'The end of WFH has made achieving work-life integration more challenging for women.'
The Reserve Bank has found gaps in banks' corporate governance despite issuing guidelines on the matter, Governor Shaktikanta Das said on Monday. Addressing directors of bank boards, Das said such gaps, which have been mitigated, could have caused "some degree of volatility". He also hit out strongly against "smart accounting" to conceal stress and bloat financial performance.
Five Indian-origin women executives have made it to Barron's prestigious annual '100 Most Influential Women in US Finance' list for achieving positions of prominence in the financial services industry and helping shape its future. Barron's is a sister publication of the Wall Street Journal, published by Dow Jones and Company. "The list honours established and emerging leaders in financial services, the corporate world, nonprofit organisations, and government," the magazine said in a press release.
On Friday, Biden announced his intent to appoint 14 people to the advisory committee, which provides overall policy advice to the United States trade representative on matters of development, implementation, and administration of the US trade policy.
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
The world of golf was left stunned as the PGA Tour, DP World Tour and LIV circuit, who have been involved in a bitter fight, announced a shock agreement!
New York state will "not normalise" serious criminal conduct, "no matter who you are," Alvin Bragg, the Manhattan district attorney, has asserted, hours after former US President Donald Trump was arraigned in a courtroom.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
Tulsi Tanti, the founder chairman and managing director of Suzlon Energy and a renowned expert on renewable energy, died due to cardiac arrest on Saturday evening. Tanti, 64, who was also the chairman of the Indian Wind Turbine Manufacturers Association, was on his way to Pune from Ahmedabad when he suffered a cardiac arrest, a company official said. He is survived by his daughter Nidhi and son Pranav.
The National Company Law Tribunal (NCLT) on Wednesday admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline. A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company. It has also put the company under protection of moratorium and directed the suspended board of directors to assist the IRP to run the company during insolvency proceedings.
Educational technology giant Byju's has taken a loan of Rs 300 crore from its subsidiary Aakash Educational Services (AESL), which it acquired for nearly $1 billion last year. AESL, in its filing with the Ministry of Corporate Affairs, said that Think & Learn - the parent firm of Byju's - is in need of funds for its 'principal business activities'. It said the board of directors of the company at its meeting on October 3, subject to the approval of the members at the general meeting, has given its approval for granting the unsecured loan to Think & Learn for an amount not exceeding Rs 300 crore.
The large share purchase would give the corporate raider significant voting rights, which could then be used to push changes in the company's leadership and management. This would increase share value and thus generate a massive return for the raider. "Taking Twitter private at $54.20 should be up to shareholders, not the board," Musk tweeted with the opinion poll with two options 'Yes' and 'No' . Implying that shareholders have to decide as they own the company, not the board of directors.
Reserve Bank of India (RBI) on Friday said its board has approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.50 per cent, RBI said in a statement. The decision on the dividend payment was made in the 596th meeting of the Central Board of Directors of RBI, headed by Governor Shaktikanta Das, held on Friday.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
The simmering tension between India and Pakistan cricket boards was palpable after PCB chief Najam Sethi took a sarcastic jibe at BCCI secretary Jay Shah.
Sebi on Tuesday sent a notice to 7 entities, including Malvinder and Shivinder Mohan Singh, asking them to pay Rs 48.15 crore within 15 days in a fund diversion case of Religare Finvest. Sebi also warned of attachment of assets and bank accounts, if they fail to make the payment. The notice came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi).
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
Debt-ridden telecom operator Vodafone Idea on Tuesday approved the allotment of equity shares worth Rs 16,133 crore to the government, which post-allocation has become the largest shareholder with a 33.44 per cent stake in the company. The shares have been allocated to the government in lieu of conversion of interest dues arising from deferment of adjusted gross revenue and spectrum auction payments, the company said in a regulatory filing. "...it is hereby informed that the board of directors of the company has, at its meeting held today approved the allotment of 16,133,198,899 equity shares of face value of Rs 10 each at an issue price of Rs 10 per equity share aggregating to Rs 161,331,848,990 to the Department of Investment and Public Asset Management, Government of India," the filing said.
Biden administration officials are concerned that misinformation on Twitter will increase under Musk's control.
The Tata group has begun its second innings with Air India from a war zone. Being first up in Operation Ganga to evacuate Indian nationals from Ukraine, the salt-to-software conglomerate has faced a real war. But the fire-fighting that the group experienced in appointing a chief executive officer (CEO) for the airline that it acquired from the government in a Rs 18,000-crore deal recently may have felt no less.
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday directed Zee Entertainment to convene a shareholders' meet on October 14 for approving the merger with Culver Max Entertainment (formerly Sony Pictures Network). The order, passed on August 24, but uploaded to the bourses on Wednesday, comes close on the heels of the Competition Commission of India (CCI)'s observation that the $10-billion merger could hurt competition and that greater scrutiny of the deal was needed. "This Tribunal hereby directs that a meeting of the equity shareholders of the applicant company (Zee) be convened and held on Friday, October 14, 2022 at 4 p.m. for the purpose of considering, and if thought fit, approving the proposed scheme," the NCLT order read.
Musk has blamed activists for a significant drop in the company's revenues.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
Billionaire and Tesla CEO Elon Musk on Thursday offered a "best and final" bid to purchase 100 per cent of microblogging site Twitter for USD 41.39 billion with $54.20 per share in cash.
He is scheduled to testify on Friday.
Sunil Bhaskaran, AirAsia India's chief executive officer (CEO) and managing director (MD), is the front-runner to head the low-cost carrier that will take birth after the merger of Air India Express and AirAsia India, sources said. In a show of confidence, the airline's board extended Bhaskaran's tenure by three years -- until March 2025 -- in a meeting held earlier this year, according to the documents reviewed by Business Standard. Moreover, AirAsia India's board of directors has increased Bhaskaran's salary twice in 2022 -- first in January by 5 per cent and then in June by 7 per cent, the documents showed.
The Supreme Court on Tuesday said limited scope of a judicial review in economic policy matters does not mean that the court will fold its hands and sit back, observing that the manner in which a decision is taken by the government can always be examined.
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India's own Warren Buffet, passed away at the age of 62.
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Volkswagen's premium brands Audi and Porsche will join Formula One after convincing the German automaking group that the move will bring in more money than it will cost, VW Chief Executive Herbert Diess said on Monday.
India's second largest software services firm Infosys on Monday said it will announce its financial results for the September quarter on October 13. "A meeting of the Board of Directors of the company will be held on Tuesday and Wednesday, October 12 and 13, 2021...to approve and take on record the audited consolidated financial results of the company and its subsidiaries as per Indian Accounting Standards (INDAS) for the quarter and half year ending September 30, 2021," a regulatory filing said.
BJP MPs Nishikant Dubey and Manoj Tiwari allegedly entered the ATC room without permission.
The Reserve Bank on Wednesday increased the benchmark lending rate by 40 basis points (bps) to 4.40 per cent in a bid to contain inflation, which has remained stubbornly above the target zone of 6 per cent for the last three months. The decision follows an unscheduled meeting of the Monetary Policy Committee (MPC), with all six members unanimously voting for a rate hike while maintaining the accommodative stance. While the inflation has remained above the targetted 6 per cent since January, RBI Governor Shaktikanta Das said the inflation print in April is also likely to be high.
Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of India-US relationship, would retire from Mastercard at the end of the year, the global credit card company has said.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
Indian American Raj Subramaniam would be the new chief executive officer of FedEx, according to an announcement made Monday by the US multinational courier delivery giant.
The country's largest domestic budget carrier IndiGo on Wednesday announced the appointment of Pieter Elbers as its chief executive officer, replacing incumbent Ronojoy Dutta. Seventy-one year old Dutta, who came to helm the airline in January 2019, has decided to retire on September 30, after guiding the airline through the turbulent Covid period, IndiGo said in a statement. Elbers' appointment, which is subject to regulatory approvals, will be effective from on or before October 1, it said.
Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around $500 million (about Rs 4,000 crore), sources said. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet of area valued at around $3 billion. As per the sources, Nexus Select Trust has on Thursday filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) and is looking to hit the capital market with India's first retail REIT (Real Estate Investment Trust) public issue in the first half of the 2023 calendar year.
Reliance Group chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator Sebi order restraining him from associating with any listed company. "Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order," Reliance Power said in a BSE filing. In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order".
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