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THE ECONOMIC TIMES | MUMBAI | TUESDAY | 17 MAY 2016
From Page 1
PROPERTY ANCILLARIES PLOTS FOR SALE Corporate affairs ministry data
show that at the end of April, 642 in-
dividuals were in violation of the li-
COMMERCIAL mit, holding directorships in a total
PREMISES 17,418 companies, which translates
FOR SALE into an average 27 board members-
hips each, exceeding the limit presc-
PUNE ribed under the Companies Act.
MACHINERY Half of these persons are based in
& TOOLS and around Kolkata, followed by
Mumbai, Delhi and elsewhere.
Show-cause notices sent by the re-
gistrars seem to have made an im-
pact though. The latest informa-
tion from Bengaluru-based Zauba
Technologies, which provides data
based on publicly available corpo-
PRELISTED Ownership
Prop. for sale @ fort running rate records, shows the total num-
FINANCE BUSINESS nationalised bank ATM,5min ber of directors exceeding the limit
from Bombay Stock Exchng,
PROPOSALS Good Returns 9820260225. at 500 in 15,390 companies.
The ministry had issued a public
notice last month, observing that se-
PROFESSIONAL INDUSTRIAL veral persons had been found to be
JOB SEEKERS PREMISES functioning as directors in more
than 20 companies in violation of
Section 165(1) of the Companies Act.
TOURS & TRAVELS All such individuals were given 30
MUMBAI PROPERTIES days to comply with the rules.
These are largely cases involving
paper (shell) companies created for
CHEMBUR the purpose of jama kharchi, said a
SITUATIONS practising company secretary, who
BUSINESS OFFERS WANTED
BE + MBA + Six Sigma MBB
No Make in India Yet
having 25 yrs. industry Exp.
seeking position as CEO /
Executive Director with
listed Co. in Mumbai. Email:
don008mf@yahoo.co.in
SOUTH MUMBAI
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-
conn is expanding its manufactu-
ring capacity in India and is alrea-
dy building devices for companies
such as Chinas Xiaomi.
Apple cofounder Jobs, who didnt
consider India a significant market
for the companys iconic products,
nevertheless derived spiritual in-
spiration from the country, having
travelled through it in the 1970s. He
even encouraged Facebook foun-
der Mark Zuckerberg to visit India
when he hit a rough patch.
Cook, 55, took charge of Apple in
August 2011, having been chosen to
take over by Jobs after the latter
was diagnosed with pancreatic
cancer. An MBA from Duke Univer-
sity and Bachelor of Science in in-
dustrial engineering from Auburn
University, Cook was then the com-
panys chief operating officer re-
sponsible for Apples worldwide sa-
les and operations, including the
Mac business.
One of the items on Cooks agenda
during his India visit is the possibi-
lity of tapping into Indias startup
ecosystem. According to a person
familiar with discussions, Apple is
exploring a number of options, in-
cluding an accelerator programme
of sorts for local startups. The per-
ADVERTISING & son said talks are at a very initial
DESIGNING stage. Another person said the
trip will see Cook finalising plans
for company-owned Apple stores,
formal approval for which may be
given by the government during
his visit.
He may also announce the compa-
nys involvement with some flags-
hip social projects of the govern-
ment where products and services
such as digital wallet Apple Pay co-
uld play a role, the executives said.
Apple has been working on Cooks
India itinerary for about a month.
LONE BRIGHT SPOT
The visit comes just over two weeks
after India emerged as the lone
bright spot amid the first quarterly
sales decline for the company in 13
years. Cook said then that he expects
things to get even better in India once
high-speed 4G networks gain trac-
tion across the country. While global
iPhone sales fell for the first time in
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
didnt want to be named. That refers
to the use of accounting entries
among a plethora of companies alle-
gedly used to launder money or win
government contracts, which are
subsequently given as sub-contracts
to other units in the network.
Industry welcomed the ministrys
move. Leveraging technology to
detect and punish defaulters was
only waiting to happen, said SN
Ananthasubramanian, former
president of the Institute of Com-
pany Secretaries of India. This will
hopefully deter professionals and
promoters from indulging in what
could be described as financial and
corporate deception, he said.
The existence of multiple director
identification numbers (DINs) and
multiple directorships shows that
provisions of the Companies Act
have been violated in the absence
of exemplary penal action, he said.
Some experts feel that those who
certified the e-forms should also face
action. At a time when the govern-
ment is promoting self-regulation,
professionals like chartered accoun-
tants and company secretaries who
certify their documents should also
be stopped from adopting unscrupu-
lous practices, lest they lose their pri-
vilege, said the head of compliance
at a leading bank.
Apple CEO Tim Cook
the January-March quarter, they ro-
se 56% in India during the same qu-
arter from the year earlier.
Cook had also said that while In-
dia is the third-largest smartphone
market, right now its where China
was at about 7-10 years back and
hence offers great opportunity. In-
dia is the fastest-growing smartp-
hone market in the world and is wi-
dely expected to surpass the US to
become the second-largest in 2017.
Apple is engaged in a close battle
with Samsung in the country for
the leadership position in the over-
`. 30,000 price segment.
While China is currently Apples
second-largest market after the
US, the company is focussed on at-
tracting first-time users in emer-
ging markets such as India amid
signs of tapering in developed
ones. In line with this, Apple has
extended its reach in the country
in the past two years to four distri-
butors from two earlier, and has
applied to set up its own retail sto-
ries as well in the country as men-
tioned above.
Efforts for a broader presence fa-
ced a setback when its application
to be allowed to sell company certi-
fied second-hand phones was tur-
ned down by India, citing the
objection against allowing the im-
port and sale of such devices to
prevent dumping of electronic
waste. That stance is unlikely to
change. On being asked about App-
les proposal to sell used phones in
India, the government official ci-
ted above said: No way.
India is among Apples fastest-
growing markets and increasingly
important from that perspective,
said Jaideep Mehta, managing di-
rector, India and South Asia, IDC.
Apples keen to get going with App-
le retail, and Cooks probably loo-
king at engaging with the govern-
ment to get that going during his vi-
sit here, he said. India is the big
battleground for Apples competi-
tors for tomorrow, so he wants to see
firsthand the market scenario and
the competitive landscape. He may
also meet technology partners that
work with Apple, Mehta said.