FCMB Group Plc (FCMB.ng) 2007 Annual Report

first_imgFCMB Group Plc (FCMB.ng) listed on the Nigerian Stock Exchange under the Financial sector has released it’s 2007 annual report.For more information about FCMB Group Plc (FCMB.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the FCMB Group Plc (FCMB.ng) company page on AfricanFinancials.Document: FCMB Group Plc (FCMB.ng)  2007 annual report.Company ProfileFCMB Group Plc is a financial services institution offering products and services for the commercial, corporate and institutional sectors in Nigeria and Europe. The company’s core portfolio is focused on investment banking, asset management, commercial banking, corporate banking, personal banking, institutional banking and treasury and financial markets. The company also offers services for stockbroking, trusteeships, micro-lending and asset and cash management. FCMB Group Plc was founded in 1977 and its head office is in Lagos, Nigeria. FCMB Group Plc is listed on the Nigerian Stock Exchangelast_img read more

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Centum Investment Limited (CTUM.ke) 2014 Abridged Report

first_imgCentum Investment Limited (CTUM.ke) listed on the Nairobi Securities Exchange under the Investment sector has released it’s 2014 abridged results.For more information about Centum Investment Limited (CTUM.ke) reports, abridged reports, interim earnings results and earnings presentations, visit the Centum Investment Limited (CTUM.ke) company page on AfricanFinancials.Document: Centum Investment Limited (CTUM.ke)  2014 abridged results.Company ProfileCentum Investment Limited is an equity firm specialising in investing in areas of growth, developmental capital and buyouts and seek to make equity investments between US$2 and US$20 million. The company invests in enterprises in the agricultural, education, healthcare, energy, financial services, insurance, information and communication technology, food and beverages, catering, automotive, publishing, real estate, power and FMCG sectors. In the beverage sector, it invests in businesses manufacturing alcoholic and non-alcoholic beverages and carbonated soft drinks. These companies operate in and serve the needs of domestic markets in Africa sub-regions. In most private equity investments, it prefers to acquire a controlling and significant minor stake in the company. The head office of Centum Investment Company is in Nairobi, Kenya. Centum Investment Limited is listed on the Nairobi Securities Exchangelast_img read more

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Stade Francais players found to have “lung lesions” due to Covid-19

first_imgThe discovery means their friendly with Toulon has been scrapped Hit hard: The club’s Top 14 preparations have been rocked (Getty Images) LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS Stade Francais players found to have “lung lesions” due to Covid-19French giants Stade Français have had to cancel their pre-season match against Toulon after it was found that an undisclosed number of players who had tested positive for Covid-19 were now showing “lung lesions due to the virus.”A few weeks back the Top 14 club had confirmed that a number of players had contracted the virus. At the time the squad were forced to leave their training camp, with the whole outfit sent into two weeks of quarantine. This latest news means that it was impossible to play their upcoming friendly on 27 August.Stade are scheduled to host the first match of the new Top 14 season, with Bordeaux lined up to play in Paris on Friday 4 September.Related: Top 14 2020-21 Season PreviewIn an official communication, the club said today:“In light of the compulsory medical examinations for all players who have been diagnosed positive with the RT-PCR test for Covid-19, it appears that some of them are carriers of lung lesions due to the virus.center_img “These lesions require a period of complete rest currently estimated to be a minimum of one week and which will be added to the fortnight already observed.“Other reviews are currently underway.”Related: The wild life of the Bouclier de Brennus Top 14 trophyThe statement went on to add: “For obvious health reasons, (this has led to) the cancellation of the friendly match against RC Toulon scheduled for August 27.“Once again, the club would like to thank all those who have shown their support during recent days.” Can’t get to the shops? You can download the digital edition of Rugby World straight to your tablet or subscribe to the print edition to get the magazine delivered to your door.Follow Rugby World on Facebook, Instagram and Twitter.last_img read more

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Charities receive small return from clothes banks contracts

first_imgCharities receive small return from clothes banks contracts  21 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Both charities have refused to reveal details of their arrangements with the private companies, citing commercial sensitivities. This has led the Irish Charity Shops Association and The Wheel, a representative body for charities, to call for more transparency. Ivan Cooper, The Wheel’s director of advocacy, said that current voluntary disclosure of financial agreements with third party fundraisers was not working and what was needed was the implementation of the 2009 Charities Act which required such disclosure. The Act has not been implemented due to government financial pressures. Howard Lake | 29 April 2013 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Two major Irish charities are reported to be reviewing their options with clothes collection companies after a television investigation found that they were receiving a small return from agreements with private companies. In addition, a reporter went undercover “in the multi-million euro clothes recycling business to reveal how bogus operators are preying on the generosity of the public”. Following RTE’s Prime Time programme, Breast Cancer Ireland and the Irish Society for the Prevention of Cruelty to Children (ISPCC) told the Irish Times that they would be reviewing arrangements. Prime Time found that individual charity banks could generate as much as €7,000 but the charity could end up with only €150. Breast Cancer Ireland and ISPCC, in common with other charities, have a contract with private companies who collect the donated clothes and pay the charity a fee. Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThislast_img read more

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Forces behind electoral setback in Venezuela

first_imgAfter midnight on Dec. 6, when the trend was already irreversible, the National Electoral Commission (CNE) publicly announced the results of that day’s parliamentary elections in Venezuela. Of the 167 seats at stake in the legislature, the opposition Democratic Unity Roundtable (MUD) won 99, while the ruling Great Patriotic Pole coalition won only 46 seats. There were 22 seats still in question, whose results would not change the parliamentary majority.President Nicolás MaduroShortly thereafter, President Nicolás Maduro addressed the people, congratulating them on the massive turnout, amounting to almost 75 percent of the electorate. With the phrase, “We trust your intention. We accept it,” he conceded defeat. He added, “It was not the opposition, but the counterrevolution, that won” and “We must accelerate a new economic policy.” (telesurtv.net)This, the 20th election in 17 years of the Bolivarian Revolution, was held in a climate of peace, despite the dire predictions of the national and international right-wing media.Never before has a nonpresidential election in that nation awakened so many rumors and predictions both nationally and globally. Why did this new situation arise?The Bolivarian Revolution is not only the government of one country. Since Hugo Chávez won in 1998, starting the locomotive of hope for liberation and participation of the most excluded peoples, for regional unity, dignity and sovereignty together with the glorious Cuban Revolution, Venezuela turned into the compass of progressive movements both in Latin America and in the world. Although it is still a capitalist country, the possibility of freeing itself from the U.S. imperialist yoke, controlling its own resources and economy and speaking in its own voice aroused within the rulers of the empire and their allies worldwide the urgency to overthrow this focus of continental aspiration.Therefore all of Latin America was hanging onto these elections. Solidarity messages flooded the social networks, including an email from Puerto Rico’s tireless hero, Rafael Cancel Miranda, who sent this brief but eloquent message to his list: “Right now, Venezuela is all of us!”Imperialist aggressionWhen capitalism is backed against the wall, it becomes more vicious and stirs up the putrid waters of the most recalcitrant right wing. Faced with progressive movements worldwide, fascist waves awaken, used by the capitalists in their quest to dominate the people. This has happened in Venezuela in the recent past, but the Venezuelan government was able to choke off these violent hordes.Now, however, the right wing, with U.S. aid, has begun a more subtle campaign, taking advantage of the global economic crisis that has affected many countries, including Venezuela.The economic situation in the country has deteriorated, caused by external factors such as the global decline in oil prices, as well as by the economic war of the Venezuelan oligarchs who dominate the import sector. The oligarchs take advantage of the exchange rates on the illegal market, using currency that the government turns over to them at low prices. It amounts to theft. Several other factors play a role, such as the leak of subsidized products across the border with Colombia.Although the government has taken some measures to counteract all this, these steps have not been sufficiently vigorous and consistent to avoid the huge price increases in some commodities and the shortages of some products. This forces many of the people to wait in long lines to buy certain goods, causing dissatisfaction. The Democratic Unity Roundtable used these problems in its campaign of “change,” stating that if they win, this situation and the economy would improve.To the above we should add the infusion of millions of dollars from the U.S. to destabilize the Bolivarian Revolution. In an article in the Nov. 12 edition of RT, entitled “U.S.: Ambush Against Venezuela,” Eva Golinger wrote, “Over the past year, the U.S. government has spent more than $18 million in public funding for anti-government groups in Venezuela” through agencies attached to the State Department, the National Endowment for Democracy and U.S. Agency for International Development. Later in the article she mentioned, “$400,000 has been delivered to a program to support members of the National Assembly and policy development.” And there is $40,000 dedicated to “monitor the National Assembly of Venezuela.” (actualidad.rt.com)“You can’t trust imperialism, not even a little bit.” Che Guevara’s famous phrase needs no further explanation. Unfortunately, the Venezuelan government, under the immense pressure of the economic crisis, and maybe in order to try to reconcile with the Venezuelan financial right and get some benefits for the people, made some concessions. Perhaps they were only temporary, but this opened the door to the voracious appetite of the right wing. This is perhaps what President Maduro referred to when he said, “We must accelerate a new economic policy.”International solidarity is more important than everDespite the parliamentary majority achieved by MUD, the elections do not put an end to the Bolivarian Revolution. The right is itself divided and won thanks to U.S. advice and injections of aid and the intervention of the international right wing, both of current and former presidents, as well as the corporate media. In this global campaign many participated, including Mauricio Macri, the newly elected president of Argentina. Macri requested that the Democratic Charter be applied to suspend Venezuela as a full member of Mercosur. Other participants in the destabilization campaign who were in Venezuela during the elections as guests of MUD were Ricardo Lagos of Chile, Andrés Pastrana of Colombia, Alejandro Toledo of Peru, Luis Alberto Lacalle of Uruguay, former president of Panama Mireya Moscoso, the Spanish Prime Minister Mariano Rajoy and former Bolivian President Jorge Quiroga. The behavior and public statements of some of these leaders were so grossly interventionist that Tibisay Lucena, the president of the CNE, withdrew their credentials.The Bolivarian people, however, have not forgotten the great progress made in just 17 years. Despite the long lines, the “World Hunger Map 2015, released by the Food and Agricultural Organization, certifies that this scourge does not exist in Venezuela. In 40 years, right-wing governments built 5,000 health centers. The Bolivarian Revolution, in 16 years, has built 9,000 medical centers. (“The 50 Great Achievements of the Unstoppable Bolivarian Revolution,” chavezvive.info.ve)As with any process, the Bolivarian Revolution has made and will make mistakes, as well as wonderful steps forward. Now, as it embarks on a new stage, the solidarity of the international progressive movement is crucial for the Bolivarian people to find the road to socialism that they want to attempt, but which has run into great difficulties.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

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U.S. Bans Fresh Brazil Beef Imports

first_img SHARE Previous articleRyan Martin’s Indiana Ag Forecast for June 23, 2017Next articleIndiana FFA Recognizes Honorary Degree and Distinguished Service Recipients Gary Truitt Facebook Twitter By Gary Truitt – Jun 22, 2017 U.S. Bans Fresh Brazil Beef Imports  Home Indiana Agriculture News U.S. Bans Fresh Brazil Beef Imports  The United States halted imports of fresh Brazilian beef on Thursday after a high percentage of shipments failed to pass safety checks. The USDA had “recurring concerns about the safety of the products intended for the American market” after increasing tests on Brazilian beef in March, according to a statement from the USDA.House Agriculture Committee Chairman K. Michael Conaway said, in a prepared statement: “U.S. consumers enjoy the safest food supply in the world and, like Sec. Perdue, I am committed to keeping it that way. Halting imports of fresh beef from Brazil is an appropriate and necessary measure as Brazilian officials work to assess and correct the situation, and gives U.S. officials time to develop a better understanding of the magnitude of the problem and acceptable solutions. I am thankful for the secretary’s swift response and for the continued work of the folks at USDA’s Food Safety Inspection Service to protect the food we eat.”National Farmers Union President Roger Johnson applauded the USDA action, “We’ve long had concerns about the importation of fresh beef from Brazil. Since the 2015 repeal of Country-Of-Origin Labeling (COOL), food safety scandals can undermine consumer confidence in the entire beef industry, harming American producers’ bottom line. This incident underscores the importance of COOL to protect American beef producers and consumers alike.”The USDA said it has been monitoring the situation for several months, “Since March, USDA’s Food Safety and Inspection Service (FSIS) has been inspecting 100 percent of all meat products arriving in the United States from Brazil.  FSIS has refused entry to 11 percent of Brazilian fresh beef products.   That figure is substantially higher than the rejection rate of 1 percent of shipments from the rest of the world.  Since the implementation of the increased inspection, FSIS has refused entry to 106 lots (approximately 1.9 million pounds) of Brazilian beef products due to public health concerns, sanitary conditions, and animal health issues. It is important to note that none of the rejected lots made it into the U.S. market.”Secretary Perdue issued the following statement: “Ensuring the safety of our nation’s food supply is one of our critical missions, and it’s one we undertake with great seriousness.  Although international trade is an important part of what we do at USDA, and Brazil has long been one of our partners, my first priority is to protect American consumers. That’s what we’ve done by halting the import of Brazilian fresh beef.  I commend the work of USDA’s Food Safety and Inspection Service for painstakingly safeguarding the food we serve our families.” SHARE Facebook Twitterlast_img read more

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Albania: RSF condemns China’s harassment of a journalist who reported on repression in Xinjiang

first_img June 7, 2021 Find out more Follow the news on Asia – Pacific ChinaCanadaAlbaniaAsia – PacificAmericasEurope – Central Asia Condemning abuses Citizen-journalistsFreedom of expressionEconomic pressure Reporters Without Borders (RSF) condemns the harassment by Chinese authorities of an Albanian-Canadian professor and journalist who reported on their repressive policies in Xinjiang. Receive email alerts In rural India, journalists face choice between covering pandemic and survival February 27, 2020 Albania: RSF condemns China’s harassment of a journalist who reported on repression in Xinjiang News Help by sharing this information RSF_en Pakistani TV anchor censored after denouncing violence against journalists June 10, 2021 Find out more News News to go further News Mongolia : RSF urges presidential candidates to voice support for press freedom Albanian-Canadian history professor and journalist Olsi Jazexhi is being harassed by the Chinese authorities since the publication of an opinion piece in December in Turkish news outlet Sabah Post. In this article which followed a trip to Xinjiang sponsored by Beijing, Jazexhi urged the international Islamic community to support Uyghurs imprisoned in China’s so-called “re-education camps”.On the day following the publication, a Xinjiang official interviewed by Beijing’s mouthpiece Global Times accused Olsi of “going against basic professional ethics” as a reporter. The week after, China’s ambassador to Turkey also attacked the journalist in another opinion piece in Sabah Post. Additionally, Jazexhi was suddenly denied work by the University of Durres where he had taught for four years, a move that he claims to be the result of the Chinese influence in the university.“The fact that the Chinese authorities funded Olsi’s trip to Xinjiang does in no way entitle them to dictate what he is allowed to report”, insists Cedric Alviani, the head of Reporters Without Borders (RSF) East Asia bureau, who commends “the courage of this citizen-journalist, who didn’t fail his responsibility to truthfully report what he saw despite the possible consequences.”According to NGO Uyghur Human Rights Project, at least 58 journalists, editors and publishers from Xinjiang have been detained in China including website administrator Gulmira Imin and Václav Havel Prize and Sakharov Prize laureate Ilham Tohti, both sentenced to life in prison for “separatism”.In the RSF World Press Freedom Index 2019, Albania ranks 82nd out of 180 countries and territories while China ranks 177th. ChinaCanadaAlbaniaAsia – PacificAmericasEurope – Central Asia Condemning abuses Citizen-journalistsFreedom of expressionEconomic pressure Organisation June 2, 2021 Find out morelast_img read more

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Finally, the Evidence Emerges: It Looks Likely that ALDI Really is Coming to Altadena

first_img Your email address will not be published. Required fields are marked * Community News First Heatwave Expected Next Week Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy More Cool Stuff Make a comment Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes 0 commentsShareShareTweetSharePin it HerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyTips From A Professional Stylist On How To Look Stunning In 2020HerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautycenter_img Community News top box 4 Finally, the Evidence Emerges: It Looks Likely that ALDI Really is Coming to Altadena Published on Tuesday, September 1, 2015 | 7:17 pm At Tuesday night’s Land Use Committee meeting of the Altadena Town Council, the attached documents were available showing detailed plans filed with Los Angeles County which clearly show an ALDI market at the corner of Calaveras Street at Lake Avenue.These plans are the first solid, convincing documentary evidence on record that seemsto prove an ALDI will be opened at that location.See the plans for yourself! Click here Aldi_ElevationsAs recently as August 25, public relations officials for ALDI refused to reveal if the market was planning to come to Altadena.“As you can imagine, there are many factors involved when ALDI opens a new location. Aspects such as population density, proximity to competition, cost of the property and, with this being California, even traffic patterns are evaluated,” wrote Eniko Bolivar, Vice President of ALDI-hired PR firm Weber Shandwick.Looks like Los Angeles County may have blown their smokescreen away. Name (required)  Mail (required) (not be published)  Website  Business News Top of the News Subscribe EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m.last_img read more

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Yellen Faces Grilling in First Hearing as Fed Chair

first_img Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles in Daily Dose, Featured, Government, Headlines, News, Secondary Market February 11, 2014 835 Views Federal Reserve GSE House Financial Services Committee Janet Yellen 2014-02-11 Tory Barringer Share Save Tagged with: Federal Reserve GSE House Financial Services Committee Janet Yellen Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Zillow Report Shows Rise in Mortgage Rates Next: DS News Webcast: Wednesday 2/12/2014  Print This Postcenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Yellen Faces Grilling in First Hearing as Fed Chair The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Yellen Faces Grilling in First Hearing as Fed Chair Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago If nothing else, Janet Yellen proved on Tuesday she has stamina.The newly installed Federal Reserve chair—the first woman to take the post in the institution’s century-long history—sat in front of the House Financial Services Committee for an extended session, fielding dozens of questions on topics ranging from the Fed’s current direction to GSE reform.Yellen’s prepared remarks for the committee echoed much of what analysts have seen in recent Federal Open Market Committee (FOMC) statements, with references to a recovering (but still weakened) labor market, a slowing housing market, restrictive fiscal policy, and the usual prediction of a “moderate” expansion in the nation’s economic activity.She also told House members not to expect any great change in policy now that she’s at the helm.“[L]et me emphasize that I expect a great deal of continuity in the FOMC’s approach to monetary policy,” she said. “I served on the Committee as we formulated our current policy strategy and I strongly support that strategy, which is designed to fulfill the Federal Reserve’s statutory mandate of maximum employment and price stability.”Having said that, Yellen emphasized “purchases are not on a preset course,” and the FOMC’s decisions about whether or not to taper will continue to hinge on its outlook from meeting to meeting.With the last two employment reports suggesting a possible slowdown in economic growth, the Fed chair was reluctant to discuss what they might mean for the possibility of further cuts to purchases in the FOMC’s next meeting.“The pace of job creation [in December and January] was running under what I had anticipated, but we have to be very careful not to jump to conclusions in interpreting what those reports mean,” she said, adding that the committee has data to consider beyond employment rates. “I think it’s important to take our time to assess just what the significance of this is.”She also left open the possibility for a ramp up in asset purchases should economic conditions deteriorate significantly.Another topic of interest for the House committee were Yellen’s thoughts on housing finance reform as industry players and policymakers offer up their ideas for moving forward on Fannie and Freddie.“I think the time has come,” she said. “I hope that you will deal with a reform of the GSEs, and there are a variety of ways to do it, but I think the government should make its intended role more explicit and make sure that whatever entities are set up to deal with housing finance … don’t create systemic risks to the financial system.”One subject left out of Tuesday’s hearing was the Fed’s latest round of annual capital stress tests, the results of which are expected to land in March. Of course, she’ll have another opportunity to discuss it this week—when she appears before the Senate Banking Committee Thursday.last_img read more

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Ratan Tata’s Affidavit Shows That Tata Sons Is Not Meant To Be A Family Run Company : Cyrus Mistry’s Lawyer In SC

first_imgTop StoriesRatan Tata’s Affidavit Shows That Tata Sons Is Not Meant To Be A Family Run Company : Cyrus Mistry’s Lawyer In SC Live Law News Network15 Dec 2020 9:32 AMShare This – xThe courtroom battle in the Tata Sons case reached to day 5 of continuous hearings by the parties. A three judge bench headed by Chief Justice of India SA Bobde heard the arguments advanced by Senior Adv. CA Sundaram on behalf of Cyrus Mistry. Mr. Sundaram tendered his arguments on three main points: first, the interpretation of Article 121 and 121A of the Articles of Association of…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe courtroom battle in the Tata Sons case reached to day 5 of continuous hearings by the parties. A three judge bench headed by Chief Justice of India SA Bobde heard the arguments advanced by Senior Adv. CA Sundaram on behalf of Cyrus Mistry. Mr. Sundaram tendered his arguments on three main points: first, the interpretation of Article 121 and 121A of the Articles of Association of Tata Sons; second, independence of the Board of Directors and third, the nature of relationship with reference to quasi partnership between Tata Sons and Cyrus Mistry. Mr. Sundaram continued his arguments on the importance of prior consultation mentioned under Article 121 and Article 121A and 121B of the AoA of Tata Sons. In doing so, he put reliance on the recommendation of Nomination Remuneration Committee set up under the statutory requirement of sec. 178 of Companies Act, 2013 which provides for reviewing the performance of Directors. “The law requires the Board of Directors of this in house committee to act as independent directors acting on information regarding past, present and future incidents. Just three months prior to the removal of Cyrus Mistry, the meeting was convened. However, the same lacked prior consultation.” he argued. According to the findings of NCLAT, it was of the view that Board of Directors had endorsed the recommendation of this Committee to applaud the performance of Cyrus Mistry and others by nearly 50 Independent Directors of Tata Group. On the argument of prior consultation, CJI SA Bobde asked Mr. Sundaram that merely because prior consultation is not permitted under Article 121, has it been completely prohibited under the AoA? “Is there any national or international law which governs the issue of prohibition of pre consultation?” CJI asked. Mr. Sundaram replied “A conjoined reading of Article 121, 121A and 121B suggest that the intention was to have a majority control of Tata Sons. The Board of Directors has the final say in the meetings and not the promoter shareholders. In this case, the promoter shareholders were also considered in the meetings. What board decides cannot be decided by promoter shareholders.” The arguments then turned towards the discussion of independence of Directors which according to the submissions of Cyrus Mistry, was deeply affected and lost with the course of time due to the interference by other shareholders. “If there is a section of board which thinks of taking advice of financial promoters and they have a meeting with them, how does it take away the independence of board?” CJI asked. To make the situation easier to understand, CJI gave an example and sought Mr. Sundaram’s response. “Let us take the case of a CM who before the cabinet meeting consults some party colleagues on what to do and what not to do. Will you say he has lost his independence? ” He continued. Mr. Sundaram replied in the negative and remarked “No, your lordship. In fact that is the demand of politics. What is political science is different from corporate understanding.” To this, CJI SA Bobde replied “In the commercial world, money is equivalent to power. Money is a kind of power. If in order to preserve money in a company, somebody seeks assistance of someone outside respected by him or a former chairman, does it amount to loss of independence of board?” “Yes it does, yourlordship. In fact in politics, majoritanism accounts for everything. This isn’t the case under companies Act” Sundaram replied. On this CJI, in a lighter vein remarked “I don’t think this depends on the cabinet. There are cases even where the minority has to be consulted in politics. You have a lot of experience running in your veins to understand this.” The main argument of Mr. Sundaram rested on the aspect of interference in the functioning of the Board of Directors by other shareholders. According to him, members of the Board whether nominated by majority or minority have an individual responsibility towards the Board. When there is an act of interference in this functioning, even by minority shareholders, this poses a great threat to the independence of such Directors. “The role of shareholders cannot be to run the affairs of the company. They can only work for the welfare of the company.” he argued. Mr. Sundaram then referred to the affidavit filed on behalf of Mr. Ratan Tata wherein he had stated that Tata Sons Group is a Company managed by the Board of Directors and it does not believe in running under family roots. According to the affidavit, the Trustees of Tata Groups operate in the interest and welfare of the Company and this role is not conferred to anyone solely because of the reason that he belongs to the Tata family. “This suggests that this is not a family run Company, your lordship. Such conduct takes away the whole purpose of Tata Sons and Companies Act, 2013”. Sundaram argued. Yesterday, there was a discussion between Mr. Sundaram and the bench wherein CJI SA Bobde remarked the issue of family arrangement between traditional Indian Companies as “Pater Familias”. Today, CJI asked Mr. Sundaram to refer to another relevant doctrine “patria protestas” which might be well suited in the present case to which Sundaram replied “I am a legitimate son in the case, your lords. Even prior to 1985 when SPG group took shares in Tata group, the relationship of trust with the company existed. After amendment of 2013 Companies Act, SP group was on boarded with Tata Sons. It was the SP group that had voting rights and was acting in the interest of Tata Sons.” On the argument of a quasi partnership, Mr. Sundaram relied on the judgment of Sangramsingh P. Gaekwad & Ors. v. Shantadevi P. Gaekwad (2005) “when more than one family or several friends and relatives together form a company and there is no right as such agreed upon for active participation of members were sought to be excluded from management, the principles of dissolution of partnership cannot be liberally invoked.” He argued that a pre existing partnership is not a requirement of quasi partnership. CJI: What was the personal relationship between Cyrus Mistry and Ratan Tata? Mr. Sundaram: Ratan Tata’s half brother is married to Cyrus Mistry’s sister. Connections are personal also. In January 1965 less than a month after Tata trust was deprived of voting rights, SP group had then held 64% rights. Mistry’s earlier family also served and worked with the family. While discussing the relationship between the TATAs and family of Cyrus Mistry, the bench asked Mr. Sundaram to clarify their position with respect to the issue of reinstatement of Mistry as Executive Chairman. The bench also showed their astonishment on some of the aspects of the case. “We are completely surprised by some of the issues of this case. This is shocking. We are referring to the proceedings and not what has happened before.” CJI said. “We are not seeking pre appointment of Cyrus Mistry. That has been dealt by the NCLAT for it being as an illegal removal as per Labour Laws. In fact, Mistry never said that he now wants to become a chairman again. That is not the prayer here.” Sundaram argued. Mr Sundaram: The nature of relationship being such, I have been prejudiced by the way this company has been run. This was a board managed company. We want to get some kind of representation in the company to end the prejudice. CJI: We asked Mr. Salve at the very beginning of the case that is there any power with NCLAT to exercise suo moto powers and apparently there is none. Inherent power doesn’t mean having a suo moto power. Even a civil court will not be able to exercise a suo moto power. Inherent power can be exercised for those powers the court is permitted to do and not in matters that are not conferred to the Court. Mr. Sundaram also argued on the shift of Tata Sons from being a Public Company to a Private Company. “By the stroke of a pen at midnight, when the application of stay was filed in NCLT, the name “private” was added before the name.” he argued. According to him, there cannot be an automatic conversion under the provisions of Companies Act, 2013. “Sec 14 of the new Act provides various criteria for this. There is no provision of automatic conversion under the Act” he continued. To substantiate this, he also referred to the certificate of incorporation and other relevant documents. The Bench will now convene to hear to matter tomorrow and will hear Mr. Shyam Divan’s arguments in the case. Reports of previous hearings :Tata Sons v Cyrus Mistry : NCLAT Has No Power To Appoint Chairman, Submits SalveTata Sons v Cyrus Mistry : CJI Bobde Says His Son Appeared For SPG Subsidiary; Lawyers Express No Objection To CJI HearingTata Sons v Cyrus Mistry : Live Updates From Supreme Court Hearing -Day 2Next Storylast_img read more

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