Citizens' Issues
In 1990s, Best and Crompton workers called Vijay Mallya 'NPA'
Chennai : Long before some Indian banks termed Vijay Mallya, the promoter of Kingfisher Airlines, a "wilful defaulter", workers of the city based Best and Crompton Engineering had publicly called him an "NPA" -- non-performing asset.
 
They also urged Mallya to quit the company.
 
Normally, company annual general meetings (AGMs) are boring affairs with some shareholders demanding sweet packets.
 
But once in a decade or more, one will be fortunate enough to witness an interesting shareholders meeting where individual shareholders pose strong questions to the corporate emperors.
 
And one such AGM this city saw was that of Best and Crompton's held in 1990s.
 
At that time the company was part of Mallya's UB Group and was not doing well.
 
Disillusioned workers and shareholders of Best and Crompton dubbed their chairman Mallya an NPA and also asked him to resign from the board.
 
Placards with slogans against Mallya added more colours to the scene.
 
However, due credit has to be given to Mallya at the way he conducted the meeting.
 
At one point, a smiling Mallya even told the shareholders to speak one-by-one so that he can hear them all!
 
The historic AGM was adjourned as no business was transacted due to the noisy scenes.
 
Mallya later sold Best and Crompton to an Indonesian group.
 
Prior to that, he had sold Best and Crompton's stake in the elevator joint venture company Beacon Kone to the other joint venture partner Kone Group of Finland.
 
"The mood of the shareholders was aggressive. Many workers complained that the company did not remit the provident fund (PF) directions to the PF office. One shareholder pointedly told Mallya 'You have closed several group companies - (Best and Crompton). You did not open anything new'," said M. Ramesh, senior deputy editor, The Hindu Business Line, recalling the AGM meeting.
 
"At one point," Ramesh said, "Mallya was talking to a fellow board member, at which a shareholder angrily told him to listen to him rather than talking to others. Mallya coolly replied, 'I'm listening to you' and reeled out the points that the shareholders raised in their speech." 
 
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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COMMENTS

Shirish Sadanand Shanbhag

11 months ago

Vijay Mallya is shrewed person.
He owns a big land in Karnataka, on which a east west railway line connecting Hassan Mangalore railway line to be connected via Shravanabelagola to Chikka Banavara station on Arsekeri Bengalore line via Tumkur, cannot be constructed, since line passing through Vijay Mallya's land. Government of Karnataka and Railway Ministry could not do any thing, for this about 60 km vital rail link. Land belongs to his brewery, to which he has resigned now.
Government should acquire his land and proceed with completion of missing link between Shravanabelagola and Chikka Banavara railway stations.

India among most vulnerable nations to cyber attacks
Washington : When it comes to vulnerability to cyber attacks, India along with China, Russia, Saudi Arabia and South Korea is most vulnerable, says research led by an Indian-American scientist.
 
While the US is ranked 11th safest of 44 nations studied, several Scandinavian countries like Denmark, Norway and Finland were ranked the safest in the book authored by V.S. Subrahmanian, professor of computer science at the University of Maryland. 
 
"Our goal was to characterise how vulnerable different countries were, identify their current cyber security policies and determine how those policies might need to change in response to this new information," said Subrahmanian, with the University of Maryland Institute for Advanced Computer Studies (UMIACS).
 
Damaging cyber attacks on a global scale continue to surface every day. Some nations are better prepared than others to deal with online threats from criminals, terrorists and rogue nations.
 
Subrahmanian discussed the findings at a panel discussion hosted by the Foundation for Defense of Democracies in Washington on Wednesday.
 
The authors conducted a two-year study that analysed more than 20 billion automatically generated reports, collected from four million machines per year worldwide. 
 
The researchers based their rankings, in part, on the number of machines attacked in a given country and the number of times each machine was attacked.
 
Machines using Symantec anti-virus software automatically generated these reports, but only when a machine's user opted in to provide the data.
 
Trojans, followed by viruses and worms, posed the principal threats to machines in the US. 
 
However, misleading software (fake anti-virus programmes and disk cleanup utilities) was far more prevalent in the US compared with other nations that have a similar gross domestic product, the authors noted. 
 
The results suggest that US efforts to reduce cyber threats should focus on education to recognise and avoid misleading software.
 
“People - even experts - often have gross misconceptions about the relative vulnerability (to cyber attack) of certain countries. The authors of this book succeed in empirically refuting many of those wrong beliefs,” said Isaac Ben-Israel, chair of the Israeli Space Agency and former head of that nation's National Cyber Bureau, in a foreword to the book. 
 
The co-authors on the book are Michael Ovelgonne, a former UMIACS postdoctoral researcher; Tudor Dumitras, assistant professor of electrical and computer engineering in the Maryland Cybersecurity Centre; and B. Aditya Prakash, assistant professor of computer science at Virginia Tech.
 
A related research paper was presented at the 9th ACM International Conference of Web Search and Data Mining in February this year.
 
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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India unveils new pricing norms for difficult gas discoveries
New Delhi : Hydrocarbons discovered and produced from difficult areas will now get a new pricing norm to encourage production and unlock Rs.180,000 crore worth of reserves that are stuck due to want of incentives, Petroleum Minister Dharmendra Pradhan said on Thursday.
 
Briefing reporters on the decisions taken at a meeting of the cabinet, presided over by Prime Minister Narendra Modi, the oil minister said also approved on Thursday was a new oil and gas exploration policy with a revenue-sharing model, as opposed to cost-and-output-based norm.
 
The difficult areas are defined as those from deep-water, ultra deep-water and high pressure-high temperature areas.
 
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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