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 merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings. In an e mail to the airline's employees on Thursday, Khona said that November 30 is his last day at the company. Khona had returned to Go First in August 2020 as its CEO.
The Enforcement Directorate (ED) has filed a money-laundering case against Kerala Chief Minister Pinarayi Vijayan's daughter Veena Vijayan and her IT firm for receiving 'illegal payments' from a Kochi-based private firm, official sources said on Wednesday.
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More than 1,000 independent directors have quit since January 2017; more could be on their way out
BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
The government has used provisions under Section 388 of the Companies Act to push its intent to appoint 10 nominees on the Satyam board. The section provides for a change of management in case the existing personnel are found to be guilty of fraud, malfeasance, persistent negligence or default in carrying out their obligations and functions under the law, or for breach of trust.
The ministry said some urgent amendments are not there in the ordinance but are required for strengthening the corporate governance
The Delhi airport, the country's busiest airport, on Friday early morning witnessed the collapse of a roof at Terminal 1 amid heavy rains that killed one person, prompting the government to order a detailed probe and an inspection of the structural strength of all airports.
The Enforcement Directorate (ED) has filed its first chargesheet in connection with a money-laundering probe linked to alleged irregularities in the Delhi Jal Board (DJB), official sources said on Saturday.
India Inc is staring at significantly higher compliance and governance costs, following the Securities and Exchange Board of India's (Sebi's) latest tightening of disclosure norms and regulations around the filling of key positions, the materiality of information, and third-party transfers. Recently, the securities market regulator amended the Listing Obligations and Disclosure Requirements (LODR) to introduce a raft of changes that will affect how listed companies go about transparency and disclosures. The new framework will further empower public shareholders and soon move towards a 'comply or be penalised regime or comply or explain' in the case of high-value debt-listed entities.
With a gradual rise in temperature and the start of heatwave, FMCG and dairy firms selling cola-based fizz drinks, juices, mineral water, ice creams and milk-based beverages expect a spike in sales and have ramped up their production and stocks to meet the anticipated consumer demand. The makers are launching new products keeping in mind the evolving consumer preferences and also investing substantially on promotions and expansion of the channels this season, company executives of beverage and ice cream makers said. Beverages major PepsiCo said summer months are naturally the most favourable season for its category and it is "optimistic" that its portfolio of brands will continue to delight consumers during the period.
Following the takeover of ailing tyre maker Dunlop India Ltd by Ruia group, three directors of the company have resigned while reconstitution of the board would take some time, chairman of the group P K Ruia said.
A number of listed companies are not to be found on their registered address. The stock exchange has also been unable to contact them through other means. These 50 companies had been suspended for violations for more than six months. The BSE had reached out to them with show cause notices in December 2020.
Tata Consultancy Services (TCS) on Wednesday reported a 12.2 per cent rise in its consolidated net profit to Rs 9,769 crore for the December 2021 quarter, and announced Rs 18,000-crore buyback offer for its shareholders at Rs 4,500 per scrip. The country's largest software services firm had logged a net profit of Rs 8,701 crore in the year-ago period. Revenue of the Mumbai-based firm grew 16.3 per cent in the quarter under review to Rs 48,885 crore from Rs 42,015 crore in the corresponding period last fiscal, TCS said in a regulatory filing.
Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification.
She received nearly 97.7 per cent of the votes in favour of her re-appointment, while nearly 2.32 per cent votes were cast against her
Though independent directors acted in a manner less than desirable, they might not be held responsible.
Small and midcap schemes may impose restrictions on redemptions, cap employee withdrawals, and increase the exit load, while ensuring a proportionate liquidation of the portfolio during market crises to safeguard the interests of all investors. These measures have been outlined in the investor protection policies recently put out by mutual fund (MF) trustees. The policies for small and midcap schemes were prepared by MF trustees following directives from the Securities and Exchange Board of India (Sebi) earlier this month.
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
With this, the total strength of TCS's board has increased to 11.
Listed cos begin appointing women directors
Automotive (auto) major Mahindra & Mahindra (M&M), which is readying to launch nine sport utility vehicles (internal combustion engine/ICE), seven Born Electric Vehicles (BEVs), and seven light commercial vehicles by 2030, has outlined an investment of Rs 27,000 crore in its auto business between 2024-25 (FY25) and 2026-27 (FY27). Over the next three years, the company will deploy Rs 37,000 crore, including its auto business, farm business (Rs 5,000 crore), and service business (Rs 5,000 crore).
Sanofi India is seeking approval of the shareholders for perpetuity.
Nearly 98% of shareholders vote in favour of his reappointment and payment of remuneration to Lodha.
Of the 80 new appointments, 51 women are becoming directors.
Stories are legion about the Karatmeter's use at that time. Hundreds of people standing in queue for testing, customers breaking down after discovering the actual purity of their jewellery and then becoming irate about the jeweller who had gypped them, the local jewellery industry leaning heavily on the Tanishq franchisees to desist from using it, some jewellers even threatening violent action.
The Reserve Bank of India (RBI) will meet top executives of asset reconstruction companies (ARCs) on Friday to take stock of the sector. During the meeting, ARCs will also seek clarity from the regulator on bank borrowing. While there is no regulatory ban in place, ARC sources said banks often refuse funding.
MCS Ltd has informed BSE that Rajveer Singh, wholetime director has resigned from the board as well as employment of the company and his resignation has been accepted by the board in its meeting held on January 27, 2003.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
Consultancy major Deloitte Global said that women hold about 12 per cent of board seats worldwide while only 4 per cent of them are at the helm of boards
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
Zee Entertainment Enterprises Ltd on Wednesday said Culver Max Entertainment, formerly known as Sony Pictures Networks India, has agreed to discuss extending the date required to make their merger scheme effective, a day ahead of the deadline. A day after Sony Pictures Networks India (SPNI) stated that it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their proposed $10-billion merger, the Subhash Chandra family-promoted media firm said it has received a communication from Sony group for discussing an extension of the deal which was announced almost two years ago.
The National Payments Corporation of India on Thursday granted approval to Paytm-owner One97 Communications Ltd to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm.
Rauf's central contract may be 'restored'
These changes will entail a relook at the various laws governing banks in the country - the two Bank Nationalisation Acts (passed in 1970 and 1980); the State Bank of India (SBI) Act of 1955; and the Companies Act of 2013.
'Wherever the government has provided incentives for the purchase of two-wheelers, three-wheelers, cars, buses, and trucks, it gets a push for most of these alternate fuels. '
Infosys said the nominations committee will shortlist and evaluate an internal slate of candidates with the assistance of Development Dimensions International, a company specialising in corporate executive evaluations.
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