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.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
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
The whistle-blower may strongly feel about the issues he had raised.. the regulator will follow the due legal process and decide, Balakrishnan said.
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.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
Analysts say IT major cleaning up act before new CEO takes over; regulator might take a 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 "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.
'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.
The clarifications came directly from the board of directors.
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.
Like their international peers, Indian CEOs too have a significant portion of their incomes coming from stock options and performance-linked bonuses
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.
Sebi has pushed for better corporate governance of listed companies through measures such as the need for a succession policy
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.
Justice Sikri, the second senior-most judge in the apex court after Chief Justice of India Ranjan Gogoi, was part of the three-member panel along with Prime Minister Narendra Modi and senior Congress leader Mallikajurn Kharge which decided on removal of Alok Verma from the post of Central Bureau of Investigation director.
Recently, Sebi has revised the Code of Corporate Governance for listed companies significantly. Most revisions are in sync with the provisions in the Companies Act 2013, though some norms are stricter than those in the Companies Act 2013.
The new BCCI president-elect Sourav Ganguly said 'it's a great opportunity for him to do something good' as he is taking over the reigns of the Board at a time when it's image has got a serious beating.
To get three-year term as non-executive chairman from Feb; firm to create CEO's post; AGM to ratify Sanjiv Puri, Rajiv Tandon's appointment as directors
Investors also appreciate the role being played by the founders; analysts, too, remain unperturbed.
New strategy for Infosys by October, says Nandan Nilekani. New chairman's other priorities: Hiring CEO, reviewing Panaya probe reports.
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