Accountancy
Energise the courts
THE Companies (Amendment) Bill, 2001, seeks to abolish the Company Law Board (CLB), the BIFR and, worse, the jurisdiction of every High Court under the Companies Act, 1956. The main object of the Bill is to facilitate or expedite the revival/rehabilitati
on of sick companies while protecting the interests of the workmen.
Pitfalls aplenty
FOR TOO long, the annual report was the only medium of communication between a company and its stakeholders. And, traditionally, annual reports have tended to be monotonous and off the beaten track, as companies have been averse to giving much informatio
n for fear of giving competitors an advantage. Thus, other than the audited accounts and the directors' reports, which would only be of historical interest by the time they get to the hands of the shareholders, these annual reports serve more as status r
eports than as indicators of the companies' future prospects and plans.
Hyperlinks
WHILE Bush and Osama carry on the Tom-and-Jerry routine and the world surfs channels to see missiles leap `live', most of my clients are banging their heads against desktops. ``Are we abetting the terrorists?'' they ask and expect an answer from their co
nfidante and auditor, that is, yours truly.
Economy
Mess in the financial sector
FINANCIAL sector reforms were initiated in India in 1992-93 to promote a diversified, efficient and competitive financial system with the ultimate objective of improving the allocative efficiency of available resources through operational flexibility, im
proved financial viability and institutional strengthening. However, looking at the sorry state of the financial sector today, it is apparent that something has gone terribly wrong with the reform process in this sector.
Editorial
Selective support
THE ONE PERCENTAGE point cut in export credit rates by the Reserve Bank of India comes at a time when the efficacy of monetary tools (read interest rates) to stoke a moribund economy is being questioned round the world. Yet the gloom ar
ound the export community is so pervasive and the wailing so loud that the Government had to do something.
Food & Dairy Products
The Amul concept
BUSINESS needs ideas, not merely money. Ventures run on just money, but starved of ideas, would eventually fall prey to competition and perish. And, if ideas are available in abundance, business can overcome other handicaps, including its relative weaker
money power, compared to that of its rivals. The success story of the Gujrat Co-operative Milk Marketing Federation (GCMMF) proves this point.
Miscellaneous
Heaping indignities on Afghan women
IN MARCH 2000, while the Taliban was mouthing Islamic edicts and forcing women to give up jobs, even denying them basic rights to health care and hiding them behind the veil, a UN report accused the radical Islamic regime of violating women's rights with
``unabated severity''. Included in this investigation was the charge of mass abductions of women and forced prostitution.
Radio/TV
TV: Reaching out to people
AMONG the many shows that DD Metro has resurrected since the unfortunate departure of Nine Gold is Yeh Jo Hai Zindagi. It was, in its time, one of the best-loved shows, a comedy that proved you did not have to be loud or tasteless to get the viewers laug
hing. Audiences may have moved on since then, honing their tastes on more sophisticated shows since the satellite boom, but there is no doubt that a new generation would still find this a hilarious programme.
Transport
`Distancing from govt will help corporatisation of Rlys' -- Mr Rakesh Mohan, Chairman, Expert Group on Railways
THE road towards corporatisation of the Indian Railways is a torturous one as the architect of the report on policy imperatives for the Indian Railways, Dr Rakesh Mohan, realised two weeks ago. Dr Mohan, who is also the Advisor to the Finance Minister, M
r Yashwant Sinha, was in Vadodara on September 15 to meet the representatives of unions and also the management to understand their views.
