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Partners Column – April, 2016

With the transition from winter to summer and   temperatures soaring high in India, I am sure that we Indians would have felt real heat watching ICC World Twenty20 Cricket Match against our arch rivals Pakistan on 19th of this month at Eden Gardens, Kolkata. It is indeed a very blissful moment for us to celebrate our team’s  success over Pakistan. Let me congratulate and wish the Indian Cricket Team especially Virat Kohli for bringing more pride and laurels to India. Another proud moment for us Indians  was when President Shri Pranab Mukherjee conferred Padma awards (second, third and fourth-ranked civilian awards) to 56 personalities on 28th March, 2016. Late Dhirubhai Ambani, Sri Sri Ravi Shankar, Anupam Kher, Ajay Devgan, Rajamouli, Ramoji Rao, Saina Nehwal are few among the prominent personalities who are bestowed with the Padma Awards. At the Centre, Government has gifted all the Central Government employees and pensioners  with an increase   of 6 per cent  in their  Dearness Allowance,  raising it to 125 per cent of their basic pay effective January 2016. In Telangana, people can celebrate as the State is slated to sign agreements with its  neighbour, Maharashtra, on construction of five barrages across the river Godavari and its tributaries, heralding a new beginning in the area of irrigation.  In Andhra Pradesh, people celebrated the completion of Pattiseema lift irrigation scheme on the Godavari River in less than a year. Chief Minister N. Chandrababu Naidu dedicated the project to the people of the State. At the regulators front, Health Ministry has banned repeat animal testing of new drugs already tested abroad to prevent cruelty to animals; it has amended Schedule Y of the Drugs and Cosmetics Rules, 1945. Under this , animals will be spared tests for new drug registrations wherein complete data from similar toxicity experiments exist for drugs approved abroad. The capital and commodity market regulator (SEBI) has decided that if a listed entity or its promoter has been declared as a willful defaulter, it will not be allowed to make a public issue of equity shares, debt or any other convertible securities. On the Corporate front, it is pertinent to note that Industrialist Vijay Mallya left the country on the very day the banks, to which he owed over Rs. 9,000 crore, moved the Debt Recovery Tribunal (DRT). The Enforcement Directorate has registered a money-laundering case against Vijay Mallya and the CFO of Kingfisher Airlines. Another case for financial irregularities committed by AgriGold group of companies rocked the A. P. Legislative Assembly on 28th March, 2016 even as the government expressed its willingness to order a probe by the Central Bureau of Investigation for protecting the interests of gullible depositors who invested huge amounts in the company. Last but not the least our nation has registered an extravagant event , the World Culture Festival in Delhi  hosted by Sri Sri Ravi Shankar’s Art of  Living on completion of 35 years of service to humanity. Wish our Nation to have many such gratifying  moments very often. Thanks and regards Bhavani Partner [email protected]

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