Thursday, June 10, 2010

World economy, Indian capital markets and Global Warming


Prima facie the above three appear to be unrelated and independent of each other. World economy does lead to more industrialization and release of carbon dioxide and other gases and effluents that pollute the environment and the greenhouse gases increase the global warming. Right? But where in this whole thing does the Indian Capital market fits. To understand the same I’ll like to structure my thoughts in three broad aspects, namely;
1. the inter-relation between the world economy and the issue of global warming;
2. secondly, the unique position that the Indian capital market enjoys to spearhead a movement to drive the world economy towards sustainable development and
3. lastly the probable initiatives that can be taken in this regard.

Vasudhaika Kutumbum, is a term that no one knows better than we Indians. It means the world is one family! Sadly, we today stay in world that is divided across political and regional divides and borders. However, even then two most prominent factors that to my mind keep this age old saying still alive in today’s world are none other than – first, the World Economy; and… second, the common threat of economic catastrophes as a result of global warming and environmental degradation. These are two forces that pay no heed to any political border or racial divide. Their effect may vary from one region to another but sooner or later they leave no one un-affected. In short, they reiterate the ‘one world-one citizen’ theory. To give an example of this commonality of concerns that we have, as citizens of a globalised world –assume the following examples. A financial institution which fails in Boston as part of the economic meltdown had its shocks felt in Bombay. Dubai World shakes the world and a debt crisis in Greece has the potential to make the world come to a stand still. The environment too is not far behind in making its impact felt across the globe. The Icelandic ash stalled international trade and movement for days together. An oil leak in the Gulf of Mexico is making news in our homes in India. The world, as Thomas Freidman says….is FLAT, indeed!

Coming to the unique position that the Indian capital market is in, I’ll like you to see it from the eyes of the outside world. Billions of dollars are waiting today to be invested in India to serve its fast growing economy and an equal number wanting to flow outside by its new-age ‘acquisition hungry’ corporations. All this money passes through nowhere else but the great Indian capital market. And this is where I see it in a position to make a meaningful change towards environmental protection. At the position that it occupies it has the power to make the world follow its commands. To bring a ‘meaningful’ change, I propose a simple ‘Carrot & Stick’ policy. The carrot for the protector, the stick for the polluter.
It makes sense to hit the wrongdoer at the place where it hurts most and reward the good doer, where it matters most - and in a capital market nothing is dearer than the Capital itself. To succinctly put across my suggestions, __ steps can be essentially vital:
1. Initiatives for reducing carbon footprints, building green infrastructure and the like projects should be rewarded with tax concessions, compliance relaxations and fast track issue options. On the other hand, the polluter should face restrictions on capital inflows, heightened taxation obligations and constraints on financing.
2. Credit rating of corporations on parameters of ‘environmental friendliness’ to be made an essential element of the rating process.
3. Contributions made by directors and employees in the form of research or intellectual property focused towards environmental protection should be rewarded with Sweat equity options.
4. Carbon credit markets should be given an impetus, especially to encourage the contribution of Small and marginal enterprises (SME) sector towards the initiatives taken by them for reducing their emissions.

These are only an iota of steps that corporates can take to contribute towards a better environment. Before concluding I would like to mention that saving the environment is one of the duties of every citizen under the Indian Constitution. The Corporate citizenry has a duty equal to the citizens of this country to meet this fundamental duty. Dear fellow leaders and workers of these corporate entities it’s not just a long way ahead……but its also a dry, hot and barren one…… Lets start making it Greener!!!

Monday, January 4, 2010


Jai Telangana or Jai Hind !
01 January 2010, Hyderabad (India)

2010 started for me at Hyderabad this time – a time when the city is at the heart of a serious crisis on the issue of a separate state of Telangana. A ride through the city streets a few hours into the new year made me see young men fill the air with cries of Jai Telangana all around. The standard greeting of ‘Happy New Year’ was substituted here with this new ‘war-cry’, so to say. It was not just the supporters of the cause who participated in this hullabaloo, but neutral outsiders like me too were forced to share the solidarity by yelling a Jai Telangana, lest we were blocked and gheroed by an angry mob of drunken men who can hardly be expected to acknowledge the fundamental rights I enjoy of personal liberty and freedom of movement.


The above incident hardly took a few moments and I was only too happy to be back safely in my room. But a recap of the forced solidarity that I was made to show made me wonder if in this country it is essential for people to conform to or to be biased to a particular ideology or philosophy? Whether is it essential that one needs to support a cause, be loyal to a religion or reverent to a culture only because ones kinfolk support it, are loyal to it or respect it?


I appreciate the noble ideals that our great Constitution upholds and the virtue with which this country has been built up after its independence by a resolute determination of its men and women. I am appreciative of the diversity in food, dance forms, language and physical appearances that this country has to offer. But what I am ashamed and embarrassed about is the parochial thinking of its present citizenry and more so of its leadership. An Indian today does not have the privilege of enjoying a one single brand identity of being an ‘Indian’. Rather, he is saddled with the burden of being a Gujrati, Bengali, Behari, Punjabi.................. the lumber of being a Jaat, Dalit, Brahmin, Kshatriya, Bania and the weight of being Muslim, Christian, Sikh or Hindu. Add to this the hundreds of sub classifications, cataloguing and combinations we have been ingenious in devising on the basis of our dialects, customs in social life, dressing styles and food habits; and what I get to see is anything but a united Indian identity. So when every time I hear a Jai Telangana over a Jai Hind it is nothing but a reminder of a dangerous under-current brimming in this country that is ready and waiting to draw lines across any imaginable and unimaginable facet of our diversity.


We present generation Indians will do a great service to ourselves and our future Indians by opening our minds and hearts to accept ourselves as a one composite unit and take pride in that alone; than bask in the parochial glory of our so too dear gotra, kasba, mazhab or jaat. The world looks upto India today as a powerhouse to drive the global economy. Our success lies in behaving and presenting ourselves as one strong unit. A Telangana or a Purvanchal or a Gorakhland will do much better for themselves in a stronger internal India than a fragmented union of underperforming regions overflowing with a mass of population already divided on social lines.


Jai Hind and Happy New Year!

Tuesday, September 22, 2009

Internships for Law students – Why, When and How ?

Internships for Law students – Why, When and How ?


One of the most talked about and challenging struggle that students across most professional courses like engineering, architecture, law, medicine, management etc experience during the period of their course is the hunt towards a great internship. Though it is hard to define what makes an internship great, as it varies from individual preferences and career objectives, most students vie for the biggest name in the industry so as to add some brand value to their CV. Legal education being a practise-oriented profession, good law schools throughout the country lay huge emphasis on the industry exposure for their students with professional organisations and integrate the internship break with the academic calendar. Organisations and lawyers too have found internships to be a useful mode to screen prospective employees to develop their teams. Many of them have well laid out internship programs and recruit only from the pool of students who have interned with them. The foreign law firms, generally have a well-organised and structured traineeship programs, a few Indian firms like J.Sagar & Associates are following suit and have devoted human-resource teams to manage intern selections. Though internships are essential both for litigation and corporate-law related careers, this article shall limit its scope to the guided pathway for the latter option.
Importance of internships for law students can hardly be overemphasised. A large number of students find internships to be useful owing to the following reasons:.
· Getting an insight into the professional life which they shall be living after they graduate from law school.
· Learning common office management systems, operating photocopying machines, handling correspondence, filing and organising documents, office etiquettes.
· Discovering newer areas of law and understanding how their law school gained text-book knowledge is practically applied in real situations.
· Understanding organisational structures, the role of different teams and departments- legal as well as non-legal in the overall working of the organisation.
· Developing contacts with professionals as well as fellow interns from other law schools.
· Personal development ; since for most students, internship also involves staying in a new city and managing their stay, travel and finances, it contributes to the personal maturity, besides enjoying personal freedom.

How to plan your internships?


As mentioned above, there is always a lot of competition among law students to compete for the best law firms or lawyers or companies for the few slots that they offer. Generally the biggest names in the industry are sought after the most; with little importance given to the student’s own interest and awareness. A lot of students apply to big commercial firms in the first year itself, with no knowledge or understanding of the work these firms do. Even if they do end up earning an internship in such firms, they find themselves misplaced, thus wasting their internship opportunity. It is like sending a kindergarten kid to high-school. Thus, it is important for law students to plan an internship, that is in tune with their knowledge, understanding and interests as also beneficial for furthering their employment prospects, and helps make informed decisions when it is time to graduate out of the law school.

The study of law is vast and it is understandable that a student may not be interested in all the areas being par with each other, or be willing to further his/her career in that direction. It is therefore, prudent to align the internship with the courses studied in the previous semester so as to be able to give a meaningful learning experience that practically reinforces, what he has learnt at law school.
The following year wise categorisation (five year law course) might be helpful:

End of 1st Year
The subjects taught in most law schools in the first year include a blend of law and social sciences. The course is designed to make you appreciate the importance of rule of law, social institutions, historical developments and their impact on society and such like topics apart from relatively soft law subjects like torts and contracts.
Since the internship at the end of this course is the first experience for a law student, you should ideally expose yourself to organisations working with social issues at the grass-roots having a fair share of dealing with law enforcement agencies as part of their work. Social organisations working on issues like prostitution, child adoption, women help-lines and welfare homes are good places to begin one’s internship experience.

End of 2nd Year
With two years of law school experience behind you already, you would start gaining grips with the legal language and some subject knowledge. Second year exposes the student to some more law subjects like family law, consumer law, constitution and legal theory. This is the time to expose oneself to litigation at the trial court level. Remember, whether you eventually end up in a corporate, law firm or private practise, knowledge of the litigation system is something which will always come handy. Practising young advocates with a fair degree of work (the senior one’s generally have large offices and staff and are thus unapproachable) are a good option to expose one to court working.
Though the un-sanitised and chaotic state of trial courts in our country often deflates the excitement of most young law students on their first visit itself, remember that it is a boot-camp with lots to learning and exposure. It is recommended that the intern involves himself/herself in cases involving simple tortuous liabilities or laws taught to him in law school; besides learning the manner of filing plaints, applying for orders, arranging briefs, researching through AIRs and legal search engines. The paralegal or the munshi at the advocate’s office can be a good help to learn many of the above things.

End of 3rd Year
This is the time when one should expose oneself to the appellate side of litigation, i.e. the High Courts and other appellate tribunals. Your previous internship at the trial court will hold you in good stead as you would understand the process in its entirety now. Whether to intern with an Advocate on the Civil side or Criminal side is entirely a matter of the intern’s choice and interest. However, it is beneficial if you can join an Advocate who has a fair dealing on both the Civil and Criminal side, so as to get maximum exposure. It is understandable that not having studied the Civil Procedure Code and the Criminal Procedure Code in law-school might cause confusion, but note that the intention at this point of time is to understand the process from close quarters and witness the environment in which lawyers work. You may also join an Advocate who is on the panel of a bank, insurance or other company if you are too eager to work on the business-side of the work.

4th Year
By the time you reach the fourth year you would have a good understanding of the working of courts and by your readings and other researching would be somewhat aware of the major avenues open for you to pursue. For those who would like to work on the commercial or corporate aspects of law, this is the time for you to eye the law firms and corporate. Since you will get about two internships in your fourth year, try to make the most of it by working in either kind of set-ups so that you are aware how the legal teams of companies and those at law firms work. Again, the area of law that you work on may not be of much concern (you may not have an option either since you might be allocated a certain practise area arbitrarily), but what is important for you is to see if you like working in that set-up. This does not mean liking ‘that’ particular law firm/company or not, but judging whether you prefer to work in a company based fixed structure with work evolving around the company’s business or a more flexible law firm culture with a diversity of work ranging across clients from diverse fields of business. It is advisable to work with law firms having work in large and multiple practise areas or companies having sizable legal departments.

Fifth Year
This is the time when you need to vie for the biggest name in the industry. You may also wish to intern again with an organisation where you have previously interned so as to fortify your employment prospects. But nevertheless, fifth year internships should be a focussed and well thought strategy since this would be your last opportunity to work closely with an external organisation. Remember, being a final year student you stand a good chance of being offered a placement so your work and conduct should testify the quality which may be expected of associates working with the firm/company. It is useful to know who handles recruitment and taking contact details of the person for future times (infact this is true for wherever you intern throughout your law course). Even if the organisation does not offer you a job, your having interned with them would carry a lot of weight in your applications to other places during campus interviews or otherwise.

Expectations from interns
While most students strive hard to earn the best of internships at their dream firms/companies, many fail to see things from an external perspective as to how are they being viewed by the employees/associates/partners etc. An intern is many at times considered as an irritant by junior associates or managers as they are generally supposed to be their mentors, thus also meaning that they need to take out time for the intern’s learning and problem solving out of their already hectic schedule. But not as disappointing as it sounds, young junior associates can also be great friends for an intern as they are themselves only recently out of college and understand an intern’s need and can be a big support and confidence booster for the young intern.
However, managers, partners and associates are often disappointed with intern’s behaviour which often leads to bad impression of not just the student and his law school but often also forming adverse opinions about the whole policy of the firm/company to have interns over. This, thus results in the intern failing to cut ice for a potential pre-placement offer. Some of the irritants are:
· Reaching office late.
· Using office resources recklessly for personal purposes. e.g. - Telephone calls to friends, using office computers to chat, orkut, facebook etc, downloading songs and movies.
· Long mobile phone use during office hours.
· Stealing office stationary, library books.
· Long and frequent lunch or smoking breaks.

· Getting too cheesy or informal with fellow interns or associates.
· Gossiping, eavesdropping or participating in office politics is a strict no.

It is important for the intern to realise that he/she is a temporary guest in the organisation/firm and is under a constant observation, actively and passively, at all times. An opportunity to work in a professional environment and among seniors also demands maturity from the intern himself.

An internship is thus a very integral part of law school education and contributes to both the professional and personal side of a student’s upbringing. Taken in the right perspective, free from pre-conceived prejudices about any field of the legal profession and exposing oneself to whatever opportunity is the best way to gain from the internships you undertake. Good experience or bad, you will always make an informed and concerted decision.

The World and its Changing colors


The World and its Changing Colors

If you ever see the map of the world, you’ll see a distinct band of colors on it, each color representing a separate country and distinguishing it from the other. So, India’s painted in blue, the Gulf in green, Africa in red or Brazil in yellow- each highlighting one political boundary from the other.

This has been the way we’ve conceived our world to be. This has been the world in which our ancestors have come, lived and gone. Anything from beyond their understanding of known geographical boundaries was regarded as to be from ‘saat samundar paar’. Thus, our minds too ‘painted’ the world into shades of red, black and blue to distinguish ‘homelands’ from ‘phoren-lands’.

The colonial race and the industrial revolution helped magnify the concept of a politically and economically demarcated world all the more, thus making the shades on our world map a shade darker…and in our hearts too! So, now we even started to call our fellow ‘world-izens’ as whites, blacks, browns and yellows. Spectacular it would have looked from outer-space then to indeed see a
Planet with that multitude and spectrum of colors, a whole set of cutout blocks in a jigsaw puzzle.

But the picture of the world is much different today. Whether you see it from the space or being a part of it. The colors which seem to have looked so prominent and the countries that looked so far off are today in our own pockets…literally and imaginably. What you get to see is a world full of vernacular tastes blended with global cuisines. So you get to see a rickshaw puller in down-town Calcutta calling back home from his Nokia (Finland) cell phone, the son of a rich trader in Bihar listening to Bhojpuri music on his Sony (Japan) MP3 player, A 3 year old toddler from sub-urban Mumbai going every morning to the “American International School” and a family of a Punjabi farmer going to the McDonald’s (US) family restaurant on their FORD (US) tractor!

Internationalism is all around us. Look around and it becomes clearer that the 'world is flat' - indeed! Consider the increase in the number of air-travelers’ worldwide, the rising number of tourists to the third world and the ever-rising number going the opposite way, the statistics tell us all.

We today live in a world, which was un-thought of a couple of years ago. Be it the development of the world-wide-web or advancements in transport or our own urge to discover our world, we have come a long way. Many theories written by thinkers of yesteryears about nation-states and Statehood have now lost relevance; many wars fought in the history of times seem to be futile now…the world and its colors have undergone a paradigm shift. Its time we come up with a new copy of our world map.