02 March 2021

Directors Appointment in India Maybe Suject to Dual Approval

In a consultation paper, the market regulator tightened norms with regard to the resignation of independent directors on the grounds of personal reasons or other commitments

Representational image.

The Securities and Exchange Board of India (Sebi) is proposing to give a greater say to minority shareholders in the appointment, re-appointment and in the removal of independent directors. 

In a consultation paper, the market regulator tightened the norms with regard to the resignation of the independent directors on the grounds of personal reasons or other commitments by suggesting a cooling off period of one year before the directors can join another board. Similar cooling off period has been proposed if the directors are elevated to a position such as   a whole-time director in the same company. It also mooted the grant of long-vesting ESOPs to the independent directors in lieu of cash-based commissions.

The appointment and the re-appointment of the independent directors shall be subject to dual approval — the approval of the shareholders and the approval by “majority of the minority” (simple majority) shareholders. Minority shareholders mean shareholders, other than the promoter and promoter group.

If either of the approval thresholds are not met, the person would have failed to get appointed or re-appointed. 

In such a case, the listed entity may either propose a new candidate or propose the same person for a second vote of all shareholders,without a separate requirement of approval by “majority of the minority”, after a cooling-off period of 90 days but within a period of 120 days.

The removal of the directors will also be subject to the dual approval process.

Further, if a casual vacancy arises because of resignation, removal or the death of an independent director, the approval of shareholders should be taken within a time period of three months.

Sebi said that considering the importance of the audit committee with regard to related party transactions and financial matters, it should comprise two-third independent directors and one-third non-executive directors who are not related to the promoter, including nominee directors, if any.

“While some these suggestions may increase the compliance burden, Sebi’s move will help broad-base corporate governance norms in Indian entities. These moves have the capacity to increase the independent oversight of Indian listed entities,” Arka Mookerjee, partner, J. Sagar Associates, said.




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Defiant Protesters March Despite Crackdown

Suu Kyi in good health as she appears at court hearing via video; US condemns ‘abhorrent violence’

Police fired tear gas and stun grenades to disperse hundreds of protesters in the main city of Yangon on Monday
Police fired tear gas and stun grenades to disperse hundreds of protesters in the main city of Yangon on Monday

Myanmar’s ousted leader Aung San Suu Kyi appeared at a court hearing via video conferencing on Monday as supporters marched in several towns and cities in defiance of a crackdown after the bloodiest day since the February 1 military coup.

Police fired tear gas and stun grenades to disperse hundreds of protesters in the main city of Yangon on Monday, witnesses said. They later combed through side streets firing rubber bullets and at least one person was hurt, media reported.

Suu Kyi, aged 75, looked in good health during her appearance before a court in the capital Naypyitaw, one of her lawyers said. Two more charges were added to those filed against her after the coup, she said.

“I saw Amay on the video, she looks healthy,” lawyer Min Min Soe told Reuters, using an affectionate term meaning “mother” to refer to Suu Kyi.

“She asked to meet her lawyer.” The Nobel Peace laureate, who leads the National League for Democracy (NLD), has not been seen in public since her government was ousted and she was detained along with other party leaders.

She was initially charged with illegally importing six walkie-talkie radios. Later, a charge of violating a natural disaster law by breaching coronavirus protocols was added.

On Monday, two more charges were added, one under a section of a colonial-era penal code prohibiting publication of information that may “cause fear or alarm”, and the other under a telecommunications law stipulating licences for equipment, the lawyer said.

The next hearing will be on March 15. Critics of the coup say the charges were trumped up.

Myanmar has been in chaos since the military seized power after alleging fraud in a November election won by the NLD in a landslide, with daily protests getting increasingly violent as police and troops try to stamp them out. On Sunday, the police fired on crowds in several places killing 18 people, the UN human rights office said.

A committee representing lawmakers elected last year said 26 people were killed but Reuters was unable to verify that. “We have to continue the protest no matter what,” Thar Nge said after police firing tear gas forced him and others to abandon a barricade in a Yangon street.

“This is my neighbourhood. It’s a lovely neighbourhood but now we’re hearing gunfire and we don’t feel safe.” The military has not commented on Sunday’s violence and police and military spokesmen did not answer calls.

The state-run Global New Light of Myanmar newspaper warned that “severe action will be inevitably taken” against “anarchic mobs”. Demonstrators marched on Monday in the northwestern town of Kale holding up pictures of Suu Kyi and live video on Facebook showed a crowd in the northeastern town of Lashio, chanting slogans.

The police and soldiers later raided a church in the town and detained 11 people, a church group said in a statement.

The coup brought a halt to Myanmar’s tentative steps towards democracy after nearly 50 years of military rule and has drawn condemnation from western countries and growing concern among its neighbours. Foreign ministers from the Association of Southeast Asian Nations (Asean), of which Myanmar is a member, will hold a video meeting on Myanmar on Tuesday and “listen to the representative of the Myanmar military authorities”, Singapore’s foreign minister, Vivian Balakrishnan, told parliament. Balakrishnan called for the security forces to desist from the use of lethal force, for Suu Kyi’s release and for talks on solutions and a way back to democratic transition.

US secretary of state Antony Blinken denounced what he called “abhorrent violence” by security forces, while Canada’s foreign minister, Marc Garneau, called the use of lethal force “appalling”. Tom Andrews, a UN special rapporteur, said it was clear the junta’s assault would continue so the international community should ratchet up its response. He proposed a global arms embargo, more sanctions on those behind the coup and on military businesses and a UN Security Council referral to the International Criminal Court.

“We must act,” Andrews said in a statement. The generals have for years shrugged off diplomatic pressure, partly because of the support of China and Russia. A Chinese foreign ministry spokesman urged Myanmar parties to keep in mind “the big picture” of development and stability and exercise restraint.

Miss India Delhi 2019 Mansi Sehgal Joins AAP

Speaking on the occassion, Sehgal, Miss India Delhi 2019, said she was "inspired by the honest governance of Chief Minister Arvind Kejriwal" and therefore chose to join the AAP.

 

Miss India Delhi Mansi sehgal with AAP leader Raghav Chadha. (Photo: ANI)

Former Miss India Delhi Mansi Sehgal joined the Aam Aadmi Party in the presence of party leader Raghav Chadha, the AAP said in a statement on Monday.

Speaking on the occassion, Sehgal, Miss India Delhi 2019, said she was “inspired by the honest governance of Chief Minister Arvind Kejriwal” and therefore chose to join the AAP.

For any nation to prosper, health and education are the two main pillars and there has been a “tremendous change” in these fields in the last few years under the leadership of Kejriwal, she said.

“Inspired by the honest governance of Chief Minister Arvind Kejriwal and hardwork of MLA Raghav Chadha, I chose to join the Aam Aadmi Party, and I feel that through clean politics, we can bring about a substantial change in the world that we live in,” Sehgal stated.

Chadha inducted Sehgal into the AAP at Naraina Vihar Club in the presence of several residents.

“I am delighted that the Aam Aadmi Party and Arvind Kejriwal instill confidence in young people to join politics and serve the people, and the AAP family is growing leaps and bounds with each passing day. I welcome Mansi into the AAP family,” Chadha said.

Sehgal is also a TedX speaker, trained engineer and an entrepreneur with her own startup, the party statement said.

Calling upon youth and women to be an active part of politics and to join the AAP, Sehgal said, “I would urge our youth and particularly our women to come and join us, and bring about the change that we all wish to see.”

Indian Employees Work Longest, Paid Least

 The ILO report states that the working hours in India can extend up to 48 hours a week adding that only Qatar, Mongolia, Gambia, and Maldives have average working hours longer than in India

Indian employees work longest, paid least globally with no leisure hours, claims ILO report
The paper titled, Global Wage Report 2020-21: Wages and Minimum Wages in the Time of COVID-19' positions India on the 5th spot globally among countries with long working hours

Indians are among the most overworked workers across the world and earn the lowest minimum statutory wage in the Asia-Pacific region, excluding Bangladesh, according to a report by the International Labour Organisation (ILO).

The paper titled, Global Wage Report 2020-21:  Wages and Minimum Wages in the Time of COVID-19' positions India on the 5th spot globally among countries with long working hours.

The study adds that amongst the Indian workforce, it's the well-paid workers, both salaried and self-employed, who work more. It notes that salaried workers in urban areas work more than their rural counterparts.

The report states that the working hours in India can extend up to 48 hours a week adding that only Qatar, Mongolia, Gambia, and Maldives have average working hours longer than in India.

Meanwhile, data from the 2018-19 Periodic Labour Force Survey (PLFS) also shows that better-paid workers in cities work longer than their rural counterparts in India.

Men put in longer hours at work than women in both rural and urban areas, while for both of them, the work hours are longer in urban areas.

In 2019, India carried out its first time-use survey in two decades, which also found similar trends.

Meanwhile, the ILO report further assesses that an average worker in China works 46 hours a week, 37 hours in the US, and 36 hours in the UK and Israel.

The estimates are deduced from 2019 assessments undertaken by national agencies, whilst data for some nations pertains to previous years.

01 March 2021

Mizoram ready to embrace refugees from Myanmar: CM

https://c.ndtvimg.com/2018-12/jk6ibbfc_mnf_640x480_12_December_18.jpg

Aizawl: Mizoram chief minister Zoramthanga today informed the State Assembly that his government was ready to embrace refugees from Myanmar if they are forced to flee military violence following the February 1 coup.

“As we all know, the military has overthrown the democratically elected government in the neighbouring Myanmar. While we wish that democracy is restored in Myanmar, we are also apprehensive that the people would eventually have to flee the military junta if the conflict goes on and on,” Zoramthanga said during a motion of thanks on the Governor’s address in the Budget session.

“If the people of Myanmar have to flee the military, Mizoram will welcome them with open arms, give them food and shelter. We would even approach the central government to grant us permission in the event of refugees’ influx,” Zoramthanga added.

However, the Mizoram government has not yet received any request for the asylum of people belonging to the Chin community of Myanmar.

“So far, none has applied to us seeking political sanctuary or political asylum. If at all there is a request and we take a decision, it has to be ratified by the government of India since the issue concerns two countries,” Mizoram Home Minister Lalchamliana has said.

Last week, the Mizo Students’ Union had urged the state government to offer them political asylum in the state.

The Chin community and the Mizos in India belong to the Zo ethnic group and share the same ancestry. People from the Chin community are settled along the 404 km porous border in Myanmar’s Chin State bordering Mizoram.

After Joining Congress-Led Alliance, Assam 'Kingmaker' Challenges BJP

Over the past three state polls, since the BPF's inception in 2005, the alliance it has sided with has gone on to win the polls.

After Joining Congress-Led Alliance, Assam 'Kingmaker' Challenges BJP

Hagrama Mohillary's BPF switched allegiance to the BJP only before the 2016 Assembly polls.

"How can they (BJP) win when I am not on their side? We will have to see the exit of the BJP in Assam," said Mr Mohilary, addressing a joint press conference with Congress and other Mahajath participants units in Guwahati today.

Over the past three state polls, since the BPF's inception in 2005, the alliance it has sided with has gone on to win the polls. It switched allegiance to the BJP only for the 2016 Assembly election, till then siding with the Congress.

The Congress approached it this time for a pre-poll 'Mahagathbandhan', that also, interestingly, includes once-rival All India United Democratic Front (AIUDF). Apart from the Badruddin Ajmal-led AIUDF, this combine includes regional party Anchalik Gana Morcha and the three Left parties, the CPI, CPI(M), and the CPI(ML). The Tejashwi Yadav-led RJD is also keen on joining the alliance.

"Assam's destiny is about to change for the better. Many tributaries join together to make a strong river," Assam Congress chief Ripun Bora said today welcoming Mr Mohilary.

The first fissure in the BJP-BPF alliance emerged in January 2020 when the Centre and the Assam government signed an Accord with the surrendered National Democratic Front of Bodoland. The Accord had provisions for delimitation of the Bodoland Territorial Region boundaries, and the discussions that led to this had bypassed the BPF that was still at the helm of the Bodoland Territorial Council.

The ties soured when the BJP fielded its own candidates against the BPF in the BTR Council elections last December. The BJP then formed a Bodoland Council with the United People's Party Liberal (UPPL) and the Gana Suraksha Party. The BPF, despite emerging as the single-largest party, was left behind by four seats.

"Himanta kidnaps leaders to form governments, you saw what happened in Bodoland polls," Mr Mohillary had said in the run up to polls. He was referring to the BJP key pointsperson for Assam and the northeast, Himanta Biswas.

The BPF has 12 legislators in the Assam Assembly, of which 3 held cabinet positions. The party's Rajya Sabha MP, Biswajit Daimary, later resigned his post and joined the BJP. He was re-elected unopposed last week.
Mr Mohilary to also called upon other regional parties such as Raijor Dal and the Asom Jatiya Parishad, which had spearheaded the anti-Citizenship Amendment Act, to join the Mahajath.

"This time, I am on the side of Assam's people and will oppose CAA along with the Mahajath," he said.

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Assam will see three-phased assembly polls from March 27 to April 6, with results to be declared on May 2.

At Least 18 Killed In Myanmar's Single Bloodiest Day Of Anti-Coup Protests

Myanmar has witnessed its bloodiest and deadliest day yet since the start of the Feb.1st coup which saw the military arrest the country's democratically elected civilian leadership, citing a "fraudulent election".

Eighteen have been reported killed Sunday in clashes with police and armed troops, which have over the past week increasingly resorted to 'live fire' to disperse 'banned' demonstrations. "Myanmar police fired on protesters around the country on Sunday in the bloodiest day of weeks of demonstrations against a military coup and at least 18 people were killed, the U.N. human rights office said," according to Reuters.

Arrests being made in Yangon, Myanmar. Getty Images

Over the past two weeks anti-coup protests have grown increasingly large and visible despite the large army presence - including armored vehicles and armed troops on city streets - and despite a near month-long communications and internet lockdown of the country.

The United Nations human rights office in a statement condemned the use of lethal force, saying, "Police and military forces have confronted peaceful demonstrations, using lethal force and less-than-lethal force that – according to credible information received by the UN Human Rights Office – has left at least 18 people dead and over 30 wounded."

Rubber bullets, tear gas, and stun grenades have also been used to quell protests, but over the last week social media videos that made it past the junta's attempts to impose a firewall on the country have increasingly appeared to show live ammo being used, with victims suffering gunshot wounds to the chest, head, and legs.

Reuters documented some of the deaths Sunday as follows:

Among at least five killed in Yangon was internet network engineer Nyi Nyi Aung Htet Naing, who a day earlier had posted on Facebook about his concern at the growing crackdown, medics said.

Teacher Tin New Yee died after police swooped to disperse a teachers’ protest with stun grenades, sending the crowd fleeing, her daughter and a fellow teacher said.

The US embassy in the country has also condemned the crackdown, saying in a statement: “We are heartbroken to see the loss of so many lives in Myanmar. People should not face violence for expressing dissent against the military coup. Targeting of civilians is abhorrent."

Already the Biden administration has slapped sanctions on Burmese military leaders believed involved in orchestrating the coup, with Secretary of State Antony Blinken vowing more "firm action" to come against military authorities in recent statements.

"Stick To What You're Good At" - Global Soccer Superstar Slams LeBron's Political Pandering

Clash of the egotistical titans...

Global soccer star Zlatan Ibrahimovic has a great deal of respect for the basketball skills of LeBron James, but wishes the Los Angeles Lakers star would refrain from remarking on political concerns.

The historically outspoken Ibrahimovic, who’s a striker at A.C. Milan, spoke to UEFA and Discovery+ Sweden to express his opinion that athletes in general should shy away from delving into issues involving politics and cited James as an example.

“He’s phenomenal, but I don’t like when people with a ‘status’ speak about politics. Do what you’re good doing,” Ibrahimovic said.

“I play football because I’m the best playing football, I’m no politician. If I’d been a politician, I would be doing politics. This is the first mistake famous people do when they become famous: for me it is better to avoid certain topics and do what you’re good doing, otherwise you risk doing something wrongly.”

Following Zlatan’s comments, LeBron wasn’t too pleased that someone dared to call him out and fired back Friday night, according to ESPN:

"I would never shut up about things that are wrong. I preach about my people, and I preach about equality.

Social injustice. Racism. Systematic voter suppression. Things that go on in our community...

So, there’s no way I would ever just stick to sports, because I understand how this platform and how powerful my voice is...

I speak from a very educated mind, so I’m kind of the wrong guy to actually go at because I do my homework."

Watch LeBron's response here...

Daily Caller's David Hookstead summed things up perfectly: "This is America. Everyone is entitled to their opinions, but being able to score 30 points in an NBA game doesn’t make you an authority on politics."

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