NDTV, through its foreign subsidiaries, is suspected to be indulging in gross violations of Indian tax and corporate laws. NDTV Network Plc, UK was set up in November 2006. Its Balance Sheets were not filed in India. This company has raised and invested huge sums of money in its subsidiaries, NDTV Imagine (now sold), NDTV Lifestyle, NDTV Labs, NDTV Convergence and NGEN Media Services. The main activity of the company...
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Now, Orissa plans to regulate MFIs
SKS Microfinance, the largest microfinance institution (MFI) in India, on Friday said that its Balance Sheet was healthy and did not resort to any emergency funding, as Orissa, following Andhra Pradesh, said it would look into the MFI's business processes in the state. It also said, through a release, that it was confident that "the regulation will actually strengthen the industry and benefit well funded, ethical lenders like SKS." The release...
More »NGO conducts social audit
With the aim of bringing transparency in work, Jan Mitra Nyas, a trust constituted by the NGO People’s Vigilance Committee for Human Rights (PVCHR), organised its social audit at a hotel in Jagatganj area in Varanasi on Wednesday. The trust presented all its Balance Sheets, account bill vouchers and progress reports, before the people from areas where the trust’s projects are being run, including both representatives of these programmes and...
More »Cut-Rate Democracy by Pranjoy Guha Thakurta
Two years ago, when I told some of my more cynical fellow-tribals from the journalistic fraternity that I was about to complete a textbook on media ethics, they smirked. Media ethics? That’s an oxymoron, a contradiction in terms, they said glibly. What became apparent to me then was that the image of the journalist in India has taken quite a battering. There are many among the aam admi who still...
More »Banks may find it tough to ensure microfinance companies don’t charge high rates
Banks will have to put in place a mechanism to verify that microfinance institutes (MFI) they finance do not charge exorbitant rates to the final borrowers. The finance ministry has asked banks to ensure that MFIs, whom banks are financing, do not lend at rates more than 24% — all inclusive rates — to the ultimate borrowers. Some banks have recently inserted a clause while lending to MFIs that they...
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