Nothing is going to change in a hurry unless attitudes change and punishments are speedy and fair, notes Ramesh Menon.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
The fee of Rs 6 lakh consists Rs 1.5 lakh in respect of each application for each alleged offence by the company and Rs 25,000 by each of the current and former key managerial personnel for each alleged offence.
Act says remuneration to directors and key managerial personnel should involve a balance between fixed and incentive pay.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
HCL Technologies on Monday said its founder Shiv Nadar will take on the role of Chairman Emeritus and Strategic Advisor to the company's board. Nadar, chief strategy officer and managing director of the company, on completing 76 years of age, has tendered his resignation as the MD as well as the Director with effect from close of business hours on July 19, according to a regulatory filing. "In order to continue to benefit from his vast knowledge, experience, and wisdom in an advisory role, the Board of Directors in its meeting held today, after considering the recommendations of the Nomination & Remuneration Committee, has approved the appointment of Shri Shiv Nadar as the 'Chairman Emeritus and Strategic Advisor to the Board' for a term of five years with effect from July 20, 2021," it added.
"Power to purchase its own equity shares or other securities by way of a buy-back arrangement has been included and provisions relating to nomination facility for shares by a shareholder have been inserted," the Infosys postal ballot notice, uploaded on the company's website, said.
Former NSE managing director (MD) and chief executive officer (CEO) Chitra Ramkrishna and group operating officer and her advisor Anand Subramanian ran a 'money-making scheme' during their stint at the National Stock Exchange (NSE), markets regulator Securities and Exchange Board of India (Sebi) has alleged. The order passed by Sebi dated February 11 highlights frequent increase in the compensation package of without proper appraisal, documentation or file notings, and the involvement of the human resource (HR) head or the nomination and remuneration committee. Furthermore, the order talks about Subramanian being directed to "withdraw and surrender" to the unknown person a gross amount per month as "gratitude".
Billionaire Gautam Adani's son Karan will helm the cement firms his group has acquired to become India's second largest cement player and extend his burgeoning empire that spans from ports and energy to airports and telecom.
Narayanaswami Srinivasan might have been barred from becoming the president of the Board of Control for Cricket in India but he is set to represent the Indian Board in the International Cricket Council meeting.
Independent directors
The matter pertains to the Rs 173.8 million severance offer given to former CFO Rajiv Bansal in October 2015 when he was allegedly forced to step down due to differences with then chief executive Vishal Sikka over the acquisition of Israeli technology firm Panaya for $200 million.
NSE managing director and CEO Vikram Limaye on Wednesday said that he will not seek a second term at the stock exchange when his five-year term ends in July. This comes amid the National Stock Exchange (NSE) facing the regulatory probe in a case related to governance lapses at the bourse as well as in the co-location matter. "I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenure ends on July 16, 2022," Limaye said in a statement.
The move comes after Neeraj Kanwar's reappointment as managing director was rejected by minority shareholders owing to his salary, which increased in spite of a fall in the company's profitability.
With this rejig, Mindtree's board will now have 12 board members from eight.
The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals. The Mumbai-based company had logged a net profit of Rs 8,433 crore (excluding adjustment towards a legal claim) in the year-ago period. Its revenue grew 16.7 per cent to Rs 46,867 crore for the September 2021 quarter from Rs 40,135 crore in the year-ago period.
The regulator said if the variable pay is up to 200 per cent of the fixed pay, at least 50 per cent of it should be in non-cash, and if the variable pay is above 200 per cent, 67 per cent of it should be paid via non-cash instruments.
Gangwal said he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Gangwal wants a seven-member board.
Goenka has not even attended the last three annual general meetings of the company, yet he drew around half of the managing director's pay
Capital markets regulator Sebi on Tuesday asked listed companies to work towards splitting the roles of chairman and managing director before the April 2022 deadline, as the new directive is not aimed at weakening the position of promoters. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020 onwards. However, based on industry representations, an additional time period of two years was given for compliance. The regulation will now be applicable to the top 500 listed entities by market capitalisation, with effect from April 1, 2022.
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a year
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
Tata Consultancy Services (TCS) on Wednesday announced a mega-Rs 16,000 crore buyback plan at Rs 3,000 per equity share. In 2017 and 2018 too, TCS had undertaken buyback offers of similar sizes.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The clarifications came directly from the board of directors.
The "additional remuneration" includes monthly pay of Rs 1 crore, rent free furnished accommodation, medical expenses for him and spouse along with use of chauffeur driven company car for personal use and coverage under personal accident insurance. He will also be entitled to commission between Rs 30-60 lakh as sitting fees for attending meetings of board and committees of the company for each financial year.
Earlier, at the AGM of 2016, shareholders had approved his appointment for a period of three years with effect from February 5, 2017
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Like their international peers, Indian CEOs too have a significant portion of their incomes coming from stock options and performance-linked bonuses
India's second-largest software services company Infosys on Wednesday posted 12 per cent year-on-year rise in consolidated net profit at Rs 5,686 crore for March quarter 2021-22. The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,076 crore in the corresponding period previous year, according to a regulatory filing. Infosys' revenue grew 22.7 per cent to Rs 32,276 crore in the quarter from Rs 26,311 crore in the year-ago period, it added.
The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.
Sebi has pushed for better corporate governance of listed companies through measures such as the need for a succession policy
The whistleblower, claiming to be an employee working in the finance department, said he was submitting a 'whistleblower complaint' unanimously as the matter stated was 'volatile' and that he feared retaliation on disclosing the identity.
Infosys is steadily trying to get back its lost ground under Sikka.
While study was done before the current boardroom battle began, the findings indicate Tata is no longer viewed as aspirational brand by working professionals.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
