This is Worse Than 1991: Murthy

HARD HITTING

Govt indifference has brought decision-making to a standstill

"We have fallen far short of expectations and it's no longer possible to sell the India story," said NR Narayana Murthy, chairman emeritus, Infosys, in an interview to ET NOW, this paper's TV channel. 
"The world expected a lot from us. And compared to that expectation, we have fallen very, very short. And therefore, I would say, this is worse than 1991," Murthy said. "I meet a lot of CEOs outside India and earlier India was mentioned once every three times China was mentioned. But now, if China is mentioned 30 times, India is not even mentioned once," he added. Government indifference to the plight of business has brought decision-making to an unnecessary standstill, he believes. "A lot of decisions can be taken within the ambit of current legislation," Murthy said, especially on several issues that impact the IT industry — one issue is that some I-T officials do not recognise a statement of work, and insist on a company negotiating a new master agreement for every project. "Now, this is not done anywhere in the world and we have been arguing with the I-T Department," he said. "If this is my job, tough decisions have to be taken. We have to accept that." 
Murthy said he has submitted presentations to the prime minister, and written to (then finance minister) Pranab Mukherjee on such issues: "It has been fourteen months and nothing has been done. Now, this is not in the realm of legislation. It's not about ideology, politics. All that this requires is one senior bureaucrat to say 'let's adopt global standards'. And it can be done in a few hours." Most of the problems faced by investors are of this nature, he said. Other issues, which are currently being used to disrupt the functioning of Parliament, are really matters for the courts. "Let's leave it to the court to decide who is right and who is wrong. Let us not pre-judge and let us get on with the business in Parliament," Murthy said. He also puts retrospective changes to tax laws in that category: "When the Supreme Court has ruled on a certain case, to go back and say I will change the law, to me, is very surprising." Reverse Retrospective Changes: Murthy 
"These are not things that an aspiring economy should do. The impact has been sad and confidence of global investors has been shaken very, very badly." The government should reverse the retrospective changes that impact Vodafone and other foreign companies, he maintains, and go as far as to ensure that no further retrospective changes are allowed. "We must come to a conclusion politically that we will not do things on a retrospective basis unless there is something drastically wrong with the law and even that is for the court to decide," Murthy said. In another interview to a television channel, the Infosys founder offered some advice to the prime minister. "Please encourage your bureaucrats, your ministers, to take quick decisions. That's all what I am requesting him. Nothing else." The inaction in the government has led to a serious dent in India's image abroad, he feels. 
"We have cut our own legs of by our inactions by our by our policies," he told NDTV. 
Acting swiftly and transparently and sticking to decisions once made is imperative to bring back investor confidence, Murthy says. Right now, he believes, there is really no "India story" to sell: "When you don't have data and facts backing you, it's best to keep quiet."

    The world 
    expected a lot from us. And compared to that expectation, we have fallen very, very short 
NR Narayana Murthy 
CHAIRMAN EMERITUS, INFY

TITLE MATTERS MAGICBRICKS.COM EXPERTS RESPOND TO QUERIES IN MUMBAI

I purchased a land in 1968. With regard to the same my grandfather was summoned by the local district court to produce the Original Copy of the registered Sales Deed in 1993 (he expired in 1994) pertaining to a civil suit among the two neighbours (later challenged in High Court and Supreme Court). Since then, we have not been able to find any original documents at home. But, we have a magistrate photocopy duly defaced as an exhibit bearing the number and signature. What does exhibit mean and where can I locate the Original Documents? Please advise.  • • You do not lose the title over the property simply because the original sale deed is lost. Apply for a certified copy of the sale deed from the jurisdictional Sub-Registrar. Apply for an encumbrance certificate as well - to ensure that the lost sale deed has not been misused. The only practical problem you will face is when you try to sell the property. The purchaser will have to be convinced of your title on the basis of the certified copy, in the absence of the original. It is advisable you consult a lawyer to help you deal with this matter.  I booked a flat in August '11. The actual possession date was in January '12. But till date the flat is not ready (5% is remaining). How can I claim reimbursement for my rent from the builder from January '12 till date? The builder is asking for service tax and VAT before entry into the flat. Can I enter the flat without paying service tax/ VAT or paying these taxes later?  • • Does your agreement with the builder have any clause on compensation due to delay? If yes, you may claim the same by approaching the appropriate forum. Please clear all payments before taking possession of the premises.  I booked a flat in an under-construction project in 2004, made an Agreement and registered in December 2005. It was mentioned that possession would be made in December 2006.The project was completed in 2011 and all the payment made but receipts are not issued by the developer. I met the developer several times but according to him he will give possession after getting OC (Occupation Certificate). Now he says he will give possession after getting the water connection. What is the process to get an OC.? How does one proceed further? Please advise.  • • Obtaining Occupation Certificate (OC) is a must-have document for those purchasing flats, before taking possession of their property. If you are denied the same, then the consumer court can come to your rescue. Distressed flat-purchasers have many precedents in their fight with builders, with the Consumer Forums noting that the OC is an essential requirement for a flat-buyer. The OC issued by the local municipality, stands for completion of the property as per the approved plan, so as to be fit for occupation, and should be in compliance with all concerned laws. To get an OC, builders have to ensure that there are no deviations in their structures.  What is meant by non FSI (Floor Space Index) area? Which area comes under this category? Can an open terrace come under this category, Is this area included in UDS (Un-divided share).  • • Non FSI area is like covered car parking area, 5% of the area covered under balconies, Space for generator, electrical room, association room, etc and it will always be a part and parcel of the main building only. FSI is not applicable to terrace areas.