Business
Tata Trusts vice-chairman Vijay Singh exits Tata Sons board – The Times of India
MUMBAI: In an abrupt move, Tata Trusts vice-chairman Vijay Singh (77) has resigned from the board of Tata Sons, a day before the holding company’s directors were to meet, and amid an impending RBI-mandated IPO deadline.Two main units of Tata Trusts – Sir Dorabji Tata Trust and Sir Ratan Tata Trust – collectively hold approximately 52% in Tata Sons, the parent of the $165-billion Tata Group, which has a diverse portfolio ranging from aviation to automobiles.Singh served as a nominee director of Tata Trusts on Tata Sons board. He will continue to be a trustee of Tata Trusts. The move comes as a surprise since nominee directors of Tata Trusts do not have a retirement age, unlike other directors on Tata Sons board. For instance, executive, non-executive, and independent directors of Tata Sons retire at the ages of 65, 70, and 75, respectively.However, a resolution by Tata Trusts dated Oct 17, 2024, stipulates that nominated directors on Tata Sons board who reach the age of 75 must be reviewed annually. During Tata Trusts board meeting on Thursday, the nominated directors’ ages were reviewed.The majority of the trustees supported the review and the induction of younger individuals onto the Tata Sons board. The other two nominee directors on Tata Sons board are Tata Trusts chairman Noel Tata (69) and vice-chairman Venu Srinivasan (72). Singh declined to comment, when contacted.This was Singh’s second stint at Tata Sons board. The former defence secretary was initially appointed to the board in June 2013, but stepped down in July 2018 upon reaching 70 years. At that time, the retirement age for Tata Trusts nominees was 70.He was reappointed to the board in Feb 2022 at the age of 74. This was possible as former Tata Trusts chairman Ratan Tata had introduced an unspecified retirement age for nominated directors.Tata Sons and Tata Trusts have been using retirement age as a tool to either extend or end the term of a board member at the company. For instance, in the past, the retirement age for non-executive directors was revised to 75 from 70, which had allowed Ratan Tata to continue as chairman of Tata Sons until that age. Singh earned Rs 3.2 crore as commission from Tata Sons in FY25. Singh’s departure, along with the recent end of tenures of two other Tata Sons directors – former JLR CEO Ralf Speth and Piramal Enterprises boss Ajay Piramal – opens up opportunities for new members. These changes have left Tata Sons board with six members. According to Tata Sons’ articles of association, Tata Trusts can nominate one-third of the directors. However, this requirement (two of six board seats) is currently fulfilled by Noel and Srinivasan.The development occurs as Tata Sons’ board is scheduled to meet on Friday, with the looming RBI-mandated IPO deadline for both the company and its subsidiary Tata Capital approaching by the end of this month. Tata Capital has sought a short extension for the launch of its $1.9-billion IPO from the RBI, while Tata Sons has applied to RBI to surrender its core investment company registration to avoid the IPO. Tata Capital intends to launch the IPO in the first half of Oct, which will make it the largest in the country.
Keiron TourishBBC News NI north west reporter
BBCIt’s not easy out there for families living through the cost-of-living crisis – and that’s why a new scheme in County Tyrone is offering free baby clothes in a bid to support people facing hardship.
The project in Strabane, funded by the Department for Communities, will be available to any family with children up to five years old.
It will also support people with nappies, baby and family toiletries for a nominal fee, but that can be waived in certain circumstances.
Karen Brown, a health visitor with the Western Trust, said the HiVe Baby Hub and free clothing exchange aims to support families in “one of the most socio-economically deprived areas in the entire UK”.
The project, which involves the Western Trust, the GP Federation and a local community project, will operate from the Grass Roots Centre on John Wesley Street.
Families can be referred to the service through their health visitor, family nurse and social workers or even call into the centre themselves.
The project also aims to reduce the environmental impact of clothing waste through recycling.
What does the Strabane baby clothes scheme offer?
Ms Brown, who came up with the idea, said she sees first-hand the needs of parents locally.
“The cost-of-living crisis has hit an awful lot of families hard, so this is a great initiative where we can help.
“Families who have that wee bit extra can also donate if they like.”
To support struggling families, the project already operates a wellness café and a social supermarket where people can purchase groceries at a discounted price if they are part of the membership scheme.
It also offers help with a range of services from money management to learning how to cook and grow your own vegetables.
Ms Brown said that as well as offering a free clothing exchange, it’s also a hygiene hub, which can “help with baby toiletries, nappies and anything really that a parent is going to need to look after their child”.
Ursula Doherty, from the Strabane Community Project, said people are struggling to meet the cost of baby hygiene products and clothes, and the exchange was a great initiative because it focuses on re-using and recycling.
“We do live in a very throw-away society, so it’s a great project in order to take it from landfill,” she said.
She added that people are going through real hardship.
“More and more families are finding it hard to make ends meet – food, fuel and even baby items.
“That’s right across the board. That’s people who are working and people who are on benefits. Everybody.
“In an ironic way it has equalised us all because everybody is suffering, so it’s always about looking at new initiatives.”
Derry and Strabane Deputy Mayor Niree McMorris said it was an amazing initiative.
“They have things like the clothes exchange, which is taking things out of landfill and putting them back into the community for re-use.
“In the Baby Hub, young families can avail of nappies and hygiene products.
“Everything you need to take care of your child. And also hygiene products for the mammy as well, so I think that’s really important.
“It’s amazing to see the good work that they’re doing here.”
The wait is finally over for over 1 crore central government employees and pensioners. The Union Cabinet, led by Prime Minister Narendra Modi, has officially approved the Terms of Reference (ToR) for the 8th Central Pay Commission (CPC). The Commission is expected to submit its recommendations within 18 months from the date of its formation. (Image: AI-Generated)
The Central Pay Commission is set up every few years to review and revise salary structures, retirement benefits, and service conditions. (Image: AI-Generated)
Historically, a new Pay Commission is implemented roughly every 10 years. (Image: AI-Generated)
The salary hike depends largely on the fitment factor, which is a multiplier used to calculate the revised basic pay. In the 7th Pay Commission, the fitment factor was 2.57, raising the minimum basic salary from Rs 6,000 to Rs 18,000. (Image: AI-Generated)
For the 8th Pay Commission, different fitment factors are being considered. Here’s how they could impact salaries: if the fitment factor is set at 1.83, the basic salary could rise from Rs 18,000 to around Rs 32,940. A slightly higher factor of 1.86 would increase it to Rs 33,480. However, if the government applies a more generous fitment factor of 2.47, the revised basic pay could reach Rs 44,460. These figures help illustrate how significantly the fitment factor influences salary revisions under the Pay Commission. (File Photo)
Gross salary includes Basic Pay, Dearness Allowance (DA) – linked to inflation, revised twice a year, and House Rent Allowance (HRA) – based on city category (30% for metro cities, 20% for Tier-2 cities, and 10% for Tier-3 cities). (Image: AI-Generated)
Let’s calculate the gross salary using a fitment factor of 2.47 and assuming: Basic Pay: Rs 44,460; DA: Rs 0 (for simplicity); HRA (30% for metro): Rs 13,338. The New Gross Salary = Basic Pay + DA + HRA, which is 44,460 + 0 + 13,338 = Rs 57,798. (Image: AI-Generated)
Business
Aadhaar Card Update: Is Aadhaar A Proof Of Date Of Birth Or Citizenship? Govt Issues Clarification
New Delhi: The Ministry of Communications has issued a latest circular on clarification on the Properties and Usage of Aadhaar by Unique Identification Authority of India (UIDAI).
The three-point clarification was issues regarding the properties and permissible usage of the Aadhaar number and related documents.
UIDAI said that an Aadhaar number may be used for establishing the identity of the Aadhaar number holder subject to authentication or offline verification.
Further, Aadhaar number or the authentication thereof, is not a proof of citizenship or domicile in respect of Aadhaar number holder.
UIDAI also added that Aadhaar number is not a proof of date of birth and hence, must not be used for establishing the date of birth of the Aadhaar number holder conclusively.
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