1
8 Companies The Economic Times, Mumbai, Saturday, 25 July 2015 * Dheeraj Tiwari & Chanchal Pal Chauhan New Delhi: Indian authorities are in a dilemma over how to deliver shares in an Indian company to a Pakistani national. Dawood Siddique, a non- resident Indian, had willed that his 2.5% stake in PTL Enterprises, an as- sociate firm of Apollo Tyres, be transferred to his son, Rafique Da- wood, a Pakistani national. The matter, which was put before the Foreign Investment Promotion Board (FIPB) in January this year, has since been forwarded to the De- partment of Industrial Policy and Promotion (DIPP), an official told ET. PTL Enterprises became an associ- ate company of Apollo Tyres Ltd (ATL) in 1995, when Premier Tyres’ facility in Kalamassery, Kerala, was acquired by Apollo. PTL Enterprises confirmed that the company has ini- tiated the process of share transmis- sion to the legal heir of Siddique Da- wood in accordance with the law. “The shares of PTL Enterprises were issued to Dawood Siddique af- ter receiving necessary regulatory approvals. After his death, his legal heir, Rafique Dawood, approached us for share transmission,” a spokes- person for PTL Enterprises said, adding that the company is waiting for regulatory clearances. BSE-listed PTL Enterprises was in- corporated in 1959. It is also the hold- ing company of Artemis Health Sci- ences, which manages the Artemis Health Institute Gurgaon, Haryana. Another official said in cases where Pakistani nationals are involved, the government is extra cautious. “It is a regulatory process. It has nothing to do with the name of the said person or his legal heir,” he added. In 2012, the government had allowed FDI from Pakistan with the prior ap- proval of the FIPB. This included pur- chase of shares and convertible de- bentures by Pakistani national or entities of an Indian company other than those operating in sectors such as defence, space and atomic energy and “sectors/activities prohibited for foreign investment”. DIPP Dilemma Over Share Transfer to Pak National Yogima.Sharma@timesgroup.com New Delhi: NITI Aayog wants to hire seven consultants as officers on special duty (OSD) at a monthly remuneration of . `1.55 lakh each, a move that will re- duce the workload of vice-chairman Ar- vind Panagariya and members Bibek Debroy and VK Saraswat at the govern- ment’s think tank. The consultants, who are expected to be experts in areas of economics and so- cial issues, IT, transportation, legal is- sues and engineering, will assist the core team of the Aayog in its day-to-day research work. “NITI Aayog seeks to engage seven con- sultants to be designated as OSD initial- ly for a tenure of one year for carrying out specific tasks in accordance with General Financial Rules 2005,” the Aayog said in an advertisement posted on its website. The think tank is fast becoming a one- stop shop for all policy research, a task that under the previous government was shared between the Planning Com- mission and high-profile Economic Ad- visory Council headed by former cen- tral banker C Rangarajan. Officials said the lack of domain ex- perts in many areas is restricting the progress of work at the Aayog. The members of the Aayog are appointed di- rectly by the Prime Minister’s Office. Panagariya alone is looking after 10 di- visions and 20 key ministries of the gov- ernment while Debroy has three divi- sions, 18 ministries and 15 states under him, and Saraswat has 15 ministries and 17 states, making it a humongous task for them to handle. Barring two, all positions advertised by the Aayog require at least a post- graduate degree, with age limit not ex- ceeding 50 years. While one OSD is ex- pected to conduct research on literature on a variety of economic and social issues, prepare briefs and pa- pers, and help the vice-chairman in en- gagements with the central and state ministries, the second OSD is expected to be an IT expert to build data and best practices sections of the NITI Aayog website under the directions of the vice-chairman and members. The third OSD is expected to under- take research and policy work on trans- portation, with particular focus on the Northeast. The fourth officer is expect- ed to do research and policy work in so- cial sectors, with particular focus on health, women, child development and poverty reduction. The fifth officer is expected to be a legal expert to undertake research and policy work in areas such as reform of statutes and administrative law. Two other OSDs are expected to have an engineering background to help the Aayog with technology related matter. Three Musketeers... ...& the Seven Wonders Bibek Debroy has 3 divisions, 18 minis- tries & 15 states VK Saraswat has 15 ministries and 17 states Arvind Panagariya looking after 10 divisions and 20 key ministries 1st OSD to conduct research on litera- ture on economic & social issues & help VC in engagements with ministries 2nd OSD, an IT expert, to build data & best practices sections of NITI’s website 3rd OSD to undertake research and policy work on transportation 6th & 7th OSDs, with an engineering background, to help with tech 4th OSD to do research & policy work in social sectors 5th officer, a legal expert, to work in areas like adminis- trative law To Cut Workload, NITI Aayog to Hire 7 Consultants EASING PRESSURE Experts to join as officers on special duty at a salary of . `1.55 lakh a month

EASING PRESSURE Experts to join as officers To Cut ...€¦ · New Delhi:NITI Aayog wants to hire seven consultants as officers on special duty (OSD) at a monthly remuneration of

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: EASING PRESSURE Experts to join as officers To Cut ...€¦ · New Delhi:NITI Aayog wants to hire seven consultants as officers on special duty (OSD) at a monthly remuneration of

8 CompaniesThe Economic Times, Mumbai, Saturday, 25 July 2015 *

Dheeraj Tiwari & Chanchal Pal Chauhan

New Delhi: Indian authorities are ina dilemma over how to deliver sharesin an Indian company to a Pakistaninational. Dawood Siddique, a non-resident Indian, had willed that his2.5% stake in PTL Enterprises, an as-sociate firm of Apollo Tyres, betransferred to his son, Rafique Da-wood, a Pakistani national.

The matter, which was put before theForeign Investment PromotionBoard (FIPB) in January this year,has since been forwarded to the De-partment of Industrial Policy andPromotion (DIPP), an official told ET.

PTL Enterprises became an associ-ate company of Apollo Tyres Ltd(ATL) in 1995, when Premier Tyres’facility in Kalamassery, Kerala, wasacquired by Apollo. PTL Enterprisesconfirmed that the company has ini-tiated the process of share transmis-sion to the legal heir of Siddique Da-wood in accordance with the law.

“The shares of PTL Enterpriseswere issued to Dawood Siddique af-ter receiving necessary regulatoryapprovals. After his death, his legalheir, Rafique Dawood, approached usfor share transmission,” a spokes-person for PTL Enterprises said,adding that the company is waitingfor regulatory clearances.

BSE-listed PTL Enterprises was in-corporated in 1959. It is also the hold-ing company of Artemis Health Sci-ences, which manages the ArtemisHealth Institute Gurgaon, Haryana.

Another official said in cases wherePakistani nationals are involved, thegovernment is extra cautious. “It is aregulatory process. It has nothing todo with the name of the said personor his legal heir,” he added.

In 2012, the government had allowedFDI from Pakistan with the prior ap-proval of the FIPB. This included pur-chase of shares and convertible de-bentures by Pakistani national orentities of an Indian company otherthan those operating in sectors suchas defence, space and atomic energyand “sectors/activities prohibited forforeign investment”.

DIPP DilemmaOver ShareTransfer toPak National

[email protected]

New Delhi: NITI Aayog wants to hireseven consultants as officers on specialduty (OSD) at a monthly remunerationof .̀ 1.55 lakh each, a move that will re-duce the workload of vice-chairman Ar-vind Panagariya and members BibekDebroy and VK Saraswat at the govern-ment’s think tank.

The consultants, who are expected tobe experts in areas of economics and so-cial issues, IT, transportation, legal is-sues and engineering, will assist thecore team of the Aayog in its day-to-dayresearch work.

“NITI Aayog seeks to engage seven con-sultants to be designated as OSD initial-ly for a tenure of one year for carryingout specific tasks in accordance withGeneral Financial Rules 2005,” theAayog said in an advertisement postedon its website.

The think tank is fast becoming a one-stop shop for all policy research, a taskthat under the previous governmentwas shared between the Planning Com-mission and high-profile Economic Ad-visory Council headed by former cen-tral banker C Rangarajan.

Officials said the lack of domain ex-perts in many areas is restricting theprogress of work at the Aayog. Themembers of the Aayog are appointed di-rectly by the Prime Minister’s Office.

Panagariya alone is looking after 10 di-visions and 20 key ministries of the gov-ernment while Debroy has three divi-sions, 18 ministries and 15 states underhim, and Saraswat has 15 ministries and17 states, making it a humongous taskfor them to handle.

Barring two, all positions advertisedby the Aayog require at least a post-graduate degree, with age limit not ex-ceeding 50 years. While one OSD is ex-pected to conduct research onliterature on a variety of economic andsocial issues, prepare briefs and pa-

pers, and help the vice-chairman in en-gagements with the central and stateministries, the second OSD is expectedto be an IT expert to build data and bestpractices sections of the NITI Aayogwebsite under the directions of thevice-chairman and members.

The third OSD is expected to under-take research and policy work on trans-portation, with particular focus on theNortheast. The fourth officer is expect-ed to do research and policy work in so-cial sectors, with particular focus onhealth, women, child development andpoverty reduction.

The fifth officer is expected to be a legalexpert to undertake research and policywork in areas such as reform of statutesand administrative law.

Two other OSDs are expected to havean engineering background to help theAayog with technology related matter.

Three Musketeers...

...& the Seven Wonders

Bibek Debroy has 3 divisions, 18 minis-tries & 15 states

VK Saraswat has 15 ministries and 17 states

Arvind Panagariya looking after 10 divisions and 20 key ministries

1st OSD to conduct research on litera-ture on economic & social issues & help VC in engagements with ministries2nd OSD, an IT expert, to build data & best practices sections of NITI’s website3rd OSD to undertake research and policy work on transportation

6th & 7th OSDs, with an engineering background, to help with tech

4th OSD to do research & policy work in social sectors

5th offi cer, a legal expert, to work in areas like adminis-trative law

To Cut Workload,NITI Aayog toHire 7 Consultants

EASING PRESSURE Experts to join as officers on special duty at a salary of .̀ 1.55 lakh a month

Product: ETNEWMumbaiBS PubDate: 25-07-2015 Zone: MumbaiCity Edition: 2 Page: ETMCSP8 User: kailashk0106 Time: 07-25-2015 00:14 Color: CMYK