crore of growth capital into group companies over the last three years even as legacy issues in telecom and power, and challenging global business environment have kept chairman N Chandrasekaran on his toes since he took charge in February 2017.

Chandrasekaran has been juggling capital allocation between write-offs and chasing growth, and the group has been investing heavily in its flagship businesses of steel, vehicles and power, though the benefits of these investments are still work in progress. Between FY17 and FY19, Tata Steel, Tata Motors and Tata Power have together employed Rs 74,000 crore in their businesses, even as consumer-focused group companies such as Titan, Trent, The Indian Hotels Company (IHCL) and Tata Global Beverages (TGBL) grew faster than them.

The group’s largest company TCS is the only flagship that has done well in recent times with its market capitalisation (m-cap) rising almost 80% since Chandrasekaran’s appointment. This has helped total m-cap of group companies to rise by 45% to Rs 12 lakh crore during this period. A top group official said Tata Sons will undertake some portfolio restructuring once immediate issues relating to Tata Steel Europe and Tata Power are solved.

“There are tough decisions that will be taken in terms of portfolio restructuring to reduce our corporate footprint to have a mix of growth and cash businesses,” the official said without giving a timeframe for the proposed business corrections that could take “a year more or immediate”.

“There is clearly growth in the domestic businesses of Tata Steel post the expansion and that’s a profitable business… more so, after we solve the Tata Steel Europe issues, which is guzzling a lot of cash,” the official said on condition of anonymity. “Same for Tata Power where all the working capital costs related to Mundra are being funded by non-Mundra businesses.”

Tata Sons will also launch Tata Digital — a new entity to incubate new digital businesses announced in August last year — in a few months, the official said.

“This is a test match for us, and we have to keep moving,” he said. “What we are seeking to do is create a balanced portfolio that will have capital-intensive businesses, consumer businesses and new-age businesses.”

Group watchers said the chairman would need five to seven years to get the group going in terms of growth. “It took a lot of approvals and time to demerge the consumer business from Tata Chemicals to build TGBL as the next big FMCG company. So many such efforts are in the works and will yield results. One cannot get impatient with effort of this magnitude,” the official said.

Former Tata Sons director R Gopalakrishnan said Chandrasekaran has adapted well to the challenges where his leadership and actions have been supported by the board. “For any new CEO, several deep challenges will await attention and action,” he said. “These have to be dealt with great care and sensitivity. So long as such items appear on the CEO’s attention screen, boards and shareholders grant time and space. This is the highly desirable characteristic of adaptive and long-life organisations.”

CONSUMER FIRMS TO THE FORE While most flagships have been struggling, the group’s consumer firms have compensated for them. Top four valuecreating companies of the group in the past three years are Trent (+210%), Titan (+191%), Tata Global Beverages (+170%) and Voltas (+102%).

Trent and Titan have seen their sales grow at near 20% from FY17 to FY19. Voltas and Tata Global Beverages have grown relatively slower at low single digit, but better prospects have led to higher investor interest in them.

Tata Sons is doing all it can to solve immediate issues, a top official said. “Some changes are visible and some are not; there cannot be dramatic changes immediately,” the person said. “The group has also been distracted with a lot of legal issues relating to NCLAT (National Company Law Appellate Tribunal) and telecom AGR (adjusted gross revenue) which has been distracting.”

Over the last three years, major capital investment decisions taken by group companies include heavy investments in research and development for JLR of around £10 billion, and aggressive acquisition of Bhushan Steel for Rs 35,000 crore at the peak of steel cycle in 2018, which many analysts and industry peers feel the group has overpaid.

Tata Motors has employed more than Rs 2 lakh crore till date and its market capitalisation is only Rs 52,000 crore, down 65% in three years. It has massively underperformed peers including Mahindra & Mahindra and Maruti Suzuki.

Similarly, Tata Steel has employed Rs 1.8 lakh crore and its m-cap is only Rs 50,000 crore, down 6% in three years. It has massively underperformed peers including JSW Steel and Jindal Steel.

Tata Power has employed Rs 70,000 crore and its m-cap is Rs 15,000 crore, down 39% in three years. It, too, has sharply underperformed peers including Adani Power and JSW Energy.

The total net debt of all group companies stands at Rs 1.7 lakh crore as of FY19. “The net debt levels are at very comfortable levels. So that is clearly manageable and not a worry at all,” a Tata Sons official said.

Defending the group performance, a former Tata Sons official said a conglomerate like Tatas would have commitments in markets such as the UK that it cannot walk away from. The group has been criticised by watchers for committing to huge write-offs and impairments which it is felt should have been challenged legally. “It is very easy to sit in armchairs and make judgements, but please understand that the group is not a teashop,” the person said. “Tatas have been able to raise money even in the deepest financial crisis environment because of the values and commitment they stood for.”

Former Tata Brand custodian Mukund Rajan said, “The financial data demonstrates that the so-called ‘hot-spots’ identified by Cyrus Mistry across sectors like telecoms, steel, automobiles and power continue to present significant challenges for the Tata Group. A huge reliance on TCS’ fortunes is also evident. This is a time when one would hope the best minds available from all stakeholder groups come together as a team and work to address these issues, and, critically, sort out the corporate governance questions that loom large.”

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[lukesav]

◆ If you can't afford the good food or if you can't afford health care or if you don't have a job or if your car is dangerous because you can't get it fixed and you DIE, you just lost the game-bzzzzz-thanks for playing extreme capitalism ◆ ~ Marc Maron, Attempting Normal ◆ Free market economics assumes “perfect competition,” a technical way of saying that no single firm or person is sufficiently powerful to influence prices. Monopolies, oligopolies and cartels, all demonstrate that perfect competition is obviously a myth. Anti-competitive behaviors also undermine competition. For instance, when the telecom companies erect barriers to entry (like locking your cell phone) to prevent competitors from gaining ground. As another example, when the six largest tobacco companies conspired to preserve and expand the market for cigarettes and to maximize the Cigarette Companies’ profits, they undermined competition between smoking and other activities, that, you know, don’t kill you. As a third example, intellectual property laws, especially the inane US patent system and the more inane copyright legislation undermine competition and innovation. All of these things mean that competition is far from perfect, and this, by itself, refutes the whole free-market hypothesis. For the market to efficiently distribute wealth and resources, everyone has to be able to “bid,” that is, offer money for goods and services, or offer their good and services (including their labour) for money. If everyone can bid as they choose, environmentally-concerned individuals can offer to pay more for environmentally friendly goods. In this way, the market will reflect the concerns of all people. The only problem is, this is bullshit ◆ (via thewaronbullshit.com/2008/06/05/free_market_cant_work/) ⬇️ Cont'd in the Comments Below ⬇️ #freemarket #capitalism #economics #fascism #corruption #competition #humanity #anarchism #citizensoftheworld #citizensofhumanity #truth #insanity #winter #freethought #freethinker #freedom #india #delhi #mumbai #bangalore #followme #opinion #fact #debate #art #cartoon #comic #compassion #peace #human (at Planet Earth)

[lawfirm-elixir]

Elixir Legal Services has an expert attorney team dealing in Technology, Media, and Telecommunications Law in India, and represented clients, in legal proceedings involving the Indian telecommunications regulator and appellate body, the information and broadcasting ministry, and High Courts and the Supreme Court of India regarding telecom policy matters.

[supervidyavinay]

MUMBAI: Cyrus Mistry, who was unceremoniously removed as the chairman of Tata Sons alleging non-performance, in an affidavit to the Supreme Court on Friday said the Tata Group had an adjusted net loss of Rs 13,000 crore in 2019 -- the worst losses in three decades. In his reply to the Tatas' petition challenging his reinstatement by the NCLAT last December, Mistry also demands that group chairman emeritus Ratan Tata should reimburse all the expenses to Tata Sons since his departure in December 2012 in keeping with best global governance standards.Early January, the Tatas challenged the December 18, 2019, order of the National Company Law Appellate Tribunal (NCLAT) in the Supreme Court, which had stayed the order. Then the apex court on May 29 began hearing on the case and asked all parties concerned to submit their replies within four weeks.The Mistry family firms filed replies in response to Tatas' affidavits on Friday. has seen the copy of the same.Mistry was unceremoniously removed as the chairman of Tata Sons on October 24, 2016, in a boardroom coup offering no reason. But later in select press statements the group had claimed that Mistry was removed primarily for his non-performance and claimed that Tata Sons was in loss under his watch.But, according to Mistry, the loss numbers were arrived at by excluding the huge dividend that the group cash-cow TCS was paying, which was averaging at over 85 per cent annually."The Tatas had sought to exclude the dividends from TCS to arrive at operating profit in a bid to discredit my performance. Applying the same yardstick, the adjusted profit after tax (excluding profit from TCS) stood at a negative Rs 13,000 crore in 2019 for the Tata Group, which is the worst loss in three decades," Mistry says in his replies to the Supreme Court.He also says Tata Sons had a 282 per cent increase in operating losses in 2019 at Rs 2,100 crore, up from around Rs 550 crore in 2016 and blames it for "the abysmal performance in recent years to legacy issues".Mistry also questions the belated claim by the Tatas that his inexplicable removal was due to lack of performance, pointing to the unequivocal endorsement of his performance by the nomination & remuneration committee which was duly approved by the board just weeks before his dramatic removal.Emphasising that his removal had nothing to do with his performance, Mistry's reply highlights that the Tata Group had annually outperformed the Sensex by 5 percent in terms of market capitalisation when he was the chairman.Mistry also says the group companies had logged in 34.6 per cent growth in annual net income in the first three years of his tenure and a 100 per cent rise in the patent filings, all leading to a USD 5 billion gain in brand value.The plea also seeks full disclosure of the expenses of Ratan Tata's office as these are related party transactions."It was hoped that in keeping with the global best practices in corporate governance, Tata would reimburse his expenses over the past five years as was done by Jack Welch, the chairman emeritus of GE, reimbursed all his expenses to the company."Post-Mistry, the Tata Group's debt rose by Rs 80,740 crore in just two years compared to Rs 69,877 crore in the previous four years when he was the chairman.The conversion of Tata Sons into a private limited company would also cause the cost of debt to increase, he says, adding the standalone borrowing cost of Tata Sons jumped 92 per cent to Rs 2,776 crore in 2019 from Rs 1,453 crore in 2016.Similarly, employee expenses in the first three years of his chairmanship rose only by Rs 96 crore, which under the new management jumped by Rs 210 crore over a similar timeframe.He also notes that the company has seen huge value erosion of the investments when Tata was the chairman. In the past three years, Tata Sons invested about Rs 67,000 crore in portfolio companies but these investments have lost Rs 40,000 crore of the invested value.Though most of it was due to telecom ventures, the value of the listed non-telecom investments lost 23 per cent to Rs 16,243 crore, while during the same period the Sensex rallied 27 per cent, underperforming the index by 50 per cent.Mistry also says when Tata was the chairman, the group had no proper investment strategy and that no strategy document ever presented to the board during his tenure."All that one saw was mere a set of ill-conceived global acquisition and bad decisions on choice telecom technology platforms, and other business decisions all led to the largest value destruction in Indian corporate history."These prejudicial actions led to the dividend yield from Tata Sons falling from around 0.26 per cent in 2005, the first year of the listing of TCS, to a paltry 0.06 per cent in 2019, when dividend yield of Sensex companies was around 1.4 per cent," he says.Seeking to hold the trustees of the dozen-odd Tata Trusts responsible for the mess at the group now, Mistry says he has evidence to prove that some trustees were involved in all major decisions and the same led to other shareholders getting negatively impacted. "Its time the trustees are held accountable." from Economic Times https://ift.tt/2B3ElDg