Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
Public-sector lenders Indian Overseas Bank (IOB) and Uco Bank are likely to raise funds through qualified institutional placement (QIP) next month. Punjab & Sind Bank is likely to follow suit later this financial year to meet the public shareholding norm of 25 per cent. When a public-sector unit raises funds through QIP, the money goes to the company because it involves issuing new shares whereas in the case of offer for sale (OFS), the money raised goes to the government because its shares are sold.
The Board of Control for Cricket in India's former principal legal advisor Usha Nath Banerjee questioned the Committee of Administrators' decision to debar three affiliated units, including Tamil Nadu from attending the Board's AGM and termed it "utterly arbitrary and wrong"
The Securities and Exchange Board of India (Sebi) on Thursday debarred Pacheli Industrial Finance and six others entities from the markets in its bid to crack down on a "pump and dump" case, substantiated by a probe into Rs 850 crore preferential allotment and examination of alerts around price movement of the firm's stock.
The September 27-28 meeting will, for the first time, elect office-bearers and selectors for a two-year term.
Sagoo was the lone candidate left in fray after incumbent senior vice president Anju Bobby George opted out of the race for the position.
BCCI has approved 10-team IPL from 2022 edition and are backing ICC's bid for cricket's inclusion in 2028 Olympics after some clarifications from IOC.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
BCCI has sent a 23-point agenda to all affiliated units 21 days prior to the holding of the AGM.
All eyes will be on BCCI secretary Jay Shah during the four-day ICC Annual Conference in Colombo, starting on Friday, where there might be serious discussions about when he will take over from New Zealander Greg Barclay as the chairman of the global body.
Continuing his crusade against the alleged corruption in the BCCI due to president-in-exile N Srinivasan's presence, Aditya Verma on Sunday threatened to move Supreme Court if the board's Annual General Meeting fails to make its September deadline.
The junior Ambanis - Anmol and Anshul - were inducted on the board to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board.
In a BSE filing, the company said it has filed certified copies of the Andhra Pradesh High Court order paving way for the merger with Registrar of Companies, Andhra Pradesh, Hyderabad.
With the shadow of the Supreme Court-appointed Justice Lodha panel recommendations hanging over its head, the BCCI will be conducting its 87th Annual General Meeting in Mumbai on Wednesday, with election of its honorary secretary being one of the priorities on the agenda.
One of the major points in the agenda of BCCI's AGM to be held in Ahmedabad is the inclusion of new IPL franchises.
'Everything can be resolved, but my husband's legacy is not up for sale.'
Mukesh Ambani-controlled Reliance Industries Ltd will hold its annual general meeting on August 3, in which the company's plans following the settlement of ownership of Reliance empire may come up for discussion.
The RBI said the board has been superseded "in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively". It has also appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the NBFC.
In what is expected to be a smooth and routine AGM in Mumbai on Thursday, the Board of Control for Cricket in India (BCCI) is all set to revamp its senior selection committee by making at least four changes in the five-man panel following the completion of their term.
The Kolkata High Court appointed two more observers in addition to Suhas Chandra Sen for the BCCI election.
The Supreme Court cleared the adjourned AGM of BCCI at Kolkata for it to be held before November 30
President-elect Ranbir Singh Mahendra said the AGM had to be adjourned as it could not complete its business because of a stay order passed by a Chennai court.
The government is proposing to ban distribution of gifts and food coupons at the Annual General Meetings of companies, as these activities distract shareholders from serious business.
Jagmohan Dalmiya, who will be going for his third term, is unlikely to face any challenge.
Cricket South Africa (CSA) has decided not to comment on India's scheduled tour to South Africa until BCCI's Annual General Meeting takes place on September 29.
Edtech major Byju's is in process to raise Rs 600-700 crore to fund the company's operations till March by when it expects to realise money through the sale of Epic and partial stake sale in other subsidiaries, according to sources aware of the development. Byju's founder Byju Raveendran has recently raised money by mortgaging home and real estate assets owned by family members for paying salaries, sources said. "There is about Rs 50 crore gap per month in operational expenses where a large component is salary.
Shareholders of industry giants Adani Enterprises, Reliance Industries, and Tata Motors - the latter two are part of the Sensex - will decide on combined related-party transactions of more than Rs 2.68 trillion proposed for this financial year and later. Related-party transactions for BSE 500 companies touched at least a six-year high of Rs 42.1 trillion in FY23, the Capitaline data shows. The Rs 42.1 trillion includes related-party transactions both at balance-sheet and profit-and-loss levels.
In a significant move, Mumbai Cricket Association's president Sharad Pawar has decided to attend the Board of Control for Cricket in India's Annual General Meeting, scheduled to be held in Chennai on November 20, after a gap of four years.
With this rejig, Mindtree's board will now have 12 board members from eight.
With investors asking for a change in the board structure at Byju's, the edtech giant's founder and chief executive officer (CEO), Byju Raveendran, is now asking them to put $300 million into the company for more control. The company has rung up $5.8 billion from investors such as General Atlantic, Sofina, the Qatar Investment Authority, Sumeru Ventures, Vitruvian Partners, BlackRock, Chan Zuckerberg Initiative, Sequoia, Silver Lake, Bond Capital, Tencent, and Tiger Global.
Vindhya Telelinks, Universal Cables and Birla Cable shareholders go against family's wishes.
Shareholders were upset with RIL's increasing focus on non-core areas and its reluctance to pay dividends
Former Board of Control for Cricket in India president Narayanswami Srinivasan tendered unconditional apology in the Supreme court for presiding over the Board's working committee meeting in Chennai on February 8.
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.
The 34th annual general meeting (AGM) of IT major Infosys held Monday was an exceptional one.
The country's leading cement maker UltraTech on Thursday said it will acquire a 23 per cent stake in its Chennai-based rival India Cements Ltd, in a deal estimated to be around Rs 1,885 crore. As part of the transaction, UltraTech Cement will acquire 7.06 crores equity shares of India Cements at a price of up to Rs 267 per share, according to a regulatory filing from the Aditya Birla Group flagship firm.
As a follow-up to the views expressed by Shashank Manohar soon after being re-elected as BCCI president earlier this month, the Board of Control for Cricket in India is all set to appoint an Ombudsman at its Annual General Meeting which will be held at its headquarters in Mumbai on November 9.
Board of Control for Cricket in India president Shashank Manohar on Tuesday took over as the International Cricket Council replacing his predecessor Narayanswami Srinivasan, while the BCCI's rules conflict of interest were unanimously approved by the members.
Binny succeeds former India captain Sourav Ganguly.
Lack of time was cited as the main reason for Bharti Chairman Sunil Mittal's exit from the Unilever board.
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