June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
Professional CEOs in the sector draw a much higher remuneration than promoter CEOs, points out report by IiAS.
Independent directors
In spite of that the founders never voted against any resolution, those who differed abstained.
Only 164 companies or 42 per cent currently trade above the offer price.
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
Institutional Investor Advisory Services had recommended investors to vote 'against' the proposal, while Stakeholders Empowerment Services asked investors to vote 'for' the proposal.
Advisory firm Institutional Investors Advisory Services (IIAS) has advised investors to vote against a resolution seeking the reappointment of the statutory auditor of technology major Infosys.
Earlier this month, Sobha Kapoor and Ekta Kapoor, part of the promoter group of Balaji Telefilms, faced shareholder ire when they failed to obtain the requisite votes on resolutions proposing pay increases for them. In recent months, several promoter-directors, including Siddharth Lal of Eicher Motors and Pawan Munjal of Hero MotoCorp, have faced similar situations. Clearly, large institutional shareholders - and public shareholders - are not taking kindly to promoter-directors upping their remuneration takeaways at a time when the prospects of business recovery are clouded by the anticipated third wave of the Covid-19 pandemic.
Maruti Suzuki's royalty payments to its Japanese parent Suzuki are "extortive" and the amount paid has increased over six times per car sold over the past 15 years, according to a report.
As many as 10 public sector banks could be out of the infusion plan because of Sebi's minimum public shareholding norms.
Indian Institute of Astrophysics' (IIA) Integrated M.Tech, PhD in Astronomical instrumentation.
While most of the amount has been spent on hunger, poverty, healthcare and education, the least was spent on sports, armed forces veterans and technology incubators.
Its new industrial policy appears to benefit industrial houses
Private equity firm Carlyle Group and associates will acquire a controlling stake of over 50 per cent in PNB Housing Finance by investing in the Rs 4,000 crore preferential issue of equity and warrants of the Delhi-based mortgage lender. After the proposed transactions, expected to be completed by January 1, 2022, Carlyle will also have the right to nominate the chairperson of PNB Housing Finance (PNB HF). This right will continue as long as it holds at least 40 per cent of the share capital on a fully diluted basis.
Though academically well qualified, doesn't have enough experience, says the firm.
It said clinical trials of the drug 2-deoxy-D-glucose (2-DG) showed that it helps in faster recovery of hospitalised patients and reduces supplemental oxygen dependence.
The rough diamond of 236 carats was found at the jwaneng mine in Botswana and took 21 months to polish.
Nilekani has kept pace with technology advances, has been instrumental in digitalising the country, and is well-networked with the bureaucracy and global leaders
The clarifications came directly from the board of directors.
The issue also underscores the growing scrutiny by investors and voting advisory firms of the performance of board members.
Once implemented, Rishad Premji will be one of the youngest business leaders to don the role of non-executive chairman at a large cap Indian company.
Recently listed companies scored 54, compared to 58 for the BSE100 firms and 61 for entities in the Sensex pack. The report noted that issues remain in IPO companies in which there seems to be a need to institutionalise governance practices.
Amid hints that the government might be exploring capping royalty payments by India-based subsidiaries to US companies, experts warn Subhayan Chakraborty why such a move will only hurt the Indian economy.
L&T is pursuing a controlling stake of 66 per cent in the mid-tier IT firm, for Rs 10,700 crore.
The proxy advisory firm's latest comments come within days of Maruti saying that it expects to save about Rs 10,500 crore (Rs 105 billion) in the first 15 years by not investing in the Gujarat facility.
The biggest spend (Rs 4,406 crore) was for Schedule VII (II), which involves "promoting education, including special education and employment enhancing vocation skills, especially among children, women, elderly and the differently abled and livelihood enhancement projects". The FY19 spend was 17.2 per cent higher than Rs 1,0128.3 crore spent during the previous year.
The Indian Institute of Astrophysics will set up a camp at Anji in China to conduct experiments on July 22, when a total solar eclipse will occur informed Professor Siraj Hasan, director of Bangalore based IIA.
Over 10 Indian start-ups with total valuations of $84 billion (some are planning fresh fund-raising) are bracing to launch initial public offerings (IPOs) in the next 36 months. While the size of their IPOs is under discussion, estimates are that they would together raise a minimum of over $8-10 billion during the initial listing.
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
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Since the cash flows will be impacted in a big way, DLF will have to resort to selling non-core assets in a substantial and significant manner through the next few quarters.
The firm has advised United Spirits Ltd's shareholders to vote against the proposal to re-appoint Mallya as director on the board.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
Reserve Bank of India has permitted banks to offer credit or non-credit facilities to Indian joint ventures or wholly owned subsidiaries aboard up to 10 per cent of their unimpaired capital funds, both tier I and II.
The planet Mercury will transit the Sun as viewed from Earth.
The apex court asked the government to get back by March 9 about the policy.
In a circular dated May 20, Sebi had directed the listed companies to evaluate the impact of Covid-19 on their capital and financial resources, profitability, liquidity position, assets, and ability to service debt. Instead, companies have spoken about the number of plants, warehouses and distribution centres that have resumed operations; work-from-home and safety measures undertaken for employees; and the labour shortage they are facing.
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