At its meeting held on Friday, the company's board rejected the minority shareholders' demand and termed the requisition as "invalid and illegal". "In its meeting held on 1st October 2021, the board has arrived at a conclusion that the requisition is invalid and illegal; and has accordingly conveyed its inability to convene the Extraordinary General Meeting to Invesco Developing Markets Funds and OFI Global China Fund, LLC," ZEEL said in a statement.
Investment firm Invesco Developing Markets Fund, the largest shareholder in Zee Entertainment Enterprises, on Thursday said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove managing director and CEO Punit Goenka and two independent directors. The company said it will support the merger of Zee and Sony, contending the "deal in its current form has great potential for Zee shareholders" but added if it is not completed as currently proposed, Invesco retains the right to requisition a fresh EGM. Two days after the Bombay high court ruled that Invesco's call for EGM was legally valid, the investment firm in a statement said, "Since we announced our intention to requisition an EGM and add six independent directors to Zee's Board of Directors, Zee has entered into a merger agreement with Sony.
E-commerce major Amazon on Wednesday said it will acquire Prione Business Services - its joint venture firm with Catamaran, subject to requisite regulatory approvals. Prione Business Services was formed in 2014 and was coming up for renewal on May 19, 2022. In August this year, Amazon and NR Narayana Murthy's Catamaran announced that they will not continue their JV beyond May 2022. The two parties had not disclosed the reason behind the decision.
The results will give an indication whether Nilekani would continue with the software plus services strategy adopted by Sikka, or tweak it to reflect his worldview of the explosion in data.
'The move is a succession plan where Sikka comes on the board as vice chairman.'
Sunak joins fellow Indian-origin candidate Suella Braverman, the UK Attorney General who is among the early Tory MPs to announce her plan to contest.
Karnataka Chief Minister Basavaraj Bommai on Wednesday said the government is trying to find out details about the student from Haveri district who was reportedly injured due to the shelling by Russian forces in Ukraine's Kharkiv city.
The son is not being groomed for a bigger role in the company as of now.
Charred vehicles, shards of glass from broken windows, stones and bricks lie strewn over the deserted roads of the violence-affected localities.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
The company requires a change in leadership, says T V Mohandas Pai, former board member and head of HR & administration at Infosys.
Rohan Murty, Infosys co-founder NR Narayana Murthy's son, is working as an executive assistant to his father, CEO and Managing Director SD Shibulal said on Friday, addressing concerns about his role.
The annual award includes a pure gold medal, a citation and a prize purse worth $ 100,000 or its equivalent in the Indian rupees.
The Rashtriya Swayamsewak Sangh (RSS) on Sunday distanced itself from an article critical of Indian software major Infosys that was published in Panchjanya, a magazine associated with the saffron organisation.
Infosys co-founder S D Shibulal has received little over four lakh shares of the company as a gift, taking the total number of shares owned by him to more than 21.6 lakh shares, according to a regulatory filing. Infosys, on Friday, informed the stock exchanges that "4,01,000 equity shares (representing 0.01 per cent) of Infosys Ltd by way of gift as off market transaction on November 12, 2020" were given to Shibulal. The filing did not mention who gifted these shares.
His celebratory gesture on Thursday night marks a first for Downing Street, which annually sees the UK prime minister host a Diwali gathering and an Annakut, or spread of festive food, from London's Swaminarayan Mandir next door at No 10.
Lauding the Senate confirmation of 37-year-old Vivek Murthy as the youngest ever Surgeon General, more than a year after his nomination, US President Barack Obama has said the Indian-American physician would hit the ground running as the country's top doctor.
In a stellar performance, Indian American US Surgeon General Dr Vivek Murthy took on one critic after another at the Senate confirmation hearing. Aziz Haniffa reports.
'If Indians are as smart as their counterparts in university, and have equal opportunity, then what is the reason that we cannot produce inventions of quality that are recognised by the world?'
The report published by an English daily said the promoters wanted to sell their entire stake as they were unhappy over the manner in which the company was being run.
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Sore points: Sikka's salary, high severance pay to executives, poor disclosures.
Zee Entertainment Enterprises Ltd on Wednesday approached the National Company Law Appellate Tribunal (NCLAT) against the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting (EGM) to discuss various issues, including removal of managing director Punit Goenka. The media major has challenged the orders of Mumbai-bench of the National Company Law Tribunal, which had on Tuesday directed Zee Entertainment Enterprises Ltd (ZEEL) to filed reply over the petition filed by its minority shareholders by October 7 (Thursday), the next date of hearing. Confirming the development, a ZEEL Spokesperson said: "The company has moved NCLAT in accordance with the due process available under the law."
Parekh in a video address to employees expressed delight on leading the iconic company
Infosys co-founder Murthy was named 'Philanthropist of the Year'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Leaving the United States is the only solution left, felt Sheela Murthy of the Baltimore, Maryland-based Murthy Law Firm, for students of Tri-Valley University, who have been running from one university to another and from one attorney to another since federal authorities raided and shut down the college on January 19.
Head of Infosys' European arm, Srinjay Sengupta, has joined technology and operations firm iGATE Global Solutions as its chief sales officer, iGATE announced on Thursday.
Their investments in start-ups exceed Rs 1,000 crore at present.
Bala gets Murthy's open backing but it's an open field in this long run-up to Shibulal's handing over.
Outgoing Valencia coach Cesare Prandelli was fiercely criticised on Saturday for 'giving up' on the ailing Spanish giants and for looking for excuses to walk out on the team as they hover above the relegation zone.
The human chain was formed on Tuesday night as a result of some quick thinking while violence sent shock waves across DJ Halli, KG Halli and neighbouring areas of Pulakeshinagar.
In Tamil Nadu, though reformist spiritual giant Sri Ramanujacharya was a crusader against discrimination who nurtured equality almost a millenium ago, the broad canvas of social justice had only an occasional place for him.
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
Stating that he has no intention to become CEO of the company, he said the future strategy of Infosys will be aligned with global developments and he sees tremendous opportunity in software data and machine learning.
Four Indians are among Fortune magazine's list of 20 "extraordinary" technology czars and young entrepreneurs analysing data and processing big numbers to discover information that will "transform the way businesses operate."
