Insurance companies try and avoid selling a pure term policy as the commissions are very low...
The CIC expressed shock after learning that there was no record of an important note sent by the municipal commissioner of MCD to the chief secretary. This is the 112th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application
The Central Information Commission (CIC), while allowing an appeal, directed the Public Information Officer (PIO) and additional deputy commissioner (HQ) at the Municipal Corporation of Delhi (MCD) to provide copy of the particular note, asked by the appellant or obtain a certificate from the municipal commissioner stating no copies of notes and letters are kept.
While giving this judgement on 27 August 2009, Shailesh Gandhi, the then Central Information Commissioner, said, “It is a shocking matter if no record is being kept of the note and other letters sent by the municipal commissioner of Delhi on important matters. If this was true, then the MCD should state this on its website.”
Delhi resident HB Sharma, on 31 December 2008, sought information about appointment of Chief Vigilance Officer and other Vigilance staff in MCD from the Public Information Officer (PIO). Here is the information he sought under the RTI Act...
Request a copy of Commissioner/ MCD' Note bearing No.PSC/289/2007 dated 25 May 2007, on the subject of appointment of Chief Vigilance Officer and other Vigilance staff in the Municipal Corporation of Delhi.
In his reply, the PIO stated, ""As per the Dak register the copy of the note, as aforesaid (in RTI application), is not available on record."
PIO also stated that the information had also been sought vide appellant's RTI application dated 29 September 2008 and reply was given to him vide letter date 27 October 2008 by that office.
Not satisfied with this reply, Sharma filed his first appeal. In the appeal, he stated that reply of PIO was refusal of the Information. He also mentioned that CED had already supplied to appellant the copy of chief secretary's DO letter under reference.
In his order, the First Appellate Authority (FAA) directed the PIO to make afresh attempt to trace the record and make available required information to the appellant within fifteen days.
Since Sharma did not receive any information from the PIO, he approached the CIC. In his second appeal he stated the record which was only about one year old at the time of initial application for information and by now which had not completed two years' period had not been given to him.
During the hearing before Mr Gandhi, the then CIC, the PIO stated that a fairly important letter sent by the municipal commissioner to the Chief Secretary (no. PSC/289/2007 dated 25 May 2007) on the subject of appointment of chief vigilance officer and other vigilance staff in MCD was not anywhere on record.
Mr Gandhi noted that the chief secretary also replied to this and it appeared to be the basis of certain important actions in the MCD.
The PIO also showed the order passed by SC Kohli, the FAA and secretary to the commissioner. The FAA, in his order had stated, "The PIO, i.e. additional deputy commissioner (HQ) informed that the commissioner vide aforesaid diary no. had sent a note to the chief secretary and as per normal practice the copy of the note is not kept in record. However, the ADC (HQ)/ PIO is hereby asked to make fresh attempt to trace the record and make available required information to the appellant within fifteen days."
The CIC noted that a letter had been sent to the appellant by an unnamed ADC(HQ) on 24 April 2009 which stated "as per dak register the copy of the note is not available in the Commissioner's office record."
While allowing the appeal, the Commission directed Rajesh Prakash, the PIO, to give a copy of this note to Sharma or obtain a certificate from the MCD commissioner stating that no copies of letters and notes sent by the commissioner are kept.
CENTRAL INFORMATION COMMISSION
Decision No. CIC/SG/A/2009/001650/4586
Appeal No. CIC/SG/A/2009/001650
Appellant : HB Sharma,
Respondent : UV Tripathi
Public Information Officer, Municipal Corporation of India,
Office of the Addl. Deputy Commissioner(HQ), Town Hall, Delhi
Shares of Apollo Tyres tumbled due to debt worries over the company's plan to buy US-based Cooper Tire for Rs14,500 crore in an all cash deal
Apollo Tyres Ltd shares tumbled 21% on Thursday, its lowest in past 18 months following the company announcement of buying US-based Cooper Tire & Rubber Co, a company listed on the New York Stock Exchange, for $2.5 billion or about Rs14,500 crore cash.
At 12.30pm, Apollo Tyres was trading 21.1% down at Rs72.55 after hitting a 52-week low of Rs72.3 in morning trading on the BSE. The benchmark Sensex was 1.2% down at 18810.
Apollo said it will be funding the acquisition through its holding company in Netherlands and in Mauritius. This acquisition would be funded through 7-8 year bonds.
According to a report from Goldman Sachs, Apollo's net debt-to-equity ratio would rise even though Cooper would service a significant portion of the additional debt the Indian company would take to finance the deal.
The combined company will be the seventh-largest tyre company in the world and will have a strong presence in high-growth end-markets across four continents.
Cooper will give access to the North American market as well as China market to Apollo thereby fitting into the Indian company’s strategy of being a global player that have presence in Europe and Africa.
Cooper is the 11th largest tyre company in the world by revenue and supplies premium and mid-tier tyres worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon.
Cooper Tire & Rubber company is mainly into Passenger Cars and Light Trucks with a total capacity of 53 million tyres. Majority of its sales comes through the replacement market. North America accounts for 70% of its top-line whereas China accounts for 20% and Europe accounts for 7%.