Setting aside Sebi's direction, the Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to go ahead with the shareholders' meeting on Tuesday to consider the proposed Rs 4,000 crore-investment by private equity firm Carlyle and others in the mortgage firm. However, results of the shareholders' voting will not be disclosed till further directions from the tribunal. The ruling comes hours after PNB Housing Finance informed stock exchanges that it has appealed against Sebi's direction on June 18 wherein it was asked to defer consideration of the proposed capital infusion proposal till a valuation of the company's shares is done by a registered independent valuer.
Mistry calls sacking illegal, says wasn't given any freedom
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
IndiGo has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.
The feud between Gangwal and Bhatia came into the public after the former, in July, wrote to markets regulator Sebi seeking its intervention to address alleged corporate governance lapses at the company.
From disbursing Rs 25.11 crore to political parties in 2014-2015, the Tata group is learnt to have contributed Rs about Rs 600 crore towards the 2019 Lok Sabha election.
There are inconsistencies and doubtful provisions in Companies Bill.
The deal is being looked into by Competition Commission of India and Securities and Exchange Board of India among other regulators.
These trusts hold 66 per cent stake in unlisted Tata Sons, the holding company of the $100-billion Tata group of companies.
Under the new policy, external advice would be sought for related party transactions that are worth over Rs 2 crore and bidding process would be mandatory for any such contract.
Share swap has moved the 'founder tag' from Sam Pitroda and Suman Dubey to the Gandhis.
The genesis of the arbitration lies in a bitter public battle that began in July when Rakesh Gangwal wrote to capital market regulator Sebi alleging lack of corporate governance in the company. He alleged that Rahul Bhatia, who holds controlling power of the company, had used it to execute questionable related-party transactions.
The airline has proposed to raise authorised share capital to Rs 2,200 crore. This would comprise Rs 680 crore of equity capital and Rs 1,520 crore of preference share capital.
The meeting was amicable, a stark contrast to the meetings of earlier years that always ended with the rivals at loggerheads.
Gangwal said he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Gangwal wants a seven-member board.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
While the court refused to order a stay on the AGM, it directed YES Bank to advance its board meeting by a month to June 27 and consider Gogia's appointment as a director on the bank's board.
"This is the third year in a row that India makes to top 10 in Doing Business, which is a success which very few countries have done over the 20 years of the project, Without exception, the other countries that have done this are very small, population-wise, and homogeneous," Simeon Djankov, Director of Development Economics at the World bank told PTI in an interview.
Pakistan women cricket team's head coach New Zealander Mark Coles has resigned on Thursday, months before the ICC World T20 in Australia.
McDonald's has argued that the dispute with its Indian joint venture partner Vikram Bakshi should be referred to arbitration as per the clauses of their agreement.
The government of India has nominated Vinod Rai as the government nominee on the board of ICICI bank in place of Vineeta Rai with effect from January 3, 2003.\n\n
The spat between the partners of telecom giant Idea turned murkier, with Birlas debunking the claims of Tatas that as a group they are not promoters and dubbing their termination notice as "illegal and malafide".
The price movement and trading volumes for few days prior to Mistry's ouster will also be looked into
Starting the process of incorporating a new company for its proposed aviation venture with Singapore Airlines, Tata group has sought to register this entity as 'Tata SIA Airlines Limited'.
Spanco Tele to seek members' approval for increase in authorised share capital.
The board expansion comes against the backdrop of an ongoing tussle between the founders and the management over contentious issues such as CEO salary hike, severance package to former employees and corporate governance standards.
The DDCA's Sports Committee, on Saturday, decided to sack former India players Atul Wassan and Nikhil Chopra from the state's senior selection panel while removing Maninder Singh from the junior selection panel.
Infosys, in April, had said that it will pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback.
At the immediate heart of the dispute is an inheritance that involves Rs 1,500 crore of shares that were bequeathed on a gift deed on a Rs 500 non-judicial stamp paper.
His fallout with the Caribbean players currently on tour in India notwithstanding, a defiant Wavell Hinds has refused to step down as the West Indies Players' Association (WIPA) President.
Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
Trust explores options on reinduction of ousted founder on board as firm closes ranks.
Chief Executive Officer (CEO) Ravikant Chopra, Chief Financial Officer (CFO) PC Vaish, GM, Cricket Operations, Cricket Advisory Committee (CAC) members Yashpal Sharma and Sunil Valson also took the charge on Monday after taking back their resignations.
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