The IIAS claims rising royalty payments by the Indian arms of MNCs are up as much as two fold over the last two years, report CNBC-TV18 Sajeet Manghat and Ashmit Kumar.
Institutional investor advisory services, a firm that claims to watch over the rights of minority shareholders has raised issues with the rising royalty rates being offered by the Indian arms of MNC's.
Iias says the government's move to liberalise payment of foreign technology collaboration and royalty fees via press note 8 in December 2009 has gone against the interest of minority shareholders in the last 3 years.
IIAS says the top 20 royalty remitting companies paid Rs 3,601 crore in FY12 as compared to Rs 1,196 crore five years ago. While royalty payments have more than doubled, sales for these companies grew by only 70% over the same period.
The top 25 companies paid on an average 25% of the profits as royalty with Maruti topping the list of royalty paying companies, followed by ABB, Nestle, HUL and Bosch. IIAS also says there are four companies that have not paid dividend for the last few years, but continue to pay royalty. These include 3M India, Timken, Whirlpool and Asahi India who paid Rs 385 crores in royalty since FY08, excluding a one time dividend paid by Timken in FY12.
IIAS claims that companies camouflage royalty payments under various heads and hence want to standardise the categories of payments to bring in transparency and clarity.
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