بیگم قدسیہ اعزاز رسول کی وفات
یہ خبر رنج وغم کے ساتھ سنی جائے گی کہ یکم اگست کو بیگم قدسیہ اعزاز رسول کا طویل علالت کے بعد انتقال ہو گیا، ان کا آبائی وطن مالیر کوٹلہ تھا، ان کے والد یہاں کے معزز اور بڑے بااثر شخص تھے، ان کی شادی نواب اعزاز رسول سے ہوئی جو سندیلہ کے بڑے تعلقہ دار تھے۔
بیگم صاحبہ کی زندگی قومی، سیاسی، سماجی اور تعلیمی سرگرمیوں کے لئے وقف رہی۔ آزادی سے پہلے وہ اور ان کے شوہر مسلم لیگ سے وابستہ رہے، نواب صاحب یو۔پی مسلم لیگ کے جنرل سکریٹری تھے جن کا کئی برس پہلے ہی انتقال ہو چکا ہے۔
بیگم قدسیہ کا شمار کانگریس کے سرکردہ لوگوں میں ہوتا ہے، وہ ہندوستان کی دستور ساز اسمبلی کی رکن تھیں اور اب اس کی یہی ایک ممبر رہ گئی تھیں، ان کی وفات سے یہ یادگار بھی ختم ہوگئی۔
وہ عبوری پارلیمنٹ اور راجیہ سبھا کی رکن رہیں اور کئی بار سندیلہ اسمبلی حلقے سے کانگریس کے ٹکٹ پر یو۔پی اسمبلی کی ممبر منتخب ہوئیں اور وزیر بھی مقرر کی گئیں۔
بیگم صاحبہ اتر پردیش اقلیتی کمیشن کی چیر مین اور بر سوں آل انڈیا ویمنس ہائی ایسوسی ایشن کی صدر رہیں، انہوں نے سندیلہ اور لکھنؤ کے کئی علمی و تعلیمی اداروں کی سر پرستی اور نگرانی بھی کی۔
وہ قدیم تہذیب وشرافت کانمونہ اور قوم و ملت کی پرانی روایات واقدار کی حامل تھیں، اب قومی رہنماؤں میں بہت کم لوگ ہی ایسے رہ گئے ہیں۔ دارالمصنفین سے بھی لگاؤ تھا، اقلیتی کمیشن کے سر براہ کی حیثیت سے اعظم گڑھ تشریف لائیں تو یہیں اس کی میٹنگ رکھی اور اقلیتی نمائندوں سے تبادلۂ خیال کیا، اﷲتعالیٰ عالم آخرت میں قوم و ملک کی اس خدمت گزار کے درجات بلند کرے، آمین!! (ضیاء الدین اصلاحی،...
In the post-industrial revolution world, social change is often studied and understood in the context of change in means of production, mobility, urbanization and change in the constitution of workforce. Role of ethical values is generally confined to personal conduct and manners. Industrial society is supposed to have its own work ethics which may or may not agree with personal ethics and morality. Ethics and morality are generally considered, in the Western thought, as a social construct. Therefore, with the change in means of production or political system, values and morality are also expected to be re-adjusted in order to cope with the changed environment. Sometimes a totally new set of values emerges as a consequence of the change in economic, political, or legal set up. The present research tries to understand the meaning and place of these values in a global socio-cultural framework. Relying essentially on the divine principles of the Qur'ān it makes an effort to understand relevance of these universal and ultimate principles with human conduct and behavior in society. It indicates that essentially it is the core values, principles, or norms which guide human beings in their interpersonal, social, economic and political matters. Islam being a major civilizing force, culture, and the way of life, provides values which guide both in individual and social matters. The values given by the Qur’ān and the Sunnah are not monopoly of the Muslim. These values are universal and are relevant in a technological society.
The purpose of this research is to investigate effect of corporate governance on different facets of cash management i-e, level of cash holding, value of cash holding, utilization of excess cash and performance. Furthermore, the role of product market competition is checked in the relationship of corporate governance with different facets of cash management and to get more detail analysis role of family ownership and Shariah compliance is also checked. The research also investigated effect of corporate diversification on value of cash holding in strong governed firms and poorly governed firms; competitive and concentrated industries; family and non-family firms; Shariah and non-Shariah compliant firms. The study used unbalanced panel data of 196 companies from the years 2006 to 2014. All models generally include time dummies and industry fixed effect with standard error cluster to firm. The result shows that corporate governance has significant negative effect on corporate cash holding which supports flexibility hypothesis. Moreover, corporate governance has significant positive effect on value of cash holding and performance of firm through efficient utilization of excess cash due to corporate governance. The role of product market competition is explained in the context of substitution and complementary effect argument. The results generally support complementary effect of product market competition for corporate governance in all relationship with cash management and performance except with level of cash holding that support substitution effect. Substitution effect claim that external market discipline alone is enough mitigate agency problem. On the other hand, complementary hypothesis claim that external market discipline need efficient internal governance to mitigate agency problem. Family firms have high agency problem compared to non-family firms and corporate governance leads to proper utilization of excess cash that leads to high value of cash holding and performance in family firms. The dissertation also investigated effect of corporate governance on different facets of cash management in Shariah compliant firms and nonShariah compliant firms. The result portray that corporate governance has no significant effect on level of cash holding. The result postulates insignificant effect on value of cash holding and utilization of excess cash in Shariah compliant firms which support substitution effect of Shariah compliance for corporate governance. Excess cash under good governance has same effect on performance in Shariah and non-Shariah compliant firms and the result does not support agency theory. The result also indicates that corporate diversification decreases value of cash holding due to agency problem. However, it increases value of cash holding in good governed firms compared to poorly governed firms. Similarly, it increases value of cash holding in competitive industries compared to concentrated industries because external market discipline mitigate agency problem. On the other hand, corporate diversification decreases value of cash holding in family firms, while it has significant effect on value of cash holding in Shariah compliant firms.