Economy
Indian government takes exception to Moody's Analytics report
The Indian government on Wednesday reacted sharply to a comment by Moody’s Analytics that Prime Minister Narendra Modi must check party members from making controversial statements, or risk losing global credibility.
 
"It is with regret the Government of India notes the irresponsible and distorted reporting by certain sections of the Indian media on what was the personal opinion of a junior associate economist employed with Moody’s Analytics," the government said in a statement.
 
"It is surprising that sections of the Indian media failed to make a distinction between Moody’s Analytics which is merely a data and analytics firm and Moody’s Investor Services, which provides Ratings services," it said.
 
"Opinion of a junior associate economist employed with Moody’s Analytics has been splashed all across implying it as the opinion of Moody’s Analytics. The government notes with distress that the personal opinion of a junior analyst was passed off as a commentary on India by a rating agency by the media to buttress the narrative it wants to portray."
 
In an analysis titled "India Outlook: Searching for Potential", Moody's Analytics had said that while the prime minister's BJP does not have a majority in the upper house to pass crucial reforms, the government also hasn't helped itself with controversial comments from various members. 
 
"While Modi has largely distanced himself from the nationalist gibes, the belligerent provocation of various Indian minorities has raised ethnic tensions. Along with a possible increase in violence, the government will face stiffer opposition in the upper house as debate turns away from economic policy," it said.
 
"Modi must keep his members in check or risk losing domestic and global credibility."
 
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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Government serves Volkswagen notice on emission norms
Automobile manufacturer Volkswagen Group India on Wednesday
 
said that it has received a notice from the government over the alleged charges of manipulating emission norms in India, as it has done in the US.
 
The company said that it will respond to the notice issued by the Automotive Research Association of India (ARAI) by November 30, 2015.
 
Earlier, the government authorised the ARAI to conduct an investigation into the matter. The ARAI is a research association formed between the automotive industry and the ministry of heavy industries.
 
Subsequently, a high-level team headed by the top brass of the Pune-based ARAI submitted its preliminary findings to the government on September 30.
 
According to the company, its representatives had met with government and ARAI officials on October 29.
 
"It was agreed with the government that Volkswagen Group India will present its results from the evaluations regarding the diesel engine emissions topic by the end of November 2015," the company said in a statement.
 
"The next steps would depend on the findings from these evaluations. Volkswagen Group India will continue to fully co-operate with the government in this matter."
 
The development comes after the automobile manufacturer was caught fudging emission data of its diesel powered cars to bypass strict emission norms in the US.
 
The fudging scandal began unfolding in the last week of September, when the European car giant said it had used a software in the US to provide false emission test results.
 
The company said its vehicles with 1.6- and 2.0-litre diesel engines are "affected by the manipulations that are being talked about."
 
The company's Jetta, Beetle, Golf and Audi A3 models in the US from 2009 to 2015, and the Passat from 2014-15, were fitted with the devices which produced doctored results. 
 
Several countries around the world and Europe have started their own inquiry to find out whether the fudging practice also took place there.
 
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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Compulsory report on annual general meetings within 48 hours: SEBI
Market regulator SEBI on Wednesday said companies need to make disclosures to stock exchanges within 48 hours about the number of shareholders attending its annual general or special meeting as well as the mode of voting in the prescribed format.
 
Effective from December 1 this year, the Securities and Exchange Board of India has prescribed this in a circular.
 
"The listed entity shall submit to the stock exchange, within 48 hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board," the circular said.
 
In separate circulars, SEBI has also listed the format which the companies need to follow to make such disclosures as well as present the business responsibility report.
 
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

Dipakkumar J Shah

1 year ago

I think there is material mistaken in reporting. Shareholders are not entitled to attend and also vote at Board Meeting?Please clarify , correction and correctly.
Shah D J

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