Corruption in education: Teachers education council asks staff to declare income and assets

National Council for Teacher Education

To curb corruption and bring in greater transparency, the National Council for Teacher Education (NCTE) has asked all its employees to furnish details of their income and assets including property that will be put up on its website.

According to sources, the council has over a period of time received a number of complaints regarding corruption and the move is aimed at checking that.

“All the employees have been asked to provide details of their incomes, vehicles, property and its present market price. Data for three years has been sought from them so that it can be compared with the previous years,” said a senior NCTE official.

The council is responsible for providing recognition to B.Ed colleges and teacher training institutes. There are 11474 such institutes in the country. In the past, NCTE has been accused to processing applications for recognition out of turn. At the same time, a number of inspecting teams had members of questionable credibility and in some cases affiliation was granted even to non-existent colleges.

Once the data of assets is complete it will be put on the NCTE’s website and the figures provided by the employees will also be monitored and compared to their income levels, sources further said.

“Generally too they are supposed to furnish such data but many people don’t do it despite reminders. But this time we have decided to put it on the website so that it is in public view,” added the official.

In case there are cases that look suspicious they will be put on a watch list and will be monitored closely. Employees at all levels including deputy secretary, under secretary, section officers among others have been asked to provide information.

The issue of corruption in NCTE has been raised in the Parliament too, in the past. In 2015, the then HRD minister Smriti Irani had informed the Lok Sabha that after reconstitution of the NCTE in May 2013, a vigilance wing was established in NCTE headed by Chief Vigilance Officer to look after the vigilance cases against the officers/officials of NCTE and in its Regional Offices.

“The Vigilance branch takes necessary measures in the cases of irregularities that come to their notice. In order to ensure transparency in the functioning of the NCTE, several steps have been initiated such as the online submission of applications for grant of recognition, on-line payment of fees and processing of applications in chronological order, etc”.




Yahoo Studies Bids for Assets as Losses Mount

Yahoo Studies Bids for Assets as Losses Mount

Yahoo offered no definitive word Monday on bids for the key assets of the faded Internet star, as it reported widening losses in the past quarter.

In its quarterly earnings update, Yahoo made no comment on the results of the widely reported bidding efforts for its core Internet operations.

Chief executive Marissa Mayer said in the earnings webcast that “we have no announcement today” on the bidding, but noted that “we are deep into the process of evaluating all the proposals.”

Some media reports said the deadline for bids was Monday and that Yahoo would decide soon on its course of action.

The earnings report, which according to some analysts may be the last for Yahoo under its current structure, showed its loss in the second quarter widened to $440 million from $22 million a year earlier.

Revenue rose slightly to $1.3 billion from $1.24 billion a year earlier, the company said.

The results reflected its “lowest cost structure and headcount in a decade,” Mayer said in a statement.

“We continue to make solid progress against our 2016 plan. Through disciplined expense management and focused execution, we delivered Q2 results that met guidance across the board and in some areas exceeded it.”

Maximizing value
Mayer said that even with a bidding process ongoing, she is hoping to revive growth in key areas and cut costs, saying “it is important to maximize the value of Yahoo in any scenario.”

She said this effort involves “simplifying the business and efficiently aligning our resources.”

But Yahoo’s future is far from certain, amid intense speculation about efforts to sell its main assets.

The company has been pursuing its strategic review amid pressure from shareholders to salvage what is left of a company that was once a leader in the online space but has been overtaken by Google and Facebook.

In April, Yahoo averted a proxy battle for control of the company with a compromise Wednesday that added four new board members, including a hedge fund chief who has been critical of management.

The deal was reached with Starboard Value, which had launched a bid to replace the entire board of the Internet giant.

Yahoo has not commented on any specific bidders for the core business, but much of the speculation centres around Verizon, the telecom giant which recently acquired another faded Internet star, AOL.

Another likely bidder is Quicken Loans founder Dan Gilbert, backed by billionaire Warren Buffett.

In February, Yahoo said it was cutting 15 percent of its workforce and narrowing its focus as it explored alternatives.

Mayer has simultaneously been working to revive growth and made priorities of what she refers to as “Mavens” – mobile, video, native advertising and social media.

But according to the research firm eMarketer, Yahoo will earn just 1.5 percent of net digital ad revenues worldwide this year, down from 2.1 percent in 2015.

The company is not only losing share of the market, but is also raking in fewer ad dollars in absolute terms, according to the research firm.

BGC analyst Colin Gillis said in a research note last week that Yahoo’s core assets would be sold for relatively little.

“We expect any offer in the range of $5-plus billion should be accepted by the Yahoo board to bring the process to a close,” he said.

“Yahoo is over in our eyes.”

Tags: Apps, Internet, Marissa Mayer, Sale, Tumblr, Yahoo

Equity Mutual Funds’ Assets Hit 5-Month Low

Equity Mutual Funds' Assets Hit 5-Month LowAsset base of equity mutual funds declined to Rs 3.45 lakh crore, its lowest level in five months, at the end of January due to weak inflows in such schemes. Prior to this decline, asset base of equity MFs has been continuously rising since August last year.

Market experts attributed the slump in assets under management (AUM) to sluggish inflow in equity and equity linked schemes.

Equity mutual funds witnessed an inflow worth just Rs 2,914 crore, the lowest level in the last 20 months, due to sluggish stock markets and appreciation in gold prices. However, equity MFs saw an average monthly inflow of Rs 7,550 crore in 2015.

The industry’s equity AUM dropped from Rs 3.64 lakh crore in December to Rs 3.45 lakh crore in January this year, according to Association of Mutual Funds in India (AMFI). This was the lowest since August, when the assets base of equity mutual funds stood at Rs 3.43 lakh crore.

Asset base of equity MFs was at Rs 3.62 lakh crore and Rs 3.56 lakh crore and Rs 3.47 lakh crore in November, October and September, respectively. It stood at Rs 3.52 lakh crore in July.

Despite moderation in inflows, local MFs continued to be biggest institutional investors in January. MFs made a net investment of $1.1 billion in stock markets during the period under review.

However, market experts believe that if the moderation in inflow persists, domestic MFs may not remain biggest institutional buyer of Indian equities in the near term.

Meanwhile, the 30-share benchmark index Sensex plunged by nearly 5 per cent last month.

Mutual fund is an investment vehicle with a pool of funds collected from investors to buy securities such as stocks, bonds, money market instruments and similar assets.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)