Mahindra & Mahindra Tops CSR List in India Even As Companies Scale Up Operations

3/11/2019 Mahindra & Mahindra tops CSR list in India even as companies scale up operations
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Mahindra & Mahindra tops CSR list in India

even as companies scale up operations
Only about 18% of all companies surveyed met the mandatory 2% spending norm. Not a TRENDSETTERS FOR 2019
single services company features in the Top 10. Here's why the cash-out mentality is
becoming popular with founders
Updated: Oct 26, 2015, 05.38 PM IST
‘India is becoming an entrepreneurship

By: Utkarsh Majmudar, Namrata Rana & model for the world’
Neeti Sanan
When The Economic Times partnered Healthcare sector may see further
Futurescape and IIM Udaipur to conduct the consolidation in 2019
first 'The Best Companies for CSR' study last
year, 115 companies participated. This year,
the number has risen to 216. There's more
Settled GST, credit flows among 7
competition, and as a result several new reforms to aid India grow 7.5% in
companies have risen to find a place in the 2019: CII
Only about 18% of all companies surveyed met the top 10 rankings of the Best Companies for
mandatory 2% spending norm. Not a single services
CSR 2014 study. That's just one side of the
company features in the Top 10. 11 financial moves that could make
story. Only about 18% of all companies you rich in 2019
surveyed met the mandatory 2% spending norm. Not a single services company features
in the Top 10. What do these facts reveal? "Companies need to think of CSR more
strategically," says Namrata Rana, director, Futurescape. For now, companies are
More from Trendsetters for 2019 »
engaging with communities in limited areas. "Education, health and environment are
prominent. Areas like women's empowerment and supporting artisans, sportspersons etc SPOTLIGHT
get a short shrift," says Janat Shah, director, IIM Udaipur. Having said that, the top 10
Wealth
corporates featured in this report are veterans, with a tradition of executing and monitoring
CSR projects. Others can learn from them.
This year's CSR study finds that many companies have scaled up operations in CSR and
are looking at it as a priority. Mahindra and Mahindra leads the pack. Compared with the
previous study, it has jumped two ranks. There are four Tata group companies in the top
10 list. GAIL replaces SAIL in the public sector honours while Bharat Petroleum joins the
top ten list. Interestingly no foreign players make it to the top 10 list. Jubiliant Life
Sciences, a healthcare company, has entered the top ten list.
Clueless about section 80C?

This could be little helpful
Last year's study was in the context of the introduction Eligible payments include life insurance A
of mandatory spending on CSR brought on by the premium, principal repayment of the home
Companies Act, 2013. The focus of the companies loan and children's tuition.
has now shifted from anticipating the change and How to avoid last-minute tax planning
mistakes
trying to understand the ramifications of the change to EPF transfer on job change to become
implementing it. This is in the early stages. Hence, this automated from next FY
year companies need to shift their focus from
https://economictimes.indiatimes.com/news/company/corporate-trends/mahindra-mahindra-tops-csr-list-in-india-even-as-companies-scale-up-operati… 1/32
anticipating to implementing.
To better understand where individual companies are

at, we have categorised them across four quadrants: pace setters, smart utilisers, starting
out and low efficiency.
Mahindra & Mahindra
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Key CSR Areas: Focus on the girl child, youth and farmers through programmes in the Top Trending News
domains of education, public health and environment. Mahindra Pride Schools provide
2019 General Elections Rafle deal Ayodhya case
livelihood training to youth from socially and economically disadvantaged communities and
Priyanka Gandhi Pulwama News Masood Azhar
have trained over 13,000 youth in Pune, Chennai, Patna, Chandigarh and Srinagar. M&M
IAF MiG-21 CRASH IAF Air Attack on Pakistan
sponsors the Lifeline Express trains that take medical treatment to far flung communities.
PM Modi Jammu Blast Sri Sri Ravi Shankar
Then there's Project Hariyali, which has planted 7.9 million trees till date, including four
million trees in the tribal belt of Araku Valley. M&M has constructed 4,340 toilets in 1,171
locations across 11 states and 104 districts specifically for girls in government schools as
part of Swachh Bharat Swachh Vidyalaya. Expenditure on CSR in the last fiscal was Rs
83.24 crore — 2% of PAT. Not to be Missed
Homecoming costs Lakshmi Mittal $7
Flagship Programme: Set up by Anand Mahindra in 1996, Project Nanhi Kali supports the billion
education of over 11 lakh underprivileged girls in ten states, providing material support
(uniforms, bags, notebooks, shoes and socks) and academic support (workbooks, study
classes). The key outcomes of the project include an increase in both enrolment of girls in Directors approaches NCLT against
schools and curtailing dropouts to less than 10%. ArcelorMittal takeover
Tata Power NSE 2.43 %
India to issue adnl safety guide for

Key CSR Areas: Education, environment, community development, health, safety, security, Boeing 737 MAX 8
resource and energy conservation, women empowerment, skill development and livelihood
generation. Its total CSR spending in FY15 stood at Rs 31.1 crore as against the 2% of
PAT requirement of Rs 29.8 crore. Further, the CSR spending of subsidiaries and joint Untrained ATC officials manning
ventures of the company was Rs 18.2 crore as against the requirement of Rs 17.2 crore. flights, claims study
Flagship Programme: 'Act for Mahseer', a conservation initiative started in 1975 for saving
endangered species. Tata Power set up a breeding centre in Lonavala as part of its eco- Naresh Goyal seeks Rs 750 crore
restoration and eco-development project for the lakes. The programme has produced and lifeline from Etihad
distributed in various water bodies seeds of Mahseer in excess of 10 million in India and
internationally.
What top 5 money managers bought
Tata Steel NSE 2.52 % and sold in Feb
Key CSR Areas: Education, healthcare, facilitation of

empowerment and sustainable livelihood ET Wealth | Let index MFs form your
opportunities, preservation of ethnicity and culture of core portfolio
indigenous communities and sports. Initiatives run
across ten districts in Jharkhand, Odisha and
Chhattisgarh, covering nearly 500 core villages. Total Only 11% online users read privacy
spending in 2014-15 on CSR was Rs 171.46 crore, policies: Survey
which is 2.04% of the average net profit of the last
three fiscals.
Have a question on P2P? Ask our
Flagship Programme: Maternal and Newborn Survival Initiative (MANSI), a public-private experts!
initiative, is being implemented in 167 villages of the Seraikela block of Jharkhand's
Seraikela-Kharsawan district since 2009. The project goals are to reduce child and infant
mortality. MANSI has achieved improvement in all process and outcome indicators, such China orders to suspend use of Boeing
as reduction in neonatal mortality by 32.7%, reduction in infant mortality (up to the age of 737 MAX aircraft
one year) rate by 26.5%, increase in institutional delivery from 58% to 81%. Based on the
early evidence of success and learnings from the MANSI project, Tata Steel is scaling up
the project to cover 1,500 villages.
Dreamers and dropouts: Stories from
Stanford
L&T
Key CSR Areas: Water and sanitation, education, healthcare and skill building. L&T
Amazon drops products from its desi
partners with local governments on health programmes focused on reproductive health, Global Store
tuberculosis & leprosy control, integrated counselling & testing centres for HIV/ AIDS.
L&T's community health centres are located at Mumbai, Thane, Ahmednagar, Hazira,
Vadodara, Coimbatore, Chennai, Lonavala and Kansbahal. L&T's Construction Skills
9 midcap stocks top brokerages are
Training Institutes (CSTIs), established in 1994, provide skills training to rural youth. In the betting on
last fiscal, L&T spent Rs 76.54 crore on CSR, amounting to 1.44% of the average net profit
for the preceding three years.
Find out if you are heading for a debt

Flagship Programme: L&T recently committed to the construction of 50 check dams in trap
Talasari block of Palghar district in Maharashtra, taking the total number of check dams
constructed over the years to 150. This will benefit over 75,000 villagers.
Why you should invest in international

Tata Chemicals NSE 1.84 %
funds
Key CSR Areas: Focused on sustainable community development and preserving the
ecosystem. The company has a climate change policy that maps its carbon footprint and is
DRDO develops 'combat drugs' to
creating an abatement strategy for sustainable manufacturing. In the last fiscal, it spent Rs
reduce casualties
12.76 crore on CSR, amounting to 2.93% of standalone PAT.
Flagship Programme: 'Save the Whale Shark Campaign', started in 2004, aims to spread
Gen Atlantic, Tencent put Rs 80cr
awareness about the whale shark, the world's largest fish, which was fast depleting
more in Byju’s owner
because of slaughter by fishermen along the Gujarat coast for export. After a decade of
campaigning through street plays, games, posters, inflated shark flotillas, community
meets, postage stamps and engaging with fishermen and school communities, more than
Best ELSS or tax saving mutual funds
498 whale sharks have been saved. The company is now involved in the scientific study of
to invest in 2019
the species to ensure its long-term survival.
Tata Motors NSE 0.36 %

Model code & ad rules will apply to
social media too
Key CSR Areas: Education and employability (skill development). Most programmes are in
the vicinity of manufacturing locations but employability programmes focused on building
skill of youth in automotive trades are implemented across India. The company has
created a CSR Committee of the board under the chairmanship of RA Mashelkar, which Dell eyes sops to make India PC hub
monitors CSR performance. It spent Rs 18.62 crore on CSR in 2014-15, despite reporting
a net loss.
Army anticipates shallow infiltration by

terrorists
Flagship Programme: Learn, Earn and Progress (LEAP)
for mechanic motor vehicle training, a year-long
programme where theoretical learning is supplemented
through 'on-thejob' exposure at service centres. Tata Russian arms exports to India fall by
42 percent
Motors' Dealers, implementation partners (NGOs and
Technical Training Institutes) are partners. Dealers
provide the training and contribute two-thirds of monthly
stipend of the trainee while Tata Motors contributes the Two flights end in tragedy: Could they
be linked?
rest. The implementation partner provides theory
training.
GAIL Nasscom, MeitY in talks to open up

FutureSkills doors
Key CSR Areas: Supporting communities in multiple

thrust areas like health, sanitation, education, skill
development, livelihood, and environment. Through MNP service providers to push for Rs
120 crore arrears
GAIL Utkarsh, the company has helped over 500
students from economically backward communities join India's premier engineering
institutes. They are provided residential coaching programmes and given monthly
scholarships once they get into IITs/NITs. The GAIL Institute of Skills (GIS) is also working Poll dates out, vote in 7 phases,
towards bridging the skill gap faced by the oil and gas industry. GAIL's CSR programme results on May 23
operates in 25 states and UTs. In the last fiscal, it spent Rs 71.89 crore, or 1.21% of the
average net profit of the last three years, against an allocation of Rs 118.67 crore.
Call on increasing VVPAT-EVM count
Flagship Programme: GAIL has established GIS which addresses the issue of after report
unemployment and skill gap, by providing job-linked skill training to local youth of
communities in and around its areas of operation.
We need to work harder in India:
Bharat Petroleum Honda India President
Key CSR Areas: Quality education (strengthening primary, secondary education and
empowering teachers), water conservation, skill development (employment linked skill Miraj Cinemas plan 200 screens in 15
training to the underprivileged with an inclusive approach for women, unemployed youth months
and persons with disabilities), health/hygiene and rural development. In 2014-15, BPCL
NSE 5.36 % had a CSR allocation of Rs 76 crore, of which it spent Rs 33.95 crore. The
balance has been carried to the current fiscal, and has been spent on Swachh Bharat PNB: Agencies to probe who helped
Swachh Vidyalaya projects. Nirav set up UK biz
Flasgship Programme: Project BOOND, which has evolved from the construction of rain
water harvesting structures to making villages drought-free. It began with four villages in Panel told to look into 'abnormalities' in
Maharashtra, which were along BPCL's product pipeline. In the past 6 years, it has been NSSO survey
extended to over 140 villages in Maharashtra, Tamil Nadu, Karnataka, Rajasthan, Uttar
Pradesh and Andhra Pradesh, making them water positive. In 2014-15, 40 villages were
made water positive by creating 7 crore litres of water, benefitting over 5,500 families. Centre aims record low NREGS dues
by year-end
Infosys
Key CSR areas: Works with Infosys Foundation, headed by Sudha Murty, towards Govt amends SEZ rules in three
removing malnutrition, improving healthcare infrastructure, supporting primary education, critical areas
rehabilitating abandoned women and children and preserving Indian art and culture.
Infosys Foundation USA is focused on bridging the digital divide in America by supporting
computer science education and training in underrepresented communities In FY15
computer science education and training in underrepresented communities. In FY15,
Australia beat India by four wickets in
Infosys spent 2% of its average net profit for the three preceding financial years on CSR. fourth ODI
Flagship program: The Infosys Foundation mid-day meal program, an initiative in

partnership with the Akshaya Patra Foundation, spans several states across India.
Bumrah faces risk of suffering lumbar
Jubilant Life Sciences injury: Expert
Key CSR Areas: The Jubilant Bhartia Foundation (JBF) focuses on elementary education,
improving health indices, employability and promoting social entrepreneurship. Jubilant's
What CVoter poll just predicted for
CSR programmes are implemented around its manufacturing locations in six areas in Modi's alliance
India.
#boycottSurfexcel: Detergent brand

Flasgship Programme: To faces backlash
reduce malnourishment in
children, JBF has
proposed to develop an
Trump to ask Congress for $8.6 billion
effective and affordable for border wall
platform for real time
growth monitoring process for improving the nutritional intake and status of children under
five years through focused expansion of home fortification and promotion of breastfeeding
IDBI Bank considering renewal of term
in village communities. for current MD
Methodology
Ambanis host Mangal Parv for the

The study is based on the examination of corporate social responsibility (CSR) reports
newlyweds
such as Global Reporting Initiative (GRI), Business Responsibility Reports (BRR), as well
as publicly disclosed information online and via annual reports. The study ranks
companies on the basis of four criteria: governance (weightage: 20%); disclosures (10%);
Four Indians among 157 killed in
stakeholders (35%); sustainability (35%). Companies are ranked on their focus on CSR
Ethiopia Airlines crash
and sustainability by creating a combined score that weighs each of the four parameters.
The study looked at the top 214 companies to arrive at the ranking. The top 200
companies were taken from the ET-500 list. A further 16 companies responded to, and
qualified for, the call for entries. This took the sample size to 216. However, two companies
that did not report data on CSR and sustainability were dropped. This reduced the final
sample size to 214. The sample consisted of 165 private companies and 49 public sector
companies.
The other companies who made the list are listed below in order of their ranking:
11 Reliance Industries Ltd
12 ACC Ltd
13 Shree Cements Ltd
14 Maruti Suzuki India Ltd
15 Hindustan Unilever Ltd
16 Cummins India
17 Tata Consultancy Services Ltd
18 UltraTech Cement Ltd

8 U t a ec Ce e t td
19 Indian Oil Corporation Ltd
20 Essar Oil Ltd
21 JSW Steel Ltd
22 Steel Authority of India (SAIL) Ltd
23 Ambuja Cements Ltd
24 HDFC Bank Ltd
25 Dabur India Ltd
26 Cisco Systems India Pvt. Ltd
27 Coca-Cola India Pvt. Ltd
28 Oil And Natural Gas Corporation Ltd
29 Wipro Ltd. Rank
30 YES Bank Ltd
31 Welspun Corp Ltd
32 Bharat Electronics Ltd
33 Vedanta Limited
34 Siemens Ltd
35 Hindustan Construction Company Ltd
36 Rashtriya Chemicals & Fertilizers Ltd
37 ITC Ltd
38 Bajaj Auto Ltd
39 Hindustan Petroleum Corporation Ltd
40 Hindalco Industries Ltd
41 HCL Technologies Ltd
42 Jindal Steel & Power Ltd
43 Dr. Reddy's Laboratories Ltd
44 Nestle India Ltd
45 Bharat Heavy Electricals Ltd
46 Chambal Fertilisers & Chemicals Ltd
47 NTPC Ltd
48 Titan Company Ltd
49 Idea Cellular Ltd
50 Power Grid Corporation of India Ltd
51 Jaiprakash Associates Ltd
52 Tata Global Beverages Ltd
53 National Aluminium Company Ltd
54 Genpact
55 Cairn India Ltd
56 ABB India Ltd
57 Godrej Consumer Products Ltd
58 Bosch Ltd
59 Neyveli Lignite Corporation Ltd
60 Axis Bank Ltd
61 Hero MotoCorp Ltd
62 Hindustan Zinc Ltd
63 NMDC Ltd
64 Mahindra & Mahindra Financial Services Ltd
65 Tata Communications Ltd
66 Tech Mahindra Ltd
67 Asian Paints Ltd
68 Oil India Ltd
69 Rural Electrification Corporation Ltd
70 Petronet LNG Ltd
71 Kotak Mahindra Bank Ltd
72 Sun Pharmaceutical Industries Ltd
73 Adani Power Ltd
74 Lupin Ltd
75 DLF Ltd
76 Exide Industries Ltd
77 Sesa Sterlite Ltd
78 Reliance Communications Ltd
79 IndusInd Bank Ltd
80 ING Vysya Bank Ltd
81 Bharti Airtel Ltd
82 ICICI Bank Ltd
83 Coal India Ltd
84 IDFC Ltd
85 Havells India Ltd
86 GMR Infrastructure Ltd
87 Union Bank of India
88 Cipla Ltd
89 Container Corporation of India Ltd
90 Aditya Birla Nuvo Ltd
91 Bharti Infratel Ltd
92 NHPC Ltd
93 Mangalore Refinery And Petrochemicals Ltd
94 Ranbaxy Laboratories Ltd
95 Adani Enterprises Ltd
96 Punjab National Bank
97 Cadila Healthcare Ltd
98 Jain Irrigation Systems Ltd
99 Reliance Power Ltd
100 Citibank
Utkarsh Majmudar is a professor at various IIMs; Namrata Rana is director, Futurescape,

Ut a s aj uda s a p o esso at a ous s; a ata a a s d ecto , utu escape,
and Neeti Sanan is a professor at IIM Udaipur
Read more on Women Tamil Nadu Andhra Pradesh Jharkhand Tata Motors
Tata Group Chhattisgarh
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New-age workshops for next gen marketers

For marketers who are looking at sharpening their skills and understanding of new-age
methods to tackle the ever-changing business environment, Star FLOW – The Change
TRENDSETTERS FOR 2019
Festival offers all this and more.
Here's why the cash-out mentality is
ET Bureau | Mar 10, 2019, 11.39 PM IST becoming popular with founders
0
Comments
New Delhi: Imagine being able to harness the ‘India is becoming an entrepreneurship
model for the world’
power of music to influence consumer
behaviour? Or being able to learn big new
ideas on branding from the man often called
the ‘Father of Modern Branding’? Or enabling Healthcare sector may see further
consolidation in 2019
your brand to create a greater connect with
the youth via gamification?
For marketers who are looking at sharpening Settled GST, credit flows among 7
reforms to aid India grow 7.5% in
their skills and understanding of new-age
2019: CII
In another workshop, conducted by the Octalysis Group, methods to tackle the ever-changing business
participants will delve deep into gamification, the craft of
environment, Star FLOW – The Change
deriving all the fun and engaging elements found in
games and applying them to real-world activities.
Festival offers all this and more. 11 financial moves that could make
you rich in 2019
SPOTLIGHT
Retail
Amazon drops products from

its desi Global Store
Consumers can still buy from the US site of
Amazon, but that has multiple restrictions
over payment methods and overall
shopping experience.
Future Retail to spend Rs 200 crore for
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Reliance plans major expansion of
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evidence: MEA
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held from April 11 in 7 phases, counting on May 23

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Force

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Top Trending News

https://economictimes.indiatimes.com/news/company/corporate-trends/mahindra-mahindra-tops-csr-list-in-india-even-as-companies-scale-up-opera… 10/32
2019 General Elections General Elections 2019

J&K Elections Pakistan f 16 General Elections Omar
AIADMK-BJP alliance 10% Quota RBI Jammu Blast
Sri Sri Ravi Shankar
Here are a few examples: Mirum, one of India’s leading digital marketing firms, will conduct
a workshop on augmented reality (AR) and virtual reality (VR), equipping participants with
the tools of getting started, developing strategy, design and best practices of AR. The
session will enable a marketer to create new experiences for his customers and engaging
with them through devices such as a smartphone. Star FLOW– The Change Festival is an
initiative of The Times of India.
In another workshop, conducted by the Octalysis Group, participants will delve deep into
gamification, the craft of deriving all the fun and engaging elements found in games and
applying them to real-world activities.
The workshop will go into an understanding of human motivation and feelings, leading to a
‘human-focused design’ approach helping brand managers to create ways of keeping their
audience engaged, by getting them into ‘play’ mode.
A much-awaited session will be conducted by BrandMusiq. In a rapidly changing world,

where ‘customer experience’ and ‘emotional quotient’ are buzzwords, the new frontier of
branding is the use sound and music, not just as a jingle, but as a sonic identity system.
So, the techniques shared here will demonstrate how brands can create music that evokes
the same emotion that they seek to evoke by their product or service. So, if you’ve been
thinking of a new brand identity, it’s time to add that instantly-identifiable sonic identity to
the plan.
Hence, with case studies, real-time experiences and live demos, the sessions are
expected to be absorbing. The appeal of these sessions cuts across seniority levels and
industries. It is truly cutting edge learning for marketers of the next generation.
0
Comments
Read more on New Delhi Smartphone Augmented Reality Imagine Software Jingle
Flow
Updates & More.
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ET Suits and Sayings: Wackiest whispers in

corporate corridors
ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy TRENDSETTERS FOR 2019
parlours. Here's why the cash-out mentality is
ET Bureau | Mar 10, 2019, 11.30 PM IST
0
Comments
One step beyond model for the world’
Everyone kept a close eye on their wallets
and bags at the Mobile World Congress after
a spate of thefts at the three-day event. The
Healthcare sector may see further
executives of one of India’s three major telcos consolidation in 2019
went a step further with special concealed
pouches inside jackets to hold passports and
money so they couldn’t be easily stolen.
reforms to aid India grow 7.5% in
Paying tribute 2019: CII
The late Lord Kumar Bhattacharya, who

passed away in London earlier this month, was a mentor to many Indian industrialists,
11 financial moves that could make
especially in manufacturing, persuading them to adopt best practices. Among those who you rich in 2019
came calling toward the end was Venu Srinivasan, chairman of TVS Motor Co, who spent
about a week with him. Ratan Tata, who had sought Lord Bhattacharya’s views on the
Jaguar-Land Rover acquisition and succession planning, among other things, also visited
to bid his dear friend goodbye.
Staring at the Sun

Grant Thornton’s investigation into the shenanigans at Infrastructure Leasing & Financial
Services (IL&FS) was dubbed Project Icarus, possibly inspired by the notion that the
erstwhile management had flown closer to the sun than was good for them. The consulting Most Read Most Shared Most Commented
firm’s 166 page report sought to identify misuse of funds suspect deals and fraudulent
firm’s 166-page report sought to identify misuse of funds, suspect deals and fraudulent Wing Commander Abhinandan-piloted MiG-21
transactions, besides fixing responsibility and quantifying the financial loss. Bison shot down Pak F-16; have electronic
evidence: MEA
Sending off in style Lok Sabha Elections dates announced: Polls to be

These days everything is a hashtag, even big-bang weddings. Hence, #ItsShloTime for the held from April 11 in 7 phases, counting on May 23
Berlin leg of Shloka Mehta’s bachelorette party last year that had a Game of Thrones China worried ban on Azhar will make Jaish target
theme. CPEC

Force
Needless to say, her mates were all part of the Knights Watch.
Then, before this weekend’s wedding celebrations, Akash Ambani and friends threw a pre-
event bash in St Moritz, where the theme was Harry Potter and a nice repartee — More »
#AkuStoletheShlo!
Top Trending News
Stuck in the middle
The head of a telecom company unwittingly disclosed at a major global event that his
company was being targeted because of lobbying, then realised that the view shouldn’t AIADMK-BJP alliance 10% Quota RBI
have been aired so publicly. His team scrambled to make amends, saying that he had West Bengal Lok Sabha polls Sri Sri Ravi Shankar
been misquoted but by then the word had spread and the company found itself in the
midst of a minor flap.
Golden hits
Talking about the grand wedding itself, Mukesh and Nita Ambani were the perfect hosts to
global dignitaries Ban ki-Moon, Cherie and Tony Blair and friends from far and wide. But
India’s premier business couple still prefers to rock to old Hindi classics. Ambani Sr chose
to serenade his wife with golden oldies like Ae Meri Zohra Jabeen from the movie Waqt.
Old is gold.
Breakfast of champions
Sundar Pichai’s India schedule seems more than jam-packed.
Visits to schools, interactions with NGOs to enable the widespread use of Google’s voice-
based search programmes, followed by dressing up to the nines for the grand Ambani
wedding this weekend. In between, though, there was an interesting power breakfast meet
with Oyo’s Aditya Ghosh.
It seems some interesting alliances were discussed over filter coffee and idlis.
Ski-out with sonny

Move over golf, gyms, squash or tennis.
Skiing is in for the corporate crowd. Some weeks ago, we told you about a unicorn
founder’s new-found passion, but it turns out, bosses across boardrooms are taking
advantage of breaks to bond with their kids across European slopes for some precious
quality time in the “terrain park.”
Friends, foes & financial advisors

Even financial advisors and banks seem to be getting slotted into camps. A storied Wall
Street bank aligned with Vodafone globally will not be part of too many mandates from a
key rival, it appears. Another bank that’s always been close to Idea may not participate in
plans by competition either.
But with the recent Bharti Airtel rights issue, one US heavyweight has managed to woo
b th S il Mitt l d M k h A b i it N t bl it l t th h
both Sunil Mittal and Mukesh Ambani, it seems. Notably, it was once almost the house
bank of Vodafone Plc.
Art, bubbly & chaat

Mala and Harsh Goenka along with Neelam and Vikram Sethi, among Mumbai’s best
hosts, well know what it takes to throw a bash for the aesthete and the alpha. Last
weekend, RPG House saw many of the city’s business cognoscenti mingle with the art frat
as part of the camp the Goenkas have been hosting at the beachfront retreat in Madh
Island for years. Back after a break, this year saw Anjolie Ela Menon, Jogen Chowdhury
and Charan Sharma in the list of 40. Patrons from the Mehta, Bajaj and Piramal
khandaans were present. Art, bubbly and chatterati clearly make up for the ABC of a
successful soirée.
New look
This lifestyle major decided to return to its old Bollywood diva brand ambassador after
briefly flirting with a millennial face. The diva, we hear, was only too happy to jump right
back in, but wanted a package deal involving extended family and entourage.
That, we are told, has not gone down too well with the multinational. Last heard, they were
thinking of a radical makeover.
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ET Suits And Sayings
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Nita & Mukesh Ambani Anil Ambani has more legal Centre approves two Forex reserve soars past
shake a leg at 'baraat' trouble coming corridors of Surat metro $400 billion again
project
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Resolutions of both Binani and Essar were

within rules: IBBI
The Ahmedabad bench of NCLT has approved the ArcelorMittal's Rs 42,000 cr resolution TRENDSETTERS FOR 2019
plan, rejecting the Ruias settlement offer. Here's why the cash-out mentality is
PTI | Mar 10, 2019, 02.18 PM IST
0
Comments
The Insolvency and Bankruptcy Board of India model for the world’
(IBBI) has said that it did not find any
contradiction in approvals of resolution for
Essar Steel and Binani Cement in the context
of "value maximisation". consolidation in 2019
The Ahmedabad bench of National Company

Law Tribunal (NLCT) has approved the
ArcelorMittal's Rs 42,000 crore resolution reforms to aid India grow 7.5% in
plan, rejecting the Ruias settlement offer of Rs 2019: CII
Recently, in the case of Binani Cement, the Kolkata 54,389 crore.
bench of NCLT approved the resolution plan of
UltraTech Cement which was higher than what the 11 financial moves that could make
Dalmia Bharat group had to offer.
Recently, in the case of Binani Cement, the you rich in 2019
Kolkata bench of NCLT approved the
resolution plan of UltraTech Cement which was higher than what the Dalmia Bharat group
had to offer even after the Committee of Creditors (CoC) earlier selected them as the
higher bidder.
The case debated a lot on value maximisation in a corporate resolution plan.
"In Binani, the one which was approved was within the rules. The one which was rejected
was because it was not balancing the interest of the stakeholders," IBBI chairman M S Most Read Most Shared Most Commented
Sahoo told PTI when asked about resolutions of Essar Steel and Binani Cement.
What happened at Balakot? Satellite images
reviewed by Reuters tell a different story
"Value maximisation is the assets of the debtor and not of the creditor. This is not a
recovery by finance institutes but value maximisation is for the corporate debtor," he said. CPEC
View: India has crossed just one battle line, but

many more lie ahead
If the CoC has approved "within the process", then it is valid for both Binani as well as
ArcelorMittal. Wing Commander Abhinandan-piloted MiG-21
evidence: MEA
The Committee of Creditors (CoC) is supreme in commercial matters but that supremacy
has to be within the framework of law, he pointed out. Indian Air Force MiG-21 crashes near Nal in
"We continue to believe that our settlement proposal of Rs 54,389 crore is the most More »
compelling one available to Essar Steel creditors and fulfills the IBCs declared overriding
objective of value maximisation, which has been established time and again by courts at Top Trending News
all levels," Essar said in their reaction after the NCLT approval.
"EXIM Bank decided to pursue the case before the adjudicating authority, with a prayer for AIADMK-BJP alliance IAF Air Attack on Pakistan
equitable and fair treatment to all, while maximising the value detected ...We are happy PM Modi Jammu Blast Sri Sri Ravi Shankar
that the judgement has agreed with the basic tenets of our stand and cemented a new
ti t th IBC " i E i B k ffi i l h d t d
perspective to the IBC," a senior Exim Bank official had commented.
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National Company Law Tribunal IBC Essar Group
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Operational creditors benefit equally from IBC: IBBI
Individual bankruptcy norms in the works: IBBI Chief
IBBI notifies mechanism for issuing regulations
IBBI publishes syllabus for valuer examinations from April 2019
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Tata Motors dips 4% on Amazon drops products from India Inc struggle as capital Rafale documents not
weak JLR global sales its desi Global Store expenditure continues to lag stolen: Attorney General
NEXT STORY
India maintains strong philanthropic

momentum: Bain & Company
Funding by individual philanthropists grew the most, by 21% between 2014 and 2018. TRENDSETTERS FOR 2019
By Anumeha Chaturvedi, ET Bureau | Updated: Mar 09, 2019, 02.54 PM IST Here's why the cash-out mentality is
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India has maintained a strong philanthropic ‘India is becoming an entrepreneurship

momentum with the social sector funding model for the world’
growing steadily at 11% in the last 5 years,

between 2014 and 2018. Private funding grew
at a rate of 15% per year in India during the Healthcare sector may see further
same period while public funding increased at consolidation in 2019
a pace of about 10% per year, as per the
latest India philanthropy report 2019 released
by consulting firm Bain & Company. The Settled GST, credit flows among 7
report, in its ninth edition this year and reforms to aid India grow 7.5% in
Philanthropic funding from individuals remained the prepared in association with Dasra, finds that 2019: CII
brightest spot as per the report, growing at 21% per
funding by individual philanthropists grew the
year in the past five years.
most- by 21% between 2014 and 2018.
you rich in 2019
The report, also highlights that India’s social sector requires a significant funding ramp up if
it is to achieve the 2030 Sustainable Development Goals (SDGs). The SDGs 2030 are
global goals, locally owned by 193 countries across the world, including India. According to
the report, even if India sustains its current funding growth rate and channels all
philanthropic capital into these SDGs it will face an annual shortfall of Rs 4.2 lakh crore
($60 billion) if it is to achieve even 5 of the 17 SDGs by 2030.
While the government continues to be the largest contributor to social sector funding in
India, hovering at about 6% of GDP, private philanthropy is expanding and has outpaced
public funding growth. Despite a slowdown in foreign funding in recent years, private Wing Commander Abhinandan-piloted MiG-21
funding grew at a rate of 15% per year between FY2014 and FY2018, while public funding Bison shot down Pak F-16; have electronic
evidence: MEA
increased at a pace of about 10% per year.
Foreign contributions declined by about 40% according to the period during the period
under review amid a government crackdown on non-governmental organisations (NGOs) China worried ban on Azhar will make Jaish target
for violation of the Foreign Contribution Regulation Act (FCRA) of 2010. According to data CPEC
from the Ministry of Home Affairs, more than 13,000 NGO licences have been cancelled Crashes, aircraft losses turn FY costly for Indian Air
under the FCRA in the past three years, including approximately 4,800 in 2017 alone. Force
NGOs need to comply with government regulations, including timely filing of annual returns Indian Air Force MiG-21 crashes near Nal in
and validation of bank accounts receiving foreign funds, to allow for a larger influx of Rajasthan, pilot safe
foreign funds and thereby increase the social sector’s wallet size. More »
Corporate Social Responsibility (CSR) budget outlays of the domestic corporations and
Top Trending News
contributions of corporate charitable trusts, combined, have grown at a rate of 12%
between financial year 2014 and 2018, and they contributed approximately Rs 13,000 2019 General Elections General Elections 2019
crore to social sector funding in financial year 2018.
AIADMK-BJP alliance 10% Quota RBI Jammu Blast
Sri Sri Ravi Shankar
Philanthropic funding from individuals remained the brightest spot as per the report,
growing at 21% per year in the past five years. According to the report, these individuals
currently contribute about 60% of the total private funding, estimated at Rs 43,000 crore. A
significant portion of this comes from a few established figures who continue to lead
individual giving, as they have in the past.
"With a growing economy and rising wealth, the role of domestic private philanthropy
becomes increasingly important, regardless of how foreign contributions evolve. Both
domestic corporations and Indian ultra high net worth individuals need to enhance the
level and nature of their giving," the report stated.
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Social Sector India Philanthropy
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India to pitch for Pulwama reference in Russia-India-China statement
Updates & More.
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and helps in growing hair. process for Natural Hair your old phone now blue pill if you do this once
Qtrove Regrowth Rentomojo daily!
Dr Tvacha Testo Ultra
NGO crackdown has foreign Ex-Modi and Nitish Rafale documents not The vital differentiating factor
fund inflows plunging: campaign head joins team stolen: Attorney General for businesses
Report Priyanka Gandhi
NEXT STORY
Business correspondents seek self-

regulatory body
GST being slapped on BCs for fund transfer to non-Jan Dhan accounts has also been a TRENDSETTERS FOR 2019
sticky issue. Here's why the cash-out mentality is
By Pratik Bhakta, ET Bureau | Mar 09, 2019, 08.44 AM IST
0
Comments
BENGALURU: Business correspondents, or model for the world’
retail agents responsible for driving lastmile
financial inclusion, have asked for an
industrial level self-regulatory organisation so
that a uniform standard can be maintained consolidation in 2019
across the segment.
In a closed-door meeting held between the

Committee on Deepening of digital Payments reforms to aid India grow 7.5% in
headed by Nandan Nilekani and members of 2019: CII
In a closed-door meeting headed by Nandan Nilekani Business Correspondents Federation of India,
and members of BCFI, the RBI mandated committee
the RBI mandated committee was apprised of
was apprised of ways in which the industry can be 11 financial moves that could make
strengthened.
ways in which the industry can be you rich in 2019
strengthened. “We have suggested to the
committee that a self-regulatory organisation for BCs can be explored, which will help bring
uniform standardisation for the sector,” said Anand Kumar Bajaj, chairman of the
communications committee at BCFI and chief executive of Nearby Technologies.
In a presentation made by the federation that ET saw, the body said BCs should be
allowed to partner with multiple banks so that innovative financial products can be taken
past the last mile and also force partner banks to remain agile. “If the partner bank is
facing technical challenges on a specific day, entire service goes down which is harmful for Most Read Most Shared Most Commented
poor people who cannot waste their time waiting for resumption of services,” said Bajaj. “It Wing Commander Abhinandan-piloted MiG-21
will also help us introduce innovative products with different lenders for our customers.” Bison shot down Pak F-16; have electronic
evidence: MEA
GST being slapped on BCs for fund transfer to non-Jan Dhan accounts has also been a Lok Sabha Elections dates announced: Polls to be
sticky issue. Bajaj said his delegation told the committee that the BC does not access or held from April 11 in 7 phases, counting on May 23
the visibility to know whether the beneficiary account is a Jan Dhan account or not, since China worried ban on Azhar will make Jaish target
most of them are interbank transactions. CPEC

Force
The government should make all transactions at the BC outlet at ‘nil’ GST, they said in the
presentation. Indian Air Force MiG-21 crashes near Nal in
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YES Bank to become more vigilant on micro loans through business correspondents
All ration shops to turn into business correspondents
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GST on tax collected at contract to manage Nagpur with alternative finance by Rs 3 crore in 3 years
source airport
NEXT STORY
Small companies hire more men to avoid

maternity 'burden'
In the survey, 46% of the respondents said they hired mostly male employees in the last TRENDSETTERS FOR 2019
18 months. Here's why the cash-out mentality is
By Alnoor Peermohamed, Sanghamitra Kar, ET Bureau | Updated: Mar 09, 2019, 08.27 AM IST
0
Comments
BENGALURU: Early-stage startups and small model for the world’
businesses in India have been shying away
from hiring women after the government
increased paid maternity leave in 2017, a
survey shows. An amendment to the consolidation in 2019
Maternity Benefits Act, passed in March 2017,
raised paid maternity leave for women from
12 weeks to 26 weeks, benefitting 1.8 million
women workers in the organised sector. reforms to aid India grow 7.5% in
2019: CII
In the survey, 46% of the respondents said they hired The law applies to all establishments
mostly male employees in the last 18 months.
employing 10 or more people, and the
entitlement applies only up to the first two you rich in 2019
children. LocalCircles, a citizens’ forum which surveyed 9,000 early-stage startups and
small businesses, said hiring women who will avail of maternity benefits, which includes six
months’ paid leave, has turned into a significant economic burden for startups that typically
run on shoestring budgets.
In the survey, 46% of the respondents said they hired mostly male employees in the last
18 months.
“We (startups) work on shoestring budgets and paying someone six months of salary Most Read Most Shared Most Commented
without them actually contributing at work is hard,” said Sreejith Moolayil, co-founder and
COO at True Elements. While larger, well-funded players such as Flipkart and Ola could Bison shot down Pak F-16; have electronic
pay employees on a six-month maternity leave, smaller firms often don’t have a bench evidence: MEA
strength, forcing them to hire a replacement. “It’s literally a double cost to us,” Moolayil Lok Sabha Elections dates announced: Polls to be
said. held from April 11 in 7 phases, counting on May 23

While the government late last year said it will refund employers for seven weeks of pay CPEC
given to an employee on maternity leave, startups and SMEs said it isn’t enough to cover Crashes, aircraft losses turn FY costly for Indian Air
the cost. As per the survey, 65% of the respondents said that even 19 weeks of pay would Force
be too much for them to absorb

be too much for them to absorb. Indian Air Force MiG-21 crashes near Nal in
A letter sent by LocalCircles to Santosh Kumar Gangwar, minister of labour and More »
employment, on March 8, proposed that the government should exempt startups and
SMEs from the Maternity Benefits Act, 2017, if they have less than 20 employees or an
Top Trending News
annual revenue of less than Rs 10 crore. The proposal was backed by 61% of the
respondents who took part in LocalCircle’s survey. 2019 General Elections General Elections 2019
AIADMK-BJP alliance 10% Quota PM Modi
“The focus on hiring a competent employee is still there, but the focus on improving Jammu Blast Sri Sri Ravi Shankar
diversity has taken a back seat. Our survey in startup hiring shows that if there’s a
prospective male and a female hire with equal competency, startups today prefer to hire
the male,” said Anshuman Das, founder of CareerNet.
“Earlier, they’d usually end up hiring the female, because these startups were looking to
improve diversity.”
According to the latest Monster Salary Index report, women still earn 19% less than their
male counterparts in India. This gap has decreased by 1% from last year. Further, the
report adds that women-led businesses received only 65% of the funding secured by
male-led ones.
However, not all small startups agree that maternity benefits need to be scrapped. Rohan
Shravan, founder of AI startup Inkers Technology said that among his team of nine
employees, three are women, and unlike many firms of its size, they even offer extended
paternity leave benefit to employees.
“We need to equally support our employees regardless of their gender. When required,
we’ve seen that women actually spend more time in office than men when there is need.
Startups are frugal and fast and if we know someone isn’t going to be there for those many
weeks, we figure something out. So I don’t think we need an exemption from the law,”
, g g p ,
Sharvan said
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Artificial Intelligence
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and helps in growing hair. process for Natural Hair wildlife in their natural your old phone now
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Credit rating firms face The not-so-good news for Indians spending big on 4 money mistakes that
criticism from RBI India’s white collar workforce overseas trips, education women make
NEXT STORY
Diageo seeks first access to Mallya shares in

UBHL
British spirits maker writes to ED; agency says court will take call. Also wants first go at TRENDSETTERS FOR 2019
attached shares in Watson. Here's why the cash-out mentality is
By Kala Vijayaraghavan, ET Bureau | Mar 08, 2019, 07.40 AM IST
0
Comments
MUMBAI: British spirits maker Diageo, the model for the world’
MUMBAI: British spirits maker Diageo, the model for the world
majority owner of United Spirits, has sought
first access to and restoration of attached
shares of Vijay Mallya in United Breweries
Holdings and Watson to recover dues from its consolidation in 2019
former joint venture partner, two people with
direct knowledge of the plan said. The
company has written to the Enforcement
Directorate with this request, they added. reforms to aid India grow 7.5% in
2019: CII
In 2014, Diageo purchased a 54.8% shareholding in ED officials confirmed the receipt of the letter
USL from Mallya, making India one of its biggest
but said the court will take a call on the
markets. 11 financial moves that could make
request. “We have given the go-ahead to you rich in 2019
secured lenders like banks… the court will decide the intervention plea by others and we
will look into the matter after that,” an ED official said. “PSU banks have been given priority
as the money sought to be recovered was public money.”
Diageo’s request comes less than a week before the Prevention of Money Laundering Act
(PMLA) court meets on March 13.
ED had okayed the restoration of Mallya’s pledged assets and shares to a SBI-led
consortium of banks after the lenders appealed to the court citing approximately Rs 6,200 Most Read Most Shared Most Commented
crore of dues from him.

These shares were attached by the ED in 2016 along with shares owned by Mallya in evidence: MEA
United Breweries which is now majority owned by Dutch beer maker Heineken. Lok Sabha Elections dates announced: Polls to be
Following the amendment of Prevention of Money Laundering Act (PMLA), section 8 (8) China worried ban on Azhar will make Jaish target
allows restoration of properties even during the trial in certain cases. CPEC

Force
Mallya has been declared a fugitive economic offender and is currently fighting extradition
to India. Indian Air Force MiG-21 crashes near Nal in
Diageo declined to comment on ET’s queries. More »
Top Trending News

AIADMK-BJP alliance 10% Quota RBI
West Bengal Lok Sabha polls Sri Sri Ravi Shankar
In 2014, Diageo purchased a 54.8% shareholding in USL from Mallya, making India one of
its biggest markets. USL, which sells Diageo’s brands such as Black Dog and Smirnoff in
India, had given loans to various UB Group companies and all these had been
consolidated under UB Holdings.
The loan agreement had an arbitration clause and payment of interest in case of a default
by the UB Group. The British spirits major filed an intervention petition in a special court in
Mumbai that is currently hearing the plea of ED. The agency has sought immediate
confiscation of Rs 12,500 crore assets of Mallya including the shares of United Breweries
and Watson’s stake in racing team Force India Formula One under the recently
promulgated Fugitive Economic Offenders Ordinance (FEOO), 2018.
In an arbitration case in Bengaluru fought between Diageo-owned USL and United

Breweries Holdings, the former claimed a recovery of around Rs 1,800 crore including
interest from Mallya’s holding company for defaults between 2010 and 2013. USL had
loaned around Rs 1,350 crore to Mallya’s companies primarily to fund the now defunct
Kingfisher Airlines.
In July 2014, Diageo had taken complete control of USL from promoter Mallya.
Diageo claimed that an “additional inquiry, following one in 2014, discovered diversion of
funds” to Indian and non-Indian entities in which Mallya had an interest, including his
grounded Kingfisher Airlines and Force India Formula One. In another lawsuit with the high
court in London, Diageo is also seeking payment of $141million, which the group claims is
owed by Watson. A top official close to Diageo said that the company was keen to quickly
realise the value of the attached assets.
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Vijay Mallya Diageo United Soccer League
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Aloe vera gel stops hair fall Pullman New Delhi Aerocity, Non surgical, 60 min Amazon Business-GST
and helps in growing hair. Home for the global nomad. process for Natural Hair Invoice & Bulk Discounts
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Dr Tvacha
Small companies hire more Resolutions of both Binani A new twist in fight for Vijay Ex-Modi and Nitish
men to avoid maternity and Essar were within rules: Mallya's spoils campaign head joins team
'burden' IBBI Priyanka Gandhi
NEXT STORY
Corporate India tweaks variables for solving

gender diversity equation
Online automobile marketplace Droom currently has 100 management vacancies, of which TRENDSETTERS FOR 2019
the company wants 60% to be filled by women. Here's why the cash-out mentality is
By Prachi Verma, Sreeradha D Basu, ET Bureau | Mar 08, 2019, 06.59 AM IST
0
Comments
Comments
NEW DELHI | KOLKATA: India Inc is working model for the world’
hard to improve the gender diversity equation,
especially at the top deck.

Conglomerates such as Mahindra & Mahindra consolidation in 2019
and Vedanta and ecommerce companies like
Droom, among others, are seeking women to
fill leadership roles. While gender parity is
distant, some progress can be reported in this reforms to aid India grow 7.5% in
regard on International Women’s Day. Such is 2019: CII
There has been a 50-60% increase in roles where the push being given to diversity that
companies are looking to hire only women.
executive search firms, including the likes of
Korn Ferry, EMA Partners, INSIST Consulting you rich in 2019
and Egon Zehnder, said clients were increasingly rolling out roles exclusively for women.
Others are insisting on having higher female representation when it comes to considering
candidates for any mandate.
“What was initially being driven by multinationals has taken off in a big way in Indian
companies as well,” said A Ramachandran, senior partner, EMA Partners. “Every search
these days is a gender diverse search and there are even companies specifically looking
to hire only women for certain roles. There has been a 50-60% increase in roles where
companies are looking to hire only women.” Most Read Most Shared Most Commented

Clients, both Indian business houses and multinationals, are asking for at least one female Bison shot down Pak F-16; have electronic
candidate’s resume for all mandates, said Navnit Singh, chairman, Korn Ferry India. evidence: MEA

INSIST Consulting is currently running a search for a consumer company with diversified held from April 11 in 7 phases, counting on May 23
products, including female health, to find a woman for the CEO role. China worried ban on Azhar will make Jaish target
CPEC
“Earlier, it was about ‘Given two equals, we prefer a woman’. Now ‘We want a woman only’ Crashes, aircraft losses turn FY costly for Indian Air
has started,” said R Suresh, founder of INSIST Consulting. Force

Human resource executives agree this is happening. “Our mandate to search firms is
clear. We won’t accept recommendations unless there is a healthy representation of More »
women in the slate of candidates. We have also started earmarking roles specifically for
women,” said Madhu Srivastava, group chief HR officer at metals and mining Top Trending News
conglomerate Vedanta.
‘Shift in the Needle’ AIADMK-BJP alliance 10% Quota RBI
Vedanta is looking to increase the representation of women in its workforce to 30% by end West Bengal Lok Sabha polls Sri Sri Ravi Shankar
2020 from about 11% at present. Roles earmarked for women at Vedanta are primarily in
areas such as in HR, finance and other enabling functions, besides those based in metros.
“We tend to choose roles where talent is available, and location is not a problem,” said
Srivastava.
These initiatives are percolating to the mid-level as well, said Srivastava, citing the
example of a woman who was recently hired as head of security at Jharsuguda in Odisha
where the company has a facility.
Online automobile marketplace Droom currently has 100 management vacancies, of which
the company wants 60% to be filled by women, chief executive Sandeep Aggarwal said.
Mahindra & Mahindra has told consultants that at least half the resumes should be those
of women. “Everything being equal, we give gender a preference,” said Prince Augustin,
executive vice president, group human capital and leadership development.
The automaker is also making efforts to start at the entry level so that a leadership pipeline
of women is created. “There has been a shift in the needle as a result of these policies to
improve gender diversity in our group. But it would take another couple of years for notable
changes in gender diversity,” Augustin said.
Pallavi Kathuria, managing partner of Egon Zehnder India, said women-only searches are
typically sought by multinationals with a global mandate to focus gender diversity. The
Indian units of such companies are typically responding to expectations from the parent.
“Some of our global clients say that 50% of the slate needs to be diverse. There are others
who say they will only look at a man if they cannot close in on a woman for the role,” said
Kathuria.
Santrupt Misra, director, group HR at the Aditya Birla Group, said the conglomerate was
not in favour of setting targets or earmarking roles for women since that runs the risk of
pandering to gender stereotypes. However, the group that has 14% women in its
management cadre and 3% in its senior leadership, is constantly looking at strategies to
remove roadblocks for women and create a more facilitatory framework for them.
For executive searches as well, the company insists on asking whether female candidate
are well represented, said Misra.
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Read more on Korn Vedanta Resources Aditya Birla Group Mahindra Group
European Medicines Agency
Updates & More.
Dr Tvacha
Business correspondents Find, chase & live your Small companies hire more Nasscom, MeitY in talks to
seek self-regulatory body dream, says this lady CEO men to avoid maternity open up FutureSkills doors
'burden'
NEXT STORY
Ashish Bhasin gets bigger role at Dentsu

Aegis Network
In his new role, Bhasin will oversee business across India, Sri Lanka, Bangladesh, TRENDSETTERS FOR 2019
Indonesia, Thailand, Vietnam, the Philippines, Malaysia and Myanmar. Here's why the cash-out mentality is
By Gaurav Laghate, ET Bureau | Mar 07, 2019, 10.13 AM IST
0
Comments
Dentsu Aegis Network has elevated Ashish model for the world’
Bhasin, currently chairman and CEO - South
Asia, to the expanded role of CEO, Dentsu
Aegis Network Greater South.
In his new role, Bhasin will oversee business
across India, Sri Lanka, Bangladesh,
Indonesia, Thailand, Vietnam, the Philippines,
Malaysia and Myanmar. reforms to aid India grow 7.5% in
2019: CII
Bhasin will continue to be based out of India and report “The newly formed Greater South region is
to Takaki Hibino.
extremely important for Dentsu Aegis
Network. Both Southeast Asia and South Asia you rich in 2019
are very interesting and high potential markets,” Bhasin said. “I feel very lucky to be
leading this... and hope to take Dentsu Aegis Network forward during these interesting and
transformational digital times.”
Bhasin will continue to be based out of India and report to Takaki Hibino, executive
chairman of Dentsu Aegis Network APAC.
“Ashish has proven himself to be an exceptional leader. Under his direction, India today
stands to be one of the most important revenue growth markets for Dentsu Aegis Network Most Read Most Shared Most Commented
globally. I know he will be able to replicate the same story for the important Southeast Asia
markets as well, even as he continues to fuel growth in his current responsibilities for Bison shot down Pak F-16; have electronic
South Asia,” Hibino said. evidence: MEA

Bhasin’s remit will exclude Singapore which, as a regional hub, will be led by Masaya
Nakamura in addition to his role as deputy chairman and chief growth officer of Dentsu
CPEC
Aegis Network APAC.
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India Inc’s IPL ticket spend to qualify as

deductible
ITAT ruling to benefit FMCG, consumer durables and telecom companies. TRENDSETTERS FOR 2019
By Deepshikha Sikarwar, ET Bureau | Mar 06, 2019, 08.13 AM IST Here's why the cash-out mentality is
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NEW DELHI: India Inc’s spending on free ‘India is becoming an entrepreneurship

tickets of cricket leagues such as the India model for the world’
Premier League (IPL) to its customers can be
allowed as a deduction from the total income
while computing tax. Healthcare sector may see further
In a ruling that benefits FMCG, consumer
durable and telecom companies, the
Hyderabad bench of the Income Tax Settled GST, credit flows among 7
Appellate Tribunal rejected the contention of reforms to aid India grow 7.5% in
Vikas Vasal National Leader— Tax & Growth Advisory, tax authorities and allowed deduction of 2019: CII
Grant Thornton IndiaThis ruling reaffirms the commonly
expense on distribution of free IPL tickets for
understood principle that if an expenditure has been
understood principle that if an expenditure has been
incurred for the furtherance of business interests, then it
the purpose of business.
should be allowed as a deduction. you rich in 2019
Typically, companies distribute gifts to
customers or dealers on special occasions to further business relations. Provisions of the
Income Tax Act, 1961, allow for the deduction, subject to certain exceptions, in lieu of any
expenditure incurred “wholly or exclusively for the purpose of business”.
The current case pertains to EPE Process Filters & Accumulators Pvt Ltd, a manufacturer
of hydraulic & process filters and hydro-pneumatic accumulators. The company had in
2009-10 distributed IPL tickets to customers and business associates.
Tax authorities held that since the taxpayer had failed to produce any evidence that the Wing Commander Abhinandan-piloted MiG-21
tickets were indeed distributed among its business associates, deduction of expenses Bison shot down Pak F-16; have electronic
evidence: MEA
could not be allowed.
The ITAT concurred with the taxpayer’s arguments that such expenses served the purpose
of promotion of business relations and goodwill among the customer base of the company China worried ban on Azhar will make Jaish target
and hence qualified as a deductible business expenditure. CPEC

Force
However, since supporting evidences were not submitted before lower authorities, the ITAT
sent the matter back to the tax officer to consider the evidence submitted by the taxpayer
and to verify whether these parties were the customers of the taxpayer and whether they
More »
were given the IPL season tickets.
The Income Tax Act specifies business expenses that are allowed as deduction and for Top Trending News
other expenses which are not specified, the principle to be followed is that such expense
should be incurred wholly and exclusively for business purposes, tax experts said. J&K Elections Pakistan f 16 General Elections Omar
“It is a common practice for businesses to incur expenses towards gifts, free samples, West Bengal Lok Sabha polls Sri Sri Ravi Shankar
promotional material, etc., on certain occasions like festivals and events, to promote their
brand and grow their business … This ruling reaffirms the commonly understood principle
that if an expenditure has been incurred for the furtherance of business interests, then it
should be allowed as a deduction,” said Vikas Vasal, national leader-tax & growth advisory,
Grant Thornton India.
However, necessary care and caution, along with robust documentary evidence should be
maintained by the tax payers to substantiate their claim in case of any dispute with the tax
authorities, Vasal added.
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Mahindra & Mahindra Tops CSR List in India Even As Companies Scale Up Operations

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