Indian Newslink Feb 15, 2016 Digital Edition

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2 HOMELINK February 15, 2016 ‘Airlift’ hijacks true events in Kuwait Related story on Page 12 Captain Zain Juvale Airlift’ has made a false claim. It was not the recitation of events as they happened. There was never an ‘Airlift,’ as portrayed in the movie. Gunpoint capture I was the Captain of ‘Safeer,’ a cargo ship in the Kuwaiti waters. I was captured along with my crew at gunpoint and held captives for 35 days in Kuwait. Through sheer determination, persuasion, and tactful handling of the Iraqi forces, I managed not only to get my crew and ship released but also rescued 725 Indians on board my small cargo ship, through mined waters. This was the first batch of Indians to be successfully rescued out of Kuwait. I have a list of all the 725 persons rescued with their passport numbers, and also a letter of thanks signed by all of them, plus my crew of 25. I also have newspaper clippings of all the International newspapers covering the event, as proof. Unfortunately, in the past 25 years, successive governments at the Centre and the State levels in India have failed to acknowledge my humanitarian mission, as I defied their warning and went ahead with my mission. Editor’s Note: I was among a handful of journalists who covered the Iraqi occupation of Kuwait that began on August 2, 1990 and the events that followed, leading to the ‘Gulf Storm,’ the First Gulf War to liberate Kuwait. Those five months were more memorable in my career, superseding even the Iran-Iraq war (September 1980 to August 1988) that brought fear and anxiety to the Middle East in general and the Arabian Peninsula in particular. I will write later about the sleepless nights that I spent covering press conferences held in Bahrain (where I lived and worked), Saudi Arabia and the events that occurred during and after the War in Kuwait. As well as meeting US military officials aboard USS Lincoln, former British Prime Minister Sir John Major and taking helicopter rides to a number of locations, I was reporting the evacuation of Indians from Kuwait via Jordan to India and to a number of other Gulf destinations including Bahrain. For now, we run the following report by Captain Zain Juvale which challenges ‘Airlift,’ a film by Kumar that appeared to have stirred the emotions of Hindi film fans around the world. But the real story was something else. A Gulf News Report after the Rescue in Kuwait Its success was a slap in the face of the prophets of doom. Governments ignore Surprisingly, the International shipping fraternity also chose to ignore this event. But it hurts to know that someone else is claiming credit for rescuing Indians from Kuwait. Unfortunately, the then External Affairs Minister Inder Kumar Gujral is no more. He could have vouched for the facts that I have mentioned in this and other articles appearing and soon to appear in Indian Newslink, as I had a discussion with him regarding my plans, when he briefly visited Kuwait soon after the invasion. I wrote to Raja Krishna Menon, Director of ‘Airlift,’ when I heard that he was embarking on this project, to get the facts from me. But he never bothered to reply. The Master of ‘Safeer’ in Kuwaiti waters in September 1990 Captain Juvale with his crew aboard ‘Safeer’ in September 1990 Editor’s Note: I was fortunate to speak to Mr Gujral over the phone in Baghdad when he asked me to break the news to the world that ‘India had decided to close its Embassy in Kuwait,’ which was declared by Iraq’s President Saddam Hussein as the 19th Province of his country. I did so and the news item became a sensation throughout the world. Three days later, on his return to India, Mr Gujral confirmed my report in Lok Sabha. 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February 15, 2016 HOMELINK 3 New Reporting Standards to lift Indian Accounting Venkat Raman venkat@indiannewslink.co.nz Indian corporates would become more transparent and accountable as the new Indian Accounting Standards (IND AS) comes into effect with the new financial year beginning on April 1, 2016. That would be good news for New Zealand companies apprehensive of the accountability of their Indian counterparts. Global Standard The new accounting standards, on a par with the International Financial Reporting Standards (IFRS) which have been adopted by most countries of the world (except the United States of America, which follows its own Financial Accounting Standards Board Reporting Standards, together with the Sarbanes-Oxley Act of 2002). Institute of Chartered Accounts of India (ICAI) President Manoj Fadnis (who has since completed his term of office) told Indian Newslink on February 4, 2016 that the new standards are mandatory for all listed (or in the process)companies with a net worth of Rs 500 Crores (about $112.80 million) from the ensuing financial year. But companies must have comparable accounting processes during the 2015-2016 financial year ending March 31, which in effect makes the Reporting standards imperative from last year. Enhanced value “The new Reporting Standards would enhance the profession of Chartered Accountants in India and help in promoting Mutual Recognition Agreement (MRA) with advanced countries including New Zealand,” Mr Fadnis said. The Indian Ministry of Corporate Affairs (MCA) has released a roadmap for the adoption of IND AS, which converges with IFRS, Indian banking, insurance and non-banking finance companies. These companies were exempt from the general roadmap announced in January 2015. “In January 2015, the MCA released a roadmap, which will require companies with a net worth of Rs 250 crores(about $56 million) or more to follow the new norms from April 1, 2017. For banking, insurance and non-banking finance companies, which were exempt from the general roadmap, a separate procedure has now been drawn up that will see a phased approach with IND AS adoption beginning on April 1, 2018,” Mr Fadnis said. Benefit to New Zealand ICAI Vice-President Devaraja Reddy (who has since become President) said that the new accounting standards would benefit the Institute’s members working in New Zealand and other countries. “We are also confident that the opening of the New Zealand Chapter of the Institute will enable members to gain membership to the Chartered Accountants Australia New Zealand,” he said. Among the office-bearers of the Chapter are Chandan Ohri (President), Raj Kapoor (Vice-President), Bimal Dalal (Secretary) and Prasad Khatkul (Treasurer). They were present at the inaugural function which was attended among others by Indian High Commission Charge de Affaires Sandeep Sood, Members of Parliament Kanwaljit Singh Bakshi (National) and Mahesh Bindra (New Zealand First). Swathy Gudipoodi, Financial Controller at ‘Broadspectrum New Zealand’ was the Master of Ceremonies at the event held at KPMG Building in Viaduct. Sandeep Sood Manoj Fadnis Swathy Gudipoodi ● First home ● Investment property ● Residential or Commercial ● Building /Extending /Renovating ● Re-finance /Restructure Responsible business with lasting relationship in community Rakesh Bansal ● Buying an Apartment ● Low deposit ● Self employed ● Business Loan ● Property Development For all your home loan and insurance needs talk to us... ex Bank Manager with over 30 years experience Contact usfor FREE consultation Toll Free: 0508 33 22 11 M: 021 030 8135 /099033 602 116b, Cavendish Drive, Manukau City E: info@kiwimortgages.net.nz |w:www.kiwimortgages.net.nz ACCOUNTANTS & BUSINESSADVISERS www.menon.co.nz Come,talk to us! •Income Tax Returns •GST,PAYE &FBT •Rental Property Returns •Company Formation •Tax Refunds •Insolvency Free Business Advice Director :Biju Surendran MENON & ASSOCIATES (2011) LTD ACCOUNTANTS AND BUSINESS ADVISERS 844 Dominion Road,MtEden | 096272600 •info@menon.co.nz
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