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20 Economy: Macro, Micro & More THE ECONOMIC TIMES | MUMBAI | TUESDAY | 17 MAY 2016

Show-cause Notices
didnt want to be named. That refers
From Page 1 to the use of accounting entries
among a plethora of companies alle-
PROPERTY ANCILLARIES PLOTS FOR SALE Corporate affairs ministry data gedly used to launder money or win
show that at the end of April, 642 in- government contracts, which are
dividuals were in violation of the li- subsequently given as sub-contracts
COMMERCIAL mit, holding directorships in a total to other units in the network.
STOCKS & SHARES PREMISES 17,418 companies, which translates Industry welcomed the ministrys
FOR SALE into an average 27 board members- move. Leveraging technology to
hips each, exceeding the limit presc- detect and punish defaulters was
PUNE ribed under the Companies Act. only waiting to happen, said SN
MACHINERY Half of these persons are based in Ananthasubramanian, former
& TOOLS and around Kolkata, followed by president of the Institute of Com-
Mumbai, Delhi and elsewhere. pany Secretaries of India. This will
Show-cause notices sent by the re- hopefully deter professionals and
gistrars seem to have made an im- promoters from indulging in what
pact though. The latest informa- could be described as financial and
tion from Bengaluru-based Zauba corporate deception, he said.
Technologies, which provides data The existence of multiple director
based on publicly available corpo- identification numbers (DINs) and
Prop. for sale @ fort running rate records, shows the total num- multiple directorships shows that
FINANCE BUSINESS nationalised bank ATM,5min ber of directors exceeding the limit provisions of the Companies Act
from Bombay Stock Exchng,
PROPOSALS Good Returns 9820260225. at 500 in 15,390 companies. have been violated in the absence
The ministry had issued a public of exemplary penal action, he said.
notice last month, observing that se- Some experts feel that those who
PROFESSIONAL INDUSTRIAL veral persons had been found to be certified the e-forms should also face
JOB SEEKERS PREMISES functioning as directors in more action. At a time when the govern-
than 20 companies in violation of ment is promoting self-regulation,
Section 165(1) of the Companies Act. professionals like chartered accoun-
TOURS & TRAVELS All such individuals were given 30 tants and company secretaries who
MUMBAI PROPERTIES days to comply with the rules. certify their documents should also
These are largely cases involving be stopped from adopting unscrupu-
paper (shell) companies created for lous practices, lest they lose their pri-
CHEMBUR the purpose of jama kharchi, said a vilege, said the head of compliance
SITUATIONS practising company secretary, who at a leading bank.
BE + MBA + Six Sigma MBB

No Make in India Yet

Loan for Co. having sales 1 Cr.
& above require Business having 25 yrs. industry Exp.
Loan, Machinery Loan, LAP, seeking position as CEO /
Bill Discounting, Working Executive Director with
Capital, Call BH Capital: listed Co. in Mumbai. Email:
From Page 1

India will try and persuade Apple

to invest in smartphone and com-
puter manufacturing facilities in
the country, in line with the govern-
SUBURB - CENTRAL ments Make in India campaign,
MUMBAI said a senior government official.
However, Apples manufactu-
ring plans in India are unlikely to
BUY - Sell - Rent, Sion- be frozen during this visit since the
Wadala- Dadar-Parel-Also
invest & earn 21% p.a. company feels the country still do-
Pl. Call-022-24078999- es not have the critical mass to sup-
9757222845/ 9930619964.
port local manufacturing right
now. The project though is on the
cards, said one of those cited abo-
ve. Apples contract maker Fox-
Apple CEO Tim Cook
conn is expanding its manufactu-
ring capacity in India and is alrea- the January-March quarter, they ro-
dy building devices for companies se 56% in India during the same qu-
such as Chinas Xiaomi. arter from the year earlier.
Apple cofounder Jobs, who didnt Cook had also said that while In-
consider India a significant market dia is the third-largest smartphone
for the companys iconic products, market, right now its where China
nevertheless derived spiritual in- was at about 7-10 years back and
spiration from the country, having hence offers great opportunity. In-
travelled through it in the 1970s. He dia is the fastest-growing smartp-
even encouraged Facebook foun- hone market in the world and is wi-
der Mark Zuckerberg to visit India dely expected to surpass the US to
when he hit a rough patch. become the second-largest in 2017.
Cook, 55, took charge of Apple in Apple is engaged in a close battle
August 2011, having been chosen to with Samsung in the country for
take over by Jobs after the latter the leadership position in the over-
was diagnosed with pancreatic `. 30,000 price segment.
cancer. An MBA from Duke Univer- While China is currently Apples
sity and Bachelor of Science in in- second-largest market after the
dustrial engineering from Auburn US, the company is focussed on at-
University, Cook was then the com- tracting first-time users in emer-
panys chief operating officer re- ging markets such as India amid
sponsible for Apples worldwide sa- signs of tapering in developed
les and operations, including the ones. In line with this, Apple has
Mac business. extended its reach in the country
One of the items on Cooks agenda in the past two years to four distri-
during his India visit is the possibi- butors from two earlier, and has
lity of tapping into Indias startup applied to set up its own retail sto-
ecosystem. According to a person ries as well in the country as men-
familiar with discussions, Apple is tioned above.
exploring a number of options, in- Efforts for a broader presence fa-
cluding an accelerator programme ced a setback when its application
of sorts for local startups. The per- to be allowed to sell company certi-
ADVERTISING & son said talks are at a very initial fied second-hand phones was tur-
DESIGNING stage. Another person said the ned down by India, citing the
trip will see Cook finalising plans objection against allowing the im-
for company-owned Apple stores, port and sale of such devices to
formal approval for which may be prevent dumping of electronic
given by the government during waste. That stance is unlikely to
his visit. change. On being asked about App-
He may also announce the compa- les proposal to sell used phones in
nys involvement with some flags- India, the government official ci-
hip social projects of the govern- ted above said: No way.
ment where products and services India is among Apples fastest-
such as digital wallet Apple Pay co- growing markets and increasingly
uld play a role, the executives said. important from that perspective,
Apple has been working on Cooks said Jaideep Mehta, managing di-
India itinerary for about a month. rector, India and South Asia, IDC.
Apples keen to get going with App-
LONE BRIGHT SPOT le retail, and Cooks probably loo-
The visit comes just over two weeks king at engaging with the govern-
after India emerged as the lone ment to get that going during his vi-
bright spot amid the first quarterly sit here, he said. India is the big
sales decline for the company in 13 battleground for Apples competi-
years. Cook said then that he expects tors for tomorrow, so he wants to see
things to get even better in India once firsthand the market scenario and
high-speed 4G networks gain trac- the competitive landscape. He may
tion across the country. While global also meet technology partners that
iPhone sales fell for the first time in work with Apple, Mehta said.

IT is notified for the

information that my Original
Qualifying Examination
Certificates, Migration cer-
tificate of Main, Secondary
and Senior Secondary
Examination (X & XII) of
Year 1979, Roll No. 7203, and
1982, Roll No. 204876 issued
by CBSE has been actually
lost. Name of the candidate
Mr. Jaspal Singh son of Shri
Gurbaksh Singh Bansal, Full
Address/ Tel. C6:07:04 Sector
6, C.B.D. Belapur, Navi
Mumbai 4001164, Maharash-
tra, Tel Mob: 9820124517