World
Facebook seeks new rules to curtail Zuckerberg's full control if he quits
Mark Zuckerberg, who holds majority voting control of the social networking site, may not be an absolute power at Facebook if he decides to quit or his services are terminated in the future.
 
According to a regulatory filing by the Facebook board to the US Securities and Exchange Commission on Thursday, the board will ask shareholders at its annual meeting on June 20 to vote on a proposal that would convert Zuckerberg's Class B shares into Class A shares if he ceases to be at the helm, PCWorld reported.
 
Class A stock has one vote per share while Class B stock has 10 votes per share.
 
“The aim of the regulations is apparently to make it easier for the company to hire a top-quality successor to Zuckerberg who would not be shadowed by the founder or be from his family,” the report added quoting the filing. 
 
Currently, Zuckerberg holds Class A and Class B common stock that collectively represents about 53.8% of the company’s total voting power. 
 
“Under current rules, if Zuckerberg were to quit the company or his employment terminated for any reason, he would not be required to give up his majority voting control,” the report said. 
 
The measure, however, appears to be more of a precaution as the 32-year-old Facebook founder has not indicated any intention to quit.
 
The new terms will ensure that Facebook “will not remain a founder-controlled company after we cease to be a founder-led company”.
 
The new rules would “provide significant value to our company by incenting Mr. Zuckerberg to remain with our company”, the filing said.
 
In December, Zuckerberg and his wife Priscilla Chan pledged to donate 99 per cent of their Facebook shares -- about $45 billion -- to advance human potential and promote equality for children.
 
Declaring the "Chan Zuckerberg Initiative" as they welcomed their first girl child Maxima Chan Zuckerberg or "Max", the couple said they have created a new foundation that would initially focus on "personalised learning, curing disease, connecting people and building strong communities."
 
"We will give 99% of our Facebook shares during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others," the couple wrote in a post.
 
Zuckerberg owns about four million of Class A shares in Facebook and approximately 419 million Class B shares.
 
Each Class B share is worth 10 votes apiece which gives Zuckerberg majority voting power and control over Facebook's strategic direction.
 
Facebook currently has over 1.6 billion monthly active users.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.  

 

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3 Myths & Facts about Your Daily Bread

With the Centre for Science and Environment (CSE) study highlighting most of the Indian breads laced with potassium bromate or iodate that damage human heath, people are wondering what bread to eat and what not to. In November 2014, Moneylife did a cover story on food to highlight usage of additives in processed foods and how it affects your health. While laws are designed to safeguard the consumer, most laws are implemented poorly in India, compromising your safety. And this continues, unchecked. 

In its study, the CSE tested 38 commonly available branded varieties of pre-packaged breads, pav and buns, ready-to-eat burger bread and ready-to-eat pizza breads of popular fast food outlets from Delhi and found 84% samples positive with potassium bromate or iodate. 
 
Potassium bromate or bromated flour is used as an oxidising agent in baking. It makes the bread rise better, gives it a uniform consistency, making it unnaturally whiter and fluffier. It also makes the baking process faster. Wraps, rolls, bread crumbs, bagel chips and flat breads contain potassium bromate. This additive becomes bromide in breads an excess of which is linked to iodine enzyme metabolism, which weakens the thyroid and kidneys. The potassium bromate that is not broken down remains in the baked item and is carcinogenic. 
 
In 1999, the International Agency for Research on Cancer (IARC) classified potassium bromate as possibly carcinogenic (cancer causing) to humans. It was found to cause tumours of the kidney, thyroid and cancer of the abdominal lining in laboratory animals.
 
The European Union had banned its use in 1990. The United Kingdom, Canada, Australia, New Zealand, China, Sri Lanka, Brazil, Nigeria, Peru and Columbia have also banned the use of potassium bromate.
 
Myths & Facts about Your Daily Bread

Authentic breads are originally from Europe and the quality of baked products there are unmatched the world over. Unfortunately, many Indian bread manufacturers have given these breads a complete unhealthy makeover to suit the consumer’s palate and extend its shelf life though a number of food additives. Here are some myths about what we look for in our bread and the alarming truth about what really goes into the so-called healthy breads of India.

Myth 1: Softer is better

Ever been to a local baniya shop and seen consumers literally feel the bread for softness before purchase? One would think that they’re checking a pillow for its fluffiness! According to them, the softer the bread, the fresher and better it is.

Truth: Soft bread does not mean good bread. Surprised? Listen to this. To make the bread soft, the baker increases sugar content and adds harmful chemical additives and emulsifiers. They are called ‘volume enhancers’ or ‘softeners’ like potassium bromate, azodicarbonamide and even include harmful GMO emulsifiers which are banned in European countries.  
 
Quite contrary to the Indian mindset, in Europe, the crustier the bread, the better it is considered. When bread is soft (by adding chemicals & increasing sugar content), it lacks the nutritional value of denser, crustier bread and is unhealthy to consume. Soft breads do exist in the European market as a variant but they are made without the addition of artificial softeners.
 
Myth 2: The browner your brown bread, the more fibre it has 
 
Nowadays, every bakery caters to the health conscious consumer by having a separate rack of brown bread. For these consumers, the browner the bread, the more fibre it has and is seen as a healthier option than white bread. 
 
Truth: Most manufacturers in India add caramel colour to their normal bread to make it look brown. Even the caramel colour used is not natural as we would imagine (it’s made by heating ammonia). Research has proved that these colours are carcinogenic and make the breads dangerously unhealthy.
 
Check out the many types of bread marketed under premium brands that state that their major ingredient is ‘wheat flour’. Indian law allows ‘maida’ and ‘wheat flour’ to be used interchangeably. So do not assume it is ‘whole wheat flour’ unless specifically stated. In Europe, ‘brown bread’ is either authentic hi-fibre bread or the wholesome whole-wheat flour bread that derives its colour and fibre content from sources like malt flour, oats bran, wheat bran, etc. Not so in India. 
 
Myth 3: Good breads stay well for several days  
 
If you ever notice the difference between the manufacturing date and the ‘best before date’ on a bread packet, it is anywhere between five to six days. Nowadays, the fact that bread remains fresh for a longer time is a sign of technical advancement in the bakery industry. 
 
Truth: If bread remains fresh and soft for a long time, it is only because of the addition of harmful preservatives. In the bakery industry, these preservatives are mainly calcium propionate and sodium propionate, both of which are linked to ADHD (attention deficit hyperactivity disorder).
 
It is time we realise the repercussions of consuming breads with such harmful ingredients that can have dangerous long-term side effects. We are used to a particular sweet taste in our breads; this habit of ours can only increase the percentage of diabetics in our country which has been growing at an exponential rate in the past decade. Therefore, it is important that we first change our perception of what is really healthy and what is not. Our taste buds may protest initially; but, after a while, what is good for the body also feels good to our taste buds.
 
If we avoid using chemicals, there is, indeed, a chance that the bread may degenerate more quickly. So here are three tips to keep your bread fresh without using any preservatives. 
 
• Keep bread in a cool, dry place, out of direct sunlight.
• Freeze the unused portion within two days. French and Italian breads that are baked without any oils have a very short shelf life, so consider freezing them earlier.
• Allow frozen bread to thaw completely at room temperature. Heat it in an oven before serving.
 

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COMMENTS

R Rangan

12 months ago

Most people buy bread from their neighbourhood bakeries.These are usually small operations and cater only to the neighbourhood. They do not label their product and contents and additives are not declared. Would that mean it is safer to go for branded breads of companies like Britannia etc.? Should'nt the food safety officials inspect and insist on proper labelling of the products sold by small bakeries?

REPLY

Clear Water

In Reply to R Rangan 11 months ago

As a matter of fact Britannia's bread has been found to be on the higher than average side for containing harmful carcinogenic chemicals. See the recent study conducted by CSE in Delhi. it seems like the bigger the brand the more the number/amount of harmful chemicals. And you don't know what the local bakery is putting into his bread. There is no check. All you can do is shut your brain and enjoy your processed food.

prakash nandedkar

12 months ago

an eye opener article

Ramesh Poapt

12 months ago

excellent eye opener!!! can we have something on pastry,pizza,biscuits please???

REPLY

Clear Water

In Reply to Ramesh Poapt 11 months ago

If you know what is being put into biscuits and sabudana, you will put a full stop to eating any outside/processed food. I have been to these factories and I don't touch any of these items. Also, its not harmful but, premium biscuits put worm flour to enhance their taste.

R A MURALI MOHAN

12 months ago

On reading this article, it is clear that whatever manufactured in the name of bread in India is not fit for consumption . Better we don't visit a bakery in future.

Court against Taxtortion: Bombay HC asks tax officials to follow its orders or pay penalty from their salaries
Coming down heavily on tax officials for not following its directions, the Bombay High Court in a recent judgement has said that non-compliance with its orders would result in officials paying individual penalties, including forfeiture of their salaries until they take a corrective action. The Court was hearing a case related with Larsen & Toubro Ltd, one of the country's largest engineering company and the Central Excise Department (Writ petition No2855 of 2016). 
 
"...officers after officers are reluctant to take decisions for the consequences might be drastic for them. No officer is acting independently and following judgments of this Court, but waiting for the superiors to give them a nod. Even the superiors are reluctant given the status of the assessee and the quantum of the demand or the refund claim. We are sure that some day we would be required to step in and order action against such officers who refuse to comply with the Court judgments and which are binding on them as they fear drastic consequences or unless their superiors have given them the green signal," the Division Bench of Justices GS Kulkarni and SC Dharmadhikari said in its order.
 
It said, "If there is such reluctance, then, we do not find any enthusiasm much less encouragement for business entities to do business in India or with Indian business entitles. Such negative reactions / responses hurt eventually the National pride and image. It is time that the officers inculcate in them a habit of following and implementing judicial orders which bind them and unmindful of the response of their superiors." 
 
"A copy of order be sent to the Secretary in the Ministry of Finance, Government of India and the Chairman, Central Board of Excise and Customs. We are constrained to observe as above simply because repeated suggestions to Mr (Pradeep S) Jetley (counsel for the respondents) so as to persuade the officers to withdraw the orders impugned in the petition of their own did not meet any favourable response," the Bench added.
 
The Excise Department has demanded a tax of Rs32.39 crore with interest from L&T for alleged use of common input services in the manufacture of exempted goods. L&T filed an appeal against this order before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), along with a stay application seeking waiver of the condition of pre-deposit of the remaining dues and recovery and on condition of depositing Rs50 lakh, the balance dues. The demand was held in abeyance. 
 
On 29 January 2016, an Assistance Commissioner passed an order that indirectly adjusted the amount of demand originally confirmed but stayed by the Tribunal. In short, he allowed the rebate (claimed by L&T) only to the extent of Rs3.17 crore in cash and Rs1.61 by way of credit in the CENVAT account. 
 
In its order, the Bombay HC observed that "He purported to reject the other claim for rebate and restricting it in such manner that the balance sum which could not be recovered on account of the stay granted by the Tribunal that would reach the Government coffers."
 
Disposing of the petition, the Bench said, "...we quash and set aside the impugned order. The refund claim shall now be granted and the respondent shall not insist on compliance with clause (b) of the operative order at page 21 of the paper-book. That direction and to this extent stands quashed and set aside."
 

 

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COMMENTS

Srinivas Sreeram

12 months ago

Excellent order to be implemented with immediate effect.

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