An Extraordinary General Meeting (EGM) of Byju's shareholders got underway on Friday to vote on a resolution brought by some investors to ouster founder CEO Byju Raveendran and his family over alleged "mismanagement and failures". Raveendran and his family stayed away from the EGM, calling it "procedurally invalid."
The airline has reported 5th straight quarter of net losses for the July-September period, at Rs 310 crore
In a serious data breach, personally identifiable information of 815 million Indians has been up on the dark web for sale, according to a report by US-based cybersecurity firm Resecurity. Details such as Aadhaar and passport information along with names, phone numbers and addresses are available for sale online, it has said.
Byju Raveendran, CEO and founder of the eponymous edtech giant, has told shareholders that the company will set up a board advisory committee (BAC). This was part of a discussion on July 4 with shareholders at an emergency general meeting (EGM). Raveendran also said that in the next EGM in three weeks will give details about BAC's members and composition.
More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote.
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
Edtech major Byju's is growing slowly but sustainably and is close to achieving profitability at the group level, the company's CEO Byju Raveendran said on Thursday. The company organised a town hall with Raveendran to allay apprehensions about the uncertainty around the company's growth and its future. According to sources, who attended the town hall, Raveendran said that issues with $1.2 billion Term Loan B lenders are being resolved through discussion and hopeful of a positive outcome in the next few weeks without the court's intervention.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
A lot depends upon the crucial decision-making skills of the management. If you have any doubts about the management then you always have the choice of selling your shares or not buying stocks of those companies at all.
The National Financial Reporting Authority (NFRA) has issued guidelines to inspect select audit firms to identify areas and opportunities for improvement in the audit firm's system of quality control, a statement said. "Inspections will consist firm-wide review of audit quality and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards and quality control policy and processes," NFRA said. The selection of the audit firm or the auditor for such inspection by NFRA would be based on assessment of risks in the audit environment.
If she cannot recast the party, bring together the factions opposed to her, and present herself as her brother's true challenger, there will be little left for her in politics, notes Aditi Phadnis.
Sukanta Majumdar, the state BJP president, said, "Amit Shah has set a target of 35 seats. We will achieve that".
Most politicians and even non-politicians have been honoured because of what they were purported to be electorally worth for the ruling party of their time, argues N Sathiya Moorthy.
Justice Swarana Kanta Sharma said the stay on the operation of the FIR as well as the trial court order will remain in force till December 6, the next date of hearing. The trial court had directed registration of an FIR against them on a complaint alleging that Hero MotoCorp manufactured fake bills worth Rs 5.9 crore and obtained tax credit of over Rs 55 lakh. The company, its chairman and officials approached the high court challenging the trial court's order.
Byju's plans to raise funds at a lower valuation of $7-8 billion as the embattled edtech major looks to shore up its financials with adequate liquidity, a senior company executive said on Tuesday. Banking on overall "improved performance", Think and Learn, the parent of Byju's, is hopeful of a higher valuation ahead of its rights issue being planned in February to raise funds. Byju's India chief financial officer Nitin Golani said the company is in need of funds and plans to raise it at a lower valuation to make the offer lucrative for investors as well as ensure adequate liquidity support for the edtech firm.
The IT-BT minister claimed that the then BJP government did not merely charge a '40 per cent commission', as his party had claimed during the assembly election, but had collected a commission of more than 400 per cent.
'AI may perform tasks, but deep expertise and specialisation remain uniquely human.'
The Comptroller and Auditor General of India (CAG) has pointed out several flaws in the financial practices of the Gujarat government and said there was a need to formulate a realistic budget based on the needs of the departments.
The 61-year-old MLA from Islampur seat of Maharashtra was issued the first summons for appearance on May 12 but he had sought deferment for about 10 days citing some personal and official engagements.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
Missing the deadline for filing Income Tax returns can lead to consequences.
In an editorial in its mouthpiece Saamana, the Uddhav Thackeray-led party said Prime Minister Narendra Modi should first respect uniform law by disqualifying 40 MLAs including Maharashtra Chief Minister Eknath Shinde, whose Urban Development department has taken action against 18 ex-corporators from the Bhiwandi Nizampur City Municipal Corporation (BNCMC).
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
The case was registered against the veteran Bharatiya Janata Party leader by Lokayukta police in 2015 based on the report of the Comptroller and Auditor General of India.
The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
The situation raises concerns about whether the promised freebies will once again push the state into a revenue deficit.
Gadkari and Singh on Thursday came together to release a book on late Congress leader Ramkrishna More at Pimpri Chinchwad near Pune.
Congress leader Digvijaya Singh on Tuesday claimed a senior railway official had flagged a fault in the signal interlocking system in February and warned of the train accident risk but the problem was not rectified which led to the Balasore train crash.
Jaitley slammed lack of ethics in certain sections of businesses and said multiple layers of auditing system chose to either look the other way or did a casual job.
The government on Thursday tabled the Digital Personal Data Protection Bill 2023 in the Lok Sabha with an aim to protect the privacy of Indian citizens, while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders. Reddy is the promoter-cum-chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer. Besides, the regulator also banned Reddy from the securities market until further orders.
Billionaire Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. Promoter group has increased stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent, according to a stock exchange filing. Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.
The shift to a shorter T+3 settlement cycle for initial public offerings (IPOs) will be a big test of the domestic market structure, requiring players in the ecosystem to work harder to meet the squeezed timelines, according to industry insiders. The Securities and Exchange Board of India (Sebi), has announced that the transition to the T+3 cycle will be voluntary starting next month and mandatory from December 1. The new mechanism will necessitate quicker confirmations from banks and speedy verification of permanent account numbers (PANs) for all applicants.
In a breather to the troubled edtech company, the steering committee of lenders has agreed to amend a $1.2 billion term loan with Byju's by August 3, 2023, the lenders announced on Monday. Successful execution of the amendment would "immediately" solve the loan's acceleration and end all open litigation while avoiding further enforcement actions, they in a statement. An e-mail sent to Byju's did not elicit a response.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
What the INDIA alliance needs is neither a counter to Modi's tall personality and undiminished charisma nor a counter-narrative to his Hindutva agenda, now centred on the Ayodhya temple consecration on January 22, argues N Sathiya Moorthy.
The ministry of home affairs has suspended the Foreign Contribution Regulation Act (FCRA) licence of prominent public think-tank Centre for Policy Research (CPR) over violation of laws, officials said on Thursday.
Even as cyber threats continue to rise in India - the second-largest global active internet user base - the country is currently facing a big skill gap in the cybersecurity domain and represents just six per cent of global cybersecurity jobs, finds a report. As of May 2023, the industry had about 40,000 open opportunities, indicating the growing demand for skilled cybersecurity professionals. However, the demand-supply gap stood at 30 per cent, projecting a major skill challenge in the industry, finds the study by tech staffing firm TeamLease.
More than 120 eminent citizens, including retired high court judges and former bureaucrats, have written to President Droupadi Murmu opposing what they called "highly objectionable attempts" to legalise same-sex marriages.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
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