UK retail chain plans to outsource jobs to India
New Delhi: Tesco, UK's largest retail chain has announced the creation of around 3,500 new jobs in UK which will result in about 350 infotech-related jobs moving to India.

Tesco intends to launch several new stores in the UK. To support these expansion plans the UK retailer is setting up a centre in Bangalore. The centre will focus on infotech and development of common business support processes and will be operational by the middle of next year.

Although 350 jobs will get transferred to India from the UK operations over the next 12 months, in the long-run this will make the business stronger and enable it to grow," said David Potts, director (Retail), Tesco.

The retailer now has about 220,000 UK employees.
Back to News Review index page  

Steel majors hike prices
New Delhi: Leading domestic steel producers led by the Steel Authority of India Ltd (SAIL) have announced another round of price hikes both long and flat products. The increase is in the range of Rs 500-700 per tonne, official sources said.

Steel producers - Tata Steel, Essar, Ispat Industries and Jindal Vijaynagar have announce price hikes which are about Rs 200-300 higher than SAIL, mainly because the public sector steel major had in the beginning of July announced a steep hike in prices, particularly for long products.
Back to News Review index page  

Small pvt firms can scrap special resolutions: Panel
New Delhi: The Naresh Chandra committee is making recommendations that will make things easier for small companies.
Among the recommendations expected to be tabled soon is that private limited companies should be allowed to do away with special resolutions for most proposals.

A separate chapter for private companies should be introduced in the Companies Act, 1956, or even a separate law enacted for Private companies might even be given greater flexibility in matters of appointment and functions of directors. The burden of filing returns and registering with government agencies could also be reduced.

The committee is also expected to seek limited liability partnerships to give them a corporate character. This will enable partnerships to continue even if a partner withdraws. At present, this entails dissolving the partnership.

Suggestions to introduce limited liability partnerships in phases, where initially only certain entities will be asked to sign up, are also expected. The government has already initiated steps to raise the number of partners in a firm from 20 to 50. The aim was to minimise regulations and reduce pressures on the management, a committee member said. The existing Companies Act makes it difficult for small companies to professionalise and grow and the committee's recommendations will try to correct this.

A new group of extremely small private companies is also expected to be identified, which might not need to bother with any formality.
On taking over as finance minister, Mr Jaswant Singh had asked the department of company affairs to examine ways to exclude small companies from the purview of the Companies Act which resulted in the constitution of the committee.
Back to News Review index page