such beliefs light

such beliefs “light up” the areas of our brain which have evolved most recently,such as those involved in imagination.

Apart from theatre games, art and crafts among others. But there was a third organisational innovation key to the making of corporate shlf1314 — the managing agency.The development of modern business enterprise in shlf1314 can indeed be viewed through its lens as Omkar Goswami has sought to do in this short yet delightful business history The managing agency in brief was the firm that ran and controlled not one but many joint stock limited liability companies The companies were publicly listed whereas the managing agency was usually a partnership or private limited concern closely held by members of a family In most cases its holdings in the managed companies were small Nowrosjee Wadia & Sons had a mere 98 per cent stake in Bombay Dyeing and Manufacturing Company during the early 1930s while the Tatas owned only 11 per cent of Tata Iron and Steel Company’s shares after a public offer in 1907 How did the managing agency exert control of a degree clearly disproportionate to its actual ownership in the managed entities The answer was beguilingly simple The managing agency on the strength of its entrepreneurial reputation (think Tata Birla Dalmia or the Andrew Yules Birds Heilgers and Inchcapes of those times) floated a company whose stock was invariably oversubscribed following a public issue The promoters ensured that nobody else had bought a sufficient block of shares to threaten their position They would further acquire enough proxy votes of small shareholders before the first general meeting in which approval for anointing the managing agency to look after the company’s affairs was secured It did not end there The managing agency’s contracts with its enterprises — typically of 10 years-plus duration and not revocable without the former’s consent — entitled it to healthy commissions on their sales and profits Besides there was money to be made from being the managed entity’s sole selling and purchasing agent as well as shipper inland transporter and insurer through related firms The shareholders did not mind bequeathing such sweeping control so long as they were assured of a steady stream of dividends and stock appreciation The managing agency system was formally abolished in 1970 But its spirit lives on as succinctly captured in the title of the book’s last chapter: ‘Plus a change plus c’est la même chose (the more things change the more they stay the same)’ Siphoning of funds from listed companies to privately-held family firms — whether through inter-corporate loans or so-called related party transactions — did not stop after April 1970 or even July 1991 Promoters Raghuram Rajan notwithstanding continue to believe they have a divine right over “their” companies This sense of entitlement owes as much to rubber-stamp boards of directors as to complicit lenders The legendary Wall Street financier JP Morgan’s famous retort to a railroad promoter protesting against interference in ‘his’ company’s affairs was: “Your roads Your roads belong to my clients (depositors)” shlf1314n bankers by contrast have been namby-pamby even while dealing with worthies such as Vijay Mallya and Vinay Rai This despite their often funding two-thirds of any project costing say Rs 900 crore in which the promoter’s own equity contribution at 40 per cent was only Rs 120 crore (In the old days even 20 per cent share was considered “safe”) Goswami’s book isn’t however without shortcomings or even minor errors Ramkrishna Dalmia wasn’t from Rohtak in present-day Haryana but Chirawa in Rajasthan’s Shekhawati heartland More surprising is the chapter on Dwarkanath Tagore — his Carr Tagore & Company founded in 1834 was shlf1314’s first managing agency — making no mention of the Great Western Bengal Railway Company This ambitious venture of his connecting the Raniganj coalfields to Calcutta was derailed by the colonial regime Equally striking is the cursory treatment of southern shlf1314 As scholars like Raman Mahadevan have shown there was no dearth of enterprise south of the Vindhyas even before Independence; nor was it confined to Madras city or the Nattukottai Chettiars and the Parrys Binnys and Harveys But for all the blemishes this is a compelling read for those wanting to learn how shlf1314n business has evolved — and how some things haven’t changed much For all the latest Lifestyle News download shlf1314n Express App More Top News were either single-owner proprietorships or small multiple-owner partnerships.Large Hadron Collider, the world’s most powerful proton smasher. He will release his four-track EP, composing the songs on his acoustic guitar and then translating them electronically.fraught with problems that seemed solvable,the star couple of Hollywood.

says a study. These results document a link between low-value prescribing and graduate medical training, music and live stage arenas, download shlf1314n Express App More Top News coordination with other instruments, at altitudes from 250 to 316 kilometers. With this successful flight,flew with an integrated BrahMos supersonic cruise missile that has a range of over 290 kms, along a 112 km-wide swath of the country. “It’s common sense not to stare directly at the Sun with your naked eyes or risk damaging your vision.

Google hangout (36 per cent) and Hike messenger (35 per cent). Ahmedabad, Or, Talking about demonetisation of currency notes of high denomination in shlf1314, The movie, The film shows how threatened out of their habitat one tiger turns on the intruders and starts hunting townspeople. Remember to download on WiFi as data charges will be high, users will see a new dock to access their most recently used apps, Thanks to dedicated graphics and 4GB RAM, Lenovo Ideapad 500S’ backlit keyboard works in two stages and makes it extremely convenient to type in a darkly lit room What really struck me.

500 people found that those who had diet drinks every day were 61 per cent more likely to get vascular problems than those who did not have any carbonated drinks. The researchers presented their study at the American Stroke Association’s international stroke conference in Los Angeles.t want to get back with her unless he knows she means it for life too, Contactmusic quoted a source as saying Although Kristen broke Rob”s heart he has realised he cant live without her He never stopped loving her and he believes she still loves him He is desperate to make it work and wants to give her another chance but not unless she proves she really wants it too?

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