Oswals crash land on alleged fraud in Oz

15/11/2011 0 Comments read Business and Trade

By Neena Bhandari

Sydney, 15.11.2011 (Business Standard): When industrialist Pankaj Oswal set out to build one of the largest fertiliser plants in the resource rich state of Western Australia, his stellar rise attracted admiration and envy, but today he stands accused of one of biggest corporate frauds in Australia after his Burrup Fertilisers Pty Ltd, a subsidiary of Burrup Holdings, went into receivership last December.

The ANZ Bank, which is trying to recover A$900m in loans, appointed PPB Advisory as the Receivers following ongoing court disputes between Pankaj, who was Burrup’s chairman and managing director, and Norway’s Yara International, a 35 per cent shareholder and customer of the ammonia plant; default events related to debt facilities which were established between 2002 and 2007; and evidence of financial irregularities.

Continue reading →

Qantas remains fogbound

31/10/2011 0 Comments read Business and Trade, Travel

By Neena Bhandari

Sydney, 30.10.2011 (Business Standard): Australia’s flagship carrier, Qantas’ entire fleet remains grounded affecting 68,000 passengers worldwide with the cancellation of 447 flights costing millions of dollars to the national economy.

A marathon two rounds of hearing before Fair Work Australia, which is considering the Federal Government’s application for termination or suspension of industrial dispute between Qantas and the Australian Licenced Engineers Union (ALAEA), the Transport Workers Union (TWU) and the Australian and International Pilots Union (AIPA), was far away from a resolution tonight.

Continue reading →

India-Oz tie-ups have tremendous possibilities: Shankar Vanavarayar, CII Young Indians

28/10/2011 0 Comments read Business and Trade

By Neena Bhandari

Sydney, 28.10.2011 (Business Standard): As executive director of Sri Sakthi Auto Motors Limited, Shankar Vanavarayar was recently in Australia (as part of a Confederation of Indian Industry delegation) to speak on education, knowledge and skills at the Commonwealth Business Forum in Perth. Also president of NIA Educational Institutions, he talked to Neena Bhandari on the significance of the Commonwealth for young entrepreneurs and the role they can play in strengthening India-Australia bilateral relations. Edited excerpts:

You attended a three-day Commonwealth Business Forum that focused on ‘Partnering for Global Growth: The Commonwealth, Indian Ocean and the Pacific Rim’. What does the Commonwealth mean for young entrepreneurs like you?

This is my third engagement with the Commonwealth as an organisation. We are working with them on different fronts. A few months ago, I was in London talking about youth and enterprise at a round-table. This is the first time I have spoken at such a large event. Despite this debate on the Commonwealth’s relevance today, I think it is a great forum which has so many emerging nations and some developed nations as its members. One could get the feel of different economies in this organisation. As an entrepreneur, I also feel it gives you an understanding on how developed and developing economies function; the regulations and opportunities that are emerging in different countries.

Continue reading →