Adidas filed criminal complaint with the authorities to bring formal charges in commercial irregularities uncovered at Reebok India
Berlin: German sportswear giant Adidas has petitioned the Indian law enforcement authorities to open a criminal investigation into alleged financial irregularities uncovered in its Indian arm Reebok India.
A "criminal complaint" was filed with the Indian law enforcement authorities in order to bring formal charges in connection with the "commercial irregularities uncovered at Reebok India", an Adidas spokesman told PTI.
An Adidas team is currently in India to assist in the investigations. Further details cannot be made public at this stage as investigations were continuing, the spokesman said.
Adidas claimed earlier this month that it had uncovered commercial irregularities to the tune of 125 million euros in its subsidiary Reebok India and announced plans to close one-third of around 900 Reebok stores as part of a restructuring strategy.
In March, the company announced top-level management changes in Adidas India and said that managing director Subhinder Singh Prem and chief operating officer Vishnu Bhagat have "left the company with immediate effect".
Mr Prem served as the head of Reebok's India business before he was appointed as the MD of Adidas India last year. He was replaced by Claus Heckerott as new India chief of Adidas.
The spokesman confirmed that Adidas intends to close one-third of its Reebok shops, which are run by its licence-holders.
A reorganisation of Reebok's business in India was planned long before and the slashing of its stores has nothing to do with the alleged financial irregularities uncovered in the company, he said.
The spokesman also dismissed as "pure speculation" media reports that Adidas has plans to close some its stores in India. "Those reports are pure speculations. There are no such plans," he said.
Adidas currently operates more than 1,000 stores in 325 towns and cities across India.
Air India also sent a letter to the DGCA asking it to cancel licenses of 11 office bearers of the IPG whose services have been terminated
New Delhi: With the agitation by Air India pilots entering its fifth day on Saturday, the national carrier cancelled 16 flights from Delhi and Mumbai even as senior pilots sought the Prime Minister's intervention to end the impasse, reports PTI.
"16 of our flights originating from Delhi and Mumbai have been cancelled," an AI spokesperson said.
Supporting the agitation, senior pilots wrote a letter to Air India's Chairman-cum-Managing Director and to Prime Minister Manmohan Singh, saying the demand of the pilots were genuine and they should be looked into, sources said.
About 200 pilots owing allegiance to the Indian Pilots' Guild are on strike since Tuesday protesting rescheduling of training on Dreamliner and issues related to career progression.
Taking a tough stand, the Air India management had yesterday sacked 25 pilots. With this, the total number of pilots whose services have been terminated has gone upto 71.
Air India has also written to the Directorate General of Civil Aviation (DGCA) asking it to cancel the licenses of 11 office bearers of the IPG whose services have been terminated.
The IPG has said that they are ready for talks and have sought time for a meeting with Civil Aviation Minister Ajit Singh. The minister has asked the pilots to return to work and assured them that their demands will be heard.
President of the Indian Pilots Guild, Jitendra Ahwad said the agitating pilots were ready for discussion.
Noting that the Supreme Court has asked both the parties to sit down and talk, he said, "The government and the management should obey the Supreme Court orders. We are ready to sit down and talk, and each and every problem has a solution but every solution needs to be discussed.
"And then only you can find the rightful solution. After discussions and negotiations across the table, we can find a way out," he said.
Bears continue to dominate as bulls desperately look to defend support levels. The trend is firmly down and rallies will meet with selling pressure
Short Term: Down Medium Term: Sideways Long Term: Down
The Nifty opened lower and after a small recovery for a single session, the bears attacked with a vengeance as the Nifty sliced through the 50% retracement level (5,080 points) like hot knife through butter and also dipped below the 61.8% retracement level (4,950 points) with consummate ease on Friday, the last trading day of the week. Volumes were significantly higher during the decline as the Nifty ended 158 points lower (-3.11%) on relentless selling pressure.
The sectoral indices which outperformed were CNX FMCG (-1.85%), CNX Auto (-1.93%) and CNX MNC (-1.94%) while the gross underperformers were CNX PSU Bank (-6.37%), CNX IT (-4.42%), CNX Metal (-4.51%), CNX Realty (-4.37%) and CNX Pharma (-4.12%). The weekly histogram MACD fell further below the median line indicating that the Bears are increasing their stranglehold on the market.
Here are some key levels to watch out for this week
■ As long as the S&P Nifty stays below 4,983 points (pivot) the bears hold the advantage as the bulls have till now been unable to defend key support levels.
■ Support levels in the declines are pegged at 4,848 and 4,768 points.
■ Resistance levels on the upside are pegged at 5,067 and 5,205 points.
1. The Nifty is facing stiff resistance in the 5,135-5,185 area which has to be taken out in close for the bulls to be shaken.
2. Weekly averages turned negative implying that the bears are consolidating their grip on the market.
3. For a very short-term reversal the previous week’s high (5,124 points) has to be crossed in close, otherwise the bears continue to rule the roost.
The bears continued to dominate through the week as they broke key support retracement levels. Unless and until the bulls are able to push the Nifty above the 5,135-5,185 points area in close the bears continue to be in control. Support is pegged around current levels or else around the 4,768 points level. Bears continue to dominate as bulls desperately look to defend support levels. The trend is firmly down and rallies will meet with selling pressure.
(Vidur Pendharkar works as a consultant technical analyst & chief strategist at www.trend4casting.com)