IPM and Arindam Chaudhuri are directed by Delhi HC not to offer MBA or BBA courses as well as refrain from publishing advertisement as management and business school
The Delhi High Court has asked Arindam Chaudhuri and his Indian Institute of Planning and Management (IIPM) not to offer management courses like Master in Business Administration (MBA) and Bachelor of Business Administration (BBA). The HC also restrained IIPM from publishing advertisements as a management and business institute.
The High Court also slapped a cost of Rs25,000 on IIPM for misleading students by claiming to be a B-school even though it is not recognised by any statutory body including All India Council for Technical Education (AICTE).
In the verdict, Chief Justice G Rohini and Justice Rajiv Sahai Endlaw, said, "IIPM admittedly does not have AICTE approval. It is thus not entitled to run a BBA or MBA course or to advertise itself as conducting any course or programme in management or to advertise itself as a management school or a business school or a B-school."
Chaudhuri and IIPM have been using full page advertisements in several newspapers in an effort to establish itself as premier management school. However, IIPM was never recognised by either AICTE or by University Grants Commission (UGC)
While asking Chaudhuri to prominently display on IIPM website that they are not recognised by any statutory body or authority to offer courses, the Bench said, "IIPM and its management or officials including its dean Arindam Chaudhuri are restrained with immediate effect from using the word 'MBA, BBA, management course, management school, business school or B-school' in relation to the courses or programmes being conducted by them or in relation to the representations if any made to the public."
Earlier in May 2014, the UGC issued a circular informing public at large and students that IIPM was not a a recognised university and cannot award MBA/BBA degrees. "As per Section 22 of the UGC Act, 1956, the IIPM does not have the right to conferring or granting degrees as specified by the UGC under Section 22 (3). It is further clarified for information that IIPM is neither entitled to award MBA/BBA. BCA degree nor it is recognised by UGC," the Commission said in an advertisement dated 18 May 2014.
However, interestingly, IIPM on its website claims that it has never applied to any body. Responding to questions about recognition by AICTE/UGC, the IIPM in its FAQ section says, "IIPM has never sought recognition from any statutory bodies and is proud of its world class course contents. Students bothered about statutory recognition of IIPMs programmes need not apply to IIPM."
The Arindam Chaudhuri-led institute also clarifies that it does offer MBA/BBA degrees. "The value of the IIPM certificate lies in the excellent course content and also placements that IIPM students get year after year and in the number of students who put their faith in the IIPM programme every year. However, students who do the IIPM programme in Planning and Entrepreneurship become eligible for a Post Graduate Degree in Management (comparable to MBA) / Graduate Degree in Management (comparable to BBA) from the International Management Institute in Brussels, Europe," IIPM says on its website.
As long as Nifty does not go below today’s level, it can go up to 8,000-8,050
We had mentioned in Thursday’s closing report that we may see the NSE's CNX Nifty enjoy a short bounce back, however, for this it has to stay above the day’s low. On Friday, although the benchmark went below yesterday’s low, it managed to recover from the low and covered up more than half of yesterday’s losses. The upmove got support from Standard & Poor's raising the outlook for India to "stable".
The Indian indices opened Friday lower, S&P BSE Sensex at 26,429 while the 50-share Nifty at 7,886. Sensex managed to recover from the low of 26,220 and reached up to 26,721 while Nifty moved up from the low of 7,842 to 7,993. The benchmarks managed to break past three-day negative trend and closed in the positive. Sensex closed at 26,626 (up 158 points or 0.60%) while Nifty closed at 7,969 (up 57 points or 0.72%). NSE recorded a volume of 103.37 crore shares. India VIX fell 2.78% to close at 12.9275.
S&P raised the outlook for India to "BBB-minus" rating, back to "stable" from "negative". It also said it could raise India's rating if the growth in the economy reverted back to a real per capita gross domestic product of 5.5% per year, and if its fiscal, external and inflation metrics improve.
The Reserve Bank of India (RBI) will undertake its fourth bi-monthly monetary policy review on 30 September 2014.
The Indian government reportedly plans a big cut in diesel prices, while state oil companies are preparing to slash petrol rates ahead of elections, scheduled in Maharashtra and Haryana next month.
Jaiprakash Power Ventures (8.94%), which was the top loser in ‘A’ group on BSE was among the top two gainers in the group on Friday. The company has signed MoU with JSW Energy for selling three operational projects. The announcement comes a day after Jaiprakash Power's proposed sale of three hydro projects to Reliance Power was called off.
Suzlon Energy (4.98%), which has been falling for the past six trading sessions (including today) was the top loser in ‘A’ group on the BSE today. With Friday’s loss, the scrip has crashed 37% since 18 September 2014.
Hindalco (5.25%) was the top gainer in Sensex 30 pack. The company clarified that the cancellation of coal blocks by the Supreme Court is not expected to make a significant impact. Of the four coal blocks allocated, two were not in operation, one supplied to its Hirakud Smelter. According to the company, at a suggested levy of Rs295 per tonne on coal, the total one time impact on the company would be around Rs500 crore. It also said that the only incremental impact because of the cancellation of coal blocks would be on the cost of production at Hirakud smelter starting April 2015. This is not expected to be significant.
Dr Reddy Lab (2.61%) which hit its 52-week high yesterday gave up gains today and was the top loser in Sensex 30 stock.
US indices closed Thursday in the red. Except for Shanghai Composite (0.11%) and Straits Times (0.04%) all the other Asian indices closed in the red. Jakarta Composite (1.32%) was the top loser.
Japan’s annual core consumer inflation eased in August. This is another sign that the Bank of Japan could be forced into additional easing steps to meet its 2% price goal sometime next fiscal year. The core consumer prices, which include oil products but exclude fresh food, rose 3.1% in August from a year earlier.
European indices were trading in the green. US Futures too were trading higher.
In Germany, a sentiment survey released Friday showed that consumer confidence in the economy is expected to deteriorate for a second consecutive month in October. The monthly survey of GfK market research group showed consumer confidence falling to 8.3 points for October from an unrevised 8.6 points in September. Nonetheless, confidence remains "at a good level," GfK said.
BJP has demanded President's Rule in the state that is all set to elect its new government next month
Maharashtra chief minister Prithviraj Chavan has resigned from his post. On Thursday, Nationalist Congress Party had withdrawn its support from the Congress-led government. The resignation from the chief minister during the election period may lead to imposing President's Rule in the state.
Chavan sent his resignation to Maharashtra governor Vidyasagar Rao. Earlier in the day, Bharatiya Janata Party (BJP) leader and the leader of opposition in Maharashtra Assembly, Eknath Khadse met Rao seeking to impose President's Rule. According to Khadse, following the withdrawal of support from NCP, the Congress government was in minority.
NCP leader and deputy chief minister Ajit Pawar while resigning on Thursday had said that his party is withdrawing support from the government.
The Election Commission has imposed model code of conduct in Maharashtra following the notification issued on 20th September for holding assembly elections. In such a condition, the incumbent government continues in caretaker capacity but it cannot take any policy decisions. However, if President's rule is imposed then the caretaker government loses all its executive powers, say media reports.