Tag: business ethics

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Credibility in Gold Price Determination Must Be Preserved, Says Malabar Group Chairman M.P. Ahammad

rencygomes02

Written by Intern Rency Gomes || Team Allycaral 

Panaji, January 2026: Malabar Group Chairman M.P. Ahammad has warned that certain emerging practices in gold price determination in India deviate from established norms and risk undermining the long-standing credibility of the country’s gold trade.


Ahammad explained that gold prices in India are determined by three key factors — international gold prices, the exchange rate of the Indian rupee against the US dollar, and import duty. While customs duty remains fixed for a defined period, fluctuations in global prices and currency movements necessitate daily revisions in gold prices.
Traditionally, daily gold prices are fixed in a transparent and reliable manner by trade associations and published before 9:30 am. Once announced, these prices remain valid for the day and are revised only in exceptional cases of extreme market volatility.
However, Ahammad noted that some traders have been arbitrarily increasing gold prices, contrary to the established pricing mechanism, without providing clear justification to consumers. He warned that such practices could erode trust in the sector and create concern among consumers, investors, and industry stakeholders.
Emphasising ethical business practices, Ahammad urged all stakeholders to refrain from actions that compromise the integrity and credibility of the gold trade. He reiterated that consumer interest remains the foremost priority for Malabar Gold & Diamonds, and that transparency and fairness must guide all business decisions.
He also highlighted Malabar Gold & Diamonds’ ‘One India One Gold Rate’ initiative, introduced to eliminate price disparities across states. Since tax rates are uniform nationwide and gold prices are linked to international benchmarks, Ahammad said gold should be sold at a uniform price across the country.

Events in Goa

Reputation Over Gimmicks: CA Santosh Kenkre Shares Timeless Lessons for Entrepreneurial Success

Tanisha Cardozo

At the centenary celebrations of Clube Tennis de Gaspar Dias in Panaji, renowned chartered accountant Santosh Kenkre delivered a thought-provoking talk on what truly drives entrepreneurial success in today’s competitive world. A respected figure in Goa’s financial and business circles, Kenkre used the platform to underscore a vital message: long-term success is built on the pillars of reputation, quality, and discipline — not shortcuts or gimmicks.

“Gimmicks may work in the short term. In the long run, it is quality that sells. Reputation is what keeps you in the game,” Kenkre stated emphatically, pointing to brands like Tata as a shining example of consumer trust and brand loyalty. “If Tata does something, we buy it blindly,” he added, emphasizing the irreplaceable value of trust.

Kenkre, who has served as chairman of the Goa State Co-operative Bank and head of the Goa Economic Development Corporation, also addressed Goa’s cultural discomfort with marketing. “In Goa, we are almost apologetic if not timid in advertising or marketing,” he said, urging local entrepreneurs to shed their hesitation. “Only if your products sell, will you get the money. To sustain a business, as a result of competition, you have to advertise or do marketing.”

He drew inspiration from political and corporate leaders alike. Recalling a 2013 meeting with Prime Minister Narendra Modi, then Chief Minister of Gujarat, Kenkre highlighted five lessons learned in just five minutes — open-mindedness, time management, relationship-building, public relations, and delegation. “These are qualities every entrepreneur must develop,” he said.

From the corporate world, Kenkre invoked the wisdom of Infosys founder NR Narayan Murthy. “Growth was never planned as an ambition, but came from steady increments in quality,” Kenkre paraphrased, driving home the point that quality and fair pricing are the ultimate business formula.

Beyond grand strategies, Kenkre found lessons in everyday systems, too. He noted that households — particularly those run by women — demonstrate some of the most efficient standard operating procedures (SOPs). “The multitasking and systems run by women in our households are unmatched. Businesses have much to learn from that discipline,” he said, drawing applause from the audience.

His lecture served as both a mirror and a guidebook — reflecting what Goan entrepreneurs may lack in marketing confidence but also pointing toward a path of value-based growth rooted in reputation, trust, and discipline. As Goa steps into new economic possibilities, Kenkre’s words offer a grounded, time-tested roadmap for sustainable success.

Business

Mukesh Ambani Opts for ₹0 Salary in FY25, Earns Dividends Worth ₹3,322.7 Crore

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Mumbai | Business Desk | allycaral.com

Mukesh Ambani, India’s richest man and Chairman & Managing Director of Reliance Industries Ltd (RIL), has again chosen to draw no salary for the fifth consecutive year in FY2024-25.

This decision, which aligns with Ambani’s long-held public stance on corporate responsibility and moderation during uncertain economic periods, has been consistent since the COVID-19 pandemic began. The last salary drawn by Ambani was ₹15 crore annually until FY20.

Despite the zero-salary decision, the Ambani family’s earnings from RIL shares amounted to ₹3,322.7 crore in dividends in FY25 — underlining the family’s wealth through ownership and long-term investment in the company.

Why It Matters:
In a corporate world often scrutinized for excessive executive compensation, Ambani’s move has been viewed as symbolic, especially considering the high-stake economic and social challenges of the past few years.

Reliance’s Performance in FY25:
RIL continues to remain India’s most valuable company, with thriving verticals across retail, telecom, energy, and digital services. The dividend payout showcases the company’s robust profits and shareholder value creation.

A Leadership Style Based on Moderation:
Ambani’s decision sets a benchmark in India’s corporate landscape and demonstrates a shift in the perception of compensation — favoring long-term gains and stakeholder alignment over immediate monetary benefit.

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