Citizens' Issues
Lack of clarity in law to act against political hierarchy: CVC

Srikumar said the CVC can regulate its own procedure as per the Act but on taking action against the political hierarchy, or the higher echelons in the executive and taking up suo motu inquiries, it require more clarity in the law

 
New Delhi: The Central Vigilance Commission (CVC) has sought 'more clarity' in a legislation governing its mandate in probing complaints of corruption against politicians or civil servants, reports PTI.
 
Central Vigilance Commissioner R Srikumar also said there was no uniformity across the states on the issue of handing over complaints to the Central Bureau of Investigation (CBI) for probe in corruption cases.
 
"The Central Vigilance Commission can regulate its own procedure as per the CVC Act but on taking action against the political hierarchy, or the higher echelons in the executive and taking up suo motu inquiries, more clarity is required in law," he told PTI.
 
The CVC, which was set up in 1964, acts as a statutory body to check graft and advise central government on anti-graft related matters.
 
The anti-corruption watchdog functions through Central Vigilance Commission Act, 2003 which empowers the CVC to take action against central government officials in cases coming under Prevention of Corruption Act.
 
"There is no uniformity across the States for the CBI to take up cases; the State Government has the power to withdraw its consent and concurrence and this has often occurred in the past--Karnataka, the State where I served as DGP, being one such example," he said without elaborating.
 
It is pertinent to mention that the Madhya Pradesh government, through a Gazette notification, has recently barred CBI from probing IAS, IPS and Indian Forest Service officers of the state cadre working in the state on corruption and other criminal charges against them. .
 
Srikumar also wanted a road-map to be laid out to strengthen the existing mechanism to fight corruption.
 
"Everywhere there is talk of corruption. I mean, everywhere, everyone is seriously talking today about corruption and there is also talk on how to effectively tackle the menace of corruption.
 
"We also need to arrive at a consensus and lay down a road map for strengthening the existing institutions and meet the growing public expectations and demands for quickly nailing the corrupt without any fear or favour," he said.
 
Srikumar, a former IPS officer, said that besides legislative hurdles, the anti-corruption and investigating agencies were also facing manpower crunch.
 
He said the agencies were facing resource crunch, both in terms of skilled manpower and in terms of financial allocations, for introduction of technology and upgrading the skills of the investigators.
 
The Vigilance Commissioner said there was a need to address the difficulties in bringing about the necessary reforms that can win the confidence of the public to march ahead towards the stated objective of zero tolerance towards corruption.
 
"Agencies such as FBI, Scotland Yard, anti-corruption institutions in Hong Kong and Singapore are highly respected in their respective societies and have a lead role in fighting corruption--on the punitive and preventive side as well as to address proactive and predictive sides of corruption handling measures.
 
"Citizen participation in these countries is more organised and brings better results," he said, seeking greater participation from public to root out corruption.
 

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COMMENTS

Dayananda Kamath k

5 years ago

but shehan himself failed in doing his duty by postponing the election of all the constituency when rajiv gnadhi was killed instead of only the constituency from where rajiv gandhi is contesting that paved the way for congress to reemerge and destroy this economy by their indiginious laws.

nagesh kini

5 years ago

What is the 'clarity' the CVC is talking about?
Mr. Seshan could bulldoze his way through to kick in the much required electrol reforms. Except for a few hiccups, neither the government or the courts could come in his way and now the EC is going hammer and tong.
The CVC needs to be more proactive go the whole hog.
He needs to come out with what
exactly he means.
Surely the aam janata and opposition parties will bring in pressure to bear on the parliament - leaving them no choice.
Be bold and specific Mr.CVC.We don't want PJ Thomases there!

Wim Plast reports solid quarter; net profit jumps 33%

Wim Plast, a company that manufactures moulded furniture, reported steady sales and a 33% jump in net profit due to increased other income

 
Wim Plast, a consumer consumable company that manufactures moulded plastic chairs, has reported solid results for the quarter ended 30 September 2012. Wim Plast’s net sales were reported to be higher by 28% year on year (y-o-y) to Rs58.53 crore. Operating profit for the period between June 2012 and September 2012 grew 20% y-o-y to Rs9.92 crore while net profit jumped 33% to Rs6.89 crore. This was mainly helped by other income which was 340% higher y-o-y at Rs1.29 crore from Rs29.35 lakh.
 
Read more about other company results here.
 
This company isn’t tracked by many analysts. However, a closer look into its numbers revealed some interesting facts. For instance, our Moneylife database showed that it has never reported either declining net sales or declining operating profit in the last three years, showing that the company has been growing, albeit at a very steady rate in the last three years. Even though, for the latest quarter, both net sales and operating profit grew less than their respective three-quarter averages, it grew at double digits in a challenging economic environment. In fact, net profit grew at a much higher rate than both net sales and operating profit. Despite years of steady performance, its valuation remains cheap with its market capitalization quoting at over five times operating profit while its return on equity (ROE) remains impressive at 26%. 
 
Last year Wim Plast opted for a series of strategic expansion projects across the country where it setup three new manufacturing units at Chennai, Haridwar and Daman with added capacities and range of products. A total amount of Rs28.84 crore was invested in these projects. Another project, a manufacturing unit of plastic moulded furniture at Kolkata, is in process. Other than moulded furniture, it manufactures bubble guard and flute board sheets which have applications in packaging, advertising and construction. 
 
Wim Plast stock price at time of writing this piece stood at Rs380, up 38% since we recommended it.
 
Read more about Wim Plast here.
 

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Government approves disinvestment of 10% stake in HAL

 

CCEA approved divestment of 10% stake in Hindustan Aeronautics out of its 100% holding through an IPO
 
New Delhi: A proposal for disinvestment of 10% of government equity in the country's only state-owned aerospace firm Hindustan Aeronautics Ltd (HAL) was approved by the Union Cabinet on Thursday, reports PTI.
 
"The Cabinet Committee on Economic Affairs (CCEA) has approved divestment of 10% equity in HAL out of its holding on 100% through an initial public offering (IPO) in the domestic market as per the SEBI rules and regulations," an official statement said.
 
Addressing the media on the issue, Finance Minister P Chidambaram said it would be basically an IPO and for this purpose, a restructuring of the HAL board will have to be done. He said the IPO would be issued only in the next fiscal only.
 
The statement said paid up equity of the so far-unlisted company on 31st March this year was Rs120.50 crore.
 
The disinvestment was been mooted before the CCEA amid government's plans to modernise the company for which Rs20,000 crore would be required over next five years.
 
The government had set up expert groups under former Cabinet Secretary BK Chaturvedi for the restructuring of HAL and is awaiting its report for suggesting measures for strengthening it.
 
HAL is at present handling key projects for the Indian armed forces such as the development of Tejas light combat aircraft, Dhruv advanced light helicopters, indigenous production of Russian-origin Su-30MKI fighter planes.
 
It is preparing to handle future projects such as the indigenous production of medium multi-role combat aircraft (MMRCA) and fifth-generation fighter aircraft (FGFA), light utility helicopters and multi-role transport aircraft (MTA).
 

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