DSP BlackRock MF floats 12 months fixed maturity plan

DSP BlackRock Mutual Fund new issue closes on 8th June

DSP BlackRock Mutual Fund has launched DSP BlackRock FMP–12M–Series 21, a close-ended income scheme.

The primary investment objective of the schemes is to seek to generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the schemes.

The new issue closes on 8th June. The minimum investment amount is Rs5,000.


CIC: Members of Parliament should disclose interests in companies

Information commission says these details would help the public keep a better watch on their representatives  

New Delhi: Pecuniary interests of members of Parliament in various companies should be made public as it would help people keep "a better watch" on them, when they deal with legislative matters relating to such firms, the Central Information Commission (CVC) has said.

Chief Information Commissioner Satyananda Mishra, was giving his decision on a petition, when he said that disclosure of such information is "in the larger public interest".

The case relates to an RTI application filed by Anil Bairwal of the Association for Democratic Reforms, that sought to know from the Rajya Sabha secretariat the details of "remunerative directorship, regular remunerative activity, shareholding of controlling nature, paid consultancy and profession engagement" of members of the upper house, PTI reports.

These details are required to be submitted by members of Parliament (MPs) under the Register of Members' Interest according to rule 293 of the Rules of Procedure and Conduct of Business in the Council of States. Mr Bairwal also sought to know the list of members who had not submitted the form and reasons for not doing so.

However, the Rajya Sabha refused to provide details, citing a decision of its ethics committee that the information was held in a fiduciary capacity and should not be disclosed to the public under section 8(1)(e) of the RTI Act. The secretariat said that the disclosure of information has no relationship to any public activity or interest.

Rejecting the arguments, Mr Mishra said, "The knowledge among the citizens about the pecuniary interest of MPs in various companies and other business establishments would help them to keep a better watch on their representatives when they are dealing with policy and other legislative matters affecting the interests of such companies and business interests."

According to section 8(1)(e) of the RTI Act cited by the Rajya Sabha Secretariat, information held in a fiduciary capacity can be withheld from disclosure unless it serves the larger public interest.

However, the Commission said that information sought by Mr Bairwal would serve the larger public interest, hence it was overriding the objections raised by the Rajya Sabha. "It is the standard practice that people in positions, where they can make decisions or influence policies affecting the financial and other interests of companies, should recuse themselves from such a process, if they themselves have an interest in those specific companies or the class of enterprises, to avoid conflict of interest. This should equally be applicable to legislators," Mr Mishra said.

Mr Mishra said that if the legislators had any stated interest in some companies or business houses, as directors or substantial shareholders, their participation in any legislative or decision-making activity affecting the interests of such companies and business houses would be keenly watched by people.

"This kind of vigilance on the part of the informed citizenry will help the legislators to be more objective and fair in their functioning and will help in better laws being enacted and better policies made," he said.

Mr Mishra said that just like declaration of private assets by those contesting elections, the disclosure of pecuniary interests of MPs should not be construed as invasion of individual privacy and he directed the information to be made public.


Strike at Maruti’s Manesar plant enters its fourth day

Around 2,000 workers at the plant had gone on strike since Saturday, resulting in a production loss of about 1,800 units till Monday and the value of the loss is estimated to be around Rs100 crore

New Delhi: The strike by workers at the country's largest car maker Maruti Suzuki India's (MSI) Manesar plant entered its fourth day today and production continued to be completely affected, reports PTI.

"The situation is the same as it was yesterday," a company spokesperson said.

The company had yesterday sacked 11 employees at the plant for allegedly inciting others to strike work.

Around 2,000 workers at the plant had gone on strike since Saturday, resulting in a production loss of about 1,800 units till yesterday and the value of the loss is estimated to be around Rs100 crore.

Striking workers are demanding the recognition of a new union-Maruti Suzuki Employees Union (MSEU)-formed by those working at the Manesar plant, besides retaining contract labourers for the two upcoming new units inside the complex.

Taking no disciplinary action against the 11 office bearers of the new union is also another demand.

The Manesar plant rolls out about 1,200 units every day in two shifts. The factory produces hatchbacks Swift and A-Star and sedans DZiRE and SX4.

The company's scrip was being quoted at Rs1,227.50 per share in noon trade on the Bombay Stock Exchange, down 0.36% from its previous close.


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