STIPULATED STANDARDS
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
HC quashes penalty order issued to Tata Chemicals and others over 'substandard iodized salt'
The Nagpur bench of the Bombay High Court has overturned a 2016 ruling by the Food Safety Appellate Tribunal in Maharashtra's Buldhana, which penalized Tata Chemicals Limited and others for allegedly producing and selling substandard iodized salt. Justice Anil L Pansare directed the FSSAI to ensure procedural compliance and transparency going forward.
Misleading ads: Public figures must act responsibly while endorsing products, says SC
The Supreme Court has directed that advertisers and endorsers must act responsibly when endorsing consumer products, as they are equally responsible for issuing misleading advertisements. The court emphasized that advertisements must conform to the Cable Television Networks Rules, 1994, and should not offend morality, decency, or religious susceptibilities of subscribers. The court also urged the ministries concerned to set up a procedure to encourage consumers to lodge complaints regarding misleading advertisements.
Tata Comm taking sustainable route for $1 billion fundraising goal
Bank of America advises Tata Communications on a $1 billion fund framework incorporating ESG standards. The funds will refinance existing loans, structure fresh loans, and offer pricing benefits tied to environmental, social, and governance targets.
Iran summons the British, French and German ambassadors over 'double standards'
EU ambassadors summoned over Iran's Israel attacks, accused of double standards. G7 to discuss recent events. Iran justified actions under UN Article 51, citing right to defense under UN Charter.
India among the world’s first to standardise ESG disclosures; new SEBI measures to improve transparency: ESGDS’ Ramnath Iyer
India’s ESG investments have grown from $330 million in 2019 to $1.3 billion in 2023, and consumers are increasingly favouring socially conscious brands, says Ramnath Iyer.
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NFRA plans to engage with audit panels of big companies to curb frauds
The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET.
NFRA plans annual auditor checks
The regulator's plan comes after it released, late in December 2023, inspection reports on deficiencies in the audit processes of major firms such as BSR & Co, Deloitte Haskins & Sells, SR Batliboi & Co, Price Waterhouse Chartered Accountants LLP and Walker Chandiok & Co.
We would like to maintain gold standard of asset quality in SBI; improve upon where we left in 2023: Dinesh Kumar Khara
Dinesh Kumar Khara says: “Normally we have been seeing that we are growing about 1% to 2% more than what the growth rate in the GDP is nominal growth rate. I expect that around 14-15% growth is something which we expect within the bank. We are on track for that and hopefully we will get to see these growth numbers at the end of the financial year too.”
India must think of Indians’ safety
This disregard is all-pervasive. Right from the individual level, when one does not bother to wear a helmet while riding a two-wheeler, to the organisational level, when there is poor regard towards environment, health and safety (EHS) norms, to the government level, where adequate deterrence is not built into the system to make safety of the citizenry a priority.
Indian statistical system among the world's best, responsible companies should provide data, says Karnataka HC
The Karnataka High Court has rejected a petition by M/s Masturlal Pvt Ltd that failed to provide statistics of its operations in 2011, highlighting data gaps’ negative impact on the economy. The company, which manufactures textile units for several industries, had been charged under the Collection of Statistics Act in 2015 when the National Sample Survey Office initiated action against it.
FSSAI says it keeps acting against food businesses involved in misleading claims amid Bournvita issue
Food regulator FSSAI on Friday said it continues to act against food business operators reported to be involved in making false or misleading claims to protect consumer interests, amid issue over allegations of high sugar content in Mondelez India-owned health drink brand
Railway zones ordered to follow prescribed speed limit in trains fitted with controversial German brakes
After a series of complaints and accidents involving goods trains fitted with the German-made Bogie Mounted Brake System (BMBS), railway zones were last year instructed to restrict the maximum speed of loaded trains, with more than 50 per cent wagons fitted with the system, to 50 kmph on down gradients of 1 in 100, 65 kmph on level tracks of IR and 80 kmph on DFC.
Platforms wary as voluntary BIS standard comes to e-user reviews
Any move to make BIS standards mandatory for e-reviews may lead to onerous conditions, costs.
Government considering quality control order for silk: Piyush Goyal
He also announced setting up of a Textile Advisory Group (TAG) on manmade fibre to draw a roadmap for the sector and its value chain along with a memorandum of understanding with the textile industry for traceability, certification and branding of Kasturi cotton, which is the brand of India's premium cotton.
GMR Airports raises ₹1,110 crore
GMR Airports, which operates Delhi and Hyderabad airports, paid entire dues to DB International and Aditya Birla Capital, but part payment was made to Standard Chartered Bank, as reported by ET on September 17. On September 22, it raised ₹795 crore from JP Morgan Securities and ₹315 crore from Morgan Stanley India Primary Dealer through private placement of bonds, the people said.
Delhi High Court directs Flipkart to deposit Rs 1 lakh penalty for allowing sale of sub-standard pressure cooker
As per the Domestic Pressure Cooker (Quality Control) Order, 2020, which came into force on February 1, 2021, all pressure cookers are required to mandatorily conform to standard - IS 2347:2017 and compulsorily use the standard mark for domestic pressure cooker. The CCPA has issued safety notices under Section 18(2)(j) of the Act to alert and caution consumers against buying goods which do not hold a valid ISI Mark and violate compulsory BIS standards.
Govt panel to develop framework on checking fake, deceptive reviews in e-commerce
Under the provisions of the Consumer Protection Act, 2019, a Central Consumer Protection Authority (CCPA) has been established, w.e.f July 24, 2020 to regulate matters, inter alia, relating to false or misleading advertisements which are prejudicial to the interests of public and consumers as a class, said the Minister of State, Consumer Affairs, Ashwini Choubey in the Lok Sabha on Wednesday.
Possible to clean Yamuna to bathing standards by 2025: Experts
The Yamuna can be considered fit for bathing if biological oxygen demand (BOD) is less than 3 milligram per litre and dissolved oxygen (DO) is greater than 5 milligram per litre.
Solar Energy corporation issues tender for setting up 1000 MWH storage system
The tender marks the first tranche of the Government's immediate target of setting up 4000 MWh of Battery Storage Capacity as part of achieving increased penetration of RE in the national grid. Central Electricity Authority (CEA)/MoP has prepared a Report on Optimal Generation Capacity Mix for 2029-30.
For the first time, India opens doors for genetically modified soyameal imports for poultry
The Food Safety and Standards Authority of India (FSSAI) said anything that is non-food is not within its ambit. Importers, including corporates like Godrej Agrovet, said imports will arrive in 10 days as there is severe shortage in the country while global prices are 40% of local prices. India has been importing GM soyabean oil and also consumes locally produced GM cotton seed oil.
Serum Institute seeks indemnity, wants equal treatment
Serum Institute of India (SII), which manufactures the Covishield Covid-19 vaccine, has sought indemnity against adverse reactions to its jabs, said people aware of the matter.
FPI investors not sharing mobile, income details over data confidentiality concerns
For regulatory authorities, the new rules to collect information on final investors in a fund are aimed at curbing round-tripping and money laundering transactions as well as violations of foreign holding restrictions in listed companies.
Curbs again from April 10, says Tamil Nadu govt as COVID-19 cases rise
The number of active cases rose to 27,743 on April 7 from 13,070 on March 28, the government said. As part of the strategy to combat the pathgoen spread, increased and aggressive testing was on and about 80,000 RT-PCR tests were being done everyday.
Complete road designing project within stipulated time: Kejriwal to officials
The seven roads, each with a width of 100 feet, cover a total stretch of 540 kilometres. The project was approved by the Delhi government in November 2019.
Standard term life cover’s easier proposed than done
The Saral Jeevan Bima, India’s first standard term cover, set to hit the market from January 2021 will be priced nearly two to three times higher than the average premium rate charged for term covers in the industry.
Universities can fix enhanced norms and standards for affiliation: Supreme Court
The top court observed that in present times, no university can afford to have a laid-back attitude, when their own performance is being measured by international standards and therefore, the power of the universities to prescribe enhanced norms and standards, cannot be doubted.
Irdai comes out with mandatory standard life insurance covers for the first time
The policy called ‘Saral Jeevan Bima’ has been designed by the Authority as a non-linked, non-par protection policy with stipulated pay out in the event of death of the sum-assured. Insurers have been mandated to file their products by December 2020 and then market them starting 2021.
Will Standard Benefit Based Coronavirus Health Insurance policy help you?
The cover will be a benefit-based product offering a 100% lumpsum if a policyholder tests positive.
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