Companies & Sectors
Talks with managements fail; bank workers to strike work on July 12, 13
Bank employees are preparing to strike work on Tuesday and Wednesday after talks between their representatives and bank managements failed on Friday, C.H. Venkatachalam, a union leader, said on Saturday.
 
The managements "made no concrete proposal" to the employees who have been opposing the proposed merger of the State Bank of India (SBI) with its associate banks as also privatisation of the IDBI Bank, Venkatachalam, the General Secretary of the All India Bank Employees' Association (AIBEA), said in a statement.
 
The talks were convened by the Chief Labour Commissioner of the central government in his office in New Delhi on Friday.
 
Officials of the Department of Financial Services, the Indian Banks' Association (IBA) and five associate banks of the SBI, and the union leaders attended the meeting.
 
Venkatachalam said the union leaders stated at the meeting that instead of taking stringent measures against wilful and deliberate defaulters of bank loans, the government is diverting public attention by such steps as privatisation and consolidation of banks. 
 
The unions also explained as to why the proposed merger of the SBI with its associate banks, the proposed privatisation of IDBI Bank, and other such measures are unwarranted, he said.
 
The unions emphasised that effective measures to recover the alarmingly high levels of bad loans is the real top priority for the banks today, Venkatachalam said.
 
The managements of SBI's associate banks made no concrete proposal except making a statement that they are always willing to talk to the union, he said. 
 
The government has approved the merger of the SBI with its five associate banks -- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Mysore (SBM) and State Bank of Hyderabad (SBH) -- as well as Bharatiya Mahila Bank.
 
The AIBEA had called on about 45,000 employees of the SBI's associate banks to strike work on July 12 to protest against the proposed merger. 
 
The AIBEA had also announced support for another strike planned the next day, on July 13, to be observed by employees of all banks.
 
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.

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Phiroz Vandrevala quits TCS as director
Indian IT bellwether Tata Consultancy Services Ltd (TCS) on Saturday announced that its non-executive director Phiroz Vandrevala had resigned from the company for personal reasons on Friday.
 
"Phiroz Vandrevala has relinquished the office of non-executive director of the company, due to personal reasons, with effect from July 8, 2016," the global software major said in a regulatory filing on the BSE.
 
As Vice-Chairman and Managing Director of Diligenta, a subsidiary of TCS focused on the life and pensions industry, 63-year-old Vandrevala drove its business strategy and operations worldwide.
 
"The TCS board thanked Vandrevala for his contribution during his tenure on the board since 2007," the city-based company said in a statement later.
 
Prior to his leadership role at Diligenta, Vandrevala was the executive director and head of TCS' global corporate affairs.
 
In the banking and financial services sector, Vandrevala was on expert committees of the Reserve Bank of India on policy-making.
 
Vandrevala was also the co-chair of the Indo-British Partnership (IBP) for five years and is a board member of its network.
 
"As former chairman and executive council member of the IT industry's apex body -- National Association of Software Companies, Vandrevala played a prominent role in industry initiatives," the statement added.
 
A qualified chartered accountant, Vandrevala graduated from Kolkata, where he was born in 1953, and worked with consumer goods major ITC Ltd for three years before joining TCS in 1982.
 
In 1989, Vandrevala had set up India operations of the US-based Tandem Corporation before rejoining TCS in 1992.
 
He currently lives in London with his wife Shashi.
 
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.

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7 months ago

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Delhi court asks Mallya to appear on September 9

A Delhi court on Saturday asked liquor baron Vijay Mallya to personally appear before it on September 9, after allowing the Enforcement Directorate (ED) plea to withdraw the exemption given to him from personal appearance in a case of alleged violation of foreign exchange rules.

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.

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