A dedicated ‘FasTag Lane’ at all toll plazas across national highways in the country will be enabled to accept cashless toll payment through RFID tags on the windshield of vehicles, said Axis Bank in a press release after the inauguration of the facility
Axis Bank, India’s third largest private sector Bank, has partnered with IHMCL (Indian Highways Management Company Limited), a subsidiary of NHAI (National Highways Authority of India) to launch Electronic Toll Collection (ETC) facility. A dedicated ‘FasTag Lane’ at all toll plazas across national highways in the country will be enabled to accept cashless toll payment through RFID tags on the windshield of vehicles, said Axis Bank in a press release after the inauguration of the facility.
Toll plaza operators will also stand to benefit as they would not be required to handle cash and will have less stress of handling peak hour traffic congestions. Axis Bank’s interoperable clearing system will allow users to use the same FasTag at all 350 toll plazas on national highways.
Users can buy and recharge FasTags online or at Axis Bank’s network. Users will also be receiving value added services and a dedicated 24x7 call centre to make road journeys convenient.
Users, with FasTag will now be able to cruise through the toll plazas without the hassle of stopping and paying cash. It will improve the average time of travel and will make the journey smoother.
V Srinivasan, Executive Director – Corporate Banking, Axis Bank said, “National highways in the country have seen substantial improvement in terms of the quality of roads and the overall road network. With the objective of providing an efficient and speedy customer experience, highway users will now be able to drive through the toll plazas without the hassle of stopping for paying cash using the FasTag. FasTag uses state of the art technology to identify, collect and manage toll collections at plazas through the country. We believe that Axis Bank's partnership with IHMCL in offering this facility will help redefine process of toll collections in the country and make the collection infrastructure at par with the best in the world.”
Inter-connected Stock Exchange could not recommence its trading platform due to non-fulfillment of criteria. Are its employees bound to suffer even after working sincerely?
With ISE unable to recommence its operations as the trading platform, it has applied to SEBI for an exit from the stock exchange.
Inter-connected Stock Exchange of India Limited (ISE) is a national-level stock exchange, providing trading, clearing, settlement, risk management and surveillance support to its Trading Members. ISE incorporated as a company limited by guarantee in January 1998. It has 791 Trading Members, located in 84 cities spread across 18 states. These intermediaries are administratively supported through the regional offices at Delhi, Kolkata, Patna, Ahmedabad, Coimbatore and Nagpur, besides Mumbai.
According to the employees, they ‘dedicated’ themselves to work and enabled ISE to be inspected by SEBI, which SEBI completed successfully. As a result of this, SEBI issued a letter dated 10 January 2013, allowing it to recommence its trading platform as per the laid down criteria. In October this year, however, SEBI directed all exchanges that do not possess a trading platform with an annual turnover of at least Rs1,000 crore and a net worth of Rs100 crore, and that do not have a tie-up with a clearing corporation, to exit. Thus, 14 regional exchanges including the Inter-connected Stock Exchange, were required to wind up operations.
As a result of the above direction, ISE terminated all employees. Representations were made to the Board of Directors, proposing that if the shareholders decided for an alternate business, the very same set of employees would extend the same dedication to build the new business. Or in the event of termination, employees are compensated appropriately.
The shareholders, however, pressurised the broad of directors not to provide any compensation to the staff. Instead the ISE directors met SEBI officials to complete their exit from the stock market. Once ISE exits, the chance of employees getting any compensation also exits. So much so that even paying statutory dues might be a far cry.
Though ISE employees have made several representations to the management, they have laid on deaf ears.
Instead of abrupt ousting, the management could have made a more suited exit plan for employees, giving them appropriate compensation and time to look for employment elsewhere!
Warren Anderson, who was Chairman of Union Carbide Corporation at the time of the Bhopal Gas Tragedy, died on 29 October 2014 at the age of 92 years
Warren M. Anderson, a Brooklyn carpenter’s son who ascended to the top of the Union Carbide Corporation, where he grappled with the ravages of a poisonous gas leak at the company’s plant in Bhopal, India, in 1984 that killed thousands in one of history’s most lethal industrial accidents, died on 29 October 2014 at a nursing home in Vero Beach, Florida, USA, reports The New York Times. He died at the age of 92 years.
The Bhopal disaster occurred in a factory belonging to Union Carbide's (UCC) Indian subsidiary, Union Carbide India Limited, in the city of Bhopal, Madhya Pradesh, India during 1984. Thousands of people died and thousands more were injured in the disaster.
As the UCC CEO, Anderson was charged with manslaughter by Indian authorities. He flew to India and was promptly placed in custody by the Arjun Singh-led Madhya Pradesh government. Anderson posted bail, returned to the US, and refused to return to India.
He was declared a fugitive from justice by the Chief Judicial Magistrate of Bhopal on 1 February 1992, for failing to appear at the court hearings in a culpable homicide case in which he was named the chief defendant. The chief judicial magistrate of Bhopal, Prakash Mohan Tiwari, issued an arrest warrant for Anderson on 31 July 31 2009. The United States has declined to extradite him since the first extradition request in 2003 citing a lack of evidence.
While he remained unpunished by the Indian Courts, he was both afraid and repentant.
In an interview with The New York Times five months after the tragedy, Mr Anderson spoke of his feelings of loss and helplessness: “You wake up in the morning thinking, can it have occurred?” he said. “And then you know it has and you know it’s something you’re going to have to struggle with for a long time.”
The Indian government and Indian activists have contended in both the press and the Courts that slack management and deferred maintenance caused the disaster. Union Carbide, on its part, stuck to its damage control of corporate image, which The Times, London described as finding a balance between “the instincts of human compassion, the demands of public relations and the dictates of corporate survival.”