MUMBAI, March 21, 2013 /PRNewswire/ --
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 the 25th Jamnalal Bajaj Awards for Fair Business Practices recently.
He said, "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 Act 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 (CFBP), 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 enter into any clandestine arrangements and did not become party to illegal mining. During a difficult period of three and half years till Jan. 2013, the company refrained from laying off even a single worker. The negative situation made us more determined and resolute. This is a befitting reward for the courage displayed and this award has inspired and energized us."
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
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SOURCE MSPL Limited (Baldota Group)