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Showing posts with label blogging. Show all posts
Showing posts with label blogging. Show all posts

Monday, April 11, 2016

New Cheque Dishonour Amendment Explained - Gujarat HC - Times of India

In an important order in a cheque bouncing case, Gujarat high court has explained and clarified the new law regarding jurisdiction of courts in such matters and where an aggrieved party can file a complaint.

In this case, the petition was filed by a resident of Uttar Pradesh after an Ahmedabad-based firm moved the Ahmedabad metropolitan court under Section 138 of the Negotiable Instruments Act against a dishonoured cheque. The cheque was issued in Badalpur, UP, and deposited in a bank in Gorakhpur, UP. When the cheque was dishonoured due to inadequate balance, the payee filed a complaint in Ahmedabad.

The UP resident questioned the jurisdiction of Ahmedabad court on the ground that the cheque was issued in UP and delivered in UP. No action in the matter had taken place in Ahmedabad. On the other hand, the Ahmedabad-based firm argued that the complaint was maintainable because the company had its bank account in Ahmedabad.

Justice J B Pardiwala rejected the UP resident's contention and gave a clarification on the amended law. The court made it clear that "when the cheque is delivered for collection through an account, the complaint is to be filed before the court where the branch of the bank is situated, where the payee or the holder in due course maintains his account and, secondly, when the cheque is presented for payment over the counter, the complaint is to be filed before the court where the drawer maintains his account."

The issue has a curious history. In 2014, the Supreme Court ruled that cheque return cases can be filed in a court where the issuer (drawer) maintains his account. This resulted in shifting of lakhs of cases from one town to the other and caused complainants difficulties.

To put an end to the payee's troubles, the President promulgated the Negotiable Instruments (Amendment) Ordinance in June 2015. This provided that the complaint can be filed in a court where the payee maintains his bank account. While the amended law takes care of interest of the payee of the cheque, it also tries to ensure that drawer of multiple chequess is not harassed by payees filing different complaints at different places. In such a case, all complaints should be filed in the court where the first case was lodged.

Source -http://m.timesofindia.com/city/ahmedabad/High-Court-explains-new-cheque-bounce-law/articleshow/51751606.cms

Wednesday, August 6, 2014

Monsanto and DuPont - Public Perception

Public perception is a curious thing. 

Two companies can do many of the same things, and yet one will take a much larger amount of flack and criticism for it. Or, as the Seattle Organic Restaurants website says, “the difference between a rainforest and a jungle is that a rainforest has a PR agent”. 

To that end, I find it very interesting that Monsanto is one of the most-hated companies on the planet, with the internet and social media full of stories and passed-around memes that declare it to be one of the worst companies in the world. And yet, DuPont is just as big in genetically-modified seeds and agricultural chemicals, and pursues largely the same policies as Monsanto with respect to pricing, IP enforcement, and so on.


So it merits the question – Why is Monsanto evil, but DuPont isn't?



Similar Unpleasant Histories

One of the most commonly-circulated bits on Monsanto in the social media space appears to be a piece that takes Monsanto to task for a long corporate history of developing dangerous products. In prior corporate incarnations, Monsanto did indeed produce Agent Orange, polychlorinated biphenyl (PCBs), DDT, and artificial sweeteners like saccharin and aspartame. While there is still vigorous debate about the safety of artificial sweeteners, nobody disputes that Agent Orange, PCBs, and DDT are bad news.


But let us have a look at DuPont's history.


DuPont started as a virtual monopoly manufacturer of gunpowder, making money hand over fist during the U.S. Civil War and then expanding into various other military explosives. Unlike Alfred Nobel, who felt so guilt-ridden about his invention of dynamite and its subsequent use in warfare that he established the Nobel Prizes, the DuPont family was apparently more interested in arranging marriages between cousins to maintain the family fortune. 


DuPont was also involved in the development of nuclear weapons. Later, DuPont developed synthetic materials like nylon and polyester that will, in many cases, still be on this earth for a long, long time. Likewise, DuPont has had its share of dangerous pesticides, herbicides, and other chemicals include coatings like C8. By the way, DuPont also manufactured Agent Orange, DDT, and PCBs … just like Monsanto did.

The point is, it's difficult to be a large player in the chemicals industry and not eventually produce a dangerous product and/or experience a significant industrial accident. Many of the chemical companies large enough and old enough to be around at the time (including Monsanto, DuPont, and Dow made products like Agent Orange, DDT, PCBs. Likewise, investors and those worried about the environment ought to be at least as worried about the neonicotinoid insecticides made by the likes of crop science companies Bayer and Syngenta  that have been implicated in colony collapse disorder affecting honeybees.

Source- Investopedia.com

Saturday, October 5, 2013

Facts about 0% EMI Finance Schemes | InvestmentYogiInvestmentYogi

Facts about 0% EMI Finance Schemes | InvestmentYogiInvestmentYogi:


This festival season you might have decided to upgrade your television set from LCD Flat Screen to LED Smart Television or purchase Samsung Note Book / Apple Iphone / Nokia Lumia replacing your old Android Mobile Handset, etc. Attractive promotional schemes from manufacturing companies and retail stores will roll out in the market from this week as Navratri – the first festival of the season is commencing from 5th Oct, 2013 followed by Dussehra, Diwali and Christmas. When we look at the statistics of last few years, purchase of consumer goods through 0% finance schemes has attracted many customers and sales through this scheme has contributed 20-30% to top-line for retailers in the market. However, before you take a decision to purchase consumer goods and get trapped in some promotional offers we recommend avoid 0% emi finance schemes offered by banks or credit cards because there are some hidden costs and disadvantages attached to it, which we will discuss in this article. Now, RBI has also stepped in from 24th Sep, 2013 to halt 0% finance schemes offered by banks to purchase consumer goods.

Disadvantages of purchasing consumer goods on 0% finance schemes are as follows:

1) Processing and documentation fees

Banks charge one time processing and documentation fees from customers, while purchase on 0% finance schemes. The fees vary from bank to bank, but will be in the range of Rs 500 to Rs 1,000. So, this will be additional cost on products you have purchased.

Take an example, Mr Abhishek opts to purchase 42 inch LED Smart Television Set which costs Rs 60,000 from store. Now, he applies for 0% finance scheme to pay monthly EMI on his purchase. To apply for the EMI schemes, he shells out additional cost of Rs 1,000 against processing and documentation charges. Now, his LED set would cost him for Rs. 61,000 (inclusive of processing charges).

2) Pay interest rates on your purchase

As per information gathered from various retail stores, it can be said that banks are charging hefty interest rates from customers while purchase on these finance schemes with 0% EMI. Interest rates vary for six months and nine months tenor among banks. These interest rates are as follows:


Banks                         6 months tenor     9 months tenor
State Bank of India  4.25%                     6.35%
HDFC Bank               5.2%                        7.25%
ICICI Bank               4%                            6-6.15%

Now, after RBI intervention in the 0 interest finance schemes to purchase consumer goods, banks such as SBI, Axis bank, Kotak Mahindra, etc have already withdrew zero percent facilities.

Taking forward Mr. Abhishek’s example, the cost price of Rs 60,000 for LED will have additional cost of interest expense over it. So, consider if he had opted to purchase LED with 6 months tenor (EMI instalments) from ICICI bank. The interest rate applicable will be 4% on his purchase. Now, EMI for 6 months will be Rs 10,117. So, at the end of 6 EMIs, total amount he pays off is Rs 60,702. So, purchase of RS 60,000 has now led him to pay additional cost Rs 1,702 (Rs 1,000 processing fee + Rs 702 interest cost).

3) Losing out on discount while shopping

Retail stores and shop dealers on roadside offer discount when you opt to purchase through cash or debit card. This discount varies on your negotiation skills and brand of the product you opt to purchase. I did a survey in few retail stores and dealer shops to understand cash discount they are ready to offer if shown interest to book the order immediately and pay full amount by debit card. Retail stores offered me cash discount in the range of 3-5% on purchase of LG, Panasonic, Toshiba, Onida, etc LED sets. On the other hand, dealer shops on roadside offer cash discounts between 5-10% while purchasing similar brands and models from them. But, getting a discount on Sony and Samsung LED’s is a difficult task as they are market leaders and have marginal operating price across all retail / dealer stores in India. However, it’s possible to get a price break or complementary gifts of Rs 2000 to Rs 2,500 on Sony and Samsung LEDs, but require smart negotiation skills to deal with the Store manager / Associates.

Next time, before stepping into a retail store to purchase any consumer good, get a best price for the same product from a nearby dealer store. Then, take a decision to purchase from a store which saves money from your pocket and gives better sales service.

Here, we can say Mr. Abhishek missed an opportunity to save Rs 3,000, assuming 5% cash discount on purchase of Rs 60,000 LED set. Instead, he paid Rs 61,702 for LED costing Rs 60,000 in the market.

Set your preferences before stepping out for shopping consumer goods

There are few questions which you require an answer to, before stepping out to purchase any consumer products in the market. There is a high probability you will be confused with various brands and features in the market. So, take an example of Mr. Abhishek, who decides to purchase LED television set. The points he would discuss with his family / wife will be:
Size of the LED set required to be installed in drawing room
Should we give preference to brand or additional features at best price?
Whether we want to buy from retail store or nearby dealer shop?
Payment option i.e. 0% emi finance scheme or cash (debit card)?
Set a budget price for consumer product you intend to purchase.

Based on a survey at few retail and dealer stores, I would like to share some insights as follows:
Associates at these stores tried to push products which have attractive features and gives them better commission (profit) on sales if you have not decided your preference before stepping out for shopping.
Associate gives demo of branded LEDs like Samsung and Sony on request but makes them inferior in features while compare to other brands like LG, Panasonic, Toshiba, etc. Also, prices of Samsung and Sony are much higher compared to other brands, so consumer easily gets diverted to other known brands while purchasing to get additional features at discounted price compared to branded market leaders. So, here if you have set your preference clearly, you will not fall in the trap of seller while shopping.

Conclusion

Let us calculate in table the total savings Mr. Abhishek will have from purchase of LED on cash with discount.


Particulars      Purchase on 0% 
finance schemes         Purchase on cash with discount
Cost price of LED (Rs)                 60,000                                             60,000
Add: Processing Fee (Rs)                  1,000                                             0
Add: Interest Payable (Rs)                 702                                                 0
Less: Cash Discount (@5%)                  0                                               3,000
Total Cost (Rs)                   61,702                                                         - 3,000
Total Savings (Rs)                4,702
Additional Expense 
Incurred (%) 8% (approx.) by opting for 6 months financing scheme


With purchase on cash, Mr. Abhishek has saved Rs 4,702 as computed above. This saving can be utilised for other expenses (shopping) or invest in short term FD to earn cumulative interest. So, for consumer benefit, RBI has also intervened and is now against 0% finance schemes on emi offered by banks at retail / dealer stores. They want shoppers (consumers) to do shopping on debit card/cash and get additional benefit of discount from stores. So, improve your negotiation skills to get the best price for consumer goods of your preference and enjoy your shopping in this festival season….!!!!!

The author has presented his personal views in this article through knowledge and interaction with people at few retail/dealer stores in Mumbai.

About the Author:

Hiral Thanawala is a PGDM (Finance) graduate and Certified Financial Planner with an experience of over 5 years in equity market and personal finance domain. He can be reached at expert@investmentyogi.com

'via Blog this'

Tuesday, March 8, 2011

Indian Government Plans To Regulate Online Content & Blogs - Medianama.com


As a part of the rules being finalized to supplement India’s Information Technology Amendment Act 2008, rules are being included that will indirectly allow the Indian government to control content being published on the Internet. This is hardly surprising: last week, at the CII Content Summit, three government functionaries – Information & Broadcasting (I&B) Minister Ambika Soni, TRAI Chief JS Sarma and I&B Secretary Raghu Menon, had all mentioned concerns about content on the Internet, even as they tried to downplay content regulation:
- Sarma said that “How do you control the Internet? That is baffling and challenging, and it is fraught with issues of freedom and security. Security in terms of physical security and others. This will have to be studied over the course of next few months or the next year or so.”
- Menon pointed towards the UK and issues of pornography, saying that the IPTV Association in the UK is in contact with the ISPs to ensure that the ISPs provide regulated content. People who are concerned about this, they’re approaching the ISPs for what is appropriate or not. This is a subject which is outside the purview of the ministry I work in.”
Menon works in the I&B Ministry, and this modus operandi of dealing with ISPs would be the mandate of the Ministry of Information Technology, which is putting into place these rules for regulating content through ISPs. A few things to note from the rules (download) that have been drafted:
1. Definition of Blogs, Bloggers & Users: This is tricky: blogs do two things – they publish content, and have user generated content in the form of comments. at one level, they are a publisher, and at another, an intermediary. The guidelines however, clearly define a blogger only as a user, and that a blog is  ”a type of website, usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video.” This is generic, and could mean any online publication, including ours, and online publishers would also come under the ambit of the definition of the term ‘users’. What is odd, is that the rules specifically define blogs and bloggers, when there is no apparent reason for doing so.
2. What can they block you for? There’s a problem with how wide the offenses under which you can be blocked, are defined. ISP’s and other intermediaries have to notify users (including online publishers and bloggers) not to use, display, upload, modify, publish, transmit, update, share or store any information that:
- (a) belongs to another person; (d) infringes any patent, trademark, copyright or other proprietary rights;
Our Take: this should be covered under the Copyright Act, not IT Act.
- (b) is harmful, threatening, abusive, harassing, blasphemous, objectionable, defamatory, vulgar, obscene, pornographic, paedophilic, libellous, invasive of another’s privacy, hateful, or racially, ethnically or otherwise objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever; (g) causes annoyance or inconvenience or deceives or misleads the addressee about the origin of such messages or communicates any information which is grossly offensive or menacing in nature;
Our Take:
 There goes most of the Internet. Using phrases like ‘objectionable’, ‘disparaging’, annoyance and inconvenience, which are highly subjective, the government has given itself the power to block anything they want. Remember that if someone publishes a libelous comment, or a hateful comment, for which an online publisher should be an intermediary, the Government has the power to block the publisher. This post might annoy the government, so there goes MediaNama.
- (j) threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order or causes incitement to the commission of any cognisable offence or prevents investigation of any offence or is insulting any other nation.
Our Take: Clearly, a move that seeks to ensure that gives the Indian government has the same powers as a Hosni Mubarak had in Egypt, and was in a position to block access to any site that might be used to organize demonstrations. Again, remember that telecom operators are also intermediaries, so it impacts all mobile connections.
- (f) discloses sensitive personal information of other person or to which the user does not have any right to”
Our take: what happens to social networking sites, which are full of such information (particularly photographs published without explicit consent)? What of whistleblowing blogs or sites – does this give the Indian government, for example, the right to block Wikileaks in India, if they find that details of Swiss Bank account holders has been disclosed?
How they’ll block sites
The government has taken adequate measures to ensure that the process by which a request for blocking of sites goes through several check-points (page 29 onwards of these rules; pdf): Any complaint that has been sent to a Nodal officer can only be forwarded to a Designated Officer after it has the approval of the Chief Secretary of the concerned State or Union territory. Then the request is looked into by a Committee, which has a Designated Officer as its chairperson, and representatives not below the rank of Joint Secretary in the Ministries of Law and Justice, Home Affairs, Information and Broadcasting and the Indian Computer Emergency Response Team. An order can be issued by the Secretary (Department of IT) to intermediaries (ISP), via the designated officer, to block access to the sites.
However, in case of an emergency (page 31 of these rules; pdf), the Designated Officer can expedite the blocking of any site by submitting a specific recommendation to the Secretary, Department of Information Technology, though this will have to be examined by a committee within 48 hours. The other instance is in case a court issues orders blocking of certain information on the web.
So, what does this mean?
It means that given that the Indian government is unable to control content on the Internet, it is giving itself enough powers to control access of its citizens to that content, by controlling the ISPs. The process by which it can block sites is fairly bureaucratic, and it will be difficult for a request from a normal citizen to be entertained. But what is alarming is that the government itself has enough opportunity, given how vague the reasons for blocking are, to block anything it wants to block. While you can hope for some maturity, we’d like to remind you what can go wrong if any entity in that chain of command is incompetent, or has malicious intent: in 2006, following orders to block certain sites, access to all blogs was blocked.


By Nikhil Pahwa at http://www.medianama.com/2011/02/223-indias-draft-blogger-guidelines/



Draft rules proposed by the Indian government for intermediaries such as telecommunications companies, Internet service providers and blogging sites could in effect aid censorship, according to experts. Under the draft rules, intermediaries will have to notify users of their services not to use, display, upload, publish, share or store a variety of content, for which the definition is very vague, and liable to misuse. Content that is prohibited under these guidelines ranges from information that may "harm minors in any way" to content that is "harmful, threatening, abusive." Some of the terms are so vague that to stay on the right side of the law, intermediaries may in effect remove third-party content that is even mildly controversial, said Pavan Duggal, a cyberlaw consultant and advocate in India's Supreme Court.  While the definition of some of the terms like obscenity have been ruled on by India's Supreme Court, some of the other terms do not have a precise legal definition, said Pranesh Prakash, program manager at the Centre for Internet and Society, a research and advocacy group focused on consumer and citizen rights on the Internet. "Would creating a Facebook profile for a minor, for example be considered as harming a minor ?" Duggal said.  The draft rules are secondary legislation framed by the government under the country's Information Technology (Amendment) Act of 2008. Under the IT Act, an intermediary is not liable for any third-party information, data, or communication link made available or hosted by him, if among other things, he has observed due diligence under the draft rules. The new rules will give rise to subjective interpretations, thus giving a lot of discretion to non-judicial authorities in the country to decide whether the intermediary has observed due diligence or not, Duggal said. 
According to the draft rules, an intermediary has to inform users that in case of non-compliance of its terms of use of the services and privacy policy, it has the right to immediately terminate the access rights of the users to its site. After finding out about infringing content, either on its own or through the authorities, the intermediary has to work with the user or owner of the information to remove access to the information.  

Rather than recognizing the diversity of the businesses of intermediaries, the draft rules use a "one-size, fits all" set of rules across a variety of intermediaries including telecom service providers, online payment sites, e-mail service providers, and Web hosting companies, Duggal said.  
An intermediary such as a site with user-generated content, like Wikipedia, would need different terms of use from an intermediary such as an e-mail provider, because the kind of liability they accrue are different, Prakash wrote in his blog.  
he draft rules also add new provisions that appear designed to give the government easier access to content from intermediaries. Intermediaries will be required to provide information to authorized government agencies for investigative, protective, cybersecurity or intelligence activity, according to the rules. 
Information will have to be provided for the purpose of verification of identity, or for prevention, detection, prosecution and punishment of offenses, on a written request stating clearly the purpose of seeking such information, the rules add.  
The IT Act already has specific procedures in this connection for very specific information requirements, but the draft rules have broadened this to a general requirement for intermediaries to provide information, Prakash said. The new rule could in fact be a way of circumventing the earlier laws, he added. 
The draft rules assume significance in the context of recent moves by the Indian government to get Research In Motion to provide access to information on BlackBerry services in India. While providing lawful access to its consumer services like BlackBerry Messenger, RIM has declined to provide access to its corporate service, BlackBerry Enterprise Server, claiming that it does not have access to customers' encryption keys. 
The Indian government has previously also said it would demand lawful access from Google's Gmail and Skype, but has not taken any action so far in this direction. 
The draft rules will require compliance from a number of entities who until now had thought they were outside the ambit of compliance, Duggal said.

Google did not immediately respond to e-mailed requests for its comments on the new rules. Microsoft said that the government should set the policy objectives and provide directional framework, and still allow flexibility to intermediaries to set the data protection measures as they deem fit for different situations and services. 
"We believe that the intermediary should be obliged to take down non-compliant content on being notified of the same as well as terminate access rights for those who use these platforms for dissemination of non-compliant content," Microsoft said in an e-mailed statement. Non-compliance include, but is not limited to, copyrights, it added.
John Ribeiro covers outsourcing and general technology breaking news from India for The IDG News Service. Follow John on Twitter at @Johnribeiro. John's e-mail address isjohn_ribeiro@idg.com

Thursday, June 24, 2010

Blog, blog, blog: Take advantage of the fact that 27% of in-house lawyers use blogs as their most important tool in researching and identifying outside lawyers to hire. � Kowalski & Associates Blog

Blog, blog, blog: Take advantage of the fact that 27% of in-house lawyers use blogs as their most important tool in researching and identifying outside lawyers to hire. � Kowalski & Associates Blog

Recently, a deputy general counsel for the Association of Corporate Counsel, reported at a conference about a corporation that chose to conduct a “beauty contest” for a particular engagement by independently identifying the top five lawyers in the country who had the expertise to handle the matter. Of the group invited to make presentations, most were New York based. The client selected a Kentucky firm, since its rates were 25% lower than its East Coast competitors. James Merklinger of the ACC, who conveyed the anecdote, explained “In this day and age of technology, it doesn’t really matter where you are, so there’s no reason to pay top dollar if you can find someone who’s considered just as capable.”
Neat story with obvious lessons.
But the astute reader should be thinking about a different question: How in the hell did the client find a lawyer in Kentucky, of all places, with the precise expertise it needed? A better question you should be asking is: Instead of your chasing around looking for new clients and business opportunities, attending de rigueur lunches, golf outings, industry specific conferences (where you are competing with a score or more of lawyers looking for the same work) is there some efficient way, other than late night TV ads, for you to have clients look for you, instead of your looking for them?
The fellow from Kentucky figured out how to do this.
ALM Legal Intelligence Group, in association with the Zeugheiser Group released early this week the result of a survey it recently conducted which will lead you to obvious conclusions: 27% of in-house lawyers used blogs posted by lawyers on relevant topics as the “most important” tool in researching for outside counsel for a particular engagement. Another interesting statistic: only 96 of the AmLaw 200 firms used blogs.
So I assume that each lawyer takes pride in his or her specialized expertise in a subset of his or her broader generic practice area. So for example, you are a litigator with relatively unique expertise in nuclear reactor construction disputes involving concrete. Likely, your firm’s web site will have you listed as part of its litigation group or part of its construction group. A Google search made by a prospective client for lawyers with that unique expertise (expertise in nuclear reactor construction disputes) will never find you doing a web search.
Don’t believe me? Try it yourself. Identify a specific area in your practice for which you have specialized and conduct a search a lawyer with that expertise. The heavy odds are you will be shocked not to find your name popping up. So, how are the 27% of in-house lawyers who rely on blogs as their most “important tool” in searching for outside counsel going to find you?
Lesson 1: create and maintain a blog (don’t know how? Skip the call to your IT department and just go to Google or a similar search engine and type in this question: How do I create a blog? Or ask your kids or grandkids). Lesson 2: put postings of interest and of substance on your blog, and please, don’t make them boring or make them look like they were written by a second year law student writing an analysis of a case. Short, interesting, substantive, informative is part of the solution (Example this is a recent development that you should know about [please, please, no case citations and no procedural history, nobody cares]). Lesson 3: Post regularly (I suggest once a week). Lesson 4: use the key terms of your special expertise (such as nuclear reactor construction disputes involving concrete and use those terms in different combinations often. Lesson 5: circulate a very short, sweet and enticing email among your clients and prospective clients very briefly advising the reader that you’ve just written a piece about the subject and include a link to your posting . Keep adding to your email list new prospective clients. I previously addressed this issue, if you forgot, click this link. Lesson 6: Include a link to your posting on Linked In and the relevant groups to which you belong (there are 1,500,000 lawyers on Linked In, thousands of groups dealing with nuclear reactors and construction, which have too many millions of members for me to count), as we previously recommended. Chances are that if you are reading this, you just saw how this all works.
And, the final and most important point, the more often you use the terms associated with your area of expertise and the more times people link up to your web site, the more often your name and area of expertise will show up when one of those 27% of corporate counsel are looking for somebody who needs the very special skills you have. Or, when an ACC member or other in house corporate lawyer calls a colleague and asks if he or she knows somebody with expertise in nuclear reactor construction disputes, hopefully he or she will say check out so and so. I’ve read his or her blog and he or she seems to know what they are talking about.
And then keep a pile of new matter intake forms piled on your desk as the phone rings off the hook.