The highest decision making body of the IMF met at its headquarters in Washington on Saturday in the wake of the corruption charges that have surfaced against its chief.
rediffGURU Chandu Nair advises entrepreneurs and enterprises about how to create and build their business.
RIL's debt stood at Rs 3.06 trillion as of December 2019, against Rs 2.87 trillion in March 2019.
Upping the ante, fintech unicorn BharatPe has filed an arbitration for clawing back it's former MD and co-founder Ashneer Grover's restricted shareholding and founder title, sources said. The arbitration was filed on Thursday under Singapore International Arbitration Centre (SIAC) rules, sources with direct knowledge of the matter said. If relief is granted, Grover may lose his unvested shares and right to use the founder title.
Cancellation of at least Rs 3,000-crore worth of business has happened in the past few weeks.
Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 86. "The Steel Man of India passes away. It is with profound grief that Tata Steel informs of the demise of Padma Bhushan Dr Jamshed J Irani," Tata Steel said in a statement. He passed away on October 31, 2022 at 10 PM at TMH (Tata Hospital) in Jamshedpur, it said.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the ministry of road transport and highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
Billionaire Mukesh Ambani for the second year in a row drew no salary from his flagship firm Reliance Industries in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy. In its latest annual report, Reliance said Ambani's remuneration for the financial year 2020-21 was "nil". In June 2020, Mukesh D Ambani, chairman and managing director of Reliance Industries, voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.
Weeks after a Nicaragua-bound plane carrying Indians was grounded in France and later sent back to India, the Gujarat police have booked 14 agents on the charge of human trafficking for trying to send more than 60 persons from Gujarat to the US illegally via Mexico border, a senior official said.
The Serious Fraud Investigation Office (SFIO) has arrested a person who the Ministry of Corporate Affairs (MCA) said has emerged as the mastermind of the racket of incorporating a large number of shell companies with Chinese links in India.
In the international market, Pfizer completed its acquisition of Wyeth in 2009.
Diversified entity ITC Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023, led by a strong growth momentum across operating segments. The company had posted a net profit of Rs 4,259.68 crore a year ago, ITC Ltd said in a regulatory filing. Its revenue from operations increased 7 per cent to Rs 18,799.18 crore in the period under review against Rs 17,754.02 crore in the year-ago period.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
To get three-year term as non-executive chairman from Feb; firm to create CEO's post; AGM to ratify Sanjiv Puri, Rajiv Tandon's appointment as directors
Indra Nooyi, who is due to become chairperson of $32 billion Pespsico in May, is stepping down from the board of directors of phone manufacturer Motorola.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
Bharti Airtel recently acquired a 100 per cent stake in Wireless Business Services, a company founded by US chipmaker Qualcomm. Subsequent to the acquisition, the company was renamed Airtel Broadband Services.
Qatar's sovereign wealth fund is in early discussions to buy a minority stake in billionaire Mukesh Ambani's rapidly expanding retail unit for about $1 billion (Rs 8,200 crore), sources said. The Qatar Investment Authority is keen on tapping the fast-growing Indian market and has entered into a discussion to buy about 1 per cent stake in Reliance Retail Ventures, sources with knowledge of the matter said. Talks, sources said, are at a preliminary stage and being led by an executive director on the board of parent Reliance Industries Ltd.
Shailesh Rao has also served as a director for Google based at the company's headquarters in California and was instrumental in the launch of Google Maps and Google Earth globally.
The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC's home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. Almost half of HDFC's 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate.
Three financial institutions--IDBI Bank, ICICI Bank and IL&FS Ltd--that have lent money to Maytas Infra informed the Company Law Board on Friday that they are not interested in board membership in the Hyderabad-based firm.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the Ministry of Road Transport and Highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
A shorter tournament will mean a smaller share from the shrunken central pool of revenues for the eight IPL franchises, not to mention a reduction in gate receipts. Cricket Australia stands to lose some A$300 million ($174 million) should the coronavirus outbreak derail their high-profile home test series against India later this year.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders. It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL managing director (MD) and Chief Executive Officer (CEO) Punit Goenka as "completely false and misleading" in its response submitted to SAT on June 17. "We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons.
Satyam Computer Services did not consult Mendu Rammohan Rao, dean of the Indian School of Business and an independent director on the board of India's fourth largest IT services provider, when it called off the deal to acquire Maytas Infra and Maytas Properties following shareholder protests. Rao had chaired the board meeting that endorsed the company's proposal to buy the two firms linked to the family of Satyam's founder and chairman B Ramalinga Raju.
Ramaswamy's stance on H-1B visas is reminiscent of the 2016 Trump campaign, when then-candidate Donald Trump, who has also hired a number of foreign workers under H-1B visas for his businesses, took a hardline stance on these foreign workers before later softening his rhetoric.
The government does not see any conflict of interest in HDFC chairman Deepak Parekh and former Nasscom President Kiran Karnik, who are directors on the board of Satyam's competitors, being on the troubled company's board.
Laxman Narasimhan, a veteran in leading and advising global consumer-facing brands, has been named as the new CEO of coffee giant Starbucks, joining a growing cohort of Indian-origin business leaders at the helm of global corporations.
The proposals are expected to be part of the new Companies Bill, 2011.
The board of Satyam will meet for two days from Monday to finalise the twin issues of appointing CEO and CFO and working capital arrangement, and may discuss L&T increasing stake in the company to 12 per cent.
The decision comes in the backdrop of the Rs 7,800 crore fraud at Satyam. Independent directors in other firms have also resigned from their board positions in recent months. "It is possible they may have left due to some other reasons, but if any director has left intentionally and was aware of any wrongdoing, then the matter would be reported to the regulator concerned," says ICAI President Uttam Agarwal.
Two investment firms, together accounting for 17.88 per cent of the paid-up share capital of Zee Entertainment Enterprise Ltd (ZEEL), have sought the removal of the current managing director Punit Goenka from the board of the company. The two investment firms are -- Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund LLC, the largest shareholder of ZEEL. The two firms have called an extraordinary general meeting of shareholders seeking to remove Punit Goenka.
The special privileges granted to private equity (PE) investors by listed companies are set to go through shareholders' test. Under new rules introduced by the Securities and Exchange Board of India (Sebi), all such arrangements will require shareholders' nod by way of special resolutions. Legal experts say arrangements that are unfair to other public shareholders may not pass the muster.
Strong performance of past IPOs spurred investors' interest, with 87 small and medium enterprises (SMEs) garnering Rs 1,460 crore through initial share-sales in the first nine months of the year. This was way higher than 56 companies that had raised Rs 783 crore through initial public offering (IPO) in the entire 2021, the industry data showed. Further, the remaining part of the year 2022 can see more mature companies accessing the platform.
A day before the second meeting of the new Satyam Computer Services board, newly-appointed director Tarun Das said the priority of the six-member team would be to protect the interest of employees, customers and investors.
Taking action against promoters of Gillette India for non-compliance to minimum public holding norms, Sebi on Friday ordered freezing all corporate benefits arising out of their stake in the company.
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