The Institute of Chartered Accountants of India has written to 150 firms seeking information on various issues including agreement or contract for usage of names of multinational entities
Against the backdrop of the multi-crore Satyam fraud, the Institute of Chartered Accountants of India (ICAI) has sought information from 150 chartered accountant firms, including MNCs, to see whether they circumvented laws while providing auditing services in the country, reports PTI.
ICAI has written to 150 firms seeking information on various issues including agreement or contract for usage of names of multinational entities, corporate affairs minister Salman Khurshid said in the Lok Sabha.
On the Satyam scam, he said that ICAI has constituted a fact-finding committee to look into the entire gamut of financial reporting, accounting, auditing aspects and suggest changes wherever required for the purpose of making appropriate recommendations to government, market watchdog SEBI and other regulators.
“The fact-finding process is on and once the committee submits its report to the ministry, we shall take appropriate steps,” the minister said.
ICAI wanted to know the arrangement for sharing of fees/profit with other Indian CA firms with similar/identical names and with the multinational entities.
Mr Khurshid said that the multinational firms came here through an automatic route under the FDI guidelines. “We are collecting the information and once it is collected we shall analyse it,” he said.
He informed the House that out of 150 firms, 76 had submitted their documents while others have yet to do so.
In the past few months, NHAI projects in Maharashtra have gained momentum. Work on the arterial Pune-Satara project will begin soon
Work on the six-lane Pune-Satara highway project, for which bids were invited in November 2008, is likely to start from next month. Moneylife had earlier reported (http://www.moneylife.in/article/8/4485.html) that work on the long-pending Mumbai-Vadodara Expressway was likely to start soon.
“The work on the Pune-Satara highway will start next month. The project would be completed in the next two-and-a-half years,” said RPN Singh, minister of state, ministry of road transport and highways. Mr Singh had been on a visit to Maharashtra last week, and was satisfied on the progress of various road projects in the State. The Pune-Satara project is scheduled to be completed by July 2012.
The existing four-lane Pune-Satara highway is being converted into a six-lane route. The project was awarded to Reliance Infrastructure Ltd through competitive bidding in December 2009. It would be executed on a Design, Build, Finance, Operate and Transfer basis with a concession period of 24 years, including the construction period.
The project is part of National Highway Authority of India’s (NHAI’s) National Highways Development Programme (Phase V), with an estimated cost of Rs1,725 crore. The company will invest in the laying of six lanes and the maintenance of the 140-km stretch on the Pune-Satara section.
The bidding process for various other road projects is underway.
Passengers are supposed to get clean and fresh air during a fight. So why is the air we breathe onboard airplanes so bad?
In the first part of this series, Moneylife gave you a layperson’s view of the various issues surrounding the air we breathe onboard commercial airliners, and asked for responses. In the second part, we now move forward, bringing some technical and legal aspects onboard.
But first, one more simple statement—the new Boeing 787 ‘Dreamliner’ will feature advanced ‘no-bleed’ fresh air systems onboard for cabin air. This is making waves, because it not only promises to provide clean and fresh air onboard, but also tacitly admits that air supplied on its passenger aircraft in the past few decades was not up to the mark.
Please take time out to read the submission by Boeing to the British Parliament on the subject, here:
“Ozone converters for outside air are basic equipment on the Boeing 777 and 747-400 Freighter aircraft, and are optional equipment on the Boeing 737 and 747-400 Passenger aircraft.”
“Maximum cabin pressure altitude will be set at 6,000 ft on the Boeing 787. Research at the Oklahoma State University Center for Health Services demonstrated a reduction in cerebral/respiratory symptoms and muscular discomfort after three-five hours of exposure to a pressure altitude of 6,000 ft compared with exposure to a pressure altitude of 8,000 ft.”
“The Boeing 787 will have a ‘no-bleed’ architecture for the outside air supply to the cabin. This architecture eliminates the risk of engine oil decomposition products from being introduced in the cabin supply air in the rare event of a failed engine compressor seal. In addition, this architecture improves fuel efficiency, thus reducing fuel burn and associated engine emissions.”
And also, Boeing documents on the subject, as well as just one media report in The Telegraph, see here, here and here.
“On its new Dreamliner, Boeing is to pump fresh cabin air from a separate source (away from the engines) for the first time since the Fifties. This had previously been deemed too expensive.”
“Earlier this year, undercover investigators claimed to have found high levels of a dangerous toxin on several planes using the bleed-air system. Of 31 swab samples taken secretly from the aircraft cabins of popular airlines, 28 were found to contain high levels of tricresyl phosphate (TCP), an organophosphate contained in modern jet oil as an anti-wear additive, which can lead to drowsiness, respiratory problems and neurological illnesses.”
If all these, and more, are not an admission that something is very wrong with the existing system of providing air inside the cabin on an aircraft for passengers to breathe, then what else is?
Please view this in the Indian context, where repeated attempts to contact the ministry of civil aviation on the subject, as well as internal queries on the subject through contacts in the aviation business, bring out the startling fact that there is absolutely no data with the Indian government on this subject—the best they can offer is manufacturer’s data which totally ignores the issue of toxic air onboard.
In other words, there is currently no regulation with the Indian government about the quality of air that you will breathe onboard an aircraft in the Indian skies.
(Barring, it is possible, for the specific new Boeing 737-700 Business Jet Aircraft bought specifically for the Indian Air Force’s VIP ‘Communications’ (Pegasus) Squadron, which may have been fitted out with advanced pure air systems).
But that’s not all. There are now some court judgements, backed by solid technical research, on the subject.
(This is the second part of a three-part series)