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 asset manager is yet to resolve the impasse surrounding the payment of pension to its erstwhile employees who had opted for voluntary retirement in 2003.
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 RBI, according to the source, wants details on the procedure followed for credit appraisal by the bank while giving loans to Videocon.
The decision to quiz Sinha, as also former Sebi Chairman M Damodaran, was taken after examination of another former Sebi chief C B Bhave earlier this month, during which the agency sleuths were told that public interest was involved in grant of licence to MCX-SX to trade in currency derivatives.
A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.
The chairman's post will soon fall vacant, but that's not the only one that needs to be filled.
NEDICT has also got in touch with companies, which will be limited to the role of 'donors'.
This route accounts for Rs 2.75 lakh crore of FPI holdings.
Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks, warns Ajay Shah.
The Central Bureau of Investigation (CBI) will soon quiz Securities and Exchange Board of India (SEBI) Chairman U K Sinha as well as former head of the regulatory body M Damodaran in connection with a Preliminary Enquiry (PE) to probe granting sanction to Jignesh Shah-founded Financial Technologies (India) and MCX-SX.
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
Brijmohan Lall Munjal was a perfectionist, who empathised with people who worked for him.
Brijmohan Lall Munjal, 92, who recently became chairman emeritus of Hero MotoCorp, single-handedly rewrote the rules of the motorcycle business
Udayan Mukherjee, who stepped down earlier this week, was the first full-fledged market commentator Indian business television knew of.
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