New Delhi: Textile firm Welspun India Friday reported a consolidated loss of Rs 78.43 crore for the quarter ended March 31, due to exceptional expense of Rs 224.01 crore related to settlement of litigation in the US with regards to labelling and marketing of Egyptian cotton products. The company had posted a net profit of Rs 89.86 crore for the corresponding period of the previous financial year. Welspun India said the company and its subsidiaries, which have been facing litigation in the US surrounding its premium cotton home textile products, have entered into a settlement agreement in the US. Also Read – SC declines Oil Min request to stay sharing of documents “To avoid the burden, cost, and uncertainty of continued litigation in the United States surrounding the provenance of its premium cotton home textile products, the company and its subsidiaries have entered into a settlement agreement subsequent to year-end. “The settlement agreement provides monetary payments to settlement class members not to exceed an aggregate USD 36 million (about Rs 250 crore),” Welspun India said in a regulatory filing. Also Read – World suffering ‘synchronized slowdown’, says new IMF chief The company reported an exceptional item aggregating to Rs 224.01 crore for the quarter ended March 31, and it represented a provision for the settlement costs. “The settlement agreement is subject to approval by the appropriate courts in the United States and regulators, and is intended to resolve legal claims in the US concerning the past marketing and labelling of the company’s premium cotton home textile products,” the company added. In 2016, US retail giant Target Corporation had terminated contract with the Gujarat-based textiles maker over alleged lapses in its products supply. Target Corporation after an extensive investigation confirmed that Welspun substituted another type of on-Egyptian cotton when producing bed sheets and pillows between August 2014 and July 2016. Welspun India had, later, appointed consultancy firm Ernst & Young to look into the alleged lapses. Welspun India said it continues to deny the merits of these claims and does not admit to any liability in the settlement agreement. “Nonetheless, Welspun believes this settlement agreement, which is subject to approval by the appropriate courts in the United States and regulators, is in the best interest of all stakeholders,” it added. Welspun India’s total income during the quarter stood at Rs 1,600.94 crore, up 4.30 per cent as against Rs 1,534.92 crore in the year-ago period. The board of directors of the company has recommended a dividend at the rate of Rs 0.30 per share on equity share. Welspun India is part of the USD 2.3-billion Welspun Group. Shares of Welspun India Friday were trading 4.73 per cent higher at Rs 57.55 apiece on the BSE.
THE NUMBER OF people becoming Irish citizens doubled between 2010 and 2011, and doubled again the following year, according to a new report.The ESRI’s Annual Monitoring Report on Integration 2013 was published this morning, and analysed a number of areas of immigrant inclusion.Between 2005 and 2012, 54,700 non-European Economic Association adults acquired Irish citizenship.In 2012, 20,200 became Irish citizens.It notes that non-Irish nationals have not “benefited from the first stirrings of recovery” in the economy, citing an unemployment rate of 18%, 5% higher than the rate for Irish nationals.The report also details a high level of youth employment at 33%.There was some positive news on the education front that although while grades among 15-year-old immigrants from non-English backgrounds were still lower on average, the gap had narrowed since 2009.Income poverty rates were similar between Irish and non-Irish nationals.“However basic deprivation (enforced lack of 2 or more items relating to food, clothing, heating and family/social life) was higher for non-Irish nationals, and was particularly high for Africans (44 per cent compared to 24 per cent for Irish nationals),” the ESRI detailed.Commenting on the findings of the report, author Dr Frances McGinnity said that there has been “significant improvements in the processing of citizenship applications” over the past three years“The immigrant population now comprises a large group of immigrants with Irish citizenship who share the same rights and responsibilities as Irish citizens by birth or descent,” she said.Citizenship does not necessarily imply a full sense of belonging, but the very significant increase in the numbers applying for, and gaining, citizenship indicates progress towards the fuller integration of immigrants in Ireland.A special theme of this monitor was migrant children at age 3, finding:Immigrant children had healthier diets than their Irish counterparts.Despite higher levels of education, immigrant mothers are less likely to be employed, except for mothers from Western Europe who are on par.Experience of financial strain tends to be higherThe Immigration Centre called the report a “crucial piece of work” to allow for evidence-based strategies to be put in place.Read: Gilmore to go to Washington to discuss illegal Irish >Opinion: The undocumented Irish in the US need and deserve our help >