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Letters to the Editor: 24 October, 2019

letters to the editor, afternoon voice,Punjab National Bank should clarify its relation with PNB Metlife

PNB Metlife is an insurance-company using logo of public-sector Punjab National Bank, but there is absolutely no clarity on exact relationship between Punjab National Bank and PNB Metlife where agents of PNB Metlife lure members of public through highly lucrative investment-offers but without giving any brochure or highlights of the offered schemes on website.

It is clear that no government-saving scheme presently provides annual-interest more than eight-percent that too taxable and only for senior citizens. It is impossible that any public-sector company like PNB Metlife may provide above-referred extra-lucrative scheme.

Punjab National Bank should make their relationship with PNB Metlife clear through newspaper-advertisements and prominently on their websites. In case PNB Metlife is not a subsidiary company of Punjab National Bank, then Punjab National Bank must take immediate steps to prevent PNB Metlife from using its logo and similarity in name. Otherwise all PNB Metlife investment-schemes should be available in detail on website of Punjab National Bank.

All investment-schemes of PNB Metlife should be compulsorily put on website, and agents should be cautioned not to befool members of public by getting their hard-earned money invested in schemes without providing a brochure.

Madhu Agrawal

 

Welcome to Siachen

Defence minister Rajnath Singh recently declared that the government has decided to open  a part of the Siachen glacier to tourists. The world’s coldest and highest battlefield is  an area known globally for its uniqueness in terrain and  it’s   extraordinary weather condition. The  amazing place  is definitely going to attract adventure seekers and tourists who love to be in places that really give them an out of the earth experience. The thrill and the chill can definitely boost the tourism potential. It can also enhance and uphold national integration and give the visitors a first-hand experience on how our defence personnel is taking ultimate efforts in such a terrain to safe guard our motherland. Though allowing tourists to visit the area benefits in many ways certain important matters like security, health of the visitors and waste disposal and management also should be taken care of in a  meticulous manner.

M Pradyu 

 

Don’t waste money on lavish weddings

It has become a trend to spend heavily on fancy boxes of wedding-invitation cards worth several thousands of rupees each which are practically of no use. Rather those getting such invitation-cards pull out necessary portion of programme-details, and start pressurising their minds about utility of such apparently costly but useless remnants. Costly platters with imported items where Indian substitutes are better and cheaper and cash-envelopes from parents of brides have become necessity in marriage-celebrations. Interestingly misusers of such trends in their elite gatherings themselves criticise such trend, but want some others to take initiative to stop such a practice.

Supreme Court directive on July 12, 2018 asking central government to consider making it compulsory for families to disclose wedding expenditure by both sides of the families of bride and groom jointly to the marriage officer concerned should be implemented. It will not only limit wasteful expenditure at times due to social bindings on marriages but also effectively check unaccounted money being spent on marriage-related functions apart from lodging false claims made by bride-side in case of marital-disputes and divorces. Even a marriage-tax of say 10-per cent can be imposed in case expenses cross rupees five lakhs by one side as was suggested in a private-member bill introduced in Lok Sabha in February 2017. Large-scale wastage of food-items in marriage-celebrations should be prevented by re-introducing Guest Control Order 1960. Only soft drinks and beverages should be allowed to be served in such functions.

Subhash Chandra Agrawal

 

Strengthen corporate governance framework

Corporate Governance and transparency act as one of the key core values and strong pillars for a public listed company to evolve in a competitive market especially in India. The recent whistle blower revelation yet again raised at Board level is a jolt from the blue to all the stakeholders including key investors. From past decade and since the exit of its Chief Mentor, the popular IT bell weather company has witnessed rapid leadership turmoil resulting in Board level changes through big ticket exits. The exit of its senior leadership including its CEOs, CFOs and other key members in the recent years is still afresh. However the company’s unscathed fast paced growth under the dynamic leadership of its newly elected Non Executive Chairman amidst such adversities is also well known to the industry.

As also there is now an urgent need to strengthen the Corporate Governance framework to safeguard the interest of its investors. The secretarial standards board which has framed boardroom regulations for listed companies, needs an immediate overhaul by its custodians to avoid such repeated instances amidst public glare. Hence the principal custodians consisting of CAs and Company Secretaries further need to prepare strong policies and adopt them under their respective mandate. The same can further be implemented to achieve the key strategic Corporate governance changes required at the Board level.

The policy custodians also a need work in tandem with the Governments including the Ministry of Corporate Affairs, Tax regulators and other regulatory bodies like SEBI to formulate a simple and yet a convincing strategy to the investors. The move will thus pacify the investors and other stakeholders having otherwise invested heavily in these companies through the trading activity.

Varun Dambal


(The views expressed by the author in the article are his/her own.)Help Parallel Media, Support Journalism, Free Press, Afternoon Voice

 

 

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