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<ul><li>The Companies Amendment Bill was approved by the Cabinet, said that any amount left unspent should be transferred to a special account called the ‘Unspent Corporate Social Responsibility Account’. </li><li>Government will be taking over the money they are asked to spend, and transferred to its own fund. </li><li>Indian companies are known to spend as much as ₹15,000 crore<a href="https://www.livemint.com/companies/news/companies-will-have-to-pay-unused-csr-money-into-state-corpus/amp-1563381925491.html?__twitter_impression=true"> annually on</a> corporate social responsibility. </li></ul> It is common for most companies to miss out on fulfilling the government mandate to spend a certain amount of funds on social activities. And, soon government will be taking over the money they are asked to spend, and transfer to its own fund, as per the amendments to the <keyword id="1850989" type="PERSON" weightage="20" keywordseo="Companies-Act-2013">Companies Act 2013</keyword>, approved by the Cabinet. Most companies, <a href="https://thewire.in/business/one-in-three-bse-100-firms-falls-short-in-mandatory-csr-spending">including publicly listed </a>companies take the 2013 mandate of the government casually. As per the norm, companies with a net profit of over ₹5 crore or revenues of ₹1,000 crore or net worth of ₹500 crore; should spend 2% on their profits on corporate social responsibility (CSR). Six years on, few companies take it seriously though most top companies like Reliance Industries, L&amp;T and all public sector companies do take the efforts to ensure money flows to the right causes. Those who spend regularly tend to focus on education, rural development and healthcare. The Companies Bill amendments say that any amount left unspent should be transferred to a special account called the ‘Unspent Corporate Social Responsibility Account’. “Such amount shall be spent by the company in pursuance of its Corporate Social Responsibility Policy within a period of three financial years from the date of such transfer,” the draft amendment said. Indian companies are known to spend as much as ₹15,000 crore<a href="https://www.livemint.com/companies/news/companies-will-have-to-pay-unused-csr-money-into-state-corpus/amp-1563381925491.html?__twitter_impression=true"> annually on</a> corporate social responsibility.

Indian companies will have to hand over the unspent money in the social responsibility fund to the government

What does Elon Musk do all day?That may seem like a simple question: He works. Musk is the CEO of three companies: SpaceX, Tesla, and, of course, Twitter. He also is involved in numerous other projects including The Boring Company and Neuralink, both of which he founded, and until June he <a href="https://www.businessinsider.com/elon-musk-endeavor-board-ipo-tesla-ari-emanuel-wme-public-2021-4">served on the board of directors</a> for the media company Endeavor, which owns the Ultimate Fighting Championship. To balance all of these tasks, Musk claims that <a href="https://observer.com/2022/11/elon-musk-twitter-acquisition-workh-schedule/">he is working 120 hours a week</a> and that his grueling routine is: "Go to sleep, I wake up, work, go to sleep, work, do that seven days a week." But all of this prompts the question: What does he actually do all day?It's clear based on multiple reports that Musk is doing something — even if it is mostly <a href="https://www.businessinsider.com/musk-said-comedy-now-legal-twitter-jokes-getting-users-suspended-2022-11">tweeting random thoughts</a>, hounding his reports for <a href="https://www.businessinsider.com/elon-musk-twitter-staff-expect-80-hour-work-weeks-report-2022-11">features that actively degrade</a> the <a href="https://www.businessinsider.com/twitter-sent-musk-risks-paid-verification-before-launch-2022-11">quality of Twitter's core product</a>, or <a href="https://www.nytimes.com/2022/11/15/technology/elon-musk-twitter-fired-criticism.html">firing employees who criticize him</a>. Less clear is how much value Musk actually adds to the companies he oversees — he's even driven away other executives who <a href="https://www.businessinsider.com/elon-musk-twitter-executives-fired-quit-takeover-agrawal-segal-edgett-2022-11" target="_blank" rel="noopener">were more directly managing</a> his <a href="https://www.wsj.com/articles/elon-musk-made-an-unusual-request-in-fallout-with-a-top-lieutenant-11668140888" target="_blank" rel="noopener">companies' end products</a>. But like many CEOs, <a href="https://www.businessinsider.com/elon-musk-tesla-pay-package-compensation-salary-lawsuit-court-battle-2022-11">he's accumulated a huge fortune</a> by juggling several companies and directorships at once. But with so many roles and no one to answer to, Musk could say he works 24 hours a day — it would be nearly impossible to disprove him.While Musk may be an extreme case, he's also the perfect example of the modern CEO: a chaotic blend of unproductive micromanagement and highly paid absenteeism. Being the "chief executive" is meant to be the highest position in the organization — the person who is ultimately responsible for everything in the company — and yet the modern executive is someone who deliberately takes on multiple roles, directorships, book deals, and speaking arrangements. As the executive of <a href="http://www.ezpr.com">a boutique tech public-relations firm</a>, I am tired of the chief hypocrisy officers who claim that people "aren't working hard enough" as they reap the benefits of multiple jobs and roles. Instead of seeing the role of a chief executive as one ultimately responsible for the successes and failures of a company, it has become a personality-driven stepping stone to elevate the brand and likeness of one well-paid individual.<h2>What is a CEO supposed to do?</h2>A great CEO is one who is able to stand for the company's values and execute "big picture" ideas, but also someone who actually contributes to the company on a meaningful level. The idea of a CEO first <a href="https://www.oed.com/view/Entry/25677#eid11180798">popped up in the early 1910s</a>, and many of the <a href="https://insigniam.com/a-short-history-of-the-ceo-role/">first chief executives were directly involved</a> in the nitty-gritty of their companies: pay bands, employee hours, and specific product processes. As companies got larger, the role of the CEO became a little more macro-oriented — bigger strategic and deal-making calls rather than day-to-day operations — but ultimately responsible (and held accountable) for the end result. CEOs continued to generally work their way up into the position and stay enmeshed in the culture, while keeping a broader eye across various levels of product and management. But by the 1970s and 1980s, a <a href="https://hbr.org/2002/09/the-curse-of-the-superstar-ceo">crop of "superstar" CEOs transformed the job again</a>. Instead of having their value tied to direct performance of the company — the quality of the products, the happiness of the employees, the value they created — modern CEOs began to be defined only by their ability to keep the stock price afloat and investors happy. They became the public face of the firm, signed book deals, did interviews, and spent less time focusing on their company's product. Not coincidentally, this is also <a href="https://www.businessinsider.com/top-ceos-make-399-times-more-than-workers-2022-10">when CEO pay started to drastically diverge</a> from that of the average employee.But studies have shown that the growth of the CEO as a public face and detached manager rather than a deep part of the organization is actually <a href="https://www.jstor.org/stable/40506267">a negative for the value of the company</a> — and it's not surprising given how far removed many CEOs have gotten from the purpose of their roles.A good CEO does have a lot of roles — they are a sales representative, a recruiter, a fundraiser, and a morale booster — but they are all in service of the company's goals rather than their own pay package. They're able to balance hands-on management with clear delegation that makes subordinates confident the CEO understands the task and why the deputy in question is the right person to execute it. Their value is based on morale, customer satisfaction, funding, and execution, rather than their own status and income.<h2>What does a CEO actually do?</h2>Nowadays corporate CEOs do less of this actual value driving and instead spend most of their day vaguely fluttering between meetings and dashing out inspirational tweets. A <a href="https://www.cnbc.com/2018/06/20/harvard-study-what-ceos-do-all-day.html">study by researchers at Harvard</a> tracked some of these top executives during their daily routines in an attempt to break down "what a CEO really does all day." And while the study grouped each activity into impressive-sounding categories like "people and relationships" and "business unit reviews," looking under the hood there wasn't a whole lot going on. The study and others like it are supposed to glorify an executive class that rarely has to justify its existence, benefitting operators — people who are "doing a lot of stuff" without being evaluated for it — and <a href="https://www.cnbc.com/2022/04/06/people-spend-more-than-half-of-the-day-on-busy-work-says-asana-survey.html">glorifying the idea of busywork</a> over execution. The most obvious example of this is that executives spend 72% of their day in "meetings" with no evaluation of what these meetings are or whom they benefit. In fact, the CEOs in the Harvard study even acknowledged that most of their meetings could be half the time and that these gatherings were taking up overlong chunks of their day.In the extreme, some CEOs like Musk have taken on the management of multiple large companies. <a href="https://www.businessinsider.com/how-jack-dorsey-manages-his-time-as-ceo-of-both-twitter-and-square-2017-12">Jack Dorsey famously ran both</a> Twitter and Square on an iPad. Before being charged with fraud in Japan, <a href="https://www.barrons.com/articles/how-some-ceos-successfully-run-more-than-one-company-1533933055">Carlos Ghosn ran</a> two massive auto manufacturers: Renault and Nissan. Even <a href="https://www.barrons.com/articles/how-some-ceos-successfully-run-more-than-one-company-1533933055">Steve Jobs ran Apple and Pixar</a> at the same time. If executives have the time to do two "full time" roles, then either they are failing to contribute enough to the roles they're participating in or their roles aren't onerous enough to require one's full attention. And yet they receive <a href="https://www.cambridge.org/core/journals/business-ethics-quarterly/article/abs/do-ceos-get-paid-too-much/3122BDF9425117FF4FAC87BEDDE1C6F0">an outsize amount of pay</a> based on their <a href="https://www.nytimes.com/2012/09/23/business/ceos-and-the-pay-em-or-lose-em-myth-fair-game.html">perceived market power</a> rather than the true value added.In theory, the company's board of directors is supposed to rein in the CEO, acting as an independent accountability mechanism to make sure the best interests of workers, shareholders, and customers are taken into account. But in reality, many of these boards have <a href="https://hbr.org/2016/05/boards-arent-the-right-way-to-monitor-companies">conflicts of interests</a> and <a href="https://hbr.org/2015/01/where-boards-fall-short">little actual connection to the underlying businesses</a> they're supposed to be overseeing. A <a href="https://hbr.org/2015/01/where-boards-fall-short">2013 survey by the consulting firm McKinsey found</a> that just 16% of board members said they had a working understanding of the company's industry and another 2014 survey found that a plurality of executives and even board members themselves cited the board of directors as the primary reason that businesses were focused on short-term results instead of real growth. And yet, many of these same board members are CEOs of other firms and rack up sizable paychecks <a href="https://www.epi.org/publication/reining-in-ceo-compensation-and-curbing-the-rise-of-inequality/">rubber stamping their executive brethren's decisions</a>. Take, for instance, the board of directors at Tesla, which is embroiled in a shareholder lawsuit over a pay package set up for Musk in 2018 that ended up being worth roughly $56 billion. Two of the longtime board members <a href="https://www.nytimes.com/2022/11/16/business/elon-musk-tesla-pay-trial.html">who helped approve the package</a> — James Murdoch, the former CEO of 21st Century Fox, and Antonio Gracias, the CEO of the investment firm Valor Equity Partners — said that they were longtime friends and had taken family vacations with Musk. Another board member, Ira Ehrenpreis, who was in charge of the compensation committee that determined the pay package, <a href="https://www.reuters.com/legal/elon-musk-trial-opens-decide-fate-his-56-bln-tesla-pay-2022-11-14/">said</a>: "We never had the kind of relationship with Elon where he was punching the clock."<h2>One job for thee, many for me</h2>But there's nowhere that more clearly shows the distorted reality of the modern CEO than the hypocrisy of how they are treated compared with the frontline worker.Take the ginned-up <a href="https://www.businessinsider.com/ceo-viral-linkedin-post-engineers-working-two-jobs-overemployment-theft-2022-10">"overemployment" controversy</a>: a fake scare campaign around people having "<a href="https://www.businessinsider.com/millennial-works-two-remote-jobs-great-resignation-inflation-rent-tuition-2022-6">two jobs while working remote</a>." The most viral of these complaints came from the CEO of a midsize tech company who fired two employees holding down multiple jobs. In a LinkedIn post about the firing he complained that people taking on two full-time roles was a scourge on businesses: "It's a new form of theft and deception, and not something in which an ethical, honest person would participate." While it's unclear exactly how many average people are "overemployed," many CEOs constantly juggle <a href="https://www.forbes.com/sites/jackkelly/2022/10/17/is-it-hypocritical-for-ceos-to-hold-multiple-roles-while-white-collar-workers-cannot/?sh=4ddc76b43ca5">businesses</a>, <a href="https://www.visualcapitalist.com/50-largest-u-s-companies-board-members/">board seats</a>, and other ventures. And instead of facing criticism or termination, they're greeted as world conquerors and paid <a href="https://affiliate.insider.com?postID=637266b8c4cc6f55ea318daa&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fnews%2Fstory%2Fceos-earn-300x-more-than-staff-5916618%2F">more than 300 times</a> what their average employee makes.This hypocrisy also popped up as <a href="https://www.businessinsider.com/quiet-quitting-job-limits-companies-manager-employee-unpaid-work-2022-8">part of the "quiet quitting" meme</a>. The guilt-trip around quiet quitting focused on someone doing "the bare minimum to get by," but that accurately describes many CEOs. Executives are extremely quick to judge and enumerate the work of those below them, but it's fair to say that the actual job expectations and deliverables of the chief executive <a href="https://www.gawker.com/the-myth-of-the-ceo-1557547904">are specious at best</a>.And even when executives do make strategic or product-based decisions, they often dodge significant consequences for their failures. The CEO of the online mortgage platform Better <a href="https://www.businessinsider.com/vishal-garg-finally-speaks-out-on-betters-infamous-zoom-layoffs-2022-9">drove the company into a terrible financial situation</a> and then <a href="https://www.businessinsider.com/better-ceo-vishal-garg-apology-memo-analysis-2021-12">fired 900 people in a Zoom call</a> (after referring to his employees in an email as a "<a href="https://www.forbes.com/sites/jackkelly/2021/12/08/bettercoms-ceo-called-workers-dumb-dolphins-three-executives-quit/">bunch of dumb dolphins</a>") yet remains on top there. Mark Zuckerberg's <a href="https://ez.substack.com/p/mark-zuckerberg-is-going-to-kill">unprofitable metaverse push</a> might wreck Facebook and was a big reason behind Meta's decision to <a href="https://www.businessinsider.com/facebook-layoffs-leave-employees-scrambling-for-answers-information-2022-11">slash 11,000 people's jobs</a>, and yet he will see no meaningful consequences. Even when a CEO offers a sincere apology for mass layoffs, as was <a href="https://www.businessinsider.com/stripe-layoff-memo-collison-twitter-fintech-2022-11">the case with the payments startup Stripe</a>, the failure to <a href="https://affiliate.insider.com?postID=637266b8c4cc6f55ea318daa&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fdont-blame-tech-workers-for-silicon-valleys-bloated-head-counts">properly scale the company is proof positive</a> that the CEO has failed in their most important responsibility. If an average worker failed to anticipate future needs of their team, mishandled company resources, and negatively affected the employment of their colleagues, they would summarily be fired, but for CEOs there is little accountability. This is the one thing these CEOs are supposed to be doing — making high-level decisions on the direction of the company — they're clearly failing.And when they do get involved in the nitty-gritty details, it's usually on some flight of fancy — like Zuckerberg's obsession with adding legs to his metaverse avatar or Elon Musk's fascination with what "verified" means. The irony is that despite the extremely visible ways in which executives get involved in these minor details, they betray a lack of understanding of the company, focusing on a single tree in a forest that's on fire.<h2>Make CEOs valuable again</h2>I am, however, not arguing that every executive is useless. Specifically within technology, there are a great deal of working technical executives who dedicate themselves to coding or closing significant partnerships, and I work with many of them every day. At my own company, I've always tried to work more than the people below me as a measure of respect. As CEO, I must lead by example and am ultimately responsible for the majority of the work. I have always seen the concept of having the company in my hands not as a power but as a responsibility that I must be aware of at all times because if I fail, everybody else does.The problem comes when companies become too large and the executives in question become too distanced from their product. <a href="https://ez.substack.com/p/elon-musk-doesnt-get-twitter-and">Elon Musk doesn't really "get" Twitter</a>: He uses it from the perspective of someone with over 100 million followers. The result is an executive who is focused on solving nonexistent problems to please nobody. Twitter, Tesla, and SpaceX would be better off with a CEO who has a clear vision for the respective products, active engagement with the creation of those products, and the willingness to collaborate with frontline employees to achieve those goals. And Musk isn't the only executive who would be better served focusing on one task.There are some signs that a return to a more responsible CEO could happen. For one thing, <a href="https://www.kornferry.com/insights/this-week-in-leadership/ceos-as-directors-maybe-not">more companies are restricting</a> the number of outside boards that their CEOs can serve on or barring them from doing so entirely. But there can be other steps too: Force the CEO to log how much time they are devoting to outside projects, <a href="https://www.wsj.com/articles/companies-shouldnt-be-accountable-only-to-shareholders-1534287687">appoint employees to the board</a> to directly weigh in on executive pay and performance, and demand that CEOs prove their value beyond cherry-picked share-price metrics.While it's tempting to fall for the alluring stories of the workaholic executive, one must question whether it's really possible to work that many hours and lead that many initiatives. It may seem impressive on the surface that someone can run a company, sit on outside boards, and also have several philanthropic efforts, but it's also fair to ask whether one person can contribute meaningfully to so many things at once. That's the core of what's truly missing from our modern executives: a deep, meaningful connection to the work and the employees who enrich them.<a href="https://www.businessinsider.com/author/ed-zitron">Ed Zitron</a> is the CEO of <a href="https://www.ezpr.com/">EZPR</a>, a national tech and business public-relations agency. He is also the author of the tech and culture newsletter <a href="https://ez.substack.com/">Where's Your Ed At</a>.Correction: November 17, 2022 — An earlier version of this story misspelled the name of Valor Equity Partners' CEO. He is Antonio Gracias, not Antonia Garcias.

Elon Musk runs 3 companies &mdash; and his executive juggling act is the perfect example of how the modern CEO job is broken

<keyword id="12044174" type="General" weightage="20" keywordseo="Shares-of-Dish-TV" source="Orion">Shares of Dish TV</keyword> India surged on Tuesday even after <keyword id="45660" type="General" weightage="20" keywordseo="YES-Bank" source="Orion">Yes Bank</keyword>, a significant shareholder in the company, has sought the removal of the company's directors including the Managing Director over alleged corporate misgovernance. The bank which holds 25.63 per cent stake in the company lender had sent a special notice dated September 3, 2021, to <keyword id="51758" type="General" weightage="20" keywordseo="Dish-TV" source="Orion">Dish TV</keyword>, demanding the removal of directors under <keyword id="12044175" type="General" weightage="20" keywordseo="Section-169" source="Orion">Section 169</keyword> of the <keyword id="6390099" type="General" weightage="20" keywordseo="Companies-Act" source="Orion">Companies Act</keyword>, 2013. Around 12 noon, shares of Dish TV India on the BSE stood at Rs 15.31, higher by Rs 1.53 or 11.10 per cent from its previous close. In a regulatory filing on Monday, the company said that it is further examining the special notices for such approvals as may be required including the steps to be taken to get the candidature of proposed new directors cleared from the Ministry of Information &amp; Broadcasting, as its prior approval is a mandatory requirement. It sought the removal of Rashmi Aggarwal, Shankar Aggarwal, Ashok Mathai Kurien and Bhagwan Das Narang as directors on the board. Further, it has also sought the ousting of Jawahar Lal Goel as the Managing Director of the company. Post his removal from the board, "Jawahar Lal Goel shall cease to be the Chairperson of the Company," Yes Bank said. The bank said that the present board of directors of the company has approved a rights issue process, pending objections raised with the Board by the Bank time and again, solely to dilute the shareholding of the Bank and to prejudice the interests of the bank which is the single largest shareholder of the company as of date. "The board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company being various banks and financial institutions holding about 45 per cent shareholding in the company," it said. The board is purportedly acting at the behest of certain minority shareholders holding merely 6 per cent of the shares in the company, Yes Bank said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/mx-takatak-instagram-josh-moj-and-snapchat-are-most-downloaded-social-and-entertainment-apps-in-india-as-per-app-annie/articleshow/86003516.cms">India accounts for the highest number of social app downloads globally: App Annie</a>

Dish TV shares surge despite shareholder YES Bank seek to oust board members

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> ranks lowest among non-OECD countries in terms of ‘<keyword id="6878450" type="UNKNOWN" weightage="20" keywordseo="little-or-no-enforcement">little or no enforcement</keyword>’ against <keyword id="6878449" type="UNKNOWN" weightage="20" keywordseo="exporting-corruption">exporting corruption</keyword>. </li><li>While India hasn’t conducted any investigations into foreign bribery, Indian entities have come under scrutiny from other governments. </li><li>While the Prevention of Corruption Act and the Companies Act 2013 to address corruption, there is no targeted legislation against foreign bribery.</li></ul>A report by <keyword id="72551" type="ORGANIZATION" weightage="20" keywordseo="Transparency-International">Transparency International</keyword> Global found that India is a part of 22 countries with ‘little or no enforcement’ against <a href="https://www.transparency.org/whatwedo/publication/exporting_corruption_2018">exporting corruption</a>. The <a href="https://www.transparency.org/news/feature/exporting-corruption-2018">report specifically mentions</a> China, Hong Kong, India and Singapore as countries with the worst performance on the index. This is particularly worrisome since cumulatively these countries account for over 2% of world exports. Data dive The report shows how over the period of 2014 to 2017, there have been no foreign bribery cases filed or investigations conducted. That being said, the report also highlights that while the Indian government may not have been vigilant, Indian entities and individuals have been investigated by foreign governments in connection to alleged bribery charges. Even if there have been investigations conducted, it’s impossible to know because the authorities do not disclose any such information publically or on request. It’s also unclear whether there’s a dedicated system in place to collect data on foreign bribery within the Central Statistics Office (CSO). Ignoring policy Back in 2015, the Indian Law Commission did submit a report to the Indian government proposing changes to how foreign bribery cases are addressed. The draft bill included recommendations like including a prison sentence of up to seven years and higher sanctions. Come 2018, that bill has never made it to the parliament for a vote. That being said, the parliament did pass the Prevention of Corruption Act in July that covered foreign firms working in India. Even so, foreign bribery is yet to be exclusively criminalised. Even the Companies Act 2013 takes bribery into account but has several loopholes and vague articles that can be easily circumvented. Recommendations In addition to analysing the issue of foreign bribery, the report also suggests how the problem can be countered. One of those measures is initiating enforcement against foreign bribery and adjoining offences in line with the UN Convention against Corruption. Effective legislation should be put in place to protect whistleblowers in the private sector. And, in order for implementation to be effective, India should also publish the data and enforcement results of these case resolutions. It has also been recommended that the Organisation for Economic Cooperation and Development - Working Group on Bribery (OECD-WGB) execute efforts to persuade India and the other nations to become a part of the OECD Anti-Bribery Convention, inclusive of effort carried out within the G20.

India’s soft against foreign bribery: Report

Hidden investors took over Corizon Health, a leading prison healthcare company. Then they deployed the Texas Two-Step.

A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of <keyword id="6357147" type="General" weightage="100" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata Steel," the statement issued by Tata Steel said. The subsidiaries are <keyword id="13075126" type="General" weightage="50" keywordseo="tata-steel-long-products-limited" source="Orion">Tata Steel Long Products Limited</keyword> in which Tata Steel holds 74.91 per cent equity, The <keyword id="607748" type="General" weightage="50" keywordseo="tinplate-company-of-india-limited" source="Orion">Tinplate Company of India Limited</keyword> (74.96 per cent), <keyword id="727358" type="General" weightage="50" keywordseo="tata-metaliks-limited" source="Orion">Tata Metaliks Limited</keyword> (60.03 per cent), The Indian Steel &amp; Wire Products Limited (95.01 per cent equity holding), Tata Steel Mining Limited and S &amp; T Mining Company Limited (both wholly-owned subsidiaries). "<keyword id="1062175" type="General" weightage="50" keywordseo="tata-steel-board" source="Orion">Tata Steel Board</keyword> approves the amalgamation of strategic businesses into the company," the statement said. The Board also approved the amalgamation of <keyword id="342421" type="General" weightage="50" keywordseo="trf-limited" source="Orion">TRF Limited</keyword> (34.11 per cent equity), an associate company of Tata Steel, into <keyword id="4252143" type="General" weightage="50" keywordseo="tata-steel-limited" source="Orion">Tata Steel Limited</keyword>. Tata Steel further said the proposed amalgamation is aimed at driving synergies, simplifying the group holding and management structure, and consolidating and strategically growing downstream operations and engineering capabilities. The Board has considered the proposal based on independent fairness and valuation opinions. It followed the process laid down under the Companies Act, 2013 and Securities and Exchange Board of India Regulations. The proposed amalgamation will enhance management efficiency, drive sharper strategic focus and improve agility across businesses based on the strong parental support from the Tata Steel leadership. "On completion, there will be further opportunities towards reduction of overhead and corporate costs. Each of the proposed amalgamations will be value-accretive for shareholders," the company said. TheBoards of all the amalgamating companies have also considered the proposals following due process and have unanimously approved the merger. The proposed amalgamation is also part of Tata Steel's continuing journey to simplify the group holding structure, the company said. According to the statement, since 2019, Tata Steel has reduced 116 associated entities (72 subsidiaries have ceased to exist, 20 associates and JVs have been eliminated and 24 companies are currently under liquidation). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-new-energy-picks-up-20-stake-in-caelux-to-shore-up-its-position-in-advanced-solar-tech/articleshow/94388449.cms">Reliance New Energy picks up 20% stake in Caelux to shore up its position in advanced solar tech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pepsico-to-set-up-4-plants-in-up/articleshow/94388168.cms">PepsiCo to set up 4 plants in UP</a>

Tata Steel board approves merger of six subsidiary companies

New Delhi, Jan 29 () In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law.
 The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1.
 Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital.
 Akila Agrawal, Partner &amp; Head (M&amp;A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government.
 "Though the draft rules had made this available only for small companies, the final rules make it available to companies that have assets of book value not exceeding Rs 1 crore; and have not taken deposits beyond Rs 25 lakh or have no secured loans beyond Rs 50 lakh or turnover beyond Rs 50 crore or paid up capital beyond Rs 1 crore.
 "A large part of the procedure applicable to regular companies continues to be applicable to the companies that can opt for the summary procedure. It is therefore unclear if the process will be fast tracked merely by shifting the jurisdiction to the central government," she noted.
 Currently, voluntary liquidation cases are primarily taken up under the Insolvency and Bankruptcy Code (IBC).
 The rules have been notified under the Companies Act, 2013, which is implemented by the ministry. RAM MR

Govt notifies rules for winding up of companies under Cos Act

<ul><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> CEO <keyword id="9671400" type="UNKNOWN" weightage="60" keywordseo="jim-continenza">Jim Continenza</keyword> could net more than $135 million from the camera company's 1,200% stock surge in two days this week.</li><li>Continenza owns 650,000 Kodak shares, 3.8 million stock options, and potentially another 242,000 shares tied to his reelection as a director.</li><li>Those holdings are worth more than $135 million after costs, based on Kodak's closing stock price of $33.20 on Wednesday.</li><li>Kodak's shares climbed as much as 34% on Thursday, meaning Continenza could see an even bigger return.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> CEO Jim Continenza is poised to make more than $135 million after the <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-surges-765-million-government-drug-loan-2020-7-1029444079">camera company's stock soared about 1,200% in two days this week</a>.Continenza owns 650,000 Kodak shares, stock options allowing him to buy another 3.8 million shares at prices between $3 and $12, and phantom stock tied to his reelection as a director that will grant him another 242,000 shares, <a href="https://www.sec.gov/Archives/edgar/data/31235/000089183920000218/0000891839-20-000218-index.htm">Securities and Exchange Commission filings show</a>.The Kodak boss was granted 1.75 million of the stock options on Monday under an incentive plan introduced in 2013, SEC filings show. Around 29% of the new options vest immediately, while the remainder are set to vest next year. All of the options expire in February 2026.Read More: <a href="https://www.businessinsider.com/stock-picks-sectors-to-buy-us-china-trade-war-gionnotto-2020-7" target="_blank" rel="noopener noreferrer">A market-research expert breaks down the 3 sectors and 4 stocks that he says are best to own as a new Cold War between the US and China heats up</a>Kodak, a company best known for making cameras and photographic film, saw its stock price explode this week after it secured a $765 million government loan to make drug ingredients in response to the coronavirus <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>.Continenza bought his 650,000 Kodak shares for roughly $1.5 million between August 2019 and June 23 this year, SEC filings show. They have surged in value from about $1.7 million on Monday to $21.6 million on Wednesday, based on Kodak's closing stock price of $2.62 and $33.20 on those days.Meanwhile, Continenza's stock options allow him to eventually buy 3.8 million more shares for less than $18 million.Those options were basically worthless on Monday, but could now net him $108 million based on Kodak's closing price on Wednesday. The phantom stock is worth another $8 million and doesn't cost anything.Read More: <a href="https://www.businessinsider.com/how-to-invest-in-stocks-credit-commodities-for-economic-recovery-2020-7" target="_blank" rel="noopener noreferrer">3 Wall Street pros managing $12 billion in assets share their strategies for profiting from the economy's recovery — and explain why investors should be aggressively taking risks now</a>Overall, Continenza's stock, options, and phantom stock are worth more than $135 million after costs, assuming Kodak shares trade at $33.20 or higher when he cashes out.Continenza's holdings could also be worth significantly more than that: Kodak's shares climbed as much as 34% on Thursday.

Kodak's CEO stands to make $135 million after the camera company's stock surged 1,200% in 2 days

New Delhi, Feb 16 () More companies in India are complying with corporate social responsibility norms under the Companies Act, 2013, with 76 per cent firms having spent 2 per cent or more of their profits on such initiatives during 2019, according to a report. The findings of the 'India CSR Reporting Survey 2019', compiled by KPMG in India, that covered 100 companies also revealed a 150 per cent rise in the number of firms that have committed to carry forward 2 per cent of the unspent amount. The Companies Act which came into effect from April 1, 2014 stipulates that firms with a net worth of Rs 500 crore or more, or a turnover of Rs 100 crore or more, or a net profit of Rs 5 crore or more during the immediately preceding financial year are required to spend 2 per cent of their profits on corporate social responsibility (CSR) programmes. Eligible companies need to form a CSR committee, formulate a policy, and implement projects in alignment with Schedule VII of the Act. CSR-related disclosures need to be made in the annual report in the format prescribed by the Act. According to the report, there has been a 325 per cent increase in the number of companies that have disclosed details of outreach in annual report. Besides, 30 per cent firms studied in the report have had more than three CSR committee meetings. "While the overall CSR spending is increasing, it is also heartening to observe the increase in number of companies going beyond the 2 per cent mandate and even companies who are not required to spending allocating budgets for CSR and spending," said Santhosh Jayaram, Partner and Head, Sustainability and CSR Advisory at KPMG in India. RSN ABM

More firms in India complying with CSR norms under Companies Act: Report

<ul class="summary-list"><li>DeSantis began retaliating against Disney World this week, including with allies in the legislature.</li><li>One key ally, Sen. Blaise Ingoglia, previously held Disney stock but said he sold on principle.</li></ul>A key Florida lawmaker helping Republican Gov. Ron DeSantis claw back control of Walt Disney World's special tax district was once a Walt Disney Company investor, annual disclosures show. The most recently available annual financial disclosure document for GOP Sen. Blaise Ingoglia, of Spring Hill, shows that he held nearly $20,000 in shares of the Walt Disney World Company at the end of 2021.Asked about the stock holding, the senator told Insider that he sold the shares after Disney vowed it would work to overturn the Parental Rights in Education Act, the law at the center of the <a href="https://www.businessinsider.com/disney-desantis-feud-timeline-parental-rights-education-florida-2023-4">DeSantis-Disney feud</a> that restricts instruction about gender identity and sexual orientation in public schools, particularly up to third grade."As a principled, consistent conservative I sold the stock shortly after Disney publicly sided with allowing teachers to teach sexual orientation and gender identity to children under the age of 8 years in our schools," Ingoglia, a former chair of the Republican Party of Florida who was also formerly a state House representative, told Insider.Democrats and LGBTQ rights advocates refer to the law in question as "Don't Say Gay," and the state's Department of Education this week <a href="https://www.businessinsider.com/florida-dont-say-gay-law-expansion-desantis-request-2023-4">expanded the law to 12th grade</a>, limiting LGBTQ instruction to sex ed classes and those "required by existing state standards." On Tuesday, Ingoglia <a href="https://www.businessinsider.com/desantis-memoir-outsells-books-from-clinton-trump-obama-in-fist-week-2023-3">introduced an amendment</a> to retroactively invalidate an agreement between Disney and its former district board, as Republicans work to dismantle <a href="https://www.businessinsider.com/disney-reedy-creek-improvement-district-self-governing-republicans-say-gay-2022-4">special privileges</a> the resort and theme park has had in the Sunshine State for decades. DeSantis already signed two bills to that effect, but Disney created a loophole. Yohana de la Torre, a representative for Ingoglia, refused to provide Insider with evidence that contained a date showing when the senator sold his Disney shares, saying it was a matter of "personal financials" he was "not obligated to release."Other companies listed in Ingoglia's 2021 portfolio included Amazon and Apple, whose CEO also raised concerns about legislation like that passed in Florida.Insider regularly reports on the financial ties of elected officials through its exhaustive <a href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12" rel="">"Conflicted Congress"</a> project. The reporting elevated the topic of stock trading on Capitol Hill, leading to the introduction of new legislation and a US House hearing about the practice. Benjamin Wilcox, research director for the nonpartisan government ethics group Integrity Florida, told Insider that lawmakers' decisions to hold or trade stocks in companies they have the power to regulate can raise conflict-of-interest questions, or even the appearance of them.Since 2022, DeSantis has been creating headaches for the Disney resort and theme park not just legislatively, but <a href="https://www.businessinsider.com/desantis-threatens-to-build-a-state-prison-next-to-disney-world-2023-4">through board members</a> he appointed to oversee Disney's special tax district. The board members <a href="https://www.businessinsider.com/desantis-allies-start-implementing-the-governors-will-over-disney-2023-4">met Wednesday</a> and said they were considering new taxes and public transit around Disney, as well as workforce affordable housing; DeSantis went much farther, <a href="https://www.businessinsider.com/desantis-threatens-to-build-a-state-prison-next-to-disney-world-2023-4">warning</a> the state could try to build a prison on the adjacent land. When the legislature first moved to dissolve the special tax district in 2022, Disney's stocks took <a href="https://www.dailymail.co.uk/news/article-10743089/Disney-stocks-tumble-31-set-stripped-special-privileges-Florida.html" target="_blank" rel="noopener noreferrer">a tumble.</a>"It's a pretty convenient explanation to say he's doing it out of principle because he disagrees with the position Disney is taking on the 'Don't Say Gay' law," Wilcox said of Ingoglia. "But there is a practical side to it. If he thought that Disney was going to be in a prolonged battle to avoid these sanctions that DeSantis is pushing, he could have realized maybe it's time to get out."Ingoglia told Insider that he manages his stocks himself, and that they were long-term holds with a retirement or brokerage account. "I do not trade stocks," he said. He added that "elected officials have the right to own stock and invest in public companies like all citizens" but "do not have the right to trade on insider information to enrich themselves." Ingoglia <a href="https://www.youtube.com/watch?v=G96TY5JsV-s" target="_blank" rel="noopener">released a video</a> 11 years ago that criticized members of Congress for buying and selling stocks.During a Monday press conference with the governor, Ingoglia warned Disney it would lose the battle with DeSantis and poked fun at the company through a reference to a hit song from the movie "Frozen." "One word of advice for Disney going forward: Let it go. Just let it go," he said.<div type="image" title="Ron DeSantis" height="1666" width="2222" msid="99677175" hostid="261"></div><h2>Florida lawmakers report their finances annually</h2>Unlike members of Congress, Florida legislators aren't required by law to regularly report their stock transactions soon after they occur. Instead, they're required only to share a snapshot for the year — generally the date represented is December 31 of each year. The earliest-available financial documents reviewed by Insider are from 2021, and the 2022 documents won't be posted publicly until this summer at the earliest. Disney first came out against the Parental Rights bill <a href="https://www.rollingstone.com/culture/culture-news/disney-ceo-dont-say-gay-florida-apology-1320263/" target="_blank" rel="noopener">in March 2022</a>. Wilcox said that more frequent financial reporting, such as quarterly or every six months, rather than every year, would create better transparency, including with other lawmakers. "It would be interesting to see if any of these legislators sold Disney stock after this bill passes or doesn't pass, whether they try to ensure that they're not going to lose money on their investment," Wilcox said of the latest amendment the legislature will consider. The governor's office did not reply to questions for this story. In his new book, "<a href="https://www.businessinsider.com/desantis-memoir-outsells-books-from-clinton-trump-obama-in-fist-week-2023-3">The Courage To Be Free</a>," DeSantis wrote that he stopped trading stocks before going to Congress in 2013."Reports abounded about members of Congress making a killing in the market based on inside information," he wrote. "I did not want to be in a position where a vote or other action I took could be questioned based on what stocks I owned." The financial ties to Disney underscore the company's largess and influence in Florida, where it's the state's biggest attraction. The Walt Disney Studios is headquartered in Burbank, California, but the company holds powerful sway in Florida through Walt Disney World, which has roughly 80,000 employees. Even DeSantis had history with Disney. <a href="https://www.businessinsider.com/ron-and-casey-desantis-got-married-at-disney-world-2022-11">Insider was first to uncover</a> that he married his wife, <a href="https://www.businessinsider.com/casey-desantis-wife-ron-desantis-florida-governor-profile-2022-11">Florida first lady Casey DeSantis</a>, at the Disney World's Grand Floridian's wedding pavilion, a chapel that overlooks Cinderella's Castle. He <a href="https://www.businessinsider.com/desantis-married-disney-world-no-mickey-mouse-donald-ducks-2023-2">now jokes about the ironic turn of events</a> as he promotes his book. <h2><div type="image" title="Sen. Lauren Book, a Democrat of Plantation, Florida, gestures as she speaks to the media on February 6, 2023 in the Senate Office Building at the Capitol in Tallahassee." height="1500" width="2000" msid="99677176" hostid="261"></div></h2><h2>A top Florida Democrat also has Disney shares </h2>For this story, Insider reviewed financial documents for Florida legislators involved in the Disney feud, including bill sponsors, as well as leaders in both chambers.The other personal financial ties uncovered were for a Democrat, Senate Minority Leader Lauren Book, of Plantation, Florida.Book held more than $30,000-worth of Disney stock, according to a 2021 snapshot of her finances, and is on the opposite side of Ingoglia both ideologically and on the question of Disney's authority. She has criticized the governor over his attempts to control Disney's district, <a href="https://www.businessinsider.com/disney-will-drag-out-desantis-feud-until-he-leaves-office-democrat-says-2023-2">saying it was retribution</a> for them speaking out. "Government regulation to ensure accountability and fairness toward workers and consumers is one thing – but the politically motivated overreach we are seeing today is dangerous and wrong," she told Insider. Book called DeSantis' actions a "political mission" that "goes against both the best interests of our state and the values of our country." "Clearly, any shareholder holdings that I have in a publicly traded company have no bearing on my actions in this ongoing battle," she said. "I am proud to fight for what I see as true freedom for small businesses and large economic drivers alike." But Wilcox said that her holdings could raise conflicts-of-interest questions as well, given that she opposes actions the GOP-supermajority legislature is poised to make that could hurt Disney financially. Book said her portfolio was professionally managed and that she was initially given a single share of Disney stock from a family member when she was born. Book said she would adhere to putting her holdings into a blind trust if the legislature were to create that requirement. These accounts are formal arrangements in which lawmakers officially transfer management of their financial assets to an independent trust, but it's a time-consuming and expensive process. One difference between the finances of Florida lawmakers and members of Congress, Book noted, was that the former hold jobs outside of their elected duties. Aside from leading Democrats in the lower chamber and representing her district, Book is founder of Lauren's Kids, a nonprofit that fights against child sexual abuse. "Broadly, I do not believe there is a conflict of interest in owning shares in a publicly traded company managed by a professional who uses their own judgment on my investments," Book said. "Specifically, I do not see a conflict of interest here, and if I did, I would obviously make a disclosure."In response to this week's actions from the Florida legislature and the governor-appointed board, Disney <a href="https://www.businessinsider.com/disney-lgbtq-pride-event-disneyland-ron-desantis-threatens-prison-2023-4">publicized an LGBTQ Pride event</a> it has coming up at its Disneyland resort in California, and announced it had plans to <a href="https://disneyparks.disney.go.com/blog/2023/04/walt-disney-world-affordable-and-attainable-housing-anticipated-to-open-in-2026/">build affordable housing units</a> in 2026. Disney CEO Bob Iger <a href="https://time.com/6269006/bob-iger-interview-time100/" target="_blank" rel="noopener">told</a> Time he would be willing to sit down with DeSantis over the feud. "If the governor of Florida wants to meet with me to discuss all of this, of course," he said, "I would be glad to do that."

GOP lawmaker leading Florida legislature's effort to rein in Disney was a company stock-holder until the DeSantis feud

<ul class="summary-list"><li>Bryan Cranston said he'll retire from acting in 2026.</li><li>The "Breaking Bad" star wants to spend time with his wife over 30 years, Robin Dearden.</li></ul><a href="https://www.insider.com/aaron-paul-bryan-cranston-godfather-second-child-video-2022-4">Bryan Cranston</a> cemented himself as one of the most iconic TV actors of a generation thanks to <a href="https://www.insider.com/interesting-things-you-didnt-know-about-breaking-bad-trivia">Vince Gilligan's "Breaking Bad,"</a> in which he played high school teacher-turned-drug lord Walter White.But since the show's conclusion in 2013, Cranston has since added <a href="https://www.insider.com/bryan-cranston-best-and-worst-movies-ranked-photos">a number of eclectic roles under his belt</a>, including "Godzilla," "Sneaky Pete," and <a href="https://www.insider.com/bryan-cranston-lost-16-pounds-for-your-honor-season-2-2023-2">"Your Honor."</a>But the 67-year-old star has said that he's ready to retire from acting in 2026, which some might find surprising, but it's worth noting that Cranston has racked up <a href="https://www.imdb.com/name/nm0186505/?ref_=nv_sr_srsg_0_tt_0_nm_8_q_Bryan%2520" target="_blank" rel="noopener">167 acting credits</a> since his career started back in 1980.Cranston told <a href="https://www.gq-magazine.co.uk/article/bryan-cranston-interview-2023" target="_blank" rel="noopener">GQ</a> in an interview published Thursday that he wants to spend more time with his wife, Robin Dearden, who has had to "pivot" her life around his career for years."I want to change the paradigm once again. For the last 24 years, Robin has led her life holding onto my tail," said the actor. "She's been the plus one, she's been the wife of a celebrity. She's had to pivot and adjust her life based on mine. She has tremendous benefit from it, but we're uneven. I want to level that out. She deserves it."<div type="image" title="Breaking Bad" height="1521" width="2029" msid="100849260" hostid="261" sizebytes="56294"></div>The Emmy award-winning star said he plans to move to France with his wife, with the article noting that Cranston intends to sell his half of Dos Hombres, the mezcal company he owns with <a href="https://www.insider.com/aaron-paul-bryan-cranston-friendship-timeline-breaking-bad">"Breaking Bad" costar and close friend Aaron Paul</a>, as well as shut down his production company, Moonshot Entertainment. This is all so that Cranston and Dearden can genuinely relax by the fire, drink wine, and "not read scripts," the star said."I want to have that experience. I want to go for day trips and have the fire in the fireplace and drink wine with new friends and not read scripts," he said. "It's not going to be like, 'Oh, I'll read and see what I'm going to do.' No, it's a pause. It's a stop."Cranston added: "It's about taking a chance. I'm used to that feeling — of not knowing."

'Breaking Bad' star Bryan Cranston says he's going to retire from acting in 2026 to spend more time with his wife of over 30 years: 'She deserves it'

<ul class="summary-list"><li>Stephen Giaco ran a private-security company registered in his wife's name from a police station.</li><li>He didn't disclose his side hustle, but the NYPD didn't seem to care, a former colleague told Insider.</li></ul>For years, Deborah Giaco was a beloved technology aide for a small Long Island school district, praised by colleagues for her "warm and caring nature." On paper, though, she was also the owner of a security company that touts ties to the Secret Service and claims to have a roster of trained agents with experience as bodyguards, bomb detectors, hostage negotiators and SWAT team members.But while Deborah Giaco owned the company on paper, her husband Stephen, then an NYPD detective, was in charge. According to two former colleagues, Stephen Giaco ran the company, D. Sterling, from the Midtown North precinct where he was based, using public resources for his private benefit.He stashed metal detectors and charged walkie-talkies in the precinct's community affairs office, and gave employees keys so they could walk into what was supposed to be a secure facility and take the equipment to D. Sterling jobs.D. Sterling has provided security for awards shows, movie premieres, and other events hosted by some of the same institutions that Giaco was supposed to protect in his day job, like Radio City Music Hall and the Museum of Modern Art. On several occasions, Giaco was at the same events in his official capacity, collecting overtime. And he would dole out free tickets to some events to his superiors, a whistleblowing colleague told Insider.While the ultimate volume of D. Sterling's business isn't clear, contemporaneous notes and other evidence reviewed by Insider suggest it was a huge operation. But according to the NYPD's responses to Insider's record requests, Giaco appears to have violated NYPD policy by failing to disclose his family side gig. NYPD regulations require officers to provide detailed descriptions of their second jobs and get several sign-offs. NYPD records going back 2013 show Giaco never mentioned D. Sterling, even though he sometimes disclosed work for another employer.The operation illuminates the risks that can arise from police officers' unmonitored off-duty employment. Moonlighting without adequate oversight can mean conflicts of interest for cops — and it can leave them exhausted, potentially putting the public at risk when overworked officers get behind the wheel of a car or use force."Off-duty employment is ripe for abuse because if an officer feels they lack supervision, they'll do what other humans do, which is try to skate," said Keith Taylor, a former high-ranking NYPD official."I can't imagine an officer getting concert or baseball tickets and then handing those out as incentives or freebies to folks in management," said Ken Wallentine, a Utah police chief and law enforcement expert who has written about off-duty employment. "To me, that just stinks terribly."The Giacos didn't respond to several voicemails left at numbers listed for them in public databases, and D. Sterling didn't respond to messages sent to its email address.<h2>A detective blew the whistle and Giaco called him "rat boy"</h2>Giaco, who is now retired from the NYPD, ran D. Sterling from his precinct office at least as far back as the 1990s, according to Lance Trent, a retired crime-prevention detective who shared an office with Giaco and witnessed his conduct for years. Trent said he worked jobs for the company, but eventually called him out in an unsigned letter to the NYPD Internal Affairs Bureau in 2002, which he shared with Insider. Among other things, he wrote that Giaco was providing clients — he named seven — with perks that private-sector competitors couldn't.<div type="image" title="BI Global Image 1348956" height="0" width="0" msid="101599552" hostid="261" sizebytes="28544"></div>"His security business has become extremely large for the simple reasons that he can easily provide his clients with extras," like barriers, parking signage, city permits and special treatment, Trent wrote.Trent said Giaco came into the office one day and described having been confronted by Internal Affairs about the letter. He said he tried to play it cool, but suspected Giaco knew he'd written it. Eventually, Trent said, Giaco took to calling him "rat boy.""I was blackballed," Trent told Insider. At one point, someone put a small rubber rat on his desk. Even though it was typical for crime-prevention detectives to be offered the chance to move to a community-affairs role, Trent added, "I was passed over seven times because I was the rat."Midtown North is an enviable place to work. It doesn't have much violent crime, and it's home to some of America's top businesses and tourist attractions like Rockefeller Center. Some cops call it <a target="_blank" rel="noopener noreferrer nofollow" href="http://nypd-confidential.com/columns/2000/000320.html">Fort Hook</a>, because officers with a "hook" — a friend in the mayor's office or NYPD headquarters — have an easier time getting assigned there.As a detective in the community affairs unit, Giaco was essentially an ambassador for the police department. The connections he made on the job helped him find jobs for D. Sterling and land free tickets to events like a 2019 old-school hip-hop show featuring Vanilla Ice that he doled out to a chief, said Trent, who kept detailed notes on the activities he overheard and observed that he shared with Insider.Insider found that dozens of events in Trent's notes took place when and where he noted them. Trent also identified D. Sterling personnel, and provided reference photos, in the background of events like the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.alamy.com/new-york-ny-usa-19th-mar-2019-freema-agyeman-at-arrivals-for-us-premiere-museum-of-modern-art-moma-new-york-ny-march-19-2019-credit-kristin-callahaneverett-collectionalamy-live-news-image241287577.html?imageid=C583CF8B-E443-442A-9542-EEC737D16D4F&amp;p=96050&amp;pn=3&amp;searchId=cd8c94dc928655b6c20c04bc83bb3b08&amp;searchtype=0">2019 premiere</a> of Jordan Peele's "Us" at the Museum of Modern Art and Nik and Lijana Wallenda's 2019 <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/watch?v=EKro4g3NBso&amp;t=1785s">tightrope walk across Times Square</a>.D. Sterling continued to use the Midtown North precinct to store its supplies even after Giaco retired in 2017 with support from his old pals at the precinct, Trent said. In photos from 2018 seen by Insider, Detective Mike Dugan can be seen packing up equipment for a D. Sterling employee standing nearby.In a statement for this article, the NYPD said only, "Det. Stephen Giaco retired in July of 2017" and referred Insider to its patrol guide.Trent said numerous senior officers were aware of the operation, but turned a blind eye. Mark Iocco, a former NYPD inspector assigned to the precinct who retired last year, once said that "there are three units in Midtown North: community affairs, crime prevention and D. Sterling," Trent recalled. Iocco didn't respond to calls or emails.At a 2016 Alicia Keys concert in Times Square, Trent wrote, "Sterling had 39 guys." Four men in D. Sterling shirts are visible when an ABC cameraman followed Nik Wallenda down a short corridor after his high-wire act.Despite efforts to combat corruption, policing in New York has been rife with misconduct. The current deputy mayor for public safety, Phil Banks, was <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.thecity.nyc/2021/12/14/22836898/eric-adams-criminal-justice-advisor-left-nypd-under-cloud">named in FBI affidavits</a> after failing to pay taxes on over $500,000 in rent and suspicious cash deposits, according to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.thecity.nyc/2021/12/14/22836898/eric-adams-criminal-justice-advisor-left-nypd-under-cloud">The City</a>. (The mayor's office has defended Banks; Banks' lawyer <a target="_blank" rel="noopener noreferrer nofollow" href="https://nypost.com/2018/04/22/fbi-eyed-former-nypd-chiefs-mystery-money/">told the New York Post in 2018</a> the money came from rent, an inheritance, and "poker games.")Private security is a common second job for cops, two former NYPD officers told Insider, and Giaco probably wasn't the only one to do it under-the-radar."In all the precincts in Midtown…there were people that had security companies," one said. "I don't know what they net, but I'd say the big guys, their gross receipts were definitely seven figures."Trent said his negative experience with Internal Affairs in 2002 made him hesitant to reach out again, even though D. Sterling's activities continued until Trent's 2021 retirement.Everett Stern, a whistleblower-turned-security consultant who has worked with Trent, said he urged local and state authorities to investigate his claims and provided an intelligence report that summarized them to several agencies, including the New York Attorney General's office and the current commander of the Midtown North precinct. They either didn't respond or passed the buck, Stern said. The New York AG's office didn't respond to a request for comment."Not to at least open an inquiry or get back to me and say, 'Do you have more information,' or 'Who's the whistleblower,' it doesn't make sense to me," Stern said. "Why would they not do that?"<h2>Police officers' second jobs can create risks</h2>For years, groups like the International Association of Chiefs of Police have sought to spread awareness of the risks of not properly regulating and supervising police officers' off-duty work. But not all departments have heeded the warnings, and scandals persist.In Los Angeles, police captain Cory Palka wound up at the center of a firestorm after the New York Attorney General learned that he had tipped off CBS — where he moonlighted as private security — to a criminal complaint made against its CEO Les Moonves. He is reportedly still under investigation. Palka did not respond to a request for comment.And in Miami, police watchdogs <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.miaminewtimes.com/news/miami-police-commit-misconduct-during-off-duty-private-security-details-report-warns-11309639">wrote in 2019</a> that cops appeared to bend the rules to work at bars and clubs that officially barred their employment."The majority of security companies in New York City are heavily tied in with law enforcement, not just in the NYPD, but also in the feds," said John Macari, a retired lieutenant. "A lot of that stuff's not authorized."And issues posed by off-duty employment aren't unique to large departments. Wallentine, the Utah police chief, said he knew of a city where an officer was caught tipping off the manager of an event hall where he or she had worked off-duty to be wary of serving underage or inebriated patrons at a particular event because undercover police would be present.Second jobs can also leave officers exhausted and play a role in bad decisions — with fatal consequences. Mohamed Noor, the Minneapolis police officer who was convicted of manslaughter for killing Justine Ruszczyk Damond, went from working a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.startribune.com/judge-rejects-motion-to-seal-medical-records-in-trial-for-officer-who-killed-justine-ruszczyk-damond/492518991/?refresh=true">seven-hour private security shift</a> to a ten-hour police shift. He was about seven hours into the shift when he shot Damond.Use of force isn't the only risk when cops work too long. New York City's Department of Investigation, which tracks city government conduct, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.nyc.gov/assets/doi/press-releases/2023/May/21OIGNYPD.OT.Rpt.Release.05.03.2023.pdf">found that</a> police overtime correlated with lawsuits, civilian complaints, and car crashes.The department said it couldn't analyze the impact of cops' second jobs because the NYPD "does not require officers to report those hours and does not monitor or track them.""Ultimately, the agency — by allowing that off-duty employment to occur — is taking a risk," said Taylor, the former senior NYPD official.

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