Latest News Of Corporate World – While state-owned companies do not take the accountability and reputation factor seriously in India, larger companies like Hindustan Unilever have set up large centers to deal with such situations.
Fake news on social media platforms, which used to be limited to political parties and politicians, is making inroads into the corporate world, often resulting in significant financial and reputational damage.
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New Delhi: Last week, Piraal Enterprises Ltd found itself in another kind of crisis. An article on social media claims that real estate developers in loans taken from Piraal Companies and its subsidiary Piraal Capital & ap; Housing Finance (PCHFL). Piral is not alone.
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A few weeks ago, Nestlé was on a roll after a WhatsApp message alleged toxic ingredients in its pet care company Purina Petcare India’s products. In September, Infibea Avenues shares lost 71 percent of their market value in a day after a WhatsApp message circulated among traders and raised concerns about ecoerce’s accounting practices. The message was attributed to Equirus Securities, which denied releasing such information.
In July, Kerala-based Kalyan Jewelers claimed to have earned Rs 500 crore due to a flurry of fake messages and videos on social media about the brand and its products. According to lawyers, digital and social media experts, fake news on social media platforms, previously limited to political parties and politicians, is infiltrating the corporate world, often resulting in significant financial and reputational damage, and companies are They are hard to fight with. Agency heads
In the case of Piraal, the message reads: “PEL News in ubai, in light: Traders say Rs 1,500-1,800 crore loan defaulted by developer Nahar Developers… Same That’s why the stock is down 10%.” Piral on Sunday informed the bourses about the rumors about its real estate loan portfolio, which it denied, saying that the companies mentioned in the papers never made any profit or commitment. They have not failed to repay.
Nestlé approached Check4Spa, a nonprofit that verifies posts on social media. APurina Petcare India spokesperson said, “We have noticed that misinformation about our product is being spread on selected platforms. We assure our customers about the quality and safety of the product. There is a proprietary tea that monitors the developer. and tries to identify the origin of the esage if possible.
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Shaas Oliyath, founder of Check4Spa, said: “For verification, the body receives many posts that appear to be aimed at aligning companies and their products. People panic or worry when they see news about their favorite products, Oliath said. “There are also posts that specifically target companies to align them,” he added.
Fake news discovered by Check4Spa includes cases of Huddard labs not using Hindus and non-slices, Red Bull containing bull sperm, drinking Pepsi after consuming Polo or Entos causing instant death, and Cadburys dairy containing pork ingredients. . A spokesperson for APepsiCo said the company has noticed a trend of deceptive and offensive content on social media that is cause for concern.
A spokesperson for the company said, “Deceptive content suggesting that Kurkure contains plastic has adversely affected the brand’s reputation. “When our brands are repeatedly targeted with fake and malicious content that threatens our long-term equity, we take legal action.” Tushar Ajinkia, Head of Forensic Investigations and Fraud Investigations at DSK Legal, said: “Individuals initiate content moderators to monitor content and take appropriate civil or criminal action, including defamation, removal of warnings or requests for an apology.
However, there may be cases where a potential competitor can create many accounts and be able to retweet and share messages very quickly. “It can be very difficult to control.” Ajinkya said companies can also ask entities like Facebook to remove articles if they prove they are offensive, but there may be cases where some articles border on the truth, which can be twisted and misrepresented. It is not easy to prove them. Being offensive
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According to Aditya Gupta, co-founder of iGenero, aside from advertising to address concerns and information, there’s little companies can do to prevent these. At least on Facebook and Twitter, companies can write to it and they can take action by blocking this content from people’s feeds. But it is very difficult in WhatsApp. Gupta said: The scope and volume of the content is very large.
Zafar Raees, CEO of indshift Interactive, said while Swedish companies do not take the need for accountability and reputation management seriously in India, larger companies like Hindustan Unilever have set up large centers to deal with such situations. “Having a social media agency alone is not enough. It’s important to have the right monitoring tools in place that can capture data before it becomes something bigger. “We’ve built a base of digital evangelists and influencers for some of our brands to help deal with these situations,” Rice said.
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Global managing partner at Shearman & Sterling LLP George Casey has been very vocal about the intense war in Ukraine. His social media coverage of Russia’s invasion of the country has alternated between reporting on what’s actually happening on the ground and calling on business leaders and corporate institutions to support Ukraine and be “on the right side of history.” Originally from Ukraine, George wants to use his position in the corporate world to make a difference.
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“When the war started, I wanted to make sure that the international business community, of which I am a part, was aware of what was going on, (…) that it was not a complex regional conflict that people could not fully comprehend. understand and thus be able to understand it. Waiver. This is a manifestation of evil of historical proportions, the worst of the 21st century, we have not seen anything like it in the last eighty years.”
George began posting, calling for action, fundraising, doing professional work, helping Ukrainian refugees and reporting on Ukrainian news, which is often not covered by the global media, and the background of which the business community often ignores. was not aware
“I think the most important thing for me is that the international community stands by Ukraine, provides moral, political and, if possible, financial and humanitarian support and does not create fatigue. Over time, people tend to shift their focus to other things. This war is very unfair and many crimes are still committed. (…) I actually call it what it is. This is the genocide of the Ukrainian people.
(…) When you see the actions of the Russian army on the ground, when Russian leaders deny the existence of the Ukrainian nation, when they say that Ukraine is an artificial creation ordered by Moscow. And you see massacres, rape, brutality on a level that people haven’t seen in eighty years, and then combine that with about 2 million people being forcibly deported from Ukraine to Russia, with 300,000 children being deported and forced into have been transferred to Russia. child custody It is a genocide, precisely within the definition of the UN Genocide Convention. “We have to stop it and we have to figure out how to fix what’s been done.”
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George is a Salzburg Global Fellow who has previously participated in the Salzburg Global Forum on Corporate Governance, a program that examines responsible leadership in the corporate world. Recently, George attended the meeting
He looks forward to the opportunity to connect with people from different sectors of Ukrainian society and hear their stories firsthand. “The level of commitment, energy, inspiration, is beyond anything I could have expected. (…) The Salzburg World Seminar has shown that they are really at the forefront of issues like this, bringing together the Ukrainian community in times of war. “They bring, and they facilitate discussions to figure out how to move forward.” He is also grateful for the invitation to present his views on how to position Ukraine to become a “magnet economy” for foreign investment after the war.
The most important thing for me is to see and participate in great discussions. What will be important is that the ideas generated here do not get lost and we find a way to implement some of these ideas and bring them to Ukraine. (…) I am convinced that Ukraine will win this war. It’s about what comes next. “I think this is a unique opportunity and a historic opportunity for Ukraine to reach a place in the world community that Ukraine did not have before and where it truly belongs.”
The members of this meeting have drafted the Salzburg Declaration, in which they state Ukraine’s civic priorities and recommendations.
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