Press release from Business Wire India
Source: Baldota Group of Companies
Thursday, March 21, 2013 04:14 PM IST (10:44 AM GMT)
Editors: General: Consumer interest, People, Social issues; Business: Business services, Chemicals, Commodities & materials, Energy companies, Heavy industries, Major diversified industrial groups, Mining companies; Technology
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MSPL Bags CFBP Jamnalal Bajaj Award for Fair Business Practices for the 2nd Time
Mumbai, Maharashtra, India, Thursday, March 21, 2013 -- (Business Wire India) -- Customers Remain Victims of Mis-selling & Unfair Pricing
Mr. Deepak Parekh, Chairman, HDFC Ltd said that the long term sustainability of an organization depends on organization's culture, values and ethics. He said, "Many consumers still remain victims to unscrupulous and exploitative practices which could manifest in various forms such as mis-selling of products, food adulteration, unfair pricing etc., speaking at 25th Jamnalal Bajaj Awards for Fair Business Practices recently.
In view of rapid growth of consumption, a new consumer economy has emerged and the companies need to raise the bar by adopting better business practices through self regulation. This is essential as the Internet has emerged as a large platform for consumer to check on the products and companies and the information is available at finger tip. The Right to Information has also become an enabler to serve the consumer.
Parekh hoped that the worse for the country's economy is over and said that the fundamentals of the economy, especially the confidence among the consumers, are intact.
On the occasion, he gave away the awards to various winners including MSPL Limited, one of India's largest iron ore mining companies. The award has been instituted by the Council for Fair Business Practices, Mumbai. MSPL bagged the award under Large Manufacturing Enterprise category and has won this award for the second time.
Accepting the award, Mr. Narendrakumar A. Baldota, Chairman & Managing Director, MSPL Limited said, "We are extremely delighted with this coveted recognition for our strong commitment to ethics and corporate social responsibility initiatives. MSPL has been engaged in legal mining since 1962. Even in the recent adverse situation, the company did not compromise on its cherished values. It did not join hands with any clandestine arrangements and did not become party to illegal mining. The company did not lay off even a single worker till January 2013. We went on becoming enlightened with courage and the negative situation made us determined and resolute. This industry recognition has inspired and energized us. This is befitting reward for the courage displayed".
The Council for Fair Business Practices (CFBP) instituted Jamnalal Bajaj Award for Fair Business Practices in 1966. The awards are judged on the basis of customer satisfaction, employee motivation, environment protection and corporate social responsibility, among others. CFBP represents a body of like-minded businessmen in business and professionals, wanting to promote consumer confidence in business and services by adhering to highest possible ethical standards.
About MSPL Limited: MSPL Limited, a flagship Company of Baldota Group of Companies, is one of India's leading iron ore mining companies and holds the distinction of being one of the country's largest producers of wind power. It is also active in Industrial Gases, Shipping, Steel, Chemicals, Diamond and Gold Mining. For additional information; visit our website: www.mspllimited.com
To view the photograph, please click on the link given below:
Mr.Narendrakumar A. Baldota, (third from left) Chairman & Managing Director, MSPL Limited and is presented with CFBP Jamnalal Bajaj Award for Fair Business Practices for 2012 by Mr. Deepak Parekh, Chairman, HDFC Ltd, at a function held in Mumbai.
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Mr.Narendrakumar A. Baldota, (third from left) Chairman & Managing Director, MSPL Limited and is presented with CFBP Jamnalal Bajaj Award for Fair Business Practices for 2012 by Mr. Deepak Parekh, Chairman, HDFC Ltd, at a function held in Mumbai.
CONTACT DETAILS
Mr. C.S. Madhu Manjunatha, General Manager - Corporate Communications, +91 9900066261, madhu.cs@mspllimited.com
KEYWORDS
CONSUMER, PEOPLE, SOCIAL, BUSINESS SERVICES, CHEMICALS, COMMODITIES, ENERGY, HEAVY INDUSTRIES, GROUPS, MINING, TECHNOLOGY
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