Tata Group is set to become India's first homegrown iPhone maker after Taiwan's Wistron Group agreed to sell a plant in Bengaluru to India's largest conglomerate. Wistron's board approved the sale of Wistron InfoComm Manufacturing (India) Private Ltd to Tata Electronics for $125 million, the Taiwanese electronics manufacturer said in a statement on Friday. The unit operates an iPhone assembly plant near Bengaluru.
As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
In a letter to shareholders late night, Bostock and three other directors -- Vyomesh Joshi, Arthur Kern and Gary Wilson -- have volunteered not to stand for re-election to the company's board.
In its closure report submitted before a special CBI court New Delhi, the agency is understood to have said it did not find enough evidence to prosecute the accused.
Westlife Foodworld, fast-food chain McDonald's operator in West and South India, on Tuesday said food safety regulator FSSAI has verified the cheese used by it and is now allowed to use the word cheese in the name of its products. Additionally, an independent NABL (National Accreditation Board for Testing and Calibration Laboratories) has also confirmed that Westlife Foodworld uses authentic cheese in its food preparation and not cheese analogues or substitutes, its managing director Saurabh Kalra said.
Several promoters of suspended companies have floated new entities or taken board seats in other listed companies, which are functional, trading
Hamied however, will continue to be the Vice- Chairman of the company in a non-executive role effective April 1
According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
Sebi had asked all listed cos to mandatorily appoint at least one woman director.
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
19 per cent of the directors don't attend three in four board meetings.
The board of directors of Tata Steel, which met on Friday, appointed Jim Leng, chairman, Corus, as a non-executive independent director designated as deputy chairman.
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur's) move to acquire Religare Enterprises, a financial services company. "We have not received any formal communication on any such FIR
Ranjan was nominated to the board of ICICI Bank on April 7
The remaining two directors would continue to remain with the board for a period of three years and will not be counted in the maximum number of the directors that the company can have as per its Articles, the CLB order said.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
The firm has advised United Spirits Ltd's shareholders to vote against the proposal to re-appoint Mallya as director on the board.
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The Companies Bill asked for promoting gender diversity by specifying induction of a minimum number of women directors
Anita would be additional director in a non-executive and non-independent role.
Mukesh Ambani is also a member of the Prime Minister's Council on Trade and Industry.
Go First CEO Kaushik Khona on Wednesday described the NCLT's decision to admit the airline's plea for voluntary insolvency resolution proceedings as a "landmark judgement" that is very timely and effective for its revival. The National Company Law Tribunal (NCLT) has appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company. Besides, the tribunal has imposed a moratorium on the company and has suspended its board of directors.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
Over 900 listed firms yet to comply with new Sebi requirement due in less than 90 days
Infosys Technologies has announced the appointment of Deepak Satwalekar, managing director & CEO of HDFC- Standard Life Insurance, as the lead independent director in line with the company's commitment to good corporate governance practices.
The Companies Act prescribes ceilings on the remuneration of CEOs
Markets regulator Sebi on Monday barred Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka from holding the position of a director or key managerial personnel in any listed company for siphoning off funds of the media firm. The case pertains to Chandra, who was also the chairman of ZEEL during the alleged violation, and Goenka having abused their position as directors or KMPs of a listed company for siphoning off funds for their own benefit. In its interim order, Sebi noted that Chandra and Goenka alienated the assets of ZEEL and other listed companies of Essel Group for the benefit of associate entities, which are owned and controlled by them.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
In the run-up to the retirement, senior non-executive directors are expected to take up supervisory role in a two-tiered board system consisting of an executive board and a supervisory board.
Since independent directors are not involved in the day-to-day management of the company, their liabilities should be distinguished and made less onerous than liabilities of the executive and non-independent directors, said a CII statement.
Such businesses outperform non-family firms by 3% in first six months of CY20, says Credit Suisse report.
The rumour verification process would now be triggered by changes in price or 'material price movements', as the paper defines it. What this means is that companies would need to verify rumours only if the share price moves significantly.
The BSE fined 370 listed companies following the Sebi notification.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
RBI may revise remuneration for banks.
Vijay Kelkar, former advisor to the Union finance minister, has joined the board of Tata Chemicals Ltd as director.
In a fresh affidavit filed in the top court, the ED said no political leader has ever been granted interim bail for campaigning even if he is not contesting polls.
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