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Online Personal Finance Magazine
No beating about the bush.
Coca-Cola has got back to us on the issue we had raised earlier on insects being found in a 200-ml Coke bottle
We had earlier reported on how a few insects were found in a 200-ml Coke bottle (http://www.moneylife.in/article/8/4652.html) and the delay in Coca-Cola's reply (http://www.moneylife.in/article/78/4694.html).
The soft-drink major has got back to us. In an email received by us today, Coca-Cola clarifies: “The outlet has no Coca-Cola 200 ml stock of 20 March 2010 in the store. Other filled stocks and empty bottles present in the store are of different manufacturing dates. Therefore, the possibility of any spurious products getting into the outlet is being investigated. We have on occasion received complaints of spurious and counterfeit products, and have in the past sought support from police and other law-enforcing authorities to unearth such rackets. What compounds our ability to accurately conduct a product and package integrity investigation in our laboratory is that the package in the given case is open and empty."
Coke has gone on to describe its state-of-the-art manufacturing machinery and has invited Moneylife to inspect its facilities at Wada, near Mumbai.
All through, our intention has not been to malign the reputation of the manufacturer. The points that Coke makes in its letter are well taken. However, we would hasten to add that control on the entire supply-chain mechanism is a responsibility that lies squarely on Coca-Cola's shoulders. There is no point in manufacturing a quality product if there are leakages in the last-mile connectivity.
Again, caveat emptor cannot be applied in this case, as you cannot expect a customer to inspect a bottle before consuming the contents.
Whether the product is spurious or otherwise, the jury is out on this one.
Tamil Nadu’s IT secretary has ruled that the financial institution failed to put in place a foolproof Internet banking system with adequate levels of authentication and validation
In a verdict in the first case filed under the Information Technology (IT) Act in the country, Tamil Nadu IT secretary and adjudicator for the State, PWC Davidar has directed ICICI Bank to pay Rs12.85 lakh as compensation to a non-resident Indian (NRI) customer, who complained he lost money from his account due to phishing in 2007 in Chennai, reports PTI.
The order came on a petition filed by Umashankar Sivasubramaniam who claimed he received an email in September 2007 from ICICI Bank, asking him to reply with his Internet banking username and password, or else his account would become non-existent.
Though he replied, he found Rs6.46 lakh transferred from his account to that of a company, which withdrew Rs4.60 lakh from an ICICI Bank branch in Mumbai and retained the balance in its account.
In his application for adjudication filed under the IT Act to the State IT secretary on June 26, 2008, he held the bank responsible for the loss.
Mr Davidar, in his order, directed ICICI Bank to pay Rs12.85 lakh to Mr Sivasubramaniam, saying that the bank has been found guilty.
He said that there was no way by which customers could identify an email as being from a respondent bank (in this case, ICICI Bank). The Bank could have obtained a digital signature from the officer responsible for communicating with customers, thereby providing a layer in authentication of such mails.
There appeared to be no effort of that nature by ICICI Bank, Mr Davidar said, adding that access to the petitioner’s account details “reflects very poorly on ICICI’s systems and procedures in the event of a customer facing this situation.”
“ICICI (Bank) has appeared to function in a manner that would indicate it has washed its hands of the customer. The Bank seems not to have taken RBI’s directives seriously,” he said.
ICICI Bank has failed to establish that due diligence was exercised to prevent contravention of the nature of unauthorised access, Mr Davidar said, adding, “I find the petitioner justified in the instant case.”
“The Bank failed to put in place a foolproof Internet banking system with adequate levels of authentication and validation,” he added.
The company wanted to tap water from an adjacent tiger reserve for its proposed 1,320MW coal-based thermal power plant
In fresh trouble for Adani Power (APL), environment minister Jairam Ramesh has indicated that his ministry would not approve the company's proposal for drawing water from the Pench tiger reserve for its project in Madhya Pradesh.
“Though the company (APL) is yet to approach us for environment clearance, we are clear that we will not allow diversion of water from the protected areas for any commercial use,” Mr Ramesh said on the sidelines of a function, reports PTI.
He, however, said that the matter would be decided only when it comes for consideration at the meeting of the National Board of Wildlife, a body under the environment ministry which gives the ‘green’ nod to projects.
The project pertains to the 1320-MW coal-based thermal power plant proposed by APL, in proximity to the Pench tiger reserve in Chhindawara district, Madhya Pradesh.
Mr Ramesh said that the ministry had last year rejected a similar case proposed by Ambuja Cement, which wanted to tap water from the Majthal Wildlife Sanctuary in Himachal Pradesh for the expansion of its plant.
Rejecting the proposal, the ministry had pointed that using water from sanctuaries for commercial purposes amounts to violation of Section 29 of the Wildlife (Protection) Act, 1972.
This is not the first time that an Adani project has hit a roadblock over a green nod. A few months back, the environment ministry had rejected the company’s coal-mining proposal in Tadoba region in Maharashtra, citing threat to tigers in the adjacent Tadoba Andheri tiger reserve.