The government of India has decided to deactivate the Director Identification Numbers (DINs) of 21,00,000 directors of total 33,00,000 active directors who were asked to furnish their KYC (Know Your Customer) details as part of the government's efforts to crack down on shell companies to stop illicit fund flows. Only 12,16,000 directors fulfilled the KYC criteria, a statement said. A DIN is a unique number that is allotted to those who are directors on the boards of registered companies. Last year, the government had barred over 3,00,000 directors from holding directorship over their failures to furnish KYC details. Reports said that those who have failed to comply with the guidelines may face action, and their accounts will be reactivated only after a fee payment of Rs 5,000 along with the requisite form. This means they will not be able to sign any compliance document on behalf of their company until they furnish KYC details
Amul set to acquire manufacturing plant in US
India's Amul Dairy is all set to start its own dairy unit in the US, three years after it set foot in the western world. Amul is seriously exploring acquisition of a dairy plant in Wisconsin to start its own operations. Presently, Amul is manufacturing three dairy products including Paneer, Ghee, and Shrikhand through a tripartite agreement between Amul Dairy, the Gujarat Co-operative Milk Marketing Federation, and a local partner in the US. A top official said, “We are looking at options to expand our US operations so that we can service the market there better. Presently, from Waterloo facility, we can at best service the eastern coast. The best option is to start our own operations there.” A team of eight board of directors from Amul Dairy is already in the US to scout for a dairy plant for acquisition
TCS wins £50 mn contract from Thomson Reuters
Tata Consultancy Services (TCS) has won an around £50 million contract from mass media and information company Thomson Reuters. Thomson Reuters' annual IT outsourcing spend is around $500 million and it counts TCS, IBM, Microsoft and SAP as its key IT partners. Wipro and IBM, along with Mphasis, were strong contenders for the deal. Some two years ago, Thomson Reuters teamed up with Mphasis to offer wealth management solutions for its brokerage processing solutions Beta. There was no official comment on the deal from either TCS or Thomson Reuters. Vanada-based Thomson Reuters had created an enterprise and technology operations (ET&O) group some two years ago to drive transformation. Thomson Reuters has a technology centre in Ontario in Canada and by this year end, the centre is expected to have 1,500 employees, as per its annual report.
