Technology
Transparent Screen: See the Road below Your Screen!

These days, the Smartphone has become a part of our lives. And many a time, we would like to start an app or send a text message while walking on the road. Transparent screen gives you the opportunity to see the road behind or underneath your phone, while you text or start an app. You can adjust the level of transparency to your convenience so that you are comfortable while using it. While on the one hand, it can avoid accidents and excessive use, in high-traffic conditions, it can actually cause accidents. So handle this app with care and use it sparingly, based on your best judgement.

https://goo.gl/0Yh1LW 

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From price manipulation to substandard supplies, Welspun Group has a chequered past

Home textile maker Welspun India has been in the news for supplying inferior bed sheet variant to one of its prestigious customers, Target. According to Target, Welspun had substituted Egyptian cotton with a cheaper type of cotton. Target has said that it was in the process of ending all business with Welspun. Welspun’s other clients which are big retailers Wal-Mart and JCPenny, have also ordered a review. The street, as expected, reacted very negatively to the development with the stock price slumping by more than 40% during the last three days post these allegations. The stock has been on the lower circuit for three days in a row with hardly anyone being able to sell and exit. Welspun was in damage-control mode. It announced that it would appoint external auditors, one of the top four firms, in order to carry out an audit of its supply systems and processes. 

However, controversies are not new for the Welspun Group. It has been involved in a number of legal issues and allegations in the past. Welspun Group’s name surfaced in the Anjar land scam in 2004. In the scam, IAS officer Pradeep Sharma was accused of allotting land to Welspun near Anjar in Kutch at a price far lower than the market rate. Welspun had given a contract to a company named Value Packaging for corrugated printed board cartons. It was alleged that Value Packaging was given a contract at a much higher rate in lieu of allotting land at a lower price. The accused in the scam was a related party to Value Packaging. 
 
On 2 December 2010, Securities and Exchange Board of India (SEBI) had banned promoter entities Welspun Corp from trading citing trade practices which were ‘fraudulent and unfair.’ The ban on promoter entities was lifted in an order dated 16 March 2012. The other companies that were accused on the same were Murli Industries, Ackruti City and Brushman India. SEBI had also prohibited businessman Sanjay Dangi and his group entities from dealing in any securities on account of charges of manipulation of share prices. According to SEBI, the four firms had raised funds through a qualified institutional placement or foreign currency convertible bonds during 2007-2009 and the Dangi group was observed to be trading churning the shares of these firms and manipulating the share prices. 
 
According to a Securities and Exchange Board of India (SEBI) order, there was substantial increase in the price of scrip (Welspun Corp) from to around Rs275 from Rs75 during the period 9 March 2009 to 19 November 2009. This was accompanied by spurts in volume in the scrip.  During to period 1 January 2009 to 25 March 2010, entities belonging to the Dangi group and Ashika group, along with Welspun Group itself were actively trading in the scrip, according to SEBI order. Majority of the activities of these clients in the derivatives segment was confined to this scrip. 
 
SEBI found that there were linkages between the Dangi group entities with the promoters of these companies. Welspun Trading Ltd, which is one of the promoters of Welspun, had stake in Dangi group entities. Another promoter entity GRG Cosmetics Ltd had a stake in Amit Business Ltd, a Dangi Group entity. 
 
In the second half of 2006, Welspun Corp into a contract for supplying pipes of specified certifications. The customer alleged that the pipes supplied did not meet the grade of steel specified. Many other customers of Welspun Corp had gone to the courts including Kinder Morgan Louisiana Pipeline LLC and T&R Pipeline Services on this score. Welspun Corp had then passed on the blame to Arcelor Mittal for supplying defective steel. Litigations like these have not only been very expensive for Welspun Corp, but have also damaged the brand of the company. Welspun India closed at Rs59.30 today, down nearly 10% on the Bombay Stock Exchange (BSE). 
 

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COMMENTS

Suketu Shah

6 months ago

I inherited Welspun shares few yrs ago when I knew nothing about shares(and sold it then in 2010).Now when I know substantially whats good for me in equities I still donot understand why we had welspun shares.Im quite sure even Wimbledon wl cancell their annual contract with Welspun.

ramanamurty malla

6 months ago

Thorough investigation should be initiated to inquire into wrong doings of Welspun group. You should ask Sebi to investigate sudden increase in share prices of Heritage foods and Jubilant Life Sciences in short period. How Sebi is unable to control unscrupulous traders games in controlling share prices with least quantity of deliveries. Innocent investors can loose hard earned money in this game. SEBI monitoring practice has to improve drastically

REPLY

Abhishek Kedia

In Reply to ramanamurty malla 6 months ago

Ramanmurtyji I too conveyed the same issue with moneylife .. thanks for raising the concern again

Abhishek Kedia

In Reply to ramanamurty malla 6 months ago

Ramanmurtyji I too conveyed the same issue with moneylife .. thanks for raising the concern again

Abhishek Kedia

In Reply to ramanamurty malla 6 months ago

Ramanmurtyji I too conveyed the same issue with moneylife .. thanks for raising the concern again

Srinivas Sreeram

6 months ago

Welspun has always had some unethical practices and each time it was pushed under the carpet. When doing international trade, one has to commit and should not changes for granted and contract management has been very poor thinking they can buy anyone for a price.

Abhishek Kedia

6 months ago

Dear Team,

A very informative article, also I would draw your attention towards few Scrips were even some respected Investors are there they are surging just by trading -
1. Jubliant Life Sciences - INR 300 to INR 500 in just 15 days.
2. Heritage Foods - INR 500 to INR 770 in 1month

I have written because the average delivery position is more than 50% but recently it is less than 20% which clearly shows trading and in high volumes.
I am writing as because of or the other way investor gets influenced and loose money.
Moneylife also give suggestion but recently when scrips went up it gave updates to hold also.. which is very fair.

So, I would request you to please look into such scrips.. Hope to get a reply

Abhishek Kedia

6 months ago

Dear Team,

A very informative article, also I would draw your attention towards few Scrips were even some respected Investors are there they are surging just by trading -
1. Jubliant Life Sciences - INR 300 to INR 500 in just 15 days.
2. Heritage Foods - INR 500 to INR 770 in 1month

I have written because the average delivery position is more than 50% but recently it is less than 20% which clearly shows trading and in high volumes.
I am writing as because of or the other way investor gets influenced and loose money.
Moneylife also give suggestion but recently when scrips went up it gave updates to hold also.. which is very fair.

So, I would request you to please look into such scrips.. Hope to get a reply

Abhishek Kedia

6 months ago

Dear Team,

A very informative article, also I would draw your attention towards few Scrips were even some respected Investors are there they are surging just by trading -
1. Jubliant Life Sciences - INR 300 to INR 500 in just 15 days.
2. Heritage Foods - INR 500 to INR 770 in 1month

I have written because the average delivery position is more than 50% but recently it is less than 20% which clearly shows trading and in high volumes.
I am writing as because of or the other way investor gets influenced and loose money.
Moneylife also give suggestion but recently when scrips went up it gave updates to hold also.. which is very fair.

So, I would request you to please look into such scrips.. Hope to get a reply

How to get justice from sexual harassment at workplace and understanding Section 498A
"With more and more incidents of sexual harassment getting reported, it is important for women to know the process to file such complaint, after understanding what constitutes the offense. At the same time, men also should know about the Act so that they cannot be wrongly framed", says Senior Advocate Mrunalini Deshmukh. She was speaking at the sixth session under the "Police & You" series. 
 
Moneylife Foundation with Police Reforms Watch with support from Saraswat Bank have launched the 12-week program (every Wednesday) that aims to spread knowledge about protecting yourself, your rights, the Indian Penal Code (IPC), cybercrime and economic offences. This was the sixth such session.
 
Senior Counsel Deshmukh, who has been legal counsel to Aamir and Reena Khan, Karisma Kapoor and Valentina Pedroni (former wife of Arun Nayar), among others, shared her experiences of dealing with the Sexual Harassment Act. She particularly mentioned one case where the complaint against the boss was made after he started to ignore the lady. Another case was where a guide was mentally torturing and thus pressurising a student.
 
The event was held in the well-appointed auditorium of Saraswat Bank headquarters, Eknath Thakur Bhavan. 
 
 
Talking about Section 498A of the Indian Penal Code (IPC), Adv Deshmukh, one of the top lawyers practising in divorce and ancillary issues of custody and maintenance, said the rate of conviction under Section 498A when a woman is alive is less than 1%. In 1983, ‘Section 498-A of the IPC was introduced with avowed object to combat the menace of harassment to a woman at the hands of her husband and his relatives. 
 
"Unfortunately, this Act is not used to resolve issues by the 'have nots' but by those who have. Most of the 'haves' use this Act as a weapon to seek or gain monetary benefits," she added. Adv Deshmukh, along with Adv Fazaa Shroff-Garg, has written a book “Breaking up: Your guide to getting divorced”.
 
Ms Deshmukh informed the audience about a recent order passed by the Bombay High Court, where the Court fined a woman for not perusing the case filed under section 498A, after a settlement with her husband. Although the Court has to accept the quashing of the case application, this shows that the judiciary is also taking a stand on possible misuse of the Act, she added.
 
The HC had said, "if the complaint filed by the wife against the husband under section 498- A of IPC and other related provisions is dismissed on merits and the husband and his family members are acquitted, then it is clear that the complaint filed by the wife against the husband was a false complaint."
 
The sixth session of the 12-week series on "The Police & You: What men & women need to know about Sexual Harassment Laws and Sec 498A" was conducted by Adv Deshmukh and Rajkumar Shriwastav, who is Director with the Fraud Investigation & Dispute Services of EY India.
 
 
Mr Shriwastav, a former police officer, explained as to what constitutes sexual harassment at workplace and the laws related with this. "Over the years, Indian companies are taking sexual harassment at workplace more seriously due to the widening impact of such complaints on the company reputation and morale of employees," he said.
 
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (Act) mandates the employer to provide a safe working environment and display conspicuously at the workplace, the penal consequences of indulging in acts that may constitute sexual harassment and the composition of the Internal Complaints Committee (ICC).
 
According to data from the National Crime Records Bureau, during 2014, a total of 3.38 lakh cases of crime against women were reported, an increase of 9.4% over 3.10 lakh cases reported in 2013. At the same time, the number of complaints registered with the National Commission for Women (NCW) related with sexual harassment at workplace rose to 336 in 2014 from 249 in 2013.
 
Sexual harassment as per law includes unwelcome acts or behaviour - whether directly or by implication - such as physical contact and advance, a demand or request for sexual favours, making sexually coloured remarks, and showing pornography.
 

Mr Shriwastav then explained duties of employer towards employees, the Internal Complaints Committee (ICC) and the government. He also explained the process of forming the ICC as well as filing complaint to the ICC. "One single incident can also constitute harassment when it is demonstrated that it is severe and has a significant and lasting impact on the complainant," he added.
 
The Director at EY India also advised employees to be aware, conscious and observant of the situation. He said, "If there is anything that can constitute to sexual harassment, you, especially women employees, need to speak up with superiors and seek resolution. At the same time, you need to extend support to other colleagues who may be undergoing similar situations."
 
Mr Shriwastav also cautioned about differentiating between sexual harassment and work related matters including professional feedback, friendliness and consensual behaviour. "While behaviour like professional feedback or appreciation, offering to share food at lunch time and consensual dating is accepted, if such behaviour should not be accompanied by any acts of sexual harassment," he said.
 
Before concluding, Mr Shriwastav informed the audience about various judgements from the Courts related with the penalty for non-compliance, principles of natural justice and non-appreciation of sexual harassment allegations.

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COMMENTS

SRINIVAS SHENOY

6 months ago

What do you think?...The session was very interesting. We all should learn to respect the feelings of our coworkers, mainly those of the opposite sex.
But on some rare occasions, I observed that the opposite sex misuse this provision, which is framed in order to protect them like e.g.
reporting to work deliberately late at the workplace, thereby affecting customer service, chitchating regularly, during office hours, resulting in the work allotted left incomplete and unattended.
Leaving office regularly early, citing some personal problems.

This misuse though rare is prevalent in some cases.

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