Jones Lang LaSalle India launches corporate finance division

JLL Corporate Finance will address the requirements of corporates which are not in the business of real estate to make informed decisions about acquiring, disposing of or optimally utilising their existing real estate assets

Jones Lang LaSalle India, the country's largest international property consultancy, has launched an exclusive corporate finance division. JLL Corporate Finance will address the requirements of corporates which are not in the business of real estate to make informed decisions about acquiring, disposing of or optimally utilising their existing real estate assets while enhancing shareholder value.

 "This division has been established specifically to service companies that are not into the real estate business and yet have real estate holdings, be they leased or owned," says Ambar Maheshwari, managing director-corporate finance, Jones Lang LaSalle India. Every business is functionally into real estate, but not every business has the expertise required to make sound business decisions about its estate holdings.

Anuj Puri, chairman & country head, Jones Lang LaSalle India, says, "JLL Corporate Finance will assist corporates to make informed decisions about acquiring, disposing of or optimally utilising their real estate, regardless of whether they occupy it or have acquired it purely from an investment perspective."

Depending on market dynamics, geographic specifics and the business typology, buying or selling a land parcel may not be the best possible option for a corporate - even if the real estate market is on an apparent upswing. Based on a professional analysis of the corporate's real estate portfolio, an expert advisory can come up with the best solutions which may be a joint venture, a strategic partnership with a developer or occupier, or conversion into a full-fledged income-generating asset via sale/lease-back transaction.  

When it comes to such focused services, there is currently a huge gap between what is required and what is being offered on the marketplace. While IPCs already service a large variety of stakeholders in the market, these stakeholders tend to primarily consist of real estate developers and occupiers. Advisory entities that currently service corporates who are not into real estate are accounting firms, investment banks and boutique financial players. Such entities generally advise corporates on various shareholder-related issues-and while real estate may be one of the advisory aspects, they are invariably ill-equipped to offer expertise-based insights into this area.

"Considering that optimal value creation for shareholders is a key concern for large companies, and that real estate is an extremely significant asset class, this aspect needs to be addressed by experts and not via proxy by non-specialist agencies," says Mr Maheshwari.

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TRAI issues directive to operators for providing VAS to users

As per TRAI's latest directive, the service provider shall obtain confirmation from the consumer within 24 hours of activation of the VAS. Further, every service provider shall, at least three days before the due date of renewal of a subscribed VAS, inform the consumer through SMS

New Delhi: In a bid to protect the interest of consumers, the Telecom Regulatory Authority of India (TRAI) today issued directives to service providers on the procedure for providing value-added services (VAS) to users, reports PTI.

"...the service provider shall obtain confirmation from the consumer through SMS or e-mail or fax or in writing within 24 hours of activation of the VAS.

"He should charge the consumer only if the confirmation is received from him for such value-added service and shall discontinue if no confirmation is received," TRAI said in a statement.

Further, every service provider shall, at least three days before the due date of renewal of a subscribed value-added service, inform the consumer through SMS.

If there is insufficient balance in the pre-paid account of a consumer at the time of renewal of subscription to a value added service, the service provider shall send a request, through SMS.

Last year, TRAI had floated a paper seeking comments from telecom operators on measures for protecting consumers' interest and redressal of customer grievances.

The consultation paper aimed to strengthen the regulatory framework and provide adequate protection to telecom consumers.

TRAI had convened a meeting of the chief executives of different telecom service providers and consumer advocacy groups relating to telecom consumer protection and redressal of consumer grievances.

The telecom regulator had said while the authority has brought out regulations on quality of service, grievances redressal and telecom consumer protection, it was a constant endeavour to revisit the redressal mechanism to further benefit the consumers.

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Kiran Bedi: Lokpal Bill drafted by the government is like the Lokayukta; it is powerless

Kiran Bedi, a member of Anna Hazare’s team, explains the differences with the government over the Lokpal Bill, saying it is ineffective to deal with the problem

Kiran Bedi has said that the Lokpal Bill is the first law to be drafted by people's participation and has been prepared with much research. Addressing a news conference called by the Mumbai Citizens Referendum of India Against Corruption at the weekend, Ms Bedi said this has happened in other countries, but this is the first time that it is happening in India. "This is unparalleled," she said.

Ms Bedi said 18 to 20 drafts of the Jan Lokpal Bill had been created from ideas and opinions of people that had been incorporated into the final draft.

Focusing on the differences between the drafts prepared by the Civil Society group and the government representatives on the drafting committee, she said that till today, laws were made by parliament and put up on their website. Many times these laws were passed by parliament without research due to a lack of time. "But the draft Jan Lokpal Bill has been worked out after a lot of research."

Ms Bedi drew attention to television channels flogging stories on crime and corruption, saying, "The Bill was drafted in an environment of corruption, when we were polluted by the CWG (Commonwealth Games), 2G spectrum and Adarsh scams."

In the Bill drafted by the government representatives, the prime minister and members of parliament are to be kept out of any cases of corruption, she said, and she pointed to the discussion on the country's nuclear power plans, when notes were distributed for votes and 11 members were suspended from parliament.

"The act of corruption was not taken cognizance of," she said, and insisted that any member who abuses his power should be treated like a normal citizen. "According to the government's bill, only group 'A' officers of the central government would be covered, when actually this is a central legislation that includes IPS and IAS.

According to the government Bill, only the deputy secretary and officers above would be covered. But, anyone below the rank of a deputy secretary who is involved in corruption is not covered by the law, but there is a Lokayukta for them." But Ms Bedi pointed out that the Lokpal Bill drafted by the Civil Society wanted all government officers to be covered under the ambit of the Bill for the benefit of the aam aadmi. Over four million government officers deal with the aam aadmi and bribery is a ritual, so all of them should be covered under the Lokpal, she said. "The people's bill gives you authority till the last person. If we are demanding this they say we are trying to dictate to the government," Ms Bedi said.

Giving the example of the Adarsh scam, Ms Bedi said, "The Adarsh scam should have been inquired into by the Lokayukta, but we have deliberately made a weak Lokayukta; this is just symbolism." Aside from Karnataka, none of the other 17 Lokayuktas in India have the right to inquire.

"The government created a Lokpal Bill, but made it like the Lokayukta which doesn't have powers to investigate or punish the accused, or put the accused on trial, or file an FIR. If a government official commits a crime the Lokpal doesn't have the power to punish him. Lokpal is just like Lokayukta, powerless. This time we caught the government and re-drafted it," she said.

Commenting on the Central Bureau of Investigation (CBI), the premiere investigating agency, that is responsible for filing an FIR, investigating and conducting the trial in court, and which operates under the government, Ms Bedi said, "The CBI was woken up by the Supreme Court in cases of scams. These cases were started by public interest petitions which were possible because of the RTI Act. The Supreme Court took cognizance of the corruption and sent notices to the CBI."

"We want the CBI to be an independent investigating agency," she said. Elaborating on this, she said, "India is bound to form an independent anti-corruption agency because it has signed the United Nations convention against corruption. But the government has kept the CBI out of it." She believed that it is an important omission. The government needs to answer why it has kept the CBI out. There will then be dual authorities and agencies, fighting over jurisdiction, as well as unnecessary expenditure."
 
Ms Bedi gave the example of the India Corruption Study 2010 released by the Centre for Media Studies conducted across 10,000 rural households, on services like hospitals, schools, rations and water supply. "About 95 per cent of the households who were asked to pay bribes ended up paying it. This brings out the grievance redressal system that continues to be poor and the lack of accountability of public service providers, despite all claims."

She also pointed out that under the Civil Society draft Bill donations given by people for noble causes will also be accounted for. "NGOs registered as well as unregistered are covered under the Jan Lokpal."

Judges have also not been covered under the government's draft Bill. "The chief justices themselves say that the judiciary is corrupt so why shouldn't they be covered under the Lokpal? Internal inquires are not carried out, forget reaching impeachment," she said.

She said that the government reasoned that judges would be brought under the judicial accountability bill, but that bill doesn't cover corruption it only covers 'misbehaviour'. But if a judge is found corrupt, three High Court judges would be appointed by the chief justice to look into the allegations. "But they are brother judges," Ms Bedia said. "It will become an internal matter. So we told them (government) to include them in the Lokpal. The Jan Lokpal has four judges, two politicians, three civil society members. This seven-member bench will investigate, but these judges are not brother judges."

Another major flaw in the government's bill, she pointed out was that it did not give protection to whistleblowers. The Jan Lokpal, however, takes care of this aspect to protect whistle blowers, to encourage reporting of corruption by government officials.

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COMMENTS

Arif

4 years ago

But In India before Elections Ministers/Politicians meet us ,ask us our problems and assures us so nicely that we think our hero has come to improve our society. But later it will be same story they never turn up again till next elections.They money sanctioned for us will be equally divided before it reaches us. Till now No one has given details on how much money is sanctioned and how of % is really used for development of society (we don't want how much ministers are used for self development). If this is only given then no required of any kind of Bills to implement. This makes transparency on development of our society.
But Lokpal bill has also some good points as said by Kiran Bediji highlighted above which will save Big scams before doing any minister will have fear of getting caught 100%(everyone has desire to earn more money but should not have desire of earning money from common man's wealth) which in turn makes India prouder that we are not corrupt in any case.

REPLY

Rajkumar Singh

In Reply to Arif 4 years ago

Do you know who will implement the Lokpal Bill,

and how will they go about it?

What are the pre-requisites required before initiating the said bill?

Arif

In Reply to Rajkumar Singh 4 years ago

No Please let us know will be helpful in gaining knowledge.

Rajkumar Singh

In Reply to Arif 4 years ago

If you do not know it, then how can you say that it is better than my solution?

I could make out that when you have not understood what I have said, still just to make a fun under the guise of gaining knowledge, you want to be tutored!


So, first read the nitty-gritty of the bill and answer my question.

Rajkumar Singh

4 years ago

I have a very simple and cheap solution to root out any type of
corruption.

If we are against any minister for his misdeeds or not delivering goods to the satisfaction of the people, who have democratically
elected that minister, the voters should be given the right also to deselect or reject that minister.

If such a Public Interest Bill is passed, not only the ministers, but also all the corrupted public servants will be taken to the tasks.

You will feel that by having this power, you don't require any other law than the RIGHT to elect and select the candidates for any election and to make it cheaper, we've to just organise a "Signature Campaign" for it.

No worry for expenses towards re-election and the advantage of having a disciplined minister who will have to dance to the tunes of the voters.

REPLY

Arif

In Reply to Rajkumar Singh 4 years ago

Hi Rajkumar,
But In India before Elections Ministers/Politicians meet us ,ask us our problems and assures us so nicely that we think our hero has come to improve our society. But later it will be same story they never turn up again till next elections.They money sanctioned for us will be equally divided before it reaches us. Till now No one has given details on how much money is sanctioned and how of % is really used for development of society (we don't want how much ministers are used for self development). If this is only given then no required of any kind of Bills to implement. This makes transparency on development of our society.
But Lokpal bill has also some good points as said by Kiran Bediji highlighted above which will save Big scams before doing any minister will have fear of getting caught 100%(everyone has desire to earn more money but should not have desire of earning money from common man's wealth) which in turn makes India prouder that we are not corrupt in any case.

Tintu

5 years ago

Lokpal is a media hype, media barons dictate , they make and break ruling class in this country. Lokpal is not made up of angels, they are the people of this country, corrupt like any other people of this country. Those who support lokpal should take the opportunity to come to power in the next election and do what they want.No body is there to stop them. Lokpal should also be responsible as a fifth estate as envisaged now.

RADHAKRISHNA SAHU

5 years ago

The root cause is our system of governance. We have all rules to work perfectly but without any specific mechanism to discredit the corrupt people. Take the case of private companies. They take stringent action against those involved in corruption. If they can survive without Vigilance Office why can not the govt. So need of the hour is to introspect and adopt policies which can be implemented to eliminate corruption. Our elected representatives shall take the responsibility of finding out the corrupt people and recommend their case to EGOM or to a high power committee for removal / dismissal. But for this to happen, our MP / MLA s will have to demonstrate honesty in public so that whole section of the public keeps faith in him. So he has to be transparent. I believe this is the need of the hour not any more bills. Reason:

If you enact new set of rules then also some public machinery will be used which is not effective at present. This is because people in general believe that our MP / MLAs or our system are corrupt or take part in corruption actively or passively. Hence the system has to change. Too much discretionary powers without accountability shall also be curtailed immediately of all functionaries of govt. If a work is delayed or positive response is denied then the official shall be held responsible to show convincing reasoning behind it to become transaparent.

REPLY

Arif

In Reply to RADHAKRISHNA SAHU 4 years ago

I agree with you

Pankaj Gupta

5 years ago

Not sure, how this honest , patriotic and hard working team will keep fighting the powerful Govt and industrial lobby. They are seasoned corrupts and devil minded people and have lots and lots at stake to let this bill pass. The Govt tune is clear. Something in me signals that only some miracle can help our fighters. I am pessimist now. May God help them....

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