The Times Of India, November 13, 2017The UBS has been in the news recently after the firm admitted that the company’s system for disposing of old building materials in India has failed, triggering the government to set up a task force to look into the issue.
The task force will also look into how the UBS handled the disposal of old concrete for the government’s projects, according to a statement from the finance ministry.
The Times of Indian reports that the government of India has ordered a comprehensive probe into the matter, and that the UTS system was the cause of the failure.
According to the Times of Indias report, UBS’s failure was the result of the company “relying on faulty premises” and “inflating its profit”.
The company’s stock price fell after the Times article was published, but rose slightly on Wednesday.
The UTS is a program that has been a staple of Indian government construction and planning since the late 1980s.
Its main objective is to “get rid of waste”, the Times reports.
A UTS project will dispose of materials from a site that has fallen into disrepair, such as cement slabs, concrete blocks and other building materials.
According the Times, the process will take three days, and materials will be collected by the contractor’s team, then returned to the waste disposal facility.
The Times also points out that the process can take weeks to complete, with many sites failing to meet the government-mandated deadline for the disposal.
The Times article further notes that there is no requirement for an auditor to perform the entire process, and it’s likely that the contractor will do it himself.
“It is common practice for the contractor to dispose of building materials on his own, and he is supposed to do it on a weekly basis.
This means that the cost of the work will be covered by the waste management company,” said an official from the Ministry of Construction and Building, who declined to be named.
“If the contractor does not comply with the government mandate, he will face serious consequences, which could amount to a penalty of 10 per cent of the project’s total cost.”