Govt panel moots 2 formats for business responsibility reporting by firms

In efforts to have a single source for all non-financial disclosures by corporates, a government-appointed panel has made various proposals on business responsibility reporting, incGovt-appointed panel proposes 2 formats for business responsibility reporting by cosluding putting in place two formats for disclosing information.

The committee, constituted by the in 2018, has proposed that the Business Responsibility Report should be called as the Business Responsibility and Sustainability Report (BRSR).

This would help better reflecting the “intent and scope of reporting requirement,” the report said.

As per the report, reporting may be done by top 1,000 listed in terms of their market capitalisation or as prescribed by markets regulator

“The reporting requirement may be extended by MCA (Ministry of Corporate Affairs) to unlisted above specified thresholds of turnover and/ or paid-up capital,” it noted.

The panel has suggested two formats for disclosures — a comprehensive format and a “lite version” — and also called for implementation of the reporting requirements in a gradual and phased manner.

Smaller unlisted may adopt a lite version of the format, on

Read More

Tata Power announces merger of three wholly-owned subsidiaries with itself

on Wednesday announced that its three wholly-owned subsidiaries, Coastal Gujarat Power Ltd (CGPL), Solar Systems (TPSSL) and Af-Taab Investment Company (Af-Taab) are proposed to be merged with the parent company for greater synergies in financing, compliance and oversight.

The company said the merger is part of a strategic initiative to simplify the group holding structure and a broader plan to set the company for future growth through fiscal consolidation and strengthening of balance sheet. Coastal Gujarat Power operates the loss-making power plant in Mundra, Gujarat.

“The merger aims to achieve the long-term objectives by facilitating efficient use of cash and making available corporate support to the businesses of the said wholly owned subsidiaries as needed,” the company said. The firm also announced a 10 per cent jump in its profit after tax (PAT) for the quarter ended June 2020 at Rs 268 crore on the back of lower financing cost.

Read More

Law Could Idle Operations In California

Being forced to classify drivers as employees could temporarily idle Uber operations in its home state of California, the ride-sharing firm’s chief said Wednesday.

The comments from Uber’s chief executive Dara Khosrowshahi to MSNBC come after a court gave Uber and rival Lyft until the middle of next week to reclassify drivers as employees instead of contract workers in compliance with a new state law.

“If the court doesn’t reconsider, then in California, it’s hard to believe we’ll be able to switch our model to full-time employment quickly,” Khosrowshahi said in the MSNBC interview.

“We’ll have to essentially shut down Uber until November when the voters decide.”

Uber and Lyft are backing a referendum in the state to overturn the law, while pledging to provide benefits for a social safety net that would keep gig workers independent

The order came Monday when a judge granted a restraining order in a lawsuit filed by California attorney general Xavier Becerra and three cities including San Francisco, where Lyft and Uber are based.

The suit calls on Lyft and Uber to comply with a state law that went into effect at the start of this year that requires “gig workers” such as smartphone-summoned

Read More