Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
'The much-awaited decision could be a welcome change at a time when the Indian armed forces are crying for self-reliance and the defence industry is looking forward to more indigenisation,' notes Nitin A Gokhale.
In a report to the Planning Commission, the panel headed by former SAIL chairman S K Roongta suggested at least 30 central PSUs be listed in the next three years, going up to 50 over five years.
The Supreme Court on Wednesday said that One Rank-One Pension (OROP) in Armed forces is a policy decision and suffers from no constitutional infirmity.
A Parliamentary Standing Committee praised the government for the wrestling and boxing facilities at the Sports Authority of India's Sonepat Center but pointed out that "excellence needs to be replicated for other sports disciplines".
Over 16 lakh employees working in over 240 central public sector undertakings can soon hope for a salary windfall, with the second Pay Revision Committee for PSUs expected to submit its report by this month end.The report of the sixth pay panel, which recommended an average hike of about 28 per cent to the Central government employees, is under government consideration.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
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.
Over 1.6 million employees working in the estimated 240 central public sector undertakings (PSUs) are likely to receive a 50 to 60 per cent salary increase, possibly with retrospective effect from January 2006. The second PSU pay revision committee, headed by former Supreme Court Justice M Jagannadha Rao, is in advanced stages of finalising its award due April-end and plans to submit its report to the government soon after.
The government will go ahead with the appointment of chairperson and members in Lokpal once search committee rules are amended, Union Minister Jitendra Singh said on Thursday.
When the matter came up for hearing before the top court on Tuesday, the bench said that it has received a report from the Juvenile Justice Committee of the high court, in which the averments regarding alleged detention of minors have been denied.
Passing an order on a 'Court on its Own Motion' on Monday, a division bench of Chief Justice Mittal and Justice Sanjay Dhar expressed concern over urgent issues involving the rights of the residents of the union territories of Jammu and Kashmir, and Ladakh.
With the privatisation of BPCL appearing inevitable, there are worries that the new promoter would soon move to lower wages.
India had a transition from 'socialism with a limited entry to marketism without exit'.
Rupani on Sunday met Governor O P Kohli and staked claim to form the government, a day after he was elected by BJP legislators to succeed Anandiben Patel.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
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 panel is expected to suggest various relief measures to put economy back on track as soon as possible, the sources said.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
To strengthen corporate governance practices and disclosure requirements, Sebi has notified new rules, including that top 1,000 listed firms will have to formulate a dividend distribution policy. The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder, according to a notification dated May 5. In addition, the regulator has asked listed firms to make available audio and video recordings of analyst and investor meets on their websites as well as stock exchanges within 24 hours or before the next trading day and also notified rules regarding Business Responsibility and Sustainability Report (BSSR).
Rahul Gandhi, in turn, thanked all the leaders for reposing faith in him and said he would apply his mind on their request of becoming the Congress president, the sources said.
The decision, taken by the Cabinet at a meeting chaired by Prime Minister Manmohan Singh on Thursday, was based on recommendations given by the Second Pay Revision Committee. The package would include revision in Dearness Allowance and other allowances, besides performance related incentives, Minister of State in Prime Minister's Office Prithviraj Chavan told reporters.
The proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources, which favours setting up such a fund.
The government will create an EV Venture Capital Fund, for financial support to start-ups in the segment. The overall aim is to make Tamil Nadu the preferred destination for EVs and component makers.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
The current Chairman UK Sinha's term comes to an end in February next year.
Batting for greater transparency, a Sebi panel said sound corporate governance helped companies generate "significantly greater returns".
Prime Minister Narendra Modi on Tuesday accused the previous governments in Uttar Pradesh of letting poverty and the mafia take over the state's eastern part, saying that the Bharatiya Janata Party government is now writing a new chapter of development there.
The thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.
Different employees' and workers' unions of the TSRTC began an indefinite strike on Friday midnight across Telangana on a call given by the Joint Action Committee of the corporation, demanding merger of the RTC with the government and recruitment to various posts, among other things.
RBI had received 72 applications for small finance bank licences.
Rediff.com's Syed Firdaus Ashraf traces the journey of PM-CARES from its founding to finally admitting it is not a government fund.
'Based upon the circumstances, the Board decided with heavy heart that it is not advisable to hold and conduct this year's Shri Amarnathji Yatra and expressed its regret to announce the cancellation of Yatra 2020,' the SASB said in a statement.
Over 210,000 executives in estimated 240 central public sector undertakings are in for a bonanza with a pay revision committee recommending a massive hike in their annual cost-to-company. The hike ranges between 379 per cent at the highest level and 57 per cent at the lowest across companies and levels.
Parliament on Thursday approved a bill for giving more flexibility to the board of directors and improve corporate governance standards in public sector banks after Rajya Sabha passed it by voice vote.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
'IPOs not clicking is cause for worry,' says Sebi chairman.
NMDC pitted against Tatas, Essar on Bailadila deposits.
Sources said the Congress Parliamentary Party authorised Gandhi to pick the party's leader in Lok Sabha.
