“Spiritual and Social capitals are the foundation for the success of family-run businesses,” M.V. Subbiah, Chairman, National Skill Development Corporation and former Chairman of Murugappa Group said.

Speaking on the topic “Family Business – Enlarging the Circle of Trust,” at a meeting organised by the Salem Chapter of Confederation of Indian Industry (CII), here recently, Mr. Subbiah said that like everything in life there were two sides for every coin.

“The common perception of a family-controlled business was it is outdated, sluggish, beset by nepotism, family feuds and too little money.” But the other side was that family businesses were more profitable than the peers, more professional, more resilient and more apt to survive than their rivals.

He also highlighted the policies and processes that were needed to tackle different stages of the ownership in such business ventures.

He pointed out that the entrepreneur was the inventor, the developer and the promoter. “The man who initiates and recognises technical improvements and who succeeds in getting them introduced is the dynamic actor of capitalism and breaks away from tradition of creating an empire for his family members and capturing a paragraph in history books,” he said.

He mentioned that CII was the best organisation to help grow industry and was useful to enhance knowledge of creativity and innovation.

C. Valliappa, Chairman, Sona Group of Institutions said that there was no CII branch in Salem till recently even though it was one of the Tier-II cities in Tamil Nadu.

He said that the involvement of members was important to improve the development of the city with the help of CII.

Source: The Hindu

The conference was inaugurated by A. Dhirajlal, Secretary, Sona College of Technology and Salem Branch Chairman G. Goudhaman presided.

Babu Abraham Kallivayalil, Chairman, SIRC of ICAI, K. Shanmukha Sundaram, Vice Chairman, SIRC of ICAI and P.V. Rajarajeswaran, Member, SIRC of ICAI spoke on various subjects at the conference.

Mr. Dhirajlal insisted on the quality of the services of the Chartered Accountants.

M.R. Vikram from Hyderabad, N. Prasad, Advocate from Chennai and P.M. Veeramani from Cochin addressed on “Recent Development in Corporate Governance”, “Service Tax” and “NRI Payments and Certification in Form 15CB” respectively.

Babu Abraham Kallivayalil, emphasised that the Chartered Accountants should adapt to changes.

Source: THE HINDU

Chairman of the Salem branch G. Goudhaman in his introductory address said that the basic charter of Ministry of Corporate Affairs was to promote the growth of the Indian corporate sector through enlightened regulation. “To enable formulation of enlightened regulations that provide a framework for the corporate sector and its stakeholders to achieve their aspirations, the Ministry has developed a collaborative form of working pattern with all the stakeholders. In the true spirit of partnership between the government and the businesses, as both are intrinsic parts of a democratic framework and as the structure of corporate governance is essentially rooted in democracy, we need to bring our shareholders and stakeholders as real voices in the corporate democratic space wherein relations are defined by mutual respect,” he said.

“While the Ministry is focusing on the entire business sector and a number of initiatives in this direction are underway, it is felt that there is a need to provide positive reinforcement of the efforts made by the corporate sector in the development of India,” he said. A series of events were organised by the Salem branch of ICAI, which was inaugurated by C. Valliappa, Chairman, Sona College of Technology and Valliappa Group of Companies, Bangalore. The programme was also attended by A. Dheerajlal, Secretary, Sona College of Technology.

Source: THE HINDU

Pallavan Grama Bank has become the first Regional Rural Bank in the country to launch the Indian Bank co-branded ATM cards for its customers.

Launching the same here on Monday, Collector J. Chandrakumar lauded the efforts of the Pallavan Bank, which he said had been doing good services to the rural populace.

He further added that the bank with its innovative schemes had been performing well.

He also released a booklet on ‘Guidelines for Recognition and Settlement of Claims relating to Deceased Depositors’ account and on policies’.

General Manager, Indian Bank Circle Head Office, Coimbatore, D. Bhuthalingam received it.

Named as Pallavan Bank ATM crads, its customers could withdraw money from any of 1,092 Indian Bank ATMs established in the country with a maximum of Rs. 25,000 as withdrawal amount per day. Its Chairman G. Rangarajan spoke in detail on various schemes of the bank and its future development. It also was determined to take the advanced banking to rural areas, he said.

The bank had touched Rs. 1,300 crores of business and second to none in automation of banking with ATM facility.

Those who participated included A.Venkataraman and T. Ekambavanan, Directors of the Bank, Selvam Veeraraghavan, GM, Indian Bank (HQ), Chennai, V.L. Satheesh Kumar, AGM, RBI, Chennai and S. Athirstavel, DGM, NABARD, Chennai.

Earlier the Bank also inaugurated its 93 {+r} {+d} branch at Mallasamudhram in Namakkal district in which Director of Rural Development and Panchayati Raj T. Udhayachandran participated.

Source: THE HINDU

A press release from the Division said that various programmes were held to highlight the vigilance and the need for awareness.

A seminar was organised at the Divisional Headquarters Office on October 28 in which Divisional Railway Manager (DRM) P.N. Ram, who was the chief guest, stressed on the importance of observing vigilance in all spheres of work. Emphasising the need for sensitising people about corruption, he highlighted the role of technology and awareness among staff for bringing about change in the country.

P. Kalimuttu, Additional Divisional Railway Manager, insisted on the need for self awareness to curb corruption.

Veluswamy, Senior Divisional Finance Manager and Yesurathinam Senior Divisional Commercial Manager, also spoke on the occasion. Earlier, the ‘Vigilance Pledge’ was administered by the DRM to the officers and staff of Salem division of Southern Railway.

At Erode a lecture on vigilance awareness was delivered by Arindham Lai, Deputy Vigilance Officer, Southern Railway and other officers of Vigilance department of Southern Railway. A skit was also performed.

As part of the Week, seminars, essay competitions, workshops, debates and other activities were organised at all depots and sheds of the Salem Railway Division.

Source: THE HINDU

T. Rajendran, Additional Commissioner, Central Excise, administered the pledge to the staff on Monday. The main focus of the week would be generation of awareness and publicity against corruption, he pointed out.

The week-long programme would have meetings, programmes etc with trade, industry and business people. Important features would be available on http://www.cvc.nic.in

Source: THE HINDU

The programmes included international study tour and various seminars and study circle meetings for the benefit of its members to update their knowledge of the current developments in various subjects. All the programmes were chaired by G. Goudhaman, Chairman, Salem Branch.

To update the knowledge of the auditors, the Salem branch organised a seminar on ‘Peer Review’. T. Raghunathan from Chennai addressed the members on Peer Review procedures and documentation, etc.

Chartered Accountants were stressed to maintain the proper audit notes and other relevant documents relating to the various audits they had carried out.

It also organised a seminar on “Soft Skills for Chartered Accountants – Time Management and Creativity”. R. Ravikumar from Trivandrum spoke on the subject in which he explained about the various concepts in Time Management and its importance with practical exercises. Many Chartered Accountants from Salem, Namakkal, Dharmapuri and Krishnagiri attended the programme.

For the first time in Salem, an international study tour to Dubai was organised in which a team of 37 delegates under the leadership of G. Goudhaman consisting of members and their families visited various places in Dubai, Sharjah and other Middle East countries.

As a part of the tour, the branch also organised a seminar at Dubai on “Taxation of Non-Resident Indians-Recent Developments,” at Arabian Park Hotel, Dubai.

M. Subbaiah from Madurai addressed the members on various Income Tax provisions relating to Non-Resident Indians.

To update the knowledge of members on the recently passed Foreign Contribution (Regulation) Bill – 2010 at the Parliament, the Branch also organised a Study Circle Meeting recently.

R. Suresh, Past Chairman addressed the members on the new provision of the new FCRA Bill. Many Chartered Accountants of Salem and other places attended the programme.

Source: THE HINDU

Salem Periyar University in association with New India Assurance will provide Students Safety Insurance Policy to the students of the University and its constituent colleges.

Introducing the scheme, its Vice Chancellor K. Muthuchelian said that students of all 18 departments in the University, constituent colleges at Mettur and Pennagaram along with research scholars would be covered under the scheme.

More than 3,000 students would be benefitted. Under the scheme each student would be brought under the group insurance scheme and whenever a student got involved in any accident, the compensation would entitle them from Rs. 5,000 to Rs. 1 lakh.

The scheme also would ensure treatment to them in any hospital in the country.

The Rs. 100 premium had been reduced to Rs. 30 and every year the policy would be renewed.

“Soon the staff of University also will be brought under the scheme,” the Vice Chancellor pointed out.

Those who were present at the function included Registrar S. Gunasekaran, Financial Officer Ravi, Insurance firm’s Divisional Manager Kumarasamy, Senior Manager Soundararajan, Development Officer Elangovan and others.

Source: THE HINDU

Rural upliftment: A. Nagappan (right), Principal, VMKV Engineering College, Salem, exchanging an MoU for the Rural BPO Project with Arun Chinnaraju, Chairman, SoftPro iTechnology (centre) in Salem on Wednesday. A. Malathi (right), Co-Chairperson of Softpro iTechnology is also in the picture.

Four engineering colleges including Vinayaka Mission University’s Kirupananda Variyar (VMKV) Engineering College, Salem, have been identified to execute Tamil Nadu government’s rural BPO projects in the Salem region of Western zone for which the US-based software firm SoftPro has signed Memorandum of Understanding (MoU) with colleges at Chennai recently.

Talking to reporters here on Wednesday its Chairman Arun Chinnaraju and Co-Chairman A. Malathi said that the rural BPOs being partnered by their firm, SoftPro, would ensure quality-based training and work modules to the rural unemployed graduates.

The firm, they said would create job opportunity for nearly 400 youths in rural areas especially college students and even school drop-outs.

They further said that their international experience in the field of software and process driven delivery methodology would provide valuable exposure and experience to these rural based youths to launch their careers without a hitch. “We will not compromise on quality delivery,” he said. In association with VMKV Engineering College, the technology provider had prepared a project report to execute the plan.

VMKV Engineering College Principal A. Nagappan said that the institution, had been taking concerted effort to impart technical education particularly to rural students. The ELCOT controlled project would bring in technological advantage to rural areas. He also said that quality control team for the joint initiative would be set up.

The other three colleges are KSR Institute of Technology, Tiruchengode, Jayam Engineering College, Dharmapuri and Muthayammal Engineering College, Rasipuram.

Source: The Hindu

Government must ensure a level playing field for strong and committed private sector banks in all spheres said Managing Director and Chief Executive Officer of Karur Vysya Bank P. T. Kuppuswamy.

Participating at the Karur Vysya Bank Employees Union’s 33 {+r} {+d} All India Conference, which opened here on Saturday, he said that Karur Vysya Bank (KVB) had been in yeomen service since 1916 and its business had crossed Rs. 35,000 crore.

“The Bank also is committed to social obligations including educational and agricultural loans, which the Government has been advocating,” he said.

But still these private banks with impeccable record were not getting government business.

At a time banks such as KVB were facing stiff competition from new generation private banks, the bank guarantees were not accepted by State Government undertakings though the balance sheet and other fundamental requisites were strong.

Private banks were not allowed to maintain pension funds while private insurance firms were permitted to do so.

He said that the Bank’s 100 {+t} {+h} year would be celebrated in 2016 and the target would be Rs. 1,25,000 crore in total business. “This is possible only because of the contribution made from the staff and hence each employee can take pride in it,” he further pointed out.

Delivering the keynote address after launching the Union web site, All India Bank Employees Association general Secretary C. H. Venkatachalam pointed out that banks such as KVB had been in people’s service for long and were inseparable from the masses.

Problems

Saying that banks had nearly 58 crore customer base, he said that government’s wish to merge the banks to solve problems the banking industry was facing would not serve the purpose.

Nearly 45 lakh employees had lost their jobs in the last few years due to closure of various industries while the government was attempting to outsource the same.

President KVBEU J. Rajendran who presided said that there should be some restriction on the flow of foreign direct investment.

Many policies were being pursued against the welfare of the working class and hence he asked the bank employees to continue the fight against anti-people and anti-labour policies.

Those who spoke included AIBEA Treasurer E. Arunachalam, AITUC member N. Perisamy, President KVBOA R. B. Balasubramanian, General Secretary SDBEA K. Swaminathan, General Secretary KVBEU N. S. Sridhar and Organising Secretary C.Vimal Raj. The conference will conclude on Sunday.

Source: THE HINDU