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.
Mukesh Ambani is also a member of the Prime Minister's Council on Trade and Industry.
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.
Ranjan was nominated to the board of ICICI Bank on April 7
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.
Anita would be additional director in a non-executive and non-independent role.
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.
Over 900 listed firms yet to comply with new Sebi requirement due in less than 90 days
The Companies Act prescribes ceilings on the remuneration of CEOs
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.
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.
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.
Vijay Kelkar, former advisor to the Union finance minister, has joined the board of Tata Chemicals Ltd as director.
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.
The BSE fined 370 listed companies following the Sebi notification.
RBI may revise remuneration for banks.
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).
The Securities Appellate Tribunal (SAT) has set aside capital markets regulator Sebi's order that imposed a penalty of Rs 5.25 crore on Cairn India for making a misleading announcement regarding buyback of shares in 2014. Cairn India, which was merged with Vedanta Ltd in 2017, was accused of making a misleading public announcement designed to influence investors' decisions. "We hold that the violations of provisions of... the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations and... the Buyback Regulations are not proved against the company (Vedanta)," a bench consisting of Justice Tarun Agarwala and presiding officer Meera Swarup said.
Rauf's central contract may be 'restored'
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.
A non-executive director typically does not engage in the day-to-day management of the organisation
Many boards insist on "proven", "experienced" directors when it comes to appointing women.
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.
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.
They are also on the board of Maruti Suzuki India.
Independent directors, who served on the boards of many companies without taking interest and spent insignificant amounts of time in meetings, have turned corporate governance into a 'farce', Madhav Mehra, president of UK-based World Council for Corporate Governance said.
Such businesses outperform non-family firms by 3% in first six months of CY20, says Credit Suisse report.
Among other things, the company is considering monetising the Global Village tech park located off Mysore Road in Bengaluru, for which private equity major Blackstone was said to have shown interest.
Britannia Industries Ltd on Thursday said it has appointed Jeh N Wadia and Emmanuel Faber as additional directors on the board of the company. \n
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Move aims to comply with Sebi's norm
'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. '
A division bench led by Justice Nitin Jamdar said the MPCB order was set aside for being 'disproportionate' and noted the order was passed in a 'hasty manner'.
Kishore A Chaukar has been appointed as non-executive director and chairman on the board of TTML, with effect from March 24, the filing said.
'Further delay will do nothing other than the loss of a year and when there is loss of a year, think of next year you are having two first year batches.' 'Have the IIT system or similar institutions got the infrastructure to handle such a situation?'
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.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
