Companies & Sectors
Nestle India asks why fresh tests on Maggi
Nestle India on Thursday asked the apex consumer court why fresh tests were being ordered on Maggi noodles on food safety when a similar exercise has already been conducted as per directions of the Bombay High Court.
 
The matter came up before the National Consumer Disputes Redressal Commission, which heard it for nearly three hours.
 
The bench of Justice V.K. Jain and Justice B.C. Gupta was hearing a class action suit filed against Nestle India.
 
It said the commission would hear the application again on October 15 with regard to fresh tests on Maggi samples.
 
"We are waiting for the results of the samples from three government-recommended laboratories as it was ordered by the high court. As such what is the need of parallel tests," Nestle's attorney asked about the suit filed by the consumer affairs ministry for alleged unfair trade practices by Nestle.
 
Nestle's attorney said sampling should not be done to devalue the larger bench.
 
Apprehensions about the samples being tampered with cannot be ruled out as they were not recommended either by the FSSAI officials or the consumer directly, the counsel said.
 
On the issue of monosodium glutamate (MSG), the attorney said MSG was permitted for seasoning in noodles and since the product was not meant for children below 12 months of age, mentioning "No added MSG" on the packet was not mandatory.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

COMMENTS

Mahesh S Bhatt

1 year ago

Sad Country India.

Volkswagen's CEO resigned within a week of Emission finding flaw in USA Volkswagen Diesel car.

Welcome to India Prahlad Khakhar AD-MAD MAN protect Nestle clients challenging our systems.

Second Government of India transfers FSSAI DG.

Media confuses by comments from unwarranted experts.

Ram Vilas Paswan/Modi silent.

Why will honesty survive in corrupt India when our systems fail us.

When Terrorists is hanged our Media raises Human Rights issues of Convict but FORGETS HUMAN WHO LOST THEIR RIGHTS TO LIVE BY TERROR ATTACKS.

LETS CHANGE.

Mahesh Bhatt

Candle soot could power electric car batteries: Indian researchers
Burning a candle could be all that it takes to make an inexpensive but powerful electric car battery, researchers from the Indian Institute of Technology in Hyderabad have found.
 
The research revealed that candle soot could be used to power the kind of lithium-ion battery that is used in plug-in hybrid electric cars.
 
"We are very excited about the results. This new approach is very easy and the costs involved are minimal -- it would make battery production cheaper," said Chandra Sharma, one of the study authors.
 
Sharma estimated that one hybrid car would need ten kg of carbon soot, which would be deposited in about an hour using candles.
 
Their discovery opens up the possibilities of using carbon in more powerful batteries, driving down the cost of portable power.
 
Lithium-ion batteries power many devices, from smartphones and digital cameras all the way up to cars and even aircraft. 
 
The batteries work by having two electrically-charged materials suspended in a liquid to produce a current. 
 
Carbon is used as one of those materials in smaller batteries, but for bigger, more powerful batteries -- such as those used in electric cars -- carbon is not suitable because of its structure, which cannot produce the required current density.
 
In the new study, Sharma and Manohar Kakunuri found that because of the shape and configuration of the tiny carbon nanoparticles, the carbon in candle soot is suitable for use in bigger batteries. 
 
What is more, because the soot could be produced quickly and easily, it is a scalable approach to making batteries.
 
When a candle burns, it gives off clouds of black soot made of carbon. 
 
The researchers looked at the soot collected from the tip of a candle flame and from the middle of the flame and compared the size, shape and structure of the carbon. 
 
The results showed that the burning process forms nanoparticles of carbon that are 30-40 nanometres across and are joined together in an interconnected network. 
 
They also found that the soot recovered from the tip of a candle flame, which burns at 1400 degrees Celsius, has fewer impurities like wax, making it perform better as an electrical conductor.
 
In tests, the researchers found the soot effective as a conducting material in a battery. 
 
The researchers now plan to develop a candle soot battery to test the technology further. 
 
The findings appeared in the journal Electrochimica Acta.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

NSEL Scam: Brokers may get away scot-free as SEBI too is not interested in probe
Minutes of one of the last FMC meetings note rampant client code modifications by NSEL brokers “who may have indulged in manipulation in order to evade taxes, which needs to be probed into”
 
Market regulator Securities and Exchange Board of India (SEBI), which merged the Forward Markets Commission (FMC) with itself, has reportedly told the Finance Ministry it will not do any new investigation into the National Spot Exchange (NSEL) scam. This stand by regulators may allow the brokers, alleged by NSEL to be involved in the Rs5,600 crore scam, to get away scot free.
 
A report from Business Standard , says, "Its (SEBI's) stand could dash NSEL investors’ hope that the merger would give a renewed push for a probe. FMC, due to lack of authority to inspect and investigate brokers, had sought reports from the Central Bureau of Investigation (CBI) and the Mumbai Police’s economic offences wing (EOW). It had been unable to procure these reports. SEBI has decided on a similar approach, that instead of conducting its own probe, it would seek reports from CBI and EOW."
 
However, there is no word on some other allegations noted by FMC in its meeting on 17 September 2015. The notes (seen by Moneylife) states: "...Since one of the allegations against those brokers of NSEL is rampant UCC modification and thus there is suspicion/ likelihood that the brokers of NSEL have indulged in manipulation in order to evade taxes, which needs to be probed into. Since NSEL has ceased to co-operate and comply with the directions of FMC, the Income Tax Department may be informed so that a probe/enquiry is conducted in to the matter and appraised to the Commission." UCC stands for unique client code.
 
FMC meeting notes on 31 July 2015 mention that NSEL had also issued a circular under the Bye Laws allowing client code modification for client trades within 10 minutes after trading hours mainly for correcting punching errors. "This facility was misused by certain members to indulge in large scale client code modifications for market capturing practice as found through the EOW Mumbai Police investigation. In addition, the NSEL became aware of several gross violations of its Rules and Bye-Laws by the members pertaining to their dealing with clients when the EOW Mumbai Police registered complaints against the brokers."
 
These notes also refers to a letter sent by NSEL to these members for conducting an inspection of their operations, books of account and records as per Bye Laws of the Exchange. However, the notes, say, "…as many of the members refused such inspection of their records, we could not make much progress. It may be noted that these members have not been co-operating with the Exchange in providing data information since December 2014."
 
Expressing surprises about NSEL's suggestion that the Exchange came to know about the wrongdoings of its members only when EOW registered complaints against the brokers, the FMC is it looks difficult to accept. "....the fact that there have been findings in the Grant Thornton Report that NSEL had colluded with its brokers to sell its structured contracts to increase volumes, besides NSEL being an unregulated entity, which had complete control over its members, it was its duty to inspect the trading transactions of its members to find out about the CCMs and other wrongdoings during the course of trading," the FMC noted.
 
NSEL had made allegations against five brokerages, Anand Rathi Commodities Ltd, Geofin Comtrade Ltd, India Infoline Commodities Ltd, Motilal Oswal Commodities Pvt Ltd and Philip Commodities India Pvt Ltd.
 
The EOW, which was conducting an investigation against all the brokers to identify the role played by broking houses in the NSEL settlement crisis, sent a letter on 14 April 2015 seeking help from FMC. The letter states, "... since it is only taking cognizance of criminality under the provisions of Indian Penal Code (IPC) in this matter, Commission's intervention is required as far as violation of Code of Conduct or licensing terms of the brokers are concerned."
 
In a separate note, the FMC has clarified that NSEL was never under its regulatory purview. "In view of the exemption granted to NSEL u/s 27 of Forward Contracts Regulation Act (FCRA), NSEL was operating outside the regulatory purview of FMC under its own Rules & Bye-laws and there is no code of conduct or licensing terms for members of Spot Exchanges issued by the Commission," it stated.
 
According to the news report, the Rs5,600 crore settlement crisis that started in 2013 has resulted in 13,000 investors struggling to get their dues and the Department of Economic Affairs had in a letter on 21 September 2015 asked SEBI to address the investors’ grievances.

User

COMMENTS

Aruna Guleria

4 months ago

I file complaint in district consumer forum Delhi.

Aruna Guleria

4 months ago

I file complaint in district consumer forum Delhi.

Ravindra Shetye

1 year ago

Since the whole exercise by brokers was to evade Income Tax for their clients, Enforcement Directorate, ED, as well as other Finance Ministry officials must get involved to go to the ROOTS of this SCANDAL. SEBI, after Mr. Bhave's forced departure is in the hands of the unscrupulous Brokers, Traders and COMPANIES.

Mahesh S Bhatt

1 year ago

Sir Great Indian Corrupt Comedy Circus.

One of the blatant system design flaw may be conscious is How can Futures trading Company not have its warehouses not linked to the exchange contracts via an Inventory Management systems.

Our then Agricultural Minister's Secretary ensured that gap should remain.

Result losses.

Mahesh

R Balakrishnan

1 year ago

And the foolish people who lost money were all boasting that once Modi is in power, he will help them to recover the money. Amazing folks who invested money without thinking. The richer you are, the more gullible they are.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

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)