The company management gave in to the union’s demand of reinstatement of the suspended workers after the intervention of Shiv Sena president Uddhav Thackeray, who had a meeting with a senior Mahindra Group official on Saturday, a union leader said on Monday
The work at auto-major Mahindra & Mahindra’s (M&M) engine manufacturing facility at Igatpuri, near Nashik, resumed on Monday ending the 14-day “tools down” agitation by workers, who were protesting the suspension of two employees including a union leader.
The company management gave into the union’s demand of reinstatement of the suspended workers after the intervention of Shiv Sena president Uddhav Thackeray, who had a meeting with a senior Mahindra Group official on Saturday, a union leader said on Monday.
Besides, the management also agreed to withdraw the charge-sheet against the suspended duo, he said.
“The employees have called off the agitation and work at the plant has resumed from 11 am,” Bhartiya Kamgar Sena President Suryakant Mahadik told press persons.
The employees union at the engine plant is affiliated to BKS of the Shiv Sena.
The plant produces 1,100 engines per day in three shifts for Mahindra’s vehicles such as XUV 500, Bolero, Xylo, Genio and Maxximo.
Sources at the plant said that the company suffered a production loss of around 8,000 units due to the agitation, which began on 9th April.
“Since the plant remained crippled for almost two weeks, the company suffered a production loss of 1,100 units per day. The loss would have been higher but for two weekly offs and two holidays during the protest period,” union sources said.
However, the claim could not be verified as the company did not put any number to it.
Around 1,600 employees, including contract workers, were on protest since early this month against the suspension of union leader Sunil Yadav and another worker.
After his talks with the company management, Thackeray called a meeting of the union committee at ‘Matoshree’ in Mumbai yesterday and asked them to withdraw their agitation.
Acting on a complaint, the CIC directed the GNCTD to display information on sign-boards about local area development funds allotted to MLAs and update the details of expenditure every six months. This is the 77th 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 a complaint, asked the Chief Secretary of the Government of National Capital Territory of Delhi (GNCTD) to display information about local area development (LAD) funds allotted to members of legislative assembly (MLAs) and update the details of expenditure every six months.
While giving this judgement on 10 February 2011, Shailesh Gandhi, the then Central Information Commissioner said, “...when public authorities do not fulfil their obligations under Section 4 of the Right to Information (RTI) Act, citizens have no way but to seek information under Section 6, which in turn becomes a cost for the citizens as well as the government.”
New Delhi resident Anjali Bhardwaj, along with 317 other citizens, filed a complaint to the Commission under Section 18 of the RTI Act.
The complaint stated that details of funds spent by the respective MLAs under the LAD Fund of the city of Delhi should be available suo moto for the knowledge of the general public of the respective constituencies.
Bhardwaj stated that 70 MLAs were allocated Rs2 crore each year under the LAD and that Section 4 of the Right to Information Act envisages that such information should be available in the public domain. She acknowledged that this information was available in English on the website of the GNCTD, however it cannot be accepted that the common man or a person of limited means has the resources or the knowledge of operating or availing such information through the website.
The Right to Information is a fundamental right of the citizens, which has been codified by the RTI Act, No22 of 2005. The Act envisions that all citizens shall receive information primarily by suo moto disclosures by various public authorities as prescribed by Section 4 of the Act. It further envisages that citizens would be required to specifically ask for information under Section 6 only in a few cases. However, when public authorities do not fulfil their obligations under Section 4, citizens have no way but to seek information under Section 6, which in turn becomes a cost for the citizens as well as the government. Obligations under the Section were to be fulfilled by 12 October 2005 and five years have already lapsed since then, Mr Gandhi, the then CIC, noted.
He stated that the Commission considered this as a bona fide request and observed that this information was a basic requirement under the Act and that the department ought to have done this earlier.
While allowing the complaint, the CIC, then directed the chief secretary of GNCTD, to install a sign-board of appropriate dimension, mentioning details of expenditure of the current as well as previous year of the MLAs under LAD Fund of each respective constituency in a format.
“The board shall also mention the exact link/URL to the page on the website of the department where the information can be viewed. No acronym/abbreviation should be used. This information shall be displayed in Hindi and shall be installed at a location having maximum public view in each constituency. The board installed in each ward shall contain details of the expenditure of the MLAs under the LAD Fund of that particular constituency. This will be maintained and updated each year within six months of the closure of the previous year, by the head of the public authority, or the officer(s) so directed by him in writing. This should be done by the 15 March 2011," the Commission said in its order.
CENTRAL INFORMATION COMMISSION
Decision No. CIC/SG/C/2010/001291/11403
Complaint No. CIC/SG/C/2010/001291
Complainant : Anjali Bhardwaj & 317 other Citizens,
Delhi - 110 17
Respondent : Chief Secretary,
Govt. of NCT of Delhi,
Delhi Secretariat, I.P Estate,
Delhi - 110 002
Any near-term rebound in investments or middle-income consumption is unlikely, predicts Credit Suisse Equity Research in its India Market Strategy report
Market sentiment on India of late has been the worst in recent memory. Six months back, consensus expected the economy to be bottoming out, and earnings upgrades to start.
Global investment bank Credit Suisse believed (and still does) that any near-term rebound in investments or middle-income consumption was unlikely, and that earnings had meaningful downside. But a surprisingly common view now is that the currency will drive a crisis, and that the economy is headed for a ‘meltdown’.” We believe a crisis is unlikely: this is an important difference of opinion, for it allows investors to select beaten-down good quality stocks,” says Credit Suisse Equity Research in its India Market Strategy report.
Market consensus has now veered towards extreme defensiveness, and phrases like “currency crisis” and ‘meltdown’ are being bandied about. Credit Suisse has been flagging the deepening and broadening slowdown for a while, and it does not expect any meaningful recovery in investment or middle-income consumption anytime soon. But the investment bank also believes a crisis is unlikely: bargain-hunting selectively makes sense.
The market may not look cheap enough on an absolute basis, with a mere 10% correction from the recent peak. But relative performance has been extraordinarily weak: (1) in local currency terms the market is 49th out of the top 50 markets year-to-date (YTD); (2) India has underperformed global markets for five consecutive months; and (3) relative market P/E for MSCI India is close to eight-year lows excluding the crisis.
Credit Suisse adds that the broader market doesn’t look attractive yet as FY14 earnings have around 10% downside, and large sectors such as financials can still correct meaningfully. The current correction though has been broader than those seen recently, and select stocks are starting to look attractive: Credit Suisse analysts have upgraded NTPC, Cairn India and Ambuja Cements. It is also upbeat on Reliance Industries, HCL Technologies and Sterlite Industries. This apart, it has added weights to energy, utilities and materials, and cut weights in Hindustan Unilever (HUL).
While in absolute terms the market is not in capitulation territory, it does show up in relative performance. The Indian market has underperformed global markets in each of the last five months in both dollar and local currency terms. This underperformance has continued in April as well, and the Indian market remains in bottom quartile.
This is now showing up in the forward P/E multiples on ex-ante consensus: on a relative basis MSCI India’s P/E against MSCI World is the lowest in eight years, excluding the financial crisis period. Against markets such as Brazil and Indonesia, the relative P/E is at decadal lows. Only against China is the market more bullish on India on P/E.
Credit Suisse adds that from the above charts it is clear that that the broader market is not due a bounce. It is that while the market seems to be holding up rather well on absolute terms, that reflects allocation of assets to equities globally: the weakening fundamentals domestically are better reflected in the relative performance and P/E charts.
The skewed performance seen over the past few years has continued into 2013. The current market correction has been more broad-based compared to the two previous corrections from near-term peaks, with outperformance restricted to fewer stocks. This reflects the broader economic slowdown, too. The best performing sectors continue to be defensives such as staples, healthcare and IT, and at the other end of the table are sectors like industrials and materials.
In some of the beaten down sectors some good quality stocks are now showing value:
Credit Suisse sector analysts have upgraded their ratings on NTPC, Cairn India and Ambuja Cement. In addition, in its earlier reports the investment bank flagged preference for stocks such as Tata Motors, Reliance Industries, Sterlite Industries and Bank of Baroda. It expects some upside to the broader market over the next 12 months, however, it may be range-bound in the near-term.
In its model portfolio Credit Suisse has added to weights in utilities (NTPC), energy (Cairn India) and materials (Ambuja Cement), and fund it through a cut in HUL (staples). It continues to expect the highest downside in financials and industrials.