Companies & Sectors
NHRC unveils “Code of Ethics” for India Inc

“It is required that companies strive for providing a safe, healthy, clean and ergonomic working environment for their employees and indirect workers,” NHRC said

New Delhi: Refraining from projects that would be detrimental to locals, respecting whistleblowers’ rights and allowing equal opportunities to qualified employees regardless of their caste or religion are among the “Code of Ethics” propagated by NHRC for Indian industry, reports PTI.

 

The NHRC came up with the 12-point code after a panel appointed by it submitted a study and said Indian industry's criteria for social and ethical aspects are yet to reach the desired level of sophistication.

 

“The agitation and the mass uproar surrounding the Lokpal movement suggest that there is need for creating accountable entities. This aspect should be incorporated in business ethics. “As per this tenet, companies must conform to trade procedures, including licensing, documentation and other necessary formalities, as applicable,” the study “Developing Code of Ethics for Indian Industry” said.

 

Noting that inclusion is one of the key deterrents to growth in the country, the study said, the first tenet to ethical behaviour has to be inclusiveness.

 

“All companies must refrain from undertaking projects or activities that would be detrimental to the wider interests of the communities in which they operate. This implies that companies should respect the local culture, customs and traditions in which they operate,” it said.

 

In a statement, NHRC said the Code of Ethics for Indian Industry strongly advocates for equal opportunities to all qualified employees, regardless of their race, caste, gender, religion etc for their inclusive growth and welfare.

 

“It is required that companies strive for providing a safe, healthy, clean and ergonomic working environment for their employees and indirect workers,” the Commission said.

 

The Code of Ethics was formulated after an exhaustive study based on data collected from 20 industries in diverse sectors, including Tata, Yes Bank and ITC.

 

“Code of Ethics emphasises upon the implementation of policies consistent with the laws, development of an atmosphere, wherein whistle-blowers’ rights are respected and employees are allowed to raise their concerns to the top management without fear and intimidation,” the Commission said.

 

It stressed that all forms of conflict of interest must be avoided.

 

“This tenet should be equally applied from the top-management to the workers. This would include award of benefits such as increase in salary or other remuneration, posting, promotion or recruitment of a relative of an employee,” it said.

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CCI nod to Rs2,460 crore stake sale in Gujarat Gas to GSPC

Competition Commission of India said that it has approved the proposed sale of stake in BG Group firm Gujarat Gas, as it is not likely to have an appreciable adverse impact on competition scenario

New Delhi: Fair trade regulator CCI said it has approved sale of 65.12% stake in Gujarat Gas Company by GSPC Distribution Networks, as the deal is unlikely to have any adverse impact on competition in the natural gas distribution market, reports PTI.

 

GSPC Distribution Networks is a wholly-owned subsidiary of GSPC Gas Company (GGCL), jointly promoted by Gujarat State Petroleum Corporation (GSPC) and Gujarat State Petronet (GSPL).

 

In an order released, Competition Commission of India (CCI) said that it has approved the proposed sale of stake in BG Group firm Gujarat Gas, as it is not likely to have an appreciable adverse impact on competition scenario.

 

In October, 2011, BG Group had said it has reached an agreement to sell its majority stake in GGCL to GSPC Distribution Networks (GDNL) for over Rs2,460 crore.

 

CCI observed that “both GSPC Gas and GGCL, which are engaged in the distribution of natural gas in the state of Gujarat, operate in different geographical areas”.

 

“In view of the forgoing, the proposed combination is not likely to raise any adverse effect on competition in the market for the distribution of natural gas in the state of Gujarat,” it added.

 

GDNL’s holding company, GSPC Gas, is engaged in the business of distribution of natural gas in ten districts of Gujarat including Rajkot and Gandhinagar. The entities had approached the CCI for approval on 1 November 2012.

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