Companies & Sectors
Dhanlaxmi Bank Officer Union seeks protection for whistle blowers
Dhanlaxmi Bank Officers' Organisation is on strike over termination from services of its General Secretary just before six months to his retirement. The Organisation alleged harassment for whistle blowers and seeking protection from RBI
 
Dhanlaxmi Bank Ltd has terminated services of PV Mohanan, the General Secretary of Dhanlaxmi Bank Officers' Organisation (DBOO) who was working as Senior Manager in the Bank's Recovery Department at Thrissur, citing 'loss of confidence'. Demanding reinstatement of Mohanan, the DBOO have gone on an indefinite strike. 
 
"By dismissing the General Secretary, the Management wants to silence the whistle blowers in the Bank and also find an alibi for their mismanagement, as the DBOO is on an indefinite strike," the DBOO said in a statement. 
 
According to the Officers' Organisation, it is on the path of agitation for the last 10 months as the Bank Management had chosen a victimization route against the association, for pursuing genuine trade union activities. "The difference of opinion started in early 2014 when DBOO alerted the Bank's management on a major fraud (through the Bank's whistle blower policy) that was being perpetrated through one of the Bank's Mumbai Branches," the Organisation said.
 
The scam, worth about Rs1,500 crore, involving several other banks is now being probed by the Economic Offence Wing (EOW) of Mumbai Police. "There are indications about the involvement of higher level executives of Dhanlaxmi Bank also in the fraud, but as of now one of our junior level officer, a member of DBOO, who just obeyed the instructions from the top management, has been arrested and is in jail for the last two months. One Director of the Bank tendered his resignation in view of the involvement in the fraud," DBOO said in a statement.
 
In two letters sent to the Reserve Bank of India (RBI), the union alleged that despite having clear evidence of the active involvement of top officials of the Bank in the high value fraud in Mumbai, perpetrated by Showman group, no action has been initiated against either the Managing Director or the Chief General Manager of the Bank. It said, "This is a mystery to all. Only one Director Sreekanth Reddy resigned. A Scale I officer, who passed the entry in the computer system has been booked and is in jail since past two months. We fear that with the passage of time, evidenced will be destroyed and facts will be distorted. This is our worry and the real culprits will go scot-free."
 
Moneylife was the first one to report the All-India Bank Officers Confederation’s (AIBOC) allegations that the bank has manipulated accounts and provisioning, has a mismatch in asset-liability resources, maintains poor capital adequacy ratio and has huge dependence on call money borrowing. It has also accused the bank for ignoring social banking and financial inclusion. (Read: The stink coming from Dhanlaxmi Bank: AIBOC raises serious allegations)
 
According to DBOO the trend continues. For FY2014-15, Dhanlaxmi Bank reported a net loss of Rs241 crore compared with Rs251.9 crore same period a year ago. "This is in contrast to the first three quarters of profit that the Bank has been showing since 1 April 2014. The sudden plunging into a heavy loss itself is an indication of the accounting adjustments that the Bank has been practicing for long. The very purpose of publishing quarterly results is to ensure transparency of the Bank's working to the public at large. But by projecting a rosy picture for three quarters and then showing negative results only at the end of the year, the Bank is once again proving the accounting adjustments it has been doing to cheat depositors, employees and other stake holders," the Organisation said in its letter to the RBI. 
 
Requesting intervention by the central bank, the DBOO said, "As the scheme of protected disclosure or whistle blowers scheme has the sanctity of Regulator's directive, we strongly feel that it is also the duty of the RBI to give protection to the whistle blowers. This, however, is not happening in Dhanlaxmi Bank. The officers are always at the receiving end whenever a whistle blowing is done. So we appeal to the RBI to kindly intervene and advise the management suitably".
 
Last year in August, the EOW unearthed a largescale banking fraud worth about Rs1,000 crore related with fixed deposits (FDs) in several banks. According to reports, banks involved in this large scale FD fraud include, Dena Bank, UCO Bank, Syndicate Bank, Bank of Baroda, Vijaya Bank, Dhanlaxmi Bank, Bank of India and Indian Overseas Bank among others. Among the institutions who were victims of the fraud are the Mumbai Metropolitan Regional Development Authority (MMRDA) and South Indian Education Society (SIES) Trust.
 

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COMMENTS

anil bhalla

9 months ago

indian bank removed my service in 2001 with sup benefits for a minor mistake in july 2002 as the bank is in huge losses and union has not supported me and spoil my life.
Anil bhalla mandi gobindgarh
sr no 25313-12

A Pharma Payment A Day Keeps Docs’ Finances Okay
New data on payments from drug and device companies to doctors show that many doctors received payments on 100 or more days last year. Some received payments on more days than they didn’t 
 
This story was co-published with NPR's Shots blog.
 
Few days went by last year when New Hampshire nephrologist Ana Stankovic didn't receive a payment from a drug company.
 
All told, 29 different pharmaceutical companies paid her $594,363 in 2014, mostly for promotional speaking and consulting, but also for travel expenses and meals, according to data released Tuesday detailing payments by drug and device companies to U.S. doctors and teaching hospitals. (You can search for your doctor on ProPublica's updated Dollars for Docs interactive database.)
 
Stankovic's earnings were certainly high, ranking her about 250th among 606,000 doctors who received payments nationwide last year. What was more remarkable, though, was that she received payments on 242 different days — nearly every workday of last year.
 
Reached by telephone Tuesday, Stankovic declined to comment. On her LinkedIn page, Stankovic lists herself as vice chief of staff at Parkland Medical Center HCA Inc. in Derry, New Hampshire, and as medical director of peritoneal dialysis at DaVita Inc., also in Derry.
 
That doctors receive big money from the pharmaceutical industry is no surprise. The new data released by the Centers for Medicare and Medicaid Services shows that such interactions are widespread, with not only doctors, but thousands of dentists, optometrists, podiatrists and chiropractors receiving at least one industry payment from August 2013 to December 2014.
 
What is being seen for the first time now is how ingrained pharmaceutical companies and their sales reps are in the lives of those who write prescriptions for their products. A ProPublica analysis found that 768 doctors received payments on more than half of the days in 2014. More than 14,600 doctors received payments on at least 100 days in 2014.
 
Take Juichih Hsu, a Maryland doctor whose specialty is family medicine. She received payments on 286 days of 365, more than anyone else. Sometimes, she received meals from several drug companies on the same day. Hsu's payments totaled $5,959. She declined to comment when reached on Tuesday.
 
"There are physician practices which have very deep relationships with pharmaceutical representatives, where they are a very integral part of the practice," said Dr. Aaron Kesselheim, an associate professor of medicine at Harvard Medical School who has written about industry relationships with doctors. "Every day it's another drug company coming in for a lunch. Sometimes it may be some drug companies are bringing breakfast and some are bringing lunch and it's just part of the culture of the practice."
 
Sometimes there may be more at work than that… Continue Reading
 
Courtesy: ProPublica

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COMMENTS

Informed consumer

1 year ago

ProPublica ought to be ashamed of itself for disparaging the innocent and misinforming the public with an unsubstantiated allegation. Their doctor witch-hunts are all about aggrandizing ProPublica's fledgling media enterprise -- even if that means throwing media ethics (and a bevy of innocent physicians) under the bus. If Mr. Ornstein thinks there's a problem with pharma funding research, I propose he kindly refuse to use the products of that research -- medications that have the power to one day save his life. Furthermore, speaking for pharmaceutical companies leads to better informed physicians who provide better patient care and become up-to-date on cutting-edge treatment methods. Think about it -- you're getting doctors to stay after hours on a weekday evening -- instead of seeing their spouse and kids, they're listening to a work-related lecture until 8 or 9 PM -- the doctors aren't being paid, and they're learning how to better serve their patients, and Mr. Ornstein has the audacity to suggest that the physician delivering the lecture should do it all for free. In the fictional world where physicians are volunteers who somehow still provide for their families, pigs fly and hell freezes over. America is the land of innovative, moral capitalism -- and if ProPublica has a problem with that, perhaps China, North Korea, and Russia would be better fits for its brand of journalism.

Informed consumer

1 year ago

ProPublica ought to be ashamed of itself for disparaging the innocent and misinforming the public with an unsubstantiated allegation. Their doctor witch-hunts are all about aggrandizing ProPublica's fledgling media enterprise -- even if that means throwing media ethics (and a bevy of innocent physicians) under the bus. If Mr. Ornstein thinks there's a problem with pharma funding research, I propose he kindly refuse to use the products of that research -- medications that have the power to one day save his life. Furthermore, speaking for pharmaceutical companies leads to better informed physicians who provide better patient care and become up-to-date on cutting-edge treatment methods. Think about it -- you're getting doctors to stay after hours on a weekday evening -- instead of seeing their spouse and kids, they're listening to a work-related lecture until 8 or 9 PM -- the doctors aren't being paid, and they're learning how to better serve their patients, and Mr. Ornstein has the audacity to suggest that the physician delivering the lecture should do it all for free. In the fictional world where physicians are volunteers who somehow still provide for their families, pigs fly and hell freezes over. America is the land of innovative, moral capitalism -- and if ProPublica has a problem with that, perhaps China, North Korea, and Russia would be better fits for its brand of journalism.

Interest cost dent auto sales, marginal rise in June
Lenders' reluctance to lower interest rates continued to dent the Indian automobile sector as first-time buyers and fleet operators were deterred by stubbornly high financing cost during June.
 
Leading players in the automobile industry reported marginal to negative sales growth for last month.
 
While Maruti and Hyundai posted growth in sales, home-grown players such as Tata Motors and Mahindra reported mixed results. 
 
The country's largest passenger car manufacturer Maruti Suzuki's sales inched up 1.8 percent at 114,756 units -- up from 112,773 units sold in the corresponding month of 2014.
 
Domestic sales were up 1.6 percent at 102,626 units. Exports gained by 2.7 percent at 12,130 units being shipped out.
 
Hyundai Motor India also posted sales growth. It reported a 3.1 percent rise in June sales which stood at 52,062 units.
 
The company's domestic sales grew by 8.3 percent and stood at 36,300 units. However, the foreign sales of the largest passenger car exporter in the country's fell in the month under review.
 
The company only managed to ship out 15,762 units in June, 2015, which is a decline of 7.3 percent from 17,004 units being sold abroad in the corresponding month of the previous year.
 
Home-grown majors such as Tata Motors and Mahindra & Mahindra (M&M) reported mixed results in monthly sales.
 
Tata Motors sales in June grew by six percent and stood at 40,870 units from 38,574 units.
 
Domestic sales were up by three percent at 35,823 units. Exports in the month under review zoomed by 32 percent at 5,047 units.
 
On the other hand, sales of M&M declined by six percent at 36,134 units.
 
"With a normal monsoon till date, an overall positive sentiment and a slew of new launches in the automotive industry, we expect buoyancy in demand going forward," said Pravin Shah, chief executive of the automotive division, Mahindra and Mahindra.
 
The company's domestic sales were down by nine percent during the month under review and stood at 33,282 units from an off-take of 36,452 units during June, 2014.
 
However, exports of M&M rose exponentially by 42 percent and stood at 2,852 units being sold abroad from 2,014 units shipped out during the corresponding month of 2014.
 
Two- and three-wheeler-maker TVS Motor Company closed last month with an eight percent growth in sales at 222,097 units from 205,403 units sold in the corresponding month of 2014.
 
Suzuki Motorcycle India registered a 32 percent increase in its June 2015 sales which stood at 32,628 units from 24,812 units sold in the corresponding month of last year.
 
"Several factors have come together to propel us onto a consistent growth path. Part of the increased demand from customers is because of Suzuki's various marketing efforts and partly due to the perceived upswing in consumer mood," said Atul Gupta, executive vice president, Suzuki Motorcycle India.
 
"In general, the economy tends to show signs of picking up after a better-than-expected monsoon, which always has a positive influence on the auto sector," Gupta added. 
 
Yamaha Motor India Sales announced a growth of 24 percent in its overall sales which stood at 66,140 units in June 2015 from 53,485 units which were sold in the corresponding month of 2014.
 
Two-wheeler major Honda Motorcycle and Scooter India's sales grew by eight percent and stood at 348,793 units from 323,136 units sold in June, 2014.
 
However, Hero MotoCorp's May sales inched-up by 0.14 percent and stood at 542,362 units from 541,594 units sold in the corresponding month of last year.

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