BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.
Here stood a man who embodied the legacy of whatever Brand Tata stood for, embellished it, and departed into the long night, leaving the brand legacy for others to further enrich, notes R Gopalakrishnan.
'This case is not a good example of intellectual property strategy for either sector.'
The current practice which involves dealing with the Institute of Chartered Accountants to deal with auditors, is long and so tedious, and in practice offers practically no remedy at all.
Analysts are optimistic on absorption of new clients, growth possibilities under Tech Mahindra. For Tech Mahindra, the biggest positive is that the two companies have synergies in service offerings and client portfolio, says Sabyasachi Satpathy, director and co-founder, Mindplex Consulting. Satyam will give Tech Mahindra capabilities in enterprise resource planning, systems integration, as well as vertical expertise in the embedded, manufacturing and insurance space.
Etisalat's cup of woes is brimming over. The DB group, Etisalat's partner in India, on Monday moved the Company Law Board (CLB) against the UAE-based company.
Market regulator Sebi is likely to approve the Satyam Board-formulated framework to induct a strategic investor.
A group of 11 members from the family which comprises the shareholders has moved the Company Law Board against the majority decision of the board of directors to remove N Ravi, editor, and Malini Parthasarathy from the editorial board.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Delhi HC has stayed CLB order against Essel group's bid on UNI. The tranfer of shares too has been termed null and void.
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the government after a multi-crore accounting fraud was exposed at the IT firm in the government treasury.
Kicking off the formal process for inducting a strategic investor, the Satyam board on Saturday approved the procedure to invite offers from likely suitors.
The Company Law Board (CLB) on Thursday allowed infrastructure finance company IL&FS to take over Maytas Properties, a company promoted by the family members of disgraced Satyam founder Ramalinga Raju.
Apple and its vendors are aiming to assemble 32 per cent of iPhone's global production volume and 26 per cent of its value in India by 2026-27 -a year after the final year of the five-year production-linked incentive (PLI) scheme for mobile devices. This could translate into a production value of over $34 billion, assuming global iPhone sales remain consistent with 2023-24 (FY24) levels. The estimates are based on discussions between Apple Inc and its vendors, along with central and state governments, regarding the assembly of products in India, according to sources.
'One of the aspects for transparency and fair governance is to give the industry being represented the chance of lobbying with the regulator.'
Mahindra Satyam, the erstwhile Satyam Computer Services, has sought time until September 30 from the Company Law Board (CLB) to file financial statements.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal. Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years. As many as 10.89 crore shares or 1.96 per cent voted against the resolution, while 3.23 crore votes were declared invalid due to lack of proper authorisation, it said.
"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK treasury office. "The chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said.
The corporate affairs ministry has ordered an inspection of the books of Byju's, a senior government official said on Monday amid the edtech major facing multiple headwinds, including delay in submitting financial statements and concerns over corporate governance issues. The inspection of Bengaluru-based Think & Learn Pvt Ltd, which operates under the brand Byju's, will be carried out by the ministry, which is implementing the companies law. The ministry decided to carry out the inspection after taking note of the developments, including that the company has been unable to finalise its financial statements and that its auditor has resigned, the official told PTI.
Satyam Computer has approached the Company Law Board (CLB) to seek approval for acquisition of IT firm by Tech Mahindra.
They also assured the CLB that in case of any settlement reached between the brothers, they would inform the Board. Following this, the Board adjourned the matter to January for the next hearing. Emerging from the hearing, the counsel representing Rahul Bajaj told PTI that their side informed the CLB that the talks between the brothers were still going on.
The fate of the $10 billion merger between Zee Entertainment Enterprises and Culver Max Entertainment, formerly Sony Pictures Networks India, is hanging by a thread, with the two parties unable to finalise an agreement as the end of the one-month grace period looms. The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns after market regulator Sebi barred him from holding managerial posts in Zee and any of the entities in a fund-diversion case.
Sebi's move to reduce time period required between subsequent QIPs to two weeks would help companies raise capital at regular intervals and time their share sale better.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
Key members of the family and directors on the board of Kasturi & Sons, who are opposed to the Editor-in-Chief and Publisher of the group publications, N Ram, are considering moving the Company Law Board (CLB) over issues about the running of the group.
The bid-pack for potential investors is ready and the government-appointed board has already sent it to the Company Law Board and Securities Exchange Board of India, according to sources close to the development.
Giving relief to the scam-hit Satyam Computer, the Company Law Board (CLB) on Thursday extended time limit for the IT company to declare quarterly financial results and file statutory documents up to December 31, 2009.
Telenor 'yet again surprised', says will challenge order in a higher court
A day after investors of the troubled edtech firm Byju's voted for a leadership change, Byju Raveendran has penned a note to employees saying he continues to remain CEO and the management remains unchanged, as he dubbed Friday's EGM as a "farce". The note to employees assumes significance as it comes after Byju's shareholders (prominent investors) on Friday voted for removing founder-CEO Raveendran and his family from the board over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in absence of founders as invalid and ineffective.
India's anti-corruption ombudsman, the Lokpal, has dismissed a complaint alleging corruption against former Chief Justice of India (CJI) DY Chandrachud, citing a lack of jurisdiction. The complaint, filed in October 2024, alleged abuse of office, corruption, and favoritism by Chandrachud while he was CJI. The Lokpal, in its order, concluded that sitting judges of the Supreme Court, including the CJI, are not subject to its jurisdiction under the Lokpal and Lokayuktas Act. The Lokpal stated that the Supreme Court was established by the Constitution of India, not an Act of Parliament, making it outside the scope of its jurisdiction.
On February 17, 2009, Satyam case was handed over to CBI.
The Company Law Board on Thursday approved Tech Mahindra's proposed acquisition of a 31 per cent stake in Satyam Computer and asked the buyer to deposit Rs 1,756 crore for the deal by April 21 in a designated account.
Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a $10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its $10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee.
Rahul Bajaj's attempts to induct his cousin Niraj Bajaj and son Sanjiv Bajaj on the boards of Bajaj Sevasram and Jamnalal Sons -- the two group holding companies -- has hit a wall.
The arguments were made by the government before the CLB, which is considering a petition by the government for removal of the board of Maytas Properties. The CLB is likely to pass the order later. The government also alleged that the valuation of Maytas Properties by the consultancy firm was done in a day.
'The company (Mahindra Satyam) is authorised to issue and allot 19,86,58,498 (approximately 198.66 million) equity shares of Rs 2 each at the premium of Rs 2.50 to Venturebay,' said CLB Chairman S Balasubramanian, allowing Mahindra Satyam's application requesting permission to issue equity. Mahindra Satyam (earlier Satyam Computer) had moved the CLB after Venturebay failed to subscribe to 20 per cent of Satyam's shares from the open market.
The western region bench of the Company Law Board has rejected a petition filed by the co-promoters of Zandu Pharmaceuticals Works opposing an alleged take-over bid by rival Emami, saying it has no jurisdiction in this issue and adding that the Securities and Exchange Board of India needed to intervene.
