THE TIMES OF , HYDERABAD 18 TIMES BUSINESS WEDNESDAY, AUGUST 24, 2016 Lying Your Way To A New Govt to consult parties on advancing budget date Sidhartha & Surojit Gupta TNN BETTER FUND USAGE Job Just Got Tougher New Delhi: The government will consult political parties ➤Advancing the budget Cos bring background checks to foreground as compliance norms become stringent before taking a decision to ad- date will lead to change in vance the British-era legacy of Parliamentary schedule NamrataSingh of companies are including background oversight is classified as minor.” Sher- presenting the Union Budget of various sessions @timesgroup.com screening in their internal audit process gill adds that a background check en- on the last day of February by a ➤Officials said the date could month. which until now covered finance, opera- sures that such discrepancies are detect- be anywhere between last t a time when some busi- tional and commercial processes. The ed in advance. Consultations with politi- week of January to first start spending funds from ness schools are advocat- internal audit process of an organisation Background verifications are now cal parties are required as ad- week of February ing an MBA ‘Hippocrat- reports directly to the board and not the predominantly done by expert agencies. vancing the budget date will le- beginning of financial year, ic’ oath for ethical prac- CEO. The compliance process has be- Companies have realised that people ad to change in Parliamentary ➤An early budget will instead of waiting till May for A actual allocation of money tices, companies now come stringent because any wrong hire, risks are one of the highest business schedule of various sessions. mean that departments will make efforts to ensure that a pro- especially at the leadership level, can risks that they face and have begun to “It is a very complex issue spective hire does not kick-start have a negative impact on the reputation seek professional help for background and we need to discuss it with funds from the start of the fi- changes come into effect from his/her career with a lie which of an organisation, said Trehan. screening. “With the geographical political parties,” a govern- nancial year, instead of wai- April 1, it will help in better re- may later bring disrepute to With the advent of on-demand econ- spread of business organisations and ment source said. No date has ting till May for actual alloca- venue mobilisation for the go- the organisation. omy companies and e-commerce, back- employees and a global talent supply been fixed for the meeting but tion of money. Finance mini- vernment,” the official said. Companies have made back- ground screening has become crucial chain, it is not feasible for background it is expected to be soon. stry officials said they were re- Currently, the budget process ground verification stringent, and and so has the role of chief human checks to be carried out by internal staff, For now, there are some lo- adying plans to advance the — including passage of the apply a lower “severity threshold” resources officers (CHROs). unless the company is willing to invest gistical problems of advancing budget calendar in case the go- Appropriations Bill for expen- to discrepancies in CVs to meet The discrepancy threshold lev- huge resources,” said Kurane. the budget date to the last week vernment decides to change diture and the Finance Bill for compliance norms. Organisa- els differ for companies. A minor Background verification firms of January. In January, the go- the presentation date of the an- tax changes — are cleared by tions TOI spoke to said they have deviation may be accepted depend- have built a vast database of the mo- vernment remains busy with nual financial statement. “We Parliament in the first or se- a “zero tolerance” policy to viola- ing on the potential risk to the dus operandi of candidate frauds, Republic Day preparations. Of- are ready. We can start the pre- cond week of May. tion of ethical practices while organisation, said which is used to provide services with- ficials said the date could be budget discussion from Octo- “If you have the budget...in hiring. Some firms reject a poten- Makarand in defined timelines. Companies also anywhere between last week of ber instead of waiting until De- January, you get President’s as- tial hire even if they find a minor Khata- hire external agencies to avoid any January to first week of Febru- cember,” said a finance mini- sent by March 31. So, from the deviation in the candidate’s re- FEWER vkar, conflict of interest situations in re- ary.While a final decision is yet stry official. first day of the financial year, sume, said Ajay Trehan, CEO, group cruitment. This becomes important to be taken, sources said the go- He said there were several outlays will be in place, expen- AuthBridge, one of the leading FUDGED HR head, for banks which are public trust insti- vernment was considering advantages of advancing the ditures will be allocated and we firms providing background ver- CVs Kotak Ma- tutions and employees at all times are completing the budget exerci- budget presentation date by a will not lose two or three ification checks in India. hindra Bank. During expected to adhere to the highest se before the end of the financi- month. “It will help in faster months of the financial year in “While earlier background Overall hiring, companies do standards of integrity and ethics. al year on March 31so that poli- flow of funds to ministries and the budget process,” said Rani screening was a point of discus- come across cases of cy transmission is faster and departments and result in ti- Singh Nair, chairperson of the sion at the risk level — a kind of Discrepancy a slight discrepan- TRENDINC departments are able to spend mely expenditure. Once tax Central Board of Direct Taxes. tick-in-the-box for the HR depart- cy in age, edu- ment — today it is a serious com- 14% cation, expe- With organisations making back- SHORT TAKES pliance matter and CEOs want to 2013-14 rience, etc, ground checks stringent, overall dis- know and ensure employees are which may crepancies have reduced over the last India ranks 7th on thoroughly verified on their arise due to three years. According to data provided RBL Bank IPO over- backgrounds,” said Trehan. 18% inadvertent by AuthBridge, the overall discrepancy subscribed nearly 70 HR experts say fabricating 2012-13 errors level in CVs has come down from 22% wealthiest list: Report times: RBL Bank’s initial CVs points to a lack of integrity. while sub- in 2011-12 to 18% in 2012-13 and 14% in public offer, the first by a In 2012, Yahoo’s CEO Scott mitting 2013-14. The discrepancy level is highest New Delhi: India has figu- HOW THEY STACK UP private bank in a decade, Thompson quit amid claims of 22% data. Deo- in telecom/IT/telecom infra sector red among the top 10 wealt- was oversubscribed a fake qualifications. Back home, datta Ku- while the lowest is in IT software/soft- hiest countries in the world WEALTH* ($ BN) staggering 69.6 times, with take the recent case of a fresher 2011-12 rane, group ware services. with a total individual we- US 48,900 the number of applications who applied for an entry-level post president, human capi- “We get 13-14% rejection due to dis- alth of $5,600 billion, while crossing 1 million on the last China 17,400 in an IT firm. According to his CV, tal management, Yes crepancy every month. The discrepancy the US topped the chart. day of the IPO on Tuesday. According to a report by Japan 15,100 The offer has collected he held a graduation degree from Industry-Wise Discrepancy Illustration: Ram Bank, said, “Candidates on account of fake employment is quite a well-known engineering college with such issues may be high. This is because candidates at times New World Wealth, India UK 9,200 around Rs 60,000 crore. It as well as a diploma course certi- hired after due dili- try to extend their tenures to cover up was ranked 7th ahead of Ca- has attracted over 1.02 Telecom/IT/ Germany 9,100 fication in Android & Java from telecom infra 28.7% gence and establishing on a shorter stint they may have had in nada ($4,700 billion), Aust- million applications. a local institute in Delhi. Based on that there was no mala an organisation which they do not want ralia ($4,500 billion) and France 6,600 Samsung launches Restaurants, Italy (USD 4,400 billion), Tizen-powered Z2 for his CV, the company hired him fide intent to distort or to reveal,” said Trehan. India 5,600 without running a proper check. hotels, travel 28.6% misrepresent facts.” Khatavkar said, “Incidences of fake which came in at 8th, 9th `4,590: Samsung has Once he joined the company, the Prithvi Shergill, degrees are increasing and we need to and 10th slots, respectively. Canada 4,700 launched a new 4G handset candidate was found lacking in Retail CHRO, HCL Technolo- protect the bank.” The US is the wealthiest Australia 4,500 ‘Z2’, priced at Rs 4,590, to certain key skills. The company 25% gies, said, “Gross mis- conducts a two-level check at pre- and in the world in terms of to- woo feature phone users to tal individual wealth held Italy 4,400 approached a background verifi- Fin services representation of facts is post-joining stages. All employees go switch to smartphones. The cation firm for a screening pro- considered a major dis- through residence, academic, work expe- ($48,900 billion), while Chi- * In terms of total individual wealth as device, which is also aimed broking 16.9% of June 2016 cess. It turned out the institute crepancy. An inconse- rience, database and reference checks. na stood second and Japan Source: New World Wealth report at first time smartphone where the candidate did a diplo- IT/software quential error or where On joining, each employee goes through third, with total individual buyers, is powered by ma course was not registered and services 7.7% Source: AuthBridge there is additional evi- an induction programme, where she is wealth of $17,400 billion tal individual wealth of Samsung's own Tizen used to provide fake diploma de- dence that the discrepan- made aware of organisational values. and $15,100 billion, respecti- $9,200 billion, followed by operating system. The grees. The candidate was asked to cy could be due to rea- “Any compromise of the values is not vely. Germany (5th, $9,100 bil- handset will come bundled put in his papers. In pharma/biotech/clinical, CV discrepancy levels have come sons like poor record accepted, and could lead to termination Others in the top 10 club lion) and France (6th, $6,600 with Reliance Jio’s free voice Trehan said a large number down significantly from 35.5% in 2012-13 to 20.8% in 2013-14 keeping or a human from services,” said Khatavkar. include the UK (4) with a to- billion). AGENCIES and data service for 90 days. ELECTRIFYING PERFORMANCE PTI ‘Urjit Patel ED slaps 2nd case against GMR Infra will ensure plans to raise continuity’ Mallya for cheating banks up to `2,500 cr New Delhi: The appoint- New Delhi: GMR Infrast- ment of Urjit Patel as 24th TIMES NEWS NETWORK ructure on Tuesday infor- governor of the Reserve On August 13, the CBI med the bourses that it (RBI) will en- New Delhi: The Enforce- registered the second plans to raise up to Rs 2,500 sure continuity of policy as ment Directorate (ED) has crore through issuance of he has been incharge of the registered a second case FIR against Mallya, equity shares, equity linked monetary policy, RBI deputy against former liquor ba- UB Holdings and instruments, debentures or governor S S Mundra said on ron Vijay Mallya, based on a Kingfisher Airlines for any other securities. Tuesday. first information report The company will seek “While Patel is new as a (FIR) registered by the Cen- allegedly cheating a shareholders' approval to governor, he's not new for tral Bureau of Investiga- consortium of 17 banks raise funds in the AGM next RBI. Second thing is, in his tion (CBI) a week ago, for al- of over `6,000 crore month. present role as deputy gover- legedly cheating a consorti- The shareholders “will nor RBI, he is incharge of um of 17 banks of over Rs consider raising of funds, monetary policy, which was 6,000 crore. cases related to loan default between 2005 and 2010 for up to Rs 2,500 crore in one or already the centre-stage of The ED had earlier atta- as well as service tax and in- over Rs 6,000 crore. With in- more tranches, through is- inflation...interest rate-rela- ched Mallya’s properties come tax arrears. terest, the default amount sue of equity shares / equi- ted activity or monetary po- worth over Rs 1,400 crore in The ED investigation has exceeded Rs 9,000 crore. ty linked instruments, de- licy related activity...from its first case against the bu- has already located assets The government had bentures or any other secu- Hyundai Motors India MD YK Koo unveils the all new Elantra during a press meet in New Delhi on Tuesday that perspective, this would sinessman and his defunct owned by the businessman earlier suspended Mallya’s rities as an enabling resolu- be work in progress. So, it Kingfisher Airlines. and it may soon move to at- passport as a crucial step to- tion as per the would be reasonable to ex- The first attachment of tach additional properties wards seeking deportation requirements of applicable pect that there would a conti- properties was made in Ju- worth Rs 5,000 crore. of the controversial busi- laws”, the company said in a Ind-Ra pegs nuity,” he said on the sideli- ne this year in a case related On August 13, the CBI re- nessman. A Mumbai court filing to BSE. Govt rejects Infy’s ne of an event organised by to loan default of Rs 900 cro- gistered the second FIR aga- had also issued a non-bai- Bengaluru-headquarte- GDP growth at CII here. re that Mallya had borro- inst Mallya, his UB Hol- lable warrant against him red GMR is a major player in The government on Sa- wed from IDBI bank. dings and Kingfisher Airli- for alleged money launde- the infrastructure sector, 7.8%, says turday appointed Patel as Anticipating arrest by nes. ring. with world class projects in proposal to set up the 24th head of the RBI. It is investigating agencies, the The agency has alleged a The former liquor baron India and abroad. pace is slow expected that the next mone- businessman had fled to larger conspiracy by the bu- has refused to cooperate The GMR group has been tary policy review would be London on March 2, and has sinessman to take loans with investigators despite developing projects in areas New Delhi: Ind-Ra has revi- IT SEZ in WB undertaken by monetary po- since refused to honour from 17 banks with an inten- repeated summons issued such as airports, energy, sed India's economic licy committee (MPC) rather summons issued by multi- tion to cheat. to him and the pending non- transportation and urban growth forecast to 7.8% for New Delhi: The Centre has Devbhumi Realtors, than RBI governor. AGENCIES ple agencies probing him in The loans were taken bailable warrant. infrastructure. AGENCIES the ongoing fiscal on better rejected a proposal of softwa- Phoenix Living monsoon, but said the eco- re major to set up an nomy is just “chugging IT special economic zone Spaces and along” despite the euphoria (SEZ) in West Bengal due to Phoenix Embassy Aurobindo emerging after the forma- lack of state's recommenda- Tech Zone get nod HPCL, GAIL to divest up to 50% tion Modi government at tion. the Centre. The decision was taken in to set up IT/ITeS Pharma Q1 “India Ratings and Rese- a meeting of the board of zones in Telangana arch (Ind-Ra) has revised its approval (BoA), headed by set up a multi-product SEZ in stake in petrochem plant in AP net up 24% gross domestic product es- the commerce secretary Rita Madhya Pradesh, it wants to timate for 2016-17 upwards Teaotia on August 12. set the zone over an area of New Delhi: State-owned refi- N Mittal Group and tonnes at a cost of Rs 4,000 crore New Delhi: to 7.8% from its earlier fore- “After deliberations, the 1,320.06 hectares. ner Ltd (OIL) for a 15 million tonnes by 2019, he said. on reported a 23.81% rise in con- cast of 7.7%. The upward re- board rejected the proposal SEZs are exports hubs, Corp Ltd (HPCL) and gas utili- a year refinery-cum-petroche- Vizag refinery will also be solidated net profit to Rs 584.96 vision has been prompted due to lack of recommenda- which contribute about 16 ty GAIL India Ltd will divest up mical plant at Visakhapatnam expanded to 15 million tonnes crore for the first quarter ended by the progress of monsoon tion from the state govern- per cent to the country's total to 50% stake in the Rs 30,000 cro- in Andhra Pradesh fell thro- by 2020 at a cost of Rs 20,928 cro- June 30, 2016, mainly on account and the sowing of kharif ment,” the minutes of the outbound shipments. re plant which ugh. “That project fell as part- re. It has also setting up a 9 mil- of robust sales. crop so far,” the ratings BoA meeting said. The commerce ministry is being set up in Andhra Pra- ners pulled out one after the lion tonnes refinery at Barmer The company had posted a agency said in its research Infosys had proposed to is taking steps to revive in- desh. other due to weak global de- in Rajasthan at the cost of Rs net profit after taxes, minority report on 'Review of the set up IT-ITeS SEZ over an vestors interest in these zo- HPCL and GAIL are loo- mand,” another official said. 37,320 crore. But the project interest and share of profit of jo- Economy'. area of 20.14 hectares in So- nes. It has asked the Finance king at setting up a 1 million “Now, HPCL and GAIL are loo- hinges on the state government int ventures of Rs 472.45 crore With the area under uth 24 Parganas. Ministry to extend sops like tonnes ethylene derivatives said.Some global petrochem king at setting up a petrochemi- giving fiscal incentives, he said. for the corresponding period of kharif crop sowing 5.7% The state government's rollback or reduction in the plant, which will produce a wi- companies have shown inter- cal plant at the petroleum, che- HPCL had in 2007-08 plan- the previous fiscal. higher than a normal area recommendation is impor- minimum alternate tax. de range of petrochemical raw est in the project but talks are at mical and in- ned an only-for-exports refine- The total income from opera- so far, it said the agency ex- tant to get approvals from the The 19-member BoA de- materials for the manufacture preliminary stage currently, he vestment region (PCPIR) sites ry to target demand in South tions also rose to Rs 3,725.90 cro- pects the farm gross value BoA. als with SEZ related matters. of detergents, paints and coa- said without disclosing details. identified by the state govern- East Asia and the Middle East. re for the quarter under conside- added to grow 3% in the cur- On the other hand, the Exports from special econo- tings, cosmetics, textiles and The planned project is a ment at .” The five-way alliance of HPCL, ration as against Rs 3,298.93 cro- rent fiscal as against 2.8% BoA approved four new pro- mic zones (SEZs) logged a adhesives. truncated version of the earli- Surana said currently deta- explorer OIL, gas utility GAIL re for the same period a year ago. forecasted earlier. posals to set up SEZs. marginal growth of 0.77 per “Currently, it is a 50:50 pro- er proposed refinery-cum-pet- iled feasibility report (DFR) is India, Mittal Investment Sarl Commenting on the results, It said the positive im- The developers who got cent to Rs 4.67 lakh crore in ject but we are open to induc- rochemicals complex in Andh- being prepared and details will and Total had in October 2007 Aurobindo Pharma MD N Go- pact of monsoon on agricul- the formal approval includes 2015-16. ting a strategic partner,” HPCL ra Pradesh. HPCL has for the ti- work out following that. signed a memorandum of un- vindarajan said: “The quarter ture will support the overall Devbhumi Realtors, Phoenix The exports from such chairman and managing direc- mebeing shelved plans to build HPCL owns a 7.5 million derstanding to look at the feasi- started with a double digit GDP growth with its back- Living Spaces and Phoenix 204 zones were Rs 4.63 lakh tor Mukesh K Surana said. a new refinery and is only pur- tonnes refinery at Mumbai and bility of setting up the Vizag growth Y-o-Y on the back of ove- ward and forward linkages. Embassy Tech Zone. All the- crore in 2014-15. Highest The project at Kakinada in suing petrochemical project. a 8.3 million tonnes unit at Vi- project. In 2009, the Rs 50,000 rall business performance. With On the macro economy, it se three plans to set up IT/ number of SEZs are opera- Andhra Pradesh, will cost Rs HPCL and GAIL decided to zag. While the Vizag plant is be- crore project was put on hold as focus on execution and capabili- said India's growth is in mo- ITeS zones in Telangana. tional in states like Tamil Na- 30,000 crore. “We are willing to do the petrochem plan together ing expanded to 15 million ton- petrochemical demand then ty enhancements we continue to tion but not accelera- While Chhindwara Plus du, Karnataka, Telengana give up to 50% stake in the pro- after their plans to team up nes, HPCL is expanding the was seen as too weak to justify progress on specialty generics ting. AGENCIES Developers got approval to and Maharashtra. AGENCIES ject to the strategic partner,” he with France's Total, Lakshmi Mumbai refinery to 9.5 million the investment. AGENCIES for a long-term growth.” AGENCIES