Discuss the importance of partnerships in a child care...

Course Title: Early Years Foundation Level 4 Assignment Number: Assignment 5 - Discuss the importance of partnerships in a child care setting and how these might be developed and maintained for the benefit of the children. Word Count: A practitioners job is not only to ensure the safety of the children and to plan structured day to day activities but also to ensure that various partnerships and created within the child care setting. Professional relationships are absolutely vital to the smooth running of an early years setting. Early Years Foundation Level 4, Unit 5 (Respecting each other) - Professional relationships page 69. Depending on the child care environment practitioners can work with one or†¦show more content†¦Incorporating a childs ideas help build a partnership, loyalty and trust between them and the practitioner. By involving the children in all stages of planning you will ensure that they feel valued, that their opinions and ideas are relevant and, most importantly, you will ensure that the activities you provide are meaningful and interesting to the children. Early Years Foundation Level 4 - Unit 10 (Supporting every child) - Working together page 127. A practitioner will try and create a secure attatchment between them and the children. Even with all the observation no-one will know a child better than their own parents. Creating a bond with parents is essential upon the first meeting. If a practitioner creates a relationship with a childs parents it can portray a sense of trust to the child. If parents have a positive attitude towards the practitioner, assistants and the child care setting this can only be a positive for the child to observe and therefore for the child to possibly mirror. A secure attatchment is essential in any child care setting however a practitioner needs to be able to reassure parents/carers that although their child may have a secure attatchment to a member in the class or have a key person. Their childShow MoreRelatedEymp 12718 Words   |  11 PagesAssessment task – EYMP1 Context and principles for early years provision Task 1 links to learning outcome 1, assessment criteria 1.1, 1.2, 1.3, 3.1, 3.2, 3.3 and 3.4. Scenario: A childcare setting is preparing for their annual self evaluation activity to ensure that it complies with the requirements of the Early Years Framework. You have been asked to prepare the following evidence for your manager: * an explanation of the legal status and principles of the relevant Early Years Framework andRead MoreUnit 8: Caring for Children Essay example11312 Words   |  46 Pagesabout keeping children safe and happy; it is about helping them develop to meet their full potential. It is essential that practitioners are able to observe and assess the childrens progress to inform plans and report back to parents and other professionals. (archive.excellencegateway.org.uk - 28/11/12 Appendix 1) As a childcare practitioner it is important to have an understanding of child development and have the appropriate training in order to meet the individual needs of the children. By understandingRead MoreTDA 3.2 organisation in schools Essay3183 Words   |  13 PagesCommunication and professional relationships with children, young people and adults Knowledge skill 3 2 2 A/601/3326 TDA 3.2 Schools as organisations Knowledge 3 3 3 F/601/4073 TDA 3.3 Support learning activities Knowledge skill 3 4 4 A/601/4069 TDA 3.4 Promote children and young people’s positive behaviour Knowledge skill 3 3 5 H/601/4065 TDA 3.5 Develop professional relationships with children, young people and adults Knowledge skill Read MoreHealth: Sociology and Social Care9095 Words   |  37 PagesHNC/D Health and Social Care ------------------------------------------------- UNIT DIRECTORY Unit title: COMMUNICATING IN HEALTH AND SOCIAL CARE ORGANISATIONS Unit code: T/601/1560 Level: 4 Credit value: 15 ------------------------------------------------- AIMS The aim of this unit is to develop learners’ awareness of different forms of communication used in health and social care settings and its importance for effective service delivery. UNIT ABSTRACT Read MoreTda 3.2 Schools as Organisations Essay7652 Words   |  31 Pages6.1 and 6.3. Knowing how schools work as organisations would support your work in education. Provide evidence that shows you can: a) Summarise entitlement and provision for Early years education There are different types of childcare options available for 0-5 year olds, these include: †¢ Sure Start Children’s Centre: Working with parent’s right from the birth of their child, providing early years education for children, full day care, short-term care, health and family supportRead MoreLearning and Social Care Essay examples30870 Words   |  124 PagesCACHE Qualification Specification CACHE Level 3 Diploma for the Children and Young People’s Workforce (QCF) CACHE Level 3 Diploma for the Children and Young People’s Workforce (QCF) CACHE  © Copyright 2011 All rights reserved worldwide.    Reproduction by approved CACHE centres is permissible for internal use under the following conditions: CACHE has provided this Qualification Specification in Microsoft Word format to enable its Centres to use its content more flexibly within their ownRead MoreLeadership for Health and Social Care and Children65584 Words   |  263 PagesQUALIFICATION HANDBOOK Level 5 Diploma in Leadership for Health and Social Care and Children and Young People’s Services (England) (3978-51/52/53/54/55/56) December 2011 Version 2.1 (July 2011) Qualification at a glance Subject area City Guilds number Age group approved Entry requirements Assessment Fast track Level 5 Diploma in Leadership for Health and Social Care and Children and Young People’s Services (England) 3978 19+ There are no entry requirements Portfolio of Evidence, PracticalRead MoreEssay Developmental Psychology and Children43507 Words   |  175 Pagesfor the Early Years Foundation Stage May 2008 Setting the Standards for Learning, Development and Care for children from birth to five STATUTORY FRAMEWORK NON-STATUTORY GUIDANCE Practice Guidance for the Early Years Foundation Stage Contents Section 1 – Implementing the EYFS ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   ââ€"   Introduction Putting the Principles into practice General points on provision of the EYFS Meeting the diverse needs of children Partnership working Flexible provision Play Quality improvementRead MoreGuest Model of Hr4241 Words   |  17 Pageson achieving key business goals and developing employee capabilities. P1.2 - Compare the differences between storey’s definitions of HRM, Personnel and IR practices. Storey (1992) has established a theoretical model based on his perception of how organizations have  evolved from predominant personnel and IR practices to HRM practices as he called it ‘a model of the shift to human resource management. His model is  based on ideal types and thus there are  no organizations, which conform the pictureRead MoreChildcare: Education and Subject Code Essay43120 Words   |  173 PagesLearning Subject Code: 501/1719/1 ASCENTIS’ MISSION STATEMENT ‘Building Partnerships to Advance and Accredit Lifelong Learning for All.’ About Ascentis Ascentis was originally established in 1975 as OCNW a co-operative scheme between Universities and Colleges of Further Education. OCNW was the first „Open College‟ in the UK and served the needs of its members for over 34 years. Throughout this period, OCNW grew yet maintained its independence in order that it could continue to respond to the requirements

Income Distribution and Economic Growth in LDCs Essay

Income Distribution and Economic Growth in LDCs INTRODUCTION In recent years, one of the major concerns of economic development is the study of poverty, the income distribution and growth in the less developed countries (LDC’s) or Third World countries. Economists from all over the world have been doing researches and studies on how to induce a growth in those underdeveloped countries. However, countries differentiate in historical backgrounds, cultural believes and natural resources. As a result, the government would implement different strategies to attain a much fairer distribution of income among the society. The relationship between the income distribution and growth in the LDC’s is a significant factor that would affect†¦show more content†¦The major concern of the policies would be the approach to provide human basic needs (HBN) for each and every one of the people in the country. In nearly all of the LDC’s, majority of the people are living under absolute poverty. This means that they are not able to provide a standard level of living for themselves. Different policies to improve the income inequality and also procure an economic growth include land reform, redistribution of saving and investment, education for all, progressive taxation, public expenditures from tax revenues and birth control. Some people think that there existed a trade-off between growth and equity. They think that distributing income too equally would undermine incentives and thus lower everyones income. They believed that the rich needed special encouragement to save and invest more in order to cause a growth in the economy. Recent evidence suggests that this conventional wisdom is wrong. Many economies in Asia - Hong Kong, Indonesia, Malaysia, the Republic of Korea, Singapore, Taiwan (province of China) and Thailand - have had both rapid growth and relatively low inequality. â€Å"Between 1960 and 1993 the East Asian economies,Show MoreRelatedImportance of Human Capital in Economicdevelopment1858 Words   |  8 PagesROLE IN ECONOMIC DEVELOPMENT: 1. Introduction: The modern economists are of the view that natural resources i...e forest minerals, climate, water power etc. play in important role in the economic development of an country. A country which has abundant natural resources is in position to development more  rapidly than a country which is deficient in such resources. They here how ere emphasize that the presence of abundant resources is not a sufficient condition of economic growth. PhysicalRead MoreImportance of Human Capital in Economicdevelopment1851 Words   |  8 PagesIT’S ROLE IN ECONOMIC DEVELOPMENT: 1. Introduction: The modern economists are of the view that natural resources i...e forest minerals, climate, water power etc. play in important role in the economic development of an country. A country which has abundant natural resources is in position to development more  rapidly than a country which is deficient in such resources. They here how ere emphasize that the presence of abundant resources is not a sufficient condition of economic growth. Physical facturesRead MoreRural Urban Migration Is An Inevitable Component Of The Development Process1548 Words   |  7 Pagesthe absence of extensive industrialization, led to the emergence of illegal settlements and shanty towns, discuss the relationship between urbanization, poverty and development; and use a case study to illustrate the effects of rapid urbanization in LDC’s. Rural-urban migration occurs at varying rates in every country. This paper focuses on the process of rural-urban migration and its influence on urbanization in developing countries. It presents arguments in support of the proposal that rural-urbanRead More The Impacts ofTransnational Corporations on Less Developed Countries2517 Words   |  11 Pages The issue of the impacts transnational corporations have on less developed countries has been a controversial and much disputed subject within the field of economics and development studies. Researchers using various models such as the Rostow Development model, Harrod Domar model and the Neoclassical Theory Model, have studied these impacts and have tried to come to a conclusion to this issue. Researchers have also conducted many case studies in order to investigate in depth factors contributingRead MoreLimitations of the Hecksher Ohlin Theory2414 Words   |  10 Pages Influences of potential domestic market failure, such as labour market, fails to function properly, deviating from free trade can sometime help reduce the consequences of this malfunctioning Trade policy is dominated by considerations of income distribution, as policies are often determined by competition among political parties try to attract as many votes as possible, leading to the adoption of policies that may be beneficial for the voter, but not the country on a trading perspective. PotentialRead MoreDevelopment and Globalisation Essay7740 Words   |  31 Pagesand Globalisation Development A process of social and economic advancement in terms of the quality of human life. Development can involve can involve economic, demographic, social political and cultural changes. Development is a term that can be used in many different contexts whether it is social, economical, political etc. However generally development refers to an improvement in certain areas: †¢ Economic o An increase in the country’s economy with a shift fromRead MoreFinal Project on Mnc8557 Words   |  35 Pages THANKS TO ALL!!! Table of Contents Acknowledgement 4 International business 9 Definition 9 MULTInational COORPORATIONS 9 Definition 9 Introduction 10 History 10 Terminologies 12 Why business become multinational 13 Larger Market: 13 Growth and Expansion: 13 Optimization of Resources: 13 Co-operation Need To Compete: 13 Economies of Scale: 13 Stages of evOlution 14 1. Export Stage 14 2. Foreign Production Stage 14 DFI versus Licensing 14 Licensing 14 Direct Investment 14 3Read MoreGlobal Pharmaceutical Industry Analysis7049 Words   |  29 Pagesproducts, a result of which the market for ‘branded generics emerged. The top 10 firms and their particulars are provided in the table below. Rank 2008 Company Country Total Revenues(USD millions) Healthcare RD 2006(USD millions) Net income/ (loss) 2006(USD millions) Employees 2006 1 Novartis Switzerland 53,324 7,125 11,053 138,000 2 Pfizer USA 48,371 7,599 19,337 122,200 3 Bayer Germany 44,200 1,791 6,450 106,200 4 GlaxoSmithKline United Kingdom 42,813 6,373 10,135 106Read MoreCxc Mutipe Choice Questions13016 Words   |  53 PagesCXC SOCIAL STUDIES QUESTIONS MULTIPLE CHOICE The main reason for the origin of the Caribbean Community is: a) The need for economic cooperation b) The formation of Carifta c) The existence of one type of people d) The maintenance of the University of the West Indies. The first Heads of Government Conference was held in: a) August, 1962 b) May, 1961 c) July, 1963 d) July, 1974. The four countries that attended the first Heads of Government Conference were: a) Jamaica, Guyana, Grenada and

The Role Of Student s Role With The Employer Essay

- Student Role: Describe the student s role with the employer and how that role is directly related to enhancing the student s knowledge obtained through his or her qualifying STEM degree. Mr. Aly Tapily is working as a Material Data Analyst. Under the supervision of the MPR Control Manager he is tasked to provide manager services per assigned work by Industrial Engineering Manager and Supply Chain Manager. Aly’s primary function in this position is to analyze and monitor the quality of data from Engineering and Industrial documents during product manufacturing by analyzing data collected to find discrepancies. To successfully complete this task, he needs to have an ability to read and understand engineering drawings/schematics, a good understanding of electrical and mechanical components needing in production, and good statistical analysis skills. Aly is also responsible for extracting required data from the company’s database and ERP system or other systems used for Bill of Materials (BOM) and procurement. He then has to report findings in clear concise format to project managers for resolution. These duties among others, while working on the different projects, will help Aly’s knowledge of different engineering procedures taking during product manufacturing, process analysis and control, project management, database technology, data reporting skills, and statistical skills learned through his engineering degree. - Goals and Objectives: Describe how theShow MoreRelatedThe Role Of Student s Role With The Employee s Knowledge Obtained Through His Or Her Qualifying Stem Degree813 Words   |  4 Pages Student Role: Describe the student s role with the employer and how that role is directly related to enhancing the student s knowledge obtained through his or her qualifying STEM degree. Miss. Gayatri Gurusamy Muthupandian will work as an Electrical Engineer for Blumberg Grain LLC. Under the Supervision of Senior Engineer of the employer. She will work closely with clients, vendors, consultants and subcontractors to define requirements, as well as design, develop, test solutions and debug electricalRead MoreRecruitment And Retention Of Nontraditional Students1689 Words   |  7 PagesNontraditional Students The reality for career technical educators with regard to broadening representation of both men and women in nontraditional careers is that there needs to be a creative recruitment strategy designed that utilizes the enthusiasm and talents of successful role models (Lucci Jr., W., 2007). Effective recruitment and teaching practices can help educators create learning situations that are conducive for all students to learn, especially those nontraditional students in career clustersRead MoreUnit 301 Understanding Roles leaflet1158 Words   |  5 PagesUnderstanding Roles, Responsibilities and Relationships in Education and Training Unit 301 The areas covered within this leaflet are: The teaching role and responsibilities in education and training How the teaching/training role involves working with other professionals The boundaries between the teaching role and other professional roles including points of referral to meet the needs of learners The key aspects of legislation, regulatory requirements and codes of practice relevant to the roles and responsibilitiesRead MorePublic Goods, Private Goods : The American Struggle Over Educational Goals1575 Words   |  7 Pagesequality, which is meant to create good citizens and enable educational access to all. The second goal is social efficiency, which creates workers and is viewed by taxpayers and employers as a goal to prepare students for market roles. Lastly is the third goal of social mobility, where individual success for attractive market roles is the main purpose. This primary goal of education has been ever fluctuating. The argument of this essay is that social mobility has now triumphed over democratic equalityRead MoreTechnology And Its Impact On Technology1598 Words   |  7 Pagesin the classroom. Students prefer technology because they believe that it makes learning more interesting and fun, especially with the use of laptops and tablets. Subjects that students d eem challenging or more say boring can become more interesting with virtual lessons, like through a video. The world today is most dependent of technology so the use of technology prepares students for the future and sets them up for the increasing digital economy. It’s also a belief to students believe that technologyRead MoreGraduation Speech : School At Age 40981 Words   |  4 Pagestheir career path. It s never too late to return to the classroom, and there are many students who aren t what would be considered traditional. Potential students over 40 have different hurdles than those who are in their teens and twenties. Advantages Older students bring experience and knowledge into the classroom. They have goals and are committed to the completion of those goals. They re motivated, which can make them a role model for other students. Some employers will help with educationRead MoreNursing Is An Essential Aspect Of Living Essay1283 Words   |  6 Pages Nursing in Australia Lauren Wilborn University of Louisiana at Lafayette  Abstract Nursing is a very elaborative and essential role in the country of Australia. Their education consists of precise requirements and standards, which allows for their nurses to become one of the most recognized roles in healthcare. They uphold many titles ranging from general practice nurses to flight nurses, with specialized knowledge and education planning to provide for their population. However, they do face dissatisfactoryRead MorePublic Speaking Skills And 36 Essay1476 Words   |  6 Pagespublic speaking skills and 36% claimed they needed to bone up on their data analysis talents—that includes knowledge of programs like Excel, Tableau, Python, R, etc.† Summarily, this survey reveals that manager--individuals that play an influential role in the hiring process-- see recent college grads as significantly lacking in writing, public speaking, and data analysis skill. Recent college graduates are being seen as undesirable by employees because they are leaving university without a strongRead MoreBackground And Significance Of The Development Of Future Professionals1284 Words   |  6 Pagesbenefit the organization and the intern as well. The purpose of the implementation of an internship program within the selected organization is due to the lack of a formal process or structure for the intern when direct inquiries are made to the employer. The research throughout this endeavor will be conducted through the utilization of books, journals, and written surveys, and credible internet sources. Literature Review The National Association of Schools of Public Affairs and AdministrationRead MoreAnalysis Of Glatt V. Fox Searchlight Pictures Inc.1209 Words   |  5 Pagesequate to at least minimum wage for all hours worked. The following Case: Glatt v. Fox Searchlight Pictures Inc., will further explain the six-part test. On June 11 2013, a federal district judge in New York ruled that Fox Searchlight Pictures Inc. s broke Fair Labor Standards Act and New York Labor Law when it employed Eric Glatt and Alexander Footman as unpaid production interns on the film Black Swam. During the internship period, Glatt and Footman performed unrewarding tasks with no vocational

Activity-Based Costing Is It Still Relevant by William, Stratton, et Article

Essays on Activity-Based Costing: Is It Still Relevant by William, Stratton, et al Article The paper "Activity-Based Costing: Is It Still Relevant? by William, Stratton, et al" is a delightful example of an article on finance and accounting. The article talks about how the Activity-based Costing (ABC), which was developed to improve the accuracy of cost-profit measurement and decision support systems, was failing to provide desired results. The system has not been able to capture the complexity of most of the companies operations. Hence, they have stopped using it. A survey was therefore carried out by the Business Research and Analysis Survey Group (BRAG), to study the particular uses of the ABC method to find out whether it is still relevant or not (William, Denis and Raef 2).   Main Point: There are other organizations that apply the use of the ABC method and still achieve positive results. The main point in this research is to change the mindset of many managers and organizations about the ABC method and show that it is still relevant, worth committing time and resources in and provide desired results with better implementation. Points of Interest: Among the points of interest is that the results of this study refuted many assertions that portray ABC as an unsuccessful costing method that is being abandoned by many organizations and practitioners. The results also show that, out of 144 organizations that were involved in the survey, only 4 had used ABC and were no longer using it and only 22 knew about it and had never used it. The rest, 116 organizations had implemented ABC and were using it. It is, as a result, a point of interest as it disapproves of the fact that organizations are abandoning ABC. Why the article is important to the class: this article is a very important one to the class as it plays a part in informing us about the relevance of the ABC costing system and its implementation. At the same time, it informs us about other alternative methods that organizations can use and whether they use them as their first choices or alternative choices. The article, for this reason, gives us the opportunity to decide for ourselves, through the benefits and drawbacks of ABC, whether the method is relevant or not. A list of at least three points to discuss in class: Given an opportunity, I would wish to discuss some points in class and these points include: (a) The cost- and profit measurement method methods across the value chain, (b) ABC and the cost allocation, and (c) the Decision Support and the ABC method. I would discuss these points because, by discussing them and their benefits, we get to understand the relevance of the ABC costing method.

Business Law ADR and European Union Law

Questions: i) Evaluate the purpose of Alternative Dispute Resolution (ADR) and, with particular reference to the services provided by Acas, assess to what extent it is a successful means of resolving disputes outside the formal judicial process(ii) Explain why European Union law takes precedence over domestic law in the United Kingdom. Answers: 1. Alternative Dispute Resolution: Introduction: In present time alternative dispute resolution has become very much essential in the legal phenomena, especially for the commercial communities. Courts are overstrained in relation to the huge number of cases pending. Judicial system was the only way to get justice in ancient period even now days judicial system has the superiority for the purpose of providing justice but whilst settling any dispute among the parties to the dispute with their free consent, alternative dispute resolution comes into action. It is not possible for the court of laws to provide rapid speed remedy in every case, as the number of cases pending before the court is huge in quantity. The court proceedings are quite expensive in comparison as well as time consuming but if there is any alternative way of having settlement then it would be better and beneficiary for the persons who wants the dispute to be settled. In todays society alternative dispute resolution plays a remarkable part as to resolve the disputes in a rapid speed (Ware, 2001). Various modes of alternative dispute resolution: Implementation of alternative dispute resolution may be done in various ways; few of the important modes of alternative dispute resolution are as follows: Negotiation: The main thing depending upon which alternative dispute resolution can be soughed is negotiation from the part of both the parties. Negotiation is a way which puts the parties to the dispute under a common table for the purpose of resolving the dispute. In this way both the parties to the dispute by sacrificing a bit obtains a great success and they also avoids lengthy and expensive court procedures (Tracy, 2013). Conciliation: This is a process in which a third party appointed to resolve the dispute or each of the party to the dispute may appoint individual conciliators and a common third party conciliator in respect to the alternative resolution to solve the matter in dispute (Taylor, 2005). Mediation: It is a process of alternative dispute resolution, if the parties to the dispute could not come into a negotiated settlement then after a certain period of time they may appoint a mediator to solve the dispute, here both the parties have to agree that they shall be binding themselves by way of a written agreement, and they will admire and follow the decree made by the appointed mediator (Belavkin and Guta, 2008). Medola: Here, if the parties to a dispute has not came to a settlement by way of a mediator then the original mediator may approach the parties of the dispute with various negotiating options available to solve the dispute (Isaac and Macintyre, 2004). Intercession: In this procedure the dispute is to be submitted to the concern arbitral tribunal and the decree given by them in relation to settle the dispute shall binding all the concern parties of that dispute (Barnes, 2007). Diminutive trials: In this process both the parties shall get the opportunity to show their strengths and weaknesses, depending upon which the mediator shall come into the conclusion for the purpose of resolving the dispute (Isa Kamari, 2010). Quick disposal arbitration: In this process of arbitration the procedure is conducted in a minimum time with less cost. Benefits of alternative dispute resolution: In a system of alternative dispute resolution all the parties to the dispute are compelled under a roof of understanding for the purpose of resolving the dispute without causing damage to their good relation which had been present earlier then the arrival of the dispute (Singh, 2008). In alternative dispute resolution remedies are provided without any unnecessary expenses and in a very lesser cost. The probability of corruption in alternative dispute resolution is quite low, which eventually apprehended in some part of the judicial proceedings. Both the parties of a dispute comes in a decision in respect of resolving the dispute with their mutual consent by way of alternative dispute resolution, here the parties to the dispute are not apprehended of losing the case, as the final decision is taken with the consent of both the parties. In a judicial proceeding, litigants sometime feels inferiority even the Advocates feels quite a diminished position during trial but in a process of alternative dispute resolution nothing as such is noticeable as both the parties to the dispute conducts the procedure by virtue of their free consent. Alternative dispute resolution process provides justice in a lesser period of time in comparison to the traditional judicial proceedings, and late remedy is not permissible in this procedure known as alternative dispute resolution. Confidentiality of matters is maintained by the alternative dispute resolution system and it is not disclosed to the public in general. Alternative dispute resolution system makes sure the desirability of the parties in respect of the dispute especially when they move towards to the courts for justice. The system of alternative dispute resolution is very much flexible in nature and it free from customary as well as the ancient way of procedures which are very lengthy and costly as well. The basic requirement of alternative dispute resolution is good faith of all the concern parties to the dispute, and there is no scope of any mollified intentions from any of the parties to the dispute, but is noticeable in the mind of the litigants in quite a few times during the judicial procedure. Though the alternative dispute resolution differs from many aspects of the court proceedings, like quick remedy, easier procedure, cost effective, but the final and binding settlement decision is similar to a decree of the court of competent jurisdiction. The alternative dispute resolution system reduces the burdens of courts to a certain level by virtue of that probability for future progress enhances. Process of alternative dispute resolution system: By conciliation: In the phenomenon of the alternative dispute resolution, the term dispute does not signify an ordinary or general dispute. It signifies those disputes which are arose out of a legal relationship, whether contractual or not. Such as disputes between husband and wife in respect of their matrimonial relationship, or a relationship which are retired as of Hindus, who take marriage relationships as a social contract, the status of the relationship among the parties and the dispute thereof must legal in nature (Gersch and Gersch, 2003). Any dispute arose out of legal relationship regarding movable or immovable properties, intellectual properties, family issues, matrimonial disputes, breach of contracts, or specific performance of any contract or any kind of wrong which civil in nature as to a tort, may be resolved in either of the three ways: through court, through arbitration through conciliation By arbitration: Each party of the dispute shall have the equal opportunity in respect of the representation of their views regarding their points of arguments. They shall be treated equally and no biasness is admissible in the procedure. Parties to the dispute are entitled to make submissions in the course of the procedure, by virtue of their submission they agrees upon certain points towards the disposal of the dispute which shall bind the parties accordingly, and thereafter the decision which shall be taken in respect of that shall be the conclusive decision and bind all the parties to the dispute (Reed, Paulsson and Blackaby, 2004). Conclusion: After completing the above discussion an outlay can be drawn that alternative dispute resolution plays a very important role in respect of reducing the burdens of the courts. It is a recognized process and the decision shall have the binding force. It not only reduces the burdens of the courts but it helps the justice seekers to get easy, inexpensive, quicker and effective remedy. 2. European Union laws as to precedents: Introduction: In the United Kingdom all the laws framed in accordance with the rules of the union and that are the supreme legal provisions. All the contravening laws to the union laws are to be dominated and ignored by the adjudicators. In the United Kingdom there are three major sources of law, these are legislation, precedents and customs. Legislation means the statutory law enacted by the legislatures. Customary laws are those laws that are coming from a long period as a practice. And the most important and superior source of law is the precedential laws. These laws are also known as judge made laws (Parpworth and Pollard, 2006). European Union laws always have the supremacy over the other laws of the member states. It is a principal that signifies that all the laws that may make any conflict with relation to the union laws, such conflicting laws are to be ignored by the adjudicators. Union laws have the superior authority over the domestic laws of the country. Generally, in the judicial proceedings if any provision of the statute conflicts with another provision of any other statute then the court of law takes in consideration that provision of the statute, which is more appropriate and applicable for the matter in dispute pending before them. But if any laws make any contradiction with any of the provisions of the union laws then such a conflicting provision shall be set aside by the judicial authorities or it may be repealed too. Laws consistent with the union laws are the governing rules of the union it will always prevail in the controversial situations (Schomerus, 2009). In the judge made laws or the precedential laws the margin of error is very less as the adjudicators interpret each and every term of the statute in relation to its applicability to the matter pending before them. The judges take into consideration the basic intention behind the formation of the statute. In the case of Central London Property Trust Ltd v. High Trees House Ltd, the house of lords held that all the verdict made whilst deciding any matter in dispute the court of law indicates the observation that lead to such verdict and such an observation along with that verdict shall have the binding force of law to all the similar kind of cases with same cause of action as to the subsequent matters, and all the inferior courts are bound to follow the verdicts made by the higher courts upon any particular matter in dispute. This fact made the European Union law concern in relation to the adaptation of the precedents as the main source of law (Delfino, 2011). As opined by Berry, Hargreaves and Berry (2007), union laws have the upper hand not only because of the governing authorities of the provisions of union laws but it has immense amount of respect for the constitutions of all the member countries and the union laws does not violate any of the provisions of the constitutions of any country within the kingdom. As stated by Bowers (2013) along with 2.3 billion people of the world the citizen of United Kingdom are also governed by the rules of the common law system. Under the common law system the governing laws cannot be overlooked by any contravention made with any other law. Within United Kingdom, Union laws are the best and biggest example of common law system. In the case of R v Secretary of State for Transport, ex p Factortame Ltd, it was held by the House of Lords that the United Kingdom has the supremacy to disapply the regulations framed by the parliament if they are not consistent with the European Union laws. Lord Bridge stated that the parliament has voluntarily accepted the limitation of it sovereign powers. This rule has been passed by the jurisprudence before the parliament has enacted the European Communities Act 1972. Within the constitution of many members a separate provision is made regarding not enactment of any laws that may contravene any of the provisions of the union law. For instance, the Constitution of Ireland promotes union laws over the precedents. In this constitution it is mentioned that "No terms of this Constitution nullifies laws framed, acts completed or procedures approved by the State that are required by the responsibilities of association in relation to the European Union or to the Communities...." (Terpan, 2014). In the Tribunal Constitution of Poland it is mentioned that whilst the European Union Laws may dominate the statutes of the nation but it do not dominate the constitution of the country. If there is any conflict among the provisions of the constitution of Poland and the provisions of the union law then Poland shall make a sovereign decision in relation to solve the conflict by not violating either of the provisions of the Constitution of Poland and the conflicting European union laws (Zatschler, 2012). In the case of Costa v. ENEL, the court of law held that the commandment pestering from the accord, is a self-governing resource of law, might not, as of its exceptional and extraordinary quality, be conquered by domestic legal provisions, conversely, together with this, without being disadvantaged of its authentic character as laws connecting to community and excluding the legal establishment of the community itself has been put into query. As opined by Wiesbrock (2010), it was held by the highest courts of many member countries that the concept of union laws is quite definite and suitable for its application upon the entire European Union as well as upon the member countries. The provision of the union laws has been formed by taking in to account the laws of the member nations and there is no doubt that the union laws comprise enough respect towards the constitutions of the member countries. Even in the constitution of some of the member states it is mentioned that the union laws shall always have the advantage over the other laws except the constitution. The "common law system" is alegal procedurethat provides immense precedential credence to common law,in order that steady ideology is useful to parallel particulars yield similar ending.The corpse of earlier period common law fastens judges that create future conclusion, just like any supplementary law does, to make sure reliable treatment. In situations where the parties oppose on what the rule is, a common law court seems to earlier periodprecedentialverdict of pertinent courts (Connolly, 2010). If a comparable dispute has been determined in the past, the court is generallyboundto go after the analysis used in the former decision, this theory is known asstare decisis. If, on the other hand, the court discovers that the present dispute is primarily distinct from all earlier cases ("matter of first impression"), adjudicators have the power and responsibility to construct law by makingprecedent.After that, the fresh judgment becomes precedent, and will tie future courts (Cohen, 2009). Conclusion: After the above discussion it can be said that the laws framed in accordance with the union, has the supremacy over all the laws within the territory of the United Kingdom. Union laws may dominate any other law except the constitution of the member country rather the union laws have due respect towards the constitution of each member nation. Union laws are the governing laws and that cannot be avoided by the national court of laws and these laws will always remain on top. References Barnes, C. (2007).Bridging the gap. London: Conciliation Resources. Belavkin, V. and Guta, M. (2008).Quantum stochastics and information. Singapore: World Scientific Pub. Co. Berry, E., Hargreaves, S. and Berry, E. (2007).European Union law. Oxford [England]: Oxford University Press. Bowers, C. (2013).Forensic Testimony. Burlington: Elsevier Science. Bryson, W. and Dauchy, S. (2013).Ratio decidendi. Berlin: Duncker Humblot. Delfino, R. (2011). European Union legislation and actions.European Review of Contract Law, 7(4). Dauchy, S., Bryson, W. and Mirow, M. (2010).Ratio decidendi. Berlin: Duncker Humblot. Gelston, A. (2008).The Psalms in Christian worship. Norwich, UK: Hymns Ancient and Modern. Gersch, I. and Gersch, A. (2003).Resolving disagreement in special educational needs. London: RoutledgeFalmer. Hoffman, D. (2011).The impact of the UK Human Rights Act on private law. Cambridge, UK: Cambridge University Press. Isa Kamari, (2010).Intercession. Singapore: Marshall Cavendish Editions. Isaac, J. and Macintyre, S. (2004).The new province for law and order. Cambridge, UK: Cambridge University Press. New dementia scheme sets "dangerous precedent" in the UK. (2014).PharmacoEconomics Outcomes News, 716(1), pp.6-6. Nikolic, D. (2009). Elements of judge-made law in Serbia and European Union.Zb. Matice srp. dru?. nauke, (126), pp.7-40. Parpworth, N. and Pollard, D. (2006).Constitutional and administrative law. Oxford: Oxford University Press. Reed, L., Paulsson, J. and Blackaby, N. (2004).Guide to ICSID arbitration. The Hague: Kluwer Law International. Schomerus, T. (2009). European Union Law by Alina Kaczorowska.Modern Law Review, 72(3), pp.517-518. Singh, J. (2008).Negotiation and the global information economy. Cambridge, UK: Cambridge University Press. Taylor, M. (2005).Negotiation. Oxford, UK: Oxford University Press. Terpan, F. (2014). Soft Law in the European Union-The Changing Nature of EU Law.European Law Journal, 21(1), pp.68-96. Travis, M. (2014). Accommodating Intersexuality in European Union Anti-Discrimination Law.European Law Journal, 21(2), pp.180-199. Tracy, B. (2013).Negotiation. New York: American Management Association. Ware, S. (2001).Alternative dispute resolution. St. Paul, Minn.: West Group. Wiesbrock, A. (2010).Legal migration to the European Union. Leiden: Martinus Nijhoff Publishers.

Scam free essay sample

The Ketan Parekh Scam The Crash that Shook the Nation The 176-point1 Sensex2 crash on March 1, 2001 came as a major shock for the Government of India, the stock markets and the investors alike. More so, as the Union budget tabled a day earlier had been acclaimed for its growth initiatives and had prompted a 177-point increase in the Sensex. This sudden crash in the stock markets prompted the Securities Exchange Board of India (SEBI) to launch immediate investigations into the volatility of stock markets. SEBI also decided to inspect the books of several brokers who were suspected of triggering the crash. Meanwhile, the Reserve Bank of India (RBI) ordered some banks to furnish data related to their capital market exposure. This was after media reports appeared regarding a private sector bank3 having exceeded its prudential norms of capital exposure, thereby contributing to the stock market volatility. The panic run on the bourses continued and the Bombay Stock Exchange (BSE) President Anand Rathis (Rathi) resignation added to the downfall. Rathi had to resign following allegations that he had used some privileged information, which contributed to the crash. The scam shook the investors confidence in the overall functioning of the stock markets. By the end of March 2001, at least eight people were reported to have committed suicide and hundreds of investors were driven to the brink of bankruptcy. 1 A change of Re. 1 in the price of a share when one speaks of a share rising or falling by so many points. In stock market indices, however, a point is one unit of the composite weighted average on market capitalization of rupee values. 2 A stock market index indicating weighted average of 30 scripts, also known as the BSE Sensitive Index. The daily closing figure of this index broadly reflects the performance of the capital markets. 3 It was alleged that Global Trust Bank exceeded its Capital market exposure. The scam opened up the debate over banks funding capital market operations and lending funds against collateral security. It also raised questions about the validity of dual control of co-operative banks4. (Analysts pointed out that RBI was inspecting the accounts once in two years, which created ample scope for violation of rules. ) The first arrest in the scam was of the noted bull5, Ketan Parekh (KP), on March 30, 2001, by the Central Bureau of Investigation (CBI). Soon, reports abounded as to how KP had single handedly caused one of the biggest scams in the history of Indian financial markets. He was charged with defrauding Bank of India (BoI) of about $30 million among other charges. KPs arrest was followed by yet another panic run on the bourses and the Sensex fell by 147 points. By this time, the scam had become the talk of the nation, with intensive media coverage and unprecedented public outcry. The Man Who Triggered the Crash KP was a chartered accountant by profession and used to manage a family business, NH Securities started by his father. Known for maintaining a low profile, KPs only dubious claim to fame was in 1992, when he was accused in the stock exchange scam6. He was known as the Bombay Bull and had connections with 4 Co-operative banks are under the dual control of RBI and the Registrar of Co-operative Societies. The RBI regulates banking functions while the registrar looks after the managerial and administrative functions. 5 An investor who expects share prices to go up and hence buys them. 6 When the interest rates were freed in mid-1989, it made the price of both bonds and money more volatile, and increased the link between the securities and money markets. With price volatility and increased volumes, securities broking became a profitable activity. The rising volumes were funded by banks through bank receipts (BR is a document issued by a bank acknowledging that it has sold certain government securities to a party and received payment). The scam came to light when RBI asked the SBI to show the bank receipts, and it was found that Rs 6. 22 billion not been reconciled and was untraceable. The money involved in the scam was eventually ascertained to be well over Rs 30 billion. ovie stars, politicians and even leading international entrepreneurs like Australian media tycoon Kerry Packer, who partnered KP in KPV Ventures, a $250 million venture capital fund that invested mainly in new economy companies. Over the years, KP built a network of companies, mainly in Mumbai, involved in stock market operations. The rise of ICE (Information, Communications, and Entertainment) stocks all over the world in early 1999 led to a rise of the Indian stoc k markets as well. The dotcom boom7 contributed to the Bull Run8 led by an upward trend in the NASDAQ9. The companies in which KP held stakes included Amitabh Bachchan Corporation Limited (ABCL), Mukta Arts, Tips and Pritish Nandy Communications. He also had stakes in HFCL, Global Telesystems (Global), Zee Telefilms, Crest Communications, and PentaMedia Graphics KP selected these companies for investment with help from his research team, which listed high growth companies with a small capital base. According to media reports, KP took advantage of low liquidity in these stocks, which eventually came to be known as the K-10 stocks. The shares were held through KPs company, Triumph International. In July 1999, he held around 1. million shares in Global. KP controlled around 16% of Globals floating stock, 25% of Aftek Infosys, and 15% each in Zee and HFCL. The buoyant stock markets from January to July 1999 helped the K-10 stocks increase in value substantially 7 The e-commerce revolution had led to a massive upsurge in the value of technology stocks across the globe, especially Internet v entures. This came to be known as the dotcom boom. 8 A bull run is an uptrend in the stock markets caused by the rise in the price of shares, sustained by buying pressure of actual investors or news of favorable economic growth, decontrol and political developments. The National Association of Securities Dealers Automated Quotation System (NASDAQ) is a US-based stock exchange, which comprises largely of technology stocks. Started in 1971, NASDAQ is the first screen-based, floor less trading system and the second largest stock market in the US. (Refer Exhibit I for BSE Index movements). HFCL soared by 57% while Global increased by 200%. As a result, brokers and fund managers started investing heavily in K-10 stocks. Mutual funds like Alliance Capital, ICICI Prudential Fund and UTI also invested in K-10 stocks, and saw their net asset value soaring. By January 2000, K-10 stocks regularly featured in the top five traded stocks in the exchanges (Refer Exhibit II for the price movements of K-10 stocks). HFCLs traded volumes shot up from 80,000 to 1,047,000 shares. Globals total traded value in the Sensex was Rs 51. 8 billion10. As such huge amounts of money were being pumped into the markets, it became tough for KP to control the movements of the scrips. Also, it was reported that the volumes got too big for him to handle. Analysts and regulators wondered how KP had managed to buy such large stakes. The Factors that Helped the Man According to market sources, though KP was a successful broker, he did not have the money to buy large stakes. According to a report11, 12 lakh shares of Global in July 1999 would have cost KP around Rs 200 million. The stake in Aftek Infosys would have cost him Rs 50 million, while the Zee and HFCL stakes would have cost Rs 250 million each. Analysts claimed that KP borrowed from various companies and banks for this purpose. His financing methods were fairly simple. He bought shares when they were trading at low prices and saw the prices go up in the bull market while continuously trading. When the price was high enough, he 10 11 In September 2002, Rs 48 equalled 1 US $. Businessworld, 16 April, 2001. pledged the shares with banks as collateral for funds. He also borrowed from companies like HFCL. This could not have been possible out without the involvement of banks. A small Ahmedabad-based bank, Madhavapura Mercantile Cooperative Bank (MMCB) was KPs main ally in the scam. KP and his associates started tapping the MMCB for funds in early 2000. In December 2000, when KP faced liquidity problems in settlements he used MMCB in two different ways. First was the pay order12 route, wherein KP issued cheques drawn on BoI to MMCB, against which MMCB issued pay orders. The pay orders were discounted at BoI. It was alleged that MMCB issued funds to KP without proper collateral security and even crossed its capital market exposure limits. As per a RBI inspection report, MMCBs loans to stock markets were around Rs 10 billion of which over Rs 8 billion were lent to KP and his firms. The second route was borrowing from a MMCB branch at Mandvi (Mumbai), where different companies owned by KP and his associates had accounts. KP used around 16 such accounts, either directly or through other broker firms, to obtain funds. Apart from direct borrowings by KP-owned finance companies, a few brokers were also believed to have taken loans on his behalf. It was alleged that Madhur Capital, a company run by Vinit Parikh, the son of MMCB Chairman Ramesh Parikh, had acted on behalf of KP to borrow funds. KP reportedly used his BoI accounts to discount 248 pay orders worth about Rs 24 billion between January and March 2001. BoIs losses eventually amounted to well above Rs 1. billion. 12 A bank issues a pay order after it is clear that the customers account has sufficient funds. The MMCB pay order issue hit several public sector banks very hard. These included big names such as the State Bank of India, Bank of India and the Punjab National Bank, all of whom lost huge amounts in the scam. It was also alleged that Global Trust Bank (GTB) issued loans to KP and its exposure to the capital markets was above the prescribed limits. According to media reports, KP and his associates held around 4-10% stake in the bank. There were also allegations that KP, with the support of GTBs former CMD Ramesh Gelli, rigged the prices of the GTB scrip for a favorable swap ratio13 before its proposed merger with UTI Bank. KPs modus operandi of raising funds by offering shares as collateral security to the banks worked well as long as the share prices were rising, but it reversed when the markets started crashing in March 2000. The crash, which was led by a fall in the NASDAQ, saw the K-10 stocks also declining. KP was asked to either pledge more shares as collateral or return some of the borrowed money. In either case, it put pressure on his financials. By April 2000, mutual funds substantially reduced their exposure in the K-10 stocks. In the next two months, while the Sensex declined by 23% and the NASDAQ by 35. 9%, the K-10 stocks declined by an alarming 67%. However, with improvements in the global technology stock markets, the K-10 stocks began picking up again in May 2000. HFCL nearly doubled from Rs 790 to Rs 1,353 by July 2000, while Global shot up to Rs 1,153. Aftek Infosys was also trading at above Rs 1000. In December 2000, the NASDAQ crashed again and technology stocks took the hardest beating ever in the US. Led by doubts regarding the future of technology stocks, prices started falling across the globe and mutual funds and brokers began 13 The merger was later cancelled. selling them. KP began to have liquidity problems and lost a lot of money during that period. It was alleged that bear hammering of KPs stocks eventually led to payment problems in the markets. The Calcutta Stock Exchanges (CSE) payment crisis was one of the biggest setbacks for KP. The CSE was critical for KPs operation due to three reasons. One, the lack of regulations and surveillance on the bourse allowed a highly illegal and volatile badla business (Refer Exhibit III). Two, the exchange had the third-highest volumes in the country after NSE and BSE. Three, CSE helped KP to cover his operations from his rivals in Mumbai. Brokers at CSE used to buy shares at KPs behest. Though officially the scrips were in the brokers names, unofficially KP held them. KP used to cover any losses that occurred due to price shortfall of the scrips and paid a 2. 5% weekly interest to the brokers. By February 2001, the scrips held by KPs brokers at CSE were reduced to an estimated Rs 6-7 billion from their initial worth of Rs 12 billion. The situation worsened as KPs badla payments of Rs 5-6 billion were not honored on time for the settlement and about 70 CSE brokers, including the top three brokers of the CSE (Dinesh Singhania, Sanjay Khemani and Ashok Podar) defaulted on their payments. By mid-March, the value of stocks held by CSE brokers went down further to around Rs 2. 5-3 billion. The CSE brokers started pressurizing KP for payments. KP again turned to MMCB to get loans. The outflow of funds from MMCB had increased considerably from January 2001. Also, while the earlier loans to KP were against proper collateral and with adequate documentation, it was alleged that this time KP was allowed to borrow without any security. By now, SEBI was implementing several measures to control the damage. An additional 10% deposit margin was imposed on outstanding net sales in the stock markets. Also, the limit for application of the additional volatility margins was lowered from 80% to 60%. To revive the markets, SEBI imposed restriction on short sales14 and ordered that the sale of shares had to be followed by deliveries. It suspended all the broker member directors of BSEs governing board. SEBI also banned trading by all stock exchange presidents, vice-presidents and treasurers. A historical decision to ban the badla system in the country was taken, effective from July 2001, and a rolling settlement system for 200 Group A shares 15 was introduced on the BSE. The System that Bred these Factors The small investors who lost their lifes savings felt that all parties in the functioning of the market were responsible for the scams. They opined that the broker-banker-promoter nexus, which was deemed to have the cceptance of the SEBI itself, was the main reason for the scams in the Indian stock markets. SEBIs measures were widely criticized as being reactive rather than proactive. The market regulator was blamed for being lax in handling the issue of unusual price movement and tremendous volatility in certain shares over an 18-month period prior to February 2001. Analysts also opined that SEBIs market intell igence was 14 Selling of shares without physically possessing them. Usually the speculator promises to deliver the shares in future anticipating a fall in prices. If the price falls, he buys the shares at the lower rate, and makes a profit on the difference. If prices rise, he buys the shares at the higher price, and sustains a loss. 15 Group A shares are otherwise known as specified shares. These companies have the best fundamentals and growth prospects. The trading interest in these shares is high and certain exchanges also offer the carry-forward facility, which enables speculative trading of these shares. Because of the high trading volumes, the spreads are low and it is possible to easily enter and exit from these shares. ery poor. Media reports commented that KPs arrest was also not due to the SEBIs timely action but the result of complaints by BoI. A market watcher said16 When prices moved up, SEBI watched these as normal market movements. It ignored the large positions built up by some operators. Worse, it asked no questions at all. It had to investigate these things, not as a regulatory body, but as deep-probing agency that could coor dinate with other agencies. Who will bear the loss its inefficiency has caused? An equally crucial question was raised by media regarding SEBIs ignorance of the existence of an unofficial market at the CSE. Interestingly enough, there were reports that the arrest was motivated by the governments efforts to diffuse the Tehelka controversy17. Many exchanges were not happy with the decision of banning the badla system as they felt it would rig the liquidity in the market. Analysts who opposed the ban argued that the ban on badla without a suitable alternative for all the scrips, which were being moved to rolling settlement, would rig the volatility in the markets. They argued that the lack of finances for all players in the market would enable the few persons who were able to get funds from the banking system including cooperative banks or promoters to have an undue influence on the markets. 16 17 Business India, April 16-29, 2001. In March 2001, a website, Tehelka. com exposed an alleged corruption racket in defense deals. Many leading politicians, bureaucrats and army personnel were caught on camera indulging in unethical practices. It led to a huge uproar in the media and public, eventually threatening the governments stability. It was alleged that KPs arrest was a ploy by vested interests to divert the nations attention off the Tehelka controversy. The People that the System Duped KP was released on bail in May 2001. The duped investors could do nothing knowing that the legal proceedings would drag on, perhaps for years. Observers opined that in spite of the corrective measures that were implemented, the KP scam had set back the Indian economy by at least a year. Reacting to the scam, all KP had to say was, I made mistakes. It was widely believed that more than a fraud, KP was an example of the rot that was within the Indian financial and regulatory systems. Analysts commented that if the regulatory authorities had been alert, the huge erosion in values could have been avoided or at least controlled. After all, Rs 2000 billion is definitely not a small amount – even for a whole nation. Questions for Discussion 1. Study the developments that led to the Ketan Parekh scam and comment on SEBIs actions after the scam was unearthed. 2. Comment on SEBIs decision to ban badla. What effect would this move have on the stock markets? 3. The Ketan Parekh scam was an example of the inherently weak financial and regulatory set up in India. Discuss the above statement, giving reasons to justify your stand.