Companies & Sectors
Welspun India stock crashes as Target ends agreement for bad conduct
Minneapolis-based Target Corp, which serves guests at 1,797 stores and at Target.com, said it has decided to terminate it vendor agreement with Welspun Global Brands Ltd (Welspun Global), for supplying a substitute product. 
 
In a release, Target said, "Welspun Global, was one of the producers of Egyptian Cotton 500-thread count sheets under the Fieldcrest label for Target. After an extensive investigation, we recently confirmed that Welspun substituted another type of non-Egyptian cotton when producing these sheets between August 2014 and July 2016. We have informed Welspun that, due to this conduct, we are in the process of terminating our relationship with them."
 
Welspun Global Brands is a unit of Welspun India Ltd. In a regulatory filing, Welspun India said, "We have initiated immediate actions to investigate the root cause. We are appointing an external auditor (one of the Big Four) to audit our supply systems and processes. This is an issue of highest priority for us and we will take all necessary steps to address it."
 
However, the markets did not take Target’s words kindly. On Monday, Welspun India hit its lower circuit to Rs82.30 on the BSE, while the 30-share benchmark Sensex was ended the day marginally down at 27,985.
 
Target says as soon as its investigation confirmed the substitution, it pulled all remaining products from Target stores and Target.com. "On 19 August 2016, we began reaching out to all REDcard and Target.com guests who purchased the sheets between August 2014 and July 2016 and offered them a full refund. We are reassuring our guests that this is not an issue of safety and there is no risk in continuing to use this product. Any guests who purchased the products from Target during that timeframe may submit this web form to request a refund in the form of a gift card," it added.
 

 

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COMMENTS

P L Despande pawar

4 months ago

Highly damaging to country's image. Welspun's explanation appears to suggest that they didn't know sbout it. Difficult to digest.

REPLY

shadi katyal

In Reply to P L Despande pawar 4 months ago

How can a company clain that they were not aware of the substitution.It may shock someof you but we lost our reputation long time ago when PSU like STC were exporters etc.
WE try to make maximum profit. I bought some undershirts of 105cm but id dsif on the shirts 103-105 cm and bet those are not even 104 but less. We have lost ethics in name of greed and thus intergity.
EDvedn Bangladesh whcih was a basket case is making more money in textile than we cvan dream off

Brian Fernandes

4 months ago

Honest people...something very difficult to find. Sad!

Virendra Sharma

4 months ago

What does it mean?Welspun has substituted with another Egyptian cotton then why Target is doing so?

REPLY

shadi katyal

In Reply to Virendra Sharma 4 months ago

Well spen substiututed with NON Egyptian cotton and thus misled the buyer TARGET who sold it as an Egyptian cotton.
In USA such cheating is not allowed and thus TARGET hs asked its customers to return and get paid. These are the ethics of US Business inorder to stay in business for generations and nnot for a quick profit ,

Kumar Swamy

In Reply to shadi katyal 4 months ago

Yes, these kind of companies get away with all kinds of non-sense in India but NOT in USA. Enforcement of regulations and customer protection is something we can and should learn from them.

shadi katyal

In Reply to Kumar Swamy 4 months ago

West is ruled by Law and Order and that is what British gave us first but could not change our culture of SUB CHALTA HAI BHAI.
We did have some ethics for first few years but now greed has taken over. We are beither patriots nor honest businessmen.
Look how we tried to even destroy Maggies by unproved charges. We still have to see any true and real report of socalled excessive lead and since all ingrediants wer Indegineous so where did the lead come from.
The damage done to the nation by such industrialist lasts for decades.
Nation is too busy ion religious issues but not in development

shadi katyal

4 months ago

Can anyone tell us that why we Indian manufccturers have to learn any ethics and greed plays a part. One wonder the lioabilities of foreign buyers and their commitments to the customers of the quality of a product but in India it seems the famours attitude SUB CHALTA HAI.
Can the Welspun give the reason of such a switch of cotton and not informing the client. Now Target will take back all that sold goods back and suffer a very big loss but WHEN AND IF OUR EPXORTERS WILL EVER LEARN???

Two get death term for Jigisha murder; parents say justice done
A court here on Monday awarded death penalty to Ravi Kapoor and Amit Shukla for kidnapping and killing Jigisha Ghosh in 2009, saying the magnitude and brutality of the crime made it "a rarest of rare cases".
 
Additional Sessions Judge Sandeep Yadav also sentenced the third accused, Baljeet Singh Malik, to life imprisonment.
 
The parents of Jigisha Ghosh, who worked as an IT executive, welcomed the verdict and said that justice has been done to their deceased daughter.
 
"I had hoped for the two convicts to get death penalty and that is exactly what has happened," Jigisha's mother said.
 
The court imposed a fine of Rs 1.1 lakh against Kapoor, Rs 2.8 lakh against Shukla and Rs 5.8 lakh against Malik and directed that Rs six lakh be given to Jigisha's parents as compensation from the amount collected from the convicts.
 
"Offence in the present case was committed in cold-blooded, inhuman and cruel manner," the court said.
 
"Innocent, helpless and vulnerable victim remained in the captivity of convicts for hours."
 
The court said the convicts killed Jigisha even after she pleaded for her life and the convicts were satisfied only by brutally mauling her to death.
 
"In other words, convict behaved in uncivilised and barbaric manner against a helpless girl," the court said.
 
"It is in level, magnitude and degree of brutality, attitude and mindset of wrongdoer behind the crime along with other factors which makes it a rarest of rare cases."
 
Gruesome crimes against women are on the rise and showing leniency will send a wrong message to the society, the court said.
 
In awarding death penalty to Kapoor and Shukla, the court relied upon a report submitted by probation officer which recommended extreme penalty, observing that they cannot be reformed and rehabilitated.
 
The probation officer said Malik's behaviour was normal throughout the trial.
 
The court on July 14 convicted the trio under Sections 302 (murder), 201 (destruction of evidence), 364 (kidnapping or abducting in order to murder), 394 (voluntarily causing hurt in committing robbery), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document or electronic record), 482 (using a false property mark) with 34 (common intent) of the Indian Penal Code.
 
Public Prosecutor Rajiv Mohan sought the maximum punishment for the convicts as they showed no remorse while killing Jigisha.
 
The convicts are also facing trial for killing journalist Soumya Vishwanathan and a taxi driver, the prosecution told the court.
 
Defence counsel pleaded for leniency, contending that the convicts were young.
 
Jigisha, 28, who was working with Hewitt Associates Pvt Ltd as an operations manager, was kidnapped and killed on March 18, 2009, after her office cab dropped her near home in south Delhi's Vasant Vihar around 4 a.m.
 
Her body was recovered on March 20, 2009, near Surajkund in Haryana.
 
Police later arrested Kapoor, Shukla and Malik for the crime.
 
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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No admissions in Gujarat on basis of reservation for Patels
The Supreme Court on Monday said the stay of the Gujarat High Court verdict quashing 10 per cent reservation for the economically weaker sections will continue but no admission would take place on the basis of the quota was carved out in the wake of Patel agitation in the state.
 
While directing the hearing of Gujarat's appeal against the high court order, a bench of Chief Justice T.S. Thakur, Justice A.M. Khanwilkar and D.Y. Chandrachud said the August 4 stay order would continue along with the undertaking that no admissions would be made on the basis of 10 per cent reservation.
 
The Gujarat High Court, while staying its own judgment to enable the state government approach the top court challenging it, had recorded an undertaking by the Gujarat government that no admissions would be made on the basis of 10 per cent reservations.
 
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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