NCP threatens to pull out from UPA government

The Sharad Pawar led party also indicated that any pull out in Delhi could have a cascading effect on the coalition in Maharashtra 

New Delhi: Upping the ante, sulking Nationalist Congress Party (NCP) on Tuesday warned the Congress that if its demands like coordination committee for United Progressive Alliance (UPA) coalition and better treatment of allies were not resolved by tomorrow it would pull out from the government, reports PTI.
The party led by Sharad Pawar has also indicated that any pull out in Delhi could have a cascading effect on the coalition in Maharashtra as the state leaders favour exiting the Congress-led ministry. The NCP has been in coalition with the Congress in Maharashtra government for the last 13 years.
An NCP leader, who declined to be identified, said that non-Congress constituents in the UPA have been sympathetic to the demands raised by it and the party was also in touch with the supporting parties of the UPA coalition.
He also said that Congress has held no backchannel talks so far with it on the issues raised by Pawar in his letter to Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi.
"We are a responsible party and it would not behove the stature of a leader like Pawar to be absent at two successive Cabinet meetings," he said, suggesting that Pawar would rather like to end the suspense on his resignation.
"Therefore our deadline ends tomorrow", he said ahead of Thursday's meeting of the Cabinet.
Pawar and his party colleague Praful Patel had kept away from the Cabinet meeting last week expressing their desire to quit for building their party.
Patel has strongly refuted speculation that the NCP was putting on Congress with an eye for No 2 slot for Pawar in the Cabinet.
"The issues raised by the NCP were for better coordination and all the other UPA constituents were "sympathetic", the leader claimed.


Competition Commission announces leniency for those giving information on cartels

The Competition Commission said leniency will be shown to those companies and individuals coming out with information on cartels and anti-competitive agreements while protecting their identification 

New Delhi: Encouraged by the general response on its Rs6,300-crore penalty in the cement cartel case, the Competition Commission of India (CCI) on Tuesday said leniency will be shown to those companies and individuals coming out with information on cartels and anti-competitive agreements, reports PTI.
"It is right time that we reach out to people and encourage them to come out with information on more cartels," said Ashok Chawla, Chairman, CCI.
Pointing out the Competition Act provides for 'leniency programme' for those who help CCI tackle the 'pernicious practise of cartelisation', Chawla said: 'nobody has used it so far'.
Just last month, the CCI slapped a hefty Rs6,307-crore penalty on 11 cement companies, including ACC, Ambuja Cements, Ultratech and Jaiprakash Associates for price cartelisation. The fine was fixed at 50% of their profit during 2009-10 and 2010-11.
While the order drew flak from cement companies, which plan to appeal before the Competition Appellate Tribunal (COMPAT), the CCI has largely been welcomed for the bold step.
In an advertisement in major newspapers today, the CCI announced a leniency programme 'for enterprises/individuals who disclose their role in a cartel and co-operate with subsequent investigations'.
CCI also assured the identification as well as information obtained would be kept confidential.
"In the advanced jurisdictions, cartels are prosecuted based on evidence obtained through leniency provisions... evidence of meetings, phone calls, and other mechanisms."
"...Exchanging information is more substantial than relying on economic and circumstantial evidence..A whistle blower can provide documented evidence," said Ram Tamara, Director, Nathan Economic Consulting India.
He added that in the case of the European paraffin wax cartel, five wax producers had applied for leniency and provided details on cartel meetings and other communications.
As a result, he said, the European Commission got evidence enough to establish that a cartel operated for over 10 years.
Senior advocate and competition law expert OP Dua said "The CCI needs to device guidelines for the the leniency programme on the lines of  OECD's guidelines on fighting cartels and leniency programmes".
The CCI, which became fully functional in May 2009, is empowered by an Act of Parliament to take up cases relating to violation of section 3 and and 4 of the Competition Act, pertaining to anti-competitive agreement and abuse of dominant market position, respectively.



Nem Chandra Singhal

4 years ago

It may turned out another babu office who may put restrictions in free trade in India.
Nem Chandra Singhal

Eicher to enter personal vehicle segment; forms JV with Polaris

Eicher and Polaris said their 50:50 JV would roll out personal vehicles by 2015 in the domestic and overseas market


New Delhi: Commercial vehicle maker Eicher Motors on Tuesday announced its entry into the personal vehicle segment by tying up with the US-based Polaris Industries to form an equal joint venture. The company would invest Rs250 crore in the JV over next three years to set up a manufacturing facility, reports PTI.


The JV is currently exploring a location in India to set up the plant to roll out "personal vehicles" by 2015 for the domestic as well as overseas markets.


"Currently, we are present in the commercial vehicle and motorcycle categories. The collaboration with Polaris Industries will allow us to enter into a new vehicle segment," Eicher Motors Managing Director and CEO Siddhartha Lal said in a statement.


As per of a definitive agreement, both the firms have formed a 50:50 joint venture to set up a green-field project in the automotive sector.


"The joint venture company will design, develop, manufacture and sell a full new range of personal vehicles suitable for India and other emerging markets," Eicher Motors said without sharing other details.


The manufacturing facility will be located in India and the JV partners are currently evaluating locations to set up the plant, which is expected to start production in 2015, it added.


"The overall investment in the joint venture company over a three year period will be approximately Rs250 crore. The projected financial outcomes from this venture meet the long term financial expectations of both the companies," the statement said.


According to the agreement, the JV will be governed by a board with equal representation from both the companies.


"At Eicher Motors, we are committed to exploring and pursuing opportunities for long-term profitable growth and value creation for our stakeholders. This JV with Polaris is a strategic initiative towards that direction," Lal said.


The JV will bring together Eicher's expertise in frugal engineering, lean business model and understanding of emerging markets along with product development capabilities and reliability of Polaris, he added.


Commenting on the partnership, Polaris Industries Chief Executive Officer Scott W Wine said: "This agreement reinforces Polaris' position as a global leader, instantly expanding our presence in India and our access to additional emerging markets around the globe."


The JV will provide both the firms opportunities to develop new products and realise global growth, he added.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)