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Auto components industry seeks government support for COVID-19 crisis

Auto components industry body (ACMA) said that,  it is taking a hit of around Rs 1,200 crore per day due to the lockdown owing to coronavirus pandemic. The industry is urged the government to come up with a financial package, including relaxation in borrowing norms, in order to survive the current situation.   Terming the current situation as unprecedented, the …

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Renault India pulls the brake on COVID-19 spread

Keeping the safety and well-being of its employees as top priority in view of the escalating COVID-19 situation, Renault has temporarily suspended production at its Alliance manufacturing facility, Renault Nissan Automotive India Private Ltd. (RNAIPL) in Chennai.  Monitoring the situation over the last several weeks, Renault has implemented multiple preventive measures across all its offices, dealerships and manufacturing facility and …

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CARO 2020: A sensible move

By Shivanand Pandit With a view to augmenting transparency in the corporate audit segment, the Ministry of Corporate Affairs introduced numerous changes to the rules governing audit reports of companies by incorporating specific revelation norms which will not allow the business entities to hide facts on the grounds of materiality or probability and announced the notification of the Companies (Auditor’s …

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India’s first dedicated Covid-19 hospital by Reliance

Reliance Industries said it will pay contract and temporary workers wages even in case of no work due to coronavirus outbreak. The company set up India’s first dedicated Covid-19 hospital in Mumbai, ramped up face-mask production capacity and commenced free meals and fuel to deal with the crisis.  In a raft of measures to deal with the pandemic, Reliance said …

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National Commission dismisses revision petition against local jeweller

By Adv Jatin Ramaiya Maheshewari M Gaunkar, Parra, Bardez, approached the National Consumer Disputes Redressal Commission challenging the rejection of his appeal by the Goa State Consumer Disputes Redressal Commission.   Gaunkar had filed complaint against Kamakshi Jewellars, South Goa before the North Goa District Consumer Disputes Redressal Forum, alleging that she had purchased gold chain for chain for Rs.9100 …

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Vedanta sets up Rs 100 crore fund for coronavirus fight

Mineral and metal conglomerate Vedanta  set up Rs 100 crore dedicated fund as part of its endeavour to join ranks with the government to combat the widespread outbreak of deadly COVID-19.   The fund will cater to three specific areas, livelihood of the daily wage worker employees and contract workers, preventive health care and timely help to communities in and …

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Kineco donates Rs 25 lakh towards corona relief

In the wake of the coronavirus disastrous effect on the local economy, Pilerne based Kineco Group, comprising of Kineco Ltd and Kineco Kaman Composites India Pvt Ltd, pledged, along with employees Rs 25 lakhs to the Chief Minister’s Relief Fund. The amount will be utilized towards setting up of Covid-19 dedicated hospital in the state.    The Kineco Group completes 25 …

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Lending a hand to employees in caronavirus chaos

Offshore floating casino Big Daddy, is set the ball rolling in alleviating fears of employees during the ongoing coronavirus crisis. Company officials said that, they are trying to safeguard the well-being of employees by making sure that they follow the 21-day lockdown. The casino’s 350 plus employees who reside in the company accommodations across Panaji will receive three meals (breakfast, …

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A brand of myopic economics

By Tensing Rodrigues CRISIL’s assessment of Budget 2020 as reported by most of the newspapers is crisp, “Budget measures too long term, unlikely to meet growth targets in FY21.”  Though I did not find that sentence in the CRISIL report itself, nothing could be more appropriate. I do not mean to say that CRISIL’s take on the budget is appropriate, …

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Economic package is welcome, more needs to be done

By DM Deshpande At last the Finance Minister has come with a package which could bring relief to millions of Indians who are at the lowest strata of the society. The announcement of Rs.1.7 lakh crores appears big but looking at the enormity of the challenge majority of countrymen face there is a doubt whether this is enough.   The …

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