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Unique contributions of women are vital to India’s maritime strength: Shri Shantanu Thakur

Launches flagship programmes—’Sagar Mein Yog’ – Complete Wellness Programme” and ‘Sagar Mein Samman’

Union Minister of State, Ministry of Ports, Shipping and Waterways, Shri Shantanu Thakur said that the unique contributions of women are vital to India’s maritime strength and women seafarers embody resilience and excellence on the global stage.
Launching officially the logos and themes of “Sagar Mein Yog – Complete Wellness Programme” and “Sagar Mein Samman”, respectively at The Shipping Corporation of India (SCI), Mumbai, on Thursday, he pointing out that the initiative is crucial for ensuring that female seafarers, who often face distinct challenges while working far from home, are celebrated and supported.

Further, he emphasised the profound connection between yoga and Indian heritage, noting the programme’s significance for our nearly 3 lakhs plus active seafarers, who face unique challenges while serving far from home. As global ambassadors of India, our seafarers would exemplify the nation’s resilient spirit and maritime excellence, he added.

Inspired by the Honourable Prime Minister’s Maritime India Vision 2030, “Sagar Mein Samman” is a transformative initiative aimed at recognising and enhancing the role of women in the maritime industry. The programme echoes fostering respect and empowerment and seeks to ensure that women seafarers can thrive and navigate their careers with dignity and pride. Further, Sagar Mein Yog focuses on wellness at every stage by integrating yoga and wellbeing practices into maritime training and operations at stages such as Pre-Sea, At-Sea, and Post-Sea for ensuring seafarers remain resilient, balanced and prepared for every journey.

Shri Shyam Jaganathan, Director General of Shipping, emphasised that under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi, Maritime India Vision 2030 symbolises hope by uplifting women seafarers and steering India toward maritime excellence. The “Sagar Mein Samman” initiative was born from this vision, aiming to enhance the respect and recognition afforded to women in the maritime community. Further, he added that the Prime Minister’s vision symbolizes hope-empowering oceans, uplifting seafarers and steering India toward maritime excellence.

By tracking health outcomes, Sagar Mein Yog will refine and expand its offerings to meet seafarers’ evolving needs. The initiative is expected to reduce medical emergencies, lower healthcare costs, and decrease turnover rates, creating a supportive maritime environment. Sagar Mein Yog stands as a symbol of our unwavering commitment to the holistic well-being of our seafarers before, during and after their voyages.

The launch event was attended by stakeholders and seafarers reaffirming India’s commitment to setting a global benchmark for seafarer health. From the vast Indian Ocean to our shores of progress, India’s maritime legacy continues to drive growth.ly.

SEBI has zero tolerance for RPT violations, will levy fines on directors and compliance officials alike

Bombay Chamber, Mumbai: The Securities and Exchange Board of India (SEBI) has a zero-tolerance policy on related party transaction (RPT) violations. Not just that, the kind of orders being passed of late against compliance officers is far-reaching. The Bombay Chamber of Commerce & Industry has learnt that SEBI is not only passing orders and levying fines on compliance officers but also writing to the Institute of Company Secretaries of India to take disciplinary action against the member.

Speaking at the Related Party Transaction (RPT) seminar held recently by the Bombay Chamber of Commerce & Industry in Mumbai, Bharat Vasani, Chairperson, Legal Affairs & IPR Committee, Bombay Chamber of Commerce & Industry and Senior Advisor – Corporate Laws at Cyril Amarchand Mangaldas, said, SEBI is not only making the director and compliance official accountable but also penalising them.

“I recently came across a case wherein a fine of Rs 2 crore was levied on the executive director to whom the company secretary was reporting. Additionally, the company secretary was fined Rs 3 crore because they were the compliance officer under Regulation 6 of the LODR and did not address the violations,” said Vasani, adding that apart from directors, company secretaries also need to meticulously look into non-compliance and point out the violations accordingly.

Regulation 6 of SEBI Listing Obligations and Disclosure Requirements (LODR) clearly outlines the obligations of a compliance officer. Some of the key obligations are listed below: The compliance officer of the listed entity shall be responsible for:

· Ensuring conformity with the regulatory provisions applicable to the listed entity in letter and spirit.

· Co-ordination with and reporting to the Board, recognised stock exchange(s) and depositories with respect to compliance with rules, regulations and other directives of these authorities in the manner specified from time to time.

· Ensuring that the correct procedures have been followed that would result in the correctness, authenticity, and comprehensiveness of the information, statements, and reports filed by the listed entity under these regulations.

(Write to us at legalipr@bombaychamber.com)

Related party transaction isn’t dirty, its abuse is

Bombay Chamber, Mumbai: Related Party Transactions (RPTs) are not inherently unethical business practices. Listed entities across industries engage in legitimate business transactions while adhering to the Listing Obligations and Disclosure Requirements (LODR) prescribed by the Securities and Exchange Board of India (SEBI). However, not all companies comply with both the letter and spirit of the law, and some have been misusing or abusing RPTs to benefit certain executives, individuals, or entities connected to the promoter group.

“One listed entity, which I will not name, engaged in numerous abusive related party transactions (RPTs) at the subsidiary level. This called for scrutiny and corrective measures by SEBI. During the process, the regulator discovered that some transactions, while not involving a related party as the counterparty, ultimately aimed to benefit a related party. Consequently, SEBI introduced a purpose and effect test from April 1, 2023, in the RPT regulatory architecture, particularly for listed companies,” said Bharat Vasani, Chairperson, Legal Affairs & IPR Committee, Bombay Chamber of Commerce & Industry and Senior Advisor – Corporate Laws at Cyril Amarchand Mangaldas. Vasani was speaking at a Related Party Transaction (RPT) seminar held recently by the Bombay Chamber of Commerce & Industry in Mumbai.

In December 2024, a listed company transferred its business-to-consumer (B2C) business to its chief executive officer, who was also the promoter’s son. This was seen as a related party transaction, prioritising personal gain over shareholder interests and raising concerns about governance and transparency. Eventually, the son had to fund the new venture on his own, with the listed entity retaining a minority stake in the new B2C venture.

Legal industry experts cited another incident of gross violation of RPT regulatory architecture by a listed company (name withheld). When the regulator summoned one of the independent directors in question, the person pleaded ignorance of the Companies Act and the LODR, claiming to be just a physiotherapist of the promoter.

There have been numerous instances of gross violations in the past, including one involving one of the country’s largest airlines, which is no longer in existence. The airline had inducted a famous Bollywood lyricist as a board member who had no understanding of corporate business practices. While one might believe there is a difference between a habitual defaulter and a one-time defaulter, it is an open secret that there is none.

Corporate counsels believe that SEBI’s definition of related party transactions is very fluid and has been complicated by merging the concepts of ‘related party’ and ‘conflict of interest.’ As a result, they no longer understand the difference between the two concepts.

“Related party is not a bad term but is perceived as such. I think it’s just the conflict of interest aspect that should be dealt with carefully and hence needs to be regulated,” said Rajendra Chopra, Company Secretary/Compliance Officer at Cipla. “If you look at the entire Tata Group, their various business verticals work with other group companies, and it’s actually seen as a strength of the organisation,” he added.

Chopra pointed out that the regulator (SEBI) looks at RPTs in isolation. For example, a subsidiary was misused by IL&FS, DHFL, or other listed entities, hence the need to cover subsidiaries. The regulator needs to understand that it was not the regulation but the enforcement that was the problem in most cases.

“The regulator isn’t addressing the fundamental issue. So rather than strengthening their enforcement, they strengthen the regulation, thus laying down further regulations. Now they have introduced the purpose and effect test, thereby expanding the definition of a related party transaction,” said Chopra, adding that despite such measures, the regulator will not be able to control the fraud that can happen tomorrow.

Legal industry experts are also of the view that the LODR has not been aptly drafted. It leaves a lot of ambiguities in interpreting everything. As per a senior corporate lawyer, despite persistent requests from trade bodies, SEBI has not yet released frequently asked questions for LODR, unlike for Prohibition of Insider Trading (PIT) Regulations. “FAQs for LODR would have resolved various interpretative issues,” the lawyer said.

(Write to us at legalipr@bombaychamber.com)

Procurement Notice–State Pharmaceuticals Corporation of Sri Lanka

We wish to inform you that, the State Pharmaceuticals Corporation of Sri Lanka has invited sealed bids for supply of following items to the Ministry of Health.

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial), Consulate General of Sri Lanka

34, Homi Mody Street, Fort, Mumbai-400001.

Tel: (+ 91 22 )22045861/22048303, Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Open International Bidding – State Trading Corporation

The State Trading Corporation (STC) of Mauritius is inviting bids from eligible bidders for the Supply of Long Grain White Rice for the period covering 01 April to 30 June 2025.

The Interested Bidders should register by signing up on the e-Procurement System of the Government of Mauritius on https://eproc.publicprocurement.govmu.org in order to participate in the bidding exercise and download the bidding documents,

Reference Number STC/IFB/2025/181.

A copy of the Procurement Notice is herewith attached. The deadline for online submission of the Bids on the e-Procurement System is 04 February 2025 up to 14:00 hours (Mauritian Time).

Thank you for your understanding and cooperation.

Yours sincerely,

D. K. Bucktowar
Officer-in-Charge
Consulate of the Republic of Mauritius
1107, Regent Chambers 11th Floor, Jamnalal Bajaj Marg
208, Nariman Point, Mumbai – 400 021

Tel. : 022 22825421 /22, Fax No. 022 22845468

MSME Conclave 2025: Unlocking Global Opportunities for India’s MSMEs

January 15, 2025

The Bombay Chamber of Commerce and Industry (BCCI) hosted the MSME Conclave 2025: Global Opportunities for MSMEs on January 15, 2025, bringing together industry experts, policymakers, and international representatives to discuss strategies for empowering micro, small, and medium enterprises (MSMEs) through global market integration and export facilitation.

Setting the theme of the event, R. Srinivasan, Co-Chairperson of the MSME Forum and Director of AIRA Consulting Private, underscored the pivotal role of MSMEs in contributing 30% to India’s GDP and 40% to its exports. He highlighted the critical need to align MSMEs with the government’s ambitious vision of Viksit Bharat by 2047, emphasising on the importance of global market integration for sustained high growth.

The conclave featured three key sessions. The session on finance for exports featured presentations by prominent financial institutions. C. S. Arya, General Manager at IDBI Bank; Shirish Mathur, Head of SME Products & Digital Platforms at Aditya Birla Finance and Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of Baroda, elaborated on the services their banks were offering to MSMEs. Ratul Mukhopadhyay, Business Head of SEG Assets at Axis Bank and Vikas Kumar, Chief Manager at SBI SME Sakinaka Branch also highlighted customised banking solutions for exporters.

Addressing the session on Bilateral Growth: Advancing US-India Trade & Investment Potential, Joe Yang from U.S. Commercial Service, United States Consulate, Mumbai, detailed strategies for advancing US-India trade and investment ties, emphasising the potential of MSMEs in strengthening bilateral relations.

The session on bilateral trade opportunities included engaging presentations by consular experts. H. E. Adolfo Garcia Estrada, Consul General of Mexico, Eva Nilsson, Deputy Consul General of Finland, Dina Albahey, Vice Consul of Egypt and Viraj Kulkarni, Honorary Consul of the Republic of Cyprus.

The Conclave ended with a vote of thanks by Rajan Raje, Chairperson of the MSME Forum and CEO of Nichem Solutions. The event was supported by Aditya Birla Capital Ltd, Bank Of Baroda, Ashwin Sheth Group, Axis Mutual Fund and SBI Mutual Fund.