Govt employees fired: Ever since the change of government in Chhattisgarh, efforts are being seen to speed up government and administrative work.
To ensure that the employees serving under the government show seriousness towards their duties, orders for transfer and posting are also being issued by the government. (Government employees fired order by state government) On the other hand, inefficient and careless employees are also being warned at various levels.
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The latest case is from Bilaspur district where the education department has issued a strict notice to 3 teachers and 2 peons. In this notice, they have also been warned of termination of service.
According to the information, all the employees who received the notice have been absent from duty for the last three years without any prior information. Many attempts were made to contact those employees but no response was received from them. In such a situation, on the instructions of the government, the concerned department has decided to take strict action against them. (Government employees fired order by state government) It is feared that if a satisfactory answer to the notice is not received, all four employees will be removed from regular service.
Now read the full news in points
1. When is the termination notice issued for government employees?
When an employee fails to perform his duties, remains absent for a long time, or is negligent, a termination notice is issued by the department.
2. What should the employee do after receiving the notice?
The employee must respond to the notice within the time limit and submit a valid reason for absence.
3. Can the job be terminated for not responding to the notice?
Yes, if the employee does not give a satisfactory answer then the department can remove him from the service.
4. Does the termination notice apply to permanent employees as well?
Yes, this rule applies to both permanent and temporary employees.
5. Can an appeal be made against termination of service?
Yes, the employee can present his case in the court or the appellate authority. This step has been taken to ensure administrative reform and discipline.
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After two years of stalled negotiations, Japan’s Sony Corp formally known as off its deliberate $10 billion merger between its Indian subsidiary and Zee Entertainment Enterprises Ltd. (ZEEL) on Monday (January 22), media stories stated. Sony additionally wants $90 million in “termination price” from Zee.
Sony has despatched a termination letter to Zee, and the corporate is prone to inform the trade later formally. Photo courtesy: IBNS
The 62-page lengthy termination discover was issued by Sony Corp simply as Zee had requested for an extension of the deal deadline. Sony cited unmet merger situations for the termination, though the first level of competition between the 2 firms has been the management of the merged entity.
Early on Monday, the Japanese leisure big despatched the termination letter to Zee, and it’s anticipated that the corporate will formally disclose this data to the trade later.
The Merger didn’t shut by the End Date as, amongst different issues, the closing situations to the Merger weren’t glad by then. Sony Pictures Networks India Private Ltd (SPNI) has been engaged in discussions in good religion to increase the End Date however the Discussion Period has expired with out an settlement upon an extension of the End Date. As a end result, on January 22, 2024, SPNI issued a discover to ZEEL terminating the definitive agreements.
Sony assertion, in keeping with media stories
(*10*) over management
Zee needed to place Managing Director Punit Goenka on the helm of the merged entity, however Sony opposed this selection because of a regulatory investigation in opposition to him.
Instead, Sony insisted that India Managing Director N P Singh ought to lead the corporate.
Sony has requested Zee to pay $90 million as termination charges, citing breaches of the merger settlement and initiating arbitration. Zee, nevertheless, has denied all of Sony’s allegations and introduced plans to take authorized motion in opposition to Sony whereas contesting its claims within the arbitration proceedings, stated media stories.
Sony’s termination letter comes after the lapse of a 30-day grace interval over the weekend. Throughout this era, the 2 events have been unable to achieve an settlement on a deadline set in late December.
In June, the Securities and Exchange Board of India (SEBI) accused the Mumbai-based media home of falsifying the restoration of loans to hide personal financing offers orchestrated by its founder, Subhash Chandra. SEBI’s interim order highlighted that Chandra and his son, Goenka, had “abused their place” and diverted funds.
While Goenka obtained aid from Securities Appellate Tribunal in opposition to the SEBI order, which restricted him from holding an govt or director place in a listed firm, Sony continued to understand the continuing investigation as a looming company governance concern.
Zee said that within the curiosity of the merger, Goenka had agreed to step down and had engaged in discussions relating to the appointment of a director on the board of the merged entity, in keeping with media stories.
It additional stated it had proposed “protections for the conduct of pending investigations and authorized proceedings in one of the best curiosity of its administrators and shareholders”.
Zee stated that Sony didn’t reply to its request to increase the merger deadline by six extra months after the 30-day grace interval lapsed. However, Sony “didn’t present any counter-proposal for extension,” it stated. “These discussions didn’t lead to any proposal from Sony however they moderately have chosen to terminate,” it said, in keeping with stories.
Following the settlement, ZEEL scrambled to safe regulatory clearances from entities corresponding to SEBI, CCI, ROC, amongst others.
After acquiring approvals from shareholders and collectors, and receiving a nod from the National Company Law Tribunal, the corporate accomplished all formalities for the merger. However, the merger couldn’t materialise regardless of the efforts.
Impact of the failed deal
The impasse in negotiations has successfully derailed the deal, which had aimed to create a $10 billion media powerhouse able to competing with world giants corresponding to Netflix Inc. and Amazon.com Inc.
As of September 2023, Zee Entertainment Enterprises Limited (ZEEL) incurred bills of Rs 366.59 crore on compliances associated to its now-cancelled merger with Sony. Of this quantity, Rs 176.20 crore was spent within the monetary 12 months ending in March 2023, and a further Rs 190.39 crore was expended within the first six months of the present fiscal 12 months, in keeping with a regulatory submitting by the media entity promoted by the Subhash Chandra household.
This improvement comes amid the present shift within the panorama of the leisure and streaming trade in India.
Just final month, Walt Disney (*90*) entered right into a non-binding settlement with Reliance Industries, led by billionaire Mukesh Ambani, for a colossal merger of their broadcasting companies.
Before this current improvement, the proposed merger between ZEEL and Sony was poised to turn into the most costly leisure deal in India. It was anticipated to ascertain the biggest media entity within the nation, boasting over 100 channels and possession of two of India’s main OTT platforms.
According to media stories, Zee stated it’ll proceed to “consider natural and inorganic alternatives for progress, leveraging the intrinsic worth of its belongings”.
Zee is struggling with plunging earnings and depleting money reserves in a extremely aggressive market the place streaming giants corresponding to Netflix and Amazon Prime are combating for share.
On Tuesday, 23 January 2024, Zee share costs plummeted to 155.90 rupees in Mumbai on the S&P BSE 500 Index.
