கிங்பிஷர் விமானங்களை திரும்பப் பெற குத்தகை நிறுவனங்கள் படும்பாடு!

செவ்வாய்க்கிழமை, ஆகஸ்ட் 21, 2012, 12:05 [

டெல்லி: கிங்பிஷர் ஏர்லைன்ஸ் நிறுவனத்துக்கு விமானங்களை குத்தகைக்குத் தந்த நிறுவனங்கள் அதைத் திரும்பப் பெற படாதபாடுபட்டு வருகின்றன.

கிங்பிஷர் நிறுவனம் இந்திய விமானத்துறை ஆணையத்துக்கு ரூ. 290 கோடி நிலுவை வைத்துள்ளது. அதே போல மத்திய அரசின் எண்ணெய் நிறுவனங்களுக்கும் பல நூறு கோடியை நிலுவை வைத்துள்ளது.

அதே போல தனக்கு விமானங்களை குத்தகைக்குத் தந்த நிறுவனங்களுக்கும் கிங்பிஷர் பல்லாரயிரம் கோடி நிலுவை வைத்துள்ளது.

பெரும் நிதித் தட்டுப்பாட்டில் சிக்கியுள்ள கிங்பிஷர் நிறுவனம், பெரும்பாலான விமான சேவைகளை ரத்து செய்துவிட்டது. இதையடுத்து விமானங்களைத் திரும்பப் பெற குத்தகைக்குத் தந்த நிறுவனங்கள் முயன்று வருகின்றன.

ஆனால், தனக்குத் தர வேண்டிய பணத்தை கிங்பிஷர் தராத வரை விமானங்களைத் தர மாட்டோம் என விமான நிலைய ஆணையம் கூறி வருகிறது. இதனால் குத்தகைக்குத் தந்தவர்கள் இருதலைக் கொள்ளி எறும்பாக தவித்து வருகின்றன.

சமீபத்தில் இரு விமானங்களைத் திரும்பப் பெற கிங்பிஷரிடம் கையில், காலில் விழுந்து ரூ. 1 கோடியை வாங்கி விமான நிலைய ஆணையத்திடம் கட்டிவிட்டு, விமானங்களை மீட்டுச் சென்றுள்ளது ஒரு நிறுவனம்.

கிங்பிஷரிடம் உள்ள 40 விமானங்களில் 30 விமானங்கள் குத்தகைத்து எடுக்கப்பட்டவை. இதை குத்தகைக்குத் தந்த பெரும்பாலான நிறுவனங்கள் வெளிநாடுகளைச் சேர்ந்தவை ஆகும்.

இந்த விமான நிறுவனத்துக்கு உடனடியாக ரூ. 3,000 கோடி தேவைப்படுவதாகத் தெரிகிறது. இந் நிலையில் சம்பள பாக்கி கோரி கடந்த சனிக்கிழமை முதல் கிங்பிஷர் விமானிகள் மீண்டும் தங்கள் வேலைநிறுத்தத்தைத் தொடங்கியுள்ளனர்.

சம்பளம் தொடர்பாக விஜய் மல்லையா அவ்வப்போது அனுப்பும் 'விளக்க இ-மெயில்களை' அந்த நிறுவன ஊழியர்கள் யாரும் இப்போதெல்லாம் நம்புவதே இல்லை என்பது குறிப்பிடத்தக்கது.

மத்திய பொதுத்துறை வங்கிகளுக்கு ரூ. 8,000 கோடி கடன் வைத்துள்ள கிங்பிஷர் நிறுவன உரிமையாளர் விஜய் மல்லையா மீது மத்திய அரசு இதுவரை எந்த நடவடிக்கையும் எடுக்காமல் உள்ளதும் குறிப்பிடத்தக்கது.

The HinduRevathy and Prithviraj in Molly Aunty Rocks.

Ranjith Sankar’s Molly Aunty Rocks, starring Revathy in the lead, is the story of a middle-aged woman who gets into a battle of wills with a young, egoistical revenue officer played by Prithviraj.

There is no stopping Molly Aunty! This middle-aged woman, a no-nonsense bank clerk, who is not afraid of doing what she feels is right, is the protagonist of writer-director Ranjith Sankar's forthcoming film, Molly Aunty Rocks. Veteran actor Revathy plays the character in the film, the shooting of which is going on inside a bank at Sultanpet in Palakkad.

Prithviraj acts as Pranav, an egoistical Indian Revenue Service officer who enjoys throwing his weight around. “When Molly and Pranav meet it’s a clash of wills. They happen to lock horns after a particular incident and because of their egos both of them refuse to relent,” says Ranjith, who directed Passenger andArjunan Sakshi.

Molly was good in studies and soon after her graduation she got a job in a scheduled bank. She marries Benny (Lalu Alex), who belongs to an aristocratic family from Thrissur. After her marriage, she takes leave and goes to live in the United States with her husband and two daughters. Now, 20 years later, she comes back to Kerala and is posted at the bank’s Nemmara branch, near Palakkad. She lives alone and the locals find her a bit odd, especially because of her peculiar style of dressing. However, she is not one to be bothered about what society thinks, narrates Ranjith.

The scene being canned depicts the aftermath of a confrontation between Molly and Pranav. Sizzling with anger, Molly tries to get the last word in and tells Pranav that she will make him apologise for his actions. Sivaji Guruvayur, who plays the bank manager, tries to pacify them.

Says Ranjith: “I had approached Revathy for a role in Mayflower but she was not too keen on doing what she called ‘stereotyped’ roles. Then I told her about Molly and she agreed to it instantly!”

While the crew is getting ready for the next shot, Revathy adds: “I think, it was perhaps for the first time in the last 10 years or so that I was this intrigued by a story; a story which focusses solely on a middle-aged woman; a story that was not about her husband, children or family issues but about her own life and career. Molly is a character I could relate to and there are many like her around us. She lives by certain principles, which she believes is right but is not one to impose it on others.”

Prithviraj also seems to be impressed by the storyline of the film. “Molly Aunty Rocks is the story of this middle-aged woman and a young man, but it is not a love story. Pranav revels in the power and authority that comes with his job and Molly Aunty is a person who instinctively questions it. This is a light-hearted film that has been told in a new way. It’s really quite different from the usual pattern where a film with a middle-aged woman as a protagonist would rarely be about herself but would be about the people related to her.”

KPAC Lalitha dons a significant role in the film and stars as Molly’s snooty mother-in-law, who has always thought that her son married below him.

Molly Aunty Rocks, produced under the banner of Dreams N’ Beyond, is set to hit screens in September. Cinematographer is Sujith Vasudev and the music director is Anand Madhusoodhanan. Stills are by Hari Tirumala.

Soon, a bank-wide portal that will allow you to shop for best service

K Ramkumar : BL : 21 Aug 2012

How convenient it would be to compare at one place interest rates on deposits offered by various banks, their retail loan rates, margin amounts they require, the processing fees they charge, the add-on facilities they offer on deposits, and so on.

Extremely. The Finance Ministry also thinks so, and wants public sector banks,a la travel portals such as cleartrip, makemytrip, yatra and expedia, to explore the feasibility of setting up a bank-wide portal.

These online travel portals allow travellers the convenience of comparing the fares quoted by various airlines so that they can buy the cheapest ticket plus the various add-ons such as hotel rooms and airport pick-up.

WIDE CHOICE

As things stand now, customers seeking a higher return on their investible surplus, or the cheapest home, car or personal loan, have to either go to the branches of various banks or surf their individual Web sites.

No mean task as there are 26 public sector banks, including the five associate banks of State Bank of India.

A more discerning customer may widen his search to the 23 private sector banks too.

TIME-SAVER

But with a bank-wide portal, customers can avoid the tedium of visiting the branches of various banks or surfing their Web sites, saving much time and energy.

At the click of a mouse, one can compare interest rates on deposits and loans across banks, said a senior public sector bank official. “The portal could usher in transparency in banks’ dealings with customers,” he explained.

Banks will have to update their details on the portal regularly to reflect the latest position on interest rates, and any change in product features. The portal could also incorporate a feature whereby, if a customer zeroes in on a particular bank to place a deposit with or take a loan from, all he needs to do is share his contact details, so that officers from the nearest branch can contact him to complete the transaction.

ADVERTISING

A banker said that private sector and foreign banks too may join the portal at a later stage, if it attracts enough eyeballs.

The project to design, build, own and operate the portal is likely to be given to an information technology company.

The company can recover the costs from advertisements placed by banks, insurance companies, mutual funds and broking firms.

Banking services likely to be hitfor two days, 22nd and 23rd Aug

BL : 21 Aug 2012

Banking services across the country might get affected for two days, starting tomorrow if the strike called by the United Forum of Bank Unions (UFBU) materialises.

Indian Bank has informed the BSE that UBFU has called for a country-wide strike on August 22 and 23 in support of their demands.

“If the strike materialises, a section of the bank's employees may take part in the proposed strike on the said dates, in which case, the normal functioning of the branches / offices of the bank may get affected,” the filing with BSE noted.

This might be true for other banks too. UFBU represents nearly 10 lakh bank employees and officers working the public sector banks, private sector banks, foreign banks, regional rural banks and co-operative banks.

The union is principally opposed to the Government’s proposal of increasing the voting rights from 1 per cent to 10 per cent for public sector banks and from 10 per cent to 26 per cent for private sector banks, a top official of a public sector bank representing the officer’s association said.

The Lok Sabha will take up amendments in the Banking Regulation Act for consideration and passage on Wednesday.

Besides, the union is also against unfriendly work hours and certain recommendations of the Khandelwal Committee which bypasses the employee unions with respect to HR matters. The union has also demanded a five-day working week as is followed in other services industries including insurance, stock markets, foreign exchange markets, among others.

RBI move on group exposure will affect banks: Moody’s

PTI :BL : Aug 21,2012

SBI and ICICI Bank are among those that would be affected if RBI implements its proposed guidelines on banks’ exposure to their group entities, global credit rating agency Moody’s said today.

Last week, the RBI released draft guidelines to limit banks’ exposure to their own group non-financial and financial entities.

As per Moody’s, the proposed rules would hurt companies that depend on parent banks for capital and brand support, particularly those with large international operations, or those that operate insurance, securities or asset management businesses that need capital and liquidity support to meet their business needs.

“If the RBI adopts them, the new guidelines would be credit positive for India’s banks, but credit negative for group companies that rely on parent banks for capital and brand support,” Moody’s Investors Service said in a report.

It said the “affected banks” include ICICI Bank, State Bank of India, Bank of India, Bank of Baroda and Kotak Mahindra Bank.

“The guidelines would lead these banks to re-examine the financial support they provide to group businesses as anything exceeding the stipulated limits would be detrimental to their standalone capital calculations and thus their business growth,” Moody’s said.

The rules, it said, would benefit India’s banks because they would reduce their concentration and contagion risks from group activities.

The guidelines, if implemented, would limit to 5 per cent of paid-up capital and reserves a bank’s exposure to a single group non-financial entity, while the maximum exposure to regulated financial services companies would be 10 per cent.

However, Moody’s said that for the time being, these draft guidelines do not help the banks in any way cope with their immediate asset quality challenges owing to the difficult environment.

Canara Bank launching life cover scheme for savings bank account-holders

BL: 21 Aug 2012

Starting August 21, Canara Bank’s savings bank accountholders can get a new life insurance cover of Rs 1 lakh at low and affordable yearly premium.

The bank’s Executive Director, A. K. Gupta, said the bank was launching Canara Freedom Suraksha on Tuesday as a value-added service for new and prospective SB customers.

The life cover, aimed at the low- and middle-income groups, comes with little documentation and no medical test but on a self-declaration of good health. It applies in natural and accidental deaths.

As many as 10,000 accounts are expected be covered on Day 1 and a targeted 10 lakh accounts in the next two months. “We will tap our customer base of 4.5 crore through promotions across our 3,600-odd branches in the country,” Gupta told Business Line on the eve of the launch.

A policyholder in the 18-35 year age group will need to pay an annual premium of Rs 177; in the 36-50 age bracket, Rs 366; and in the 51-59 age-group, Rs 988.

According to Shantha Rangaswamy, General Manager, “We want this product to mainly benefit customers who don’t have life cover.”

Canara Bank’s four-year-old joint venture CHOICe — short for Canara HSBC Oriental Bank of Commerce Life Insurance Company — is part of the insurance venture.

Canara Bank holds 51 per cent share in the venture; HSBC Insurance (Asia-Pacific) Holdings Ltd, 26 per cent; and Oriental Bank of Commerce, 23 per cent.

Infosys stock jumps after US judge throws out Palmer case

 K S Badrinarayanan:BL:21 Aug 2012

Infosys has informed the BSE that a US judge dismissed a harassment case filed by its employee Jack Palmer.

The Infosys stock surged 2.5 per cent to Rs 2,410.25 on the BSE.

According to the information available on the BSE, the US District Judge Myron H. Thompson found no basis to support any of the charges filed by Palmer under Alabama state law and dismissed the case entirely.

This has come as a great relief to Infosys, as the verdict came at a time when the company is also facing a Grand Jury investigation in the US over alleged misuse of B1 visas.

Reacting to the development, Infosys said: “Today's decision confirms what we have been saying from the beginning. Palmer’s claims of retaliation were completely unfounded. This is a company built on core values that include leadership by example, integrity and transparency. We are pleased to consider this matter officially closed.’’

Infosys had filed for a motion of summary judgment as it believes the facts of the case are clear and there is no need for a trial, the company said, while moving the US court.

In February 2011, Palmer filed a lawsuit in an Alabama court accusing the company of visa fraud saying that he was asked by the firm to sign on documents that said workers were heading to the US to have meetings rather than to work there, which he claimed was done to “creatively” overcome H1-B visa caps.

According to Wells Fargo: "This decision is a short-term positive given that lack of a trial and the resulting potential for negative press coverage, in our view. However, the issue remains unresolved, as we note that a Grand Jury Investigation of Infy's visa usage is still outstanding and a second whistle-blower alleging similar visa misuse and retaliation by the company also remains.''

PTI reports

In a statement issued through his attorney, Palmer said he is disappointed in the court’s orders, but argued that the judge’s order will have no effect on the ongoing criminal investigations against Infosys.

“While Palmer and I obviously are disappointed in the results, we certainly respect Judge Thompson’s decision,” said Kenneth J. Mendelsohn, Palmer’s attorney.

“It is important for the public to understand that Judge Thompson did not condone Infosys’ conduct. He merely concluded that under current Alabama law, Palmer has no right to recover from Infosys,” Mendelsohn argued.

Threats against whistle-blowers

Judge Thompson even stated that an argument could be made that such threats against whistle-blowers, in particular, should be illegal.

The issue before the court, however, is not whether Alabama should make these alleged wrongs actionable, but whether they are, in fact, illegal under state law. This court cannot rewrite state law, the attorney said.

“Most importantly, this decision will have no effect on the ongoing criminal investigations or other claims or charges against Infosys,” Mendelsohn said.

“Infosys argues, and this court agrees, that Palmer is attempting to bootstrap a whistle-blower retaliation claim into a negligence or wantonness tort.

Alabama tort law

But there is no evidence that Alabama tort law recognises (arguably as an exception to the State’s at-will status) an independent cause of action for negligently or wantonly failing to prevent whistle-blower retaliation,” the judge said in his 23-page opinion.

In fact as he donned the mantle of being a whistle-blower accusing his employer Infosys of harassing him and indulging in visa fraud, the annual salary of Palmer increased from about Rs 80 lakh per annum to Rs 90 lakh, in addition to the annual bonuses.

Hike in Palmer's base salary

Palmer’s base salary increased from $145,000 in 2008 to $165,000 in 2012, the district judge wrote while dismissing the harassment case against Infosys.

“While Palmer believes his bonuses are inadequate, he cannot base a claim of outrage on salary diminution given the undisputed facts about his base salary,” the judge wrote.

“Like many firms in our global economy, it works across borders and employs citizens from numerous countries. It often needs to obtain visas for its Indian employees to travel to the US for conferences or to work on a permanent basis,” the court said, adding that Infosys also employs Americans in the US.

Palmer began working for Infosys in August 2008 as a principal consultant. His starting salary was set at $145,008 and was eligible for bonuses per the company’s incentive plan. His job as a consultant requires that he rotate on and off projects.

“While on a business trip to Infosys’s corporate headquarters in March 2010, Palmer uncovered a massive visa fraud. He believes that the company manipulated the B-1 visa programme, which permits business visits, in order to send Indian employees to the US to work on a permanent basis.

In May 2010, the company asked him to write ‘welcome letters’ for prospective B-1 visa applicants; he thought that these letters were fraudulent and refused to participate in the scheme,” the court said.

“In October 2010, after repeated requests that he participate in the visa fraud scheme, he met with the company’s in-house counsel and decided to file an internal whistle-blower complaint. Palmer subsequently reported these allegations to federal authorities.

As a result, Infosys is currently under investigation by the Department of Homeland Security and a federal grand jury. He has also testified before the United States Senate Subcommittee on Immigration, Refugees, and Border Security,” it said.

Retaliation campaign

Palmer contends that, since his visa-fraud allegations he has been the target of a retaliation campaign, which the court dismissed in its order yesterday.

Palmer alleged his bonuses have been adversely affected.

He believes the bonuses he received in June 2010 ($16,229), December 2010 ($7,251), June 2011 ($12,534), and December 2011 ($8,000) were below the rate set in his contract. Second, he submits that he has been the target of harassment.

Palmer, according to the court, alleged he has been the target of harassment.

Regarding work assignments, he was placed on projects from October 2009 to June 2010, July 2010 to October 2010, and October 2010 to April 2011; however, he has not had an assignment since April 3, 2011, and spends his days sitting at home waiting for work to come in from the company.

“He believes that the company is refusing to give him work in an attempt to force him out. Further, he complains that he has experienced many computer problems and has been shut out of the company’s network,” the judge said, noting he has, however, refused to hand over his company computer for examination out of fear that someone will copy his hard drive.

Palmer's allegations

Dismissing Palmer’s allegations, the judge argued that Alabama is an “at-will” employment state.

“The bedrock principle of Alabama employment law is that, in the absence of a contract providing otherwise, employment in this state is at-will, terminable at the will of either party. Under this doctrine, an employee may be discharged for any reason, good or bad, or even for no reason at all,” is the explanation of the Alabama Supreme Court .

“And an extension of this principle and logic would be that, absent a contract providing otherwise, employee may be demoted, denied a promotion, or otherwise adversely treated for any reason, good or bad, or even for no reason at all.

The Alabama Supreme Court has, rightly or wrongly, jealously guarded this at-will status and recognised only statutory exceptions (for example, worker’s compensation restrictions) and a few narrow non-statutory exceptions,” Thompson wrote, giving explanation of dismissing Palmer’s case.

Breach of contract

Referring to Palmer’s contention that Infosys breached its contract with him by not paying him a 30 per cent bonus; his semiannual bonuses since June 2010 have been undervalued.

Additionally, that him being “on the bench” status contributes to his reduced bonuses, the judge said that there is no formal document, signed by Palmer and an appropriate Infosys officer or supervisor, bearing the heading “employment contract” or something comparable.

Judge Thompson said Palmer was not even entitled to the 30 per cent as being claimed by him.

“Palmer’s bonuses are governed by Infosys’s incentive plan, which awards bonuses on a sliding scale from 0 per cent to 100 per cent of base salary,” he wrote, adding Palmer is not entitled to any specific bonus amount in any year.

As such, he cannot establish his breach-of-contract claim under Alabama law.

Electronic, telephonic threats

Referring to the Palmer’s allegations of electronic and telephonic threats and anti-American statements, the judge said even though these are “deeply disturbing”, it is clear that the Alabama Supreme Court would not view them as “beyond all possible bounds of decency,” so that it must “be regarded as atrocious and utterly intolerable in a civilised society.”

Moreover, under Alabama law, because Palmer has not been terminated, a claim of outrage may only proceed to trial under the most egregious fact pattern, he wrote.

“The issue before the court, however, is not whether Alabama should make these alleged wrongs actionable, but whether they are, in fact, illegal under state law. This court cannot rewrite state law. Therefore, for the reasons given throughout this opinion, this court must conclude that, under current Alabama law, Palmer has no right to recover from Infosys,” the judge concluded.

Management Tip of the Day - Handle Both Kinds of Conflict

Every team has a certain amount of conflict, which isn't necessarily a bad thing. As a leader you should identify whether the tension is destructive or constructive, and address it directly. Destructive conflict, including personal attacks and scapegoating, undermines the trust that is vital to working relationships. Manage it by acknowledging the problem, using persuasion, reminding others of the long-term perspective, or otherwise deploying your power as a leader. Constructive conflict, on the other hand, is when team members have divergent perspectives on your most important tasks or priorities. Ask pointed questions to draw the issues out. Then insist that your employees discuss them openly and work out solutions that can be integrated into your team's overall vision.


Today's Management Tip was adapted from the Harvard ManageMentor Online Module: Leading and Motivating.