To save articles or get newsletters, alerts or recommendations – all free.
Don’t have an account yet?
Create an account »
Subscribed through iTunes and need an NYTimes.com account?
Learn more »
Need to connect your Home Delivery subscription to NYTimes.com?
Link your subscription »
or
To save articles or get newsletters, alerts or recommendations – all free.
Don’t have an account yet?
Create an account »
Subscribed through iTunes and need an NYTimes.com account?
Learn more »
Need to connect your Home Delivery subscription to NYTimes.com?
Link your subscription »
or
Parmeshwar Godrej was among the most recognisable faces of the locks-to-soaps giant Godrej group, but she had little or no shareholding in her family’s listed firms at the time of her death. The wife of group chairman Adi Godrej did not own a single share in Godrej Industries and Godrej Properties. In the third group firm, Godrej Consumer Products, she owned just four shares.
Though the latest shareholding pattern of Godrej Industries mentioned her among promoter group shareholders, there are no shares against her name.
Godrej Properties doesn’t count her among the promoter shareholders, though she had a long association with the latter as a non-executive director since 1989. The realty firm informed the exchanges about her demise on Wednesday.
According to Ministry of Corporate Affairs records, she had only one other directorship, that was in her charity firm Heroes Aids Project, which in partnership with Hollywood star Richard Gere and Bill & Melinda Gates Foundation had taken up the cause of fighting AIDS in India.
Analysts said while it is difficult to generalise, individual holdings are not of much significance as promoter holdings are controlled through multiple firms, HUF (hindu-undivided family) and other structures. “The market tends to look at the promoter group as a whole. It would be interested in individual holdings only in one scenario: that is if there was a dispute,” said research head of a domestic brokerage. He added that chances of wives getting significant holdings are much higher in first generation businesses than in those with a long heritage and multiple family branches.
Group executives declined to comment. The story of Parmeshwar, a Sikh girl from a middle class background married into a Parsi industrial family, provides a contrast to other business wives, who held significant shareholding in their family firms at the time of their death. When she died in March 2015, Sarala Devi Birla, wife of BK Birla, held 67,900 shares in Century Textiles. The shares were trading at Rs 600-level, making the holding worth about Rs 4 crore.
When Priyamvada Birla, the widow of BK’s cousin Madhav Prasad, died in 2004, her holdings worth a few thousand crores were widely followed because of the bitter court battle between the Birla family and chartered accountant RS Lodha over the will. Parmeshwar’s contemporaries such as Maureen Wadia, who was an airhostess before getting married, and Kokilaben Ambani continue to hold significant shares in Bombay Dyeing and Reliance Industries, respectively. In fact, Wadia’s 97-year-old mother in law Dina Neville Wadia holds 4.58 lakh Bombay Dyeing shares, filings with the exchanges showed.
A July report by Ambit Capital on succession planning had discussed the Godrej group as among the good examples. “While Adi Godrej remains the chairman of the group, he had hired a facilitator for succession planning in 2009. Today, Godrej Consumer is led by a professional managing director (Vivek Gambhir), while other companies in the group like Godrej Properties are led by family members (Pirojsha) who have earned their role. Senior leadership at group companies consists of professionals like Gambhir at GCPL, Mohit Malhotra at Godrej Properties, who have been hired by the family,” Ambit said. The generation of Adi, brother Nadir and cousin Jamshyd had started diluting their holdings much before the facilitator was appointed. An Economic Times news report of 2006 suggested that Parmeshwar had sold whatever shares she had in Godrej Industries by 2006.
Adi himself has only 500 shares in GCPL and no direct holding in the other two listed firms. In an interview to the The Hindu in May, he said, “First of all, we insist that family members who are professionally qualified can join and others can be shareholders but they can’t work in the company. Even family members join as management trainees and rise with others. We have a succession plan for everyone and not just family members but for all senior people in the group. But these are things that are private and confidential.”
ONLY two from a possible 50 mining firms in Zimbabwe have completed the Community Share Ownership Trusts (CSOTs) programme initiated by government in 2011 to spearhead developmental projects in the country, an official has
said.
BY MTHANDAZO NYONI
Speaking at the Zimbabwe Environmental Law Association’s responsible investments conference in Bulawayo yesterday, National Indigenisation and Economic Empowerment Board compliance manager (CSOTs), Sibanengi Mahobele, said companies were reneging on fulfilling their pledges.
“To date, 61 CSOTs have been registered in 60 rural communities and one urban community. A total of $39 million has so far been disbursed to 26 CSOTs against a total pledge of $128 million,” he said.
“We only have two companies that have been able to complete CSOTs so far and we are pressuring other companies to comply.”
He, however, said hundreds of projects have been implemented across the country in education, health and infrastructural development.
Rural communities, especially Marange, where giant companies like Mbada Diamonds, Anjin, DMC, Marange Resources and Jinan operated, felt that mining companies were exploiting them, as they had failed to honour their pledges.
The five diamond mining companies in Marange were supposed to contribute $50 million ($10m each) to Zimunya Marange CSOT, but none had done so until their licences were revoked early this year.
As at February 2015, Marange Resources and Mbada Diamonds had released $250 000 and $200 000 respectively.
Affected communities also felt that the programme does not belong to them, as they do not have CSOT certificates.
“If we don’t have the certificates, it simply means we are not shareholders. Also the 10% is problematic and obscure,” one community member said.
A Zimunya Marange CSOT representative said the companies had left roads damaged and water bodies polluted.
“We never benefited from the diamonds, yet we are told that they are depleted and we are exposed to dust on a daily basis,” a representative said.
Another representative from Mutoko CSOT said from six companies that were operating in the area, only three managed to pay $67 500.
CSOTs were set up so that communities would benefit from companies exploiting resources in their areas.
The government gazetted the Indigenisation law in 2010, which requires local, community and employee participation in companies.
Symantec on Tuesday reported on a malware campaign that has targeted financial organizations worldwide for the past 10 months.
Dubbed “Trojan.Odinaff,” it has infiltrated the banking, securities, trading and payroll sectors, as well as organizations that provide them with support services.
Odinaff is used in the first stage of an attack, to get a foothold into a network. It provides a persistent presence, and lets users install additional tools onto the target network, Symantec explained.
Those additional tools appear to be the same ones used by Carbanak, a sophisticated attacker that has targeted the financial industry since at least 2013, the firm said. The Odinaff attacks also use some infrastructure previously used in the Carbanak campaigns.
About 100 organizations have been hit so far, said Jon DiMaggio, a senior threat intelligence analyst in Symantec’s Security Response unit.
However, “we have no insight into how much money has been taken in these attacks,” he told the E-Commerce Times.
Such attacks can be lucrative, though, DiMaggio noted, pointing to the US$81 million hackers looted from the Bangladesh Central Bank.
There are two primary indications that Odinaff has been targeting users of the
SWIFT global financial messaging system, DiMaggio said.
First, Odinaff has similarities with the second-stage malware, tools and tactics associated with previous attacks on SWIFT.
Second, SWIFT Suppressor malware components are present in Odinaff-related activity. Tiny executables written in C, they monitor the SWIFT customer’s server logs for keywords relating to certain transactions, DiMaggio said, and then move the logs out of the SWIFT software environment. The text strings monitored include references to dates and specific International Bank Account Numbers.
Each executable appears to be clearly tailored to the system it’s targeting.
“The attackers had knowledge and access to target environments that would require a deep understanding of banking applications and security measures put in place to safeguard those applications,” DiMaggio pointed out.
Proofpoint saw Odinaff attacks on its customers in May and July, said Sherrod DeGrippo, director of emerging threats.
There was “a small email campaign targeting various verticals — not just financial,” this summer, she said. “There have been additional campaigns since.”
The people behind Odinaff are “a sophisticated criminal group,” DeGrippo told the E-Commerce Times. “They choose their targets carefully — they have custom tools.”
There are three methods of attack, Symantec noted: lure documents containing a malicious macro, possibly spread through phishing; the use of password-protected RAR archives, with the attack vector possibly spearphishing; and distribution through botnets to computers infected with other malware, such as Andromeda and Snifula.
The attackers use an assortment of lightweight hacking tools along with legitimate software tools, including the following:
Ammyy Admin is free remote desktop access software; its website has been hacked repeatedly to spread malware, Symantec said.
“The website should be hardened, and there’s no reason for it to be compromised this many times unless security wasn’t a priority for the site owner or administrator,” DiMaggio noted. “We would strongly recommend using extreme caution when visiting it … to ensure the site and any downloads from its infrastructure are clean.”
“The threat landscape for the financial industry has changed, and we’re now seeing more advanced cybercrime campaigns,” DiMaggio observed.
SWIFT
has called for tighter antifraud controls and closer cooperation among its 11,000 members, according to KPMG.
Thieves don’t have to attack SWIFT’s core systems to exploit weaknesses in the systems that use its network, the firm noted. The network handled more than 6 billion messages in 2015 — nearly 17 million daily — and its 11,000 members have millions of current and former employees, making it difficult to thwart a determined hacker.
Richard Adhikari has written about high-tech for leading industry publications since the 1990s and wonders where it’s all leading to. Will implanted RFID chips in humans be the Mark of the Beast? Will nanotech solve our coming food crisis? Does Sturgeon’s Law still hold true? You can connect with Richard on
Google+.
China has proposed strengthening its policies on internet safety for children, which could force technology companies to make substantial operational changes to meet the new requirements.
The draft rules would require online-game operators to lock out anyone under the age of 18 between midnight and 8 a.m. They would also call for an increased number of websites to post warnings about content deemed unsuitable for minors.
Few…
… of Lincolnshire’s family firms.
The Lincolnshire Family Business Forum … : What’s on?
Family law specialist and Chairman of Andrew …
Go to Source
A Seattle law firm says a class action lawsuit is likely over Samsung Galaxy Note 7 overheating problems. (ABC Photo)
Complaints about overheating Samsung smartphones could soon end up in court. Attorneys at Keller Rohrback in Seattle tell me they’re investigating complaints and will likely file a class action lawsuit as early as next week.
Samsung meantime is reportedly cranking out more Galaxy S7 and S7 Edge models to replace the fire-prone Galaxy Note7.
There’s still no clue as to why the Samsung Note 7 can overheat to the point of fire and explosion. But after more than 3 dozen incidents worldwide- even with replacement models- Samsung is finally ordering retailers to stop selling them.
If you have an Note 7, return it to the place of purchase. Everything you need to know is posted on Samsung’s website, however the notice is at the top of the page and is so tiny, it’s easy to miss.
The “Updated Consumer Guidance”, as Samsung calls it- says you’ll either get a Galaxy S7 or a Galaxy S7 Edge plus a refund for any Note7 accessories. You also have the option of getting a full refund for your Note7.
In its “frequently asked questions” section Samsung says consumers should not continue to use the Note 7. Power it down and turn it in.
Comments (0)
NOW is the time to get nominations in for the Devon and Somerset Law Society’s Legal Awards 2017.
The Westcountry legal profession is being urged to share their successes. There are 12 categories to enter and the deadline for entries is October 21.
Categories include Legal Hero of the Year, Team of the Year and Lifetime Achievement Award.
DASLS president Mark Roome said: “DASLS legal awards demonstrate the quality of legal services provided by solicitors in Devon and Somerset. It is an opportunity to stand out as leading the way in the solicitors’ profession.”
DASLS has teamed up with DC Media, with titles including the Herald Express, to organise the event. It is headline sponsored by specialist legal software company SOS.
Judge Erik Salomonsen will chair the judging panel that includes SOS managing director Graham Colbourne; Glastonbury Festival founder Michael Eavis; Rob Varley, chief executive of the Met Office; Richard Edwards, interim head of the law school at the University of Exeter; Stephen Roberts, chief executive of North Devon Hospice; Bill Martin, regional editor-in-chief with DC Media; Stephanie Henshaw, corporate audit partner at PKF Francis Clark and Anne Blackburn, founder of the Sidona Group.
The awards ceremony is being held at Sandy Park, Exeter, on March 2, 2017.
Innovation is key to the future success of any organisation. We want to hear how firms and organisations have innovated to develop their business. Private practice law firms, in house lawyers from commerce or public service are invited to enter for this award.
Businesses have a responsibility towards the communities they serve. Demonstrate how your firm gives time freely to good causes and community projects. This award draws together many of the qualities sought in other categories to find the small or medium size law firm that has a winning formula. The judges will be looking for excellence in firms able to demonstrate a clear vision for their business and how that is being achieved.
This award draws together many of the qualities sought in other categories to find the small or medium size law firm that has a winning formula. The judges will be looking for excellence in firms able to demonstrate a clear vision for their business and how that is being achieved.
This award draws together many of the qualities sought in other categories to find the small or medium size law firm that has a winning formula. The judges will be looking for excellence in firms able to demonstrate a clear vision for their business and how that is being achieved.
Team of the Year Award
Great teamwork is an essential part of modern business especially in a legal practice where a combination of skill sets is needed. Teams from private practice law firms and in house lawyer departments in commerce or public service are invited to enter for this award.
Great client service is at the heart of all solicitor firms and fundamental to their success. The judges will be looking for those firms that have a culture of putting the client first and a pro-active approach to continual improvement.
The Solicitor of the Year may be recently qualified or have many years of experience and can have practiced in any type of organisation and discipline. They will be an exemplar for the solicitors’ profession and will likely have achieved particular recognition for their professional work.
This award will be presented to the individual who has inspired their organisation to achieve through their leadership and/or management skills.
Entries for this category will be from members of in-house corporate teams and those working in public bodies. They may be recently qualified or have many years of experience.
Nominations are welcome from firms or clients for legal executives, paralegals, secretaries, cashiers and others who support Devon & Somerset Law Society solicitor members.
Legal heroes make a real difference to their clients. They may work in any area of practice going the extra mile for the client’s desired outcome be that a house move, settlement of a dispute, a claim for compensation, formation of a company or the resolution of a family matter.
This award will be presented to the individual who has made an exceptional contribution to the reputation of solicitors during their career as a solicitor in Devon and Somerset. While entries could be based on any number of criteria, candidates will be an exemplar of the legal profession having demonstrated high standards of integrity in their endeavours.
Deadline for entry is October 21.
Shortlisted companies and individuals will be announced late in November.
Enter the DASLS Legal Awards at http://www.digital-thisis.co.uk/dasls/
China imposed harsher punishments on companies discharging excessive levels of pollutants in the first eight months of the year, with larger fines handed down and more cases transferred to judicial organs, the country’s top environmental protection authority said on Wednesday.
In the January-to-August period, an average of 448 companies were fined per day — a year-on-year increase of 11 percent — with total fines exceeding 488 million yuan ($72.6 million), said Tian Weiyong, head of the Environmental Inspection Bureau under the Ministry of Environmental Protection.
In addition, environmental authorities at all levels sealed production facilities of 4,456 companies during the period, a year-on-year increase of 86 percent, while more than 1,880 companies saw their operations suspended due to excessive pollution and illegal discharging.
The environmental authorities have better utilized legal methods to punish and deter polluters, with 1,172 cases transferred to judicial organs, a year-on-year increase of 14 percent, Tian said.
The revised Environmental Protection Law, effective from Jan 1, 2015, has improved regulation of companies’ discharges and pollution levels. Fines have no upper limit and companies who repeat offenses will see fines increase, while in extreme cases, those responsible for pollution will be detained.