Justice Swarana Kanta Sharma said the stay on the operation of the FIR as well as the trial court order will remain in force till December 6, the next date of hearing. The trial court had directed registration of an FIR against them on a complaint alleging that Hero MotoCorp manufactured fake bills worth Rs 5.9 crore and obtained tax credit of over Rs 55 lakh. The company, its chairman and officials approached the high court challenging the trial court's order.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
Hero Honda, India's largest two-wheeler maker, could see a change in ownership as the Delhi-based Munjal family seeks to buy the stake held by partner Honda Motor Company of Japan in the joint venture. The Indian promoters are reportedly talking to private equity (PE) players to raise the money needed to buy the 26 per cent stake held by Honda Motor.
"The modus operandi was simple: Divert the money to the stock markets. It seems it was a structured product, which most people don't understand, as it could be a pure equity or blended product."
Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said. In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current distressed global economic situation when funding is scarce. "We have taken every step in the right direction to make our core business profitable, yet it's not enough.
'We are working on both electric scooters and motorcycles.'
Auto components-maker Hero Motors on Monday said it has sold a 17.6 per cent stake in Munjal Kiriu Industries, a joint venture with Japan's Kiriu Corp, to the co-promoter, thus becoming a minority shareholder.
Munjal Showa receded a sharp 3.7% to Rs 154.90 in morning trades today following a downturn in profitability for Q4 ended 31 March 2003.
Brijmohan Lall Munjal, chairman of the Hero Group, has become the first Indian to be selected to the international panel of judges for the Ernst & Young World Entrepreneur of the Year.
Unacademy is conducting another round of job cuts and laying off 350 employees or 10 per cent of its workforce of 3,500, as the SoftBank-backed edtech firm targets profitability and reduces costs, according to an internal note sent by Gaurav Munjal, co-founder and CEO of Unacademy group, to the staff. Munjal said the restructuring exercise would affect about 10 per cent of employees across the group. "I am deeply saddened to share that we will have to say goodbye to some of our extremely talented Unacademy employees," said Munjal in the letter addressed to employees and reviewed by Business Standard.
The lumbering Ambassador and Fiat cars, it ruled the Indian roads throughout the 1970s, while the Rajdoot and Jawa as well as the old Royal Enfield motorcycles trailed far behind.
Fashion's favourite girls found a creative way to wear monochrome on the red carpet.
Tata Sons chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22). With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
With a new chief executive officer (CEO) at the helm, the country's largest two-wheeler maker Hero MotoCorp is now looking to cut flab and move towards a leaner organisation. It has launched a voluntary retirement scheme (VRS) for its staff as it aims to make the organisation 'agile and future-ready'. Recently, the company's erstwhile chief financial officer (CFO) Niranjan Gupta was elevated as CEO.
Unacademy may see a funding dry spell for at least next 12-18 months and even last till 24 months and will cut costs to weather the lean period, said the chief executive of the education technology unicorn that recently laid off more than 600 employees. "This is a test for all of us. We must learn to work under constraints and focus on profitability at all costs. We must survive the winter," said Unacademy's co-founder and CEO Gaurav Munjal in a letter to the employees. "Winter is here. We are looking at a time when the funding will dry up for at least 12-18 months.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
In what may pave the way for Honda Motor's exit from Hero Honda, their joint venture with India's Hero Group, the latter has agreed to royalty payments of eight per cent of overall sales per annum to the Japanese automaker in return for a technology makeover and a stake sale.
With a million-odd electric vehicles (EVs) - two-wheelers, e-rickshaws, buses and passenger cars - expected to hit the road this calendar year, the shift from gasoline-powered vehicles has become irreversible. Now the question is whether the supply chain is ready for this shift. Key components - the high-powered lithium-ion battery and the cells which go with it, the electric motor, and the electronics powered by chips - account for nearly 60 per cent of the cost of an EV.
Edtech unicorn Vedantu has laid off 385 employees, nearly 11.6 per cent of the company workforce, according to sources. This move is being seen as part of a drive in the edtech sector towards profitability via cost-savings and consolidation, as funds dry up, they said. The Bengaluru-based firm has laid off over 1,100 employees (both full-time and contractual), so far, this year.
World number one Carlos Alcaraz sailed into the Paris Masters third round with a 6-4, 6-4 win over Yoshihito Nishioka but Rafael Nadal and Daniil Medvedev both slumped to surprise losses on Wednesday.
Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
'It is going to be extremely rapid and anybody who is not there, be it investor, manufacturer, supplier, will miss out.'
Unacademy on Monday said it has raised $440 million (about Rs 3,270.8 crore) in funding from a clutch of investors including Temasek, General Atlantic, and Softbank Vision Fund, valuing the edtech major at $3.44 billion. The investment is expected to help Unacademy expand its offerings, deepen its presence and compete more aggressively against rivals such as Byju's in the burgeoning ed-tech space in India that has been witnessing strong uptake amid the pandemic. The series H round was led by Temasek, with super pro-rata participation from General Atlantic, Tiger Global, and Softbank Vision Fund, a statement said.
"The two-wheeler industry is one of the very few industries which has witnessed a degrowth during the last fiscal due to lack of funding options in rural areas," Hero Honda Managing Director Pawan Munjal said on the sidelines of Hero Mindmine Summit.
Since the Covid pandemic, bicycle sales have surged, orders are pouring in, and stores are already feeling a shortage. 'I have not seen this kind of excitement around bicycles and you are talking to a 57-year-old man,' said Pankaj M Munjal, chairman and managing director, Hero Motors Company (HMC), the largest Indian bicycle producer;
Two years after it hitched a ride with Hero MotoCorp (Hero), Harley-Davidson (Harley) and the Pawan Munjal-led firm are gearing up to ride into the middleweight (midweight) motorcycle segment (350-850cc) in the world's largest two-wheeler market.
Hospitality and travel-tech firm OYO is looking to launch its initial public offer after September and has written to stock market regulator Sebi, seeking to file updated and restated consolidated financial information. The company, which had filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale in October last year, is now prepared to settle for a lower valuation of around $7-8 billion against the $11 billion it was targeting initially, according to people in the know of the development. OYO's move to launch the IPO after the September quarter is mainly driven by the expectation of improvement in its financial performance and the current volatile nature of the market, they said.
The war in Ukraine has made its presence felt at the World Economic Forum's annual meeting in Davos. As political and business leaders' debate, they remain fearful of Europe's economic future. There is a sense of gloom among many business leaders as energy shortage and economic recession rear their heads. Global investors are keenly assessing the presence of Indian delegation at Davos.
Pawan Munjal, chairman and managing director of Hero MotoCorp, the country's biggest two-wheeler maker, leads the pack among automobile CEOs.
The electric scooter juggernaut which has been picking up momentum with heady growth month-on-month is now slowing down. The combined number of registrations in April of eight electric two wheeler companies has seen a dip of over 1 per cent to 43,061 vehicles, according to data from the Ministry of Road Transport & Highways' site VAHAN. The reasons are the continuing shortage of chips, especially after the Ukraine-Russia war, and the spate of fires which have led to scooters being recalled by manufacturers.
After a recent fall in profit, Masayoshi Son of SoftBank announced that the Japanese tech investor will look at dramatic cost-cutting. Before he does that, investments in India for calendar year 2022 (CY22) will fall radically, observed sources in the know. Last year, the company had invested around $3.2-3.5 billion in the Indian start-up ecosystem - almost 10 per cent of the total investment the sector received. For CY22, the investments may not even touch $1 billion.
Rahul Bajaj was transparent, outspoken, and not ready to bend the rules, says R C Bhargava.
Hero today sells its products in 19 countries across Asia, South and Central America and Africa.
EV players suggest a reduction in the goods and services tax on batteries from 18 to 5 per cent as it would help push demand.
Despite Covid downturn, CEO salaries went up by an average of 19% in FY21.
India's richest businessman, Mukesh Ambani is ranked at 33 with a salary of Rs 15 crore (Rs 150 million) annually.
Where Ayushmann Khurrana gets the tone and texture of his hypermasculine chump in skinny gym shorts down pat, Vaani Kapoor is a picture of backbone and restraint in a role that could not have been easy, observes Sukanya Verma.
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