Tata Steel and Indian Hotels on Wednesday said they have always made all relevant disclosures and have no further comments to offer following comments made by ousted Tata Group chairman Cyrus Mistry that Tata group firms could face a potential USD 18 billion writedown.
Stressing on the 'Make in India' initiative, a Ministry of Defence appointed committee has recommended enhanced private sector involvement by granting manufacturers tax and import concessions.
The issue also underscores the growing scrutiny by investors and voting advisory firms of the performance of board members.
Infosys now plans to re-purpose Skava's micro services-based business and re-focus Panaya's suite of products.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
USL board said its second forensic audit by EY has revealed fund diversion worth Rs 1,225 cr to Mallya companies.
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 UGC chairperson stressed that foreign varsities with campuses in the country can only offer full-time programmes in physical mode and not online or distance learning.
A meeting of the Parliament's Public Accounts Committee (PAC) on Wednesday witnessed a verbal slugfest between its chairman Adhir Ranjan Chowdhury and MPs from the ruling National Democratic Alliance as the Congress leader sought to raise the issue of COVID-19 vaccination drive for discussion in the panel, sources said.
Seshasayee has been an independent director on the company's board since January 2011.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
In a letter to Chief Secretary Rajiva Sinha, the central team in north Bengal, led by senior bureaucrat Vineet Joshi, said more field officers are required to monitor and provide feedback about the effectiveness of various measures undertaken by the government.
The Supreme Court on Wednesday said it would hear after two weeks the applications which have raised issues relating to the Board of Control for Cricket in India. The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justice L Nageswara Rao.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Tightening Initial Public Offering (IPO) norms, capital markets regulator Sebi on Friday cleared the proposal mandating the issuers to disclose the offer price based on past transactions and fund raising activities. In addition, the board of Sebi approved a proposal introducing an alternative mechanism by permitting "pre-filing" of offer documents for companies contemplating IPOs. Under this, an issuer should make "pre-filing" of offer documents with Sebi and stock exchanges without making it available to the public for an initial scrutiny period only.
Infosys pointed out that it is not uncommon for plaintiffs' lawyers to issue press releases or other media communications asking potential plaintiffs to contact them in order to apply for lead plaintiff status in an existing lawsuit. In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
The ICC at its annual conference in Barbados has revived the task team for Pakistan cricket after the PCB showed a documentary on the security measures adopted for Zimbabwe's tour to the strife-torn nation last month.
Capital markets regulator Sebi on Tuesday asked listed companies to work towards splitting the roles of chairman and managing director before the April 2022 deadline, as the new directive is not aimed at weakening the position of promoters. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020 onwards. However, based on industry representations, an additional time period of two years was given for compliance. The regulation will now be applicable to the top 500 listed entities by market capitalisation, with effect from April 1, 2022.
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.
The report on RCom would now be examined by a four-member committee of department of telecommunication, headed by member finance, sources said. The content of reports, howeever, were not divulged.
Nandan Nilekani said the co-founders have served the company "selflessly" and remain committed to the long-term success of Infosys.
As Delhi hospitals faced a severe oxygen crisis for the third consecutive day, the DDMA roped in three senior bureaucrats on Thursday to ensure a smooth movement of tankers and facilitate oxygen supply to the needy establishments, and directed the police to provide the security logistics from the manufacturers' sites to various health facilities in the city.
He is nominated to the investment, innovation and audit committees.
A UGC panel has recommended that words such as 'Hindu' and 'Muslim' be dropped from the BHU and the AMU.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
Chief Minister Arvind Kejriwal urged the Centre to provide medical oxygen to Delhi.
There are concerns in the industry around budget cuts by clients and layoffs, as enterprises grapple with reduced earnings amid lockdowns across various parts of the globe.
The panel had issued a notice to Facebook India vice president and managing director Ajit Mohan last week, asking him to appear before it on September 15 in connection with complaints about the social media giant's alleged deliberate inaction to curb hateful content in the country.
BJP's Adhikari said that an opposition MLA is usually appointed as the PAC chairperson following the norm, but the TMC misused that rule to appoint Roy as its chairman.
I have no hesitation to say that the cultural milieu is different, said chairman R Seshasayee in a rare media interaction.
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
Leader of Opposition Suvendu Adhikari objected to Roy's elevation, arguing that the MLA, who had crossed over to the ruling Trinamool Congress last month after winning the polls on a BJP ticket, cannot be considered a legislator of the saffron camp.
The bench said the Union Cabinet Secretary will be the convenor of the task force and may nominate an officer not below the rank of Additional Secretary to depute for him, when necessary.
As many as 104 listed companies have fewer independent directors than mandated by the regulations, according to the figures from Prime Database, reports Sachin P Mampatta.
The deal, part of the Jaypee Group's plan to cut Rs 60,000-crore debt, follows months of negotiations.
Sebi's move will help curb the illicit practice of keeping the parent company's account clean while maintaining debt in its subsidiaries.
According to an official statement, the Facebook official has been summoned based on 'scathing depositions of key witnesses as well as incriminating material' submitted by them on record.
The social audit of all childcare homes across the country was ordered in 2018 when cases of sexual exploitation of girls were reported from childcare institutions in Deoria in Uttar Pradesh and Muzaffarpur in Bihar.
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