As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
The dispute involves a UK-based hedge fund, Altima Partners, and the company's principal promoter Raghav Bahl, founder and largest shareholder of Network18, the broadcasting group which runs TV channels such as CNBC-TV18, Colors and Awaaz.
Auctions for spectrum for 3G or third-generation telecom services could be delayed from an already rescheduled date of January 30 after the Department of Telecommunications sought legal opinion on whether it should send the finance ministry's suggestion on doubling the reserve price back to the Telecom Regulatory Authority of India for its endorsement.
Will scrap bid if it falls below government's revenue expectations.
Bajaj family members are in the final stages of reaching a peace formula to their six-year-old dispute over the division of group companies and assets. Sources familiar with the developments said an announcement can be expected in the next 10 days, but did not want to divulge details.
Korean car maker Hyundai Motors India Ltd said it will have to lay off 2,000 temporary workers, about one-fourth of its labour force, to tide over a decline in car sales. The company employs over 8,400 workers, of which around 3,300 are temporary.
This is the second project in the country in which a metro rail project is being undertaken through a PPP model after the 71-kilometre Hyderabad metro project was won by Maytas Infrastructure. According to industry sources, infrastructure major Larsen & Toubro had also initially shown interest for the project, but backed out finally.
This is the first time Hill & Knowlton, part of the WPP group that has several joint ventures in advertising, is venturing into India in this area. The Hong Kong-based company has presence in more than 41 countries across the globe. The PR business has been attracting the attention of international agencies and many have already set up JVs or signed partnerships with Indian players.
Days after NTT DoCoMo of Japan announced that it will buy 26 per cent in Tata Teleservices for $2.7 billion, NRI businessman C Sivasankaran has decided to put on the block his eight per cent stake in the company.
After 11 years of hanging like a sword on PepsiCo India Holdings Ltd, the government's condition that the company must dilute its equity in fully-owned downstream ventures is close to being waived.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal by Tata Investment Corporation (TIC) to issue zero coupon convertible bonds (ZCCBs) with detachable warrants to its shareholders.
The government and Reserve Bank of India are working on measures that include relaxing norms for Non-Performing Assets (sticky loans) and prudential lending to kick-start key infrastructure projects.
The government is discussing a number of policy measures to insulate India from the impact of the global financial crisis including further banking reform, industrial de-control, auctioning all loss-making public sector units, foreign investment in retail, amending labour laws and notifying important pending legislation like the Delhi Rent Control Act.
Singur divided between those who want Tata back and those who just want their land.
The regulator has suggested that all spectrum will be auctioned as opposed to the current policy of bundling it with a 2G licence. A beginning has been made with the auctioning of spectrum for 3G services, which is due later this year. Trai has also suggested that licences for any telecom service should be auctioned as opposed to the current policy, where it is given on a first-come-first-served basis. The new policy is expected to be ready by the end of December this year.
At least three major broadcasting companies have held discussions on forming a combine, the first of its kind, to counter the might of media buying houses in dictating commercial air-time rates.
India will be one of the key centres for design and development of the A350 aircraft, European aircraft manufacturer Airbus' answer to the Boeing 787 Dreamliner.
It is not clear, however, whether the two players are considering a majority stake or would be content as investors with 26 per cent.
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