Time Management For A Mid-sized MNC

Well, I would suggest to first check and allocate the work with time estimation. If the time is already estimated for the particular task employees are forced to finish the task in given hours and list the employees who are capable enough and finishing the task on time and send notice to the other employees that the strict action will be taken in case they do not improved. Also, consider it as a point while appraisals.
Not at once, but slowly you will see the change.

Dear Richa,
You have acknowledged the help by other members. Good. Not necessarily all do this.
Nevertheless, real tribute to the members would be by implementing the techniques suggested by the members and coming back again and telling us what % of time you could freeze from the unproductive activities or how you could improve the organisation's productivity by better time management methods.
Your valuable inputs would add real value to the forum.
All the best!
Dinesh V Divekar
Thank you to everyone who have spared out time to help me with ideas/suggestions.
I think I have an understanding, how I can use the information to draft out what I really want.
I am sure, you would be able to help me if I get stuck again.
Thanks again!!!
Richa